Exxon Mobil increases profit in 2nd quarter
Exxon Mobil increases profit in 2nd quarter
Exxon Mobil Corp. reports, better-than projected profit is seen so far in the 2nd -quarter reporting season.
A 2nd-quarter net revenue increase to 91 % to $7.56 billion has been surveyed, according to the Exxon’s statement. Per-share earnings were 15 cents higher than the average of 17 analysts.
Exxon and Royal Dutch Shell Plc, Europe’s largest energy group, focused on jumps in oil and fuel prices by increasing production.
“The law of large numbers says the bigger you are, the harder it is to grow,” said Philip Weiss, an analyst at Argus Research in New York who has a “buy” rating on Exxon shares and doesn’t own any.
“If they can deliver higher production, that’s a big plus because that means that they’re going to be delivering more income and cash flow.”
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