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ExxonMobil (XOM) Q1 Earnings and Revenues Beat Estimates
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Exxon Mobil Corporation’s (XOM - Free Report) first-quarter 2021 earnings per share of 65 cents — excluding identified items — beat the Zacks Consensus Estimate of 59 cents and year-ago earnings of 53 cents.
Total revenues of $59,147 million beat the Zacks Consensus Estimate of $55,156 and also improved from the year-earlier figure of $56,158 million.
The strong earnings were owing to higher chemical margins and improved realized commodity prices.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
The segment reported quarterly earnings of $2.6 billion, up from profits of $536 million in a year ago comparable quarter. This upside was driven by higher commodity prices.
Operations in the United States recorded a profit of $363 million against a loss of $704 million in the March quarter of 2020. Moreover, the company reported profits of $2.2 billion from non-U.S. operations, which improved from profits of $1.2 billion in the year-ago quarter.
Production: Total production averaged 3.787 million barrels of oil-equivalent per day (MMBoE/D), lower than 4.046 MMBoE/D a year ago, reflecting the impact of winter storm.
Liquid production decreased to 2.258 million barrels per day (MMBbls/D) from 2.480 MMBbls/D in the prior-year quarter. The underperformance was owing to lower production in the United States and Asia. Moreover, natural gas production was 9.173 billion cubic feet per day (Bcf/d), down from 9.396 Bcf/d a year ago due to lower output from the United States.
Price Realization: In the United States, the company recorded crude price realization of $56.20 per barrel, higher than the year-ago quarter’s $42.82. The same metric for non-U.S. operations rose to $53.41 per barrel from the year-ago figure of $41.96. Moreover, natural gas prices in the United States were recorded at $3.36 per thousand cubic feet (Kcf), higher than the year-ago quarter’s $1.69. Also, in the non-U.S. section, the metric improved to $6.13 per Kcf from $5.60 in first-quarter 2020.
Downstream
The segment recorded a loss of $390 million, narrower than the loss of $611 million a year ago, thanks to improved industry fuel margin, partially offset by a decline in refinery throughput.
Notably, ExxonMobil's refinery throughput averaged 3.8 MMBbls/D, lower than the year-earlier level of 4.1 MMBbls/D.
Chemical
This unit recorded $1.4-billion profit, skyrocketing from earnings of $144 million in the year-ago quarter on significantly higher margins from U.S. and non-U.S. operations.
Financials
During the quarter under review, ExxonMobil generated cash flow of $7.6 billion from operations and asset divestments. The company's capital and exploration spending declined 56.1% year over year to $3.1 billion.
At the end of first-quarter 2021, total cash and cash equivalents were $3.5 billion and debt amounted to $63.3 billion.
Guidance
The energy giant reaffirmed its expectations for 2021 capital spending at $16 billion to $19 billion.
Zacks Rank & Other Stocks to Consider
ExxonMobil currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include EOG Resources, Inc. (EOG - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Matador Resources Company (MTDR - Free Report) . While EOG Resources and Matador carry a Zacks Rank #2 (Buy), Diamondback sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources is likely to see earnings growth of 272.6% in 2021.
Diamondback is expected to witness earnings growth of 112.5% in 2021.
Matador is likely to see earnings growth of 300% in 2021.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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ExxonMobil (XOM) Q1 Earnings and Revenues Beat Estimates
Exxon Mobil Corporation’s (XOM - Free Report) first-quarter 2021 earnings per share of 65 cents — excluding identified items — beat the Zacks Consensus Estimate of 59 cents and year-ago earnings of 53 cents.
Total revenues of $59,147 million beat the Zacks Consensus Estimate of $55,156 and also improved from the year-earlier figure of $56,158 million.
The strong earnings were owing to higher chemical margins and improved realized commodity prices.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
Exxon Mobil Corporation price-consensus-eps-surprise-chart | Exxon Mobil Corporation Quote
Operational Performance
Upstream
The segment reported quarterly earnings of $2.6 billion, up from profits of $536 million in a year ago comparable quarter. This upside was driven by higher commodity prices.
Operations in the United States recorded a profit of $363 million against a loss of $704 million in the March quarter of 2020. Moreover, the company reported profits of $2.2 billion from non-U.S. operations, which improved from profits of $1.2 billion in the year-ago quarter.
Production: Total production averaged 3.787 million barrels of oil-equivalent per day (MMBoE/D), lower than 4.046 MMBoE/D a year ago, reflecting the impact of winter storm.
Liquid production decreased to 2.258 million barrels per day (MMBbls/D) from 2.480 MMBbls/D in the prior-year quarter. The underperformance was owing to lower production in the United States and Asia. Moreover, natural gas production was 9.173 billion cubic feet per day (Bcf/d), down from 9.396 Bcf/d a year ago due to lower output from the United States.
Price Realization: In the United States, the company recorded crude price realization of $56.20 per barrel, higher than the year-ago quarter’s $42.82. The same metric for non-U.S. operations rose to $53.41 per barrel from the year-ago figure of $41.96. Moreover, natural gas prices in the United States were recorded at $3.36 per thousand cubic feet (Kcf), higher than the year-ago quarter’s $1.69. Also, in the non-U.S. section, the metric improved to $6.13 per Kcf from $5.60 in first-quarter 2020.
Downstream
The segment recorded a loss of $390 million, narrower than the loss of $611 million a year ago, thanks to improved industry fuel margin, partially offset by a decline in refinery throughput.
Notably, ExxonMobil's refinery throughput averaged 3.8 MMBbls/D, lower than the year-earlier level of 4.1 MMBbls/D.
Chemical
This unit recorded $1.4-billion profit, skyrocketing from earnings of $144 million in the year-ago quarter on significantly higher margins from U.S. and non-U.S. operations.
Financials
During the quarter under review, ExxonMobil generated cash flow of $7.6 billion from operations and asset divestments. The company's capital and exploration spending declined 56.1% year over year to $3.1 billion.
At the end of first-quarter 2021, total cash and cash equivalents were $3.5 billion and debt amounted to $63.3 billion.
Guidance
The energy giant reaffirmed its expectations for 2021 capital spending at $16 billion to $19 billion.
Zacks Rank & Other Stocks to Consider
ExxonMobil currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include EOG Resources, Inc. (EOG - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Matador Resources Company (MTDR - Free Report) . While EOG Resources and Matador carry a Zacks Rank #2 (Buy), Diamondback sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources is likely to see earnings growth of 272.6% in 2021.
Diamondback is expected to witness earnings growth of 112.5% in 2021.
Matador is likely to see earnings growth of 300% in 2021.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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