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(Reuters) - Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts’ estimate on higher prices received for its oil and natural gas but its production volumes fell on a year-over-year basis. The company’s third-quarter net income rose 57 percent to $6.24 billion, or $1.46 a share, compared with $3.97 billion, or 93 cents per share a year ago. Analysts had forecast a $1.23 a share profit, according to data from I/B/E/S on Refinitiv. With crude up 44 percent in the quarter over a year-earlier, results at Exxon and other major oil companies are returning to levels not seen in four years. Royal Dutch Shell posted income of $5.6 billion on Thursday and BP Plc this week reported profit of $3.8 billion.
Exxon’s shares rose more than 1 percent to $81.61 in morning trading but are down more than 4 percent year-to-date on lower oil and gas production, Including the latest period, its oil and gas output has dropped in nine of the last 10 quarters, “It’s a modestly positive report,” said Brian Youngberg, an equity analyst at Edward Jones, “They had such a weak first half of the year, the bar was lower and they jumped over it.”, Results benefited in part from a $360-million jcpenney cufflinks tax benefit that added about 7 cents a share to earnings, said Youngberg..
Oil production fell 3 percent to 3.8 million barrels of oil equivalent and natural gas output dropped 4 percent, the company said. Its liquids output in the Permian Basin of West Texas and New Mexico rose 57 percent over a year ago as the company brought on 66 wells in the nation’s largest oilfield, Senior Vice President Jack Williams said during a conference call. Earnings from the company’s downstream unit, which refines crude oil into gasoline and other products, rose 72 percent to $1.64 billion, benefiting from fewer maintenance disruptions during the quarter and from growing supplies of discounted shale oil from West Texas and crude from Western Canada.
WASHINGTON (Reuters) - President Donald Trump’s bet that tax cuts and a gush of government spending would smooth the path to a second term may falter as cracks begin to appear in a decade-old recovery, After a nine-year bull run, stocks have wobbled, Capital investment has recently weakened despite a corporate tax cut meant to boost it, jcpenney cufflinks Home sales have softened for several months running, and analysts expect the economy to slow as Trump’s first-term stimulus fades leaving a higher debt burden behind..
Republicans campaigning for next week’s midterm elections have struggled to leverage what is arguably the strongest economy in a decade, weighed down by the president’s low ratings among more well-off suburban voters in otherwise Republican-leaning districts. Looking ahead, Trump or any Republican successor may have it even harder running a 2020 presidential campaign against the headwinds of slowing growth and less confident markets. “All good things must eventually come to an end,” Wells Fargo Investment Institute analyst Scott Wren wrote as he tallied up the reasons, from doubts about corporate earnings to heightened concern about trade and a worldwide slowdown, that caused stock markets to dive in October. “Concerns typically become bigger worries as the cycle ages.”.
This one is jcpenney cufflinks plenty old, The economy has added jobs for 96 consecutive months after data released Friday showed that employers created 250,000 new positions in October, better than expected, The latest employment report also showed wages rising at a 3.1 percent annualized rate, the fastest in nearly 10 years, a strong talking point for Trump and Republican candidates to add to the mix in the closing days of the campaign, GRAPHIC: U.S, wage growth - tmsnrt.rs/2CVLTHg, Growth has been steady if sometimes tepid since the Great Recession ended in June 2009 and incomes and employment have crept back to pre-crisis levels..
But Trump has used an acceleration in growth since he took office in January 2017 to distinguish his policies, including tax cuts, more public spending, and a hardening U.S. stance on trade, from the years of recovery under President Obama. Joblessness is at a 50-year low, and the economy is on pace to grow by 3 percent or more this year, matching a goal Trump set during the campaign after years of annual growth averaging around just 2 percent. (Graphic: tmsnrt.rs/2zjVCUm). Yet many doubt the economy will sustain that pace. Instead, there are widespread expectations that this is as good as it gets as the “Trump bump” starts to fade.
The president himself seems concerned, slamming the Federal Reserve in recent months for interest rate increases he said are putting the recovery at risk, GRAPHIC: Citigroup economic surprise index - tmsnrt.rs/2CXioow, Federal Reserve officials, by contrast, expect the economy to cool on its own, with growth dropping from a healthy 3.1 percent this year to 2.5 percent in 2019 and 2 percent during the 2020 election year, To their thinking interest rates remain low enough to encourage investment and spending, but the boost jcpenney cufflinks from Trump’s first-term policies will simply wear off..