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Exxon Mobil Posts Strong Q2 Results, but Misses Forecasted EPS
Jul 28, 2017 (Baystreet.ca via COMTEX) --

Exxon Mobil Corporation (NYSE:XOM) released its quarterly earnings on Friday which showed profits nearly double from a year ago, to $3.3 billion for Q2. The company's revenue was also up to over $62 billion for the year, for a year-over-year increase of 9%.


On a per share basis, earnings were $0.78, which fell short of expectations of $0.84. Despite the strong quarter, because the company failed to meet expectations its stock has been down around 3% on Friday morning.


Most of the company's earnings were contributed by the downstream segment of its operations, which totaled $1.38 billion. Upstream operations saw earnings of $1.1 billion, followed by Exxon's chemical segment which added $985 million.


The company has also made significant reductions to its capital expenditure spending, with decreases of 24% totaling $1.2 billion less spending than a year ago. This has been a growing trend in oil & gas and is also why some analysts believe this will inevitably push the price of oil back up, because of a lack of capital investment that will create a shortage in the future.


Exxon Mobil has shown it can produce strong results even despite a low price of oil, which should be encouraging to investors despite whether the company met forecasts or not. This also is the fifth consecutive quarter that the company has seen its revenues increase. The company's stock, which has been down over 12% this year could present a good opportunity for investors as there could be a lot of growth left in the share price


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