ExxonMobil profit 3Q cut in half

ExxonMobil, the world’s largest publicly traded international oil company, saw its 3Q earnings cut in half when compared to the same period a year ago. Revenue fell to $67 billion, from $107 billion in 3Q 2014.

The company posted 3Q 2015 profit of $4.2 billion, 47 percent down from $8.1 billion in the corresponding quarter of 2014.

Exxon’s upstream earnings plunged to $1.4 billion in the third quarter of 2015, down $5.1 billion from the third quarter of 2014, mainly due to low commodities prices. The company’s capex also fell. It was $7.7 billion for the quarter, down 22 percent from last year’s levels.

Oil-equivalent production increased 2.3 percent from the third quarter of 2014, with liquids up 13 percent and natural gas down 10 percent.

Downstream earnings were $2 billion, up $1 billion from the third quarter of 2014, boosted by stronger refining margins.