Exxon Mobil Corp. reported estimated first-quarter earnings of $2.4 billion, down from $4.7 billion a year earlier. Cash flow from operations and asset sales was $8.4 billion, including proceeds associated with asset sales of $107 million. Capital and exploration expenditures were $6.9 billion, up 42% from the prior year, reflecting investments in the US Permian basin, the company noted in a press statement.
Oil-equivalent production was 4 million b/d, up 2% from last year’s first quarter. Excluding entitlement effects and divestments, oil-equivalent production was up 3% from the time period a year ago. Upstream liquids production grew by 5% compared with last year’s first quarter, driven by Permian unconventional growth of nearly 140%.