ExxonMobil Q2 profit falls short of forecasts, shares slide

Investing.com -- ExxonMobil shares slid around 2% in premarket trading Friday after the U.S. energy major reported earnings for the second quarter that missed average analyst forecasts.

The company posted earnings per share (EPS) of $3.52, below the analyst consensus of $3.60. Total adjusted earnings rose to $14.68 billion for the quarter from $8.77 billion a year earlier.

"The second quarter was shaped by disruption, but defined by execution,” said Darren Woods, ExxonMobil chairman and CEO. “Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years."

The Upstream segment was the largest contributor, with adjusted earnings of $9.19 billion, up from $6.27 billion a year earlier. Energy Products adjusted earnings nearly doubled to $4.10 billion from $2.80 billion, while Chemical Products adjusted earnings jumped to $1.21 billion from $110 million.

Specialty Products rose to $969 million from $651 million. The Corporate and Financing segment posted a smaller loss of $791 million, narrowed from a $1.05 billion loss a year earlier.

Exxon said it achieved its highest Upstream production in more than two decades, excluding the impact of Middle East disruptions. Production came in at 4.51 million barrels of oil equivalent per day, compared with 4.59 million a year earlier.

Energy Products sales volumes rose to 5.70 million barrels per day from 5.63 million, while Chemical Products sales volumes fell to 4.47 million tonnes from 5.36 million.

Specialty Products sales volumes declined to 1.78 million tonnes from 1.98 million.

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