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Post Earnings Coverage as Exxon's Sales Surged 30%; EPS Soared 121%
May 10, 2017 (ACCESSWIRE via COMTEX) -- Copyright 2017 ACCESSWIRE

Upcoming AWS Coverage on ENI S.p.A.

LONDON, UK / ACCESSWIRE / May 10, 2017 / Active Wall St. announces its post-earnings coverage on Exxon Mobil Corp. (NYSE: XOM). The Company announced its first quarter fiscal 2017 results on April 27, 2017. The Energy giant surpassed top- and bottom-line expectations. Register with us now for your free membership at:

One of Exxon Mobil's competitors within the Major Integrated Oil & Gas space, ENI S.p.A. (NYSE: E), is expected to report earnings its fiscal quarter ending March 2017on May10, 2017 after market close. AWS will be initiating a research report on ENI S.p.A. following the release of its next earnings results.

Today, AWS is promoting its earnings coverage on XOM; touching on E. Get our free coverage by signing up to:

Earnings Reviewed

For the quarter ended March 31, 2017, Exxon's total revenue increased to $63.29 billion compared to $48.71 billion in Q1 2016. The Company's top-line missed analysts' consensus estimates of $64.35 billion due to lower oil equivalent production.

Exxon reported Q1 2017 earnings of $4.01 billion, or $0.95 per diluted share, compared with $1.81 billion, or $0.43 per diluted share, in Q1 2016, resulting from improvements in commodity prices, cost management and refining operations. The Company reported earnings surpassed Wall Street's expectations of $0.85 per share.

Segment Results

For Q1 2017, Exxon's Upstream earnings were $2.3 billion compared to a loss of $76 million in Q1 2016. Higher liquids and gas realizations increased earnings by $2.3 billion. Lower volume and mix effects decreased earnings by $150 million. All other items increased earnings by $170 million primarily as a result of lower expenses. Upstream earnings of $2.3 billion improved on higher liquids and gas realizations. US Upstream earnings were a loss of $18 million for the reported quarter compared to a loss of $832 million in the year earlier same quarter. Non-US Upstream earnings were $2.3 billion for Q1 2017, up $1.5 billion from the prior year.

During Q1 2017, the Company's Upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of 4% compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices and higher maintenance. Liquids production of 2.3 million barrels per day decreased 205,000 barrels per day in the reported quarter due to lower entitlements and higher maintenance activity mainly in Canada and Nigeria. Natural gas production of 10.9 billion cubic feet per day increased 184 million cubic feet per day from Q1 2016 as project ramp-up was partly offset by field decline.

During Q1 2017, Exxon's downstream earnings were $1.1 billion, up $210 million from Q1 2016. Higher margins increased earnings by $10 million. Volume and mix effects increased earnings by $160 million. For the reported quarter, Petroleum product sales of 5.4 million barrels per day were 61,000 barrels per day higher than the year earlier corresponding quarter.

Earnings from the US Downstream were $292 million, up $105 million from Q1 2016. Non-US Downstream earnings of $824 million for the reported quarter were $105 million higher than the year earlier comparable quarter.

For Q1 2017, Exxon's Chemical earnings of $1.2 billion were $184 million lower than Q1 2016. The segment's weaker margins decreased earnings by $70 million. For Q1 2017, prime product sales of 6.1 million metric tons were 101,000 metric tons lower than Q1 2016. US Chemical earnings of $529 million were $52 million lower than the year earlier quarter. Non-US Chemical earnings of $642 million were $132 million lower than last year.

Financial Position

During Q1 2017, Exxon purchased 6 million shares of its common stock for the treasury at a gross cost of $496 million. These shares were acquired to offset dilution in conjunction with the Company's benefit plans and programs. During the reported quarter, the Company issued a combined 96 million shares of common stock to complete the acquisition of InterOil Corporation and the acquisition of entities that own oil and gas properties located primarily in the Permian Basin.

For Q1 2017, Exxon's cash flow from operations and asset sales was $8.9 billion, including proceeds associated with asset sales of $687 million. Capital and exploration expenditures were $4.2 billion for the reported quarter, down 19% compared to the year ago same quarter.

Capital and exploration expenditures totaled $4.2 billion as the Company advanced investments across its integrated businesses. During Q1 2017, Exxon distributed $3.1 billion in dividends to shareholders.

On April 26, 2017, Exxon's Board of Directors of announced the cash dividend of $0.77 per share on the Common Stock. The dividend would be payable on June 09, 2017 to stockholder on record as of May 12, 2017.

Stock Performance

At the close of trading session on Tuesday, May 09, 2017, Exxon Mobil's stock price marginally fell 0.70% to end the day at $82.31. A total volume of 8.60 million shares were exchanged during the session. The Company's shares are trading at a PE ratio of 34.40 and have a dividend yield of 3.74%. The stock currently has a market cap of $353.50 billion.

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