This came as Chevron Corporation reported earnings of $2 billion for the same third quarter 2015, compared with its earnings of $5.6billion in the 2014 third quarter. ExxonMobil’s $4.2 billion income represented a decrease of $3.8 billion, or 47 percent, from the third quarter of 2014.
The company also reported
capital and exploration expenditures at $7.7 billion, down 22 percent from the
third quarter of 2014.
Oil-equivalent production
increased 2.3 percent from the third quarter of 2014, with liquids up 13
percent and natural gas down 10 percent, the company said.
According to the company,
cash flow from operations and asset sales was $9.7 billion, including proceeds
associated with asset sales of $491 million while $3.6 billion was distributed
to shareholders in the third quarter of 2015, including $500 million in share
purchases to reduce shares outstanding.
“We maintain a
relentless focus on business fundamentals, including cost management,
regardless of commodity prices,” said
Rex W. Tillerson, chairman and chief
executive officer. “Quarterly results reflect the
continued strength of our Downstream and Chemical businesses and underscore the
benefits of our integrated business model.”
On the other hand,
Chevron’s chairman and chief executive officer, John Watson, say of his company’s performance: “Third quarter earnings were down substantially from a year
ago. While downstream earnings remained strong, lower overall earnings
reflected weaker market prices for both crude oil and natural gas, which
depressed upstream profitability. We are focused on improving results by
changing outcomes within our control. Operating and administrative expenses are
7 percent lower than last year, and we expect further reductions in the
quarters ahead.
“We expect
capital and exploratory expenditures for 2016 to be $25-28 billion, roughly 25
percent lower than this year’s budget,” (guardian)
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