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Energy

Exxon Sees Wrath of Low Oil Prices (XOM)

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By Douglas A. McIntyre Updated Published
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exxon-logoExxon 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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