Some energy exchange traded funds (ETFs) are down more than 4% in midday trading after Exxon Mobil (XOM) reported a first-quarter profit jump that was less than what Wall Street was expecting.

You can’t blame Wall Street for expecting more, considering the price of a barrel of oil these days. Even though Exxon’s 17% profit jump to $10.9 billion was the second largest U.S. quarterly profit ever, it still wasn’t enough.

Analysts were expecting $2.13 per share, but instead got $2.03 a share, reports John Porretto for the Associated Press. Exxon posted the largest quarterly profit in history for a U.S. company at the end of 2007.

Exxon’s shares were down nearly 5% midday, weighing down some of the energy ETFs that count the company as a major component:

  • iShares Dow Jones US Energy (IYE): Exxon is 23.1%; up 4.4% year-to-date
  • Energy Select Sector SPDR (XLE): Exxon is 18.5%; up 3.3% year-to-date
  • iShares S&P Global Energy (IXC): Exxon is 15.8%; up 2.9% year-to-date


Also, if you were thinking of moving out of the country in order to escape those high gas prices – not so fast. Of 155 countries surveyed, it turns out the United States is the 45th cheapest, says Steve Hargreaves for CNN Money.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.