Exxon 4Q earnings down 21 pct. Full year in line with 2013
Exxon Mobil Corporation has today said its fourth quarter 2014 earnings were $6.6 billion, down from $8.4 billion in the fourth quarter of 2013. That is a drop of 21 percent.
Lower oil prices in the Upstream and higher planned maintenance costs in the Downstream were partially offset by improved Chemical margins. The company has also said that ccurrent period results were favorably impacted by approximately $1 billion of non-cash effects that included U.S. deferred income tax items and the recognition of a favorable arbitration ruling for expropriated Venezuela assets.
Capital and exploration expenditures were $10.5 billion, up 5 percent from the fourth quarter of 2013.
Full year at $32.5B
The company’s estimated full-year 2014 earnings of $32.5 billion compared with $32.6 billion a year earlier.
“ExxonMobil’s results illustrate the value of our proven business model that integrates upstream, downstream, and chemical businesses,” said Rex W. Tillerson, chairman and chief executive officer. “Our balanced portfolio uniquely positions ExxonMobil to deliver superior results throughout the commodity price cycle.”
ExxonMobil has said that in 2014 it completed a record eight major Upstream projects during the year, including the Papua New Guinea liquefied natural gas project, Lucius (ExxonMobil 15%) in the Gulf of Mexico and Arkutun Dagi in Russia. Exxon Mobil achieved its full-year plan to produce 4 million oil-equivalent barrels per day.
During 2014, the corporation distributed $23.6 billion to shareholders in the form of dividends and share purchases to reduce shares outstanding, resulting in a total shareholder distribution yield of 5.4 percent.