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Exxon: Operational Performance Slightly Below Forecast

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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.

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