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CM - Exxon’s Q2 net of $3.1B down 21% YOY; upstream up 7% - August 2019

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Exxon Mobil Corp. reported estimated Q2 earnings of $3.13 billion on $69.1 billion of revenue, compared with $3.95 billion on $73.5 billion in revenue for 2Q18. The company benefited from a $500 million gain on tax rate changes in Alberta, similar to its 70%-owned Imperial Oil. SVP Neil Hansen told analysts on Aug. 2 the margin environment was challenging as short-term supply-and-demand imbalances pressured gas prices and industry product margins. US upstream earnings fell......
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