Exxon Mobil beats by $0.03, beats on revs
- Reports Q4 (Dec) earnings of $0.67 per share, $0.03 better than the Capital IQ Consensus of $0.64; revenues fell 31.5% year/year to $59.81 bln vs the $55.29 bln Capital IQ Consensus
- Higher Downstream and Chemical earnings were offset by sharply lower commodity prices in the Upstream
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U.S. Upstream earnings declined $2 bln from the fourth quarter of 2014 to a loss of $538 mln in the fourth quarter of 2015
- Non-U.S. Upstream earnings were $1.4 bln, down $2.6 bln from the prior year
- Downstream earnings were $1.4 bln, up $854 mln from the fourth quarter of 2014
- Stronger margins and favorable volume and mix effects increased earnings by $610 mln and $70 mln, respectively.
- Oil-equivalent production increased 4.8% from the fourth quarter of 2014, with liquids up 14% and natural gas down 5.6%
- Cash flow from operations and asset sales was $5.1 bln, including proceeds associated with asset sales of $785 mln
- On an oil-equivalent basis, production increased 4.8 percent from the fourth quarter of 2014
- Liquids production totaled 2.5 mln barrels per day, up 299,000 barrels per day
- Project ramp-up, work programs and entitlement effects were partly offset by field decline
- Natural gas production was 10.6 bln cubic feet per day, down 631 mln cubic feet per day from 2014 due to regulatory restrictions in the Netherlands and field decline, partly offset by entitlement effects