ExxonMobil Corporation said its estimated first quarter 2017 earnings rose to $4 billion.
As benefit to its shareholders, it translated into $0.95 per diluted share, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations.
Commenting on the result, Darren W. Woods, chairman and chief executive officer said “Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently. We continue to make strategic acquisitions, advance key initiatives and fund long-term growth projects across the value chain.”
Upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of 4 percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.
Upstream earnings of $2.3 billion improved on higher liquids and gas realizations. Downstream earnings of $1.1 billion benefited from increased refinery throughput. Chemical earnings of $1.2 billion were impacted primarily by lower margins.
Capital and exploration expenditures totaled $4.2 billion as the company advanced investments across its integrated businesses.