ExxonMobil’s Q3 profits drop by 54% year-on-year amid shifting commodity prices

ExxonMobil reported lower third-quarter profits of $9.1 billion, with revenues falling by 19 percent to $90.8 billion. The decline was attributed to lower commodity prices. However, the company emphasized its commitment to a balanced strategy that addresses economic and environmental concerns. ExxonMobil recently made major acquisitions, including Pioneer Natural Resources and Denbury Inc., to boost petroleum output and work towards achieving net-zero emissions.