Exxon Mobil’s profit dropped in the second quarter to the lowest level in four years as oil prices declined amid an increase in production by OPEC+, but the results still managed to beat Wall Street’s expectations
ByMICHELLE CHAPMAN AP business writer
NEW YORK — Exxon Mobil’s second-quarter profit dropped to the lowest level in four years and sales fell as oil prices slumped as OPEC+ ramped up production.
The Texas oil driller still topped Wall Street profit expectations Friday and shares rose slightly before the opening bell, even with global markets falling on the erratic trade polices of the U.S.
The price for a barrel of U.S. benchmark crude has remained below $70 for most of the year and in May, it was well below $60.
Exxon earned $7.08 billion, or $1.64 per share, for the period ended June 30. A year earlier it earned $9.24 billion, or $2.14 per share.
That was better than Wall Street expected, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.49 per share.
“We achieved our highest second-quarter Upstream production since the merge