Exxon Mobil profit sinks on weakness in chemicals, refining

August 5, 2019

Exxon Mobil Corp reported a 21% drop in quarterly profit, its third period in a row of weaker year-over-year results, as sharply higher oil production was offset by weaker refining and chemicals business.
Exxon’s weaker earnings mirrored those at rivals Royal Dutch Shell, Equinor and Total SA. Shell posted its smallest profit in 30 months on weaker margins in chemicals, a loss in refining and tumbling natural gas prices. Total also cited weaker natural gas and refining operations for earnings that fell 19% from a year ago, while Equinor’s profit fell 27% on weaker oil and gas prices. A bright spot for Exxon was oil and gas production rising 7% to 3.9 million barrels per day. Output in the top U.S. shale field, the Permian Basin, rose to 274,000 barrels of oil and gas per day, up 90% from a year ago. “Three of our businesses were at lows in their cycles,” said Neil Chapman, an Exxon senior vice president, adding the company historically invests during downturns for long-term returns.

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