ExxonMobil earns $3.4bn in 2017 Q2

The Exxon Mobil Corporation has announced estimated second quarter 2017 earnings of $3.4bn, compared with $1.7bn a year earlier, as oil and gas realizations increased and refining margins improved.

Chairman and Chief Executive Officer, Darren W. Woods said: “These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals. Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions.”

During the second quarter, Upstream earnings rose substantially to $1.2bn. Downstream results grew 68% to $1.4bn on improved refining margins and higher refinery volumes. Chemical earnings were $985m, $232m lower than a year ago, primarily due to higher turnaround activities, lower volumes, and decreased margins.

Upstream volumes declined 1% to 3.9 million oil-equivalent barrels per day compared with a year ago largely due to lower entitlements, while increases from projects and work programs more than offset the impacts of field decline.

For full details visit www.exxonmobil.com

2nd Aug 2017