8/2/2019, 1:34 PM (Source: TeleTrader)
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ExxonMobil posts Q2 revenue of $69.1B, down 6% YoY

United States oil and gas giant ExxonMobil Corp's revenue for the second quarter of 2019 beat expectations to reach $69.1 billion, it announced on Friday. Its earnings per share (EPS) for the quarter also topped market estimates to come in at $0.73 while its profit for the period amounted to $3.1 billion, which was a drop on the $3.9 billion posted for the same quarter last year.

The company also said that its upstream liquids production grew by 8% on an annual basis driven by key investments in the Permian Basin. Its Guyana resource estimates increased to over 6 billion oil-equivalent barrels and its US Gulf Coast steam cracker exceeded design capacity by 10% less than a year after starting up. In addition, its oil-equivalent production was 3.9 million barrels per day, up 7% from the second quarter of 2018.

"We continue to make significant progress toward delivering our long-term growth plans," said chairman and CEO Darren Woods. "We are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than 6 billion oil-equivalent barrels," he added.

Exxon's stock was up 1.09% in premarket following the report's release.

Breaking the News / DZ