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ExxonMobil (XOM) Tops Q1 Earnings and Revenue Estimates

ExxonMobil CorporationXOM posted first-quarter 2016 earnings of 43 cents per share that beat the Zacks Consensus Estimate of 31 cents. A resilient integrated business model enabled the energy behemoth to beat estimates despite the current environment of relentlessly falling commodity prices. The bottom line, however, deteriorated from $1.17 in the year-ago quarter. The impact of sharply lower commodity prices and weaker refining margins were partly offset by strong Chemical results.

Exxon Mobil Corporation (XOM) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany

Total revenue in the quarter decreased to $48,707 million from $67,618 million in the year-ago quarter. The top line, however, was ahead of the Zacks Consensus Estimate of $48,137 million.

Operational Performance

Upstream: Quarterly earnings for the segment declined $2.9 billion from the first quarter of 2015, to a loss of $76 million. Lower liquids and gas realizations hurt earnings by $2.6 billion. The effect of sales mix lowered earnings by $100 million.

Production averaged 4.325 million barrels of oil-equivalent per day (MMBOE/d), up 1.8% year over year. Liquid production increased 11.5% year over year to 2.538 million barrels per day. Natural gas production was 10,724 MCF/d (millions of cubic feet per day), down 1,104 MCF/d from the year-ago period.

Downstream: The segment recorded profits of $906 million, down $761 million from the first quarter of 2015. Weaker margins affected earnings by $860 million. Volume and mix effects increased earnings by $10 million.

ExxonMobil's refinery throughput averaged 4.185 million barrels per day (MMBPD), down from the year-earlier level of 4.546 MMBPD.

Chemical: This unit contributed approximately $1.4 billion which was $373 million higher than the first quarter of 2015. Improved margins boosted earnings by $250 million. Favorable volume and mix effects increased earnings by $80 million.

Financials

During the quarter, ExxonMobil generated cash flow from operations and asset sales of $5 billion. The company returned $3.1 billion to shareholders through dividends and share repurchases. Capital spending decreased 33% year over year to $5.1 billion.

Zacks Rank

ExxonMobil currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy Inc. SXC , PetroChina Co. Ltd. PTR and Braskem S.A. BAK . Each of these stocks holds a Zacks Rank #1 (Strong Buy).

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PETROCHINA ADR (PTR): Free Stock Analysis Report

EXXON MOBIL CRP (XOM): Free Stock Analysis Report

BRASKEM SA (BAK): Free Stock Analysis Report

SUNCOKE ENERGY (SXC): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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