82.9 F
Park Forest
Saturday, July 2, 2022

Exxon Mobil Corporation Announces Estimated First Quarter 2011 Results

Irving, Texas—(ENEWSPF)—April 28, 2011. Remarks attributed to ExxonMobil’s Chairman Rex W. Tillerson: 

“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.”  

FIRST QUARTER 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.

 

Source: exxonmobil.com

 

Recent Articles

Stay Connected

3,809FansLike
1,268FollowersFollow
572SubscribersSubscribe

- Local Advertisements -

ENEWSPF NEWS ALERTS

Currently Trending

Park Forest
clear sky
82.9 ° F
87.9 °
79.6 °
40 %
1.9mph
0 %
Sat
82 °
Sun
85 °
Mon
86 °
Tue
94 °
Wed
94 °

About Google Ads

The Google-supplied ads that appear on this website are not reviewed ahead of time and differ for each visitor. If anything offensive, inappropriate, or otherwise unwholesome appears, please notify us so we can take steps to block that specific advertiser. Email the URL or advertiser name to [email protected].