Exxon Mobil earnings: 73 cents a share, vs 66 cents EPS expected - CNBC

A sign is seen at the entrance of the ExxonMobil Port Allen Lubricants Plant in Port Allen, Louisiana, November 6, 2015.

Lee Celano | Reuters

Exxon Mobil reported second-quarter results on Friday that beat analyst expectations, sending the company's stock up more than 2% in the premarket.

Here's how the energy giant's results fared relative to Wall Street expectations:

• Earnings: 73 cents per share vs 66 cents expected by Refinitiv
• Revenue: $69.091 billion vs $65.202 billion expected
• Upstream income: $3.261 billion vs $3.15 billion forecast by StreetAccount
• Downstream income: $451 million vs $626.7 million forecast

"We continue to make significant progress toward delivering our long-term growth plans," CEO Darren Woods said in a statement. "Our new U.S. Gulf Coast steam cracker is exceeding design capacity by 10 percent, less than a year after startup. Our upstream liquids production increased by 8 percent from last year, driven by growth in the Permian Basin, and we are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than 6 billion oil-equivalent barrels."

The company's bottom line also got a boost from a tax-rate change in Alberta, Canada.

Exxon's net production of natural gas liquids, crude oil, bitumen and synthetic oil hit 2.4 million barrels per day. The company added its upstream business — which includes oil and natural gas exploration — got a boost from higher average oil prices in the second quarter relative to the first period of the year. 

However, crude prices have recently stumbled. They have fallen more than 5% this quarter. Exxon shares are also down around 5% in the third quarter. 

For the year, Exxon is up 6.3% through Thursday's close, lagging both the S&P 500 and the energy sector. The S&P 500 is up more than 17% in 2019 while the energy sector is up 6.6%.

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https://www.cnbc.com/2019/08/02/exxon-mobil-q2-2019-earnings.html

2019-08-02 06:38:41Z
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