Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

ExxonMobil posts second-quarter earnings miss amid lower natural gas prices

Published 07/28/2023, 06:56 PM
© Reuters.
XOM
-
NG
-

Investing.com -- ExxonMobil (NYSE:XOM) has reported lower-than-anticipated profit in the second quarter, as the largest U.S. oil major was hit by a decline in natural gas prices.

Earnings during the three months ended on June 30 dropped on both a quarterly and annual basis to $7.9 billion, or $1.94 per diluted share. Bloomberg consensus estimates had seen the per share figure at $2.00.

Texas-based Exxon's key upstream business registered income of $4.6B, a decrease of $1.9B from the prior quarter, which Exxon said was due to a 40% fall in lower natural gas prices as well as "seasonally higher scheduled maintenance."

In a statement, chief executive Darren Woods noted that the company is "on track" to bring down costs by $9B a year compared to 2019 levels.

Shares in Exxon slipped in premarket U.S. trading Friday.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.