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HOUSTON (Reuters) - Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), two of the world’s largest oil producers, reported quarterly profit on Friday that fell far short of Wall Street’s expectations. The disappointing results come as much of the U.S. oil industry has been recovering from a three-year downturn in the energy sector, bolstered by higher production and crude prices. Exxon’s troubles highlight ongoing issues the company has been having to boost operations, whereas Chevron’s miss was fueled by a slight rise in expenses that likely will not be repeated, analysts said.

Exxon shares fell 2.5 percent to $82.09 shortly after midday, while Chevron's recovered from an early drop and were up about 2 percent at $126.34, Both stocks are components of the Dow Jones Industrial Average southern methodist university sterling silver cufflinks .DJI, The results were particularly weak at Exxon, which has been trying to boost operations in a bid to revive a stock price trading at about the same level it was a decade ago, “Exxon’s definitely sticking out like a sore thumb right now,” said Edward Jones energy analyst Brian Youngberg, “It’s just hard to find anything good in the quarter.”..

Despite rising oil prices CLc1LCOc1, Exxon’s production dropped 7 percent and it spent more than $600 million to upgrade refineries in France, Canada, Texas and Saudi Arabia. Exxon called the quarter a “challenging” one for its operations and “well below market expectations.”. Neil Chapman, an Exxon executive and member of the company’s management committee, said he is “not happy” about the ongoing refinery maintenance, adding there is “nothing systemic” about the repairs that would reveal weakness in the refining division.

“We are absolutely all over these reliability incidents,” Chapman said on a conference call with investors, Exxon earned 92 cents per share, while analysts expected earnings of $1.27 per share, according to Thomson Reuters I/B/E/S, At Chevron, oil production rose 2 percent and profit spiked, but higher corporate expenses surprised Wall Street, Still, the company announced a $3 billion stock buyback program, long awaited by Wall Street, “We believe annual share repurchases of $3 billion can be sustained over most reasonable price scenarios,” Chevron Chief Financial Officer Pat southern methodist university sterling silver cufflinks Yarrington told investors on a conference call..

FRANKFURT/LONDON (Reuters) - Deutsche Bank (DBKGn.DE) has moved the clearing of a “large part” of new euro-denominated derivatives trades from London to Frankfurt, as financial firms ramp up their Brexit preparations. The shift by Germany’s largest bank, which was confirmed by a spokesman on Monday, is a boost to Deutsche Boerse’s (DB1Gn.DE) efforts to gain ground from London in the euro clearing market. This ensures a deal completes even if one side of a trade goes bust, as Britain exits the European Union.

London Stock Exchange’s (LSE.L) LCH division has long dominated clearing of euro-denominated derivatives like interest rate swaps, which are used by companies to cover themselves against unexpected moves in borrowing costs, The worry for the City of London is southern methodist university sterling silver cufflinks that if chunks of clearing move elsewhere, other activities like trading and jobs could follow, eating away at Britain’s biggest economic sector, LSE declined to comment on Deutsche Bank’s largely symbolic move, first reported by the Financial Times, which was widely expected given that its base is in Frankfurt and it is moving other activities there due to Brexit..

The Deutsche Bank spokesman said no jobs were being transferred and that the bank was effectively pushing a different button to route the clearing to Eurex, Deutsche Boerse’s clearing division, rather than LCH. International banks with European bases in London have been opening hubs in the EU to avoid Brexit disrupting business. Meanwhile trading firm Jane Street, one of the largest players in exchange-traded funds, said on Monday it had opened an office in Amsterdam, giving it a location from which to serve EU clients when Britian leaves the bloc. [L5N1UQ402].

The Dutch capital, with high-speed digital infrastructure in the heart of Western Europe, has become a favourite destination for trading businesses looking for an alternative to London, And Credit Suisse (CSGN.S) is looking to shift about 50 jobs from London to Madrid as part of its efforts to continue doing business in the European Union after Britain leaves the bloc in 2019, a source close to the bank said on Monday, [L5N1UQ53P], The European Central Bank in Frankfurt, which declined to comment on Monday on Deutsche Bank’s move, told Reuters last week that being connected to local market infrastructure like clearing southern methodist university sterling silver cufflinks is a requirement for a euro zone licence..

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