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Released August 03, 2015 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) is maintaining its capital and exploration expenditure guidance of $34 billion for 2015, but that number is on a "downward vector" as the integrated energy producer continues to cut costs amid low oil and gas prices, according to a company executive. Industrial Info is tracking 225 active ExxonMobil projects worth $79.72 billion.
Jeff Woodbury, vice president of investor relations and security for ExxonMobil, said during the company's earnings conference call that no changes have been made to the capital and exploration expenditure guidance for this year, "but having said that, given our ongoing focus on capital efficiency and the very successful capture of market savings in the current business climate, I think it is fair to say there is a downward vector on that number."
ExxonMobil reported capital and exploration expenditures for second-quarter 2015 second quarter were $8.3 billion, down 16% from the same quarter in 2014. For the first six months of the year, capital and exploration expenditures totaled $16 billion, down 12% from the same period a year earlier. For 2014, expenditures totaled $38.54 billion.
The company highlighted project developments as part of its second-quarter earnings report. Bitumen production began on schedule at the Cold Lake Nabiye project expansion in northeastern Alberta. The project, valued at $750 million, is producing about 20,000 barrels per day, and is expected to reach peak production of 40,000 barrels later this year, the company said.
Also during the quarter, production began ahead of schedule at the Kearl oil sands expansion project in Alberta, which is expected to double gross production to 220,000 barrels of bitumen per day.
For related information, see June 17, 2015, article - ExxonMobil: Expansion of Kearl Oil Sands Production Starts Ahead of Schedule.
Second-quarter 2015 earnings for the global energy giant were $4.2 billion, down 52% from the same quarter a year earlier as a result of tumbling oil prices. Upstream earnings were $2 billion during the quarter, down $5.9 billion from a year earlier. Oil-equivalent production increased 3.6% during the quarter. Liquids production totaled 2.3 million barrels per day, up 243,000 barrels from the same quarter last year. Natural gas production was 10.1 billion cubic feet per day, down 622 million cubic feet per day from a year earlier.
ExxonMobil's U.S. upstream operations recorded a loss of $47 million, down $1.2 billion from second-quarter 2014. Production in the Bakken, Permian and Woodford plays was 240,000 barrels of oil equivalent per day, Woodbury said.
Global downstream earnings were $1.5 billion, up $795 million on the stronger margins. However, downstream earnings in the U.S. were $412 million, down $124 million.
Chemical earnings provided a bright spot, rising to $1.2 billion from $795 million a year earlier as chemical operations benefited from the drop in feedstock costs.
Industrial Info is tracking 167 ExxonMobil projects worth $18.5 billion that in the construction and engineering phases, and 58 projects worth $61 billion that are in the planning phases.
The company's plans for a grassroots gas liquefaction plant and two subsequent expansions at Prince Rupert, British Columbia would cost $24 billion. The plant project consists of two trains capable of producing 10 million tonnes per year of liquefied natural gas (LNG). Kickoff would occur in first-quarter 2017, with completion in first-quarter 2019. Subsequent expansions would bring production up to 30 million tonnes per year by first-quarter 2023.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five 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.
Jeff Woodbury, vice president of investor relations and security for ExxonMobil, said during the company's earnings conference call that no changes have been made to the capital and exploration expenditure guidance for this year, "but having said that, given our ongoing focus on capital efficiency and the very successful capture of market savings in the current business climate, I think it is fair to say there is a downward vector on that number."
ExxonMobil reported capital and exploration expenditures for second-quarter 2015 second quarter were $8.3 billion, down 16% from the same quarter in 2014. For the first six months of the year, capital and exploration expenditures totaled $16 billion, down 12% from the same period a year earlier. For 2014, expenditures totaled $38.54 billion.
The company highlighted project developments as part of its second-quarter earnings report. Bitumen production began on schedule at the Cold Lake Nabiye project expansion in northeastern Alberta. The project, valued at $750 million, is producing about 20,000 barrels per day, and is expected to reach peak production of 40,000 barrels later this year, the company said.
Also during the quarter, production began ahead of schedule at the Kearl oil sands expansion project in Alberta, which is expected to double gross production to 220,000 barrels of bitumen per day.
For related information, see June 17, 2015, article - ExxonMobil: Expansion of Kearl Oil Sands Production Starts Ahead of Schedule.
Second-quarter 2015 earnings for the global energy giant were $4.2 billion, down 52% from the same quarter a year earlier as a result of tumbling oil prices. Upstream earnings were $2 billion during the quarter, down $5.9 billion from a year earlier. Oil-equivalent production increased 3.6% during the quarter. Liquids production totaled 2.3 million barrels per day, up 243,000 barrels from the same quarter last year. Natural gas production was 10.1 billion cubic feet per day, down 622 million cubic feet per day from a year earlier.
ExxonMobil's U.S. upstream operations recorded a loss of $47 million, down $1.2 billion from second-quarter 2014. Production in the Bakken, Permian and Woodford plays was 240,000 barrels of oil equivalent per day, Woodbury said.
Global downstream earnings were $1.5 billion, up $795 million on the stronger margins. However, downstream earnings in the U.S. were $412 million, down $124 million.
Chemical earnings provided a bright spot, rising to $1.2 billion from $795 million a year earlier as chemical operations benefited from the drop in feedstock costs.
Industrial Info is tracking 167 ExxonMobil projects worth $18.5 billion that in the construction and engineering phases, and 58 projects worth $61 billion that are in the planning phases.
The company's plans for a grassroots gas liquefaction plant and two subsequent expansions at Prince Rupert, British Columbia would cost $24 billion. The plant project consists of two trains capable of producing 10 million tonnes per year of liquefied natural gas (LNG). Kickoff would occur in first-quarter 2017, with completion in first-quarter 2019. Subsequent expansions would bring production up to 30 million tonnes per year by first-quarter 2023.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five 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.
