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

Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.

Updated 3 hours ago - Politics & Policy

25 face felony charges after downtown Chicago hit by looters

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Local police officers are seeking felony charges in 25 cases following the arrest of 100 people in the wake of widespread looting and property damage in Chicago on Monday, per the Washington Post.

Driving the news: Law enforcement said the event involving hundreds of people was a coordinated response after an officer shot a suspect Sunday evening, according to CBS Chicago.

Marjorie Taylor Greene wins Georgia's 14th district runoff

Photo: Elijah Nouvelage / Getty Images

Gun-rights activist Marjorie Taylor Greene defeated physician John Cowan in a runoff election for the Republican nomination in Georgia's deep-red 14th Congressional District on Tuesday, AP reports.

Why it matters: Greene, a vocal QAnon conspiracy theorist who has been condemned by GOP leaders for making multiple offensive remarks about Black people, Jews and Muslims in Facebook videos, is likely to win a seat in the House come November.