Exxon's Profit, Revenue Fall in Latest Quarter
August 02 2019 - 8:43AM
Dow Jones News
By Aisha Al-Muslim
Profit and revenue fell at Exxon Mobil Corp. in the latest
quarter, while upstream liquids production increased, driven by
growth in the Permian Basin.
The Irving, Texas-based oil company reported Friday a
second-quarter profit of $3.13 billion, or 73 cents a share, down
from $3.95 billion, or 92 cents a share, a year earlier.
The company's earnings benefited from about $500 million related
to a tax rate change in Alberta, Canada, the oil producer said.
Revenue dropped 6% to $69.09 billion, above the consensus
forecast of $63.6 billion.
Oil-equivalent production rose 7% to 3.9 million barrels a
day.
Capital and exploration expenditures were up 22% to $8.08
billion, reflecting investments in the Permian Basin, a large
sedimentary basin in western Texas and southeastern New Mexico.
Liquids production increased 8% driven by Permian Basin growth
and reduced downtime, with limited impact from entitlement effects
and divestments. Natural gas volumes increased 5%, excluding
entitlement effects and divestments, the company said.
The stock rose 2.3% to $74.12 in premarket trading. Shares are
down 9.3% in the past 12 months.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
August 02, 2019 08:28 ET (12:28 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2023 to Apr 2024
