Exxon Mobil reported second-quarter earnings on Friday that declined considerably in comparison with final yr, although the corporate beat Wall Road estimates as manufacturing development within the Permian Basin and Guyana softened the influence of decrease oil costs.
Exxon’s internet revenue fell 23% to $7.1 billion, or $1.64 per share, in comparison with $9.2 billion, or $2.14 per share, in the identical interval final yr. Oil costs are down about 10% in comparison with final yr as OPEC+ is growing output and manufacturing stays sturdy within the U.S.
Here’s what Exxon reported for the second quarter in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by LSEG:
- Earnings per share: $1.64 vs. $1.54 anticipated
- Income: $81.5 billion vs. $80.77 billion anticipated
The oil main pumped 4.6 million barrels per day, the best output for the second quarter since Exxon and Mobil merged greater than 25 years in the past. Manufacturing within the Permian hit a file 1.6 million bpd.
Exxon’s manufacturing enterprise posted a revenue of $5.4 billion, down 23% from about $7.1 billion in the identical interval final yr on decrease oil costs. Its refining enterprise booked earnings of $1.37 billion globally, up 44% in comparison with $946 million within the year-ago interval resulting from larger refining margins.
Exxon paid out $9.2 billion to shareholders, together with greater than $4 billion in dividends and $5 billion in share repurchases. The oil main stated it is on tempo to buy $20 billion of shares this yr.
Exxon has slashed its prices by $1.4 billion to this point this yr and $13.5 billion since 2019. It’s aiming to chop one other $4.5 billion via the top of 2030.
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