Exxon Mobil Corp. Reports 38% Dip in Q3 2016 earnings

$XOM Exxon Mobil Corp. Earnings AlphaGraph: Q3 2016 Highlights. http://alph.st/be0b654a

Oil and natural gas company $XOM reported a 38% dip in 3Q16 earnings due to lower refining margins and commodity prices. Net income dropped to $2.65Bil or $0.63 per share from $4.24Bil or $1.01 per share last year. Total revenue fell to $58.68Bil from $67.34Bil.

$XOM 's upstream earnings for 3Q16 dropped to $620MM from $738MM in the previous year quarter. Lower liquids and gas realizations decreased earnings by $880MM, while volume and mix effects increased earnings by $80MM. All other items, including lower expenses partly offset by unfavorable foreign exchange effects, increased earnings by $60MM.

$XOM 's production on oil-equivalent basis for 3Q16 was down compared with last year. Liquids production rose 120,000 barrels per day to 2.2MM barrels per day. Higher downtime, mainly in Nigeria, and field decline were partly offset by project start-ups. Natural gas production grew 77MM cubic feet per day to 9.6Bil cubic feet per day.

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