Bloomberg.com
By Katie Hoffmann and Joseph Galante
April 6 (Bloomberg) —
EXTRACTS FROM ARTICLE
Exxon Mobil
Profits at U.S. oil and gas companies fell 63 percent last quarter and the declines wont abate until the fourth quarter, according to Bloomberg estimates. Exxon Mobil Corp., the worlds largest publicly traded oil producer, will probably post its lowest first-quarter profit in five years after crude prices plunged to almost $100 a barrel from 2008s all-time high.
First-quarter oil prices year-over-year were pretty weak, and a lot of the majors dont sell a lot of forward contracts, said David Foley, who helps manage $2 billion at Estabrook Capital Management in New York.
Oil Falls
Oil futures in New York averaged less than $44 a barrel, down from $97.82 in last years first quarter. The average natural-gas price fell by almost half as the first simultaneous recessions in the U.S., Europe and Japan since World War II sapped fuel demand.
Drama in Europe
In Europe, analysts predict profits at companies in the Dow Jones Stoxx 600 Index may rise 22 percent this year.
Profit at Royal Dutch Shell Plc, Europes largest oil company, and BP Plc, its U.K. rival, may have plunged more than 50 percent last quarter, according to Bloomberg estimates.
Earnings compared to last year will be a drama, said Dirk Hoozemans, who helps manage about $10 billion at Robeco Group in Rotterdam. Compared with the previous quarter, the earnings outlook is rosier given oil prices bottomed in the first quarter.
To contact the reporters on this story: Katie Hoffmann in New York at[email protected]; Joseph Galante in San Francisco at[email protected]
Last Updated: April 6, 2009 00:01 EDT
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