• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 18 hours Norway horrified as new rates make EV charging prices higher than petrol
  • 31 mins 60 mph electric mopeds
  • 6 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 5 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 3 hours China to Impose Dictatorship on Hong Kong
  • 6 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 4 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 5 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 9 hours Iran's first oil tanker has arrived near Venezuela
  • 3 hours DEFIANCE – There are More of Us Than Them
  • 3 hours Let’s Try This....
  • 18 hours Ventura County to Replace Natural Gas Generation with Battery Storage
  • 19 hours Trumpe will win next election, hands down.
The 5 Oil Tankers That Could Start A War

The 5 Oil Tankers That Could Start A War

Five oil tankers full of…

Exxon Earnings Disappoint, Again

ExxonMobil (NYSE:XOM) reported on Friday an 18-percent annual increase in earnings per share for the second quarter, but missed—yet again—analyst expectations, and reported its lowest production in a decade.

Exxon said on Friday that its second-quarter earnings rose to US$4 billion, or US$0.92 per share assuming dilution, up from US$3.4 billion for Q2 2017. Although earnings per common share rose by 18 percent from a year ago, they fell short of the analyst consensus of the Wall Street Journal for US$1.27 earnings per share. Compared to the first quarter, Exxon’s earnings per share in Q2 were down by 16 percent.

Following the results announcement, Exxon’s shares were down 4 percent in pre-market trade on the NYSE, and after the market opened, shares slipped 2.86 percent at 9:35 AM EDT. Investors and analysts were disappointed not only by the earnings miss, but also by the lack of any share buyback announcement or hint for such.

Exxon’s oil-equivalent production came in at 3.6 million barrels per day in Q2 2018, down by 7 percent from the second quarter of 2017. This was the U.S. supermajor’s lowest production level since 2008, according to Bloomberg.

Few of the bright points in Exxon’s earnings release included U.S. tight oil growth in the Permian and the Bakken, reaching over 250,000 oil-equivalent barrels per day in the second quarter, up by 30 percent from the same period last year.

In the downstream, Exxon’s overall throughput and earnings were impacted by heavy turnaround and maintenance activities during the quarter, the oil major said.

“Second quarter results were primarily impacted by significant scheduled maintenance undertaken to support operational integrity. In addition, while we were pleased with the return of full production following the PNG earthquake, extended recoveries from first quarter operational incidents in the Downstream were disappointing. However, good progress was made during the second quarter in fully recovering from these incidents,” Darren W. Woods, Exxon’s chairman and chief executive officer, said, commenting on the results.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News