EXXON 3RD Q RESULTS
THIRD QUARTER HIGHLIGHTS
- Earnings of $8,070 million increased $200 million or 3 percent from the third quarter of 2013.
- Earnings per share (assuming dilution) were $1.89, an increase of 6 percent.
- Capital and exploration expenditures were $9.8 billion, down 7 percent from the third quarter of 2013.
- Oil-equivalent production decreased 4.7 percent from the third quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 1 percent, with liquids up 0.6 percent and gas down 2.9 percent.
- Cash flow from operations and asset sales was $12.5 billion, including proceeds associated with asset sales of $0.1 billion.
- The Corporation distributed $5.9 billion to shareholders in the third quarter of 2014, including $3 billion in share purchases to reduce shares outstanding.
- Dividends per share of $0.69 increased 9.5 percent compared with the third quarter of 2013.
- ExxonMobil entered into a second nonmonetary exchange agreement with LINN Energy, LLC to add 17,800 net acres in the Permian Basin to its U.S. oil and natural gas portfolio, managed by its subsidiary XTO Energy, Inc. This agreement, coupled with the first nonmonetary exchange that closed during the quarter, extends XTO's leasehold position across the entire Permian Basin to more than 1.5 million acres and net oil-equivalent production to more than 95,000 barrels per day.
- ExxonMobil announced the startup of the Tapis enhanced oil recovery (EOR) project, which is Malaysia's first large-scale enhanced oil recovery project and will utilize the immiscible water-alternating-gas process to increase overall field recovery. The project exemplifies ExxonMobil's leadership in technology application and global project
- execution to maximize reserves recovery from producing fields.
FIRST NINE MONTHS HIGHLIGHTS
- Earnings were $25,950 million, up $1,720 million, or 7 percent from the first nine months of 2013.
- Earnings per share increased 11 percent to $6.04.
- Capital and exploration expenditures were $28.1 billion, down 14 percent from the first nine months of 2013.
- Oil-equivalent production decreased 5.3 percent from 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2 percent.
- Upstream per-barrel profitability, excluding noncontrolling interest volumes, increased 17 percent to $21.03 from full year 2013.
- Cash flow from operations and asset sales was $41.5 billion, including proceeds associated with asset sales of $3.8 billion, fully covering net investments and shareholder distributions.
- The Corporation distributed $17.6 billion to shareholders in the first nine months of 2014 through dividends and share purchases to reduce shares outstanding.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.