Exxon Mobil misses by $0.08, beats on revs (80.83)
- Reports Q2 (Jun) earnings of $0.78 per share, $0.08 worse than the Capital IQ Consensus of $0.86; revenues rose 9.0% year/year to $62.88 bln vs the $61.35 bln Capital IQ Consensus
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Upstream:
- Upstream earnings were $1.2 billion in the second quarter of 2017, up $890 million from the second quarter of 2016, as realizations increased
- On an oil-equivalent basis, production decreased 1% from the second quarter of 2016. Liquids production totaled 2.3 million barrels per day, down 61,000 barrels per day as field decline and lower entitlements were partly offset by increased project volumes and work programs
- Natural gas production was 9.9 billion cubic feet per day, up 158 million cubic feet per day from 2016 as project ramp-up, primarily in Australia, was partly offset by field decline and lower demand.
- Higher liquids and gas realizations increased earnings by $890 million. Lower liquids volume and mix effects decreased earnings by $260 million due to lower sales from timing of liftings. Higher gas volumes and mix effects increased earnings by $120 million
- All other items, including lower expenses, increased earnings by $140 million. On an oil-equivalent basis, production decreased 1 percent from the second quarter of 2016
- Liquids production totaled 2.3 million barrels per day, down 61,000 barrels per day as field decline and lower entitlements were partly offset by increased project volumes and work programs. Natural gas production was 9.9 billion cubic feet per day, up 158 million cubic feet per day from 2016 as project ramp-up, primarily in Australia, was partly offset by field decline and lower demand
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Downstream:
- Downstream earnings were $1.4 billion, up $560 million from the second quarter of 2016, on improved refining margins and higher refinery volumes.
- Higher margins increased earnings by $220 million, while favorable volume and mix effects increased earnings by $90 million
- All other items increased earnings by $250 million, including asset management gains, favorable foreign exchange impacts, and lower turnaround expenses
- Petroleum product sales of 5.6 million barrels per day were 58,000 barrels per day higher than last year's second quarter
- Chemical earnings of $985 million were $232 million lower than the second quarter of 2016. Weaker margins decreased earnings by $40 million. Volume and mix effects decreased earnings by $50 million
- All other items decreased earnings by $140 million primarily due to higher turnaround expenses
- Second quarter prime product sales of 6.1 million metric tons were 190,000 metric tons lower than the prior year
Cash flow from operating activities covered second quarter dividends and additions to property, plant and equipment
Co said, "These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals."
Co said, "These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals."