Exxon Posts 49 Percent Profit Loss in 3Q
ExxonMobil Corp. reported $3.17 billion in profits in the third quarter, nearly half of its profit from one year ago, according to the company’s third quarter earnings statement.
The oil major posted $2.17 billion in upstream earnings, down from $4.23 billion one year ago. Exxon did report an increase in liquids production by five percent from one year ago, driven by the Permian.
The company’s downstream business saw earnings of $1.23 billion, a 25 percent decrease from $1.64 billion a year ago.
Chemicals had $241 million in earnings, a 66 percent decline from $713 million one year ago partly attributed to weak margins.
“We are making excellent progress on our long-term growth strategy,” said CEO Darren Woods. “Growth in the Permian continues to drive increased liquids production and we are ahead of schedule for first oil in Guyana… We are also making good progress on our advantaged investments in the downstream and chemical. This quarter, we started production at our new high-performance polyethylene line in Beaumont. The competitiveness of our portfolio was further enhanced with the divestment of non-strategic assets, reaching almost a third of our 2021 objective of $15 billion.”
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