- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
ExxonMobil earnings rise 9% in 2012 up from 2011
Arabian Oil & Gas Staff , February 4th, 2013
ExxonMobil saw a 9% or $3.82 billion rise in earnings for the year-ended December 31, 2012 to $44.88 billion from $41.060 billion for the year-ended December 31, 2011.
Fourth quarter year-on-year earnings also rose 6% from $9.4 billion in 2011 to $9.95 billion in 2012.
Gains from asset sales in the fourth quarter of 2012 were nearly $600 million, down $800 million from the prior year. Capital and exploration expenditures were $12.4 billion, up 24% from the fourth quarter of 2011.
“Capital and exploration expenditures were a record $39.8 billion in 2012 as we continue pursuing opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy,” said Rex Tillerson, ExxonMobil’s chairman.
Oil-equivalent production decreased 5% from the fourth quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 2%. Cash flow from operations and asset sales was $14.0 billion, including proceeds associated with asset sales of $800 million.
Upstream earnings were $7.76 billion in the fourth quarter of 2012, down $1.067 billion from the fourth quarter of 2011. Lower liquids-realizations were partially offset by improved natural gas realizations and decreased earnings by $70 million. Production volume and mix effects reduced earnings by $400 million.
Fourth quarter natural gas production was 12,541 mcfd (millions of cubic feet per day), down 1,136 mcfd from 2011.
