July 27–U.S. energy leader Exxon Mobil reported a $3.95 billion quarterly profit Friday that jumped 18 percent from the same period last year, but fell short of its first-quarter performance.
Of concern to analysts and investors, Exxon Mobil said its oil-equivalent production fell 7 percent from last year down to 3.6 million barrels a day, in part because of maintenance downtime as well as from global natural disasters. Exxon’s oil production is rising, but its global natural gas volumes were down 10 percent as the company shifts more investments to West Texas’ booming Permian Basin.
Exxon’s quarterly revenues jumped more than 25 percent from $58.1 billion up to $73.5 billion. Exxon Mobil took the biggest financial hit during the quarter from its international refining, liquefied natural gas, and fuel businesses.
While Exxon Mobil is raking in billions of dollars each quarter as oil prices rise, it’s faced criticism for not performing even better and not matching the performance of U.S. rival Chevron. Exxon Mobil Chairman and Chief Executive Darren Woods contends his company is best positioned in the long-term from Texas oil production to global petrochemical volumes.
“Key projects in Guyana, the U.S. Permian Basin, Brazil, Mozambique and Papua New Guinea are positioning us well to meet the objectives we outlined in our long-term earnings growth plans,” Woods said. “The high quality of these resources, combined with our strengths in project execution and innovation, will generate strong value over time.
“Second-quarter results were primarily impacted by significant scheduled maintenance undertaken to support operational integrity,” he added.
That includes an earthquake in Papua New Guinea near Australia that knocked its nearly $20 billion PNG LNG project offline for an extended period of time.
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