Exxon Mobil (XOM) Earnings Beat Overshadowed by Oil Price Pressures
Exxon Mobil's Q2 earnings surpassed analyst expectations with adjusted EPS of $1.88 versus $1.82 forecast, yet shares fell 2% premarket as declining crude prices squeezed margins. Revenue of $85.3 billion missed consensus estimates by $1.2 billion, reflecting the 16% year-to-date drop in oil futures that continues to pressure upstream profitability.
The energy giant increased production to 4.77 million barrels per day, outperforming Street estimates of 4.7 million. "We've delivered our highest earnings per share in comparable oil-price environments," CEO Darren Woods noted, though investors remain cautious about sustainability at current mid-$60s crude levels.