Exxon Mobil's Profit Spikes By 41 Percent, Yet Company Still Misses Expectations

Exxon Mobil Corp, the world's largest publicly traded oil company, said higher oil prices contributed to a 41 percent rise in its second-quarter profit, but results fell short of expectations.

Shares of the Irving, Texas company fell 1.5 percent to $82.02 in premarket trading.

Exxon reported a profit of $10.68 billion, or $2.18 per share, up from $7.56 billion, or $1.60 per share a year ago.

Wall Street analysts on average had expected Exxon to report a profit of $2.33 per share, according to data compiled by Thomson Reuters I/B/E/S.

(Reporting by Anna Driver in Houston, editing by Dave Zimmerman)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[Michael Oberholzer]

05:30 PM on 07/29/2011

Exxon had reported a 10.68 billion dollar profit yesterday a 41% increase over last years numbers. No company, not even a oil company is good enough to contain expenses and watch there bottom line to increase profits by a 41% increase, unless there is price fixing involved. This should be called extorion of the american people, and congress should ask all oil companies to open up there books. The fix is on with the oil companies.

[PLAYS WELL WITH OTHERS]

11:02 AM on 07/29/2011

Once again the lower and middle class Americans have provided record profits for big oil....When does this madness end?

Raise prices/lower prices/record profits/ repeat as neccesary for continued profits............

[katnorkel]

11:27 PM on 07/28/2011

If I spend this much on gasoline and you are profitting, how about spreading the profit around a little in some little common sense ways which would cushion the bitterness that you guys are receiving. Number one, if your name is on the gas pump, insure that there are usable bathrooms on the premises, which are maintained. A brutal trek across I-40 after an $80.00 fill up caused 4 stops to find a decent facility. (Through Tennessee) Number 2, it is time to bring back gas pump attendants who will pump gas for people. My Mother is 81, pumping her first gasoline at nearly $4.00 per gallon. Let's have some job creation guys.

[Don Glenn]

10:02 PM on 07/28/2011

They can now afford to send thank you notes to every tax payer in the United States for the tax breaks, loop holes, and subsidies we have so generously allowed. We can all be proud.

[devildoc68]

08:14 PM on 07/28/2011

yep...OMG...a storm is coming..lets jack up prices..OMG..the sun may not rise tomorrow...lets jack up prices....REALLY???? and ONLY a 41 percent profit....who would not want that on their investments..but is not enough for the oil companies...the vomit of business is the oil business...oh...sorry you GOP pukes...that is your retirement income...so sad...but hey..stroms that devastate your neighbor brings money into your pocket...sleeping well?

[teachone]

04:15 PM on 07/28/2011

Boo-hoo, wah-wah!!! SO WHAT!!

[GUITFIDDEL]

03:40 PM on 07/28/2011

Exxon Mobil Corp & Koch Brothers are PIMPS$$$ for the Right Wing Tea Party & Republicans in the HOUSE. Mitch McConnel,Eric Cantor and John Boehner are Exxon's favorite TOP GIRLS!

[devildoc68]

08:31 PM on 07/28/2011

You got it for sure!!!! And John boy can cry like young girls when their emotions are undone...fanned fer sure...hmmmm...wonder if John boy cross dresses...lol

[GUITFIDDEL]

11:49 AM on 07/29/2011

That BIG BAD Obama made me CRY Daddy! I’m tryin’ to be a GOOD BEE-OCH but, Obama and the Democrats keep getting in the way! I don’t know if I’m going to be able to screw around the Middle and Lower Middle Class exactly like you want me to Daddy but, can I still be your #1 campaign money Ho’ in your HOUSE STABLE? Please Daddy, Please! I'll be a good BEE-OCH and do all the things you like.

[the woodman]

03:32 PM on 07/28/2011

$10 million a DAY in tax subsidies - NO federal taxes paid in 2009. .. Now I'm no good at cipherin' and such, but I gotta tell ya - that just aint right...

[MrStat1]

03:36 PM on 07/28/2011

The problem is with the tax code, not Exxon.

[Derrik Oates]

03:15 PM on 07/28/2011

This to me illustrates the fundamental problem with the markets. Everything based of expectations not actual numbers.
Example: If company A make 100Billion in Profit In year x and then 100Billion in Profit the next year, most of the world would see this as a good company. But not Wallstreet because it isn't growing.

[MrStat1]

03:37 PM on 07/28/2011

That's just the way the market works. If you don't like it then don't invest in stocks.

[Derrik Oates]

05:09 PM on 07/28/2011

Thast's like saying if I don't like how congress is running the country: Politics is politicsif i don't like it, don't vote.

It would be different if movements in the market didn't affect my life. Do you not see how that is problematic? Now let me be clear, I am not saying that there is a better solution out there.

[pattithepolitico]

02:54 PM on 07/28/2011

OMG! Now what. Will they be out of business soon?

[farmilyman]

02:39 PM on 07/28/2011

Not to worry. They will still get taxpayer subsidies thanks to repubs.

[demilieu]

02:30 PM on 07/28/2011

I'll contribute my 2011 federal tax refund to these guys.

[anastasiabeaverhousen]

01:37 PM on 07/28/2011

The circle ofinsanity is officially complete. A company involved in an industry that MUST have billions in tax breaks makes 10.6billion but it doesn't meet Wall Street expectations so their stock
price suffers.

I am just nonplussed.

[Julie Ann Harmon]

02:11 PM on 07/28/2011

Me too. Yes, these oil companies making billions in profit need a tax break to keep afloat according to our elected officials, but heaven help us if take a few bucks from them to buy a loaf of bread for the poor or help them pay for medical care!

[Tom Hendricks]

11:38 AM on 07/28/2011

This specific time in history is time for corporations to give just a little back to help the country.

There is a solution to the jobs problem and it could quickly put hundreds of thousands of people back to work. It is not pro left or right. It is not from any corporation, it's outside the government control, it's totally voluntary, and helps all with little sacrifice from anyone.

National Hiring Day - This is a day that corporations are encouraged to hire new employees. Corporations are called on to put patriotism first and help their country in hard times. Those corporations that cannot hire, are asked to stop firing for that month. The day was suggested by the 18 year old Dallas art and media zine Musea.

Republicans should love this because it's outside the government and voluntary. Democrats should love this because it helps those needing jobs. Independents should love it because it helps all with little sacrifice from any one corporation, group, or person. Corporations should love this because with just a hire or two they become part of a collective country wide jump start of the economy.

There has never been a time In American History where hiring people would hurt corporations less, and help the country more.

http://wp.me/p5S9X-nv

[Pod accountant]

11:18 AM on 07/28/2011

These sick f(*&$KS. Enough is never enough for them. God I can't wait for this greedy, destructionist paradigm to be over.