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Exxon Mobil profits dive by 51%

Exxon Mobil profits dive by 51%
02 Feb 2017
  • Profits of the world's largest publicly traded integrated oil company Exxon Mobil dived sharply to USD 7.8 billion.
  • Blaming low oil and natural gas prices, CEO Darren Woods said they had to write off $2 billion from the value of undeveloped gas fields in the Rocky Mountains.
  • Exxon shareholders get dividends worth USD 12.5 billion for last year.

    • "Impacted by the prolonged downturn in commodity prices" - Exxon
    FACT
    "Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge," said Darren Woods, CEO, Exxon Mobil. Woods replaces long-time CEO Rex Tillerson, who is now the first choice for US Secretary of State.

    SEC heat on Exxon
    Oil, markets
  • Exxon's move to write down assets comes in the wake of investigation by Securities and Exchange commission (SEC) authorities looking at the oil giant for not writing down assets despite global oil crash.
  • Royal Dutch Shell and Chevron have already reported losses, even as Exxon Mobil reported profits.

    • US Senate push for Tillerson nomination
    02 Feb 2017
  • Even as Exxon announces profits, US Senate has advanced the nomination of the oil giant's former CEO Rex Tillerson to be the Secretary of State in the Trump-led government.
  • The final vote is scheduled for early Wednesday.
  • Tillerson will receive USD 180 billion to cut financial ties with Exxon.



    • This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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