Markets
USO

COMMODITIES: Exxon Mobil's Exploration & Production Business Provide Q3 Highlight; Shares Gain

Exxon Mobil ( XOM ), the world's largest publicly traded oil firm, said Q3 earnings fell 18%, because profit at its downstream refining segment plunged on weaker margins in a tough competitive environment, but there is a sweet spot, as growth at its exploration and production business unit grew an impressive 12%.

In the latest period, the company's refining and marketing business reported operating earnings plunged 81% to $592 million, as weaker margins, primarily in its refining unit, decreased profits by $2.4 billion.

However, its exploration and production operating earnings rose 12% to $6.71 billion. Production increased 1.5% on an equivalent basis.

Exxon Mobil shares are up $1.15 or 1.3% this morning to $89.96. Year-to-date they are up $2.38 cents or 2.8%.

The exchange traded fund United States Oil ( USO ) is down 13 cents or 0.4% to $34.72 today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

USO XOM

Other Topics

Commodities

Latest Markets Videos