US, EU majors post Q3 results

NEW YORK, October 28, 2016 – The US’ ExxonMobil and Chevron as well as France’s Total announced Q3 results that beat analyst expectations on Friday, hours after Italy’s Eni signaled continuing pain for the industry from low oil and gas prices.

Exxon, the largest public oil company in the world, reported a Q3 net income of USD 2.65 billion, down from USD 4.24 billion for the same period of last year. That amounted to USD 0.63 per share, up from the average expected by analysts polled by Reuters, who had predicted a profit of USD 0.58 per share.

Chevron posted a Q3 net income of USD 1.28 billion, down from USD 2.04 billion a year ago. Per share, that translated into a profit of USD 0.49, beating analyst expectations, which stood at a positive USD 0.37.

France’s Total also reported a drop in its Q3 income year-on-year, which stood at USD 2.1 billion, down some 25% since last year. Yet analysts polled by Reuters had predicted an adjusted net income of USD 1.9 billion.

All three companies said in their reports that cost cuts and optimisations had played a major part in their Q3 strategy.