Exxon Mobil records rise in earnings

Exxon Mobil records a rise in earnings

4:04 PM, 29th April 2011
Exxon Mobil records a rise in earnings
Rex W Tillerson, Chairman, Exxonmobil.

  • Earnings were $ 10,650 million, an increase of 69 per cent or $ 4,350 million from the first quarter of 2010
  • Earnings per share were $ 2.14, an increase of 61 per cent.
  • Dividends per share of $0.44 increased by 5% compared to the first quarter of 2010.
  • The Shanghai technology Centre was officially opened and will play a critical role in supporting the strong growth of ExxonMobil’s Chemical business in Asia.

IRVING, US: ExxonMobil announced it’s results and reports rise in profits. Upstream earnings were $ 8,675 million, up $ 2,861 million from the first quarter of 2010. Higher crude oil and natural gas realizations increased earnings by nearly $ 2.6 billion. Production mix and volume effects decreased earnings by $ 160 million, while asset management activity and lower expenses increased earnings by $ 470 million.

Record chemical earnings of $ 1,516 million were $ 267 million higher than the first quarter of 2010. Improved margins increased earnings by $ 470 million, while other items, including the absence of asset management gains from 2010, decreased earnings by $ 200 million. First quarter prime product sales of 6,322 kt (thousands of metric ton) were 166 kt lower than the prior year.

“ExxonMobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices. Earnings were $ 10.7 billion, up 69 per cent 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 per cent 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,” commented Rex W Tillerson, Chairman, Exxonmobil.

© WOC News

 

 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


SABIC, Asahi and Mitsubishi to jointly build plant for AN and NaCN

  RIYADH, SAUDI ARABIA: Saudi Basic Industries Corporation, Asahi Kasei Chemicals and Mitsubishi agreed to form a joint venture, to build a plan ...

Read more
Berkshire committee finds David Sokol to have violated trade policies

OMAHA, US: Berkshire Hathaway’s audit committee has considered the conduct of David Sokol in connection with his trading in the shares of Lubriz ...

Read more
Perstorp opens new feed additives plant in India

PERSTORP, SWEDEN: Perstorp has opened a feed additive production plant in Vapi, India, as part of its plan to increase its presence in the Asian feed ...

Read more
Praxair, CCPHC to supply gases to chemical complex in Chongqing

DANBURY, US: Praxair (China) Investment Company, in a joint venture with Chongqing Chemical and Pharmaceutical Holding Group Company (CCPHC), will s ...

Read more
BASF to acquire inge watertechnologies, ultrafiltration specialist

  The acquisition will help the company broadens technology base for it’s water platform. It will help them to profitably expand market po ...

Read more
Momentive files for $ 862.5 million IPO

  BANGALORE, INDIA: Apollo Management-owned specialty chemicals maker Momentive Performance Materials Holdings LLC filed with US securities regu ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X