Exxon Mobil Corp, the world’s largest publicly traded oil producer, posted a lower-than-expected quarterly profit on July 27 as its production dropped and it spent heavily to upgrade several key refineries.
Shares fell 2.7% to $82 in premarket trading.
The Irving, Texas-based company posted second-quarter net income of $3.95 billion, or 92 cents per share, up from $3.35 billion, or 78 cents per share, in the year-ago quarter.
Analysts expected earnings of $1.27 per share, according to Thomson Reuters I/B/E/S.
Production fell 7% to 3.6 million barrels per day of oil equivalent.
Earnings from the company’s downstream unit, which refines crude oil into gasoline and other products, fell 47%, which CEO Darren Woods said was the primary drag on earnings in the quarter.
Exxon Mobil said the second quarter featured multiple refinery renovation projects, known as turnarounds, in France, Canada, Texas and Saudi Arabia.
Recommended Reading
Kinder Morgan Sees Need for Another Permian NatGas Pipeline
2024-04-18 - Negative prices, tight capacity and upcoming demand are driving natural gas leaders at Kinder Morgan to think about more takeaway capacity.
Targa Expects Another Major Permian Pipeline Project This Year
2024-05-03 - Targa Resources says different projects are falling in place for gas capacity expansion
Summit Midstream Launches Double E Pipeline Open Season
2024-04-02 - The Double E pipeline is set to deliver gas to the Waha Hub before the Matterhorn Express pipeline provides sorely needed takeaway capacity, an analyst said.
Enbridge Fortifies Dominant Role in Corpus Christi Crude Transport
2024-03-20 - Colin Gruending, Enbridge executive vice president and president for liquids pipelines told Hart Energy the company’s holdings in South Texas are akin to a “catcher’s mitt” for Permian and Haynesville production.
Midstream Operators See Strong NGL Performance in Q4
2024-02-20 - Export demand drives a record fourth quarter as companies including Enterprise Products Partners, MPLX and Williams look to expand in the NGL market.