U.S. supermajor Exxon Mobil said declines in its exploration and production operations were offset by gains downstream, where lower prices actually helped. “Quarterly results reflect the continued strength of our downstream and chemical businesses and underscore the benefits of our integrated business model,” Chairman and Chief Executive Officer Rex Tillerson said in a statement. Exxon said its upstream, or exploration and production sector, suffered “significantly” during the market downturn as crude oil prices continue to starve companies of revenue. Exxon reported third quarter earnings of $4.2 billion, down nearly 50 percent from last year. Crude oil prices are lower in part because markets are oversupplied at a time when global economic growth is weak. Exxon said […]

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