UPDATE: Exxon Mobil stock surges premarket after earnings crush consensus estimates to set profit record

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Exxon Mobil Corp. shares XOM, +1.17% surged 2.5% in premarket trade Friday, after the oil giant blew past earnings estimates for the second quarter amid high oil prices and higher production. The company posted record net income of $17.850 billion, or $4.21 a share, for the quarter, more than three times the $5.480 billion, or $1.28, posted in the year-earlier period. The previous record net income came in the second quarter of 2012 at $15.91 billion. Adjusted per-share earnings came to $4.21, ahead of the $3.84 FactSet consensus. Revenue soared to $115.681 billion from $67.742 billion a year ago, also well ahead of the $111.302 billion FactSet consensus. The company said it increased Permian oil and gas production by about 130,000 oil-equivalent barrels a day and refining throughput by 180,000 barrels per day compared with the first half of 2021 to address a recovery in demand. Capex totaled $9.5 billion for the first half, on track with full-year guidance. Shares have gained 51% in the year to date, while the Dow Jones Industrial Average DJIA, +1.03% has fallen 10%.

This article was originally published by Marketwatch.com. Read the original article here.

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