ExxonMobil (XOM) Misses Q4 Earnings On Lower Throughput
Zacks Investment Research | Feb 01, 2018 11:30PM ET
ExxonMobil Corporation (NYSE:XOM) posted lower-than-expected results in fourth-quarter 2017, thanks to lower refinery throughput. This was partially offset by higher liquid price realizations.
The company reported adjusted earnings of 88 cents per share, which missed the Zacks Consensus Estimate of $1.06. Also, the bottom line fell from the year-ago quarter level of 90 cents.
Total revenues in the quarter increased to $66,515 million from $56,399 million a year ago. However, the top line failed to beat the Zacks Consensus Estimate of $74,444 million.
Operational Performance
Upstream: Quarterly earnings — excluding U.S. tax reform and impairments — were $2.5 billion, reflecting an improvement of $1 billion from the year-ago quarter. Increased price realizations from liquids drove the upside.
Production averaged 3.991 million barrels of oil-equivalent per day (MMBOE/d), lower than 4.121 MMBOE/d in the year-ago quarter.
Liquid production fell year over year to 2.251 million barrels per day. However, natural gas production was 10.441 MMCF/d (millions of cubic feet per day), up from 10.424 MMCF/d in the year-ago period.
Downstream: The segment recorded profits — excluding U.S. tax reform and impairments — of $952 million. The figure is $289 million lower than the October-December quarter of 2016. Last year, the segment reported higher profit owing to proceeds from the sale of the retail unit in Canada.
ExxonMobil's refinery throughput averaged 4.2 million barrels per day (MMB/D), down almost 5% from the year-earlier level.
Chemical: After excluding U.S. tax reform, this unit contributed saw a $63-million rise in earnings from the prior-year quarter.
Financials
During the quarter under review, ExxonMobil generated cash flow of $8.8 billion from operations and asset divestments. The energy giant returned $3.3 billion to shareholders through dividends. Capital and exploration spending surged more than 100% year over year to almost $7.6 billion.
Q4 Price Performance
In fourth-quarter 2017, ExxonMobil gained 2% compared with the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.