NEW YORK (AP) — Exxon Mobil’s second-quarter profit dropped to the lowest level in four years and sales fell as oil prices slumped with OPEC+ ramping up production.
The Texas oil driller still topped Wall Street profit expectations Friday and shares rose slightly before the opening bell, even with global markets falling on the erratic trade polices of the U.S.
Exxon earned $7.08 billion, or $1.64 per share, for the period ended June 30. A year earlier it earned $9.24 billion, or $2.14 per share.
That was better than Wall Street expected, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.49 per share.
“The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments,” Chairman and CEO Darren Woods said in a statement.
Revenue fell to $81.51 billion from $93.06 billion, missing the $82.82 billion that Wall Street was looking for.
Chevron Corp. reported a second-quarter profit of $2.49 billion, or $1.45 per share. Removing one-time costs, earnings were $1.77 per share.
That was also a four-year low for the second quarter, but it too beat Wall Street profit expectations and missed revenue expectations by industry analysts.
Analysts surveyed by Zacks Investment Research expected Chevron per-share earnings of $1.70.
Chevron's quarterly revenue was $44.82 billion.
In July eight members of the OPEC+ alliance of oil exporting countries said that they will boost production by 548,000 barrels per day in August in a decision that could further reduce gas prices this year. They cited a “steady global economic outlook” and low oil inventories.
Oil prices spiked sharply in June during the bloody, 12-day conflict between Israel and Iran but then tumbled back down as the U.S. helped broker a peace deal after dropping bombs on three of Iran’s key nuclear sites.
