BAKU, Azerbaijan, November 1. ExxonMobile's year-to-date upstream earnings amounted to $17.2 billion, marking a decrease of $11.1 billion when compared to the first nine months of 2022, Trend reports.
According to the company's latest financial results, the prior year's period was impacted by net negative identified items, totaling $2.4 billion, including one associated with the Sakhalin-1 expropriation.
Excluding identified items, the company's earnings saw a significant decline of $13.3 billion. However, increased production from advantaged projects in Guyana and the Permian partially offset the challenges posed by lower crude and natural gas realizations.
Thus, the company's year-to-date production reached 3.7 million oil-equivalent barrels per day, with a portfolio mix that continued to improve. Liquid production growth from Guyana and the Permian successfully offset the decrease in natural gas production due to divestments.
Looking forward, in October, ExxonMobil made a groundbreaking announcement by entering into an agreement to merge with Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion. This strategic combination is expected to deliver double-digit returns by optimizing resource recovery and enhancing operational efficiency, all while expediting our efforts to reduce emissions.