Exxon Mobil today reported its 2Q 2014 earnings of $8,780 million, an increase of $1,920 million or 28 percent from the second quarter of 2013.
Earnings per share (assuming dilution) were $2.05, an increase of 32 percent. Capital and exploration expenditures were $9.8 billion, down 4 percent from the second quarter of 2013. Oil-equivalent production decreased 5.7 percent from the second quarter of 2013 excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.3 percent.
ExxonMobil chairman Rex W. Tillerson said: “ExxonMobil’s financial results were achieved through strong operational performance and portfolio management. We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases.
Upstream production for the year remains in line with plans and we continue to add volumes from our high-quality development portfolio through assets such as the Papua New Guinea LNG project, which started up ahead of schedule during the quarter.”
Upstream earnings were $7,881 million in the second quarter of 2014, up $1,576 million from the second quarter of 2013. Higher realizations increased earnings by
$580 million. Lower production volumes and sales timing impacts decreased earnings by $200 million. All other items, primarily asset management impacts in Hong Kong, increased earnings by $1.2 billion.
Liquids production totaled 2,048 kbd (thousands of barrels per day), down 134 kbd from the second quarter of 2013. The Abu Dhabi onshore concession expiry reduced
volumes by 142 kbd. Excluding this impact, liquids production was up slightly as project ramp-up and work programs more than offset field decline.
Second quarter natural gas production was 10,750 mcfd (millions of cubic feet per day), down 604 mcfd from 2013, primarily due to lower demand and field decline.
Earnings from U.S. Upstream operations were $1,193 million, $97 million higher than the second quarter of 2013. Non-U.S. Upstream earnings were $6,688 million, up
$1,479 million from the prior year.
Downstream earnings were $711 million, up $315 million from the second quarter of 2013. Weaker refining margins decreased earnings by $330 million. Volume and mix effects increased earnings by $280 million. All other items, including asset management impacts and lower operating expenses, increased earnings by
$370 million. Petroleum product sales of 5,841 kbd were 76 kbd higher than last year’s second quarter.
Earnings from the U.S. Downstream were $536 million, up $288 million from the second quarter of 2013. Non-U.S. Downstream earnings of $175 million were $27 million higher than last year.
Chemical earnings of $841 million were $85 million higher than the second quarter of 2013. Margins were flat as improved commodities were offset by weaker specialties. Volume and mix effects increased earnings by $60 million. Second quarter prime product sales of 6,139 kt (thousands of metric tons) were 308 kt higher than last year’s second quarter, driven by increased Singapore production.
Corporate and financing expenses were $653 million for the second quarter of 2014, up $56 million from the second quarter of 2013.