• Home
  • Contact Us!
  • Privacy Policy

Radio Metta

  • Home
  • Business
  • Education
  • Health
  • Home Deco
  • News
  • Real Estate
  • Technology
  • Contact Us!
  • Privacy Policy
Home» Business»Exxon’s earnings down 60 percent

Exxon’s earnings down 60 percent

Saheli 01 Aug 2016 Business Comments Off on Exxon’s earnings down 60 percent 389 Views

Estimated quarterly earnings for Exxon Mobil Corp. were down about 60 percent from last year, the company said, pointing to sharply lower energy prices.

Exxon reported second quarter earnings at $1.7 billion, compared with $4.2 billion during the same quarter for 2015.

“While our financial results reflect a volatile industry environment, ExxonMobil remains focused on business fundamentals, cost discipline and advancing selective new investments across the value chain to extend our competitive advantage,” Chairman and CEO Rex Tillerson said in a statement.

First quarter earnings of $1.8 billion were the weakest in more than a decade for Exxon as lower commodity prices and weaker refining margins took their toll.

For the third quarter in a row, Chevron reported a downturn, saying second quarter losses came in at $1.5 billion, against earnings of $571 million year-on-year. Chairman and CEO John Watson said the industry was still working to adjust to the era of lower crude oil prices.

The price for Brent crude oil was moving toward $42 per barrel in early Friday trading, down more than 20 percent from this date in 2015. Despite pressure exerted on corporate purse strings, Exxon said it was able to keep production relatively stable at an average 4 million barrels of oil equivalent per day across its portfolio.

The company this year boasted of a “world-class discovery” off the coast of Guyana, where recoverable reserves are in the 1 billion barrel range. Ahead of schedule and under budget, Exxon started production at its Julia oil field in the Gulf of Mexico, which has a design capacity of 34,000 barrels of oil per day.

A surplus of oil, in large part from shale basins in the United States, helped push crude oil prices below $100 per barrel two years ago. Oil prices dropped below $30 per barrel in early 2016 after members of the Organization of Petroleum Exporting Countries gave up on a production freeze proposal, moved above $50 per barrel in response to North American shortages, and have since drifted back toward $40 on renewed supply concerns.

[Source:- UPI]

60 Down: earnings Exxon's percent 2016-08-01
Tags 60 Down: earnings Exxon's percent
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : Saheli
Previous Article :

UP mob attacks Muslim home, owner held for ‘cow slaughter’

Next Article :

Nitish’s new prohibition law: Not just offender, his family, village too will be punished

Related Articles

Step up: Tips for organizations from the FTC’s settlement with Genshin Effect designer HoYoverse

Step up: Tips for organizations from the FTC’s settlement with Genshin Effect designer HoYoverse

admin 07 Feb 2025
The main 3 showcasing challenges for independent companies (and how mechanization can tackle them)

The main 3 showcasing challenges for independent companies (and how mechanization can tackle them)

admin 24 Sep 2024
The most effective method to Begin a Blog (and Bring in Cash) in 6 Stages: Simple Fledgling’s Aide

The most effective method to Begin a Blog (and Bring in Cash) in 6 Stages: Simple Fledgling’s Aide

admin 19 Sep 2024

Latest Post

Digital Dermatology with Freedom 360: Skin Cancer Checks and Expert Care for Members
Health

Digital Dermatology with Freedom 360: Skin Cancer Checks and Expert Care for Members

admin 15 Sep 2025
Small, Rural Central California High School Continues To Defy Standardized Education
Education

Small, Rural Central California High School Continues To Defy Standardized Education

admin 12 Sep 2025
Speeches delivered by CEO Sundar Pichai at the White House AI Education Taskforce
Education

Speeches delivered by CEO Sundar Pichai at the White House AI Education Taskforce

admin 08 Sep 2025
How is PSA used to monitor prostate cancer?
Health

How is PSA used to monitor prostate cancer?

admin 01 Sep 2025
The Future of High Performance Networking: Ultra Ethernet Explained
Technology

The Future of High Performance Networking: Ultra Ethernet Explained

admin 28 Aug 2025
Why a focus on foundational education must be at the heart of the response: Out of school but not out of reach
Education

Why a focus on foundational education must be at the heart of the response: Out of school but not out of reach

admin 23 Aug 2025
October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
  • Home
  • Contact Us!
  • Privacy Policy
Copyright 2016, All Rights Reserved
Magazine Blog News WordPress Theme