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Thursday, September 29, 2022

ExxonMobil’s Chemical segment had its best-ever quarter, with earnings of $4.7 billion.

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ExxonMobil Corporation forecasted $4.7 billion in second-quarter 2021 earnings, or $1.10 per share, up from a $1.1 billion loss in the second quarter of 2020.

Earnings increased $5.8 billion in the second quarter of 2020, thanks to rising oil and natural gas demand as well as the best-ever quarterly contributions from chemical and lubricants.

In the second quarter, capital and exploration expenditures totaled $3.8 billion, bringing the first half of 2021 to $6.9 billion, in line with expectations for lower activity in the first half.

As a result, the company’s anticipated investment for the second half and the full year will be closer to the lower end of its $16 billion to $19 billion guidance range.

Due to an increase in maintenance activities, oil-equivalent production declined 2% in the second quarter of 2020. When entitlement impacts, divestments, and mandates are taken into account, oil-equivalent production grew by 3%, including Permian and Guyana production.

“The worldwide economic recovery increased demand for our products during the second quarter,” said Darren Woods, chairman and chief executive officer.

“We are experiencing significant benefits and producing strong cash flow to fund our capital program, pay dividends, and decrease debt as a result of an improved cost structure, solid operating performance, and low-cost-of-supply investments. This was especially evident in the Chemicals division, which had its best-ever quarter. Low Carbon Solutions discovered new potential for effective carbon capture and storage, hydrogen, and low-emission fuels, as well as new partnerships, to help society achieve its energy transition goals.”

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