Exxon Mobil Q2 Profit Misses Expectations, Shares Drop

Shares of

declined around 2 percent in pre-market trading after the company reported weaker-than-expected earnings for the second quarter on Friday. The Irving, Texas-based company reported a quarterly profit of $4.19 billion, or $1.00 per share, versus a year-ago profit of $8.78 billion, or $2.05 per share. Its revenue declined 33 percent to $74.11 billion. However, analysts were projecting earnings of $1.11 per share on revenue of $72.48 billion. The average estimate among 66 Estimize users was for earnings of $1.07 per share and revenue of $63.88 billion. Its refining and marketing earnings climbed $795 million year-over-year to $1.5 billion in the recent quarter, while profit in its exploration and production business declined to $2 billion from $7.9 billion. Profit in its chemical segment rose $405 million year-over-year to $1.2 billion. Capital and exploration expenditures shrank 16 percent year-over-year to $8.3 billion. Oil and gas output climbed 3.6 percent to 4 million barrels oil equivalent per day. "We are delivering on our investment and operating commitments across ExxonMobil's integrated portfolio," said Rex W. Tillerson, chairman and chief executive officer. "Our quarterly results reflect the disparate impacts of the current commodity price environment, but also demonstrate the strength of our sound operations, superior project execution capabilities, as well as continued discipline in capital and expense management." Exxon Mobil shares fell 1.94 percent to $81.40 in pre-market trading.