Oil producer ExxonMobil has informed that the company’s earnings during the second quarter of 2016 plunged by 59 percent, compared to the same period in 2015, hit by sharply lower commodity prices.
The company on Friday posted estimated second quarter 2016 earnings of $1.7 billion, compared with $4.2 billion a year earlier.
Revenues during the quarter fell to $57.69 billion from $74.1 billion in the corresponding period last year.
ExxonMobil said in its quarterly report that the results reflect sharply lower commodity prices, weaker refining margins and continued strength in the Chemical segment.
During the second quarter, Upstream earnings were $294 million. Production volumes were essentially unchanged at 4 million oil-equivalent barrels per day.
Capital and exploration expenses were reduced by 38 percent to $5.2 billion.
Corporate and financing expenses were $636 million for the second quarter of 2016, compared to $593 million in the second quarter of 2015.
Offshore Energy Today Staff