U.S.-based oil major ExxonMobil on Friday posted its first quarter 2016 earnings totalling $1.8 billion, a decrease of 63% compared with $4.9 billion a year earlier. The company’s capex was down 33%.
In its 1Q report on Friday, the company said that the impacts of sharply lower commodity prices and weaker refining margins were partly offset by strong Chemical results.
“The organization continues to respond effectively to challenging industry conditions, capturing enhancements to operational performance and creating margin uplift despite low prices,” said Rex W. Tillerson, chairman and chief executive officer.
“The scale and integrated nature of our cash flow provide competitive advantage and support consistent strategy execution.”
The U.S. Upstream operations recorded a loss of $832 million, compared to a loss of $52 million in the first quarter of 2015. Non-U.S. Upstream earnings were $756 million, down $2.2 billion from the prior year.
ExxonMobil’s total Upstream volumes increased to 4.3 million oil-equivalent barrels per day, while capital and exploration expenditures were reduced 33 percent to $5.1 billion.
Offshore Energy Today Staff