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Exxon’s hydrocarbon production declined 6% in January-March

UNITED STATES (OBSERVATORY) –┬áThe largest public oil and gas company in the US Exxon Mobil Corp. could not fully take advantage of rising oil prices due to production failures, due to which hydrocarbon production was the lowest for the first quarter since 1999.

As reported in the company’s press release, the production of hydrocarbons in terms of oil equivalent decreased in January-March by 6%, to 3.889 million barrels per day (b / s), and was less than all forecasts of analysts.

Net income in the first quarter rose 13.4% to $ 4.65 billion, or $ 1.09 per share, compared to $ 4.10 billion, or $ 0.05 per share a year earlier.

The earthquake in Papua New Guinea worsened the result for the first quarter by $ 80 million.

Exxon’s revenue increased 16.3% from $ 58.67 billion to $ 68.21 billion.

Analysts polled by FactSet forecast a profit of $ 1.10 per share on revenue of $ 67.2 billion.

Exxon’s capital expenditures and exploration costs in the first quarter amounted to $ 4.87 billion compared to $ 4.17 billion a year earlier.

Excluding one-off factors, hydrocarbon production declined by 3% in the previous quarter. At the same time, oil production decreased by 35 thousand b / s, and natural gas production – by 403 million cubic meters. feet per day.

Exxon’s upstream Exxon profit in January-March was $ 3.5 billion, compared with $ 2.25 billion a year earlier.

The company’s profit from downstream processing and downstream sales decreased by $ 176 million, to $ 940 million, profit in the petrochemical segment fell by $ 160 million, to $ 1.01 billion.

Shares of the company lost 1.7% in pre-auction in New York on Friday. Capitalization since the beginning of the year decreased by 3.3%, to $ 342.5 billion.

ExxonMobil carries out exploration and production operations in more than 30 countries, including joint ventures in Russia and Kazakhstan, and owns 37 refineries around the world.