BAKU, Azerbaijan, November 1. ExxonMobile's upstream earnings in the third quarter of 2023 reached $6.1 billion, marking a noteworthy increase of $1.5 billion compared to the preceding quarter, Trend reports.
According to the company, this surge in earnings was primarily attributable to the confluence of higher crude oil prices, reduced scheduled maintenance costs, and favorable tax-related impacts. Nonetheless, it's important to note that identified items had an adverse impact on earnings, amounting to $14 million for the quarter.
When compared to the same period in the previous year, ExxonMobile's upstream earnings witnessed a decrease of $6.3 billion. Excluding the effects of identified items, the earnings declined by $5.7 billion, primarily driven by a substantial drop of nearly 60 percent in natural gas realizations and a 14-percent decrease in crude oil realizations.
However, if the effects of divestments, entitlements, and government-mandated curtailments are excluded, the company's net production displayed a robust increase of approximately 80,000 oil-equivalent barrels per day. This growth was largely attributed to the operations in the Permian and Guyana.
Meanwhile, ExxonMobile's total earning in the reporting period of 2023 reached $9.1 billion, up by $1.2 billion, compared to the preceding quarter. Although, if compared year-on-year, this index more than halved (down by $10.59 billion) from over $19.6 billion in the third quarter of 2022.