Exxon Mobil (NYSE: XOM) shares fell Friday after the oil major reported quarterly profit that fell short of Wall Street's expectations, adding another disappointment to a string of earnings misses.
While Exxon's profits jumped 18% to nearly $4 billion in the second quarter, earnings per share of 92 cents fell short of consensus estimates for $1.27.
The Irving, Texas-based Exxon Mobil said its earnings checked in at 92 cents per share vs the $1.27 reading expected. Revenue registered at $73.50 billion vs. $72.58 billion.
Exxon CEO and Chairman Darren Woods said the company's earnings were primarily impacted by "significant" maintenance to support the integrity of Exxon's operations. The company was also disappointed with "extended recoveries" from incidents in the prior quarter in Exxon's downstream business, which focuses on refining crude oil into fuels like gasoline, Woods said.
The company posted a profit of $29 million in its international downstream business, down significantly from more than $1 billion a year ago. That weighed on profits in the global refining and marketing business, which was down by nearly a half to $724 million.
The company undertook maintenance in Saudi Arabia; Port-Jér me, France; Baytown and Beaumont, Texas; and Alberta, during the quarter.
Exxon also saw capital expenses and spending on exploration for oil and gas surged 69% to $6.6 billion in the quarter, driven by investments in the U.S. Permian basin, Brazil and Indonesia.
Shares began Friday trading at $81.70, down $2.54, or 3%, from Thursday’s close.
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