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The company undertook maintenance in Saudi Arabia; Port-Jérôme, France; Baytown and Beaumont, Texas; Exxon also saw its capital expenditures and oil and gas exploration expenses jump 69% to $ 6.6 billion in the quarter, thanks to investments in the Permian Basin, Brazil and Indonesia.
"Key projects in Guyana, the Permian Basin, Brazil, Mozambique and Papua New Guinea position us well to achieve the goals we have set out in our long-term earnings growth plans. Darren Woods, CEO of Exxon and Chairman, said in a statement:
The benefits of business upstream activity – which focuses on the exploration and development of oil development – more than doubled to exceed
The profits of Exxon's chemicals business also declined from $ 985 million a year ago to $ 890 million.
Exxon's profits improve steadily as oil prices continue to recover. a prolonged recession. However, the company's earnings have been below Wall Street's expectations in three of the past four quarters.
Shares of the largest publicly traded oil company in the world have recently recovered. Exxon's stock price rose nearly 1% this year until Thursday's close, lagging behind its Big Oil counterparts in Europe but outperforming its US counterpart Chevron, who also reports its second quarter earnings on Friday before the bell. development. Please check for updates.
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