ExxonMobil net income rise in Q1

02 May '08

3 min read

ExxonMobil Corporation announces estimated first quarter 2008 results.

First Quarter Highlights:
• Record first quarter net income was $10,890 million, up 17% from the first quarter of 2007.
• Earnings per share were up 25% to $2.03 reflecting strong earnings and the reduced number of shares outstanding.
• Spending on capital and exploration projects was $5.5 billion, up 30% from the first quarter of 2007.
• Cash flow from operations and asset sales was approximately $21.8 billion, including asset sales of $0.4 billion.
• Share purchases of $8.0 billion reduced shares outstanding by 1.8%.
• The ExxonMobil-operated Kizomba C deepwater development started production from the Mondo field in January 2008, 23 months after project approval. Kizomba C is designed to develop 600 million barrels of oil (gross) from the Mondo, Saxi and Batuque fields off the coast of Angola, utilizing two new floating production, storage, and offloading (FPSO) vessels. The Saxi and Batuque fields are expected to begin production later in 2008, and combined peak production from the three fields is expected to reach 200,000 barrels of oil per day (gross).
• ExxonMobil and Malaysia's national oil company, PETRONAS, signed the main principles agreement for a new 25 year production sharing contract (PSC), to further develop petroleum resources offshore Peninsular Malaysia. The contract includes commitments to implement significant enhanced oil recovery activities and for major investments to continue conventional oil development.

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