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Exxon Mobil estimates Q1 earnings to drop by 4%
May '14
Exxon Mobil Corporation announces estimated first quarter 2014 results.
First Quarter Highlights
-Earnings of $9.1 billion decreased $400 million or 4 percent from the first quarter of 2013.
-Earnings per share (assuming dilution) were $2.10, a decrease of 1 percent.
-Capital and exploration expenditures were $8.4 billion, down 28 percent from the first quarter of 2013, reflecting the absence of the $3.1 billion Celtic Exploration Ltd. acquisition.
-Oil-equivalent production decreased 5.6 percent from the first quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.9 percent.
-Cash flow from operations and asset sales was $16.2 billion, including proceeds associated with asset sales of $1.1 billion.
-Share purchases to reduce shares outstanding were $3 billion.
-Dividends per share of $0.63 increased 11 percent compared with the first quarter of 2013.
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 cubic feet of gas per day and will provide additional gas supplies to help meet Malaysia’s power and industrial needs.
With the State of Alaska, ExxonMobil and its partners signed a Heads of Agreement (HOA) 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 metric tons per year 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.
Exxonmobil Chairman Rex W. Tillerson comments, “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 $9.1 billion, down 4 percent from the first quarter of 2013. Upstream earnings were $7.8 billion, up 11 percent from the previous year.
Click here to view full results.

Exxon Mobil

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