Exxon Mobil Defies Slump: Q2 Profits Surpass Wall Street Expectations
Exxon Mobil reported its lowest second-quarter profits in four years due to falling oil prices and increased OPEC+ production. Despite this, the company exceeded Wall Street’s profit expectations, with shares rising slightly amidst a volatile global market environment. Chevron also reported quarterly lows, yet outperformed profit forecasts.
Exxon Mobil's profits for the second quarter have plummeted to a four-year low as oil prices fell due to OPEC+ increasing production. However, the company managed to surpass analysts' profit expectations, with shares experiencing a small rise ahead of the opening bell on Friday.
The Texas oil giant earned $7.08 billion, or $1.64 per share, despite revenue falling short of projections. Analysts had anticipated earnings of $1.49 per share, according to a Zacks Investment Research survey. CEO Darren Woods emphasized the resilience of Exxon's strategy in delivering consistent shareholder value amidst market fluctuations.
Meanwhile, Chevron Corp disclosed a similar four-year low for its second-quarter profits, though it too exceeded Wall Street expectations. The oil market remains uncertain, with production increases announced by OPEC+ members standing to affect gas prices further.
(With inputs from agencies.)
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