ExxonMobil saw its net income and revenue decline in the third quarter of 2019 due to low oil prices and high growth related expenses, according to the financial results statement released by the company on Friday.
The world's largest energy company by market capitalization reported revenue of $65.05 billion in the July-September period of this year, down from $76.6 billion during the same period of last year, posting a 15.1% decline.
Net income also decreased to $3.17 billion in the third quarter of 2019, from $6.24 billion in the third quarter of 2018, marking a 49.2% fall year-over-year.
Upstream operations in the U.S. showed a significant loss in earnings, as they fell to $36 million in July-September of 2019, from $606 million in same period of 2018 -- a 94% decrease.
In the statement, the company commented on the earnings decline in the upstream sector in the U.S., and said "volumes growth [were] more than offset by lower prices and higher growth-related expenses."
By Ovunc Kutlu