Why Are Shares of Exxon Mobil Rising Today?

Shares of Exxon Mobil Corp XOM are trading higher today following a strong earnings report.

Exxon reported $17.9 billion in total earnings for the second quarter which is an increase from $5.480 billion reported in the first quarter. 

The gas giant also reported earnings per share of $4.140 which beat the estimate of $3.740, according to Benzinga Pro.

“Earnings and cash flow benefited from increased production, higher realizations, and tight cost control…Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic,” Chairman and CEO Darren Woods shared.

Price Action: Shares are up 2.17% this morning as shares hover at 94.65 during today’s pre-market session.
Photo: Courtesy of Yassine Khalfalli on Unsplash