Exxon Mobil Corp. profits fell in the third quarter, the company reported Friday.
The Irving, Texas-based oil major reported a third-quarter net profit of $3.17 billion, little more than half the profit the company reported in the same quarter last year.
Exxon reported $65.05 billion of revenue in the third quarter, down from $76.61 billion in the same quarter last year.
Still, the energy giant beat Wall Street expectations. Exxon reported earning 75 cents per share; analysts expected earnings of 67 cents a share.
Oil-equivalent production rose 3 percent from the third quarter of 2018, to 3.9 million barrels per day. Liquids production increased 4 percent, driven by Permian Basin growth, and natural gas volumes increased 1 percent.
Production in the Permian Basin increased 7 percent in the third quarter.
“We are making excellent progress on our long-term growth strategy,” said Darren Woods, chairman and chief executive officer in a statement.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.
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