New York
CNN
—
ExxonMobil’s profit fell sharply in the second quarter on lower oil and natural gas prices, leaving earnings below Wall Street forecasts.
The company earned $7.9 billion, or $1.94 a share, down 56% from a year earlier. Analysts surveyed by Refinitiv had forecast earnings of $2.01 a share.
Revenue was also sharply lower, falling 27% from a year ago to $80.8 billion. But the top-line number edged above forecasts.
The good news for ExxonMobil and bad news for drivers is that oil and gas prices have been climbing recently. The average gas price nationally hit an eight-month high Friday of $3.73 a gallon, according to AAA, as excessive heat and production caps have hurt supply. That’s up 15 cents a gallon, or 4%, in just the last week.
It was a relatively rare earnings miss for the nation’s largest oil company. The last time it didn’t beat analysts’ forecast was the first quarter of last year, and before that in 2020 when oil prices tumbled to negative territory on a plunge of demand at the start of the pandemic.
This is a developing story. It will be updated
