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ExxonMobil net income rise in Q1
02 May '08
3 min read
Exxonmobil's Chairman Rex W. Tillerson commented:
"ExxonMobil's first quarter net income was a record $10,890 million, up 17% from the first quarter of 2007. Earnings per share were up 25% reflecting the impact of the continuing share purchase program. Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs.
"Spending on capital and exploration projects was $5.5 billion in the first quarter, up 30% from last year, as we continued to actively invest in projects to bring additional crude oil, natural gas and finished products to market.
"Share purchases to reduce shares outstanding were increased to $8.0 billion in the first quarter of 2008. The Corporation distributed a total of $9.9 billion to shareholders during the quarter through dividends and share purchases to reduce shares outstanding, an increase of 13% or $1.1 billion versus the first quarter of 2007.”
First Quarter 2008 vs. First Quarter 2007:
Upstream earnings were $8,785 million, up $2,744 million from the first quarter of 2007. Record high crude oil and natural gas realizations increased earnings approximately $4.4 billion.
Volume and mix effects decreased earnings about $800 million, as increased natural gas volumes were more than offset by lower crude oil volumes. Higher taxes, increased operating costs and lower gains on asset sales decreased earnings approximately $900 million.
On an oil-equivalent basis, production decreased 5.6% from the first quarter of 2007. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was down 3%.
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"ExxonMobil's first quarter net income was a record $10,890 million, up 17% from the first quarter of 2007. Earnings per share were up 25% reflecting the impact of the continuing share purchase program. Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs.
"Spending on capital and exploration projects was $5.5 billion in the first quarter, up 30% from last year, as we continued to actively invest in projects to bring additional crude oil, natural gas and finished products to market.
"Share purchases to reduce shares outstanding were increased to $8.0 billion in the first quarter of 2008. The Corporation distributed a total of $9.9 billion to shareholders during the quarter through dividends and share purchases to reduce shares outstanding, an increase of 13% or $1.1 billion versus the first quarter of 2007.”
First Quarter 2008 vs. First Quarter 2007:
Upstream earnings were $8,785 million, up $2,744 million from the first quarter of 2007. Record high crude oil and natural gas realizations increased earnings approximately $4.4 billion.
Volume and mix effects decreased earnings about $800 million, as increased natural gas volumes were more than offset by lower crude oil volumes. Higher taxes, increased operating costs and lower gains on asset sales decreased earnings approximately $900 million.
On an oil-equivalent basis, production decreased 5.6% from the first quarter of 2007. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was down 3%.
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ExxonMobil Corporation
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