UPDATE: Exxon Mobil Q2 Earnings Top Street View

Exxon Mobil

reported stronger-than-expected second-quarter earnings. The Irving, Texas-based company posted a quarterly profit of $8.78 billion, or $2.05 per share, versus a year-ago profit of $6.86 billion, or $1.55 per share. Its revenue rose to $111.65 billion. However, analysts were estimating a profit of $1.86 per share on revenue of $108.38 billion. Exxon's earnings in exploration and production business increased to $7.88 billion, while refining and marketing earnings climbed to $711 million. Exxon's production slipped 6% to 3.8 million barrels of oil equivalent per day. ExxonMobil Chairman Rex W. Tillerson said, “ExxonMobil's financial results were achieved through strong operational performance and portfolio management. We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases.” Exxon shares declined 1.50% to $101.70 in pre-market trading.