Exxon Increases Oil Production as Refining Margins Slump
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Exxon Mobil Corp., the biggest oil company by market value, lifted production for the first time in more than two years as net income slumped 18 percent on dwindling refining returns.
Exxon’s oil and natural gas output rose 1.5 percent to the equivalent of 4.02 million barrels a day, the first increase since the second quarter of 2011, according to data compiled by Bloomberg. Crude prices also climbed, raising costs and contributing to an 81 percent plunge in profit at the company’s refineries.