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ExxonMobil Announces Q4 Results

Gasoil News - Published on Thu, 13 Feb 2020

Image Source: Exxon Mobil
Exxon Mobil Corporation announced estimated fourth quarter 2019 earnings of USD 5.7 billion. Earnings included favorable identified items of about USD 3.9 billion, mainly a USD 3.7 billion gain from the Norway upstream divestment. Capital and exploration expenditures were USD 8.5 billion, including key investments in the Permian Basin. Oil-equivalent production was in line with the fourth quarter of 2018, at 4 million barrels per day, with a 4 percent increase in liquids offset by a 5 percent decrease in gas. Excluding entitlement effects and divestments, liquids production increased 2 percent driven by Permian Basin growth, while natural gas volumes decreased 4 percent.

Fourth Quarter 2019 Business Highlights

Upstream
Average crude and natural gas realizations were essentially in line with third quarter.
Liquids volumes increased 2 percent from third quarter, on growth and lower scheduled maintenance. Natural gas volumes increased 5 percent driven by seasonal demand.
Permian unconventional development continued with production up 54 percent from the fourth quarter of last year.

Downstream
Industry fuels margins were significantly lower than third quarter, reflecting seasonally lower demand and increased supply from reduced industry maintenance.
Scheduled refinery maintenance was higher in the fourth quarter, including turnarounds at the company’s refineries in Beaumont, Texas, Altona (Australia), Fawley (United Kingdom), Nanticoke (Canada), Sarnia (Canada), and Sriracha (Thailand).

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Posted By : Yogender Pancholi on Thu, 13 Feb 2020
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