Home Companies&Markets ExxonMobil earns $20.8 Billion in 2018; $6 Billion in fourth quarter

ExxonMobil earns $20.8 Billion in 2018; $6 Billion in fourth quarter

449
0

…Full-year cash flow from operating activities of $36 billion, highest since 2014

…Tenth discovery offshore Guyana, increasing Stabroek resource estimate to more than 5 billion barrels

…Fourth quarter 2018 liquids production up 4 percent from prior-year quarter driven by Permian growth

FRI, FEB 01 2019-theG&BJournal-Exxon Mobil Corporation today announced estimated 2018 earnings of $20.8 billion, or $4.88 per share assuming dilution, compared with $19.7 billion a year earlier.

Excluding U.S. tax reform and asset impairments, earnings were $21 billion, compared with $15.3 billion in 2017. Cash flow from operations and asset sales was $40.1 billion, including proceeds associated with asset sales of $4.1 billion. Capital and exploration expenditures were $25.9 billion, including incremental spend to accelerate value capture.

Fourth quarter 2018 earnings were $6 billion, or $1.41 per share assuming dilution, compared with $8.4 billion in the prior-year quarter. Earnings excluding U.S. tax reform and impairments were $6.4 billion, compared with $3.7 billion in the prior-year quarter.

“Strong results during a period of commodity price volatility demonstrate ExxonMobil’s ability to deliver superior cash flow in different market environments,” said Darren W. Woods, chairman and chief executive officer. “Our continued focus on long-term fundamentals and portfolio improvements position us well to grow shareholder value. ExxonMobil’s 2018 results further demonstrate our advantages in technology, scale and integration, providing a strong foundation to successfully compete across commodity price cycles.”

During 2018, Exxon Mobil Corporation purchased 5 million shares of its common stock for the treasury at a gross cost of $425 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs.

‘’The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs, but does not currently plan on making purchases to reduce shares outstanding.’’

twitter:@theGBJournal|email: info@govandbusinessjournal.com.ng|