ExxonMobil earnings down 50% year-over-year

Downstream and chemical results reflect challenging industry margin environments

Darren W Woods, chairman and chief executive officer, Exxon Mobil Corporation.
Darren W Woods, chairman and chief executive officer, Exxon Mobil Corporation.

Exxon Mobil Corporation announced estimated first quarter 2019 earnings of $2.4bn, or $0.55 per share assuming dilution, compared with $4.7bn a year earlier.

Cash flow from operations and asset sales was $8.4bn, including proceeds associated with asset sales of $107mn. During the quarter, the company distributed $3.5bn in dividends to shareholders. Capital and exploration expenditures were $6.9bn, up 42% from the prior year, reflecting key investments in the US Permian Basin.

Oil-equivalent production was four million barrels per day, up 2% from the first quarter of 2018. Excluding entitlement effects and divestments, oil-equivalent production was up 3% from the first quarter of 2018. Upstream liquids production grew by 5% compared with the first quarter of 2018, driven by Permian unconventional growth of nearly 140%.

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.”

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