Exxon Mobil Reports Earnings of $2.8 Billion for Fourth-Quarter 2015, Sets Capex for 2016 at $23.2 Billion

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Researched by Industrial Info Resources (Sugar Land, Texas)--Low oil prices have caused a decrease in Exxon Mobil Corporation's (NYSE:XOM) (Irving, Texas) fourth-quarter 2015 earnings to $2.8 billion from $6.5 billion from the same period in 2014. The company's earnings for the full year 2015 were $16.28 billion, down from $32.5 billion in 2014. Industrial Info is tracking 218 active projects associated with Exxon Mobil worth $65.5 billion.

Exxon Mobil projects tracked by Industrial Info include the three phases of the Prince Rupert WCC LNG Liquefaction Plant in British Columbia, (with a value of $8 billion for each phase) scheduled to kick off in January 2017, with a completion date in January 2023. Another project is the $7.1 billion Carnarvon Basin Grassroot Scarborough Floating LNG production facility in the Indian Ocean, offshore Australia. This project is estimated to kick off April 2020, with an estimated completion date of July 2024.

The firm reported expected capital and exploration expenditures of $23.2 billion, down 25% from 2015.

"We're going to continue to live within our means," said Jeffrey J. Woodbury, secretary and vice president, Investor Relations, during the fourth-quarter earnings conference call on Tuesday. "We're going maintain financial flexibility."

Woodbury continued: "We've got a very deep portfolio of investment opportunities in the Lower 48, particularly in the unconventional business. And we'll maintain an appropriate balance of short-cycle investments. And when we feel like that the business climate supports it, we'll probably increase the amount of activity."

Exxon Mobil reported total revenues of nearly $60 billion for fourth-quarter 2015, compared with $87.3 billion in the same period of 2014. Total revenues for the entire year 2015 were $268.9 billion compared with $411.9 billion for the year before.

Fourth-quarter chemical earnings were $963 million, down $264 million from fourth-quarter 2014.

The company's upstream segment's earnings were at $857 million during the fourth quarter, compared with $4.6 billion in fourth-quarter 2014. U.S. oil production had a loss of $538 million.

However, the fall in oil prices has boosted the firm's refining business, which experienced an increase in earnings from $854 million to $1.4 billion.

Downstream earnings increased to $1.4 billion, up $854 million from fourth-quarter 2015.

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