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Exxon Mobil (ExxonMobil) (XOM.N) and Chevron (Chevron) (CVX.N) announced Friday, a rare quarter profit below expectations, because of cost cuts and rising oil prices affect the international oil refining business failed to offset the weak, resulting in two stocks fell.
Data picture: October 2012, the corporate logo of the Exxon Mobil Belgian headquarters in Brussels, Belgium. REUTERS/Sebastien Pirlet
The performance of the two companies was a surprise to Wall Street. Thomson Reuters data showed analysts had been steadily increasing expectations as the price of crude oil rose and the global economy rebounded.
But excluding American tax incentives, both companies were weaker than expected and cast a shadow over the US oil industry. A few days ago, US crude oil production had just broken through 10 million barrels per day.
"We expected a little too dizzy with success, I mean the whole Wall Street," Exxon stock Fortune Management Inc Bruderman Mobil holding Brothers Oliver Pursche said.
Exxon Mobil, Chevron and rival Shell / Royal Holland Petroleum Group (RDSa.L) were announced in the fourth quarter business cash flow decreased, while oil and gas prices. The reason is multifaceted, including the decline in oil refining profits and the cost of capital expenditure.
"The most surprising thing about us is Exxon Mobil's business cash flow," Pursche said.
Exxon Mobil shares Friday afternoon was down 6%, the biggest one-day drop since August 2011; the end is down more than 5% to $84.53. The stock rose after hitting the low last summer, at a 52 - week high on Thursday, but it was flat in the past year, although the S & P 500 index.SPX rose by 22%.
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