ExxonMobil falls on Q2 profit miss
XOM•Production and LNG update
- Exxon said when the Strait reopens, two damaged Qatar LNG trains will stay offline, representing about 100 thousand oil-equivalent barrels.
- Total production was 4.5 million barrels of oil equivalent per day in the second quarter, down from 4.6 million boepd in the first three months of the year.
- Including the session's move, XOM was up 27.3% year to date.
Shares fall after quarterly profit misses estimates
- Shares of oil major ExxonMobil XOM.N were down 2.6% at $152.93.
- The company missed Q2 profit expectations despite notching its biggest quarterly profit in four years amid higher oil prices and improved refining margins driven by the ongoing U.S.-Israeli war with Iran.
- Adjusted earnings rose 67% from Q1 to $14.7 billion, or $3.52 per share, and fell below the consensus analyst estimate compiled by LSEG of $3.60 per share.
- Q2 profit was more than double the amount posted by the largest U.S. producer in the same period last year.
