ExxonMobil: profit beats estimates, production up
(CercleFinance.com) - Exxon Mobil reported quarterly profit that topped analysts' estimates, pushing its shares higher in early morning trading on Wall Street.
The US oil giant's third-quarter net income actually fell to 3.2 billion dollars, or 0.75 dollar a share, from 6.2 billion a year ago. But earnings excluding a one-off gain on tax came in at 2.9 billion dollars, slightly above expected.
Exxon's oil-equivalent production rose 3% in the third quarter, to 3.9 million barrels per day.
"Looking to the fourth quarter, the company is pointing to higher production," one analyst noted.
Exxon, which belongs to the Dow Jones index - opened up 1.5% at 68.6 dollars on Friday. The stock is still down about 1% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The US oil giant's third-quarter net income actually fell to 3.2 billion dollars, or 0.75 dollar a share, from 6.2 billion a year ago. But earnings excluding a one-off gain on tax came in at 2.9 billion dollars, slightly above expected.
Exxon's oil-equivalent production rose 3% in the third quarter, to 3.9 million barrels per day.
"Looking to the fourth quarter, the company is pointing to higher production," one analyst noted.
Exxon, which belongs to the Dow Jones index - opened up 1.5% at 68.6 dollars on Friday. The stock is still down about 1% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.