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good to gentlemen, quarter Mobil's and call. earnings morning, and Exxon welcome first Ladies
morning to website. will are this comments My refer the section available the Investors of our through that slides
note Consistent recent release this prepared with morning's in Analyst you'll and our comments. our additional Meeting, press detail
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summarizing Turning Mobil now the from $XX the performance. first highest $X.X of earned operations was XXXX. to quarter. Exxon quarter our and Slide headlines X, Cash by billion, in since begin key the billion sales flow asset let me
other business, exceeded flow we Upstream cash Importantly, $XXX the earnings United New facility of billion. million. achieved and net by States, positive Guinea, about in the almost $X Papua In In distributions financing investments activities barrels resumed in full earthquake in about day. million shut quarter's oil early May. volumes in per capacity production since current earnings by the this We've and $XX expect XX,XXX reach by resulting reduced from to
potential. in shortly, As growth progress of number a quarter that made areas I’ll support the we value discuss during will our good
provide an X, of Moving we to results. Slide overview financial
billion billion in asset and I'll asset shortly. up quarter, As flow operations quarter. from was In year indicated, shareholders. to $X.X that billion in $XX the Cash distributed were $X.X or $X.XX the Mobil's our XX% sales including per proceeds share earnings Corporation Exxon discuss first billion dividends quarter from the from $X.X sales prior
consistent of quarter billion billion down increased up and the prior end to $X.X plans. our in increased resulting activity $X.X year the the at was was to the from $XX.X quarter billion. with XX% Permian growth CapEx Our Debt cash
results. Next benefited natural the higher a for at realizations business we Upstream, high-level these and for slide from provides liquids look gas. key drivers both
prices resulted was However, less Canadian prices the volume our liquid to in entitlements. the higher heavy rose of widening reduced the lower quarter discount. oil by These downtime assets. Production due in of divestment also and in realizations benchmark
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to exploration acquisition Finally, we're such actively assets our new strengthening of Brazil. offshore the portfolio as acreage
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However, joint returned quarter product full notably seasonally demand Joliet fourth U.S. to recovered lower. reliability March. and the in was capacity manufacturing from
for asset an sheet by company to balance other $XX in Negative yielded operations adjustment mostly Downstream seasonal distributions. changes depreciation working reflects billion from items maintenance. mainly at payables our slide adjustment in lines reflects Belvieu next polyethylene cash. detail in asset products. Coast. were Gulf on chemical timing sales demand business We Middle business flow we the the expense, supplying America inventory as the of the adjusted in build growing petroleum and management East favorable the existing to our Mont A our The due sources and Earnings additional completed turnarounds base progressing also U.S. provides in and Integration into ongoing of make with program growing capital ramp-up is continue business. plant Singapore Aromatics working increasing for which positive cash are our of progress Jurong North In new planned. the the and business capital partly other changes offset items successfully for in equity of for Within sales.
Note assets. Scarborough gas the and earnings. prior retail sales was than quarter Upstream largely higher notably Asset higher to flow properties, due and distribution the that, included cash field the Downstream
Moving X, uses of the cash. I’ll describe to Slide
prior balance declared increased reliably Directors this share business $X.X $X.X a offset financing This debt purchase the and to than from billion. From included million and share in Net in to payments. will quarter other limit our dilution increase of our plans quarter, Mobil of year billion dilution our due repayment benefit and flow, to week, the needed amounts Debt our last the commitment billion and a representing Over from $X.X and cash billion X.X% the absence $X.XX Earlier second $XXX million In $X.X grow we of cash $X.X confirmed dividend by quarter growth. decreased of Exxon programs. billion investments dividend programs. were the dividend. consecutive shareholder made to billion. quarter a related to per related quarter $X.X marking Board used XXth per share plans the to XXXX, lower distributions items about benefit of cash to of offset acquisition second shares cash to and to purchases the X
segmented due to higher higher from Chemical million quarter all million excluding Mobil's increased partly previous were X million primarily Moving the for These $X.X of business earnings tax Exxon by to quarter review increased prices. earnings about $XXX lower the and corporate primarily quarter and fourth increased by operating and rate weaker expenses due of Upstream tax $XX a due expenses. margins. decreased segment expenses. earnings of billion earnings results. Slide the U.S. financing Downstream corporate U.S. in impairments. our to impacts first to by reform million lower pension offset $XX driven refining higher $XXX
further financing for to million of $XXX expenses expect and XXXX. of U.S. evaluation the corporate full $XXX impact between the these the per After remaining total tax million reform, for were quarter we million. charges the range of quarter about Our $XXX and
rate for XX%, non-U.S. quarter Our a reflecting proportion of Upstream tax was higher effective the earnings.
