Achieved first oil in Guyana, ahead of schedule; resource estimate increases to over 8 billion barrels
Grew fourth quarter liquids production by 4 percent over the prior year, driven by Permian Basin
Generated $29.7 billion of cash flow from operating activities in 2019; $6.4 billion in fourth quarter
FRI, JAN 31 2020-theG&BJournal– Exxon Mobil Corporation (NYSE:XOM) today announced estimated fourth quarter 2019 earnings of $5.7 billion, or $1.33 per share assuming dilution. Earnings included favorable identified items of about $3.9 billion, or $0.92 per share assuming dilution, mainly a $3.7 billion gain from the Norway upstream divestment. Capital and exploration expenditures were $8.5 billion, including key investments in the Permian Basin.
Oil-equivalent production was in line with the fourth quarter of 2018, at 4 million barrels per day, with a 4 percent increase in liquids offset by a 5 percent decrease in gas. Excluding entitlement effects and divestments, liquids production increased 2 percent driven by Permian Basin growth, while natural gas volumes decreased 4 percent.
“Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results,” said Darren W. Woods, chairman and chief executive officer. “Growth in demand for the products that underpin our businesses remains strong. We remain focused on improving our base businesses, driving efficiencies, and optimizing the value of our investment portfolio.”