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August 5, 2019

ExxonMobil reports drop in profits for Q2 2019

ExxonMobil has announced its results for the second quarter (Q2) of 2019, reporting earnings of $3.1bn, a decrease of 15% from $4bn in Q2 2018.

By Umar Ali

ExxonMobil has announced its results for the second quarter (Q2) of 2019, reporting earnings of $3.1bn, a decrease of 15% from $4bn in Q2 2018.

The company’s capital and exploration expenditure was $8.1bn in Q2 2019, a 22% increase from Q2 2018. According to ExxonMobil, this increase reflects investments in the Permian Basin.

ExxonMobil’s oil and gas production in Q2 2019 was 3.9 million barrels of oil equivalent per day (MMboe/d), a 7% increase from Q2 2018. Natural gas volumes increased by 5% from Q2 2018 while liquids production increased by 7%, driven by the growth of ExxonMobil’s portfolio in the Permian Basin.

The company reported additions to its offshore portfolio in Africa made over Q2 2019. ExxonMobil increased its estimated gross recoverable resources for the Stabroek block offshore Guyana from 5.5 billion barrels of oil equivalent (BBoe) to over 6BBoe. This included the Yellowtail-1 well, its 13th discovery on the block in Q2 2019.

ExxonMobil has also made agreements in Mozambique for the development of the Rovuma LNG project and in Namibia for the addition of approximately seven million net acres to its offshore exploration acreage.

ExxonMobil chair and CEO Darren Woods said: “We continue to make significant progress toward delivering our long-term growth plans. Our new US Gulf Coast steam cracker is exceeding design capacity by 10%, less than a year after startup.

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“Our upstream liquids production increased by 8% from last year, driven by growth in the Permian Basin, and we are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than six billion oil-equivalent barrels.”

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