ExxonMobil Earns $4billion During First Quarter 2017

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  • New discovery, strategic acquisitions and key initiatives position company for growth
  • Earnings more than double from prior year quarter with solid results from all segments
  • Cash flow from operating activities more than covered first quarter dividends and additions to property, plant and equipment

Exxon Mobil Corporation (NYSE:XOM) today announced estimated first quarter 2017 earnings of $4 billion, or $0.95 per diluted share, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations.

“Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently,” said Darren W. Woods, chairman and chief executive officer. “We continue to make strategic acquisitions, advance key initiatives and fund long-term growth projects across the value chain.”

Upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of 4 percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.

Upstream earnings of $2.3 billion improved on higher liquids and gas realizations. Downstream earnings of $1.1 billion benefited from increased refinery throughput. Chemical earnings of $1.2 billion were impacted primarily by lower margins.

Capital and exploration expenditures totaled $4.2 billion as the company advanced investments across its integrated businesses.

During the quarter, the corporation distributed $3.1 billion in dividends to shareholders

Exxon Mobil Corporation (NYSE:XOM):

  First Quarter  
2017   2016 %
Earnings Summary
(Dollars in millions, except per share data)
Earnings 4,010 1,810 122
Earnings Per Common Share
Assuming Dilution 0.95 0.43 121
 
Capital and Exploration Expenditures 4,169 5,127 -19
 

In the same vein; upstream earnings were $2.3 billion, compared to a loss of $76 million in the first quarter of 2016. Higher liquids and gas realizations increased earnings by $2.3 billion. Lower volume and mix effects decreased earnings by $150 million. All other items increased earnings by $170 million primarily as a result of lower expenses.

On an oil-equivalent basis, production decreased 4 percent from the first quarter of 2016. Liquids production of 2.3 million barrels per day decreased 205,000 barrels per day due to lower entitlements and higher maintenance activity mainly in Canada and Nigeria. Natural gas production of 10.9 billion cubic feet per day increased 184 million cubic feet per day from 2016 as project ramp-up was partly offset by field decline.

U.S. Upstream earnings were a loss of $18 million, compared to a loss of $832 million in the first quarter of 2016. Non-U.S. Upstream earnings were $2.3 billion, up $1.5 billion from the prior year.

Downstream earnings were $1.1 billion, up $210 million from the first quarter of 2016. Higher margins increased earnings by $10 million. Volume and mix effects increased earnings by $160 million. All other items increased earnings by $40 million. Petroleum product sales of 5.4 million barrels per day were 61,000 barrels per day higher than last year’s first quarter.

Earnings from the U.S. Downstream were $292 million, up $105 million from the first quarter of 2016. Non-U.S. Downstream earnings of $824 million were $105 million higher than last year.

Chemical earnings of $1.2 billion were $184 million lower than the first quarter of 2016. Weaker margins decreased earnings by $70 million. All other items, primarily increased turnaround expenses and unfavorable foreign exchange effects, decreased earnings by $110 million. First quarter prime product sales of 6.1 million metric tons were 101,000 metric tons lower than last year’s first quarter.

U.S. Chemical earnings of $529 million were $52 million lower than the first quarter of 2016. Non-U.S. Chemical earnings of $642 million were $132 million lower than last year.

Corporate and financing expenses were $529 million for the first quarter of 2017, up $154 million from the first quarter of 2016 due to the absence of favorable tax items.

During the first quarter of 2017, Exxon Mobil Corporation purchased 6 million shares of its common stock for the treasury at a gross cost of $496 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs, but does not currently plan on making purchases to reduce shares outstanding. During the quarter, the company issued a combined 96 million shares of common stock to complete the acquisition of InterOil Corporation and the acquisition of entities that own oil and gas properties located primarily in the Permian Basin.


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