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Estimated earnings at ExxonMobil leap 28% in Q2
08
Aug '14
In its result estimates for the Q2 of 2014, earnings at ExxonMobil surged $1,920 million or 28 percent to $8,780 million when compared with Q2 of 2013, reflecting strong operations and asset divestments, ExxonMobil said.

On diluted basis, earnings per share stood at $2.05, up 32 percent year-on-year. Capital and exploration expenditures were $9.8 billion, down 4 percent from the second quarter of 2013.

Oil-equivalent production in Q2 2014 decreased 5.7 percent from same Q2 of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.3 percent, ExxonMobil said.

Cash flow from operations and asset sales in Q2 were $12.8 billion, including proceeds associated with asset sales of $2.6 billion.

It said, it distributed $6 billion to shareholders in the second quarter of 2014, including $3 billion in share purchases to reduce shares outstanding.

Dividends per share of $0.69 increased 9.5 percent in Q2 2014 compared with Q2 of 2013.

ExxonMobil started construction on the ethane cracker at the Baytown, Texas, complex and associated premium product facilities in nearby Mont Belvieu.

The steam cracker will have a capacity of up to 1.5 million tons per year and provide ethylene feedstock for chemical processing at two new 650,000 tons per year high-performance polyethylene lines at the Mont Belvieu plant.

ExxonMobil Chairman Rex Tillerson said, “ExxonMobil’s financial results were achieved through strong operational performance and portfolio management. We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases.”

“Capital and exploration expenditures for the first half of 2014 were $18.2 billion, down 17 percent from the first half of 2013 and through the first half of 2014, we distributed $11.7 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

Fibre2fashion News Desk - India

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