ExxonMobil earns US$2.7bn in Q1 2021

oil and gas ExxonExxonMobil Corporation has announced the Q1 2021 earnings of US$2.7bn, or US$0.64 per share assuming dilution, compared with a loss of US$610mn in the Q1 2020

Results included unfavorable identified items of US$31mn, or US$0.01 per share assuming dilution. First quarter capital and exploration expenditures were US$3.1bn, US$4bn lower than the Q1 2020.

Oil-equivalent production was 3.8 mmbbl per day, up 3% from the Q4 of 2020. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2%.

“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritising investments in assets with a low cost of supply,” said Darren Woods, chairman and CEO.

“Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonise industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society's net-zero ambitions.”

During severe winter weather in Texas in February, ExxonMobil cogeneration facilities generated 400MW of electricity, helping to power about 200,000 homes. The severe weather event reduced first quarter earnings by nearly US$600mn across all businesses from decreased production and lower sales volumes, repair costs and the net impact of energy purchases and sales. All affected facilities have resumed normal operations.

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