Photo: John Gress/Getty Images

ExxonMobil reported second quarter earnings Friday that missed analysts' expectations, causing shares to fall 3% pre-market.

Why it matters: The Texas-based multinational oil giant has been struggling to meet Wall Street expectations in recent years, and its strategy right now is about making big investments in future production in Guyana and elsewhere.

By the numbers
  • The company "produced the equivalent of 3.6 million barrels of oil...the lowest in almost a decade and well short of the 3.83 million expected," Bloomberg reports.
  • Exxon 2Q earnings per share: 92 cents, missing Wall Street's $1.27 estimate. The oil giant's earnings have fallen short "in three of the last four quarters," reports CNBC.
  • 2Q revenue: $73.5 billion, beating the expected $72.58 billion, according to Thomson Reuters.
  • 2Q profit rose 18% to nearly $4 billion.
  • "Capital expenses and spending on exploration for oil and gas surged 69 percent to $6.6 billion in the quarter, driven by investments in the U.S. Permian basin, Brazil and Indonesia," per CNBC.
One more thing

Chevron also reported just short of anticipated earnings for 2Q, CNBC reports.

  • Earnings were sitting at $1.78 per share, down from the expected $2.09, according to CNBC.
  • But, profit more than doubled from last year.

Go deeper

Updated 37 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
Updated 42 mins ago - Health

13 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

13 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Kansas, Montana, North Dakota and Wyoming surpassed records from the previous week.

The big picture: The pandemic is getting worse again across the country, and daily coronavirus cases have risen in the U.S. for six straight weeks, according to a seven-day average tracked by Axios. The U.S. reported over 80,000 new cases on both Friday and Saturday.

Senate advances Amy Coney Barrett nomination, setting up final confirmation vote

Photo: Xinhua/Ting Shen via Getty Images

The Senate voted 51-48 on Sunday to advance the Supreme Court nomination of Judge Amy Coney Barrett, setting up a final confirmation vote for Monday.

Why it matters: It's now virtually inevitable that the Senate will vote to confirm President Trump's third Supreme Court nominee before the election, which is just nine days away.

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