Exxon Falls After Reporting Lowest Output in Five Years
Exxon Mobil Corp. (XOM), the world’s largest energy company, fell after reporting oil and natural gas production declined to the lowest level in almost five years.
Exxon dropped 1.8 percent to $101.43 at 9:42 a.m. in New York, the biggest intraday decline in five weeks. The company’s oil and gas output decreased 5.7 percent to the equivalent of 3.84 million barrels a day, the lowest since the third quarter of 2009, according to data compiled by Bloomberg. Exxon had been expected to post output equivalent to 3.96 million barrels, based on six analysts’ estimates.
Remember that 2005 was the year of highest production of liquid fuels ever. Three years later the market recognized it and the global economy crashed. This is the backdrop of everything you see and experience. It is the most important factor in your life you are barely aware of.
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