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.
|Earnings per share||$0.55|
|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.
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