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Exxon Mobil profits surge despite blow from Harvey

  • Friday, October 27, 2017
  • Posted By Meagan Wildfong

102717 Source: Fuel Fix | Collin Eaton | October 27, 2017

 

Exxon Mobil posted a 50 percent jump in profits in the third quarter amid rising energy prices -- even after absorbing  a $160 million blow from Hurricane Harvey, which crippled some of its Gulf Coast facilities.

The Irving, Texas oil company banked $3.9 billion, or 93 cents share, in the July-September period, up from 2.7 billion, or 63 cents a share, in the same three months last year. Revenues jumped 13 percent, from $58.7 billion to $66.2 billion.

 

Exxon boosted capital and exploration spending by 43 percent to nearly $6 billion as projects that were too expensive to be profitable last year became lucrative amid higher oil prices.

 

To finish article, please follow this link to the Fuel Fix blog.

 

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