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Exxonmobil reports 58% slide in Q4 earnings
Feb '16
For the fourth quarter ended December 31, 2015, Exxonmobil reported a 58 per cent slide in earnings to $2.8 billion from $3.8 billion in the year ago quarter.

“Assuming dilution, earnings per share in the reporting quarter stood at $0.67, a decrease of 57 per cent over the fourth quarter of 2015,” an Exxonmobil press release said.

In the fourth quarter of 2015, capital and exploration expenditures were $7.4 billion, down 29 per cent from the prior year's same quarter.

In the same quarter, oil-equivalent production however increased 4.8 per cent, with liquids up 14 per cent and natural gas down 5.6 per cent.

“In the quarter under review cash flow from operations and asset sales amounted to $5.1 billion, including proceeds associated with asset sales of $785 million,” it added.

The company distributed $3.6 billion to shareholders in the fourth quarter of 2015, including $500 million in share purchases to reduce shares outstanding.

Dividends per share of $0.73 in the three months to December 31, 2015 rose 5.8 per cent compared with the comparable quarter of 2014.

Exxonmobil further added that it successfully started the onshore central processing facility in Indonesia, which helped production reach more than 130,000 gross barrels of oil per day in the fourth quarter.

“The field is currently ramping up to full capacity and is expected to produce 450 million gross barrels of oil over its lifetime,” the company informed.

The company is beginning a production pilot program on the La Invernada and Bajo del Choique blocks in the Neuquén province of Argentina.

“This program includes drilling five wells, as well as constructing a production facility and gas pipeline,” the world's biggest oil company stated.

For full year 2015 too, earnings at $16.2 billion declined 50 per cent from $32.5 billion in 2014, while earnings per share, assuming dilution dipped 49 per cent to $3.85.

Capital and exploration expenditures were $31.1 billion, down 19 per cent from 2014 and the company anticipates further reductions in 2016, with capital and exploration expenditures of $23.2 billion.

In 2015, oil-equivalent production increased 3.2 per cent from 2014, with liquids up 11 per cent and natural gas down 5.7 per cent.

Cash flow from operations and asset sales reached $32.7 billion, which also includes proceeds associated with asset sales of $2.4 billion.

The corporation distributed $15.1 billion to shareholders in 2015 through dividends and share purchases to reduce shares outstanding. (AR)

Fibre2Fashion News Desk – India

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