ExxonMobil 2Q 17 earnings and American Airlines 2Q 17 earnings were released before opening bell this morning. ExxonMobil reported earnings of 78 cents per share on $62.9 billion in revenue, while Wall Street had wanted to see 84 cents per share in earnings on $61.3 billion in revenue. In last year’s second quarter, the energy giant reported 41 cents per share and $57.7 billion in revenue.
American Airlines reported adjusted earnings of $1.92 per share on $11.11 billion in revenue, versus the consensus estimates of $1.85 per share and $11.06 billion. In last year’s second quarter, the airline reported $10.36 billion in revenue.
ExxonMobil 2Q 17 earnings
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ExxonMobil 2Q 17 earnings revealed improving oil and gas realizations and better margins. The company added that commodity prices rose during the second quarter as they continued to focus on “operations and business fundamentals.”
Upstream earnings surged to $1.2 billion due to much higher realizations, while downstream earnings rose 68% to $1.4 billion on the back of better refining margins and higher volumes at the company’s refineries. Chemical earnings fell to $985 million due to higher turnaround, reduced volumes and lower margins.
Upstream volumes fell 1% to 3.9 million barrels of oil equivalent per day. Liquids production amounted to 2.3 million barrels per day, a decline year over year due to field declines and lower entitlements, which were partially offset by higher project volumes and work programs. Natural gas production increased to 9.9 billion cubic feet per day.
After the ExxonMobil 2Q 17 earnings were released, the company’s stock slipped in premarket trading, falling by as much as 1.83% to $79.32 per share.
American Airlines 2Q 17 earnings
On a GAAP basis, American Airlines 2Q 17 earnings per share fell to $1.63 from $1.68 per share last year. Mainline passenger revenue rose 7.5% year over year to $7.75 billion. Passenger load factor ticked slightly lower to 83.7% from 83.9% last year. American Airlines said passenger demand was strong and yields were improving during the second quarter. Cargo revenue grew 13.1% to $196 million as cargo ton miles increased 15.1%.
After American Airlines 2Q 17 earnings were reported, the company’s stock rose by as much as 0.5% to $50.25 in premarket trading.