ExxonMobil earns $20.8 billion in 2018

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Exxon Mobil Corporation on Friday announced estimated 2018 earnings of $20.8 billion compared with $19.7 billion a year earlier.

The company said that excluding U.S. tax reform and asset impairments, earnings were $21 billion, compared with $15.3 billion in 2017.

“Cash flow from operations and asset sales was $40.1 billion, including proceeds associated with asset sales of $4.1 billion. Capital and exploration expenditures were $25.9 billion, including incremental spend to accelerate value capture,” said the release.

It said that fourth quarter 2018 earnings were $6 billion compared with $8.4 billion in the prior-year quarter and that earnings excluding U.S. tax reform and impairments were $6.4 billion, compared with $3.7 billion in the prior-year quarter.

“Strong results during a period of commodity price volatility demonstrate ExxonMobil’s ability to deliver superior cash flow in different market environments,” said Darren W. Woods, chairman and chief executive officer. “Our continued focus on long-term fundamentals and portfolio improvements position us well to grow shareholder value. ExxonMobil’s 2018 results further demonstrate our advantages in technology, scale and integration, providing a strong foundation to successfully compete across commodity price cycles.”

ExxonMobil and its joint venture partners HESS and CNOOC Nexen made their tenth discovery offshore Guyana on December 3, 2018. Production in the prolific Stabroek Block’s Liza field is expected to  commence by 2020 at a peak rate of 120,000 barrels per day.