Exxon Can’t Catch a Break

Exxon Can’t Catch a Break

Exxon Mobil might have expected a hearty pat on the back after Friday’s earnings announcement. It didn’t get one from investors.

By many measures, the company’s results look stronger than they have in awhile with oil prices at levels not seen since 2018. ExxonMobil posted $4.7 billion in quarterly profit, its strongest in at least a year and beating Visible Alpha’s analyst consensus by more than 10%. Its $9.7 billion of cash flow from operations was the highest it has been in almost three years and sufficient to cover dividends, capital investments and debt reduction. The numbers look especially flattering compared with the same three-month period last year, when the world faced an unprecedented glut of crude and prices briefly went negative.