The Ultimate Guide to Exxon Mobil's Second Quarter Earnings Report - What You Need to Know
By Sabrina Valle and Tanay Dhumal
Exxon Mobil Corp Signals Lower Profits in Q2 Due to Refining Margins and Lower Prices
Exxon Mobil Corp has indicated that lower refining margins and lower oil prices will lead to reduced profits in the second quarter. The company expects earnings per share to be between $1.50 and $2.40, which is 17% below market consensus, with total profits around $8.3 billion.
Exxon's recent acquisition of Pioneer Natural Resources for $60 billion is expected to impact its results, with additional oil and gas production contributing to its second quarter production. The company anticipates a significant increase in operational results from its oil and gas business, despite lower natural gas prices.
The full financial results, which will include other factors beyond operational results, are set to be released on August 2. Exxon's shares have risen more than 13% this year, outperforming other major Western oil rivals.
Overall, despite some challenges in refining margins, Exxon Mobil remains a strong player in the oil and gas industry, with plans to triple Permian production and continue to expand its operations. Investors should keep an eye on the company's upcoming financial results for a clearer picture of its performance in the second quarter.
By staying informed and monitoring Exxon Mobil's progress, investors can make informed decisions about their portfolios and potentially capitalize on opportunities in the energy sector.