Majors’ results draw mixed reaction

摘要

The majors have made a solid start to 2018, with higher crude prices boosting their frst-quarter fnancial results. But not all the frms lived up to investors’ increasingly high expectations. ExxonMobil delivered more proft than a year earlier and enough free cash fow to cut net debt. But its performance garnered a tepid reception, with analysts bemoaning a lower-than-expected rise in operating cash fow and a larger-than-anticipated drop in production. The company alleviated the disap- pointment by announcing its largest dividend increase since 2014. It has yet to revive its main share buy-back initiative, but the option “remains on the table”.