Exxon's profit doubles, but still misses expectations
IRVING, Texas (AP) -- Exxon Mobil's second-quarter profit doubled from a year ago with crude prices up over the past 12 months, pumping up profits in its oil production business.
But it still missed Wall Street analyst expectations, and its shares slipped before the stock market opened Friday.
Crude prices are currently trading around $49 a barrel, up about 18 percent from a year ago, helping to boost the finances of Exxon and other oil and gas companies. Exxon said earnings from its upstream business, which looks for and produces oil, grew the most, quadrupling from a year ago. Exxon, like other companies, had cut down on oil and gas exploration spending a year ago because of lower crude prices.
Overall, the company reported second-quarter net income of $3.35 billion, or 78 cents per share. That's up from $1.7 billion, or 41 cents per share, in the same period a year ago. The results missed Wall Street expectations of 83 cents per share, according to Zacks Investment Research.
The Irving, Texas-based company said revenue rose 9 percent to $62.88 billion. Four analysts surveyed by Zacks expected $61.16 billion.
Shares of Exxon Mobil Corp. fell $1.42, to 1.8 percent, to $79.40 before in premarket trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XOM at https://www.zacks.com/ap/XOM
Keywords: Exxon Mobil, Earnings Report, Priority Earnings