ExxonMobil increases liquids production

Oil&Gas Materials 31 January 2020 17:05 (UTC +04:00)
ExxonMobil increases liquids production

BAKU, Azerbaijan, Jan.31

By Leman Zeynalova – Trend:

Liquids production by the US-based ExxonMobil Corporation increased by 4 percent in the fourth quarter of 2019, as compared to the same period of 2018, Trend reports citing the company.

This is while its gas production was down by 5 percent quarter-on-quarter, reads a report released by the corporation.

In general, the company’s oil-equivalent production was in line with the fourth quarter of 2018, at 4 million barrels per day.

In the upstream sector, average crude and natural gas realizations were essentially in line with third quarter, according to the report.

“Liquids volumes increased 2 percent from third quarter, on growth and lower scheduled maintenance. Natural gas volumes increased 5 percent driven by seasonal demand. Permian unconventional development continued with production up 54 percent from the fourth quarter of last year,” said the company.

As for the downstream sector, the company’s industry fuels margins were significantly lower than third quarter, reflecting seasonally lower demand and increased supply from reduced industry maintenance.

“Scheduled refinery maintenance was higher in the fourth quarter, including turnarounds at the company’s refineries in Beaumont, Texas, Altona (Australia), Fawley (United Kingdom), Nanticoke (Canada), Sarnia (Canada), and Sriracha (Thailand),” said ExxonMobil.

Exxon Mobil Corporation announced estimated fourth quarter 2019 earnings of $5.7 billion, or $1.33 per share assuming dilution. Earnings included favorable identified items of about $3.9 billion, or $0.92 per share assuming dilution, mainly a $3.7 billion gain from the Norway upstream divestment.

Capital and exploration expenditures were $8.5 billion, including key investments in the Permian Basin.


Follow the author on Twitter:@Lyaman_Zeyn