Goldman Sachs analyst Neil Mehta commented on Exxon Mobil Corp's
The company's adjusted net profit came in at $9.96 billion, or $2.48 per share, down from $14.04 billion, or $3.40 per share, a year earlier, beating the consensus of $2.21.
Adjusted EPS also came above Goldman Sachs' estimate of $2.22.
Revenue and other income slipped to $84.34 billion from $95.43 billion and missed Wall Street's estimate of $85.23 billion.
Net production stood at 3,824 thousand oil-equivalent barrels per day, vs. analyst estimate of 3,757 thousand oil-equivalent barrels per day.
Also, the company's upstream earnings came above the analyst's estimate.
Mehta expects the conference call to center on cost reduction targets, upstream volume guidance, refining outlook, the Pioneer Natural Resources acquisition, and capital spending balance.
The analyst estimates revenue and EPS of $341.23 billion and $8.32 in FY24 and $348.05 billion and $9.51 in FY25, respectively.
Mehta reiterated a Neutral rating on the stock with a price target of $114.
Price Action: XOM shares are trading higher by 1.00% at $103.42 on the last check Friday.
