Exxon Mobil (XOM) Stock Pops on Record Profits

  • ExxonMobil (XOM) stock is jumping alongside its Q2 earnings report.
  • This saw the company report record profits.
  • It also beat out Wall Street's estimates for the quarter.
XOM Stock - Exxon Mobil (XOM) Stock Pops on Record Profits

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ExxonMobil (NYSE:XOM) stock is rising on Friday following the release of its earnings report for the second quarter of 2022.

The big news from that earnings report is adjusted earnings per share of $4.14. That’s well above the $3.89 per share that Wall Street was expecting. Also, it’s a significant jump from the $1.10 per share reported in the second quarter of 2021.

It’s worth noting that strong EPS comes from Exxon’s profit of $17.9 billion. That’s a new record for the oil company as it blows past the prior record of $15.91 billion reported in the second quarter of 2012.

XOM Stock: Revenue Surpassed Estimates

In addition to that, Exxon reported revenue of $115.68 billion in the second quarter of the year. Yet again, that comes in above the $94.22 billion analysts were looking for. It’s also a massive leap over the $67.74 billion reported in the same period of the year prior.

Darren Woods, chairman and CEO of ExxonMobil, said the following in the earnings report:

Earnings and cash flow benefited from increased production, higher realizations, and tight cost control. Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic.

XOM stock is up 3.9% as of Friday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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