Exxon Mobil 1Q earnings down 46 pct

Exxon Mobil Corporation, a U.S.-based oil major, today announced estimated first quarter 2015 earnings of $4.9 billion, a 46 percent drop compared with $9.1 billion a year earlier.

The U.S. Upstream operations recorded a loss of $52 million, down $1.3 billion from the first quarter of 2014. Non-U.S. Upstream earnings were $2.9 billion, down $3.6 billion from the prior year.

“ExxonMobil’s balanced portfolio delivered solid financial results in the quarter,” said Rex W. Tillerson, chairman and chief executive officer. “Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long-term shareholder value.”

During the quarter, ExxonMobil produced 4.2 million oil-equivalent barrels per day, an increase of 97,000 barrels per day over the first quarter of 2014. Volumes were up 2.3 percent, benefiting from new developments in Papua New Guinea, Canada, Angola, Indonesia, and U.S. onshore liquids plays. Field decline and maintenance impacts were mostly offset by higher entitlement volumes.

Exxon Mobil said that downstream and Chemical segment earnings were strong across all regions, driven by lower feedstock costs, improved demand, and the company’s competitive product and asset mix.

Capital and exploration expenditures were $7.7 billion, down 9 percent from the first quarter of 2014, in line with plan.

 

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