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Higher margins drive Q3 net profit at Exxon Mobil
11 Nov '14
3 min read
Driven by higher margins and improved operations in downstream and chemical businesses, Exxon Mobil posted a 3 percent hike in net profit in the third quarter of 2014, from a year ago period.
Net profit at Exxon Mobil, the world’s biggest refiner, which was partially offset by the impact of lower upstream realizations totalled $8.07 billion, up 3 percent from $7.87 0.
Assuming dilution, third quarter of 2014 earnings per share rose to $1.89, up 6 percent compared with earnings per share of $1.79, in the prior year third quarter.
“Integration across upstream, downstream and chemical gives us competitive advantages in scale, efficiency, technical and commercial capabilities, regardless of market fluctuations,” Exxon Mobil said.
Capital and exploration expenditures in the reporting quarter amounted to $9.8 billion, down 7 percent from the third quarter of 2013.
For the third quarter of 2014, cash flow from operations and asset sales totalled $12.5 billion, including proceeds associated with asset sales of $0.1 billion.
Dividends per share of $0.69 increased 9.5 percent in the quarter under review against corresponding quarter of 2013.
Exxon Mobil said it distributed $5.9 billion to shareholders in the third quarter of 2014, including $3 billion in share purchases to reduce shares outstanding.
Upstream earnings were $6,416 million in the third quarter of 2014, down $297 million from the third quarter of 2013.
On an oil-equivalent basis, production declined 4.7 percent from the third quarter of 2013 and excluding the impact of the expiry of Abu Dhabi onshore concession, output fell marginally by 1 percent.
Liquids production totalled 2,065 thousands of barrels per day (KBD), down 134 KBD year-on-year, mainly from expiry of Abu Dhabi onshore concession.
Excluding this impact, ExxonMobil said, liquids production was up slightly as project ramp-up and work programs more than offset field decline, divestment impacts and higher downtime.
Third quarter of 2014 natural gas production was 10,595 MCFD, a reduction of 319 MCFD from same quarter of 2013.
Earnings from U.S. upstream operations reached $1,257 million in the reporting quarter, $207 million higher than the third quarter of 2013.
Downstream earnings stood at $1,024 million, up $432 million from the third quarter of 2013, coming from stronger margins, primarily refining, which increased earnings by $820 million.
Third quarter of 2014, chemical earnings reached $1,200 million, $175 million higher than the third quarter of 2013.
Margins increased chemical earnings by $210 million year-on-year, with improved commodities realizations partly offset by weaker specialties.
Volume and mix effects increased earnings by $10 million from the prior year quarter in the third quarter of 2014. While, chemical earnings declined by $40 million for all other items.
Net profit at Exxon Mobil, the world’s biggest refiner, which was partially offset by the impact of lower upstream realizations totalled $8.07 billion, up 3 percent from $7.87 0.
Assuming dilution, third quarter of 2014 earnings per share rose to $1.89, up 6 percent compared with earnings per share of $1.79, in the prior year third quarter.
“Integration across upstream, downstream and chemical gives us competitive advantages in scale, efficiency, technical and commercial capabilities, regardless of market fluctuations,” Exxon Mobil said.
Capital and exploration expenditures in the reporting quarter amounted to $9.8 billion, down 7 percent from the third quarter of 2013.
For the third quarter of 2014, cash flow from operations and asset sales totalled $12.5 billion, including proceeds associated with asset sales of $0.1 billion.
Dividends per share of $0.69 increased 9.5 percent in the quarter under review against corresponding quarter of 2013.
Exxon Mobil said it distributed $5.9 billion to shareholders in the third quarter of 2014, including $3 billion in share purchases to reduce shares outstanding.
Upstream earnings were $6,416 million in the third quarter of 2014, down $297 million from the third quarter of 2013.
On an oil-equivalent basis, production declined 4.7 percent from the third quarter of 2013 and excluding the impact of the expiry of Abu Dhabi onshore concession, output fell marginally by 1 percent.
Liquids production totalled 2,065 thousands of barrels per day (KBD), down 134 KBD year-on-year, mainly from expiry of Abu Dhabi onshore concession.
Excluding this impact, ExxonMobil said, liquids production was up slightly as project ramp-up and work programs more than offset field decline, divestment impacts and higher downtime.
Third quarter of 2014 natural gas production was 10,595 MCFD, a reduction of 319 MCFD from same quarter of 2013.
Earnings from U.S. upstream operations reached $1,257 million in the reporting quarter, $207 million higher than the third quarter of 2013.
Downstream earnings stood at $1,024 million, up $432 million from the third quarter of 2013, coming from stronger margins, primarily refining, which increased earnings by $820 million.
Third quarter of 2014, chemical earnings reached $1,200 million, $175 million higher than the third quarter of 2013.
Margins increased chemical earnings by $210 million year-on-year, with improved commodities realizations partly offset by weaker specialties.
Volume and mix effects increased earnings by $10 million from the prior year quarter in the third quarter of 2014. While, chemical earnings declined by $40 million for all other items.
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