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The oil company lost money in U.S. oil production, reporting a $538 million net loss in the fourth quarter as its regional production earnings fell by $2 billion.
Exxon Mobil promoted Darren Woods to president, putting him on a path to succeed Chief Executive Officer Rex Tillerson when he retires.
Cheap energy prices helped to nearly double Exxon Mobil’s downstream profits, and its chemical business improved as well. The firm cut its capital and exploration spending by $2.2 billion as it continued to pare back drilling.
Investors have given Nabors Industries its first symbolic nod of approval on its executive compensation, a sign the land driller’s efforts to rein in large paydays have paid off.
European oil companies including Royal Dutch Shell Plc, BP Plc and Total SA are promoting gas as a way to limit the growth of emissions blamed for climate change. They have also called for a price on carbon dioxide.
“It’s clear that the subject isn’t viewed in the same way on both sides of the Atlantic,” Total SA Chief Executive Officer Patrick Pouyanne, one of the signatories, said on Monday at a press conference in Paris. “We are working with those who come forward.”
CEO Rex Tillerson gave a stay-the-course outlook for the company, which has seen profits decline recently with lower prices for crude oil.
The Irving oil giant made $4.9 billion, or $1.17 a share, in January-March period, compared to $9.1 billion, or $2.10 a share, in the same period the year before. Quarterly revenues plunged from $106.3 billion to $67.6 billion.
The new reality of oil, was the biggest topic, and the executives who took the stage focused on detailing how their companies would survive.
Government regulators need to get out of the way and give oil companies the freedom to innovate to enable “safer, more secure and more efficient production”, Rex Tillerson said at CERA Week.