Exxon Mobil Corp.’s stock XOM, +0.31% fell 1% premarket Friday, after the oil giant missed profit estimates for the second quarter. Exxon posted net income of $7.88 billion, or $1.94 a share, for the quarter, down from $17.850 billion, or $4.21 a share, in the year-earlier period. Revenue fell to $82.9 billion from $115.7 billion a year ago. The FactSet consensus was for EPS of $2.03 and revenue of $81.803 billion. Earnings were hurt by lower natural gas realizations and industry refining margins, partially offset by higher production in the Guyana and Permian basins. Chief Executive Darren Woods said Exxon is on track to structurally reduce costs by $9 billion at year-end compared with 2019. The company’s three new central organizations, global business solutions, ExxonMobil supply chain and global trading are off to a good start, he said. The stock has fallen 4.4% in the year to date, while the S&P 500 SPX, -0.64% has gained 18%.
This article was originally published by Marketwatch.com. Read the original article here.
