Exxon Surrenders Halliburton-Sized Chunk in Market-Value Crash
(Bloomberg) -- Exxon Mobil Corp. lost $47 billion in market value in the past 12 weeks as the oil explorer hammered investors with successive waves of bad news.
That’s the equivalent of losing something as valuable as Halliburton Co., the world’s largest fracker, or Valero Energy Corp., which commands the premier independent American refining empire. Both of those companies have market valuations around the $47-billion mark.
Exxon’s stock has been hemorrhaging since posting disappointing fourth-quarter results on Feb. 2 and following that up with an analyst day presentation in early March that laid out plans to jack project spending sky-high well into the next decade to rebuild the company’s atrophying portfolio.
The hole got deeper on Friday with a first-quarter report card that showed output for that time of year dipped to the lowest since the 1999 merger that created the company in its modern format.
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