ExxonMobil Q2 results boosted by PNG LNG

ExxonMobil has released its second quarter 2014 financial and operational results.

Comments

Commenting on the company’s performance, Chairman Rex W. Tillerson said: “ExxonMobil’s financial results were achieved through strong operational performance and portfolio management. We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases.

“Upstream production for the year remains in line with plans and we continue to add volumes from our high-quality development portfolio through assets such as the Papua New Guinea LNG project, which started up ahead of schedule during the quarter.

“Second quarter 2014 earnings were US$ 8.8 billion, up 28% from the second quarter of 2013, reflecting strong operations and asset divestments.

“Capital and exploration expenditures for the first half of 2014 were US$ 18.2 billion, down 17% from the first half of 2013.

“Through the first half of 2014, the Corporation distributed US$ 11.7 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

Highlights

• ExxonMobil shipped the first cargo of LNG from the PNG LNG project ahead of schedule. PNG LNG is expected to produce more than 9 trillion ft³ of gas over its estimated 30 years of operations.
• Offshore Sakhalin Island in Russia, the 42,000 ton topsides of the Berkut platform were installed on the structure at the Arkutun-Dagi field. The platform will be the largest offshore oil and gas production platform in Russia.
• Construction started on the ethane cracker at the Baytown, Texas, complex.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/04082014/exxonmobil-q2-2014-results-1143/