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Exxon Mobil’s Q3 Profit Beats, but Revenue Misses the Mark

Friday, October 28, 2016 5:41
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(Before It's News)

exxon-mobil-xom-logoIntegrated oil giant Exxon Mobil Corporation (NYSE:XOM) this morning posted mixed third quarter earnings results, as historically low oil prices continued to weigh on its bottom line.

The Irving, TX-based company reported Q3 EPS of $0.63, beating Wall Street’s $0.60 estimate by three cents. Revenues fell 12.9% from last year to $58.68 billion, however, and missed analysts’ view of $60.6 billion.

XOM said its results were hampered by lower refining margins and commodity prices. Crude oil prices, though they’ve recovered significantly from their multiyear lows, are still well below the average price of the past ten years.

Upstream earnings were $620 million in the third quarter, down from $738 million last year. Downstream earnings were $1.2 billion, down $804 million from the year-ago period.

Once the world’s largest company by market cap, XOM and its colleagues in the oil space have seen revenue cut in half over the past several years amid a harsh bear market for black gold.

The company commented via press release:

“ExxonMobil’s integrated business continues to deliver solid results,” said Rex W. Tillerson, chairman and chief executive officer. “While the operating environment remains challenging, the company continues to focus on capturing efficiencies, advancing strategic investments, and creating long-term shareholder value.”

Exxon Mobil shares in premarket trading Friday. Prior to today’s report, XOM had gained 11.51% year-to-date, more than doubling the 4.55% return of the benchmark S&P 500 during the same period.

XOM-2016-10-28

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