USA: Second Quarter Results Exxon Mobil Earns $ 4 Billion in Q2 2018 as Key Projects Proceed
Exxon Mobil announced that key projects in Guyana, the US Permian Basin, Brazil, Mozambique and Papua New Guinea are positioning the company well to meet the objectives outlined in the long-term earnings growth plans. This resulted in estimated earnings in the second quarter 2018 earnings of $ 4 billion, compared with $ 3.4 billion a year earlier.
Irving/USA — According to Darren W. Woods, chairman and chief executive officer, second quarter results were primarily impacted by significant scheduled maintenance undertaken to support operational integrity. In addition, while the group was pleased with the return of full production following the PNG earthquake, extended recoveries from first quarter operational incidents in the Downstream were disappointing, the CEO said. However, good progress had been made during the second quarter in fully recovering from these incidents.
Cash flow from operations and asset sales was $ 8.1 billion, including proceeds associated with asset sales of $ 307 million. During the quarter, the corporation distributed $ 3.5 billion in dividends to shareholders. Capital and exploration expenditures were $ 6.6 billion, up 69 % from the prior year, reflecting key investments in Brazil, the US Permian Basin and Indonesia.
The second quarter report statet that oil-equivalent production was 3.6 million barrels per day, down 7 % from the second quarter of 2017. 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. Natural gas volumes decreased 10 %, excluding entitlement effects and divestments, largely due to a continuing shift in US unconventional development from dry gas to liquids and to downtime in Qatar, Australia, and Papua New Guinea.