Friday, September 29, 2023

Exxon records $3.2B earnings in Q3 as Guyana value position further improves

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Exxon Mobil Corporation on Friday announced estimated third quarter 2019 earnings of 3.2 billion US dollars as the company continues to make progress on its long-term growth strategy and further improved the value of its position in Guyana with the announcement of its 14th discovery.

Earnings included a favorable tax-related identified item of about $300 million, or $0.07 per share assuming dilution. Capital and exploration expenditures were $7.7 billion, including key investments in the Permian Basin.

Oil-equivalent production rose 3 percent from the third quarter of 2018, to 3.9 million barrels per day. Excluding entitlement effects and divestments, liquids production increased 4 percent driven by Permian Basin growth, while natural gas volumes increased 1 percent.

“We are making excellent progress on our long-term growth strategy,” said Darren W. Woods, chairman and chief executive officer. “Growth in the Permian continues to drive increased liquids production and we are ahead of schedule for first oil in Guyana. The value of our position in Guyana improved further this quarter with an additional discovery, our fourth this year. We are also making good progress on our advantaged investments in the Downstream and Chemical. This quarter, we started production at our new high-performance polyethylene line in Beaumont. The competitiveness of our portfolio was further enhanced with the divestment of non-strategic assets, reaching almost a third of our 2021 objective of $15 billion.”

In September, ExxonMobil announced another oil discovery on the Stabroek block offshore Guyana at the Tripletail-1 well, adding to the previously announced resource estimate of more than 6 billion oil-equivalent barrels.

The Liza Destiny floating production, storage and offloading vessel arrived offshore Guyana, targeting first oil at the Liza Phase 1 development by December 2019.

The company estimates gross production from the Stabroek block will exceed 750,000 oil-equivalent barrels per day by 2025.

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