ExxonMobil Corp. put its oil-equivalent production at 3.6 million b/d for the second quarter, a 7% drop from a year ago.
Darren W. Woods, chairman and chief executive officer, said, “Key projects in Guyana, the US Permian basin, Brazil, Mozambique, and Papua New Guinea are positioning us well to meet the objectives we outlined in our long-term earnings growth plans.”
Excluding entitlement effects and divestments, liquids production increased as growth in the Permian and Bakken in the US and Hebron in Canada “more than offset” decline and higher downtime driven by scheduled maintenance, the company said.
US tight oil growth in the Permian and Bakken continued, reaching over 250,000 boe/d in the second quarter, an increase of 30% from the same period last year. Hebron field in Canada increased to 25,000 boe/d in the second quarter.
The company’s natural gas volumes decreased 10% for the quarter, excluding entitlements and divestments.
The volumes were impacted by lower seasonal demand in Europe, near-term shifting of investments in US unconventionals from gas to liquids, and downtime in LNG operations, notably in Qatar, the company said.
Production at Papua New Guinea returned to normal operations in April and reached record daily LNG production rates in June. Second quarter volume loss associated with the earthquake recovery was 17,000 boe/d.
The company estimated its second quarter earnings at $4 billion compared with $3.4 billion a year earlier. Cash flow from operations and asset sales was $8.1 billion, including proceeds associated with asset sales of $307 million.
Capital and exploration expenditures were $6.6 billion, up 69% from the prior year, reflecting investments in Brazil, the US Permian basin, and Indonesia.
