ExxonMobil’s net profit falls sharply in Q3 2023
by ChemOrbis Editorial Team - content@chemorbis.com
According to an announcement on the company’s website, ExxonMobil reported a net income of $9.07 billion in the third quarter of 2023, considerably down by 54% when compared to third quarter of 2022. This is the second consecutive quarter ExxonMobil missed analysts’ expectations.
The decrease was mainly attributed to a 14% decline in crude realizations and a nearly 60% decrease in natural gas realizations. Although crude oil prices were higher on a quarterly basis, they were far beyond the record-high levels seen last year.
The company’s total revenues and other income decreased by 19% to $90.76 billion from $112.07 billion year-on-year.
The decrease was mainly attributed to a 14% decline in crude realizations and a nearly 60% decrease in natural gas realizations. Although crude oil prices were higher on a quarterly basis, they were far beyond the record-high levels seen last year.
The company’s total revenues and other income decreased by 19% to $90.76 billion from $112.07 billion year-on-year.
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