Market Overview

ExxonMobil Earns $3.1 Billion in Second Quarter 2019

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  • Upstream liquids production grows by 8 percent from a year earlier, driven by the Permian Basin
  • Guyana resource estimate increases to over 6 billion oil-equivalent barrels; Liza Phase 1 nears startup
  • U.S. Gulf Coast steam cracker exceeds design capacity by 10 percent, less than a year after startup

Exxon Mobil Corporation (NYSE:XOM):

 

 

 

 

 

 

First

 

 

 

 

 

 

 

 

Second Quarter

 

 

Quarter

 

 

First Half

 

 

 

 

 

2019

2018

 

%

2019

%

 

2019

2018

 

%

Earnings Summary

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (U.S. GAAP)

 

3,130

3,950

 

-21

2,350

33

 

5,480

8,600

 

-36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

Assuming Dilution

 

0.73

0.92

 

-21

0.55

33

 

1.28

2.01

 

-36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital and Exploration

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures

 

8,079

6,627

 

22

6,890

17

 

14,969

11,494

 

30

Exxon Mobil Corporation today announced estimated second quarter 2019 earnings of $3.1 billion, or $0.73 per share assuming dilution, compared with $4 billion a year earlier. Earnings included a favorable identified item of about $500 million, or $0.12 per share assuming dilution, reflecting the impact of a tax rate change in Alberta, Canada. Capital and exploration expenditures were $8.1 billion, up 22 percent from the prior year, reflecting key investments in the Permian Basin.

Oil-equivalent production was 3.9 million barrels per day, up 7 percent from the second quarter of 2018. Liquids production increased 8 percent driven by Permian Basin growth and reduced downtime, with limited impact from entitlement effects and divestments. Natural gas volumes increased 5 percent, excluding entitlement effects and divestments.

"We continue to make significant progress toward delivering our long-term growth plans," said Darren W. Woods, ExxonMobil chairman and chief executive officer. "Our new U.S. Gulf Coast steam cracker is exceeding design capacity by 10 percent, less than a year after startup. Our upstream liquids production increased by 8 percent from last year, driven by growth in the Permian Basin, and we are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than 6 billion oil-equivalent barrels."

Second Quarter 2019 Business Highlights

Upstream

  • Average crude prices were stronger than first quarter, while natural gas prices declined with supply length and crude-linked LNG lag effects.
  • Liquids volumes increased with unconventional growth and ramp-up at Hebron, partly offset by the impacts of higher planned maintenance. Natural gas volumes were down from the first quarter due to weaker seasonal gas demand in Europe.
  • Permian unconventional development continued with production up over 20 percent from the first quarter and up nearly 90 percent from the second quarter of last year.

Downstream

  • Industry fuels margins, while remaining under pressure during the second quarter, improved from very low levels in the first quarter on stronger gasoline margins, mainly in the U.S.
  • Planned mainte
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