ExxonMobil rebounds in Q4
US major ExxonMobil rebounded from a pandemic-induced $20.1bn loss in Q4 2020 with earnings in the comparable 2021 period of $8.9bn, it said February 1.
“Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realise the full benefits of the market recovery in 2021,” CEO Darren Woods said. “We've made great progress in 2021 and our forward plans position us to lead in cash flow and earnings growth, operating performance, and the energy transition.”
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In the fourth quarter, ExxonMobil paid down about $9bn of debt, bringing the full-year reduction to $20bn and returning remaining debt to pre-pandemic levels, Woods said. Structural cost savings in the fourth quarter amounted to $1.9bn, bringing full year savings to nearly $5bn compared to 2019.
Cash flow from operations and asset sales increased to $19.7bn in Q4 2021 from $4.8bn in Q4 2020. Cash flow in 2021 reached $48bn, the highest since 2012.
Oil-equivalent production grew modestly, to 3.8mn barrels of oil equivalent (boe)/day in Q4 2021 from 3.7mn boe/day in Q4 2020, as average commodity price realisations quarter-to-quarter increased by 63% for natural gas and 8% for crude oil.
Natural gas production growth was more robust, increasing to 8.6bn ft3/day from 8.2bn ft3/day, with much of the gains coming in Asia and Australia/Oceania.