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ExxonMobil (XOM) Stock Falls Despite Surpassing Wall Street Forecasts

Lower production for the quarter didn't slow down ExxonMobil, which reported second-quarter earnings on Thursday that came in well above Wall Street's expectations. The oil giant reported earnings of $2.05 a share, beating a consensus estimate of $1.86, despite reporting that oil production dropped 5.7% from the same period a year ago. Boosting profits was an uptick in exploration and production and refined products, such as gasoline. CEO Rex Tillerson said in a statement: "We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases." TheStreet's Joe Deaux reports from New York.