July 31, 2017
Earnings Season: Oil and Gas Looking Better
A roundup of earnings by Texas oil and gas companies
Oil and gas companies posted some of their best increases in years as the summer earnings seasons reports have come in, with ExxonMobil at twice its second quarter profit of a year ago.
The Irving company received $3.4 billion in net income, compared to $1.7 billion last 2Q. It grew its revenue from $57.7 billion to $72.9 billion.
ExxonMobil also said it plans to add three drilling rigs for a total of 19 in the Permian Basin by the end of August.
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By Mike Shiloh
Copyright July 31, 2017, Mike Shiloh, Texas Energy Report LLC, www.texasenergyreport.com, All rights are reserved
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