ExxonMobil Thursday reported its first quarter 2011 results.
HIGHLIGHTS
• Earnings were $10,650 million, an increase of 69% or $4,350 million from the first quarter of 2010.
• Earnings per share were $2.14, an increase of 61%.
• Capital and exploration expenditures were $7.8 billion, up 14% from the first quarter of 2010.
• Oil-equivalent production increased more than 10% from the first quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.
• Cash flow from operations and asset sales was $18.2 billion, including asset sales of $1.3 billion.
• Share purchases to reduce shares outstanding were $5 billion.
• Dividends per share of $0.44 increased by 5% compared to the first quarter of 2010.
• Milestone production was reached in the redevelopment of Iraq’s West Qurna 1 field by exceeding the 10% improvement target. Current production is about 320,000 barrels per day (gross).
• The Marine Well Containment Company, of which ExxonMobil was a founding member, completed an initial well containment response system that is available to provide rapid containment response capabilities in the event of a potential future underwater well control incident in the deepwater Gulf of Mexico.
• The Shanghai Technology Center was officially opened and will play a critical role in supporting the strong growth of ExxonMobil’s Chemical business in Asia.
ExxonMobil’s Chairman Rex W. Tillerson Commented:
“ ExxonMobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices. Earnings were $10.7 billion, up 69% from the first quarter of 2010, reflecting higher crude oil and natural gas realizations, increased refining margins and record Chemical performance.
In the first quarter, capital and exploration expenditures were $7.8 billion, up 14% from last year, as we continue with plans to invest between $33 billion and $37 billion per year over the next five years to develop new energy supplies to meet future demand growth.
Oil-equivalent production was more than 10% higher than 2010, driven by our world-class assets in Qatar and our growing unconventional gas production.
The Corporation returned over $7 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding .”
[mappress]
Source: ExxonMobil, April 29, 2011;