ExxonMobil Misses Q2 Profit Estimates Despite 67% Surge, Shares Dip 2%
XOM sits 47% above its 52-week low of $105.525.
Summary
ExxonMobil reported Q2 adjusted earnings of $14.7B, or $3.52 per share, missing the $3.60 consensus. The miss comes despite a 67% sequential profit jump and the best quarterly profit in four years, driven by high oil prices and refining margins amid Iran conflict disruptions. Shares fell about 2% premarket. Production slipped to 4.5M boepd from 4.6M in Q1, with Middle East outages offsetting record Permian output. The company paid $4.3B in dividends and repurchased $5.1B in shares, staying on track for $20B in buybacks this year. This follows a Q1 that saw a 46% profit drop due to derivative losses, making the Q2 rebound notable but still below expectations. Chevron and Shell beat estimates, highlighting Exxon's relative underperformance. The Strait of Hormuz uncertainty remains a key risk, with potential for 750K boepd of lost production if the closure persists through Q3.
Updates
· Benzinga — Revenue was $116B, beating estimates by $18B. Upstream production hit a two-decade high of 4.5M boe/d. The company returned $9.4B to shareholders and ended with $10.6B cash.
At the time of this announcement, XOM was trading at $154.65 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $650.6B. The 52-week trading range was $105.53 to $176.41. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.