ExxonMobil exceeds analyst estimates for Q2 – the stock gains

ExxonMobil Corporation (XOM) reported its second quarter financial results before the opening bell on Wall Street on Friday.

The oil and gas giant topped Wall Street expectations for the second quarter of 2022.

The company reported revenue of $115.681 billion vs. $111.302 billion expected.

Earnings per share reported at $4.14 per share vs. $3.84 per share expected.

”Earnings and cash flow benefited from increased production, higher realizations, and tight cost control,” Darren Woods, chairman and CEO of Exxon Mobil said in a press release following the latest report.

”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.”

”Key to our success is continued investment in our advantaged portfolio, including Guyana, the Permian, global LNG, and in our high-value performance products, along with efforts to reduce structural costs and improve efficiency. We’re also helping meet increased demand by expanding our refining capacity by about 250,000 barrels per day in the first quarter of 2023 – representing the industry’s largest single capacity addition in the U.S. since 2012. At the same time, we’re supporting the transition to a lower-emission future, growing our portfolio of opportunities in carbon capture and storage, biofuels, and hydrogen,” Woods concluded.

ExxonMobil Corporation (XOM) chart

The stock gained by around 4% after beating estimates for Q2, trading at $96.70 per share.

Here is how the stock has performed in the past year:

• 1 Month +10.20%
• 3 Month +17%
• Year-to-date +67%
• 1 Year +59%

ExxonMobil price targets

• HSBC $97.50
• Morgan Stanley $106
• B of A Securities $120
• Truist Securities $83
• Piper Sandler $109
• Credit Suisse $125
• Goldman Sachs $125
• Evercore ISI Group $120
• Barclays $111

ExxonMobil Corporation is the 14^th largest company in the world with a market cap of $406.36 billion.

You can trade ExxonMobil Corporation (XOM) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.

Sources: ExxonMobil Corporation, TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap