Exxon Mobil Corporation Announces Estimated Second Quarter 2014 Results
* Earnings of $8,780 million increased $1,920 million or 28 percent from the second quarter of 2013.
* Earnings per share (assuming dilution) were $2.05, an increase of 32 percent.
* Capital and exploration expenditures were $9.8 billion, down 4 percent from the second quarter of 2013.
* Oil-equivalent production decreased 5.7 percent from the second quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.3 percent.
* Cash flow from operations and asset sales was $12.8 billion, including proceeds associated with asset sales of $2.6 billion.
* The Corporation distributed $6 billion to shareholders in the second 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 second quarter of 2013.
* ExxonMobil shipped the first cargo of liquefied natural gas (LNG) from the Papua New Guinea (PNG) LNG project ahead of schedule. PNG LNG is expected to produce more than nine trillion cubic feet of gas over its estimated 30 years of operations and exemplifies ExxonMobil’s leadership in project execution, advanced technologies, and marketing capabilities.
* Offshore Sakhalin Island in Russia, the 42,000-ton topsides of the Berkut platform were installed onto the gravity-based structure at the Arkutun-Dagi field. The platform will be the largest offshore oil and gas production platform in Russia, making the Sakhalin shelf a model of world-class oil and gas sub-arctic project development. Arkutun-Dagi is expected to start up late this year and add up to 90 thousand barrels per day of oil (gross) to Sakhalin-1 current production volumes.
* Construction started on the ethane cracker at the Baytown, Texas, complex and associated premium product facilities in nearby Mont Belvieu. The steam cracker will have a capacity of up to 1.5 million tons per year and provide ethylene feedstock for chemical processing at two new 650,000 tons per year high-performance polyethylene lines at the Mont Belvieu plastics plant.
Chairman Rex Tillerson commented:
“ExxonMobil’s financial results were achieved through strong operational performance and portfolio management. We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases.
“Upstream production for the year remains in line with plans and we continue to add volumes from our high-quality development portfolio through assets such as the Papua New Guinea LNG project, which started up ahead of schedule during the quarter.
“Second quarter 2014 earnings were $8.8 billion, up 28 percent from the second quarter of 2013, reflecting strong operations and asset divestments.
“Capital and exploration expenditures for the first half of 2014 were $18.2 billion, down 17 percent from the first half of 2013.
“Through the first half of 2014, the Corporation distributed $11.7 billion to shareholders through dividends and share purchases to reduce shares outstanding.”