ExxonMobil took a 38% decline in its Q3 2016 earnings, in addition to reducing its capital and exploration expenses by 45% during the period.
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Image from Exxon. |
The supermajor’s earnings for Q3 2016 took a US$1.6 billion hit, coming in at US$2.7 billion, compared to $4.2 billion in Q3 2015. When looking at the first nine months of the year, Exxon’s earnings took a 54% drop from $13.4 billion in 2015, to $13.4 billion this period.
Its upstream earnings were $620 million for the period, with volumes taking a slight drop of 3% to 3.8 MMboe/d, due to unplanned downtime, primarily in Nigeria, and field decline partially offset by increased production from recent project start-ups, Exxon said.
During the same period for 2015, upstream earnings were $738 million.
During Q3 2016, Exxon’s capital and exploration expenses were reduced by 45% to $4.2 billion.
Oil-equivalent production for Q3 2016 was 3.8 MMboe/d, with liquids down 5.1% and natural gas up 0.8%.
“ExxonMobil’s integrated business continues to deliver solid results,” said Rex W. Tillerson, chairman and chief executive officer. “While the operating environment remains challenging, the company continues to focus on capturing efficiencies, advancing strategic investments, and creating long-term shareholder value.”
During the period, Exxon’s Liza-3 appraisal well offshore Guyana was successfully completed in October, confirming a world-class resource discovery in excess of 1 billion boe.
Also in October, the Owowo-3 exploration well, located offshore Nigeria, confirmed a discovery of 500 MMbbl to 1 billion bbl.
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