Q3: ExxonMobil earns $4.2bn, Chevron reports $2bn income
Exxon Mobil Corporation has announced estimated third quarter 2015 earnings of $4.2 billion, compared with $8.1 billion a year earlier.
This came as Chevron Corporation reported earnings of $2 billion for the same third quarter 2015, compared with its earnings of $5.6
billion in the 2014 third quarter.
ExxonMobil’s $4.2 billion income represented a decrease of $3.8 billion, or 47 percent, from the third quarter of 2014.
The company also reported capital and exploration expenditures at $7.7 billion, down 22 percent from the third quarter of 2014.
Oil-equivalent production increased 2.3 percent from the third quarter of 2014, with liquids up 13 percent and natural gas down 10 percent, the company said.
According to the company, cash flow from operations and asset sales was $9.7 billion, including proceeds associated with asset sales of $491 million while $3.6 billion was distributed to shareholders in the third quarter of 2015, including $500 million in share purchases to reduce shares outstanding.
“We maintain a relentless focus on business fundamentals, including cost management, regardless of commodity prices,” said Rex W. Tillerson, chairman and chief executive officer. “Quarterly results reflect the continued strength of our Downstream and Chemical businesses and underscore the benefits of our integrated business model.”
On the other hand, Chevron’s chairman and chief executive officer, John Watson, say of his company’s performance: “Third quarter earnings were down substantially from a year ago.”
“While downstream earnings remained strong, lower overall earnings reflected weaker market prices for both crude oil and natural gas, which depressed upstream profitability. We are focused on improving results by changing outcomes within our control. Operating and administrative expenses are 7 percent lower than last year, and we expect further reductions in the quarters ahead.”
“We expect capital and exploratory expenditures for 2016 to be $25-28 billion, roughly 25 percent lower than this year’s budget,”