Revenue beat expectations, coming in at $83.08 billion, but was lower than a year ago, when the company reported $86.56 billion.
Exxon Mobil announced today Friday the following results:
- Earnings per share: $2.06 versus the $2.20 analysts expected
- Revenue: $83.08 billion vs. $78.35 billion expected.
The largest U.S. oil producer reported net income of $8.22 billion, or $2.06 per share, down 28% from $11.43 billion, or $2.79 per share, in the same period a year ago. a year.
Oil is up more than 16% this year and gasoline futures are up nearly 32%, but that rally hasn’t been enough to boost Exxon’s earnings because of broader energy sector headwinds.
Natural gas prices have plummeted 37% this year and refining margins are lower than a year ago. Chevron faced similar problems this quarter.
Revenue beat expectations, coming in at $83.08 billion, but was lower than a year ago, when the company reported $86.56 billion.
Oil and gas production earnings fell 12 percent to $5.67 billion from $6.46 billion in the same quarter last year due to lower natural gas prices. Exxon produced 3.78 million barrels per day in the quarter, down slightly from 3.83 million bpd output in the year-ago period.
Exxon’s fuels business posted a 67% drop in profit to $1.38 billion, compared to $4.18 billion a year earlier, due to lower refining margins.
The company’s chemicals division saw profits more than double to $785 million, compared to $371 million in the same quarter last year.
Exxon is currently in a dispute with Chevron over the pending acquisition of Hess Corp. Exxon has taken Chevron to arbitration to defend the rights the company claims to Hess’ assets in Guyana under a joint operation agreement.
