ExxonMobil (NYSE:XOM) the stock is up on Friday following the release of its second quarter 2022 earnings report.
The big news in this earnings report is adjusted earnings per share of $4.14. That’s well above the $3.89 per share that Wall Street was expecting. Furthermore, this is a significant jump from the $1.10 per share recorded in the second quarter of 2021.
It should be noted that the high EPS comes from Exxon’s earnings of $17.9 billion. This is a new record for the oil company as it surpasses the previous record of $15.91 billion recorded in the second quarter of 2012.
XOM Stock: Revenue Surpassed Estimates
On top of that, Exxon reported revenue of $115.68 billion in the second quarter of the year. Again, that tops the $94.22 billion that analysts were looking for. It’s also a huge jump from the $67.74 billion reported in the same period a year earlier.
Darren Woods, Chairman and CEO of ExxonMobil, said the following in the earnings report:
Profits and cash flow benefited from increased production, higher realizations and tight cost control. The strong second quarter results reflect our focus on fundamentals and the investments we put in place several years ago and sustained in the depths of the pandemic.
XOM stock is up 3.9% on Friday morning.
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As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.