Energy Business

ExxonMobil A Tad Light (XOM, XLE)

ExxonMobil (NYSE:XOM) did actually come in light on earnings as 24/7 Wall St. had worried that the chart was indicating.  The world’s largest oil company did post EPS at $1.70, slightly under the $1.75 estimate.  Its revenues were $102.34 Billion.

As suspected, the shortfall is due to lower downstream refining margins.  Production decreased by 2% year over year on an oil equivalent basis.  Exxon also spent some $5.4 Billion on capital spending and exploration.  It repurchased roughly $7 Billion in stock.

The stock is actually indicated down almost 1.7% pre-market at $90.45 despite oil being over $95.00 this morning.  Sometimes those pesky little charts are quite indicative of upcoming news.  Exxon’s 52-week trading range is $69.02 to $95.27.  The Energy Select Sector SPDR (AMEX:XLE) is also now indicated down 0.9% in early pre-market activity.

Goldman Sachs did lower oil estimates this week, although so far oil prices are higher than when the call was made.

Jon Ogg can be reached at jonogg@247wallst.com; he produces the Special Situation Investing Newsletter and does not own securities in the companies he covers.