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ACG shareholder Q2 profit down by 59%

29 July 2016 15:44 (UTC +04:00)

Baku. Vusal Nabiyev – APA-Economics. The world’s biggest private oil and gas producer Exxon Mobil reported its worst quarterly financial result since at least 2012, but at least it was a positive number, unlike many of its peers. Exxon Mobil earned $1.7bn, down 59% from last year’s $4.19bn, and down over $100mn on Q1 2016, its next worst.

It blamed the result on low commodity prices and poor refining margins but it was helped by strong performance in the chemicals division.

CEO Rex Tillerson said: “While our financial results reflect a volatile industry environment, ExxonMobil remains focused on business fundamentals, cost discipline and advancing selective new investments across the value chain to extend our competitive advantage.”

Exxon Mobil owns an 8% share in the Azeri-Chirag-Gunashli (ACG) block of fields.