The company posted $4.2 billion, or $1.00 a share, versus $7.7 billion a year earlier; excluding identified items and timing effects, earnings were $8.8 billion.
It said $3.9 billion in unfavorable timing effects and a $0.7 billion hedge-related item reflected disrupted Middle East shipments, while operating cash flow was $8.7 billion and shareholder distributions totaled $9.2 billion.
ExxonMobil highlighted record Guyana output above 900,000 gross barrels a day and first LNG from Golden Pass Train 1, saying the project could lift US LNG exports by 5%.
Could Exxon and Chevron’s paper losses soon turn into massive gains as hedging contracts settle amid record oil prices?
Are US LNG projects facing a looming financial crisis despite booming exports, given forecasts of a global market oversupply?
How will windfall taxes and ongoing supply disruptions reshape the future of global energy investment and consumer prices?