Exxon Mobil has posted a 38 per cent decline in third quarter earnings of $2.65 billion, compared with $4.24 billion a year earlier as result reflected lower refining margins and commodity prices.

“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 quarter, upstream earnings were $620 million. Volumes for the quarter declined 3 per cent to 3.8 million oil-equivalent barrels per day compared with a year ago, due to unplanned downtime, primarily in Nigeria, and field decline partially offset by increased production from recent project start-ups.

Third quarter chemical earnings of $1.2 billion, comparable with prior year results, reflect higher maintenance costs, partially offset by increased specialty product sales. Downstream earnings declined to $1.2 billion primarily due to weaker refining margins.

During the quarter, capital and exploration expenses were reduced by 45 per cent to $4.2 billion.

The corporation distributed $3.1 billion in dividends to shareholders in the third quarter.  Earnings per share assuming dilution were $0.63. – TradeArabia News Service