Exxon Mobil’s earnings rose 3% despite oil production dipping 4.7%.
The major industry player recorded $8.7billion in earnings for this year’s third quarter – a $200million increase on last year’s tally.
Major projects for the period include confirmation of its Tapis enhanced oil recovery (EOR) bid being given the green light.
The scheme, which will leverage the immiscible water-alternating process to increase oil recovery, will be Malaysia’s first large-scale enhanced oil recovery project.
Chairman Rex Tillerson said: “The corporation’s cash flow from operations and asset sales through the first nine months of 2014 fully covered net investments and shareholder distributions.
“We continue to meet our operational and project development objectives. Upstream production for 2014 remains on track with previous full-year estimates of 4 million oil-equivalent barrels per day as the company adds new production from project startups.”
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