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EXXON MOBIL CORPORATION

(XOM)
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Exxon Mobil 2Q Production Slips Amid Increased Maintenance -- Commodity Comment

07/30/2021 | 06:23am EDT

By Dave Sebastian

Exxon Mobil Corp. said oil-equivalent production in the second quarter fell 2% from the year-ago period to 3.6 million barrels a day, driven by increased maintenance activity.

The oil major said planned maintenance rose across all of its businesses.

On upstream operations:

"Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 3%, including growth in the Permian and Guyana."

"Average realizations for crude oil increased 13% from the first quarter. Natural gas realizations increased 1% from the prior quarter."

"Liquid volumes decreased 3% from the first quarter, driven by increased planned maintenance activity. Natural gas volumes decreased 10%, driven by lower seasonal demand."

"During the quarter, production volumes in the Permian averaged 400,000 oil-equivalent barrels per day, an increase of 34% from the second quarter of 2020."

On downstream operations:

"Industry fuels margins improved from the first quarter, but remain on the low end of the historical range, due to ongoing impacts from market oversupply."

"Lubricants delivered strong performance, underpinned by lower operating expenses and improved margins."

"Overall refining throughput was up 3% from the first quarter, when a winter storm in Texas disrupted operations."

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

07-30-21 0823ET

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION 0.89% 57.59 Delayed Quote.39.71%
WTI 0.93% 73.961 Delayed Quote.52.07%
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Financials (USD)
Sales 2021 278 B - -
Net income 2021 18 830 M - -
Net Debt 2021 52 985 M - -
P/E ratio 2021 12,8x
Yield 2021 6,06%
Capitalization 244 B 244 B -
EV / Sales 2021 1,07x
EV / Sales 2022 0,98x
Nbr of Employees 72 000
Free-Float 52,7%
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Mean consensus OUTPERFORM
Number of Analysts 28
Last Close Price 57,59 $
Average target price 66,17 $
Spread / Average Target 14,9%
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Managers and Directors
Darren W. Woods Chairman & Chief Executive Officer
Kathryn A. Mikells Chief Financial Officer & Senior Vice President
Vijay Swarup Vice President-Research & Engineering
Kenneth C. Frazier Lead Independent Director
Ursula M. Burns Independent Director
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