HOUSTON (Reuters) – Wall Street analysts sharply increased their Exxon Mobil’s second quarter profit estimates after a securities filing showed a $5 billion gain from selling motor fuels compared with the first quarter.
Record profits of more than $4 a share, up from $1.10 a year ago, are likely, according analyst estimates, reigniting calls for windfall taxes on oil majors.
Exxon shares are down about 3.4% to $84.57 in early trading on a large drop in oil prices this morning. Brent is down about $4 per barrel and WTI is down about $3 per barrel.
(Reporting by Sabrina Valle, Editing by Franklin Paul)