(Updated - July 31, 2015 8:03 AM EDT)

ExxonMobil (NYSE: XOM) reported Q2 EPS of $1.00, $0.11 worse than the analyst estimate of $1.11. Revenue was $74.1 billion, with the consensus at $72.5 billion.

“We are delivering on our investment and operating commitments across ExxonMobil’s integrated portfolio,” said Rex W. Tillerson, chairman and chief executive officer. “Our quarterly results reflect the disparate impacts of the current commodity price environment, but also demonstrate the strength of our sound operations, superior project execution capabilities, as well as continued discipline in capital and expense management.”

Downstream and Chemical segment earnings increased significantly from the second quarter of 2014, driven by higher margins, continued strong demand, and the quality of the company’s product and asset mix.

ExxonMobil produced 4 million oil-equivalent barrels per day, an increase of 139,000 barrels per day, or 3.6 percent. Liquids volumes of 2.3 million barrels per day increased 11.9 percent, benefiting from new developments in Angola, Canada, Indonesia and the United States.

During the quarter, the corporation distributed $4.1 billion to shareholders in the form of dividends and share purchases to reduce shares outstanding.

Second Quarter Highlights

• Earnings of $4.2 billion decreased $4.6 billion or 52 percent from the second quarter of 2014.
• Earnings per share, assuming dilution, were $1, a decrease of 51 percent.
• Capital and exploration expenditures were $8.3 billion, down 16 percent from the second quarter of 2014.
• Oil-equivalent production increased 3.6 percent from the second quarter of 2014, with liquids up 11.9 percent and natural gas down 5.8 percent.
• Cash flow from operations and asset sales was $9.4 billion, including proceeds associated with asset sales of $629 million.
• The corporation distributed $4.1 billion to shareholders in the second quarter of 2015, including $1 billion in share purchases to reduce shares outstanding.
• Dividends per share of $0.73 increased 5.8 percent compared with the second quarter of 2014.
• A significant oil discovery was made in Guyana on the 6.6-million acre Stabroek Block that is located 120 miles offshore. The well was safely drilled to 17,825 feet in 5,719 feet of water and encountered 295 feet of high-quality oil-bearing sandstone reservoirs.
• Production at the company’s Kearl oil sands expansion project in Alberta, Canada, started ahead of schedule, doubling gross capacity to 220,000 barrels of bitumen per day.
• Bitumen production began on schedule at the Cold Lake Nabiye project expansion in northeastern Alberta, Canada. The expansion is producing about 20,000 barrels per day and volumes are expected to reach peak daily production of 40,000 barrels later this year.

For earnings history and earnings-related data on Exxon Mobil (XOM) click here.