ExxonMobil doubles profit in second quarter

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Supermajor ExxonMobil doubled its profit in the second quarter as a result of improved oil and gas returns and improved refining margins.

ExxonMobil posted earnings of $3.4 billion for the second quarter 2017, compared with $1.7 billion a year earlier.

Revenues for the second quarter rose to $62.9 billion from $57.7 billion in the corresponding period a year earlier.

“These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals,” said Darren W. Woods, ExxonMobil chairman and chief executive officer.

During the second quarter, Upstream earnings rose to $1.2 billion as realizations increased, up $890 million from the second quarter of 2016.

Downstream results grew 68% to $1.4 billion on improved refining margins and higher refinery volumes. Chemical earnings were $985 million, $232 million lower than a year ago, primarily due to higher turnaround activities, lower volumes, and decreased margins.

Upstream volumes declined 1% to 3.9 million oil-equivalent barrels per day compared with a year ago largely due to lower entitlements, while increases from projects and work programs more than offset the impacts of field decline.

Liquids production totalled 2.3 million barrels per day, down 61,000 barrels per day as field decline and lower entitlements were partly offset by increased project volumes and work programs.

Natural gas production was 9.9 billion cubic feet per day, up 158 million cubic feet per day from 2016 as project ramp-up, primarily in Australia, was partly offset by field decline and lower demand.
Capital and exploration expenditures were $3.9 billion, down 24% from the second quarter of 2016.

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