Exxon's returns are unlikely to reach historical levels, but free cash flow is set to rise.
Exxon earnings roundly disappointed the market, sending shares sliding, but we don’t see anything in the quarter that alters our relatively sanguine long-term outlook. Despite oil prices averaging more than $10/barrel above the year-ago period, earnings adjusted for impairments and favorable tax impacts actually slipped 2% on the absence of asset sale gains and higher corporate charges, offsetting increases in upstream earnings. Furthermore, operating cash flow (excluding asset sale proceeds of ...
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