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The United States' largest oil giant beats revenue expectations



The largest US oil and gas major, ExxonMobil (NYSE: XOM), beat analyst forecasts, although on Friday it reported a 49 percent decline in third-quarter earnings, weighed down by low oil prices and natural gas prices. Exxon posted $ 3.17 billion in earnings in the third quarter, down from $ 6.24 billion in the same quarter last year. Earnings per share fell to $ 0.75 from $ 1.46.

EPS for Q3 2019 beat analysts' consensus of $ 0.67 provided by the Wall Street Journal.

Lower oil prices in the third quarter were the main drivers of weakened earnings, Exxon said, and joined other super-majors such as Shell, which reported lower earnings in the third quarter on Thursday as low crude oil and gas prices jumped net profit. Shell, however, like Exxon, beat analysts' estimates, thanks to stronger revenues from oil and liquefied natural gas (LNG) trading.

Exxon, the largest US oil company and one of the world's top ten producers, increased its oil equivalent production in the third quarter by 3 percent from the third quarter of 201

8, to 3.9 million barrels per day (bpd).

In 2018, Exxon was the world's sixth largest producer in terms of production volume, behind state-controlled companies Saudi Aramco, Russia's Rosneft, Kuwait Petroleum, National Iranian Oil Company and China National Petroleum Corporation (CNPC).

Exxon's total upstream fluid production increased by 5 percent in the third quarter of the previous year, driven by the Permian Basin – the top priority for the US Super Major for the coming years, along with the evolution of the massive discoveries outside Guyana. [19659002] Related: Will OPEC + Declare War on American Slate?

Exxon's Permian production increased by 7 percent in Q3 from Q2 and jumped by more than 70 percent from Q3 2018.

Earlier this year, Exxon revised its Permian growth plans for to produce more than 1 million oil equivalent barrels per day as early as 2024.

"Permian growth continues to increase fluid production and we are ahead of schedule for the first oil in Guyana. The value of our position in Guyana further improved this quarter by another discovery, the fourth this year, "said Chairman and CEO Darren W. Woods.

By Tsvetana Paraskova for Oilprice.com

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