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Released November 03, 2014 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) expects capital and exploration expenditures for next year to total about $37 billion, down from the 2013 high of $42.5 billion, an executive said during the company's third-quarter earnings conference call. Better returns for downstream and chemical operations helped ExxonMobil overcome lower upstream profits for the third quarter, the company reported. Earnings rose 3% from third-quarter 2013 to $8.07 billion, the company said. Total revenues and other income fell 4% to $107.49 billion during the quarter.
Third-quarter capital and exploration expenditures totaled $9.8 billion, down 7% from a year earlier, ExxonMobil said. For the first three quarters of 2014, capital and exploration expenditures were $28.1 billion, down 14%.
Jeff Woodbury, Vice President of Investor Relations, told investment analysts during the conference call that capital and exploration expenses peaked in 2013, when the company focused on high-value recovery projects. He said he expects the expenses to remain in the $37 billion range through 2016.
Industrial Info is tracking 211 active ExxonMobil projects worth more than $161 billion. With a total investment value of $20 billion, the joint-venture Barrow Island Gorgon Grassroot Liquefied Natural Gas (LNG) Production Plant in Australia is the most expensive project. ExxonMobil has a 25% stake in the project. Other stakeholders include Chevron (NYSE:CVX) (San Ramon, California), Royal Dutch Shell (NYSE:RDS.A) (The Hague, Netherlands), Osaka Gas (Osaka, Japan), Tokyo Gas Company (Tokyo, Japan) and Chubu Electric Power (Nagoya, Japan). The project kicked off in mid-2010, with completion slated for mid-2015.
View Project Report - 86000906
ExxonMobil is on track for record production start-ups this year, adding 300,000 oil-equivalent barrels of capacity per day, Woodbury said. In the United States, a third-quarter transaction with Linn Energy (NASDAQ:LINE) (Houston, Texas) increased ExxonMobil's Permian Basin lease holdings by 17,800 net acres. ExxonMobil said it now has 1.5 million acres in the Permian Basin, with net oil-equivalent production at more than 95,000 barrels per day.
Among other projects, Woodbury noted the start-up of the Papua New Guinea LNG (PNG LNG) Grassroot Production Plant during the first half of the year. He said the company was open-minded to the idea of adding more LNG trains to the facility.
"I would tell you everything is on the table in what we are doing there," he said. The $8.5 billion plant has a LNG capacity of 6.9 million tonnes per year.
View Project Report - 87400034
For additional information, see May 28, 2014, article - First PNG LNG Cargo Departs Papua New Guinea for Japan.
Third-quarter downstream earnings totaled $1.02 billion, up $432 million from third-quarter 2013, said ExxonMobil, citing stronger refining margins. Petroleum product sales totaled nearly 6 billion barrels per day, down 32,000 barrels. Chemical earnings rose by $175 million to $1.2 billion as a result of higher commodities prices, the company said.
Upstream earnings were $6.4 billion in the third quarter, down $297 million from a year earlier, ExxonMobil reported. Liquids production totaled 2.06 million barrels per day, ExxonMobil said, down 134,000 barrels from third-quarter 2013. Natural gas production was nearly 10.6 billion cubic feet per day, down by 319 million cubic feet.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Third-quarter capital and exploration expenditures totaled $9.8 billion, down 7% from a year earlier, ExxonMobil said. For the first three quarters of 2014, capital and exploration expenditures were $28.1 billion, down 14%.
Jeff Woodbury, Vice President of Investor Relations, told investment analysts during the conference call that capital and exploration expenses peaked in 2013, when the company focused on high-value recovery projects. He said he expects the expenses to remain in the $37 billion range through 2016.
Industrial Info is tracking 211 active ExxonMobil projects worth more than $161 billion. With a total investment value of $20 billion, the joint-venture Barrow Island Gorgon Grassroot Liquefied Natural Gas (LNG) Production Plant in Australia is the most expensive project. ExxonMobil has a 25% stake in the project. Other stakeholders include Chevron (NYSE:CVX) (San Ramon, California), Royal Dutch Shell (NYSE:RDS.A) (The Hague, Netherlands), Osaka Gas (Osaka, Japan), Tokyo Gas Company (Tokyo, Japan) and Chubu Electric Power (Nagoya, Japan). The project kicked off in mid-2010, with completion slated for mid-2015.
View Project Report - 86000906
ExxonMobil is on track for record production start-ups this year, adding 300,000 oil-equivalent barrels of capacity per day, Woodbury said. In the United States, a third-quarter transaction with Linn Energy (NASDAQ:LINE) (Houston, Texas) increased ExxonMobil's Permian Basin lease holdings by 17,800 net acres. ExxonMobil said it now has 1.5 million acres in the Permian Basin, with net oil-equivalent production at more than 95,000 barrels per day.
Among other projects, Woodbury noted the start-up of the Papua New Guinea LNG (PNG LNG) Grassroot Production Plant during the first half of the year. He said the company was open-minded to the idea of adding more LNG trains to the facility.
"I would tell you everything is on the table in what we are doing there," he said. The $8.5 billion plant has a LNG capacity of 6.9 million tonnes per year.
View Project Report - 87400034
For additional information, see May 28, 2014, article - First PNG LNG Cargo Departs Papua New Guinea for Japan.
Third-quarter downstream earnings totaled $1.02 billion, up $432 million from third-quarter 2013, said ExxonMobil, citing stronger refining margins. Petroleum product sales totaled nearly 6 billion barrels per day, down 32,000 barrels. Chemical earnings rose by $175 million to $1.2 billion as a result of higher commodities prices, the company said.
Upstream earnings were $6.4 billion in the third quarter, down $297 million from a year earlier, ExxonMobil reported. Liquids production totaled 2.06 million barrels per day, ExxonMobil said, down 134,000 barrels from third-quarter 2013. Natural gas production was nearly 10.6 billion cubic feet per day, down by 319 million cubic feet.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
