The world's largest energy company by market capitalization reported revenue of $65.05 billion in the July-September period of this year, down from $76.6 billion during the same period of last year, posting a 15.1% decline. Net income also decreased to $3.17 billion in the third quarter of 2019, from $6.24 billion in the third quarter of 2018, marking a 49.2% fall year-over-year.
Upstream operations in the U.S. showed a significant loss in earnings, as they fell to $36 million in July-September of 2019, from $606 million in same period of 2018 -- a 94% decrease. In the statement, the company commented on the earnings decline in the upstream sector in the U.S., and said "volumes growth [were] more than offset by lower prices and higher growth-related expenses."