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Exxon Mobil profit falls as oil and gas prices decline

10 months 3 weeks 3 days ago Friday, November 01 2019 Nov 1, 2019 November 01, 2019 7:59 AM November 01, 2019 in News - AP Texas Headlines

By CATHY BUSSEWITZ
AP Business Writer

NEW YORK (AP) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas.

The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year.

Total revenue was $65.05 billion, down 15% from the same time last year.

The losses occurred while oil production rose 3% to 3.9 million barrels per day.

Oil prices have suffered due to a prolonged trade war between the U.S. and China, which has raised concerns about a global economic slowdown.

Natural gas prices have also been low as a glut of the fuel in the U.S. floods the market.

The company earned 75 cents per share, down 49% from a year ago.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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