More than a year after an activist investor-led shake-up, Exxon Mobil has ticked a lot of boxes to endear itself to its shareholders. Now, the company is on a broader charm offensive.
Exxon Mobil on Friday said it generated nearly $16.9 billion in free cash flow in the second quarter, the highest since 2008 and roughly $900 million more than analysts polled by Visible Alpha had expected. Its peer Chevron generated $10.6 billion of free cash flow, exceeding analyst estimates by more than $1 billion. The oil supermajors’ share prices jumped roughly 5% and 9%, respectively.