ExxonMobil Announce Earnings of $20.8 Billion in 2018

Posted On February 1st, 2019 - 4:05 pm | by Oil and gas press

Exxon Mobil Corporation today announced estimated 2018 earnings of $20.8 billion, or $4.88 per share assuming dilution, compared with $19.7 billion a year earlier.

Excluding U.S. tax reform and asset impairments, earnings were $21 billion, compared with $15.3 billion in 2017. Cash flow from operations and asset sales was $40.1 billion, including proceeds associated with asset sales of $4.1 billion. Capital and exploration expenditures were $25.9 billion, including incremental spend to accelerate value capture.

Fourth quarter 2018 earnings were $6 billion, or $1.41 per share assuming dilution, compared with $8.4 billion in the prior-year quarter. Earnings excluding U.S. tax reform and impairments were $6.4 billion, compared with $3.7 billion in the prior-year quarter.

“Strong results during a period of commodity price volatility demonstrate ExxonMobil’s ability to deliver superior cash flow in different market environments,” said Darren W. Woods, chairman and chief executive officer.

“Our continued focus on long-term fundamentals and portfolio improvements position us well to grow shareholder value. ExxonMobil’s 2018 results further demonstrate our advantages in technology, scale and integration, providing a strong foundation to successfully compete across commodity price cycles.”

Fourth Quarter 2018 Business Highlights

Upstream

• Crude prices weakened in the fourth quarter, while natural gas prices strengthened with higher LNG prices and increased seasonal demand.

• Natural gas volumes were supported by stronger seasonal gas demand in Europe.

• Permian unconventional production continued to ramp up in the fourth quarter, with production up more than 90 percent from the same period last year.

Downstream

• Industry fuels margins weakened during the quarter due to lower seasonal gasoline demand and increased supply.

• The company captured benefits from North American crude differentials with its integrated logistics and manufacturing capabilities.

• Overall reliability remained strong during a quarter with higher levels of scheduled maintenance activity.

Chemical

• Chemical margins weakened during the quarter with lengthening supply from recent capacity additions.

• Sales growth from investments resulted in the highest annual volumes in over ten years.

• Turnaround activities were completed at the Singapore chemical plant during the fourth quarter.

Source / More : ExxonMobil

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