So how profitable is Exxon? $11.6 billion for Q2
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So how profitable are oil companies. In Exxon’s context that reported earnings today, that’s $11.6 billion in earnings for the second quarter. Profits rose 14 percent from a year ago, as crude oil and natural gas prices continued their climb.
The Irving, Texas-based oil company posted earnings of $2.22 a share, on revenue of $138 billion. That compares to earnings of $10.2 billion, or $1.83 a share, on revenue of $98 billion during the same quarter last year.
Was this enough for wall-street? Nope, the company missed analyst estimates by posting earnings of $2.22 per diluted share — 30 cents below the average analyst estimate of $2.52 per share for the second quarter. Exxon stock is down 3% after the earnings report.
Exxon Mobil reported that the company’s crude oil and natural gas earnings were partly offset by lower production levels, escalating operating costs and lower refining and chemical margins. The company also expanded exploration initiatives in the second quarter in response to growing global demand for crude oil and natural gas products.
