Home / ExxonMobil 2010 profits leap 57% to US$30.46bn


ExxonMobil 2010 profits leap 57% to US$30.46bn

by Emran Hussain on Jan 31, 2011

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Rex Tillerson, CEO ExxonMobil said that the company's oil-equivalent production rose 19% partially due to project ramp-ups in Qatar.
Rex Tillerson, CEO ExxonMobil said that the company's oil-equivalent production rose 19% partially due to project ramp-ups in Qatar.

ExxonMobil experienced a 57% increase in its earnings for 2010 which were US$30.46 billion, up $11.18 billion the US oil on 2009 earnings.

The company’s oil-equivalent production was up 13% from 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 14%.

ExxonMobil’s chairman Rex Tillerson commented: “ExxonMobil continues to deliver strong financial and operating results. The full year 2010 earnings, excluding special items, were $30.5 billion, up 57% from 2009, driven by higher crude oil and natural gas realisations, stronger refining margins and record Chemical performance. Fourth quarter earnings were $9.3 billion, an increase of 53%.

“Oil-equivalent production was 19% higher than the fourth quarter of 2009, driven by our world-class assets in Qatar and our growing unconventional gas production.

“Capital and exploration expenditures were $32.2 billion in 2010, reflecting a record level of investment.

“The Corporation returned over $19 billion to shareholders in 2010 through dividends and share purchases to reduce shares outstanding.”

ExxonMobil had capital and exploration expenditures of $32.2 billion, up 19% compared to 2009 levels.

Upstream

Upstream earnings were $24 billion, up $6.99 billion from 2009. Higher realisations increased earnings approximately $6.5 billion. Higher volumes increased earnings by $1.2 billion, while all other items, including higher operating costs, decreased earnings by $690 million.

Liquids production of 2,422 kbd increased 35 kbd compared with 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production increased 2% from 2009, as project ramp-ups in Qatar and the acquisition of Houston based XTO Energy were offset by net field decline.

Natural gas production of 12,148 mcfd increased 2,875 mcfd from 2009, driven by higher volumes from projects in Qatar and additional US unconventional gas volumes.

Earnings from US upstream operations for 2010 were $4.27 billion, an increase of $1.37 billion from 2009. Non-US upstream earnings were $19.82 billion, up $5.61 billion from 2009.

Downstream

Downstream earnings of $3.56 billion were $1.78 billion higher than 2009. Higher industry refining margins increased earnings by $1.2 billion. Positive volume and mix effects increased earnings by $420 million, while all other items, including lower operating expenses, increased earnings by $210 million. The company reported a decrease in petroleum product sales by 14 kbd to 6,414 kbd.

US downstream earnings were $770 million, up $923 million from 2009. Non-US downstream earnings were $2.79 billion, $863 million higher than last year (2009).

Chemical earnings were a record $4.91 billion, up $2.60 billion from 2009. Improved margins increased earnings by $2 billion while higher volumes increased earnings about $380 million. Prime product sales of 25,891 kt were up 1,066 kt from 2009.

 


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