Exxon Mobil is one of the largest oil and gas companies on planet Earth. The company is also a business conglomerate, meaning it is made up of a number of individual, independent business entities that it has acquired over the years. In terms of annual revenue reported for its 2017 fiscal year, Exxon Mobil reported the receipt of some $268.9 billion, the fourth-greatest aggregate revenue reported by any oil and gas company in the world; the next year, in 2018, Exxon Mobil fell to sixth place, drumming up $279.3 billion in annual revenue.
Around this time of year, public companies are filing their quarterly financial reports for the third quarter of their respective fiscal reporting years – keep in mind that, although the end of September marks the end of the third quarter of any given year, public companies choose which date upon which to begin their reporting year; as such, Exxon Mobil’s third quarter ended just recently, despite the fact that November is the 11th month of the year.
The first news organization to report on Exxon Mobil’s most recent financial report was the Associated Press, which just yesterday, on Friday, Nov. 1, 2019, shared with the world that the company’s quarterly profits fell significantly for its third quarter of the current reporting year. Executives who were part of an earnings call with members of the Associated Press and select other big-name news organizations credited the lagging along of natural gas and crude oil prices around the world with the central reason as to why its profits fell so much this quarter.
Oil and gas companies from around the world have also credited lags in performance as a result of lowered natural gas and crude oil prices stemming from the ongoing, two-year-long trade war between China and the United States. Also, since the United States has recently flooded the global market with its own supply of natural gas, choosing not to pay more than usual for China’s natural gas as a result of tariffs, the global average price of natural gas has maintained its several-months-long dip.
Exxon Mobil’s third-quarter results for its current fiscal year showed $3.17 billion in quarterly profits, a year-on-year reduction of 49 percent. Further, total revenue for the three-month period came in at $65.05 billion, down 15 percent from last year’s third-quarter results; fortunately, for the company, the year-on-year reduction of its revenues wasn’t as nearly as significant as the year-on-year reduction of its profits.