Cheap energy prices helped to nearly double Exxon Mobil’s downstream profits, and its chemical business improved as well. The firm cut its capital and exploration spending by $2.2 billion as it continued to pare back drilling.
European oil companies including Royal Dutch Shell Plc, BP Plc and Total SA are promoting gas as a way to limit the growth of emissions blamed for climate change. They have also called for a price on carbon dioxide.
“It’s clear that the subject isn’t viewed in the same way on both sides of the Atlantic,” Total SA Chief Executive Officer Patrick Pouyanne, one of the signatories, said on Monday at a press conference in Paris. “We are working with those who come forward.”
The Irving oil giant made $4.9 billion, or $1.17 a share, in January-March period, compared to $9.1 billion, or $2.10 a share, in the same period the year before. Quarterly revenues plunged from $106.3 billion to $67.6 billion.
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