ExxonMobil third-quarter profit jumps

ExxonMobil third-quarter profit jumps
Illustration purposes only (Image courtesy of ExxonMobil)

US energy giant ExxonMobil reported a significant jump in third-quarter earnings that reached $6.2 billion, 58 percent above the $4 billion reported in 2017. 

The company’s revenue also moved up 25.4 percent reaching $76.6 billion, compared to the $61.1 billion reported in the corresponding quarter in 2017.

Oil-equivalent production was 3.8 million barrels per day, down 2 percent from the third quarter of 2017.

The company said that crude and natural gas prices strengthened in the third quarter.

The company noted also that production started at the Kaombo project, an offshore development on Angola Block 32, where ExxonMobil has a 15 percent interest.

Production will reach an estimated 230,000 barrels per day at its peak, and the associated gas will be delivered to the Angola LNG plant in Soyo.

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Posted on November 2, 2018 with tags .

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