Arab Today, arab today exxonmobil earnings dive on lower oil prices
Last Updated : GMT 20:22:33
Arab Today, arab today
Arab Today, arab today

ExxonMobil earnings dive on lower oil prices

Arab Today, arab today

Arab Today, arab today ExxonMobil earnings dive on lower oil prices

ExxonMobil
New York - AFP

ExxonMobil reported Friday second-quarter earnings plunged by more than 50 percent following the big drop in crude oil prices.

Earnings came in at $4.2 billion, down 52.3 percent from the year-ago period and the weakest quarterly profit since 2009. Revenues fell 33.4 percent to $74.1 billion.

The results reflected the impact of a big drop in oil prices in the second quarter to a range of about $45-60 a barrel, compared with more than $90 a barrel in the equivalent period in 2014.

Earnings in the upstream business, which explores for and produces crude oil, dived about 75 percent to $2.0 billion.

However, a bright spot in this businesses was an increase in upstream output of 3.6 percent to 2.3 million barrels a day.

Results were boosted by higher profits in both downstream and chemicals, which are based in part on crude oil as an input.

Earnings in downstream more than doubled to $1.5 billion, while profits in chemicals rose 48.1 percent to $1.2 billion.

"Our quarterly results reflect the disparate impacts of the current commodity price environment, but also demonstrate the strength of our sound operations, superior project execution capabilities, as well as continued discipline in capital and expense management," said ExxonMobil chief executive Rex Tillerson in a statement.

The results, adjusted for some items, translated into $1.00 per share, below the $1.11 projected by Wall Street analysts.

Dow member ExxonMobil's shares dropped 1.8 percent to $81.51 in pre-market trade.

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