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 [email protected]; he produces the Special Situation Investing Newsletter and does not own securities in the companies he covers.
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