A Review of the Nigerian Energy Industry

ExxonMobil achieves $9.5bn first quarter earnings

ExxonMobil Hq, Tx25 April 2013, Houston – ExxonMobil has achieved a first quarter 2013 earnings of $9.5 billion, the company’s results for the first three months of the year has shown.

“ExxonMobil achieved strong results during the first quarter of 2013, while investing significantly to develop new energy supplies.

“ExxonMobil’s financial performance enables continued investment to deliver the energy needed to help meet growing demand, support economic growth, and raise living standards around the world,” the company said in a statement, Thursday, from its headquarters in Irving, Texas.

It said in the statement: “First quarter 2013 earnings were $9.5 billion, up 1% from the first quarter of 2012.

“Capital and exploration expenditures for the first quarter were $11.8 billion, including $3.1 billion for the acquisition of Celtic Exploration Ltd.

“The Corporation distributed $7.6 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.”

A highlight of the results for the quarter showed that earnings per share (assuming dilution) were $2.12, an increase of 6%, while capital and exploration expenditures were $11.8 billion, up 33% from the first quarter of 2012.

Oil-equivalent production decreased 3.5% from the first quarter of 2012. Cash flow from operations and asset sales was $14 billion, including proceeds associated with asset sales of $0.4 billion.

Share purchases to reduce shares outstanding were $5 billion while dividends per share of $0.57 increased 21% compared to the first quarter of 2012.

Upstream earnings were $7,037 million in the first quarter of 2013, down $765 million from the first quarter of 2012.

Lower liquids realisations, partially offset by improved natural gas realizations, decreased earnings by $230 million. Production volume and mix effects reduced earnings by $280 million. All other items, including higher operating expenses, decreased earnings by $250 million, the company further stated.

On an oil-equivalent basis, production decreased 3.5% from the first quarter of 2012, it stated.

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