Exxon 1Q Reflects Benefits of Higher Commodity Prices-- Commodity Comment
April 30 2021 - 10:25AM
Dow Jones News
By Michael Dabaie
Exxon Mobil Corp. reported first-quarter earnings of $2.7
billion, turning around a loss of $610 million in the first quarter
of 2020.
On commodity prices:
"The strong first-quarter results reflect the benefits of higher
commodity prices and our focus on structural cost reductions, while
prioritizing investments in assets with a low cost of supply," said
Darren Woods, chairman and chief executive.
On severe winter weather in Texas:
The severe weather event reduced first-quarter earnings by
nearly $600 million across all businesses from decreased production
and lower sales volumes, repair costs, and the net impact of energy
purchases and sales.
On upstream results:
Total production volumes increased 98,000 oil-equivalent barrels
per day from the fourth quarter.
Natural gas volumes increased 12% driven by higher seasonal
demand in Europe.
On downstream results:
Industry fuels margins improved from the fourth quarter, but
remained below 10-year-lows driven by market oversupply and high
product inventory levels.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 30, 2021 11:10 ET (15:10 GMT)
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