ExxonMobil: First-quarter earnings reach $4 billion

April 28, 2017
ExxonMobil Corp. today announced estimated first quarter 2017 earnings of $4 billion compared with $1.8 billion a year earlier. The supermajor attributed the earnings jump to improvements in commodity prices, cost management, and refining operations.

ExxonMobil Corp. today announced estimated first quarter 2017 earnings of $4 billion compared with $1.8 billion a year earlier. The supermajor attributed the earnings jump to improvements in commodity prices, cost management, and refining operations.

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

The company’s upstream volumes were 4.2 million boe/d, a decline of 4% compared with the previous year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.

Upstream earnings were $2.3 billion compared with a loss of $76 million in first-quarter 2016. Upstream earnings improved on higher liquids and gas realizations.

US upstream earnings were a loss of $18 million compared with a loss of $832 million in first-quarter 2016. Non-US upstream earnings were $2.3 billion, up $1.5 billion from the previous year.

Downstream earnings reached $1.1 billion, up $210 million from first-quarter 2016, benefitting from increased refinery throughput. Chemical earnings of $1.2 billion were impacted primarily by lower margins.

Capital and exploration expenditures totaled $4.2 billion, down 19% from first-quarter 2016.