>>> Exxon Mobil beats by $0.34, beats on revs

Exxon Mobil beats by $0.34, beats on revs

Reports Q1 (Mar) earnings of $1.17 per share, excluding non-recurring items, $0.34 better than the Capital IQ Consensus Estimate of $0.83; revenues fell 36.4% year/year to $67.62 bln vs the $63.68 bln consensus.
  • During the quarter, ExxonMobil produced 4.2 mln oil-equivalent barrels per day, an increase of 97,000 barrels per day over the first quarter of 2014. Volumes were up 2.3%, benefiting from new developments in Papua New Guinea, Canada, Angola, Indonesia, and U.S. onshore liquids plays. Field decline and maintenance impacts were mostly offset by higher entitlement volumes
Upstream earnings were $2.9 bln in the first quarter of 2015, down $4.9 bln from the first quarter of 2014. Lower liquids and gas realizations decreased earnings by $5.5 bln. Higher volumes and mix effects increased earnings by $340 mln, reflecting growth from new developments. All other items, including favorable tax effects, increased earnings by $250 mln.
  • The U.S. Upstream operations recorded a loss of $52 million, down $1.3 billion from the first quarter of 2014. Non-U.S. Upstream earnings were $2.9 billion, down $3.6 billion from the prior year.
  • On an oil-equivalent basis, production increased 2.3 percent from the first quarter of 2014. Liquids production totaled 2.3 mln barrels per day, up 129,000 barrels per day, while natural gas production was 11.8 bln cubic feet per day, down 188 mln cubic feet per day from 2014. Project ramp-up and entitlement effects were partly offset by field decline and maintenance activities.
Downstream earnings were $1.7 bln, up $854 mln from the first quarter of 2014. Stronger margins increased earnings by $1 bln. Volume and mix effects increased earnings by $70 mln. All other items, primarily higher maintenance expense, decreased earnings by $260 mln. Petroleum product sales of 5.8 mln barrels per day were flat with the prior year's first quarter. Downstream earnings were $1.7 billion, up $854 million from the first quarter of 2014. Stronger margins increased earnings by $1 billion.