Weak oil prices hit Exxon's third-quarter earnings: filing

FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo

Lower oil prices, weaker results in its chemical business and the lack of a tax benefit from the year-ago period combined to cut earnings to about $4 billion for the third quarter ended Sept. 30, according to a securities filing. The biggest hit to profits came from weaker oil prices. Earnings in the company’s oil and gas production unit are expected to fall about 45% from last year’s $4.23 billion in operating profit, Exxon’s data showed.

The company had warned analysts it was spending heavily to replace production and will not reach its profit goals until next year.

Hdjd

Jesus is GOD

good thing y'all are subsidized

Good news then👍🏼Hopefully this is a stroll towards chapter 11 a few years from now.

Weak oil prices my ass. We as a nation are now the biggest oil producer in the world. Fracking is crude and not cost effective at all, yet by God were keeping gas prices low, oh wait. Big oil company says it's short on income even though it is helping to keep prices lower.🤑

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