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Earnings plunge for Exxon Mobil




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Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower crude oil and natural gas prices, AP reports. The Texas oil giant reported $ 3.17 billion in profits in the third quarter Friday, down 49% from the same time last year. Total revenue was $ 65.05 billion, down 15% from the same period last year. Oil prices have suffered due to a prolonged US-China trade war, which has raised concerns about a global economic downturn. Natural gas prices have also been low because fuel in the United States is flooding the market.

Despite falling prices, Exxon's oil production increased 3% to 3.9 million barrels per day, primarily driven by growth in the Permian basin. Production in Permian increased by 72% compared to the same period last year, the company said. "We feel really good about the volume growth we're seeing out there," Neil Hansen, vice president of investor relations, said in a conference call with investors. "The resource continues to respond very well." Outside the United States, Exxon had five significant deepwater discoveries in Guyana and Cyprus during the quarter. (Meanwhile, the Keystone pipeline had its second major discharge in two years.)

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