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Monday, 27 June 2016

Exxon diversification masks ailing production

Oil leak

A doubling of refining earnings helped the U.S. energy giant to a $9.6 bln Q3 profit - and a smaller decline from 2011 than pure explorers like Conoco. Exxon’s portfolio can be justified if different units smooth earnings. But in this case it’s hiding a losing bet on U.S. gas.

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