Exxon Shows Benefit of Integrated Model in 3Q; Cash Flow Improves
Exxon posted a strong third quarter that reflected the strength of its integrated model. Earnings increased 57% to $6.2 billion from $4.0 billion last year largely on higher earnings from its upstream segment. Upstream earnings increased to $4.2 billion from $1.6 billion last year on higher oil and gas prices. Production growth remains elusive with volumes falling 2.4% to 3.8 mmboed from 3.9 mmboed last year. Excluding entitlement effects and divestures, however, liquids volumes were 6% higher d...Exxon Mobil operates or markets products in United States and other countries through its divisions and affiliated companies. The company's business involves exploration for, and production of, crude oil and natural gas and manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and other products. In United States, the company's development activities are focused on the onshore United States, in the Permian Basin of West Texas and New Mexico and the Bakken oil play in North Dakota. Gas development activities are also focused on the Marcellus Shale of Pennsylvania and West Virginia, the Utica Shale of Ohio and the Haynesville Shale of East Texas and Louisiana.
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