Exxon Mobil tops earnings estimates but falls short on revenue

World’s second largest oil & gas company, Exxon Mobil Corporation (NYSE: XOM), announced results for the previous quarter before the market opened on Friday.

Exxon Mobil stated that the revenue reached $84.344 billion for the quarter, which was below analyst estimate of $90.032 billion.

Earnings per share was reported at $2.48 vs. $2.196 per share expected – beating Wall Street estimates for the first time since Q1 of 2023.

Company overview

• Founded: 1882
• Headquarters: Texas, United States
• Number of employees: 62,300 (2022)
• Industry: Energy
• Key people: Darren Woods (chairman & CEO)

CEO commentary

”Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” Darren Woods, CEO of Exxon said in a press release to investors.

”These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished,” Woods concluded.

Stock reaction

There stock was up by just under 1% during the trading day on Friday, trading at around $103.38 a share.

Stock performance

• 5 day: +0.29%
• 1 month: +0.65%
• 3 months: -4.16%
• Year-to-date: +3.32%
• 1 year: -7.70%

Exxon Mobil stock price targets

• TD Cowen: $115
• UBS Group: $132
• Redburn Atlantic: $119
• Mizuho: $117
• JP Morgan Chase & Co.: $127
• Royal Bank of Canada: $120
• Sandford C. Bernstein: $140
• Truist Financial: $131
• Jefferies Financial Group: $145
• Morgan Stanley: $134
• Bank of America: $150
• Wells Fargo & Company: $130
• Redburn Partners: $105
• HSBC: $116
• Piper Sandler: $127

Exxon Mobil Corporation is the 20th largest company in the world with a market cap of $412.82 billion, according to CompaniesMarketCap.

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Sources: Exxon Mobil Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap