Exxon Mobil share price down 2% on Q1 earnings revenue miss
The oil company's stock falls after a worse-than-expected Q1 earnings report.
Exxon Mobil share price is down after a disappointing Q1 earnings report. Exxon Mobil’s Q1 profits fell below Wall Street expectations.
Exxon Mobil earnings: key figures
| Earnings per share | $0.55 |
| Revenue | $63.63 billion |
| Capital and exploration expenses | $6.89 billion |
| Daily barrels of oil produced | 3.98 billion |
Exxon Mobil share price down 2% as Q1 earnings revenue misses estimates
Exxon Mobil’s Q1 earnings per share were $0.55, less than the $0.70 financial experts expected. Exxon Mobil’s Q1 revenue was $2.35 billion, far below the predicted $4.64 billion the corporation made in 2018. The company’s capital and exploration expenses increased to $6.89 billion from $4.87 billion.
Though the oil giant’s production increased by 2.4%, Exxon Mobil Q1 revenue from the downstream (oil refining) section declined as oil prices dropped in early 2019.
‘Solid operating performance in the first quarter helped mitigate the impact of challenging downstream environments,’ said Exxon Chairman and CEO Darren Woods in a statement.
‘We are making strong progress on our growth plans and expect to deliver sustained value for our shareholders. The change in Canadian crude differentials, as well as heavy scheduled maintenance, similar to the fourth quarter of 2018, affected our quarterly results,’ added Woods.
How did Exxon Mobil’s Q1 earnings compare to other oil companies?
Exxon Mobil’s Q1 results were comparable to rival oil company Chevron. Chevron’s earnings were up compared to Exxon Mobil’s earnings, but both corporations had reduced revenue.
What do analysts predict for Exxon Mobil’s Q2 revenue?
While Exxon Mobil didn’t provide Q2 earnings guidance, financial analysts expect a second-quarter earnings per share of $1.07. Exxon Mobil Q2 revenue is projected to be $72.64 billion. In the 2019 full-year outlook, analysts are looking for Exxon Mobil earnings per share of $4.37 and revenue is predicted to be $283.47 billion.
Exxon Mobil’s Q1 profits plummet based on volatile crude prices
Exxon Mobil’s Q1 earnings show that oil companies will be challenged by volatile oil prices and extra expenses for much of 2019.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices
