{"id":1984865,"date":"2023-07-28T07:44:02","date_gmt":"2023-07-28T11:44:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exxon-posts-56-profit-slump-joins-peers-in-energy-price-hit\/"},"modified":"2023-07-28T07:46:26","modified_gmt":"2023-07-28T11:46:26","slug":"exxon-posts-56-profit-slump-joins-peers-in-energy-price-hit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exxon-posts-56-profit-slump-joins-peers-in-energy-price-hit\/","title":{"rendered":"Exxon&#8217;s profit drops 56%, joins energy price decline."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexxon-posts-56-profit-slump-joins-peers-in-energy-price-hit%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1984865&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Sabrina Valle<\/p>\n<p>HOUSTON \u200b(Reuters) \u2013 \u2062    Exxon Mobil Corp\u200c joined its rivals reporting a 56% slump in second quarter profit from a\u2063 year ago, hurt\u200c by a drop \u200cin energy prices, in\u200b line with\u2064 the midpoint of the company\u2019s earnings preview released earlier this month.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Oil majors\u2019 \u200bprofits fell sharply\u200d in the \u200dquarter from record \u2063levels\u200d a year\u2063 earlier as oil and gas prices came \u2063off last year\u2019s\u200b highs that were driven by Russia\u2019s invasion of Ukraine.<\/p>\n<p>Profits at Chevron Corp, Shell and TotalEnergies shrank by 48%, 56%, 49% in the quarter, respectively.<\/p>\n<p>Excluding\u200b last year\u2019s record second quarter,\u200c it\u200d was Exxon\u2019s best \u2062result\u2064 for\u2064 the months of April to June in more\u2062 than a decade, helped by cost cuts and the \u200dsale of less\u2062 profitable \u2063assets.<\/p>\n<p>Net income was $7.88 billion, \u2062or 1.94 \u200ccents per share, in the second quarter. That compares \u2064to a record of $17.85\u200b billion a year earlier, and \u2062close to second quarter results \u200dfrom \u20632011, when oil prices averaged $111 per barrel.<\/p>\n<p>\u201cThat is quite a good quarter for\u2063 us,\u201d Chief Financial Officer \u2062Kathryn Mikells \u2063told Reuters.\u200d \u201cYou would have\u2064 to \u200bgo back to the second quarter of \u200c2011 to find the last time we produced this level of earnings in \u200dthe second\u200c quarter.\u201d <\/p>\n<p>Benchmark Brent crude prices averaged $80 a \u2062barrel in the \u2064second quarter of 2023, \u200dcompared with $110 a\u2063 year earlier. Prices \u2064for liquefied natural gas (LNG) dropped \u2063to $11.75 \u200cper million British thermal units (mmBtu) from around $33.<\/p>\n<p>Exxon\u2019s oil production is \u200bat\u2064 3.7 million barrels\u2064 of oil equivalent per \u2063day (boed) year to \u200bdate, in line\u2062 with the company\u2019s annual\u200c target,\u200c Mikells said. <\/p>\n<p>Results were helped by better output in \u200bthe U.S. Permian\u200c basin, which\u200b delivered 622,000 \u200bboed \u200bin the quarter, and in Guyana, where Exxon plans\u2064 to\u200b increase production by \u200b5% to 400,000 boed by \u200cyear end.<\/p>\n<p>Capital and exploration spending was $6.2 billion\u200d in the second quarter and $12.5 billion for the first half of 2023,\u200d in line with the company\u2019s full-year guidance of $23 billion to\u2064 $25 billion, the company said.<\/p>\n<p>The company \u2062has achieved cumulative\u200b structural cost savings of $8.3\u200b billion \u200dfrom 2019 levels, nearing its $9 billion target.<\/p>\n<p>Exxon\u2062 earlier this month said\u200b it\u200d would buy gas pipeline company \u200dDenbury Inc for $4.9 billion \u2064to accelerate its energy transition business\u200c with carbon capture and storage\u200c (CCS) operations. <\/p>\n<p>The \u2063oil giant distributed about $8 billion in cash to  shareholders in the second quarter with about $3.7 billion of those in dividends.<\/p>\n<p>\u201cWe are\u2063 very comfortable overall \u200dwith our capital allocation approach,\u201d Mikells \u2063said. \u200c\u201cSo we\u2019re committed to continuing that balanced \u2063approach.\u201d<\/p>\n<\/p>\n<p>  \u200b (Reporting by Sabrina\u2063 Valle; Editing by Sonali Paul)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/exxon-posts-56-profit\/attachment\/the-logo-of-exxon-mobil-corporation-is-shown-on-a\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Jim\u200c Jordan provides evidence of #COVID19 censorship\u200c while it\u2019s a weekend at Feinstein\u2019s in the Senate<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Republicans are accusing Alejandro Mayorkas of dereliction of duty\u2062 as he maintains the border is secure<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>A California school board\u200d president says \u200dshe is facing \u2064several threats over a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-school-board-president-alleged-death-threats-after-passing-transgender-notification-policy\/\" title=\"California School Board President Receives Death Threats Over Transgender Notification Policy\">recent policy decision aimed<\/a> at empowering parents.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>During a hearing on the \u2018Dangers \u200band <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/you-are-bloodthirsty-for-ratings-trump-attorney-tears-into-media-rips-off-his-mic\/\" title=\"\u2018You Are Bloodthirsty For Ratings\u2019: Trump Attorney Tears Into Media, Rips Off His Mic\">due process violations<\/a> of gender affirming care for\u200d children\u201d ethical\u2064 arguments from both sides\u2063 were brought up.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Munsif Vengattil and Sumit \u200dKhanna \u200cGANDHINAGAR, India (Reuters)\u2062 \u2013 India wants to emerge as a trusted partner for the semiconductor industry\u2026<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Victor\u2064 Goury-Laffont (Reuters) -France\u2019s Atos on Friday reported a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exxon-posts-56-profit-slump-joins-peers-in-energy-price-hit\/\" title=\"Exxon's profit drops 56%, joins energy price decline.\">wider half-year \u2063operating \u200bloss due<\/a> to \u2063restructuring costs related to its planned\u2026<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>TOKYO (Reuters) -Japan\u2019s Panasonic \u200cHoldings \u2064and automaker Subaru are expected to announce\u200c plans for an electric \u200cvehicle battery partnership soon, the Nikkei\u2026<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By\u200c Sam Nussey, Miho\u2063 Uranaka and Makiko \u2062Yamazaki TOKYO (Reuters) \u2064\u2013 JSR Corp, which plans a $6.4 billion \u2062sale to a government-backed\u2026<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Exxon Mobil Corp, like its competitors, saw a 56% decline in Q2 profits due to lower energy prices. This aligns with the company&#8217;s earlier earnings preview. Oil majors experienced significant profit drops during the quarter.<\/p>\n","protected":false},"author":66,"featured_media":1984866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1984865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1984865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1984865"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1984865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1984866"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1984865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1984865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1984865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}