ExxonMobil Corp. reported estimated 2018 earnings of $20.8 billion compared with $19.7 billion a year earlier. Excluding US tax reform and asset impairments, earnings were $21 billion compared with $15.3 billion in 2017. Cash flow from operations and asset sales was $40.1 billion, including proceeds associated with asset sales of $4.1 billion. Capital and exploration expenditures were $25.9 billion, including incremental spend to accelerate value capture. The company’s full-year cash flow from operating activities—$36 billion—is its highest since 2014.
Fourth-quarter 2018 earnings were $6 billion compared with $8.4 billion in the prior-year’s last quarter. Earnings excluding US tax reform and impairments were $6.4 billion compared with $3.7 billion in the prior-year quarter.
Production for the quarter increased to 4.01 million boe/d, up 4% from the 3.9 million boe/d reported in fourth-quarter 2017, driven by growth in the Permian basin where the company plans to triple total daily production by 2025 (OGJ Online, Jan. 30, 2018). Meanwhile, the tenth discovery offshore Guyana increased Stabroek resource estimates to more than 5 billion bbl (OGJ Online, Dec. 3, 2018).