Exxon Mobil's Stock Slides Following Q1 Earnings - Here's Why
Portfolio Pulse from Lekha Gupta
Exxon Mobil Corporation (NYSE:XOM) reported Q1 FY24 earnings with revenues of $83.083 billion, surpassing expectations but saw a decrease in adjusted net profit to $8.22 billion from $11.62 billion a year ago, attributed to lower refining margins and natural gas prices. Adjusted EPS was $2.06, missing the consensus of $2.20. The company declared a Q2 dividend of $0.95 per share and announced a final investment decision for the Whiptail development offshore Guyana. XOM shares dropped 1.82% in premarket trading.
April 26, 2024 | 12:58 pm
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Exxon Mobil's Q1 FY24 report showed higher revenues but a decrease in profit and a missed EPS estimate, alongside a dividend declaration and progress on the Whiptail project in Guyana.
The decrease in Exxon Mobil's adjusted net profit and the missed EPS estimate are likely to negatively impact investor sentiment in the short term, despite the revenue beat and dividend declaration. The announcement of the final investment decision for the Whiptail project indicates positive long-term prospects but may not offset the immediate negative reaction to the earnings miss.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100