Weaker second-quarter refining and chemicals profits offset surging U.S. shale p...
), and both U.S. companies said natural gas prices and chemical margins fell from a year-earlier.
“Pretty weak quarter from them once again,” said Jennifer Rowland, analyst with Edward Jones. After spending on major projects and dividends, Exxon had a free cash flow shortfall of $2.7 billion, she said. Investors closely watch that measure as a sign of the company’s financial health. In a call with analysts, Exxon Senior Vice President Neil Chapman said despite weak market conditions in three of the company’s businesses, “on the whole, our businesses performance extremely well.”
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