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May 3, 2021updated 26 Oct 2021 10:47am

Exxon Mobil reduces debt as it swings back to profit in Q1 2021

Exxon Mobil has returned to profit in the first quarter of 2021, reporting $2.73bn in the first quarter of 2021 compared to a loss of $610bn a year ago.

By Archana Rani

Exxon Mobil has returned to profit in the first quarter of 2021 with earnings of $2.73bn compared to a loss of $610bn a year ago.

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This broke a loss streak, which has been continuing for the past four quarters. In the previous quarter, the oil and gas firm registered a $20.1bn loss.

The company reported $9.3bn in cash flow from operating activities, which financed dividend and capital expenditures as well as resulted in debt reduction of over $4bn.

Oil-equivalent production per day of 3.8 million barrels in the first three months of 2021 was 3% higher than the previous quarter.

The company also said that the winter storm lowered first quarter earnings by around $600m across all businesses.

The company’s upstream operations saw average realisations for crude oil surging 42% from the fourth quarter.

Total production volumes surged 98,000 oil-equivalent barrels per day from the fourth quarter.

In downstream operations, industry fuels margins improved from the previous quarter, with lubricants reporting strong performance, noted the company. Overall refining throughput was stable compared to the fourth quarter.

Exxon Mobil chairman and CEO Darren Woods said: “The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritising investments in assets with a low cost of supply.

“Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt.

“We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonise industries near the Houston Ship Channel.”

 

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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