Crude oil and natural gas producer Exxon Mobil Corp. (XOM: Quote) is scheduled to report second-quarter results before the market opens Thursday.
The Irving, Texas-based oil explorer has a history tracing back to 1870. It manufactures and markets commodity petrochemicals, such as olefins, aromatics, polyethylene and polypropylene plastics, in addition to other specialty products. Exxon Mobil also has interests in electric power generation facilities.
The economic recovery underway is expected to show up in Exxon Mobil's results today. Oil demand grew by 2.3 MBD through the second quarter, according to the International Energy Agency, as the global economy recovered.
The oil giant is likely to have benefited from higher margins in its refinery as well as chemical businesses. Integrated energy firm ConocoPhillips (COP), which reported a surge in second-quarter profit Wednesday, said its R&M business benefited from improved global refining and marketing margins and higher U.S. refining capacity utilization rates.
On average, 16 analysts polled by Thomson Reuters expect Exxon Mobil to have earned $1.47 per share in the quarter, with estimates ranging between $1.39 and $1.55 per share. Revenues for the quarter are estimated to be $98.49 billion. Analysts' estimates typically exclude special items.
In the year-ago quarter, the company earned $3.95 billion or $0.81 per share. Excluding a special charge of $140 million for interest related to the Valdez punitive damages award, earnings totaled $4.09 billion or $0.84 per share. Total revenues and other income in the quarter amounted to $74.46 billion.
In the first quarter of the current fiscal, the company reported a 38% surge in profit, buoyed by higher crude oil prices and strong margins at its chemicals segment, although refining margins were lower compared to last year. Net income was $6.30 billion or $1.33 per share on total revenues and other income of $90.25 billion.
Troubled British oil giant BP plc (BP, BP.L), early this week, reported a $17 billion loss in the second quarter due to a hefty charge stemming from the costs of the massive oil spill in the Gulf of Mexico.
XOM closed Wednesday's regular trade at $60.91, up $0.10 or 0.16%, on 23.51 million shares and added $0.22 in the extended trade. For the past year, the stock traded in the range of $55.94-$76.54.
| || |
| To receive FREE breaking news email alerts for Exxon Mobil Corp. and others in your portfolio|
by RTT Staff Writer
For comments and feedback: email@example.com