According to its Q3 report, Exxon Mobile
At Q3 of 2018, Exxon Mobile reported $6.24 billion in earnings. A year later, the company reported $3.17 in earnings, a roughly $3.07 billion difference. While shocking, the losses that Exxon has faced are not entirely unprecedented. In its report, Exxon identifies unfavorable oil prices as one of the key culprits behind its dour year.
Exxon's stock price is down considerably as well. Exxon earned $.75 per share, a 49% decrease from last year. The news for Exxon's stock is not all bad, however, as the company has beat expectations as estimates initially projected a net profit of $.69 per share.
Exxon is just one of many companies suffering ill side-effects as a result of the prolonged trade war between the United States and China. Oil prices have been directly affected by the trade war, which has been causing an increase in supply as less oil is exported overseas and demand remains low. Exxon's natural gas sales have also been affected, as the domestic market continually floods with an increasing supply due to a lack of exports.
Regardless of the unexpected downturn in profits, Exxon leadership remains optimistic. Profits and revenue aside, the company has been experiencing healthy growth in its crude oil production, aided by growth in extraction operations in the Permian Basin, as well as significant undersea discoveries in Guyana and Cyprus. Additionally, Exxon has continued to expand its investment in green technologies, such as an agreement with Mosaic Materials to develop carbon capture technology to reduce emissions.
Exxon leadership's optimism seems at least somewhat founded as the company experienced a bump in its stock price at the end of the day on Monday, with Exxon's stock up 2.97% as trading concluded for the day.