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ExxonMobil announced the estimated earnings of 2018.
ExxonMobil announced the estimated earnings of 2018.

Exxon Mobil Corporation announced estimated 2018 earnings of US$20.8 billion, compared with US$19.7 billion a year earlier.

Cash flow from operations and asset sales was US$40.1 billion, including proceeds associated with asset sales of US$4.1 billion. Capital and exploration expenditures were US$25.9 billion, including incremental spend to accelerate value capture.

Fourth quarter 2018 earnings were US$6 billion, compared with US$8.4 billion in the prior-year quarter.

“Strong results during a period of commodity price volatility demonstrate ExxonMobil’s ability to deliver superior cash flow in different market environments,” said Darren W. Woods, chairman and chief executive officer. “Our continued focus on long-term fundamentals and portfolio improvements position us well to grow shareholder value. ExxonMobil’s 2018 results further demonstrate our advantages in technology, scale and integration, providing a strong foundation to successfully compete across commodity price cycles.”

Q4 2018 vs. Q4 2017

During the fourth quarter 2018, Upstream earnings were US$3.710 billion, up US$1.192 billion from the prior-year quarter, mainly attributed to higher natural gas prices. Permian unconventional production continued to ramp up in the fourth quarter, with production up more than 90% from the same period last year.

Downstream earnings were US$2.729 billion, up US$1.777 billion from the fourth quarter of 2018, largely contributed to divestment gains. The company also captured benefits from North American crude differentials with its integrated logistics and manufacturing capabilities. Overall reliability remained strong during a quarter with higher levels of scheduled maintenance activity.

Chemical earnings were US$744 million, US$ 191 million lower than a year ago, primarily due to weaker margins and higher downtime. Sales growth from investments resulted in the highest annual volumes in over ten years.

Full year 2018 vs. Full year 2017

Upstream earnings were US$14.247 billion, up US$6.510 billion from 2017, mainly due to higher prices.

Downstream earnings of US$6.053 billion increased US$1.057 billion from the previous year, contributed to higher margins and divestment gains.

Chemical earnings of US$3.358 billion decreased US$825 million from 2017, attributed to weaker margins.

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