ExxonMobil saw Q1 2011 earning hit US$10.7 billion, up 69 per cent from the first quarter of 2010, reflecting higher crude oil and natural gas prices, increased refining margins and record chemical performance.
"ExxonMobil's earnings reflect continued leadership in operational performance during a period of strong commodity prices," said Exxonmobil's Chairman Rex Tillerson.
In the first quarter, capital and exploration expenditures was US$7.8 billion, up 14 per cent from last year, as "we continue with plans to invest between US$33 billion and $37 billion per year over the next five years to develop new energy supplies to meet future demand growth," added Tillerson.
"Oil-equivalent production was more than 10 per cent higher than 2010, driven by ExxonMobil's assets in Qatar and our growing unconventional gas production. A milestone in production was reached in the redevelopment of Iraq's West Qurna 1 field by exceeding the 10 per cent improvement target. Current production is about 320,000 bpd (gross)."
Upstream earnings were US$8,67 million, up US$2,86 million from the first quarter of 2010. Higher crude oil and natural gas prices increased earnings by nearly US$2.6 billion. Production mix and volume effects decreased earnings by US$160 million.
Liquids production totaled 2,399 kbd (thousands of barrels per day), down 15 kbd from the first quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 2 per cent, as increased production in Qatar and the U.S. more than offset field decline.
First quarter natural gas production was 14,525 mcfd, up 2,836 mcfd from 2010, driven by additional US unconventional gas volumes and project ramp-ups in Qatar.
Downstream earnings of US$1,099 million were up US$1,062 million from the first quarter of 2010. Higher industry refining margins, partly offset by lower marketing margins, increased earnings by US$470 million.
Record chemical earnings of US$1,516 million were US$267 million higher than the first quarter of 2010. Improved margins increased earnings by US$470 million, while other items, including the absence of asset management gains from 2010, decreased earnings by US$200 million.
