据ICIS-MRC网站5月19日莫斯科报道，根据烃加工网信息显示，受石油价格上涨和强劲的化学利润的推动，埃克森美孚公司(ExxonMobil Corp)上周五公布的季度盈利超过华尔街预期，这是该公司5个季度以来首次实现盈利。
埃克森美孚及其竞争对手今年的利润一直在增长，随着全球石油供应过剩的趋势消退，以及燃料需求的复苏，原油价格今年上涨了三分之一。在该公司转向盈利之际，欧洲竞争对手也公布了超过疫情爆发前水平的业绩。
根据季度业绩显示，埃克森美孚大幅削减成本，使其得以扭转去年的历史性年度亏损，并带来了减少债务所需的强劲现金流。埃克森美孚正就董事会席位和化石燃料方向与一家对冲基金展开竞争。第一季净利为27.3亿美元，合每股64美分，上年同期为亏损6.1亿美元，合每股14美分。
根据Refinitiv IBES的数据显示，调整后的每股收益为65美分，超过了分析师59美分的预期。该公司首席执行长伍兹(Darren Woods)在与分析师的电话会议上表示，经济好转正在帮助推动产品需求。多亏了我们过去几年的努力，我们现在是一个更强大的公司，前景也在改善。
化工行业的利润是第一季度业绩中最大的因素，其利润较上年同期增长近10倍，是至少5年来最强劲的。由于塑料的高价和需求，这项业务一直在飞速发展。埃克森美孚大幅削减成本也提振了公司盈利。埃克森美孚的资本支出降至31亿美元，为近20年来最低水平。削减开支使现金流增至93亿美元，为2018年以来最高水平。
伍兹在接受采访时表示，当该公司在去年11月制定支出计划时，很难预测今年的情况。我们倾向于把该计划放在后端，因为我们意识到我们预期的经济复苏将在2021年期间出现，并在进入第二和第三季度时获得势头。该公司仍预计在新项目上的支出将接近其160亿-190亿美元预算的低端。这家总部位于德克萨斯州欧文市的公司去年削减了80亿美元的运营开支，并承诺到2023年再削减30亿美元的运营开支。
该股票自1月份以来已经上涨了35%，上周五随着油价和其他油气公司的股价下跌1.7%，至57.96美元。RBC Europe Limited的分析师Biraj Borkhataria表示，埃克森美孚自2018年第三季度以来首次用现金流支付了支出和股息。净债务数个季度以来首次下降。
但Borkhataria表示，今年的自由现金流收益率预计为9%，"即使在乐观的宏观情况下，仍远低于同业水平。"埃克森美孚最大的业务是勘探和生产，由于油价上涨，第一季度收入为26亿美元，而去年同期利润为5.36亿美元。
该公司的化工业务出现了至少自2012年以来最好的一个季度，利润为14亿美元，高于上年同期的1.44亿美元。埃克森美孚的化工品业务曾是一个利润引擎，但在疫情之前就开始衰落。Third Bridge Group分析师彼得•麦克纳利(Peter McNally)表示，该公司似乎正在“扶正航向”。
由于冬季风暴的影响和燃料需求，炼油业务损失了3.9亿美元，而去年的损失为6.11亿美元。麦克纳利表示，由于石油产品销量较去年下降了8%，埃克森美孚需要在炼油业务上“增加产量以实现利润复苏”。
郝芬 译自 ICIS-MRC
原文如下：
ExxonMobil topped Wall Street quarterly earnings estimates
ExxonMobil Corp on Friday topped Wall Street quarterly earnings estimates with its first profit in five quarters, boosted by higher oil prices and strong chemicals margins, said Hydrocarbonprocessing.
Earnings from Exxon and rivals this year have been rising with crude oil prices, up by a third this year, as a global oil surplus from the pandemic drains and fuel demand recovers. The swing to a profit comes as European rivals also posted results that exceeded pre-pandemic levels.
Quarterly results show Exxon’s deep cost cuts have allowed it to turn the corner on last year’s historic annual loss and deliver strong cash flow need to reduce debt. Exxon is fighting a hedge fund’s over board seats and its fossil fuel direction. Net income was USD2.73 billion, or 64 cents per share, in the first quarter, compared with a loss of $610 million, or 14 cents per share, a year earlier.
Adjusted earnings of 65 cents per share beat analyst expectations of 59 cents, according to Refinitiv IBES data. Improving economies are helping drive product demand, said Chief Executive Darren Woods on a call with analysts. “Thanks to our efforts over the last few years, we are a stronger company with an improving outlook,” Woods said.
Chemical earnings were the largest factor in first quarter results with a profit nearly 10 times the year-ago level and the strongest in at least five years. That business has been soaring on high prices and demand for plastics. Exxon’s deep cost cutting also boosted earnings. Exxon’s capital spending fell to USD3.1 billion, the lowest in nearly two decades. Expense cuts helped lift cash flow to USD9.3 billion, the highest since 2018.
When the company set spending plans in November, it was “difficult to call what this year was going to look like,” Woods said in an interview. “We tended to back-end load the plan recognizing that the economic recovery we anticipated would occur over the course of 2021 and gain momentum as we headed in to the second and third quarters,” Woods said.
It still expects to spend near the low end of its USD16 billion to USD19 billion estimates for new projects, he said. The Irving, Texas-based company last year cut $8 billion from operating expenses and vowed to reduce operational spending by another USD3 billion by 2023.
Shares, which have climbed 35% since January, were down 1.7% at USD57.96 on Friday alongside oil prices and other oil and gas companies. Exxon covered its spending and dividend with cash flow for the first time since the third quarter of 2018. Net debt declined for the first time in several quarters, said analyst Biraj Borkhataria of RBC Europe Limited.
But free cash flow yield, estimated at 9% this year, “remains well below peers even in a bullish macro scenario,” Borkhataria said. Exploration and production, Exxon’s largest business, earned USD2.6 billion in the first quarter on higher oil prices, compared with a profit of USD536 million a year earlier.
Its chemicals business posted the best quarter since at least 2012, earning USD1.4 billion on better margins, up from a USD144 million profit a year ago. Exxon’s chemicals business was once a profits engine but had faltered prior to the pandemic. The company appears to be “righting the ship,” said Peter McNally, analyst at Third Bridge Group.
Refining lost USD390 million, compared with loss of USD611 million last year, on winter storm shutdowns impacts and fuel demand. With product sales down 8% from last year, Exxon needs “volume uptick to get any kind of profit recovery” in refining, McNally said.
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