Exxon Mobil profit plunges

NEW YORK — The world’s largest publicly traded oil company said Thursday that oil production is bouncing back with crude prices.

NEW YORK — The world’s largest publicly traded oil company said Thursday that oil production is bouncing back with crude prices.

A worldwide glut in petroleum supplies may yet cool the latest surge in oil, squeezing refiners and keeping profits in oil patch well below their peak last year or even the past several years.

Exxon Mobil Corp. (NYSE:XOM) reported that profits from July to September dropped 68 per cent to US$4.73 billion, or 98 cents per share. The results were the best of the year so far, but they’re less than a third of what Exxon earned in the same period of 2008, when crude prices spiked above US$147 a barrel.

In fact, excluding the previous two quarters this year, Exxon has not reported quarterly profits this low in at least the past four years.

The Irving, Tex.-based company gets most of its income from oil and gas production, and in the third quarter it increased production by three per cent to 3.69 million barrels of oil equivalent output per day. Yet the returns are not as good because crude fetched an average of $50 less per barrel when compared with the year-ago period.

Exxon has operations around the world, including Canada, where it owns about 70 per cent of Calgary-based Imperial Oil Ltd. (TSX:IMO), a major oilsands producer, gasoline refiner and marketer with a string of Esso-branded gasoline stations across the country.

Just Posted

Rural transit service rolled out

2A South Regional Transit will link Innisfail and Penhold with Red Deer

Some Red Deer waste collection schedules change due to holiday season

Tuesday collections will be moved for two weeks

Red Deer ‘champion’ helps hospital by sharing ongoing petition

It’s been about three years since many physicians at Red Deer Regional… Continue reading

Red Deer Airport’s prospects are looking up for 2019

Ultra-low-cost passenger service is on the horizon

Funding down for Red Deer Christmas charities

Food hampers and toys for children going out to those in need

Alberta’s Sundial starts shipping to AGLC this week

Sundial’s Rocky View facility has received the green light from Health Canada… Continue reading

Penny Marshall dead at 75, best known as TV’s Laverne and director of ‘Big,’ ‘A League of Their Own’

Bronx-born Penny Marshall, who found ’70s sitcom success on “Laverne and Shirley”… Continue reading

Chabot scores overtime winner to lift Senators over Predators 4-3

OTTAWA — Thomas Chabot saw an opening and he took it. And… Continue reading

Canadian Marielle Thompson earns World Cup ski cross bronze in season opener

AROSA, Switzerland — Canada’s Marielle Thompson captured bronze at the opening World… Continue reading

Canada doesn’t make Oscars short list for best foreign language film

LOS ANGELES — Canada is no longer in the running for best… Continue reading

Warrant issued for arrest of ‘Schwimmer lookalike’ suspect

LONDON — A British judge has issued an arrest warrant for an… Continue reading

Moneywise: Canadian workers unhappy with pay, want pension plans

Many working Canadians are feeling underpaid and are so worried about their… Continue reading

Brazil police say faith healer has turned himself in

RIO DE JANEIRO — A celebrity faith healer accused of sexually abusing… Continue reading

B.C. hockey coach creates ‘gear library’ to remove cost barrier of sport

VANCOUVER — Nicola Froese says she has always loved playing sports, but… Continue reading

Most Read