ExxonMobil second quarter profit cut in half

Exxon Mobil Corporation, an American oil and gas corporation, Friday announced estimated second quarter 2015 earnings of $4.2 billion, compared with $8.8 billion in the same period a year earlier.

The U.S. Upstream operations recorded a loss of $47 million, down $1.2 billion from the second quarter of 2014. Non-U.S. Upstream earnings were $2.1 billion, down $4.6 billion from the prior year.

“We are delivering on our investment and operating commitments across ExxonMobil’s integrated portfolio,” said Rex W. Tillerson, chairman and chief executive officer.

“Our quarterly results reflect the disparate impacts of the current commodity price environment, but also demonstrate the strength of our sound operations, superior project execution capabilities, as well as continued discipline in capital and expense management.”

ExxonMobil produced 4 million oil-equivalent barrels per day, an increase of 139,000 barrels per day, or 3.6 percent. Liquids volumes of 2.3 million barrels per day increased 11.9 percent, benefiting from new developments in Angola, Canada, Indonesia and the United States.

Lower liquids and gas realizations decreased earnings by $4.5 billion, while volume effects increased earnings by $330 million driven by new developments. All other items decreased earnings by $1.7 billion, including the one-time $260 million deferred income tax impact related to the tax rate increase in Alberta, Canada, and the absence of prior year asset management gains.

According to Exxon, capital and exploration expenditures were $8.3 billion, down 16 percent from the second quarter of 2014.

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