ExxonMobil posts profit drop
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.