Oil Giant Exxon Beats Earning Expectations
Exxon Mobil’s announced its second-quarter earnings this week reporting a revenue of $69.091 billion vs forecast of $65.202 billion by analysts’. The energy giant reported 73 cents earning per share versus 66 cents on Friday. Reportedly, the company also benefited from the tax-rate change in Alberta, Canada for the quarter.
• Exxon’s upstream business managed to set off the low performance of its downstream and chemical divisions.
• Upstream business including oil and natural gas exploration reported $3.261 billion vs. $3.15 billion forecast by StreetAccount and downstream income of $451 million vs. $626.7 million was reported.
• The chemical income of $188 million was noted falling short of analysts’ expectations at $356.5 million. Exxon’s income in chemicals dropped due to low margins for Paraxylene.
“We continue to make significant progress toward delivering our long-term growth plans”, “Our new U.S. Gulf Coast steam cracker is exceeding design capacity by 10 percent, less than a year after start-up. Our upstream liquids production increased by 8 percent from last year, driven by growth in the Permian Basin, and we are preparing to start-up the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than 6 billion oil-equivalent barrels.” stated CEO Darren Woods.
Exxon Mobil Corporation (XOM) explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene, and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products.
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