HOUSTON, July 28 – Exxon Mobil Corp, the world’s largest publicly traded oil company, reported a higher quarterly profit that missed Wall Street estimates as its refining business fell short.
Shares of company fell 1.8 per cent to US$81.75 in pre-market trading.
“The culprit was downstream, more specifically international downstream,” Pavel Molchanov, oil analyst at Raymond James, said.
Exxon’s refining operations had a profit of US$1.36 billion (RM4.01 billion) in the quarter. Molchanov had expected a profit of US$2 billion for the unit, he said.
The company’s second-quarter profit rose 41 per cent to US$10.68 billion, or US$2.18 per share, up from US$7.56 billion, or US$1.60 per share a year ago.
Wall Street analysts on average had expected Exxon to report a profit of US$2.33 per share, according to data compiled by Thomson Reuters I/B/E/S. – Reuters