Profit and revenue fell at Exxon Mobil Corp. in the latest quarter as weaker global oil and gas prices offset production growth.
The Irving, Texas-based energy giant reported a third-quarter profit of $3.17 billion, or 75 cents a share, compared with $6.24 billion, or $1.46 a share, a year ago. Analysts polled by FactSet were expecting earnings of 69 cents a share.
Revenue fell to $65.05 billion from $76.61 billion a year earlier. Analysts had expected $60.90 billion of revenue in the quarter, according to FactSet.
Oil-equivalent production rose 3% to 3.9 million barrels a day.
Liquids production increased 4%, driven by production growth in America’s hottest oilfield, the Permian Basin of Texas and New Mexico. Natural-gas volumes increased 1%, the company said.
Exxon said Oct. 1 that weaker liquid prices could hurt its third-quarter upstream earnings by about $400 million to $700 million.
The company also said in September that it was testing market interest in its producing assets in southeastern Australia, including its interest in oil-and-gas fields in the Gippsland Basin in Bass Strait off the state of Victoria, offshore platforms and its Longford and Long Island Point plants.
In September, Exxon agreed to sell its nonoperated upstream assets in Norway to Eni SpA’s for $4.5 billion as part of its plans to shed about $15 billion in nonstrategic assets by 2021.
Write to Patrick Thomas at Patrick.Thomas@wsj.com
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https://www.wsj.com/articles/exxon-mobil-reports-lower-profit-revenue-11572609318
2019-11-01 11:57:18Z
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