Exxon Mobil Corp. has announced estimated 3Q17 earnings of US$4 billion, up from US$2.7 billion in 3Q16.
The results have been attributed to improved commodity prices and strengthened performance in the upstream and downstream sectors.
However, the company notes that impacts related to Hurricane Harvey reduced its earnings by an estimated 4 cents per share.
The company’s Chairman and Chief Executive Officer, Darren Woods, said: “A 50% increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability […] For the fourth-consecutive quarter, we generated cash flow from operations and asset sales that more than covered our dividends and net investments in the business.”
Downstream results increased to US$1.5 billion, despite Hurricane Harvey impacts and the absence of favourable asset management gains of US$380 million in the prior year from the sale of Canadian retail assets. These results were achieved as the company worked quickly to safely bring refineries back online following the storm and to restore product supplies.
Chemical earnings were $1.1 billion, down slightly from a year ago on lower commodity margins and hurricane impacts, partially offset by volume growth.
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