Exxon Mobil profit drops on weaker gas prices, higher costs

Exxon Mobil profit drops on weaker gas prices, higher costs

Exxon Mobil Corp reported a 21per cent drop in quarterly profit on Friday, hit by weaker natural gas prices and higher maintenance costs.

FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for
FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

REUTERS: Exxon Mobil Corp reported a 21per cent drop in quarterly profit on Friday, hit by weaker natural gas prices and higher maintenance costs.

The largest U.S. oil producer's net income fell to US$3.13 billion, or 73 cents per share in the second quarter, from US$3.95 billion, or 92 cents per share, last year.

Exxon's oil equivalent production rose 7per cent to 3.9 million barrels per day.

(Reporting by Arathy S Nair in Bengaluru; Editing by Bernard Orr)

Source: Reuters

Bookmark