Shares of Exxon Mobil Corp. XOM, +1.22% tacked on 0.9% in premarket trading Friday, after the oil giant swung to the highest second-quarter profit since the end of 2019 as revenue more than doubled to well above forecasts. Net income came to $4.69 billion, or $1.10 a share, after a loss of $1.08 billion, or 26 cents a share, in the year ago period. The FactSet consensus for earnings per share was $1.01. Total revenue grew 108% to $67.74 billion, beating the FactSet consensus of $64.64 billion. Oil-equivalent production fell 2% to 3.6 million barrels per day, amid increased maintenance activity. In its upstream business, average realizations for crude oil increased 13% from the sequential first quarter, while natural-gas realizations rose 1%. Cash flow from operating activities came to $9.7 billion, which funded the dividend, capital investments and debt reduction. The stock has run up 43.0% year to date through Thursday, while the SPDR Energy Select Sector ETF XLE, +0.97% has climbed 32.4% and the S&P 500 SPX, +0.42% has gained 17.7%.
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