Exxon profit plummets with plenty of oil to go around

Business
gas, travel, gas prices

FILE – In this June 26, 2019, file photo a Mobil gas pump displays the various types of fuel and their prices at this Flowood, Miss., station. Exxon Mobil Corp. reports financial results Friday, Nov. 1. (AP Photo/Rogelio V. Solis, File)

IRVING, Texas (AP) — Exxon Mobil’s profit tumbled with crude prices down about 15% from where they were last year, though a $300 million boost from a tax-related item helped.

Exxon Mobil Corp. on Friday reported net income of $3.17 billion, or 75 cents per share. Those per-share earnings were 68 cents if one-time benefits are removed, topping expectations by 4 cents. But it’s about half of last year’s $6.24 billion, or $1.46 per share.

Revenue was $65.05 billion, down 15% from last year’s $76.61 billion.

Oil production rose 3% from a year earlier, to 3.9 million barrels per day. Excluding entitlement effects and divestments, liquids production increased 4 percent, driven by Permian Basin growth. Natural gas volumes climbed 1%.

Shares of Exxon Mobil Corp. rose slightly before the opening bell.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XOM at https://www.zacks.com/ap/XOM

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