ExxonMobil numbers down Down Under
While US supermajor ExxonMobil, the world’s largest oil and gas company, is
recording record profits on high oil prices stateside, its Australian arm
isn’t faring as well: Its 2007 earnings fell some AUS$1.5 billion (US$1.4
billion) from 2006.
While company spokesmen attributed the fall to tough local competition,
analysts also cited the rising Aussie dollar.
ExxonMobil’s upstream business – including subsidiary Esso’s massive oil and
gas joint venture with BHP Billiton in the Gippsland Basin – reported a $199
million drop in annual earnings to $948 million, Reuters said.
The company’s downstream business – which supplies fuel to industrial and
commercial customers as well as motorists under the Mobil brand – posted a
$7 million rise in earnings to $320 million.
Increased competition on the fuel retailing side of the business is
estimated to have sliced some $57 million from the downstream division’s
bottom line last year.
09 May 2008 16:14 GMT
| last updated:
09 May 2008 16:23 GMT
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