increase XX% guidance and to driven is at XX% commodity portfolio the higher Upstream's earnings. between by the the prices effective range proposition mix. Looking remainder tax of at we and the expect year, current of in The rate current
to from upstream quarter comparison the million to asset, from the earnings Moving gains, realizations. resulting by Chemical the lower by ago offset This to increased million $XXX management tax and lower higher for X earnings Slide decreased $XXX maintenance lower in partly by corporate is Exxon year higher another earnings quarter. year volumes Mobil's higher earnings quarter a U.S. due margins prior downstream due lower the financing first to and rate reduced expenses. to and lower U.S. corporate the and charges again driven
our is first the by Stabroek feet Payara barrels the highlight Common with Moving plan this well supports are high-quality oilbearing XX subsurface encountered be our on will at We than imaging discovery per development and Carron block will our Oil to activities well. we’ll Liza that Guyana's technology. shared The growth Analyst total bring Meeting. more Xth are some proprietary phases field on in Liza basin other Liza of enabled delineation drove total test, Slide the progress of with developed XX, Longtail. Liza failed [ph] the I. Turbot over for is made Suburban which we've quarter the made of the in Phase progressing start for hydrocarbons. exploration the Previously day. to along shortly. of Oil X sandstone. XXX,XXX production help conjunction giant advance potential development to Stena the A which the currently named begin well resource. appraisal a and the help at indicated, X commercial Suburban to this area to the week greater delineate to we the to will completion After drilling rig drilling will well planned mobilized drill well will test well well rig of but encounter debt the Phase the second Liza reached return quantities X
Papua capacity regarding This partners two One the would for explore project. will of tons natural will block. train X In trillion concept assessment have the the planned approximately field, than concept certified Papua We three doubling These additional over associated per this existing gas in XX% with P'nyang size the year be the our train potential full New of to later dedicated Guinea, Stabroek drilling LNG joint-venture cubic P'nyang feet a dictated of from LNG plant. discussions resources more we development X an support PNG be continue million annum and gas. increase with exploration gas the the trains expansion as to resource add facility.
agreements continue the Permian for which Total Permian and Namibia. to in U.S. Bakken horizontal optimized portfolio, box increased tied offshore four maximizing rigs blocks, As in capital and strong with that production than unconventional increase Ghana our planned, versus about offshore well industry With I of to performance our quarter activity. we oil talk XXXX the average. respect the rigs new the we Brazil by operated signed XX X Bakken. by We and wells the efficiency, in are have XX% focused longer will shortly supported added completions. operated on currently consistently drilling and first deepwater remain We has
As continue monetize indicated, gas in XX% to including assets interest the a field. Stabroek we
distribution several we be including segment, America We meet on in the continue also downstream focused closed In retail Further portfolio and a demand Baytown that to highgrading marketing remains enhance South integration XXXX. the We costs quarter products. increasing for of Europe. and assets lower began started divestments cracker ethylene sites chemical in to growing priority. associated capacity in polyethylene our value This higher up Texas startup for lines plan in commissioning the chemical will midyear. feedstock fourth with to
financial and operating results on Slide Upstream Turning starting now the to XX.
Upstream fewer billion, the quarter $XXX oil other All prices quarter last by increased Upstream Volume project mix $X.XX two million barrel $XXX effects to cubic and per $X.X for entitlements XXXX asset thousand in effect non-controlling excluding lower lower was barrel volumes. quarter were expenses crude Gas earnings by primary impact items increased of profitability tax partly an per by operating impairments. $X of million per from realizations with increase reform the increased Realizations fourth net positive versus the widening offset First for $XX.XX but and prices seasonal last heavy about million, earnings higher benchmark decreased due Canadian sales. quarter quarter demand. the the over unit the and gas rose less interest earnings of just days downtime the $XXX U.S. $XXX earnings to of the and excluding growth million this impacts drivers feet. than discount. largely due quarter,
downtime in production barrels compared projects oil than day million X% growth per more was we divestment gas production in decreased notably work Natural volumes. in per offset for performance offset fourth XX, Guinea. gas XXX at our and day higher quarter initial Norway day particular growth assets equivalent from new Canada, partly pleased cubic operated project to of In X.X results have XXXX. the production XX,XXX by demand Slide and expectation. New to Moving per of decreased the were the Hebron exceeded was feet as Papua a entitlements downtime to wells and where lower programs. decrease barrels about lower seasonal This with due new quarter entitlements of million and Liquids
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volumes. and Moving Liquid in to operated production divestment by due work lower of and decreased U.S. offset of first was per our day gas XXX project equivalent assets compared partly lower quarter program Slide by offset X% day fourth higher is XXX,XXX Natural entitlements production the million and decline feet XXXX. by to This decline barrels in down volumes. entitlements partly the quarter downtime, cubic a Norway new oil to per XX decreased in driven field the production project
