Exxon's Refineries Out-Earned Its Oil Wells Last Quarter For the First Time in 6 Years. Here's What That Says About Where the Profit Is Coming From.

Impact · against what's priced in

XOM's earnings beat and unexpected downstream strength provide a short-term catalyst, although this is partially offset by declining upstream earnings due to lower oil prices. The shift in profit mix toward refineries suggests a temporary hedge against crude price volatility.

XOM+0.60

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