Two oil and gas giants Exxon Mobil Corporation (NYSE:XOM) and CVR Energy, Inc. (NYSE:CVI) reported their second quarter earnings on Thursday. While the former posted a steep decline in profits, the latter saw a healthy growth.
Exxon Mobil worse than expected
Exxon Mobil Corporation (NYSE:XOM) reported worse than expected fall in Q2 earnings as profits plunged 57 percent. The world’s largest oil company said that earnings were hit by lower production and poor refining results. The company announced Thursday that it earned $1.55 per share or $6.86 billion. Revenues for the second quarter plummeted 16.4 percent to $106.4 billion. Exxon Mobil had reported revenues of $127.36 billion and net profit of $15.9 billion in the same period last year.
Last year’s Q2 results were high due to the sale of Exxon Mobil Corporation (NYSE:XOM)’s Japanese lubricants business. Without those effects, earnings declined only 19 percent. Analysts polled by FactSet were expecting the company to earn $1.90 in EPS and $105.5 billion in revenues. Matthew Rocco of Fox Business said that it’s the lowest EPS of Exxon Mobil since September 2010.
Exxon Mobil Corporation (NYSE:XOM) has largely missed out on the U.S. shale boom, and the company’s oil and gas production declined 1.9 percent during the quarter. The Irving, Texas-based oil giant said its output was affected by the ongoing maintenance at refineries.
Exxon Mobil Corporation (NYSE:XOM) shares plunged 2.66 percent to $91.26 at 11:26 AM EDT.
CVR Energy rise in earnings
CVR Energy, Inc. (NYSE:CVI)’s second quarter earnings rose to $2.11 a share or $183.4 million from $1.75 a share or $154.7 million in the corresponding period last year. However, revenues skidded 3.8 percent from $2.31 billion to $2.22 billion. CVR Energy said that its second quarter operating income jumped from $235.8 million to $262.7 million.
CVR Energy, Inc. (NYSE:CVI) also announced cash dividend of 75 cents per share for Q2 2013. Dividend will be paid on August 19 to shareholders of record on August 12, 2013. CVR Energy’s board had also approved a special dividend of $6.50 a share on May 24, 2013. The special dividend was paid on June 10.
For H1, 2013, CVR Energy, Inc. (NYSE:CVI) posted sales of $4.57 billion with net income of $4.01 a share or $348.4 million. The company had earned $1.46 a share or $129.5 million on sales of $4.27 billion in the corresponding period last year.
CVR Energy, Inc. (NYSE:CVI) shares were up 0.89 percent to $47.61 at 11:44 AM EDT.
