Exxon Mobil profit falls as oil and gas prices decline
Posted November 01, 2019 7:00 am
NEW YORK (AP) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas.
The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year.
Total revenue was $65.05 billion, down 15% from the same time last year.
The losses occurred while oil production rose 3% to 3.9 million barrels per day.
Oil prices have suffered due to a prolonged trade war between the U.S. and China, which has raised concerns about a global economic slowdown.
Natural gas prices have also been low as a glut of the fuel in the U.S. floods the market.
The company earned 75 cents per share, down 49% from a year ago.
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