ExxonMobil’s first quarter profit, revenue up

ExxonMobil's first quarter profit, revenue up
Image courtesy of ExxonMobil

ExxonMobil reported a $4.7 billion income for the first quarter of 2018, 16 percent above the $4 billion recorded in the corresponding period a year earlier.

The company’s revenue also moved up 16.3 percent reaching $68.2 billion, compared to the corresponding quarter in 2017.

Oil-equivalent production was 3.9 million barrels per day, down 6 percent from the first quarter of 2017, ExxonMobil said in a statement.

“Increased commodity prices, coupled with a focus on operating efficiently and strengthening our portfolio, resulted in higher earnings and the highest quarterly cash flow from operations and asset sales since 2014,” said Darren Woods, chairman and chief executive officer.

The company said that crude and natural gas prices strengthened in the first quarter, adding that natural gas prices were supported by strong seasonal demand with colder weather across Europe and the U.S. and higher crude-linked LNG prices.

Reflecting on the effects of the earthquake that shook Papua New Guinea on February 26, causing the shutdown of the PNG LNG project, ExxonMobil said earnings were reduced by $80 million and production by 25,000 oil-equivalent barrels per day.

Share this article

Follow LNG World News

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.

 

More info

read more >