ExxonMobil’s earnings hit by market conditions
ExxonMobil reported estimated first quarter 2015 earnings of $4.9 billion compared with $9.1 billion a year earlier, which is a 46 percent drop.
“ExxonMobil’s balanced portfolio delivered solid financial results in the quarter,” said Rex W. Tillerson, chairman and chief executive officer. “Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long-term shareholder value.”
During the quarter, ExxonMobil produced 4.2 million oil-equivalent barrels per day, an increase of 97,000 barrels per day over the first quarter of 2014. Volumes were up 2.3 percent, benefiting from new developments in Papua New Guinea, Canada, Angola, Indonesia, and U.S. onshore liquids plays. Field decline and maintenance impacts were mostly offset by higher entitlement volumes.
The company’s natural gas production was 11.8 billion cubic feet per day, down 188 million cubic feet per day from 2014. Project ramp-up and entitlement effects were partly offset by field decline and maintenance activities.
Downstream and Chemical segment earnings were strong across all regions, driven by lower feedstock costs, improved demand, and the company’s competitive product and asset mix.