ExxonMobil: Record Revenue, Production Up

29 July 2004

ExxonMobil posted a record quarter, excluding special items, of $5.8 billion, up 39% from the second quarter of 2003. It also posted a gain in crude oil production, up 4.2% to 2.58 million barrels of oil per day.

ExxonMobil, the world’s largest energy company, has a geographically balanced portfolio. You’ll see in the chart to the right, however, that Africa is rapidly increasing in importance as a source. If all goes as planned, it will become the largest contributor by region sometime around 2010.

No accident, then, that Lee Raymond, the chairman, paid his first official visit to Nigeria two weeks ago and met with the president, Olusegun Obasanjo.

ExxonMobil did not do so well with natural gas, posting a 3% drop in global production quarter to quarter, despite new projects coming online. Overall, using the BOE measure (barrels of oil equivalent), XOM’s production increased 1% quarter to quarter, up to 4.08 mboe per day.

Announcement material is here.