Exxon Mobil 2Q Production Slips Amid Increased Maintenance -- Commodity Comment
30 Juillet 2021 - 2:35PM
Dow Jones News
By Dave Sebastian
Exxon Mobil Corp. said oil-equivalent production in the second
quarter fell 2% from the year-ago period to 3.6 million barrels a
day, driven by increased maintenance activity.
The oil major said planned maintenance rose across all of its
businesses.
On upstream operations:
"Excluding entitlement effects, divestments, and government
mandates, oil-equivalent production increased 3%, including growth
in the Permian and Guyana."
"Average realizations for crude oil increased 13% from the first
quarter. Natural gas realizations increased 1% from the prior
quarter."
"Liquid volumes decreased 3% from the first quarter, driven by
increased planned maintenance activity. Natural gas volumes
decreased 10%, driven by lower seasonal demand."
"During the quarter, production volumes in the Permian averaged
400,000 oil-equivalent barrels per day, an increase of 34% from the
second quarter of 2020."
On downstream operations:
"Industry fuels margins improved from the first quarter, but
remain on the low end of the historical range, due to ongoing
impacts from market oversupply."
"Lubricants delivered strong performance, underpinned by lower
operating expenses and improved margins."
"Overall refining throughput was up 3% from the first quarter,
when a winter storm in Texas disrupted operations."
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 30, 2021 08:23 ET (12:23 GMT)
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