OREANDA-NEWS. May 08, 2014. EXXONMOBIL CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil’s first quarter earnings and cash flow reflect the company’s continuing focus on delivering profitable growth and creating long-term shareholder value. Strong performance in the Upstream benefitted from improved production mix and increased unit profitability.

“First quarter 2014 earnings were USD 9.1 billion, down 4 percent from the first quarter of 2013. Upstream earnings were USD 7.8 billion, up 11 percent from the previous year.

“Capital and exploration expenditures for the first quarter were \\$8.4 billion, down 28 percent from the first quarter of 2013.

“The Corporation distributed USD 5.7 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.”

FIRST QUARTER HIGHLIGHTS
Earnings of USD 9.1 billion decreased USD 400 million or 4 percent from the first quarter of 2013.

Earnings per share (assuming dilution) were USD 2.10, a decrease of 1 percent.

Capital and exploration expenditures were USD 8.4 billion, down 28 percent from the first quarter of 2013, reflecting the absence of the USD 3.1 billion Celtic Exploration Ltd. acquisition.

Oil-equivalent production decreased 5.6 percent from the first quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.9 percent.

Cash flow from operations and asset sales was USD 16.2 billion, including proceeds associated with asset sales of USD 1.1 billion.

Share purchases to reduce shares outstanding were USD 3 billion.

Dividends per share of USD 0.63 increased 11 percent compared with the first quarter of 2013.
 
ExxonMobil announced the start of natural gas production at the Damar field off the east coast of Peninsular Malaysia. The Damar field has a projected capacity of 200 million cubic feet of gas per day and will provide additional gas supplies to help meet Malaysia’s power and industrial needs.

With the State of Alaska, ExxonMobil and its partners signed a Heads of Agreement (HOA) regarding the proposed Alaska LNG Project. The HOA provides a roadmap for the ramp up of the preliminary front-end engineering design stage and establishes a framework for negotiating multiple project-enabling agreements.

ExxonMobil Chemical announced the opening of a world-scale manufacturing facility to produce up to 50,000 metric tons per year of synthetic base stocks at its integrated refining and chemical complex in Baytown, Texas. The new unit will help meet growing demand for advanced synthetic base stocks for high-performance lubricants.