ExxonMobil Misses Q2 Profit Estimates Despite 67% Surge, Shares Dip
XOM sits 45% above its 52-week low of $105.525 on light trading volume (0.1× avg).
Summary
ExxonMobil reported Q2 adjusted earnings of $14.7B, or $3.52 per share, missing the $3.60 consensus despite a 67% surge from Q1. Revenue of $116B beat estimates by $18B, but refinery maintenance blunted the benefit of elevated crude prices from the Iran conflict. Upstream production hit a two-decade high of 4.5M boe/d, driven by record Permian output. The company returned $9.4B to shareholders via dividends and buybacks and ended the quarter with $10.6B cash. Shares dipped 0.3% premarket. This follows a July 9 projection of ~$15B in net income; the miss and maintenance impact are the new negative signals. Outlook includes a 100k b/d Guyana decline in Q3 and a potential 750k b/d Middle East disruption if the Strait of Hormuz closes.
At the time of this announcement, XOM was trading at $153.34 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $635.5B. 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: Benzinga.