ExxonMobil Corp. (NYSE: XOM), the world’s largest publicly traded oil producer, said on July 28 its quarterly profit nearly doubled on surging margins at its operations outside the U.S., but results fell shy of Wall Street’s expectations.
Shares of Irving, Texas-based ExxonMobil fell about 1.9% in premarket trading to $79.30.
While ExxonMobil’s U.S. portfolio, including its shale projects, lost money, the company’s gas and oil operations across the world posted a 69% jump in profit.
The company sold more gasoline and kerosene in the quarter, boosting the bottom line as well, but sales of chemicals slipped due in part to plant maintenance costs and weak margins.
“Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions,” CEO Darren Woods said in a statement.
The company posted second-quarter net income of $3.35 billion, or 78 cents per share, compared to $1.7 billion, or 41 cents per share, a year earlier. Analysts expected earnings of 84 cents per share, according to Thomson Reuters I/B/E/S.
Production fell about 1.0% to 3.9 million barrels of oil equivalent per day.
The results come as ExxonMobil battles its shareholders and others over climate change issues.
ExxonMobil has been locked in an aggressive back-and-forth skirmish over climate change documents with New York State Attorney General Eric Schneiderman, who has sought to punish the oil producer for what he says are misleading public disclosures.
ExxonMobil’s shareholders in May approved a resolution in May that called for the company to issue a report on how climate change affects operations. The vote, which was non-binding, passed with 62% of ballots cast and was a rare defeat for ExxonMobil's management.
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