Exxon Mo­bil quar­terly prof­its beat Wall Street’s ex­pec­ta­tions

Tehran Times - - ENERGY -

Exxon Mo­bil re­ported quar­terly profit and rev­enue that beat Wall Street’s ex­pec­ta­tions, even as the oil ma­jor saw an­other drop in to­tal oil and gas pro­duc­tion.

The lat­est re­port re­versed a se­ries of earn­ings dis­ap­point­ments for Exxon. Prior to this quar­ter, prof­its fell short of Wall Street›s ex­pec­ta­tions in four of the last five quar­ters. Shares of the Irv­ing, Texas-based com­pany are down about 2 per­cent this year.

Exxon’s stock price ini­tially popped 3 per­cent af­ter the com­pany re­leased earn­ings, but shares later turned neg­a­tive be­fore bounc­ing to end Fri­day›s trad­ing ses­sion up 1.6 per­cent.

Quar­terly prof­its for the world›s largest pub­licly traded oil and gas com­pany surged 57 per­cent to $6.24 bil­lion. The earn­ings came in at $1.46 per share, com­pared with $1.23 fore­cast by an­a­lysts in a Refini­tiv sur­vey.

Rev­enue also beat ex­pec­ta­tions, com­ing in at $76.61 bil­lion, ver­sus the Street’s es­ti­mate for $73.55 bil­lion.

Exxon’s global crude oil pro­duc­tion roughly matched its out­put in the year ago pe­riod. How­ever, the com­pany›s nat­u­ral gas out­put slipped 6.1 per­cent from a year ago to 9 bil­lion cu­bic feet per day.

De­spite churn­ing out fewer hy­dro­car­bons, earn­ings in the up­stream ex­plo­ration and pro­duc­tion seg­ment more than dou­bled to $4.23 bil­lion from a year ago. Grow­ing out­put from U.S. oil fields, higher crude prices and one-time tax im­pacts off­set the slump in nat­u­ral gas out­put.

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