Exxon Mobil Corporation today announced estimated second quarter 2019 earnings of $3.1 billion, or $0.73 per share assuming dilution, compared with $4 billion a year earlier. Earnings included a favorable identified item of about $500 million, or $0.12 per share assuming dilution, reflecting the impact of a tax rate change in Alberta, Canada.
Capital and exploration expenditures were $8.1 billion, up 22 percent from the prior year, reflecting key investments in the Permian Basin.
Oil-equivalent production was 3.9 million barrels per day, up 7 percent from the second quarter of 2018. Liquids production increased 8 percent driven by Permian Basin growth and reduced downtime, with limited impact from entitlement effects and divestments. Natural gas volumes increased 5 percent, excluding entitlement effects and divestments.
“We continue to make significant progress toward delivering our long-term growth plans,” said Darren W. Woods, ExxonMobil chairman and chief executive officer.
“Our new U.S. Gulf Coast steam cracker is exceeding design capacity by 10 percent, less than a year after startup. Our upstream liquids production increased by 8 percent from last year, driven by growth in the Permian Basin, and we are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than 6 billion oil-equivalent barrels.”
Second Quarter 2019 Business Highlights
Upstream
Average crude prices were stronger than first quarter, while natural gas prices declined with supply length and crude-linked LNG lag effects.
Liquids volumes increased with unconventional growth and ramp-up at Hebron, partly offset by the impacts of higher planned maintenance.
Natural gas volumes were down from the first quarter due to weaker seasonal gas demand in Europe.
Permian unconventional development continued with production up over 20 percent from the first quarter and up nearly 90 percent from the second quarter of last year.
Downstream
Industry fuels margins, while remaining under pressure during the second quarter, improved from very low levels in the first quarter on stronger gasoline margins, mainly in the U.S.
Planned maintenance activity remained at a high level during the quarter, as the company successfully completed a significant turnaround at its Joliet, Illinois, refinery in the U.S. mid-continent region. Results were also impacted by unscheduled downtime at refineries in Baytown, Texas, Sarnia (Canada), and Yanbu (Saudi Arabia).
Chemical
Paraxylene margins weakened during the quarter with lengthening supply from recent industry capacity additions.
Results were impacted by a significant increase in turnaround activity during the second quarter.
Production at the new ethane steam cracker in Baytown, Texas, successfully increased to exceed design capacity by 10 percent.
Source / More : ExxonMobil
The Board of Directors of Exxon Mobil Corporation (NYSE:XOM) declared a cash dividend of $0.87 cents per share on the Common Stock, payable on September 10, 2019 to shareholders of record of Common Stock at the close of business on August 13, 2019.