Exxon Mobil, the United States' biggest oil producer, beat Wall Street estimates for second-quarter profit on Friday as higher oil and gas output and low production…
Exxon Mobil, the United States' biggest oil producer, beat Wall Street estimates for second-quarter profit on Friday as higher oil and gas output and low production costs offset the impact of lower crude prices.
Oil and gas production was the highest for any second quarter since the merger of Exxon and Mobil formed the company more than 25 years ago, Exxon Mobil said.
Adjusted earnings during the second quarter were $7.1 billion, or $1.64 per share, surpassing consensus analyst estimates of $1.56 per share, data compiled by LSEG showed.
The energy sector has struggled with price volatility as the OPEC+ group increased its production, pushing global benchmark Brent crude prices LCOc1 down 11% in the quarter.
Global tariffs levied by U.S. President Donald Trump added to price weakness because they raised the prospect of a weakening global economy with knock-on effects for oil demand.
"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," Exxon CEO Darren Woods said in a statement.
Shares of Exxon rose 1.5% in pre-market trading.
Exxon paid $4.3 billion in dividends and repurchased $5 billion worth of
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