ExxonMobil has reported net income of $8.22bn for Q1 2024, down 28% from $11.43bn recorded in the corresponding quarter of 2023.  

The decline in earnings comes as industry refining margins and natural gas prices returned to their ten-year historical range after last year’s highs. 

Total revenues and other income fell to $83.08bn from $86.56bn in the first three months of 2023.  

The company attributed the decrease in earnings to timing effects from unsettled derivative mark-to-market impacts and other primarily non-cash impacts from tax and inventory adjustments, as well as divestments. 

However, ExxonMobil highlighted strong advantaged volume growth, mainly from operations in Guyana and the expansion of the Beaumont refinery.  

These factors, along with structural cost savings, helped mitigate the impact of lower base volumes resulting from divestments, unfavourable entitlements, government-mandated curtailments and increased expenses due to scheduled maintenance. 

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The company’s net production averaged 3.8mboe/d in Q1, a decrease of 47,000 barrels of oil equivalent per day (boepd) from the same period last year.  

Capital and exploration expenditures remained steady at $5.8bn, aligning with the full-year guidance of $23–25bn. 

During the quarter, ExxonMobil announced its final investment decision for the Whiptail development in Guyana.  

This project, the sixth offshore development in the region, is expected to contribute approximately 250,000boepd of gross capacity, with operations commencing by the end of 2027. 

The business announced a $0.95 per share Q2 dividend, which will be paid on 10 June 2024. 

ExxonMobil chairman and CEO Darren Woods said: “We delivered a strong quarter with continued growth in advantaged assets, such as Guyana, where production continues at higher-than-expected levels, contributing to historic economic growth for the Guyanese people.  

“Looking ahead, we are making great progress on our plans to grow the earnings power of our existing businesses from investments in advantaged assets and higher-value products, and further reduce structural costs.  

“We are investing in technology to transform the molecules derived from oil and natural gas into products that extend our reach into new, high-value, high-growth markets to capture even greater value from our core competitive advantages.” 

In a separate development, the Financial Times (FT) reported that Türkiye is negotiating with ExxonMobil for a deal to purchase liquefied natural gas (LNG).  

This move is part of Türkiye’s strategy to diversify its energy sources and reduce reliance on Russian imports. 

In an interview with the FT, Turkish energy minister Alparslan Bayraktar stated that the potential decade-long deal could secure up to 2.5 million tonnes of LNG annually for the country, forming a key part of its “new supply portfolio”.