Advertisment Big Oil Shifts from Profits to Production | Iran Energy News Skip to main content
IRAN Energy News Agency
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Big Oil Shifts from Profits to Production

A rebound in crude prices helped the world’s energy supermajors generate higher profits in the second quarter.

 

A rebound in crude prices helped the world’s energy supermajors generate higher profits in the second quarter but ultimately it was how much oil and gas they produced that differentiated their fortunes.

For ExxonMobil, which was widely seen as having the worst performance of all the majors, higher prices were offset by a 7% drop in combined oil and gas production in the quarter from the same period last year.

Paul Sankey, an analyst from Mizuho in New York, described Exxon’s results as “shocking” and said the production number underlined the need for the world’s biggest energy producer to fast-track projects.

Join us on Telegram Channel."Energy Today"
Google +
Twitter
Facebook
Google Translate
Instagram
Digg
Telegram
Blogger
Linkedin
Pinterest

Add new comment

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Fill in the blank.
49