ExxonMobil Earnings Drop in 2013

ExxonMobil said on Thursday that the company’s earnings in 2013 were at $32.6 billion, down 27% from 2012.

ExxonMobil’s fourth quarter earnings were $8.4 billion, a drop of 16% compared to the fourth quarter of 2012.

Natural gas production of 11,836 mcfd decreased 486 mcfd from 2012. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 1.5%, as field decline was partially offset by higher demand, lower downtime, and project ramp-up, the company said in a statement.

Rex W. Tillerson, chairman and chief executive officer of ExxonMobil said:

“ExxonMobil delivered strong business results in 2013 while remaining focused on improving profitability and long-term shareholder value. Disciplined use of capital, project execution and asset management are positioning the company to deliver sustained superior financial performance across the business cycle. Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses.

“Capital and exploration expenditures were $9.9 billion in the fourth quarter and $42.5 billion for the year, including $4.3 billion for acquisitions.

“In 2013, the Corporation distributed $26 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

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LNG World News Staff, January 30, 2014