Exxon Mobil misses by $0.01, misses on revs
Reports Q4 (Dec) earnings of $1.91 per share, $0.01 worse than the Capital IQ Consensus Estimate of $1.92; revenues fell 3.3% year/year to $110.86 bln vs the $114.94 bln consensus.
Downstream earnings were $916 mln, down $852 mln from Q4 of 2012. Weaker margins, mainly in refining, decreased earnings by $680 mln. Volume and mix effects increased earnings by $110 mln. All other items, including higher operating expenses and unfavorable foreign exchange impacts, decreased earnings by $280 mln. Petroleum product sales of 5,994 kbd were 114 kbd lower than last year's Q4.
- Oil-equivalent production decreased 1.8% from the fourth quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat, with liquids volumes up 3.0%.
- Statoil and ExxonMobil announced the fifth discovery in Block 2 offshore Tanzania. The discovery of an additional 2-3 trillion cubic feet of natural gas in place in the Mronge-1 well brings the total gas resource estimate to 17-20 trillion cubic feet.
- The Alaska LNG project announced selection of a lead site for the liquefied natural gas plant in the Nikiski area on the Kenai Peninsula. Together with the ongoing multi-year summer field work, this is a key step forward for the project and continued progress toward building Alaska's energy future.
Downstream earnings were $916 mln, down $852 mln from Q4 of 2012. Weaker margins, mainly in refining, decreased earnings by $680 mln. Volume and mix effects increased earnings by $110 mln. All other items, including higher operating expenses and unfavorable foreign exchange impacts, decreased earnings by $280 mln. Petroleum product sales of 5,994 kbd were 114 kbd lower than last year's Q4.