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Exxon Profits Lower as Natural Gas Prices Slide

Stockhouse Editorial
0 Comments| August 2, 2019

Exxon Mobil (NYSE: XOM) is reporting that its profit has fallen since last year.

The oil giant brought in $69 billion in revenue in Q2 2019, down from last year’s $73.5 billion.

Om Friday, the US’ largest oil company stated that its profit fell 21% to $3.1 billion, (73 cents per share), compared with last year’s $4 billion. Analysts had predicted per-share earnings of 66 cents.

Crude priced have risen 22% in 2019 and some of the benefits of those rising prices have been offset by natural gas prices, which have fallen almost 24% over the same time frame.

Exxon shares were up 2% before the opening bell. Oil production was 3.9 million barrels per day, up 7% from the same time in 2018


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