ExxonMobil’s profits top US$7.9B for second quarter of 2023

AMERICAN multinational, ExxonMobil Corporation, announced Friday that it made US$7.9 billion or US$1.94 per share during the 2023 second quarter. This represents a US$3.7 billion decline in profits compared to its US$11.6 billion earnings for the first quarter.

When compared to the second quarter performance of 2022, it shows an even steeper decline in profits as the company had generated an additional US$10 billion, bringing total earnings then to US$17.9 billion.

Exxon said during its second-quarter earnings call that the dip in profits was due to lower natural gas realisations and industry refining margins. Be that as it may, the oil giant still raked in a whopping US$19.5 billion for the first half of 2023.

In terms of cash flow from operations, Exxon said this totalled US$9.4 billion. With respect to capital and exploration expenditures, Exxon said that was US$6.2 billion in the second quarter and US$12.5 billion for the first half of 2023, in line with the company’s full-year guidance of US$23 billion to US$25 billion.

It noted that second-quarter shareholder distributions of US$8 billion included US$4.3 billion of share repurchases and US$3.7 billion of dividends.

The corporation also declared a third-quarter dividend of US$0.91 per share, payable on September 11,

2023, to shareholders of Common Stock at the close of business on August 16, 2023.

Chief Executive Officer (CEO), Darren Woods, was pleased with this quarter’s performance as he noted it to be two times higher than what was earned in the second quarter of 2018, under comparable industry commodity prices.

Woods said, “That doubling of earnings reflects our work in the intervening years to reshape our portfolio of businesses, invest in advantaged projects, and drive a higher level of efficiency and effectiveness in everything we do.”

The CEO said these achievements this quarter also demonstrate the progress

Region Three Private Sector lauds stakeholders for timely Harbour Bridge repairs

FOLLOWING the successful installation of the newly-built Span Nine, the Demerara Harbour Bridge (DHB), on Thursday, reopened before a three-day timeline for repair works expired. Region Three Private Sector Inc. (R3PSInc) Head, Halim Khan, has praised the work of all stakeholders involved, especially ranks of the Guyana Police Force that maintained law and order.

An 18-ton weight restriction will remain in place for laden vehicles, following this reopening.

Khan, in an interview with this publication, commended all the agencies, contractors and staff that were involved, pointing out that executing the arduous task in such a short time was team work.

He explained that it took planning, partnership, and the support and co-operation of a lot of people. The new $1.2 billion span was built by Industrial Fabrications Inc (InFab), a local company which assisted the DHB team with its installation, starting from the wee hours of Tuesday, immediately upon the closure of the bridge.

On Wednesday afternoon, Khan noted that the new retractor was already in place and the plates (decks) were installed, while a cable wheel to hold the hydraulic lines as well as the electrical cabin to control the hydraulics and the two towers were positioned as well.

At that time, the two arms to lift the rack when the bridge retracts were yet to be completed before testing of the bridge followed. On Thursday, final cleaning wrapped up at about 14:00h.

The Bridge Management had also utilised the closure to facilitate other maintenance works on Spans 10 to 29, Spans 30 to 38 and Spans 39 to 61, which would have required closure at a later time.

During this three-day the company is making in solving the “and” equation: meeting the world’s needs for energy and essential products and reducing emissions.

Woods said, “We’re pleased with the quarter, the progress it represents, and the improved earnings power of the company. We’re confident that we have the right strategy with the right leadership and the best people to effectively execute it – delivering sustained growth in shareholder value.” (OilNOW) closure, the R3PSi Head said the Maritime Administration Department (MARAD) facilitated the 24hour operation of water taxis to transport people.

In addition to the regular Stabroek to Vreed-en-Hoop crossing, he noted that two other temporary terminals were set up from Grove, East Bank Demerara to Wales, West Bank Demerara, and at the Demerara Harbour Bridge.

Reportedly, 78 passenger boats were dispatched to support this massive effort at the two secondary locations.

However, with the early reopening of the Bridge to vehicular and passenger service, MARAD, on Thursday, announced that the water taxi service at the DHB would terminate at 18:00h.

Meanwhile, the water taxi services between Grove and Wales continued until 20:00h, while services between Stabroek and Vreed-en-Hoop remained uninterrupted throughout the night, with the water taxis at this location positioned to resume regular operations of 05:30h to 20:00h from Friday.