Exxon Mobil beats by $0.03, misses on revs
- Reports Q3 (Sep) earnings of $0.63 per share, $0.03 better than the Capital IQ Consensus of $0.60; revenues fell 12.9% year/year to $58.68 bln vs the $60.6 bln Capital IQ Consensus
- Earnings results reflect lower refining margins and commodity prices
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Upstream earnings were $620 million in the third quarter of 2016, down $738 million from the third quarter of 2015
- Lower liquids and gas realizations decreased earnings by $880 million, while volume and mix effects increased earnings by $80 million
- All other items, including lower expenses partly offset by unfavorable foreign exchange effects, increased earnings by $60 million
- On an oil-equivalent basis, production was down compared with the third quarter of 2015
- Volumes for the quarter declined 3% to 3.8 million oil-equivalent barrels per day compared with a year ago, due to unplanned downtime, primarily in Nigeria, and field decline partially offset by increased production from recent project start-ups.
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Downstream earnings were $1.2 billion, down $804 million from the third quarter of 2015
- Weaker margins, mainly in refining, decreased earnings by $1.6 billion while favorable volume and mix effects increased earnings by $170 million
- All other items increased earnings by $580 million, including lower maintenance expenses and gains from divestments in Canada
- Petroleum product sales of 5.6 million barrels per day were 203,000 barrels per day lower than the prior year mainly due to divestment of the Torrance, California, and Chalmette, Louisiana, refineries