ExxonMobil’s profit slumps 47% in Q3, but tops expectations
However, the company’s third quarter profit topped analysts’ estimates, which called for a profit of 89 cents per share. Some analysts commented that although plunging crude oil prices hurt the company’s oil and gas business, it also supported refining margins by lowering feedstock costs. Exxon’s profit in the refining business almost doubled to $2 billion in the third quarter from a year earlier.
Meanwhile, oil and gas output rose 2.3% on the year to 3.9 million barrels of oil per day (bpd). The company is aiming to increase its total production to 4.1 million bpd by the end of the year, according to some analysts. Contrary to major global rivals like BP, ExxonMobil has not announced any restructuring plan or cut in its budget forecast so far.
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