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Exxon Mobil (XOM) Tops Q2 EPS by 19c

July 31, 2014 8:03 AM EDT

Exxon Mobil (NYSE: XOM) reported Q2 EPS of $2.05, $0.19 better than the analyst estimate of $1.86. Revs came in at $111.65 billion, versus the consensus of $108.4 billion.

Exploration & Production earnings rose 25 percent to $7.8 billion. Production fell 5.6 percent on an oil-equivalent basis. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.6 percent.

Upstream earnings were $15,664 million, up $2,322 million from the first half of 2013. Higher realizations increased earnings by $990 million. Production volume and mix effects decreased earnings by $190 million. All other items, primarily asset sales, increased earnings by $1.5 billion.

Refining & Marketing earnings soared 80 percent to $711 million.

CEO Rex Tillerson commented:

“ExxonMobil’s financial results were achieved through strong operational performance and portfolio management. We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases.

“Upstream production for the year remains in line with plans and we continue to add volumes from our high-quality development portfolio through assets such as the Papua New Guinea LNG project, which started up ahead of schedule during the quarter.

“Second quarter 2014 earnings were $8.8 billion, up 28 percent from the second quarter of 2013, reflecting strong operations and asset divestments.

“Capital and exploration expenditures for the first half of 2014 were $18.2 billion, down 17 percent from the first half of 2013.

“Through the first half of 2014, the Corporation distributed $11.7 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

For earnings history and earnings-related data on Exxon Mobil (XOM) click here.



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