Exxon posts 56% profit slump, joins peers in energy price hit
Shares of Exxon and Chevron were down less than 1% in pre-market"Results came in slightly weaker than expected across earnings and cash flow," RBC analyst Biraj Borkhataria wrote in a note."We would expect Exxon to underperform the peer group today".
Yet excluding last year's record second quarter, Exxon posted its strongest result for the months of April to June in more than a decade, helped by cost cuts and the sale of less profitable assets. Helping offset that was a jump in earnings in Chemical Products to $828 million from $371 million in the first quarter helped by lower feed costs, it said.
Capital and exploration spending was $6.2 billion in the second quarter and $12.5 billion for the first half of 2023, in line with the company's full-year guidance of $23 billion to $25 billion, the company said.
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