Exxon Mobil 1Q Production Hurt By Unexpected Downtime, Lower Gas Volumes -- Energy Comment
April 29 2022 - 10:32AM
Dow Jones News
By Chris Wack
Exxon Mobil Corp. reported first-quarter earnings of $5.5
billion, or $1.28 a share, on revenue of $90.5 billion. The company
said oil-equivalent production was hurt during the quarter by
unexpected downtime, and lower natural gas volumes.
On production
"Oil-equivalent production was 3.7 million barrels per day, down
4% from the fourth quarter of 2021 due to weather-related
unscheduled downtime, planned maintenance, lower entitlements
associated with higher prices, and divestments."
"Excluding entitlement effects, divestments, and government
mandates, oil-equivalent production decreased 2% versus the fourth
quarter 2021."
"Liquids volumes were up slightly, while natural gas volumes
were down 721 million cubic feet per day."
"Improved industry fuels refining margins and lower expenses
were partially offset by lower basestock margins and lower volumes,
driven by higher turnaround activity."
"Global refining margins improved from the fourth quarter
despite softening seasonal demand, higher natural gas prices in
Europe, and lagging jet demand recovery."
By Chris Wack, chris.wack@wsj.com
(END) Dow Jones Newswires
April 29, 2022 10:17 ET (14:17 GMT)
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