11 February 2016, Sweetcrude, Lagos – Exxon Mobil Corporation has put its 2015 earnings at $16.2 billion, compared with $32.5 billion a year earlier.
“While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” said Rex W. Tillerson, chairman and chief executive officer. “The scale and diversity of our cash flows, along with our financial strength, provide us with the confidence to invest through the cycle to create long-term shareholder value.”
ExxonMobil according to a statement, completed six major upstream projects during the year and achieved its full-year plan to produce 4.1 million oil-equivalent barrels per day.
These new developments in Canada, Indonesia, Norway, the United States and West Africa added 300,000 oil-equivalent barrels per day of working interest production capacity.
Fourth quarter earnings were $2.8 billion, down from $6.6 billion in the fourth quarter of 2014. Lower commodity prices in the Upstream were partly offset by higher Downstream earnings.
During 2015, the corporation distributed $15.1 billion to shareholders in the form of dividends and share purchases to reduce shares outstanding.
Upstream earnings were $857 million in the fourth quarter of 2015, down $4.6 billion from the fourth quarter of 2014. Lower liquids and gas realisations decreased earnings by $3.7 billion, while volume and mix effects increased earnings by $100 million, benefiting from new developments.