“Strong second-quarter results reflect … the investments we put in motion several years ago and sustained through the depths of the pandemic,” said CEO Darren Woods.
Exxon Mobile (XOM) – Get Exxon Mobil Corporation Report smashed second quarter earnings forecasts Friday, even amid a softer-than-expected total revenue tally, as profit margins swelled amid the year-on-year surge in global crude prices.
Exxon said adjusted earnings for the three months ending in June were pegged at $4.21 per share, or $17.85 billion, up more than three fold over the same period last year but significantly north of the Street consensus forecast of $3.74 per share Adjusted earnings were pegged at $2.07 per share.
Group revenues, Exxon said, surged 70% to $115.8 billion, missing analysts’ estimates of a $132.7 billion tally.
West Texas Intermediate crude prices traded around $98 per barrel over the three months ending in June — with a spike to as high as $120 — a range that was around 65% higher than the pandemic recovery levels recorded over the same period last year. Domestic U.S. gas prices were also notably higher, hitting an all-time peak of $5.107 per gallon in early June.
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“Earnings and cash flow benefited from increased production, higher realizations, and tight cost control,” said CEO Darren Woods. “Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic.”
Exxon shares were marked 2.55% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $95.00 each.
Earlier Friday, Exxon’s smaller rival Chevron (CVX) – Get Chevron Corporation Report posted record second quarter profits, while boosting the higher end of its share buyback range, amid the year-on-year surge in global crude prices.
Chevron said adjusted earnings for the three months ending in June came in at $5.82 per share, up more than three-fold from the same period last year and well ahead of the Street consensus forecast of $5.10 per share.
Group revenues, the company said, surged 82% from last year to $68.76 billion, smashing analysts’ estimates of a $59.3 billion tally.
Chevron said adjusted earnings for the three months ending in June came in at $5.82 per share, up more than three-fold from the same period last year and well ahead of the Street consensus forecast of $5.10 per share.
Group revenues, the company said, surged 82% from last year to $68.76 billion, smashing analysts’ estimates of a $59.3 billion tally.
