Categories Earnings, Energy

ExxonMobil’s profits halve in Q3; firm expands production with Beaumont plant

ExxonMobil (NYSE: XOM) on Friday posted Q3 financial results that were ahead of Wall Street estimates. Total revenues and other income were down 15% $65 billion, narrowly exceeding the street consensus of $64.7 billion.

Oil-equivalent production was up 3% year-over-year to 3.9 million barrels per day.

exxonmobil Q3 2019 earnings infographic

The oil and natural gas giant said its earnings for the quarter almost halved to 75 cents per share, hurt by weakness in crude oil demand. However, this was 8 cents higher than the street target.

The company stated that in Q3, it started production at the new high-performance polyethylene line in Beaumont. The expansion has raised production capacity by 65% or 650,000 metric tons per year.

READ: Understanding Apple (NASDAQ: AAPL) Q4 2019 earnings results through 4 charts

Last month, Exxon announced the sale of its upstream operations in Norway to Var Energi AS for $4.5 billion. This is part of the company’s plans to divest around $15 billion in non-strategic assets by 2021. Exxon said it is making progress with the deal, which is expected to close this quarter.

Meanwhile, Exxon is also facing trial on grounds of misleading investors on the costs related to climate change regulations.

XOM stock was up 0.7% immediately following the earnings announcement. ExxonMobil’s shares have dropped 10% in the past three months.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Key highlights from Adobe (ADBE) Q2 2021 earnings results

Adobe Systems Incorporated (NASDAQ: ADBE) reported second quarter 2021 earnings results today. Total revenue grew 23% year-over-year to $3.84 billion. GAAP net income was $1.11 billion, or $2.32 per share,

Three factors that bode well for Delta Air Lines (DAL) going forward

Shares of Delta Air Lines Inc. (NYSE: DAL) have gained 45% over the past 12 months and 11% since the beginning of this year. After a particularly distressful period, like

KR Earnings: All you need to know about Kroger Q1 2021 earnings results

The Kroger Co. (NYSE: KR) reported first-quarter 2021 earnings results today. Total company sales were $41.3 billion compared to $41.5 billion in the same period last year. Excluding fuel, sales

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top