The plunge in oil prices almost halved third-quarter profits at Texas-based energy giant ExxonMobil.
The oil and gas company posted third-quarter earnings of $4.2 billion, down 47 percent as compared to $8.1 billion a year earlier.
“ We maintain a relentless focus on business fundamentals, including cost management, regardless of commodity prices, ” ExxonMobil’s CEO, Rex W. Tillerson said in a report on Friday.
On an oil-equivalent basis, ExxonMobil’s production increased 2.3 percent from the third quarter of 2014.
Natural gas production was 9.5 billion cubic feet per day, down 1.1 billion cubic feet per day from 2014 due to regulatory restrictions in the Netherlands and field decline, according to the report.