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Earnings dip sharply at Exxon Mobil in Q2
02
Aug '16
Exxon Mobil Corporation reported earnings of $1.7 billion, or $0.41 per diluted share in the three months ended June 30, 2016, compared with $4.2 billion a year earlier, a sharp dip of 59.5 per cent.

“The results reflect sharply lower commodity prices, weaker refining margins and continued strength in the chemical segment,” the world's biggest oil producer and refiner said.

During the second quarter of 2016, upstream earnings were $294 million, while production volumes were essentially unchanged at 4 million oil-equivalent barrels per day.

“Liquids production growth from recent start-ups more than offset the impact of field decline and downtime events, notably in Canada and Nigeria,” it said.

The US headquartered company added that earnings from the chemical segment remained strong at $1.2 billion, reflecting continued benefits from gas and liquids cracking as well as growing demand.

Earnings from the downstream segment totaled $825 million, which Exxon Mobil attributed to significantly lower global refining margins versus the prior year's second quarter.

However, capital and exploration expenses were reduced by 38 per cent year on year to $5.2 billion, while the company distributed $3.1 billion in dividends to shareholders in the reporting quarter. (AR)

Fibre2fashion News Desk - India

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