Exxon Mobil misses by $0.11, misses on revs
Reports Q2 (Jun) earnings of $1.00 per share, $0.11 worse than the Capital IQ Consensus Estimate of $1.11; revenues fell 33.4% year/year to $74.11 bln vs the $75.22 bln consensus
- Downstream and Chemical segment earnings increased significantly from the second quarter of 2014, driven by higher margins, continued strong demand, and the quality of the company's product and asset mix.
- However, higher Downstream and Chemical earnings were more than offset by the impact of weaker Upstream realizations and lower asset management gains
- On an oil-equivalent basis, production increased 3.6 percent from the second quarter of 2014. Liquids production totaled 2.3 mln barrels per day, up 243,000 barrels per day, with project ramp-up and entitlement effects partly offset by field decline. Natural gas production was 10.1 bln cubic feet per day, down 622 mln cubic feet per day from 2014 due to regulatory restrictions in the Netherlands. Project volumes and entitlement effects offset field decline.
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Upstream earnings were $2 bln in the second quarter of 2015, down $5.9 bln from the second quarter of 2014.
- Lower liquids and gas realizations decreased earnings by $4.5 bln, while volume effects increased earnings by $330 mln driven by new developments. All other items decreased earnings by $1.7 bln, including the one-time $260 mln deferred income tax impact related to the tax rate increase in Alberta, Canada, and the absence of prior year asset management gains.
- Downstream earnings were $1.5 bln, up $795 mln from the second quarter of 2014.
- Stronger margins increased earnings by $1.1 bln. Volume and mix effects decreased earnings by $80 mln. All other items, including higher maintenance expenses, decreased earnings by $230 mln. Petroleum product sales of 5.7 mln barrels per day were 104,000 barrels per day lower than the prior year's second quarter.