ExxonMobil NZ division turns to $91m profit in 2016 on global oil price recovery

Wed, 31 May 2017

By Sophie Boot May 31 (BusinessDesk) - The New Zealand division of ExxonMobil, the world's largest publicly traded oil and gas company, turned from a loss to a $91 million profit in 2016, bolstered by the impact of increasing oil prices on inventories in the year. The local company's net profit for calendar 2016 was a turnaround from 2015's $2.7 million loss and 2014's $33.5 million loss. Last year, revenue dipped to $2.2 billion from $2.4 billion in 2015, financial statements lodged with the Companies Office show. ExxonMobil NZ's spen...

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