The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

New York (AFP) — U.S. oil giant ExxonMobil Thursday reported higher second-quarter profits despite pumping less oil and gas than it did a year ago.

Exxon, the biggest U.S. oil company and the second-largest U.S. company in terms of market capitalization after Apple, said earnings came in at $8.8 billion, up 28 percent from the year-ago level.

Production of oil and gas declined 5.7 percent, but profitability in the exploration and production segment rose 25 percent to $7.9 billion. Exxon said “higher realizations” for its output added $580 million.

Lower oil and gas volumes is often seen as a red flag in the oil business. But Exxon has emphasized that it will not sacrifice profitability for higher output, meaning it will not produce oilfields unless they are highly profitable.

Exxon’s downstream earnings rose nearly 80 percent to $711 million, while chemicals earnings rose 11.2 percent to $841 million.

“ExxonMobil’s financial results were achieved through strong operational performance and portfolio management,” said chief executive Rex Tillerson.

“We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases.”

Results translated into earnings per share of $2.05, 19 cents above analyst forecasts.

Revenues rose 4.7 percent to $111.65 billion, above the $108.38 billion analyst forecast.

Shares of the Dow component fell 1.4 percent to $101.85 in pre-market trade.

AFP Photo/Karen Bleier

Interested in economic news? Sign up for our daily email newsletter!

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Donald Trump

Youtube Screenshot

Donald Trump has invoked his Fifth Amendment right to remain silent in a civil case, and if he ever stands trial on criminal charges, neither a judge or a jury may take that as evidence of guilt. But in the court of common sense, we are entitled to reach the obvious conclusion: Trump has committed crimes and wants to keep them secret.

The Fifth Amendment privilege, after all, is not to refuse to exonerate oneself. It's to refuse to incriminate oneself. Answering questions truthfully, as a rule, is incriminating only to someone who has done something wrong.

Keep reading... Show less

A pro-Trump demonstrator outside FBI office in Phoenix, Arizona with tactical gear and weapons

Youtube Screenshot

Video captured by the independent media site News2Share shows supporters of former President Donald Trump armed with guns, waving confederate and American flags outside of the FBI office in Phoenix, Arizona on Saturday.

"We're here in support of Trump, for what happened to him, the unlawful search with the FBI at his Mar-a-Lago home," someone at the demonstration told News2Share. "We are sick and tired of this tyrannical government called the Biden regime. We will not stand by and we will not stand down.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}