ExxonMobil Earnings Down in Q1

ExxonMobil said its earnings in the first quarter of this year dropped 4 percent, compared to the first quarter of 2013.

“ExxonMobil’s first quarter earnings and cash flow reflect the company’s continuing focus on delivering profitable growth and creating long-term shareholder value. Strong performance in the Upstream benefitted from improved production mix and increased unit profitability,” ExxonMobil Chairman Rex. W. Tillerson said.

“First quarter 2014 earnings were $9.1 billion, down 4 percent from the first quarter of 2013. Upstream earnings were $7.8 billion, up 11 percent from the previous year.

“Capital and exploration expenditures for the first quarter were $8.4 billion, down 28 percent from the first quarter of 2013,” Tillerson concluded.

First quarter natural gas production was 12,016 mcfd, down 1,197 mcfd from 2013, primarily due to lower demand, the company said in a statement.