- Upstream liquids production grows by 5
percent versus first quarter 2018, driven by the Permian
- Portfolio strengthens with new offshore
discoveries in Guyana and Cyprus
- Downstream and Chemical results reflect
challenging industry margin environments
Exxon Mobil Corporation (NYSE:XOM):
First First Fourth
Quarter Quarter Quarter
2019
2018
%
2018
%
Earnings Summary (Dollars in millions, except per share
data) Earnings (U.S. GAAP)
2,350 4,650 -49 6,000 -61
Earnings Per Common Share Assuming Dilution
0.55 1.09 -50
1.41 -61 Capital and Exploration Expenditures
6,890
4,867 42 7,843 -12
Exxon Mobil Corporation today announced estimated first quarter
2019 earnings of $2.4 billion, or $0.55 per share assuming
dilution, compared with $4.7 billion a year earlier. Cash flow
from operations and asset sales was $8.4 billion, including
proceeds associated with asset sales of $107 million. During
the quarter, the company distributed $3.5 billion in dividends to
shareholders. Capital and exploration expenditures were
$6.9 billion, up 42 percent from the prior year,
reflecting key investments in the U.S. Permian Basin.
Oil-equivalent production was 4 million barrels per day, up
2 percent from the first quarter of 2018. Excluding
entitlement effects and divestments, oil-equivalent production was
up 3 percent from the first quarter of 2018. Upstream liquids
production grew by 5 percent compared with the first quarter of
2018, driven by Permian unconventional growth of nearly 140
percent.
“Solid operating performance in the first quarter helped
mitigate the impact of challenging Downstream and Chemical margin
environments. In addition, we continued to benefit from our
integrated business model,” said Darren W. Woods,
chairman and chief executive officer. “We are making strong
progress on our growth plans and expect to deliver sustained value
for our shareholders. The change in Canadian crude differentials,
as well as heavy scheduled maintenance, similar to the fourth
quarter of 2018, affected our quarterly results.”
First Quarter 2019 Business Highlights
Upstream • Crude prices strengthened during
the quarter but remained weaker, on average, than the fourth
quarter of 2018. North American differentials narrowed, largely as
a result of imposed production curtailments in Canada and
additional takeaway capacity in the Permian.
•
Natural gas prices were impacted by warmer weather.
•
Production volumes benefited from continued unconventional growth.
However, first quarter production was negatively impacted by lower
Kearl output in Canada and downtime.
Downstream
• ExxonMobil achieved first sales of on-specification
Group II basestocks from the advanced hydrocracker at the Rotterdam
refinery in the Netherlands. The new unit uses proprietary catalyst
in a unique refining configuration to upgrade lower-value vacuum
gas oil into higher-value EHC™ Group II basestocks and ultra-low
sulfur diesel.
• Weak industry fuels margins from
high gasoline inventory levels and narrowed North American crude
differentials impacted results in the quarter.
•
Overall heavy scheduled maintenance remained at similar levels to
the fourth quarter of 2018.
Chemical •
Sales volumes increased from the prior year quarter reflecting
project growth, however, margins remained challenged with continued
supply length from recent industry capacity additions.
Strengthening the Portfolio • ExxonMobil made
two additional discoveries offshore Guyana at the Tilapia-1 and
Haimara-1 wells during the first quarter. In April, the company
also announced a new discovery at the Yellowtail-1 well, marking
the 13th discovery on the Stabroek Block.
•
ExxonMobil made a natural gas discovery offshore Cyprus in the
Eastern Mediterranean at the Glaucus-1 well. Based on preliminary
interpretation of the well data, the discovery could represent an
in-place natural gas resource of approximately 5 trillion to 8
trillion cubic feet (142 billion to 227 billion cubic meters).
Further analysis is required to better determine the resource
potential.
• ExxonMobil has revised its Permian Basin
growth plans to produce more than 1 million oil-equivalent barrels
per day by as early as 2024. The size of the company’s resource
base in the Permian is approximately 10 billion oil-equivalent
barrels and is likely to grow further as analysis and development
activities continue.
