Energy
Exxon Plunges After Surprise Refining Costs Erode Returns
- Exxon’s quarterly results marred by non-cash accounting hits
- Chevron’s sales miss the mark even as profit tops forecasts
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Exxon Mobil Corp. plunged the most in six months after higher-than-expected maintenance costs diminished oil-refining results.
The shares dropped as much as 4.2% Friday, marking the oil giant’s worst intraday decline since it announced a $60 billion takeover of Pioneer Natural Resources Co. in October. It came on a day when the rest of the S&P 500 was buoyed by blockbuster profit reports from Alphabet Inc. and Microsoft Corp.