Exxon Mobil Friday, the profits of the second quarter decreased significantly compared to last year, although the company beat Wall Street estimated that production growth in the Permian basin and Guyana have softened the impact of the drop in oil prices.
Exxon’s net profit fell 23% to $ 7.1 billion, or $ 1.64 per share, compared to $ 9.2 billion, or $ 2.14 per share, during the same period last year.
Here is what Exxon reported for the second quarter compared to what Wall Street was waiting, on the basis of an investigation with LSEG analysts:
- Profit by action: $ 1.64 against $ 1.54 expected
- Income: 81.5 billion dollars against 80.77 billion dollars expected
The major oil has pumped 4.6 million barrels per day, the highest production for the second quarter since Exxon and Mobil merged over 25 years ago. Permian production has reached a record of 1.6 million b / d.
Exxon’s production activity recorded a profit of $ 5.4 billion, down 23%, compared to approximately $ 7.1 billion in the same period last year, falling oil prices. His refining company reserved a profit of $ 1.37 billion worldwide, up 44%, against $ 946 million in the period of the previous year due to the increase in refining margins.
Exxon paid $ 9.2 billion to shareholders, including more than $ 4 billion in dividends and $ 5 billion in share buybacks. The major oil said that he was at the rate of buying $ 20 billion in shares this year.
Exxon has reduced its costs by $ 1.4 billion so far this year and $ 13.5 billion since 2019. It aims to reduce additional $ 4.5 billion until the end of 2030.
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