ExxonMobil first-quarter earnings plunge $3.1 billion

ExxonMobil Corp. posted first-quarter earnings of $1.8 billion compared with $4.9 billion a year earlier. The impacts of sharply lower commodity prices and weaker refining margins were partly offset by strong chemical results.  

Upstream earnings declined $2.9 billion from first-quarter 2015 to a loss of $76 million. Lower liquids and gas realizations decreased earnings by $2.6 billion, the firm says.

Production increased 1.8% from the year-ago period. Liquids production totaled 2.5 million boe/d, up 261,000 boe/d, while natural gas production was 10.7 bcfd, down 1.1 billion cu ft/d from 2015. Project ramp-up was partly offset by regulatory restrictions in the Netherlands, field decline, and asset management impacts.

US upstream operations recorded a loss of $832 million, compared with a loss of $52 million in first-quarter 2015. Non-US upstream earnings were $756 million, down $2.2 billion from the prior year.

Downstream earnings were $906 million, down $761 million year-over-year. Weaker margins decreased earnings by $860 million, ExxonMobil says. Volume and mix effects increased earnings by $10 million. All other items, primarily favorable foreign exchange effects, increased earnings by $90 million.  

Earnings from US downstream were $187 million, down $380 million year-over-year. Non-US downstream earnings of $719 million were $381 million lower than last year.

Chemical earnings of $1.4 billion were $373 million higher than the first-quarter 2015. Improved margins increased earnings by $250 million. Favorable volume and mix effects increased earnings by $80 million. All other items, primarily lower expenses, increased earnings by $40 million.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...