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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

Journalism enters dangerous new era

Illustration: Brendan Lynch/Axios

The Capitol attack on Jan. 6 resulted in at least nine physical assaults against journalists and at least five arrests, per the U.S. Press Freedom Tracker's top editor.

Why it matters: President Trump's harsh rhetoric towards the press has empowered leaders abroad and locally in the U.S. to continue to attack press that they don't like.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The beginning of the beginning for Biden's climate push

Illustration: Annelise Capossela/Axios

Joe Biden's inauguration and the days right after will bring a rat-tat-tat burst of climate policy moves, but keep this in mind amid the splashy pledges: pushing through most of his agenda will be a long, uncertain slog.

Why it matters: Biden's climate plan is far more expansive than anything contemplated under President Obama. But for all the immediate pledges, it will take years to see how far Biden gets.

Dion Rabouin, author of Markets
4 hours ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

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