Volatile Oil Price Takes A Toll On Exxon Mobil 2Q Results

The oil price drop, which commented in September 2014, continued to hurt Exxon Mobil Corporation

results in the second quarter too. The results also failed to meet the Street expectations sending the stock down in the pre-market trading on Friday. Exxon Mobil reported earnings of $1.7 billion or $0.41 per share, compared with $4.2 billion or $1.00 a share a year earlier. The company said that the results reflected sharply lower commodity prices and weaker refining margins apart from the continued strength in the Chemical segment. On a YOY basis, profit dipped 59.0 percent. The oil firm's total revenues and other income dropped 22.2 percent to $57.69 billion from $74.11 billion in the previous year period. Street analysts estimated the company to report EPS of $0.64 on revenue of $60.41 billion. Exxon's chairman and CEO, Rex Tillerson, commented, "While our financial results reflect a volatile industry environment, ExxonMobil remains focused on business fundamentals, cost discipline and advancing selective new investments across the value chain to extend our competitive advantage,. The corporation benefits from scale and integration, which provide the financial flexibility to invest in attractive opportunities and grow long-term shareholder value." Shares of the company fell $2.05 or 2.27 percent at $88.15 in the pre-market trading at the time of writing this.