Exxon’s Profit Miss Shows No One Immune From Market Ravages
- Biggest U.S. explorer takes $2 billion writedown on gas fields
- All signs point to continuing profit pain among oil drillers
Oil's 'New Normal' at $60 in 2-3 Years: Fadel Gheit
This article is for subscribers only.
Exxon Mobil Corp.’s biggest profit miss in at least a decade is the starkest sign yet that major oil explorers remain mired in the deepest market slump in a generation.
After resisting the industry trend of discounting the value of oil and natural gas fields that turned into money-losers amid the 2 1/2-year market slump, Exxon capitulated on Tuesday and took a $2 billion hit on the value of some Rocky Mountain gas. Shares fell 2 percent to $83.16 at 11:03 a.m. in New York.