Foreign oil drives Exxon Mobil’s growth

HOUSTON (MarketWatch) — Higher oil production was key to Exxon Mobil Corp.’s $10 billion profit announced Thursday, but to tap new reserves the world’s largest publicly-traded company is taking on ever greater risks, tackling harsh operating conditions in often politically unstable corners of the world.

Last quarter, Exxon Mobil added the equivalent of 270,000 barrels of oil to its daily overall output, up 7% from a year ago.

Earnings from U.S. oil and gas drilling activities, also referred to upstream operations, fell to $1,192 million in the third quarter, a decline of almost 30% from the same period last year. Non-U.S. upstream earnings, excluding special items, grew 31% to $5,301 million.

Third-quarter net production of oil and natural gas liquids in the U.S. and Canada fell to 688,000 barrels per day, a decline of 6.5% from last year.

MarketWatch