Exxon Mobil Corp Acquiring assets across the value chain for tactical growth

Acquiring assets across the value chain for tactical growth:Exxon Mobil Corp (NYSE: XOM) reported 122% yoy growth in PAT at $4 billion driven by improvements in commodity prices, cost management and refining operations. However, upstream volumes declined 4% yoy to 4.2 million oil-equivalent barrels per day, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance activity mainly in Canada and Nigeria. While upstream earnings improved to $2.3 billion on higher liquids and gas realizations, downstream earnings benefited from increased refinery throughput but chemical earnings were impacted by lower margins. The company incurred $4.2 billion in capital and exploration expenditure as it advanced investments across its integrated businesses. The company generated cash flows of $8.9 billion from operating activities including proceeds associated with asset sales of $687 million during the quarter.   

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