ExxonMobil earned $69 billion in revenue in the second quarter, down from last year’s $73.5 billion.
Some of the benefits of rising crude prices, up 22% this year, were offset by natural gas prices, which have fallen almost 24% during the same period.
The nation’s largest oil company said last week its profit fell 21% to $3.1 billion, or 73 cents per share, compared with last year’s $4 billion. Nonetheless, that’s still better than the per-share earnings of 66 cents that analysts were looking for, according to a survey by FactSet.
“We continue to make significant progress toward delivering our long-term growth plans,” CEO Darren Woods said in a prepared statement.
Oil production was 3.9 million barrels per day, up 7% from the same time last year. Exxon made key investments in the Permian Basin, spending $8.1 billion on capital and exploration overall, which was up 22% from last year. Permian production was up nearly 90% from the second quarter of last year.