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.
Dov Gertzulin's DG Capital has had a rough start to the year. According to a copy of the firm's second-quarter investor update, which highlights the performance figures for its two main strategies, the flagship value strategy and the concentrated strategy, during the first half of 2022, both funds have underperformed their benchmarks this year. The Read More
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 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