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Exxon Shares Following Earnings Report
Shares in Exxon Mobile are trading higher by 2.89% pre-market on Wednesday. Price is enjoying a firm 8% rally following the company’s Q2 earnings report at the end of last week.
Exxon reported better than expected losses per share of -$0.26 versus expectations of a -$0.61 EPS.
The oil giant posted overall losses of $1.1 billion during Q2 as a result of the “global oversupply and COVID-19 related demand impacts”.
The oil market saw significant declines during the height of crisis, amplified by the price war between Russia and Saudi Arabia, which has caused heavy losses for many energy firms.
Exxon reported revenues of $32.61 billion. This marks a significant decline of more than half when compared with the same quarter last year.
Significant Impact From COVID
In a statement released alongside the earnings call Exxon CEO Darren Woods said:
“The global pandemic and oversupply conditions significantly impacted our second-quarter financial results with...
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