Exxon Mobil Corporation (NYSE:XOM) released the results from its most recently completed quarter, posting earnings which greatly topped estimates. The oil giant reported earnings per share of $2.10, a slight decline from last year’s $2.12 per share, on $106.8 billion in revenue, a 1.5% decline. Analysts had been expecting $1.88 per share in earnings on $110 million in revenue for the most recently completed quarter.
Breaking down Exxon Mobil’s results
According to this morning’s report, Exxon Mobil Corporation (NYSE:XOM)’s net income declined 4% to $9.1 billion. The company cited lower production and headwinds due to downstream operational issues. The company did cut costs, however, especially in exploration and capital expenditures. These costs declined 28% year over year to $8.4 billion.
Exxon Mobil Corporation (NYSE:XOM)’s production declined by approximately 6% to 415,000 barrels of oil per day. However, higher natural gas prices offset that decline. Exploration and production earnings increased by 11%, climbing to $7.8 billion during the quarter. The oil giant’s refining and marketing segment posted a 47% decline in earnings, falling to $813 million due to weaker margins, especially in the refining part of that business. That’s a decline of $732 million. Weaker margins reduced earnings by $740 million during the quarter. The company estimates that volume and mix effects increased earnings by approximately $80 million, while other items cut earnings by $70 million net.
Exxon Mobil Corporation (NYSE:XOM) said earnings for its chemical segment fell to $1.05 billion, a 7.8% decline.
Exxon Mobile repurchases shares
Exxon Mobil Corporation (NYSE:XOM) bought back $3 billion worth of shares in the most recently completed quarter. The oil giant’s board of director’s declined a 69 cent per share cash dividend on common stock on Wednesday. That dividend will be paid on June 10 to shareholders of record on May 13. Exxon Mobil paid a dividend of 63 cents per share in the first quarter of the year. The company said it has increased its annual dividend payments for 32 years in a row.