Exxon reported a profit of 95 cents a share, beating forecasts for 88 cents, on sales of $63.3 billion, missing forecasts for $66.4 billion.
In a note released before the open this morning, Wells Fargo’s called the result “neutral” for the stock. He explains why:
Versus our expectations, XOM beat on better downstream performance, as chemicals fell short of expectations and upstream net income was in line with our estimates. Capex was meaningfully below expectations and run rate for FY2017 guidance. Cash flow from operations was slightly below our expectations, but net cash flow after capex and dividends exceeded $2.0 billion.
Sounds about right.
Shares of ExxonMobil have advanced 0.8% to $81.89 at 2:02 p.m. today, while the Energy Select Sector SPDR ETF (XLE) has advanced 0.4% to $68.07.