Exxon Mobil beats by $0.08, misses on revs; Earnings rise 122% year/year to $4.0 bln with solid results from all segments (81.26)
- Reports Q1 (Mar) earnings of $0.95 per share, $0.08 better than the Capital IQ Consensus of $0.87; revenues rose 29.9% year/year to $63.29 bln vs the $64.88 bln Capital IQ Consensus.
Upstream:
- Upstream earnings were $2.3 bln, compared to a loss of $76 mln in the first quarter of 2016
- Upstream volumes were 4.2 mln oil-equivalent barrels per day, a decline of 4 percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance
- Higher liquids and gas realizations increased earnings by $2.3 bln. Lower volume and mix effects decreased earnings by $150 mln
- All other items increased earnings by $170 mln primarily as a result of lower expenses.
- On an oil-equivalent basis, production decreased 4% from the first quarter of 2016
- Liquids production of 2.3 mln barrels per day decreased 205,000 barrels per day due to lower entitlements and higher maintenance activity mainly in Canada and Nigeria
- Natural gas production of 10.9 bln cubic feet per day increased 184 mln cubic feet per day from 2016 as project ramp-up was partly offset by field decline.
- U.S. Upstream earnings were a loss of $18 mln, compared to a loss of $832 mln in the first quarter of 2016. Non-U.S.
- Upstream earnings were $2.3 bln, up $1.5 bln from the prior year.
Downstream:
- Downstream earnings were $1.1 bln, up $210 mln from the first quarter of 2016
- Higher margins increased earnings by $10 mln
- Volume and mix effects increased earnings by $160 mln
- All other items increased earnings by $40 mln
- Petroleum product sales of 5.4 mln barrels per day were 61,000 barrels per day higher than last year's first quarter
- Earnings from the U.S. Downstream were $292 mln, up $105 mln from the first quarter of 2016
- Non-U.S. Downstream earnings of $824 mln were $105 mln higher than last year
Chemical earnings of $1.2 bln were $184 mln lower than the first quarter of 2016. Weaker margins decreased earnings by $70 mln