Investing for Growth
• ExxonMobil and partner Qatar Petroleum made a final
investment decision to proceed with development of the Golden Pass
LNG export project located in Sabine Pass, Texas. The facility is
expected to start up in 2024. The project will have capacity to
produce approximately 16 million tons of liquefied natural gas per
year and provide an increased, reliable, long-term supply of
liquefied natural gas to global gas markets.
•
ExxonMobil reached a final investment decision and started
construction on a new unit at its Beaumont, Texas refinery that
will increase crude refining capacity by more than 65 percent, or
250,000 barrels per day. The third crude unit within the facility’s
existing footprint will expand light crude oil refining and be
supported by increased crude oil production in the Permian Basin.
• ExxonMobil reached a final investment decision on
construction of a new polypropylene production unit in Baton Rouge,
Louisiana that will expand production capacity along the Gulf Coast
by up to 450,000 metric tons per year. Construction will begin in
2019 and startup is anticipated by 2021.
Advancing
Innovative Technologies and Products • ExxonMobil
announced a new partnership with Microsoft Corporation that will
make its Permian Basin operations the largest-ever oil and gas
acreage to use cloud technology to drive improvements in analyses
and enhance operational efficiencies. The application of Microsoft
technologies by ExxonMobil’s XTO Energy subsidiary is anticipated
to improve capital efficiency and support Permian production growth
by as much as 50,000 oil-equivalent barrels per day by 2025.
• ExxonMobil and Renewable Energy Group have signed a joint
research agreement with Clariant AG to evaluate the potential use
of cellulosic sugars from sources such as agricultural waste and
residues to produce biofuel, which has the potential to play a role
in reducing greenhouse gas emissions.
Earnings and
Volume Summary
Millions of Dollars 1Q 1Q (unless
noted)
2019 2018 Change Comments
Upstream U.S. 96 429 -333 Lower liquids prices, higher
growth-related expenses and an asset impairment charge (-115),
partly offset by liquids volume growth Non-U.S. 2,780 3,068 -288
Absence of Scarborough asset sale gain (-366), lower liquids
prices, higher growth-related expenses and an asset impairment
charge (-43), partly offset by higher gas realizations and
favorable tax impacts
Total 2,876 3,497
-621 Prices -30, volumes +80, other -670 Production
(koebd) 3,981 3,889 +92 Liquids +111 kbd: U.S. growth and improved
reliability, partly offset by decline
Gas -114 mcfd: lower demand, decline, and
divestments, partly offset by lower maintenance and growth
Downstream U.S. (161 ) 319 -480 Higher scheduled
maintenance and lower margins, partly offset by improved yield /
sales mix Non-U.S. (95 ) 621 -716 Lower margins and higher
scheduled maintenance
Total (256 ) 940
-1,196 Margins -860, scheduled maintenance -450, other
+110 Petroleum Product Sales (kbd) 5,415 5,432 -17
Chemical U.S. 161 503 -342 Lower margins and higher
growth-related expenses Non-U.S. 357 508 -151 Lower margins and
unfavorable foreign exchange impacts, partly offset by volume
growth
Total 518 1,011 -493 Margins
-360, foreign exchange -70, volumes +60, other -120 Prime
Product Sales (kt) 6,772 6,668 +104 Growth-related volumes
Corporate and financing (788 )
(798 ) +10
Earnings and
Volume Summary
Millions of Dollars 1Q 4Q
(unless noted)
2019 2018
Change Comments Upstream U.S. 96 265 -169
Lower volumes and lower gas realizations Non-U.S. 2,780 3,048 -268
Lower volumes, unfavorable tax impacts and absence of favorable
one-time 4Q'18 items, partly offset by higher liquids prices and
lower exploration expenses
Total 2,876 3,313
-437 Volumes -290, prices +50, other -200 Production
(koebd) 3,981 4,010 -29 Liquids -21 kbd: decline and higher
downtime, partly offset by growth
Gas -50 mcfd: lower entitlements, partly
offset by higher seasonal demand
Downstream U.S. (161 ) 987 -1,148 Lower margins,
including narrowed crude differentials and the change in
mark-to-market derivative impacts, and higher scheduled maintenance
