Exxon Mobil Corp. (XOM) got to see exactly what the impact of lower oil prices does to the top-line. The company posted earnings of $0.92 EPS, which is down from $2.02 a year ago. To show the net effect, this means that net income was $4,55 billion rather than the report of $10.89 billion a year ago. Thomson Reuters had estimates pegged at $0.95 EPS.
And the revenue front was just as bad. Revenue was $64.03 billion. Sounds high, but that compares to $116.85 billion a year ago.
Interestingly enough, the company’s capital spending was up 5% at $5.77 billion. The cash flow from operations was much lower at $9 billion. That might sound like plenty, but consider that it compares to $21.4 billion a year ago.
The company spent $7 billion in share buybacks in Q1 and plans to spend roughly $5 billion in share buybacks over the second quarter. It noted that this cut the share count by about 1.9%.
Shares are indicated up a whole dime at $68.54, and its 52-week trading range is $56.51 to $96.12.
JON C. OGG
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