Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy


Exxon Mobil’s third quarter oil profits to jump on strong prices


These translations are done via Google Translate

Exxon Mobil said on Wednesday big increases in oil and gas prices would lift third-quarter earnings by between $1.1 billion and $1.9 billion, compared with the second quarter.

Exxon’s snapshot of operating profits, delivered in a securities filing after the market close, is another sign the energy industry’s run of high profits has continued.

The largest U.S. oil producer posted $4.6 billion in upstream earnings for the second quarter ended June 30 and total profit in the second quarter was $7.9 billion.

Oil and gas production profits were boosted by a 30% increase in average crude oil prices during the period, according to JPMorgan. The Brent global benchmark ended the quarter near $97 per barrel, up from $72 per barrel at the end of June.

ROO.AI Oil and Gas Field Service Software
GLJ
Tarco | Delivering Engineered Solutions

The quarter’s strong operating profits still fall shy of a year ago when Exxon reported third quarter net of $19.7 billion on high natural gas prices and record refining throughput.

Last year’s third quarter oil and gas production delivered operating income of $12.4 billion and its oil-refining business earned $5.8 billion.

Exxon shares fell nearly 4% on Wednesday to $111.50 as oil prices tumbled on a global bond selloff and rising interest rates. The company’s shares hit a record high of $120 last week.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Maju Samuel)



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE