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Exxon to start 5 projects by 2018

Written by  Tuesday, 31 January 2017 13:27

US giant ExxonMobil announced it will start five major offshore projects in 2017-2018, in addition to a Q4 2016 earnings of US$3.7 billion, which took a $2 billion impairment charge from its upstream sector.

Image from Exxon.

The company said in its Q4 report that it plans to start five major projects this year and next year, which include Hebron, offshore Canada; Sakhalin-1 Odoptu Stage 2, offshore Russia; Upper Zakum 750, offshore Abu Dhabi; Kaombo Split Hub, offshore Angola; and Barzan, offshore Qatar.

Exxon’s total Q4 earnings came in at almost $1.7 billion, a 40% drop, when compared to Q4 2015’s nearly $2.8 billion. For full-year, Exxon reported earnings of $7.8 billion, a significant decrease of 51%, from 2015’s $16 billion.

“ExxonMobil demonstrated solid operating performance in 2016. Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge,” said Darren W. Woods, Exxon chairman and CEO. “The company’s continued focus on fundamentals and our ability to leverage an attractive global portfolio through our integrated business ensures we are well positioned to generate long-term shareholder value.”

Exxon’s Q4 numbers included capital and exploration expenditures of $4.8 billion, a 35% drop from Q4 2015.

Production came in at 4.1 MMboe/d, with liquids down 3.9%, and natural gas down 1.7%, when compared to the same period last year.

For full-year 2016, Exxon’s capital and exploration expenditures were $19.3 billion, representing a 38% fall when compared to 2015.

Production was also slightly down at 4.1 MMboe, with liquids up 0.9%,and natural gas down 3.7%.

In 2016, Exxon added 250,000 boe/d to its upstream sector. The company continued progress in Guyana at its giant Liza project that included the successful Liza-3 appraisal well; in addition to the Payara discovery.  Offshore Nigeria, Exxon made a 1 billion bbl discovery at the deepwater Owowo-3 well.

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