ExxonMobil, the world's largest publicly traded oil company, said Friday its third-quarter earnings rose 55 percent on-year, as higher prices offset a two percent total oil and gas production decline.

Total production declined two percent from the same quarter last year to 3.8 million barrels per day of oil equivalent, the company reported, but production was higher compared with the April-June period and is expected to increase from current levels, according to the report.

Liquids production rose six percent, as growth in North America more than offset decline and higher downtime. Natural gas volumes decreased four percent "largely due to a continuing near-term shift in U.S. unconventional development from dry gas to liquids," ExxonMobil said.

"We're pleased with the increase in production from the second quarter of 2018 recognizing it reflects contributions from just one of our key growth areas, the Permian," CEO Darren Woods said. "We expect to continue to increase volumes over time as we ramp up activity in the Permian and new projects start up."

The company said that Syncrude operations in Canada were impacted by a power supply disruption that began in late June with recovery by the middle of September, and highlighted progress in exploration during the quarter in Guyana while it increased rights for exploration areas in Brazil.

It reported lower planned maintenance of its downstream assets compared with the previous year as a factor contributing to rising earnings.

During the just-completed quarter, ExxonMobil sold 1,000 Esso-branded service stations in Germany to EG Group Ltd on Oct.1, 2018, where the company "is converting its retail business to the branded wholesaler model consistent with other markets in Europe and North America."

It also highlighted the start up of operations of a new ethane crackers in Baytown, Texas, this will provide feedstock to produce plastics at its Mont Belvieu plant. The company is also advancing "discussions" related to a new chemical complex in the Guangdong province of China.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Chemicals used in Deepwater Horizon spill were ineffective, study says
Washington (UPI) Nov 1, 2018
The chemical dispersants used to clean up oil after the Deepwater Horizon spill in the Gulf of Mexico in 2010 were ineffective and unneeded, a new study says. Researchers report in a study {link:published this week:"https://www.frontiersin.org/articles/10.3389/fmars.2018.00389/full",nw} that dispersants used in the largest oil spill in U.S. history - 210 million gallons of oil poured into the Gulf over 87 days after a BP oil rig exploded - played no role in its clean up. BP injected 3, ... read more