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.
This time oil and gas prices were down by a far more modest amount. The price for a barrel of Brent crude oil, the international benchmark used by traders, closed the quarter at $74.90, down 6% from the end of the previous quarter and down 35% from a year earlier. Oil prices soared and gas prices hit record levels in the second quarter a year ago in the wake of Russia’s invasion of Ukraine.
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