Press

ExxonMobil Earnings Increase 57 Percent to $6.2 Billion in Third Quarter of 2018


  • Cash flow from operating activities of $11.1 billion highest since the third quarter of 2014
  • Ninth discovery offshore Guyana, newly acquired acreage in Brazil enhance Upstream opportunities
  • Integration advantages further enhanced by midstream connectivity to Permian and Western Canada
                       
          Second        
  Third Quarter     Quarter     First Nine Months  
  2018 2017  %  2018  %  2018 2017   %
Earnings Summary                      
(Dollars in millions, except per share data)                      
                       
Earnings (U.S. GAAP) 6,240 3,970  57  3,950  58  14,840 11,330   31
                       

Earnings Per Common Share Assuming Dilution

 1.46 0.93  57  0.92  59  3.47 2.66   30
                       

Capital and Exploration Expenditures

 6,586 5,987  10  6,627  -1  18,080 14,081   28
                       

Exxon Mobil Corporation today announced estimated third quarter 2018 earnings of $6.2 billion, or $1.46 per share assuming dilution, compared with $4 billion a year earlier. Cash flow from operations and asset sales was $12.6 billion, including proceeds associated with asset sales of $1.5 billion. During the quarter, the company distributed $3.5 billion in dividends to shareholders. Capital and exploration expenditures were $6.6 billion, up 10 percent from the prior year.

Oil-equivalent production was 3.8 million barrels per day, down 2 percent from the third quarter of 2017. Excluding entitlement effects and divestments, liquids production increased 6 percent, as growth in North America more than offset decline and higher downtime. Natural gas volumes decreased 4 percent, excluding entitlement effects and divestments, largely due to a continuing near-term shift in U.S. unconventional development from dry gas to liquids.

“We are seeing the benefits of integration as we capture value from advantaged feedstock from the Permian and Western Canada for our North American refineries,” said Darren W. Woods, chairman and chief executive officer. “The logistical network we've established provides reliable connectivity between Upstream production and manufacturing facilities. Operational performance improved significantly versus the second quarter with lower levels of scheduled maintenance and reliability levels in line with our expectations.”

“We're pleased with the increase in production from the second quarter of 2018 recognizing it reflects contributions from just one of our key growth areas, the Permian,” Woods said. “We expect to continue to increase volumes over time as we ramp up activity in the Permian and new projects start up.”


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