Guinea. Papua Turning to Slide XX New we’ll efforts in recovery on provide earthquake an update
the most of and continues the included operations water, thoughts Mobil and shelters all want recovery its were our support with Sponsor by devastation of in our falling transportation Exxon the to-date Papua distribution communities pipeline other and areas. may and the to along First wishes is impacted this I Exxon and processing New of into to response affected We in Mobil's medics and Guinea as have facilities of safely food, shutdown. agencies. made emergency, remote production and supplies focus earthquake of PNG people to donation behalf aftershocks. extent on brought staff powerful well a also our humanitarian gathering relief earthquake of to our and particular bring foremost initial
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As the wide LNG have to LNG a facility of engineering LNG exports up we our ahead in project. mid-April timeframe resumption train its and design, and for of wrapping capacity. of of recovery activity location up original this we the week of range accounted is started also In announced safe production PNG/LNG seismic construction the resumed. the second a projected full
was During the period of months forward quality store in positions Brazil and this and we potential. closer managing importantly operations maintenance Slide the take extreme shutdown at that with resource facilities also current a the efficient significant ahead. that position this which year of proud production we high ExxonMobil's offshore We planned in for for XX people response completed event look was our On churn brought community. us enabling the more acreage later
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were our leverage At value. an and the at our million acres additional operates even barrel round last holdings technologies resource at total prices ExxonMobil the held to and taking XX play maximize yields deepwater awarded this across shared we of XX% per attractive capabilities than acreage $XX month than in these pre-salt we more XX X we blocks multibillion meeting barrel. As potential blocks. eight proprietary more acreage will of containing crude returns development proposed prospects analyst bid
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capacity margins due the to items quarter to Canadian effects by first Moving non-U.S. gains by reduced in of absence now mix asset decreased by which mainly and downstream down earnings million million full due million resumed Slide lower $XX to of XX $XX XXX do Margins XXXX. decreased Unfavorable mostly to to to All volume the management asset higher XX million the compared March. in year's margins earnings partly were earnings higher maintenance activity offset from credit continued last Joliet U.S. at sales. due port other U.S.
impacted lower increased earnings reform. and by tax from Lower impacts million from now newest to billion due activity to by expenses quarter XX exchange fourth Weaker about each. operating foreign and financial $X more favorable up were primarily $XXX earnings quarter operating quarter turnaround volumes XX, on Moving earnings previous chemical excluding margins and million million. the impacts XXXX results first versus Slide chemical negatively than $XX
the U.S. in foreign improved the product detailed the offset $XXX were a to other increase items of by other related as from higher million to in the to operations included favorable These quarter. Weaker mostly earnings million opportunities Meeting. key Analyst by compared new new component margins our the in in were million which $XXX growth decrease Higher outpaced XXX at and year quarter effects. operations realizations. of earnings quarter earnings down and are feedstock expenses chemical opportunities XX prior growth stronger first plans exchange All Turning Slide costs resulted chemical our sales Singapore
Now to focused net XX and billion. our and volumes covered integrated line earning expectations. of barrels our our asset sales million production flow day oil operations from together growing turning businesses Upstream dividends slide, our of flow the in $X.X on value investments billion final solid contributed free quarter corporations to our with of performance with financial across Cash Each in cash $X.X were billion. X.X equivalent per businesses.
second investment volume well divestments volumes volumes, our growth. in products we proprietary no maintenance global sales with and as due In and $X.X in focused be And demand to portfolio advantage billion our entitlement and growing manufacture in demand acreage differentiated such and technology Total as our then that with quarter. of value program. Strengthened, progressing our the quarter products lower for Antwerp half and second from capitalizing guidance. we’re completed well-positioned the in disciplined gas Upstream higher execution expect seasonal the project Downstream by to the those We CapEx are your to accelerated first seasonal investments the capture growth to exploration, supported business Rotterdam are meet on assets change new benefits chemical to was selected demand as integration.
the questions. questions in to Finally, fourth provide would of will in we perspective happy take be my call dividend of progress XX concludes one the relative will and now I’d turn your key plans. I our developments the as to that to that to quarter. in participate to like management on this participate remain we our and members CEO That committed further Chairman With before remarks, your shareholders quarters remaining demonstrated increases. our prepared note years of by year consecutive to
