Exxon misses estimates as international production suffers

Chicago

THE partial shutdown of a Dutch natural gas field and lingering effects of Canadian forest fires unexpectedly cut oil and gas production for Exxon Mobil Corp, spurring a US$10 billion loss in market value for the company after it reported earnings that fell short of analyst estimates.

Exxon clawed back half that value later in the day, falling 1.5 per cent at the close of trading. Still, the drop shows the skittishness of investors at a time when oil prices have lingered below US$50 a barrel.