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Oil giant ExxonMobil $XOM missed second quarter earnings Friday as production dipped 1% to 3.9 million oil-equivalent barrels per day. 

Earnings: EPS of 78 cents less than 87 cents expected, revenue rose 9% to $62.88 billion less than $63.6 billion expected. 

  • Upstream operations, including exploration and production, were $1.2 billion, up by $890 million from a year ago.
  • Downstream operations, which include refining, were $1.4 billion, up by $560 million from a year ago.
  • Capital spending fell 24% to $3.9 billion

Reaction: Exxon Mobil Corporation NYSE: XOM Pre-market79.40 -1.77%  (-1.77%)

Despite the miss on expectation $XOM profit doubled in 2Q17 to $3.35Bil, or $0.78 per share, up 97% from $1.70Bil, or $0.41 per share during 2Q16. 

$XOM made a final investment decision during 2Q17 to proceed with the Liza field development located offshore Guyana, where production is expected to start in 2020. The company expects Liza to add up to 120,000 barrels of oil per day to $XOM's production

Analysts have been cold on $XOM since April when it legally challenged the Treasury Department’s Office of Foreign Assets Control that states the company violated U.S. sanctions against Russia in 2014. The dispute is based on the interactions $XOM had with Rosneft, Russian oil company.

Source: ExxonMobil, Alpha Street

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