ExxonMobil’s earnings hit by lower commodity prices

Oil and gas major ExxonMobil reported on Friday that its earnings declined by 38 percent during the third quarter of 2016 when compared to those in the same period of 2015. 

Namely, ExxonMobil’s third quarter 2016 earnings totaled $2.7 billion, compared with $4.2 billion a year earlier. The company said these results reflect lower refining margins and commodity prices.

During the quarter, Upstream earnings were $620 million, down $738 million from the third quarter of 2015. Volumes for the quarter declined 3 percent to 3.8 million oil-equivalent barrels per day compared with a year ago, due to unplanned downtime, primarily in Nigeria, and field decline partially offset by increased production from recent project start-ups.

Revenues during the quarter also slipped totaling $58.68 billion in 3Q 2016 versus $67.3 billion in 3Q 2015.

The company also said that its capital and exploration expenditures during the 2016 quarter were reduced by 45 percent amounting to $4.2 billion as opposed to $7.7 billion in the last year’s corresponding quarter.

In light of continued weakness in the upstream industry environment during 2016, and as part of its annual planning and budgeting process which is currently in progress, ExxonMobil stated it will perform an assessment of its major long-lived assets.

Recently, ExxonMobil completed drilling of the Liza-3 well offshore Guyana confirming a ‘world-class’ resource discovery in excess of 1 billion oil-equivalent barrels. In addition, the Owowo-3 exploration well, located offshore Nigeria, confirmed a discovery of 500 million to 1 billion barrels of oil.

Offshore Enegy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply