The oil giant said that capital and exploration expenses were $9.18 billion and operating cash flow was $13.4 billion. Production was 2.12 million barrels of oil equivalent per day, but oil equivalent production fell by 7.5% in the quarter. Downstream earnings came in at $3.19 billion and upstream earnings came in at $5.97 billion.
As the largest of the integrated oil and gas players, Exxon is a company that tracks earnings as very few analysts track revenues. It is worth noting that some $5 billion was spent during the quarter to reduce its shares outstanding.
Total revenue was down almost $10 billion from a year ago, but the number is still massive at $115.7 billion in quarterly revenue.
The company’s shares are trading down marginally this morning, at $90.50 in a 52-week range of $73.90 to $93.67.
JON C. OGG
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