Jim Cramer Blog

Exxon Mobil Corp., the world's largest publicly traded oil company, said Thursday its second-quarter profit fell 1 percent from a year ago as lower natural gas prices and production declines hurt results.

Still, the company's net income of $10.26 billion was the fourth-largest quarterly profit ever recorded by a publicly traded U.S. company. The latest profit compared with earnings of $10.36 billion in the second quarter of 2006.
On a per-share basis, Irving, Texas-based Exxon Mobil reported earnings of $1.83 a share in the most-recent quarter, up from $1.72 from a year ago, reflecting about 7 percent fewer shares on the market from a year ago because of an ongoing stock buyback program.
Revenue dipped to $98.35 billion from $99.03 billion a year ago.
The earnings result fell short of the forecast of $1.96 a share by analysts polled by Thomson Financial, but the revenue figured topped the prediction of $97.6 billion. The earnings estimates typically exclude one-time items.
Its shares fell $3.76, or 4.1 percent, to $89.03 in late-morning trading. The shares, which have risen about 20 percent since the first of the year, have traded in a 52-week range of $63.87 to $93.62.

Labels: Exxon Mobil Corp., XOM