Exxon Mobil Corp. (NYSE: XOM) is showing that oil is profitable at $80 or at $100 per barrel. The oil giant reported second-quarter net income of a whopping $15.9 billion. The report came to $3.41 per share, versus estimates of $1.95 per share from Thomson Reuters. As usual, Exxon Mobil’s earnings had items in it so the “comparable” report is a bit difficult to compare.
The oil giant said that the profit outside of items was “only” $8.4 billion in the quarter. Today’s headlines were boosted by a gain of $7.5 billion from divesting activities and also from tax-related items in the report. Operating cash flow was a whopping $10.2 billion.
What is interesting is that the oil giant’s adjusted production was flat in the second quarter. Upstream earnings came in at $8.3 billion and downstream earnings came in $6.65 billion. Exxon spent some $5 billion repurchasing its own shares under its share buyback program.
Exxon Mobil and others were dealt with a plummeting price of oil during the second quarter. The good news for big oil companies, or the bad news for the consumers, is that prices bottomed out in recent weeks.
JON C. OGG
Smart Investors Are Quietly Loading Up on These “Dividend Legends”
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats.
There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside.
If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
By providing your email address, you agree to receive communications from us regarding website updates and other offerings that may be of interest to you.
You have the option to opt-out of these emails at any moment. For more information, please review our Disclaimer and Terms of Use.
