Exxon: Operational Performance Slightly Below Forecast

Printer Friendly Version
Email this Page

HOUSTON - Exxon Mobil Corp.'s volumes were about 1% below guidance due to maintenance, variations in prices and timing issues, an executive said Thursday.

"Operational performance was slightly below forecast," David Rosenthal, vice president for investor relations, said. The decrease was due to higher prices hurting volumes in production-sharing contracts, and performance issues in some work projects and downtime in some areas, Mr. Rosenthal said in an earnings call.

Mr. Rosenthal added that the company acquired a 20% working interest in the Phobos deep-water development in the U.S. Gulf of Mexico.

Also, in Nigeria, the Satellites Phase 1 project remains on track to reach first oil production in the fourth quarter. "Drilling has commenced on two of the three platforms," Mr. Rosenthal said.

The Kearl initial development project in the Canadian oilsands is "now 98% complete," Mr. Rosenthal said.

Copyright (c) 2012 Dow Jones & Company, Inc.

Printer Friendly Version
Email this Page

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Reservoir Engineer- Reserves
Expertise: Reservoir Engineering
Location: Houston, TX
 
Business Unit Manager - Laboratory Testing - Oil & Gas
Expertise: Asset Integrity Engineer|Certification Engineer|Reservoir Engineering
Location: Houston, 
 
Senior Reservoir Engineer, Oil Company
Expertise: Reservoir Engineering
Location: Texas, TX
 
search for more jobs

Brent Crude Oil : $62.58/BBL 0.83%
Light Crude Oil : $57.68/BBL 0.05%
Natural Gas : $2.71/MMBtu 3.90%
Updated in last 24 hours