Exxon Mobil quarterly profits beat Wall Street’s expectations
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.