Home / Knowledge / News / Textiles / Higher margins drive Q3 net profit at Exxon Mobil
Higher margins drive Q3 net profit at Exxon Mobil
11
Nov '14
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.


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Feb 2020

US surpasses China as India's biggest trading partner

The United States has surpassed China to become India's top trading...

Pic: Shutterstock

Textiles | On 25th Feb 2020

Coronavirus may shift buyers to Turkey, fuel cotton growth

The coronavirus outbreak will cause a possible shrinking of China's...

Pic: Shutterstock

Apparel/Garments | On 25th Feb 2020

Tough for Vietnamese firms to follow EVFTA rules of origin

Though Vietnamese textile and garment firms are aware of the...

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

Athleisure is the current buzzword in fashion

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Top executives, Textile industry

Top executives
Textile industry

The new deal is better than NAFTA for the US textile industry

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Sham Shah,

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search