Exxon profit plummets with plenty of oil to go around

IRVING, Texas: Exxon Mobil’s profit tumbled with crude prices down about 15 per cent from where they were last year, though a $300 million boost from a tax-related item helped.

Exxon Mobil Corp on Friday reported net income of $3.17 billion, or 75 cents per share. Those per-share earnings were 68 cents if one-time benefits are removed, topping expectations by 4 cents. But it’s about half of last year’s $6.24 billion, or $1.46 per share.

Revenue was $65.05 billion, down 15 per cent from last year’s $76.61 billion.

Oil production rose 3 per cent from a year earlier, to 3.9 million barrels per day. Excluding entitlement effects and divestments, liquids production increased 4 per cent, driven by Permian Basin growth. Natural gas volumes climbed 1 per cent.

Shares of Exxon Mobil Corp. rose slightly before the opening bell.