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Exxon nearly doubles second quarter earnings

"These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals"
offshore oil platform
Exxon sanctioned the development of the world class Liza field

Exxon Mobil Corporation (NYSE:XOM) reported second quarter earnings of US$3.4bn, almost double the US$1.7bn it earned in the same period of last year.

The oil major highlighted it benefitted from an increase in oil and gas sales and better refining margins in the three month period. Exxon upstream earnings rose to US$1.2bn, downstream earnings increased to US$1.4bn and it made US$985mln from the chemicals business.

Exxon says cash flow from operations covers second quarter dividend payments.

Darren Woods, Exxon chief executive, in a statement said: “These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals.

“Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions.”

Exxon says cash flow from operations covers second quarter dividend payments.

Operationally, Exxon highlighted it success with the world-class Liza oil discovery offshore Guyana, where first oil is now anticipated by 2020 now that it has sanctioned the development – with an initial 120,000 barrels per day operation planned.

Presently, the oil firm sees between 2.25bn to 2.75bn barrels of recoverable oil resources.

Elsewhere, Exxon has been drilling new wells in Papua New Guinea, onshore United States (in the Delaware basin) and it is preparing to start work on the Hebron field in the Jeanne d’Arc basin offshore Canada.

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