Photo: Image courtesy of ExxonMobil

ExxonMobil posts profit drop

ExxonMobil posts profit drop
Image courtesy of ExxonMobil

US energy giant ExxonMobil’s profit tumbled 21 percent in the second quarter of the year as natural gas prices declined. 

The company reported a profit of $3.1 billion, compared to $3.9 billion in the corresponding quarter last year.

Oil-equivalent production was 3.9 million barrels per day, up 7 percent from the second quarter of 2018. Liquids production increased 8 percent driven by Permian Basin growth and reduced downtime, with limited impact from entitlement effects and divestments, the company said.

Natural gas volumes increased 5 percent, excluding entitlement effects and divestments.

Speaking of the company’s figures, ExxonMobil’s chairman and chief executive officer Darren Wood said, “our upstream liquids production increased by 8 percent from last year, driven by growth in the Permian Basin, and we are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than 6 billion oil-equivalent barrels.”

Total revenues reached $69 billion, dropping from the $73.5 billion in the corresponding quarter last year.

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