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November 1, 2019 9:45 AM, EDT

Exxon Profit Plummets With Plenty of Oil to Go Around

Mobil gas pump Rogelio V. Solis/AP

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

Exxon Mobil Corp. on Nov. 1 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% from last year’s $76.61 billion.

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

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

Portions of this story were generated by Automated Insights using data from Zacks Investment Research.

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