ExxonMobil’s profits go way of oil prices

HOUSTON, July 31, 2015 – ExxonMobil’s profits more than halved during the second quarter of 2015 compared to the previous year, as the company’s fortunes followed the slide in oil prices. The super-major reported a net profit of $4.19 billion between April and June, a 52-percent year-on-year drop from $8.78 billion.

The company’s total upstream profits plunged more than $5.8 billion from the previous year to $2 billion. Profits netted in the US market were marked at $47 million, down around $1.2 billion, while international earnings stood at $2.1 billion, a fall of around $4.6 billion from 2014.

ExxonMobil did see a strong performance downstream, following a market trend demonstrating the sector’s resilience to the low oil price environment. Downstream profits were up $755 million to $1.5 billion, while the chemicals division turned a $1.2 billion profit, a gain of $405 million.

The company reported production increases in crude and liquids, though not gas, contributing to total output of 4 million barrels of oil equivalent, signalling a year-on year rise of 139,000 barrels, or 3.6-percent.

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