Exxon Mobil Corporation (NYSE: XOM) today announced estimated second-quarter 2019 earnings of $3.1 billion, or $0.73 per share assuming dilution, compared with $4 billion a year earlier.
Earnings included a favorable identified item of about $500 million, or $0.12 per share assuming dilution, reflecting the impact of a tax rate change in Alberta. Capital and exploration expenditures were $8.1 billion, up 22% from the prior year, reflecting key investments in the Permian Basin.
Oil-equivalent production was 3.9 million barrels per day, up 7% from the second quarter of 2018. Liquids production increased 8% driven by Permian Basin growth and reduced downtime, with limited impact from entitlement effects and divestments. Natural gas volumes increased 5%, excluding entitlement effects and divestments.
"We continue to make significant progress toward delivering our long-term growth plans," said CEO Darren W. Woods.
"Our new U.S. Gulf Coast steam cracker is exceeding design capacity by 10%, less than a year after startup. Our upstream liquids production increased by 8% from last year, driven by growth in the Permian Basin, and we are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than six billion oil-equivalent barrels."
XOM has funded the Liza Phase 2 development after it received government and regulatory approvals. Phase 2 startup is expected in mid-2022, producing up to 220,000 barrels of oil per day, while Phase 1 remains on track for first oil by the first quarter of 2020.
ExxonMobil estimates it will achieve gross production of over 750,000 barrels per day from the Stabroek Block by 2025.
Shares gained 39 cents to $72.88
