Higher oil prices more than double ExxonMobil profit

U.S. oil major ExxonMobil saw a 122 percent increase in its first quarter 2017 earnings, compared to those recorded in the prior-year quarter, boosted by higher oil prices. 

The oil major on Friday posted earnings of $4 billion for 1Q 2017, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations.

Darren W. Woods, chairman and chief executive officer, said: “Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently.”

Upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of 4 percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.

Upstream earnings of $2.3 billion improved on higher liquids and gas realizations, compared to a loss of $76 million in the first quarter of 2016.

Oil-equivalent production was 4.2 million oil-equivalent barrels per day, down 4 percent from the prior year. Excluding entitlement effects and divestments, oil-equivalent production was down 1 percent from the prior year.

Natural gas production of 10.9 billion cubic feet per day increased 184 million cubic feet per day from 2016 as project ramp-up was partly offset by field decline.

Capital and exploration expenditures totaled $4.2 billion as the company advanced investments across its integrated businesses, down 19 percent from the first quarter of 2016.

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply