Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining margins

An Exxon gas station is seen on October 06, 2023 in the Brooklyn borough of New York City.on Friday reported first-quarter earnings that missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The nation's largest oil producer reported net income of $8.22 billion, or $2.06 per share, a 28% decrease from earnings of $11.

Natural gas prices have plummeted 37% this year, and refining margins are lower than they were a year ago. Chevron facedRevenue beat expectations, coming in at $83.08 billion, but was lower than a year ago, when the company reported $86.56 billion. Exxon's fuel business saw earnings plummet 67% to $1.38 billion, compared with $4.18 billion in the prior year, due to lower refining margins.

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