ExxonMobil Q2 Earnings Miss Estimates Due to Refinery Maintenance
ExxonMobil reported second-quarter adjusted earnings of $3.52 per share, missing the average analyst estimate by two cents due in part to planned refinery maintenance that limited its ability to capitalize on strong fuel prices. Despite this miss, total adjusted earnings for Q2 reached $14.7 billion, up from $8.8 billion in Q1. The company's Energy Products segment saw a four-year high of $4.1 billion but still fell short of Wall Street expectations. Upstream operations performed better than downstream segments, with production reaching 4.514 million oil-equivalent barrels per day—its highest level in over two decades excluding Middle East disruptions. The company also noted record output from the Permian Basin and progress on its Guyana project. ExxonMobil returned $9.4 billion to shareholders through dividends and share repurchases during the quarter.
Tickers: $XOM
Topics: energy oil_and_gas refining