Exxon Mobil’s Q2 2019 earnings: Eleven facts the company would like investors to forget
Download Full Report
Key Findings
The amount the company received for a barrel of oil increased by 11% to $57.95 per barrel in the second quarter.
ExxonMobil borrowed $4.4 billion and paid $3.7 billion to shareholders during the second quarter. The money increased company indebtedness by 11%.
There were no significant asset sales during the second quarter. ExxonMobil’s plan calls for $15 billion by end of 2021. The company acknowledges that its original list of assets is unlikely to produce the $15 billion projected and it is adding more assets not on the list.
Executive Summary
ExxonMobil’s second quarter earnings report contained more red flags than usual (See IEEFA update: Exxon’s Q2 report marks another signpost on the long road downwards). Its market capitalization is declining even as the bull market thunders on. It now appears all but certain that ExxonMobil will fall out of the elite group of companies in the top ten of the Standard and Poor’s 500, a spot it has held for at least four decades. In 1980, seven of the top ten companies in the S&P 500 were oil and gas companies. With ExxonMobil’s latest step down in Q2 2019, there are now none.
Please view full report PDF for references and sources.
