Exxon Mobil might be able to give Apple a lesson in disruption. The oil company said Friday that it earned $20 billion in the third quarter, nearly as much as Apple said it made earlier in the week, explains rob_cyran:
illustrated this week. They lost about $200 billion between them, as investors were disappointed with their growth, and the hefty investment they need to stay on top. It’s not unthinkable that, like with oil, new technologies will eventually upend Apple’s business. Staying profitable in the meantime is key.Exxon Mobil and Chevron reported third-quarter earnings on Oct. 28.
Exxon earned $19.7 billion in the quarter, nearly tripling what it earned in the same period last year. Chevron earned $11.2 billion in the quarter, compared to $6.1 billion in the same period last year. Earnings per share rose 81% to $3.19. Exxon produced 3.7 million barrels of oil equivalent per day in the quarter. That’s 1% more than it produced in the same period last year. Chevron’s production was unchanged compared to the same quarter last year.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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