Exxon Mobil Corporation increased its upstream earnings year on year, the company’s latest results statements revealed.
The company’s worldwide upstream earnings in 2024 were $25.390 billion, according to Exxon’s results statement, which showed that this figure came in at $21.308 billion in 2023.
U.S. upstream earnings in 2024 were $6.426 billion and non-U.S. upstream earnings last year were $18.964 billion, the release highlighted. In 2023, U.S. upstream earnings came in at $4.202 billion and non-U.S. upstream earnings were $17.106 billion, the results statement pointed out.
Exxon’s worldwide upstream earnings excluding identified items came in at $25.175 billion last year, according to the statement, which revealed that this figure was $23.609 billion in 2023.
The company’s U.S. upstream earnings excluding identified items were $6.786 billion in 2024 and $5.691 billion in 2023, the statement showed. Exxon’s non-U.S. upstream earnings excluding identified items were $18.389 billion in 2024 and $17.918 billion in 2023, the results statement pointed out.
“Upstream full-year earnings were $25.4 billion, $4.1 billion higher than 2023,” Exxon highlighted in its release.
“Identified items for the year improved earnings by $0.2 billion versus the unfavorable $2.3 billion impact in 2023 mainly driven by the impairment of the now-divested Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution,” Exxon said in the statement.
“Excluding identified items, earnings increased $1.6 billion due to advantaged assets volume growth from record Guyana and Permian production, and structural cost savings,” it added.
“These increases were partly offset by lower natural gas prices, higher depreciation expense, and lower base volumes from divestments of non-strategic assets and entitlements,” it continued.
Exxon’s results statement showed that the company’s production came in at 4.333 million barrels of oil equivalent per day last year. In 2023, Exxon’s output was 3.738 million barrels per day, according to the results statement.
“Net production in 2024 was at the highest level in over ten years at 4.3 million oil equivalent barrels per day, an increase of 16 percent, or 595,000 oil equivalent barrels per day,” the company said in the statement.
Exxon’s results statement showed that the company’s net production of crude oil, natural gas liquids, bitumen and synthetic oil in the U.S. was 1.248 million barrels per day last year. This output stood at 803,000 barrels per day in 2023, according to the statement.
The company’s net natural gas production available for sale in the U.S. stood at 2.887 billion cubic feet per day in 2024 and 2.311 billion cubic feet per day in 2023, Exxon’s latest results statement highlighted.
According to Exxon’s statement, the company’s total earnings came in at $33.680 billion in 2024 and $36.010 billion in 2023. Exxon’s total earnings excluding identified items were $33.464 billion last year and $38.572 billion in 2023, the statement revealed.
The company’s upstream capital and exploration expenditures rose from $19.761 billion in 2023 to $21.848 billion in 2024, the statement highlighted.
“Financially, we delivered some of our highest earnings and operating cash flow in a decade,” Darren Woods, Chairman and Chief Executive Officer of Exxon, said in the company’s latest results statement.
“As we look ahead, we’ve built a long runway of value creation,” he added.
“We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030, but well beyond,” Wirth went on to state.
“Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders,” he continued.
Source: By Andreas Exarheas from Rigzone.com