ExxonMobil Corp. (NYSE: XOM), like its peers, benefited from higher oil and gas prices as the company grew its earnings by 16% during first-quarter 2018 to $4.7 billion. But its production sank by 6% to 3.9 million barrels per day (bbl/d).
The Irving, Texas-based company pointed to entitlements, downtime in Papua New Guinea (PNG) and Canada along with divestments—which included selling its stake in the Scarborough gas field offshore Western Australia and the Terra Nova oil project offshore Canada—for the quarterly production decline.
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Headline crude prices for the week beginning 10 February 2020 – Brent: US$53/b; WTI: US$49/b
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