what trade was this? I like XOM under 70 for a long but havn't been trading this in my options account. Hold a good amount in my IRA though.
SEP 70 puts...hit below 70, so I figured there might be some selling...bounced right back, and I got out just in time lol
ExxonMobil narrowly beat expectations for quarterly earnings Tuesday on strong revenue growth, though shares edged lower in premarket trading.
The world's largest publicly traded oil company[XOM 85.49 -0.34 (-0.4%) ] posted fourth-quarter earnings excluding items of $1.97 per share, up from $1.85 a share in the year-earlier period.
The company said its earnings rose as higher oil prices made up for a drop in production.
Oil companies around the world benefited from a jump in oil prices.
Crude futures traded in New York jumped about 25 percent to end the fourth quarter at $98.83 per barrel. Brent prices gained 5 percent during the quarter.
However, analysts worried that a global economic slowdown would depress oil prices and pressure ExxonMobil's business.
"It's becoming more difficult, more expensive to produce oil," Chris Edmonds, managing partner at Enerecorp Partners, told CNBC. "The way they made their money was all on oil prices. Oil prices at 100-plus (dollars a barrel) are going to cover a lot of mistakes and a lot of difficulties."
The company spent $10 billion for capital expenditures in the quarter yet grew its profit little.
"When you have to spend $10 billion just to tread water, it's a tough business," Edmonds said. "It's becoming more difficult and more expensive. You've got to spend more to make money, and if oil prices come down it's going to be a challenge."
Revenue was $121.6 billion, an increase from $105.19 billion a year ago. Net profit was $9.4 billion, or $1.97 a share, matching Wall Street expectations. That compared with $9.25 billion, or $1.85 per share, a year earlier. Revenue rose 15.6 percent to $121.6 billion.
Analysts had expected the company to report earnings excluding items of $1.95 per share on $119.70 billion in revenue.
The company also announced $5 billion net share buybacks for the first quarter.
After the earnings announcement, the company's shares lost less than 1 percent in trading before the opening bell, though they had been up just before the earnings report.
The company has seen production from its oil fields decline as it invests heavily in U.S. natural gas fields. The shift so far hasn't paid off as natural gas prices have dropped.
For the full year, Exxon earned $41.1 billion, or $8.42 per share.
wow...you were right...this is crazy....major news blaming it on oil imports when it is EXPORTING that is probably causing this shortage...wtf??
The secret to making a profit in refining these days is for refiners to source crude oil domestically and then sell the refined products to US consumers at prices based on imported oil.
This isn't considered price fixing??
US oil is also used to make those products as well...... paying for US oil prices ( lower ) and charging for imported oil prices ( higher )?...