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ExxonMobil records US$2.7 billion profit in 1Q21

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ExxonMobil has announced estimated 1Q21 earnings of US$2.7 billion, or US$0.64 per share assuming dilution, compared with a loss of US$610 million in 1Q20.

Results included unfavourable identified items of US$31 million, or US$0.01 per share assuming dilution. 1Q21 capital and exploration expenditures were US$3.1 billion, US$4 billion lower than 1Q20. The company also achieved debt reduction of over US$4 billion.

Oil-equivalent production was 3.8 million bpd, up 3% from 4Q20. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2%.

Average realisations for crude oil increased 42% from 4Q20. Natural gas realisations rose by 33% in the quarter.

Total production volumes increased 98 000 oil-equivalent barrels per day from 4Q20. Excluding entitlement effects, government mandates and divestments, liquids volumes were down 3% including impacts from higher maintenance and the winter storm. Natural gas volumes increased 12% driven by higher seasonal demand in Europe.

During the quarter, production volumes in the Permian Basin averaged 394 000 oil-equivalent barrels per day, an increase of 12% from the prior year.

“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritising investments in assets with a low cost of supply,” said Darren Woods, chairman and CEO. “Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonise industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society's net-zero ambitions.”

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