First quarter results bounce back
Exxon Mobil Corporation announced estimated first quarter 2021 earnings of $2.7 billion, marking a return to profitability after a difficult year in 2020, when losses of $610 million were posted in the same period due to impacts from the COVID-19 pandemic. In this latest quarter, oil-equivalent production was 3.8 million barrels per day, up 3 per cent from the fourth quarter of 2020.
First quarter results bounce back
Whilst ExxonMobil has reduced capital and exploration expenditures and made structural cost savings, it has invested in initiatives to reduce emissions and has launched a Low Carbon Solutions business to commercialise its extensive low-carbon technology portfolio. Three new advanced recycling initiatives in the U.S. and Europe have also been announced to further advance the Company’s commitment to sustainability and capture value from plastic waste at scale.
At the same time, ExxonMobil and Porsche are testing advanced biofuels and renewable, lower carbon eFuels, as part of a new agreement to find pathways toward potential future consumer adoption of fuels that could significantly reduce emissions.
ExxonMobil has also signed an agreement valued at more than $1 billion for the sale of most of its non-operated upstream assets in the United Kingdom central and northern North Sea. The transaction is expected to close near mid-year 2021, subject to regulatory and third-party approvals.
“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritising investments in assets with a low cost of supply,” said Darren Woods, chairman and chief executive officer.
“Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society's net-zero ambitions.
CCS is considered one of the critical technologies required to achieve society’s net-zero ambitions and the climate goals outlined in the Paris Agreement.”
Also in this issue
Esso plans for E10 fuel changeMotorists across the UK are set to shift to a lower carbon fuel with the introduction of E10 at petrol stations in September 2021. The new fuel, which is a mixture of petrol and between 5.5% and 10% ethanol, will help the UK meet its climate change targets. Newsline asked Christine Isaacs, fuels programme advisor, about what this Government mandate means for ExxonMobil and the industry at large.
Pipeline team wins Presidents AwardAlison Segun, James Taylor, Stuart Pace and Jon Anstee De Mas have all been awarded the Fuels & Lubricants President’s Award for their work on the Development Consent Order (DCO) for the Southampton to London pipeline (SLP) project. The scheme will replace 90km of the underground fuel pipeline between Boorley Green, Hampshire and the West London Terminal storage facility in Hounslow.
Give the world a shotLike many people during lockdown, ExxonMobil annuitant Pauline Element was bored and unable to see her grandchildren. But after listening to the World Health Organisation and reading about the need for vaccines in the developing world, Pauline decided to act and make a difference.
Running for those who can’t0n Sunday 9 May, 50 ExxonMobil employees took part in this year’s global ‘Wings for Life World Run’, joining 180,000 people worldwide to raise money for a cure for spinal cord injury. The event has been organised by the energy drink company Red Bull for the past seven years, and in that time more than 715,000 participants have run for those who can't run.
New elevated flare tip for FEP
A key part of Fife Ethylene Plant’s £140m upgrade currently nearing completion is the installation of a new elevated flare tip designed to reduce noise and vibration.