Exxon Mobil is expected to report earnings for the first quarter of 2019 on Friday.
Here’s what Wall Street expects:
- Earnings: 69 cents per share, according to Refinitiv
- Revenue: $64.82 billion, according to Refinitiv
Analysts will be on watch to see if Exxon can continue to increase its oil and natural gas production after the energy giant broke a streak of declining output last quarter. Wall Street thinks Exxon will report that it pumped just over 4 million barrels of oil equivalent per day, according to StreetAccount.
Last month, Exxon announced plans to hike oil and gas production from the Permian Basin by 80 percent, with a goal of pumping 1 million boe per day as soon as 2024. The Permian is the top U.S. shale oil region, stretching across western Texas and southeastern New Mexico.
Exxon’s refining operations have also been in focus. In recent quarters, a heavy slate of refinery maintenance has weighed on profits in the downstream segment, which processes oil into fuels like gasoline and diesel. Management warned last quarter that will likely continue in first-quarter results.
On Wednesday, Exxon raised its quarterly dividend by 5 cents to 87 cents per share.
This story is developing. Please check back for updates.
