Why ExxonMobil Stock Slipped on Friday
Shares of ExxonMobil (NYSE: XOM) slipped on Friday and were trading down about 2% as of 12:15 p.m. ET. The oil and gas company doesn't usually miss earnings estimates, but its second quarter proved to be challenging, as shown by the numbers that came out today.
The problem is not with ExxonMobil, though; it's the volatility in oil and gas prices, which is hitting other major oil producers, too. But the company remains undeterred and continues to return billions of dollars to shareholders.
Net income was slashed by more than 50% year over year and dropped by almost 31% sequentially in the second quarter. Although ExxonMobil's production in Guyana and the Permian Basin rose 20% year over year to a record high, it wasn't enough to offset the steep fall in natural gas prices in recent months.
Source Fool.com
