ExxonMobil Profit Slightly Up. Upstream Earnings Down

U.S. oil supermajor, ExxonMobil, today reported its net income for the 1st quarter 2013 of $9,5 billion, which is a 1% or ,in dollars, a $50 million increase when compared to the earnings from the same period in 2012.

The company’s Upstream earnings were $7,03 billion in the first quarter of 2013, down $765 million from the first quarter of 2012.

Lower liquids realizations, partially offset by improved natural gas realizations, decreased earnings by $230 million. Production volume and mix effects reduced earnings by $280 million.

All other items, including higher operating  expenses, decreased earnings by $250 million. On an oil-equivalent basis, production decreased 3.5% from the first quarter of 2012.

Exxon’s capital and exploration expenditures for the first quarter were $11.8 billion, including $3.1 billion for the acquisition of Celtic Exploration Ltd.

The company’s chairman Rex W. Tillerson said : “ExxonMobil achieved strong results during the first quarter of 2013, while investing  significantly to develop new energy supplies. ExxonMobil’s financial performance  enables continued investment to deliver the energy needed to help meet growing  demand, support economic growth, and raise living standards around the world.”