Nov. 02–U.S. energy leader Exxon Mobil touted a $6.24 billion quarterly profit Friday that surged 57 percent from a year ago and 58 percent from the second quarter of this year.
The gain is a counter to criticism that Exxon has disappointed in its earnings results for several quarters in a row.
However, Exxon Mobil’s oil and gas volumes of 3.8 million barrels of oil equivalent a day are still down 2 percent from a year ago. But at least the production is up from 3.6 million barrels in the second quarter of 2017.
Also, Exxon’s quarterly revenues jumped 25 percent from last year up to almost $77 billion from $61 billion last year.
The largest part of Exxon Mobil’s profit came from international oil and gas sales, boosted by rising crude prices. But its U.S. production turned profitable from a $238 million loss last year to a $606 million gain in the third quarter.
Exxon Mobil is pushing hard for growth in West Texas’ booming Permian Basin, operating 38 drilling rigs in the region during the third quarter.
“We’re pleased with the increase in production from the second quarter of 2018, recognizing it reflects contributions from just one of our key growth areas, the Permian,” said Exxon Mobil Chief Executive Darren Woods said. “We expect to continue to increase volumes over time as we ramp up activity in the Permian and new projects start up.”
Exxon Mobil also promoted its new discoveries and growth in South America in Guyana and Brazil.
The Irving-based Big Oil giant also reiterated its petrochemical growth, starting up in July its new multibillion-dollar ethylene production facility in Baytown just east of Houston. Ethylene is the primary building block of the most common plastics.
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