ExxonMobil earns $14.3B in 2019 as Guyana operations enter new chapter

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Exxon Mobil Corporation (NYSE:XOM) announced Friday its estimated fourth quarter 2019 earnings of $5.7 billion, or $1.33 per share assuming dilution. Earnings included favorable identified items of about $3.9 billion, or $0.92 per share assuming dilution, mainly a $3.7 billion gain from the Norway upstream divestment, the company said.

Capital and exploration expenditures were $8.5 billion, including key investments in the Permian Basin.

Oil-equivalent production was in line with the fourth quarter of 2018, at 4 million barrels per day, with a 4 percent increase in liquids offset by a 5 percent decrease in gas. Excluding entitlement effects and divestments, liquids production increased 2 percent driven by Permian Basin growth, while natural gas volumes decreased 4 percent.

“Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results,” said Darren W. Woods, chairman and chief executive officer. “Growth in demand for the products that underpin our businesses remains strong. We remain focused on improving our base businesses, driving efficiencies, and optimizing the value of our investment portfolio.”

Strengthening the Portfolio

The US oil major announced on December 20 that oil production started from the Liza field offshore Guyana, less than five years after the first discovery of hydrocarbons – well ahead of industry average.

Gross production from the Liza Phase 1 development, located in the Stabroek block, is expected to reach capacity of 120,000 gross barrels of oil per day in coming months.

A second floating production, storage and offloading vessel (FPSO) – the Liza Unity – with production capacity up to 220,000 gross barrels of oil per day, is under construction to support the Liza Phase 2 development.

ExxonMobil said during the quarter, the company also announced its 15th discovery on the Stabroek block, at the Mako-1 well southeast of the Liza field. The company’s 16th discovery was announced in January at the Uaru prospect.

Inclusive of other recent discoveries, the estimated recoverable resource offshore Guyana now exceeds 8 billion gross oil-equivalent barrels.

ExxonMobil said it anticipates that by 2025 at least five FPSOs will be producing more than 750,000 gross barrels of oil per day.

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