Earnings included favourable identified items of about $3.9bn, or $0.92 per share assuming dilution, mainly a $3.7bn gain from the Norway upstream divestment. Capital and exploration expenditures were $8.5bn, including key investments in the Permian Basin.
Oil-equivalent production was in line with the fourth quarter of 2018, at four million barrels per day, with a four percent increase in liquids offset by a five percent decrease in gas. Excluding entitlement effects and divestments, liquids production increased two percent driven by Permian Basin growth, while natural gas volumes decreased four percent.
"Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results," said Darren W Woods, chairman and chief executive officer, Exxon Mobil Corporation.
"Growth in demand for the products that underpin our businesses remains strong. We remain focused on improving our base businesses, driving efficiencies, and optimising the value of our investment portfolio."
On the downstream front, industry fuels margins were significantly lower than third quarter, reflecting seasonally lower demand and increased supply from reduced industry maintenance. Scheduled refinery maintenance was higher in the fourth quarter, including turnarounds at the company’s refineries in Beaumont, Texas, Altona (Australia), Fawley (United Kingdom), Nanticoke (Canada), Sarnia (Canada), and Sriracha (Thailand).
On the chemicals sector, margins weakened further during the quarter from already depressed levels, with supply length from recent industry capacity additions and higher feed costs.
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