Originally published at www.seclive.com
Filing in Focus: Exxon Mobil 8-K, May 1, 2014
Exxon Mobil Corporation (XOM) announced its financial results for the first quarter of the fiscal year 2014, reporting earnings that slipped 4% from a year ago. The oil giant's upstream earnings increased $746M to $7.8B while overall earnings fell $400M, or 4%, to $9.1B. Weakness in downstream margins, particularly in refining, led to a drop in downstream earnings to $813M. The company's business development continues to expand, with natural gas production starting in the Damar field off of peninsular Malaysia's east coast. In coordination with its partners and the State of Alaska, Exxon Mobil signed a Heads of Agreement for proposed development of a liquid natural gas project. Chairman Rex Tillerson commented that the company demonstrated strong growth and long-term value, while distributing $5.7B to shareholders through dividends and share repurchases.
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