Exxon Mobil is scheduled to release third-quarter earnings before the bell on Friday.
Here’s what Wall Street expects:
- Earnings: $1.23 per share, according to Refinitiv
- Revenue: $73.55 billion, according to Refinitiv
Exxon’s earnings have steadily improved since oil prices rebounded from the 2014-2016 downturn, but profits have fallen short of Wall Street’s expectations in four of the last five quarters. Shares of the Irving, Texas-based company are down 3.6 percent this year.
Analysts will be closely watching earnings in Exxon’s refining segment. In its last quarterly report, the company reported heavier-than-expected maintenance at oil refineries in several countries and operational issues that weighed on profits.
Executives warned investors to expect more work on those refineries in the coming quarters as Exxon retools the facilities to process low-sulfur fuels that will help the shipping industry meet stricter maritime emissions rules.
Exxon’s operations in the Permian basin, America’s top oil-producing region, will also be in focus. The company said in July it is scaling back natural gas output and concentrating on pumping higher-value crude oil.
This is breaking news. Please check back for updates.
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