NEW YORK, Aug 1 (AFP): ExxonMobil reported a drop in second-quarter profits Friday as the hit from lower crude prices more than offset a boost from higher oil and gas production.
The petroleum giant reported profits of $7.1 billion, down 23.4 percent from the year-ago period. Crude prices were under $65 a barrel, more than $10 less than the level in the 2024 quarter. Revenues fell 12.4 percent to $81.5 billion.
ExxonMobil pointed to production growth in core oil and gas holdings in Guyana and the Permian Basin, a shale-rich region in the states of Texas and New Mexico.
The company also said it brought online three more of 10 "key" projects due to start in 2025 that will lead to growth.
The projects included upgrades to existing facilities in Singapore and Britain to produce more high-value products from low-quality petroleum feedstocks, as well as a renewable diesel venture in Canada.
ExxonMobil reports 23.4pc drop in profits on lower crude prices
FE Team | Published: August 01, 2025 22:49:19
ExxonMobil reports 23.4pc drop in profits on lower crude prices
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