With all those cheap reserves XOM has, why does their production keep dropping? $60 CL and they couldn't open a few more taps....
Very misleading headline - snips....
- However, when compared with the second quarter of 2006, production of crude oil, natural gas liquids and natural gas fell 3.7%
- U.S. crude oil production fell 13% to 377,000 barrels a day in the three months ended Sept. 30.
- In Europe, crude oil output fell 4.1% to 490,000 barrels a day.
- ExxonMobil's third-quarter global natural gas production fell 6.9% on quarter to 8.163 billion cubic feet a day.
DJ ExxonMobil 3Q Oil, Gas Output +7.2% On Yr, -3.7% Vs 2Q
NEW YORK (Dow Jones)--Exxon Mobil Corp. (XOM), the world's largest publicly traded energy company in terms of market capitalization, said Thursday its production in the third quarter rose 7.2% on year to 4.007 million barrels of oil equivalent a day.
However, when compared with the second quarter of 2006, production of crude oil, natural gas liquids and natural gas fell 3.7%, from 4.162 million barrels of oil equivalent.
The Irving, Texas-based company produced 3.737 million barrels of oil equivalent in last year's third quarter.
U.S. crude oil production fell 13% to 377,000 barrels a day in the three months ended Sept. 30. ExxonMobil didn't give a reason for the decline in an earnings press release.
ExxonMobil has a stake in the BP PLC-operated (BP) Prudhoe Bay field in Alaska. The field was partially shut down in August after the discovery of severe pipeline corrosion and a small oil leak and recovered to nearly full rates earlier this month.
ConocoPhillips (COP), another Prudhoe Bay partner, on Wednesday said its third-quarter exploration and production earnings were lower on the Prudhoe Bay outage.
In Europe, crude oil output fell 4.1% to 490,000 barrels a day.
ExxonMobil's third-quarter global natural gas production fell 6.9% on quarter to 8.163 billion cubic feet a day. Gas output in the third quarter of 2005 averaged 7.716 billion cubic feet a day. |