Non-U.S. (95 ) 1,717 -1,812 Lower margins, including the change in
mark-to-market derivative impacts, and lower divestment gains with
absence of the sale of Augusta refinery / Germany Retail conversion
to branded wholesaler (-888), partly offset by lower scheduled
maintenance
Total (256 ) 2,704
-2,960 Margins -2,060, divestment gains -900
Petroleum Product Sales (kbd) 5,415 5,495 -80
Chemical U.S. 161 282 -121 Lower margins Non-U.S. 357 455
-98 Absence of favorable tax item (-212), partly offset by lower
downtime / maintenance
Total 518 737
-219 Margins -110, downtime / maintenance +80, other
-190 Prime Product Sales (kt) 6,772 6,672 +100 Lower downtime /
maintenance
Corporate and financing
(788 ) (754 ) -34
Cash Flow from
Operations and Asset Sales
Millions of
Dollars 1Q 2019
Comments Net income including noncontrolling interests 2,406
Including $56 million for noncontrolling interests Depreciation
4,571 Changes in working capital 2,257 Including favorable seasonal
payables Other (896) Equity company earnings greater than dividends
Cash Flow from Operating Activities
(U.S. GAAP)
8,338 Asset sales 107
Cash Flow from Operations and Asset
Sales
8,445
First Quarter 2019 Financial Updates
During the first quarter of 2019, Exxon Mobil Corporation
purchased 5 million shares of its common stock for the
treasury at a gross cost of $414 million. These shares were
acquired to offset dilution in conjunction with the company’s
benefit plans and programs. The corporation will continue to
acquire shares to offset dilution in conjunction with its benefit
plans and programs.
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on
April 26, 2019. To listen to the event or access an archived
replay, please visit www.exxonmobil.com.
Cautionary Statement
Outlooks, projections, goals, targets, descriptions of strategic
plans and objectives, and other statements of future events or
conditions in this release are forward-looking statements. Actual
future results, including business and project plans, capacities,
costs, and timing; resource recoveries and production rates; and
the impact of new technologies, including to increase capital
efficiency and production and to reduce greenhouse gas emissions,
could differ materially due to a number of factors. These include
global or regional changes in supply and demand for oil, gas, and
petrochemicals and other market conditions that impact prices and
differentials; reservoir performance; the outcome of exploration
projects and timely completion of development and construction
projects; the impact of fiscal and commercial terms and the outcome
of commercial negotiations or acquisitions; changes in law, taxes,
or regulation including environmental regulations, and timely
granting of governmental permits; war, and other political or
security disturbances; the actions of competitors; the capture of
efficiencies between business lines; unforeseen technical or
operating difficulties; unexpected technological developments; the
ability to bring new technologies to commercial scale on a
cost-competitive basis; general economic conditions including the
occurrence and duration of economic recessions; the results of
research programs; and other factors discussed under the heading
Factors Affecting Future Results on the Investors page of our
website at www.exxonmobil.com and in Item 1A of ExxonMobil’s 2018
Form 10-K. We assume no duty to update these statements as of any
future date.
Frequently Used Terms and Non-GAAP
Measures
This press release includes cash flow from operations and asset
sales. Because of the regular nature of our asset management and
divestment program, we believe it is useful for investors to
consider proceeds associated with the sales of subsidiaries,
property, plant and equipment, and sales and returns of investments
together with cash provided by operating activities when evaluating
cash available for investment in the business and financing
activities. A reconciliation to net cash provided by operating
activities is shown for the first quarter of 2019 on page 6 and for
1Q 2019, 1Q 2018 and 4Q 2018 in Attachment V.
