Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Program-Rig Count
Exxon Reports Q1 2018 Financial Results; 31 Rigs Active in Permian, Bakken
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Exxon reported its Q1 2018 financial results.
Highlights:
- Development of the company’s U.S. unconventional acreage is progressing with 27 operated rigs in the Permian and four operated rigs in the Bakken. Permian and Bakken unconventional production has experienced 18 percent growth year-over-year.
Upstream:
- Crude and natural gas prices strengthened in the first quarter. ExxonMobil’s crude realizations were impacted by an increased discount in Western Canada, notably for heavy crudes, as Canadian supply exceeded pipeline and rail capacity. The logistics constraints in Canada supported the decision to accelerate Syncrude turnaround activities into the first quarter.
- Natural gas prices were supported by strong seasonal demand with colder weather across Europe and the U.S. and higher crude-linked LNG prices.
- As expected, higher prices reduced entitlement volumes.
- Following a severe earthquake in Papua New Guinea on February 26, operations at the PNG LNG project were temporarily shut down while the company responded with humanitarian relief for impacted communities and worked to fully restore operations. The project safely resumed LNG production ahead of schedule in mid-April. The impact of the earthquake reduced earnings by $80 million and production by 25,000 oil-equivalent barrels per day.
- The Hebron field in Canada, which started up last year, has ramped up to produce 14,000 oil-equivalent barrels per day in the first quarter with well performance exceeding expectations.
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