ExxonMobil’s earnings beat estimates in Q1
ExxonMobil cited lower oil prices as the main reason behind their weaker financial results in the January-March period, however improved refining activities and higher oil and gas output eased the effects of lower crude oil prices.
The company’s earnings in the chemical segment were reported at $982 million, down $65 million when compared to the same period of 2014.
Upstream, meanwhile, ExxonMobil’s earnings declined to $2.9 billion in the first three months to $4.9 billion from a year earlier. However, the company’s oil and gas production rose 2% to 4.2 million barrels oil equivalent per day from 97,000 barrels per day in the first quarter of 2014 on the back of new developments in Papua New Guinea, Canada, Angola, Indonesia, and US.
Downstream, the company’s earnings increased to $1.7 billion in the first quarter of this year from $854 million in the same period of the preceding year. The company’s stronger financial results in this segment were attributed to lower feedstock costs and improved demand.
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