Hurricane Harvey Was a Small Blip in Exxon Mobil Finances

Despite Hurricane Harvey, which led to the temporary closings of Exxon Mobil refineries along the Gulf Coast, the company's earnings increased by 50 percent in the third quarter.Still, the Irving-based oil and gas giant reported Friday that Harvey-related damage and shut downs cost the company $160 million.Harvey crashed onto the Texas coast near Corpus Christi on Aug. 25. The Category 4 storm moved slowly along the coast and dumped more than 50 inches of rain in some areas. The death toll attributed to Harvey has been estimated at 93, according to state officials.The storm struck the nation's most important oil and gas region. Nearly one third of U.S. refining capacity is located along the Texas Gulf Coast. It's a major hub for chemical manufacturing, and that part of Texas is also a significant natural gas producer.Harvey and the flooding that followed shut down oil drilling on land and in the Gulf of Mexico, halted gas drilling operations, closed pipelines and shuttered oil refineries and chemical plants.  Continue reading...