Shares of Exxon Mobil Corporation
Exxon Mobil reported its EPS at $0.41, significantly below Barclays’ estimate of $0.67 and the consensus expectation of $0.64. The miss was mainly on account of the disappointing performance from the company’s international upstream operations.
Exxon Mobil’s results were substantially impacted by the significant sequential decline in international gas prices. “Operationally, performance was good; production averaged 3,957 mboe/d (000s boe/d) compared to our estimate of 3,923 mboe/d, despite disruptions in Nigeria and Canada,” analyst Paul Cheng mentioned.
The EPS estimates for FY1 and FY2 have been reduced from $2.55 to $2.05 and from $5.45 to $5.05, respectively.
Miss Due To One-Time Impacts
While there are concerns around the stability of near-term profits due to the sequential fluctuation in results, none of the major variances in 2Q reflect “ongoing and structural operational issues,” the analyst commented. He added that a recurrence of a level similar to the 2Q earnings was unlikely going forward.
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|Jun 2016||Bank of America||Downgrades||Buy||Neutral|
|May 2016||Argus Research||Upgrades||Hold||Buy|
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