Exxon Mobil added 0.29% on Friday after it released quarterly results which surpassed expectations for both earnings and revenues. During the third quarter, the group reported revenues of $66.16bn, up from the $58.68bn recorded a year ago and easily surpassing estimates of $63.39bn. Exxon Mobil saw earnings come in at 93 cents, beating forecasts of 86 cents and sharply higher than the 63 cents reported a year ago. This upbeat result comes in spite of Hurricane Harvey, with the storm negatively affecting earnings by 4 cents per share after it impacted the group’s refineries in Baytown and Beaumont. Cash flow from operations grew by 41% to $7.5bn compared to that reported a year ago.
Exxon Mobil ended in negative territory on Friday, down 1.52%, after the group released a mixed set of results. During the previous quarter, the group saw revenues come in at $62.9bn, 9% higher than the $57.7bn recorded a year ago and slightly higher than expectations of $61.9bn. Exxon recorded net income of $3.4bn, or 78 cents per share, nearly double the $1.7bn, or 41 cents per share, reported in the previous corresponding period. However, this was slightly lower than analysts estimates of 84 cents per share. The group saw its cash flow generated from operations increase to $6.9bn, up from $4.6bn a year ago.
On Thursday, reports surfaced that a consortium led by Exxon Mobil was ordered to pay a massive $74bn in fines by a court in Chad. Chad’s highest court handed down the ruling following a complaint from the ministry of finance that the consortium hadn’t met its tax obligations. For perspective, the amount is around seven times Chad’s gross domestic product and is equivalent to a US court ordering a company to pay fines of over $100tn. A spokesperson for Exxon Mobil stated that the group disagrees with the court ruling and is currently evaluating its next steps. This is not that 1st time that Exxon Mobil has been targeted by the Chadian government, after it filed another legal claim of $800mn back in 2014.
On Friday, ExxonMobil ended lower, down 1.39%, after the group reported earnings which missed expectations. For the quarter, revenue declined to $57.7bn, down from $74.1bn a year ago, and sharply lower than expectations of a decline to $60.23bn. In addition, the group saw its adjusted earnings per share decline by 59% to 41 cents, much lower than estimates of 64 cents. These disappointing results were mainly due to sharply lower commodity prices and weaker refining margins. Lastly, during the quarter, production declined by about 0.6% to 3.9mn barrels of oil equivalent per day.
Exxon Mobil, the world’s largest publicly traded oil and company, fell 4.58% after announcing that 2nd quarter profits had fallen by 52% as the tumbling crude oil prices weighed on results. As it stands, crude prices have declined more than 40% in the last 12 months, weighed down by slowing demand from China and a surge in global output. For the period, Exxon announced profits of $4.2bn, or $1 per share, compared to $8.8bn, or $2.05 per share, a year ago. Furthermore, revenues fell from $111.65bn to only $74.11bn in the quarter. The results were much lower than expectations of a decline in earnings to $1.11 per share and revenue of $72.48bn.
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