Exxon Mobil (NYSE:XOM) posted a stronger than expected set of Q2 2021 results, with revenues more than doubling year-over-year to $67.7 billion, and net income standing at about $4.7 billion versus a loss of $1.1 billion in the year-earlier quarter.
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Although upstream production was impacted by an extent due to maintenance activity, Exxon benefited from higher average price realizations for crude oil.
Exxon stock declined by about 2% in Friday’s trading, as the company indicated that it would use its extra cash flows to pay off its debt rather than announcing stock buybacks, which investors were likely expecting.
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