This press release also includes total taxes including
sales-based taxes. This is a broader indicator of the total
tax burden on the corporation’s products and earnings, including
certain sales and value-added taxes imposed on and concurrent with
revenue-producing transactions with customers and collected on
behalf of governmental authorities (“sales-based taxes”). It
combines “Income taxes” and “Total other taxes and duties” with
sales-based taxes, which are reported net in the income
statement. We believe it is useful for the corporation and its
investors to understand the total tax burden imposed on the
corporation’s products and earnings. A reconciliation to total
taxes is shown as part of the Estimated Key Financial and Operating
Data in Attachment I.
References to the resource base and other quantities of oil,
natural gas or condensate may include estimated amounts that are
not yet classified as “proved reserves” under SEC definitions, but
which are expected to be ultimately recoverable. The term
“in-place” refers to those quantities of oil and natural gas
estimated to be contained in known accumulations and includes
recoverable and unrecoverable amounts. The term “project” as used
in this release can refer to a variety of different activities and
does not necessarily have the same meaning as in any government
payment transparency reports. Further information on ExxonMobil’s
frequently used financial and operating measures and other terms
including “Cash flow from operations and asset sales”, and “Total
taxes including sales-based taxes” is contained under the heading
“Frequently Used Terms” available through the “Investors” section
of our website at exxonmobil.com.
Reference to Earnings
References to corporate earnings mean net income attributable to
ExxonMobil (U.S. GAAP) from the consolidated income statement.
Unless otherwise indicated, references to earnings, Upstream,
Downstream, Chemical and Corporate and financing segment earnings,
and earnings per share are ExxonMobil’s share after excluding
amounts attributable to noncontrolling interests.
EHC is a registered trademark of Exxon Mobil Corporation.
Exxon Mobil Corporation has numerous affiliates, many with names
that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For
convenience and simplicity, those terms and terms such as
corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups.
Similarly, ExxonMobil has business relationships with thousands of
customers, suppliers, governments, and others. For convenience and
simplicity, words such as venture, joint venture, partnership,
co-venturer, and partner are used to indicate business and other
relationships involving common activities and interests, and those
words may not indicate precise legal relationships.
Estimated Key Financial and Operating Data
Attachment I Exxon Mobil
Corporation First Quarter 2019 (millions of dollars,
unless noted)
First First Fourth
Quarter Quarter
Quarter
2019 2018
2018 Earnings / Earnings Per Share Total
revenues and other income
63,625 68,211 71,895 Total costs
and other deductions
59,336 60,971 63,774 Income before
income taxes
4,289 7,240 8,121 Income taxes
1,883
2,457 1,915 Net income including noncontrolling interests
2,406 4,783 6,206 Net income attributable to noncontrolling
interests
56 133 206 Net income attributable to ExxonMobil
(U.S. GAAP)
2,350 4,650 6,000 Earnings per common
share (dollars)
0.55 1.09 1.41 Earnings per common
share - assuming dilution (dollars)
0.55 1.09 1.41
Exploration expenses, including dry holes
280 287 555
Other Financial Data Dividends on common stock Total
3,505 3,291 3,502 Per common share (dollars)
0.82
0.77 0.82 Millions of common shares outstanding At period
end
4,231 4,234 4,237 Average - assuming dilution
4,270 4,270 4,270 ExxonMobil share of equity at
period end
191,222 188,195 191,794 ExxonMobil share of
capital employed at period end
234,673 231,282 232,280
Income taxes
1,883 2,457 1,915 Total other taxes and
duties
8,087 8,815 8,473 Total taxes
9,970 11,272
10,388 Sales-based taxes
4,985 5,281 5,444 Total taxes
including sales-based taxes
14,955 16,553 15,832
ExxonMobil share of income taxes of equity
companies
849 740 992
Attachment II
Exxon Mobil Corporation First Quarter 2019 (millions
of dollars)
First First Fourth
Quarter
Quarter Quarter
2019 2018
2018 Earnings (U.S. GAAP) Upstream United
States
96 429 265 Non-U.S.
2,780 3,068 3,048
Downstream United States
(161 ) 319 987 Non-U.S.
