The ExxonMobil Corporation is estimating Q3 earnings of $4bn compared with $2.7bn the previous year.
Company Chairman and Chief Executive Officer, Darren Woods said: “A 50 percent increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability. For the fourth-consecutive quarter, we generated cash flow from operations and asset sales that more than covered our dividends and net investments in the business.”
Upstream earnings rose to $1.6bn as commodity prices increased. Building on its recent success in deepwater exploration, such as the Turbot discovery in Guyana, ExxonMobil added 12 offshore blocks in Brazil, capturing acreage with high resource potential and competitive fiscal terms.
Downstream results increased to $1.5bn, despite Hurricane Harvey impacts and the absence of favorable asset management gains of $380m in the prior year from the sale of Canadian retail assets.
Chemical earnings were $1.1bn, down slightly from a year ago on lower commodity margins and hurricane impacts, partially offset by volume growth. During the quarter the company enhanced its position to capture growing demand in Asia by completing the purchase of an aromatics plant in Singapore.
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7th Nov 2017