Exxon's 'good start' to 2014

EXXONMOBIL has beaten analyst expectations with its March quarter results despite a 4% year-on-year fall to earnings of $US9.1 billion ($A9.8 billion).
Exxon's 'good start' to 2014 Exxon's 'good start' to 2014 Exxon's 'good start' to 2014 Exxon's 'good start' to 2014 Exxon's 'good start' to 2014

The New York Times singled out the oil major's 28% cut to its capital and exploration costs as one of the bright spots, which bolstered Exxon's "reputation as one of the most disciplined companies in the global oil patch".

"The company is off to a good start in 2014," Edward Jones senior energy analyst Brian Youngberg told the newspaper.

"Oil volumes held up better and were more in line with expectations. However, volumes continued their downward trend over all, and we continue to doubt the company can attain its goal of keeping volumes flat in 2014 relative to 2013 and then grow beginning in 2015."

Overall Exxon produced a total of 4151 thousand barrels of oil equivalent production per day during the quarter - a 5.6% decline year-on-year.

Exxon's global gas production fell 9% year-on-year to 12,016 million cubic feet of gas per day.

"ExxonMobil's first quarter earnings and cash flow reflect the company's continuing focus on delivering profitable growth and creating long-term shareholder value," Exxon chairman Rex Tillerson said on Thursday.

"Strong performance in the upstream benefitted from improved production mix and increased unit profitability."

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