Exxon Mobil Corp. on July 27 reported second-quarter adjusted earnings of $3.95 billion, or 92 cents per share, up 18% on the year but down 15% from $4.7 billion, or $1.09 per share, in the first three months of the year. The results also came in well below the S&P Capital IQ normalized consensus estimate for second-quarter earnings of $1.27 per share.
During the three-month period, Exxon's cash flow from operations and asset sales was $8.1 billion. This includes proceeds associated with asset sales of $307 million.
For the second quarter, the company's total production was 3.6 million barrels of oil equivalent per day, down 7% from the same period in 2017. However, the company said, excluding entitlement effects and divestments, net liquids production increased as growth in the Permian and Bakken in the United States and Hebron in Canada offset the decline and higher downtime driven by scheduled maintenance.
Shale oil output from the Permian and Bakken reached more than 250,000 boe/d in the second quarter, up 30% from the same period in 2017.
The oil major's capital and exploration expenditures surged 69% on the year in the second quarter to $6.6 billion, also up 36% from $4.9 billion in the prior quarter.