ExxonMobil Q2 Earnings Surge 115% as Shell Chemicals Bid Emerges
XOM sits 52% above its 52-week low of $107.96.
Summary
ExxonMobil's Q2 adjusted earnings hit $14.7B, up 115% YoY, with free cash flow of $17.2B and production at a 20+ year high. The company is pursuing Shell's U.S. chemicals assets, competing against LyondellBasell, Apollo, and Kuwait Petroleum. It also secured pre-investment contracts for Rovuma LNG Phase 1 in Mozambique, but halted Liza Unity FPSO operations after a fire. Analysts at Morgan Stanley and Barclays maintained overweight ratings. The Shell bid and Mozambique contracts are new developments not previously reported, while the earnings beat was already anticipated by a July 9 projection of ~$15B net income.
At the time of this announcement, XOM was trading at $164.43 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $678.9B. The 52-week trading range was $107.96 to $176.41. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.