Exxon Profits Halve in Q1

ExxonMobil reported Q1 2019 profit of $2.4bn, down from $4.7bn in the same period 2018. Cash flow from operations and asset sales was $8.4bn, including proceeds associated with asset sales of $107mn.

Capital and exploration expenditures were $6.9bn, up 42% from Q1 2o18, reflecting "key investments in the US Permian Basin," the US major said. Uconventional output there was up nearly 140%.

Oil-equivalent production was 3.981mn barrels/day, up 2%. Excluding entitlement effects and divestments, oil-equivalent production was up 3% from the first quarter of 2018. Upstream liquids production grew by 5% compared with the first quarter of 2018, driven by Permian. 

Global gas output was 9.92bn ft³/day, or 114mn ft³/day lower than in Q1 2018 thanks to milder weather, field decline, and divestments, partly offset by lower maintenance and growth. European gas production was down 430mn ft³/day to 2.1bn ft³/d, no doubt mainly as a result of the enforced cuts in output from the Dutch Groningen field which it operates jointly with Anglo-Dutch Shell.

CEO Darren Woods said the "solid operating performance in the first quarter helped mitigate the impact of challenging downstream and chemical margin environments. In addition, we continued to benefit from our integrated business model."