Exxon Mobil Corporation (NYSE:XOM) today announced estimated first quarter 2017 earnings of $4 billion, or $0.95 per diluted share, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations.
“Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently,” said Darren W. Woods, chairman and chief executive officer. “We continue to make strategic acquisitions, advance key initiatives and fund long-term growth projects across the value chain.”
Upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of 4 percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.
Upstream earnings of $2.3 billion improved on higher liquids and gas realizations. Downstream earnings of $1.1 billion benefited from increased refinery throughput. Chemical earnings of $1.2 billion were impacted primarily by lower margins.
Capital and exploration expenditures totaled $4.2 billion as the company advanced investments across its integrated businesses.
During the quarter, the corporation distributed $3.1 billion in dividends to shareholders.