(95 ) 621 1,717 Chemical United States
161 503
282 Non-U.S.
357 508 455 Corporate and financing
(788
) (798 ) (754 ) Net income attributable to ExxonMobil
2,350 4,650 6,000
Attachment
III Exxon Mobil Corporation First
Quarter 2019 First First Fourth
Quarter
Quarter Quarter
2019 2018
2018
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil, thousand barrels per day
(kbd)
United States
600 523 583 Canada / Other Americas
454
427 474 Europe
121 145 122 Africa
369 376 376 Asia
746 706 745 Australia / Oceania
37 39 48 Worldwide
2,327 2,216 2,348
Natural gas production available for sale,
million cubic feet per day (mcfd)
United States
2,712 2,576 2,581 Canada / Other Americas
238 211 247 Europe
2,113 2,542 1,943 Africa
7
9 16 Asia
3,655 3,568 3,804 Australia / Oceania
1,199
1,132 1,383 Worldwide
9,924 10,038 9,974
Oil-equivalent production (koebd)1
3,981 3,889 4,010 1
Natural gas converted to an oil-equivalent basis at 6 million cubic
feet per 1 thousand barrels.
Attachment IV Exxon Mobil Corporation
First Quarter 2019 First First Fourth
Quarter Quarter Quarter
2019
2018 2018 Refinery throughput (kbd)
United States
1,373 1,518 1,661 Canada
383 408 408
Europe
1,325 1,495 1,366 Asia Pacific
609 720 670
Other
196 152 193 Worldwide
3,886 4,293 4,298
Petroleum product sales (kbd) United States
2,210 2,128
2,230 Canada
484 484 516 Europe
1,510 1,574 1,474
Asia Pacific
749 795 825 Other
462 451 450 Worldwide
5,415 5,432 5,495 Gasolines, naphthas
2,149
2,215 2,183 Heating oils, kerosene, diesel
1,914 1,828 1,915
Aviation fuels
386 396 376 Heavy fuels
299 346 387
Specialty products
667 647 634 Worldwide
5,415 5,432
5,495
Chemical prime product sales, thousand
metric tons (kt)
United States
2,322 2,391 2,577 Non-U.S.
4,450 4,277
4,095 Worldwide
6,772 6,668 6,672
Attachment V Exxon Mobil
Corporation First Quarter 2019 (millions of dollars)
First First Fourth
Quarter Quarter Quarter
2019 2018 2018
Capital and Exploration Expenditures Upstream United States
2,548 1,248 2,630 Non-U.S.
2,813 2,511 3,620 Total
5,361 3,759 6,250 Downstream United States
414 218
325 Non-U.S.
415 396 541 Total
829 614 866 Chemical
United States
552 343 579 Non-U.S.
144 122 132 Total
696 465 711 Other
4 29 16 Worldwide
6,890 4,867 7,843
Cash flow from operations
and asset sales
Net cash provided by operating activities
(U.S. GAAP)
8,338 8,519 8,607 Proceeds associated with asset sales
107 1,441 884 Cash flow from operations and asset sales
8,445 9,960 9,491
Attachment VI Exxon Mobil Corporation
Earnings $ Millions $
Per Common Share1
2015
First Quarter 4,940 1.17 Second Quarter 4,190 1.00 Third Quarter
4,240 1.01 Fourth Quarter 2,780 0.67 Year 16,150 3.85
2016
First Quarter 1,810 0.43 Second Quarter 1,700 0.41 Third Quarter
2,650 0.63 Fourth Quarter 1,680 0.41 Year 7,840 1.88
2017
First Quarter 4,010 0.95 Second Quarter 3,350 0.78 Third Quarter
3,970 0.93 Fourth Quarter 8,380 1.97 Year 19,710 4.63
2018
First Quarter 4,650 1.09 Second Quarter 3,950 0.92 Third Quarter
6,240 1.46 Fourth Quarter 6,000 1.41 Year 20,840 4.88
2019
First Quarter 2,350 0.55 1 Computed using the average number of
shares outstanding during each period.
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