ExxonMobil reports strong upstream performance

ExxonMobil has announced estimated first quarter 2014 results.

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ExxonMobil Chairman, Rex W. Tillerson, commented: “ExxonMobil’s first quarter earnings and cash flow reflect the company’s continuing focus on delivering profitable growth and creating long-term shareholder value. Strong performance in the upstream benefitted from improved production mix and increased unit profitability.

“First quarter 2014 earnings were US$ 9.1 billion, down 4% from the first quarter of 2013. Upstream earnings were US$ 7.8 billion, up 11% from the previous.

“Capital and exploration expenditures for the first quarter were US$ 8.4 billion, down 28% from the first quarter of 2013.

“The corporation distributed US$ 5.7 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.”

First quarter highlights

• Earnings of US$ 9.1 billion decreased US$ 400 million (4%) from the first quarter of 2013.
• Capital and exploration expenditures were US$ 8.4 billion, down 28% from the first quarter of 2013, reflecting the absence of the US$ 3.1 billion Celtic Exploration Ltd. acquisition.
• Oil-equivalent production decreased 5.6% from the first quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.9%.
• Cash flow from operations and asset sales was US$ 16.2 billion, including proceeds associated with asset sales of US$ 1.1 billion.
• Share purchases to reduce shares outstanding were US$ 3 billion.
• ExxonMobil announced the start of natural gas production at the Damar field off the east coast of Peninsular Malaysia. The Damar field has a projected capacity of 200 million ft3 of gas per day and will provide additional gas supplies to help meet Malaysia’s power and industrial needs.
• ExxonMobil and its partners signed a Heads of Agreement (HOA) with the state of Alaska regarding the proposed Alaska LNG Project. The HOA provides a roadmap for the ramp up of the preliminary front-end engineering design stage and establishes a framework for negotiating multiple project-enabling agreements.
• ExxonMobil Chemical announced the opening of a world-scale manufacturing facility to produce up to 50 000 tpa of synthetic base stocks at its integrated refining and chemical complex in Baytown, Texas. The new unit will help meet growing demand for advanced synthetic base stocks for high-performance lubricants.

Adapted from press release by Katie Woodward

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/02052014/exxonmobil_q1_2014_results_160/