Exxon Mobil Beats Earnings as Sales Decline, Keeps Buying Back Stock
Wikimedia CommonsExxon Mobil Corp. (NYSE: XOM) has released a mixed earnings report for its third quarter. The oil and gas giant reported earnings of $9.57 billion for the quarter, and that translates to earnings of $2.09 per share. While this…
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Exxon Mobil Corp. (NYSE: XOM) has released a mixed earnings report for its third quarter. The oil and gas giant reported earnings of $9.57 billion for the quarter, and that translates to earnings of $2.09 per share. While this is down 7% from a year ago, the report was well ahead of estimates as Thomson Reuters had a consensus estimate of $1.96 EPS. The range of estimates was $1.79 to $2.09 EPS as well, so the report matches the highest estimate on Wall St.
The oil giant said that capital and exploration expenses were $9.18 billion and operating cash flow was $13.4 billion. Production was 2.12 million barrels of oil equivalent per day, but oil equivalent production fell by 7.5% in the quarter. Downstream earnings came in at $3.19 billion and upstream earnings came in at $5.97 billion.
As the largest of the integrated oil and gas players, Exxon is a company that tracks earnings as very few analysts track revenues. It is worth noting that some $5 billion was spent during the quarter to reduce its shares outstanding.
Total revenue was down almost $10 billion from a year ago, but the number is still massive at $115.7 billion in quarterly revenue.
The company’s shares are trading down marginally this morning, at $90.50 in a 52-week range of $73.90 to $93.67.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
