The US company ExxonMobil released its financial and operational results for the first quarter of 2020, in which it highlights that during that period it completed the first shipment of oil extracted from Guyana to the company's refinery in Baytown, in the state of Texas, volume which reached 1 million barrels, becoming the first export of that South American country to the United States. This confirms the bet of the transnational in this country despite the collapse in oil prices.
"Phase 1 production from the Liza field is ongoing, and is expected to reach full capacity in June," the company reported, maintaining the expectation of reaching a volume of 120,000 barrels per day.
However, there is an adjustment in timing. Although it continues for the year 2022 the start of extraction in phase 2 of Liza, which would raise the production of that field to 340,000 barrels per day, there are two projects that are being postponed: the first, the production of the Payara field that was expected to 2023 and curb the current situation, it is postponed to 2024 and the production peak of 750,000 barrels per day, which had been announced for 2025 is now set for 2026.
Regarding global results, it indicates that oil production was 4 million barrels per day, in the period January-March 2019, an increase of 2% from the same period in 2019; Liquid production had an increase of 7% and gas production had a decrease of 5%.
Without taking into account the effects of rights and divestments, the oil equivalent production increased 5% over the previous year, that of liquids was 9% and that of the Permian basin registered 20% when compared to the fourth quarter of 2019 , and the increase is 56% compared to the first three months 2019.
However, crude oil prices weakened significantly during the quarter, due to oversupply and the impact of COVID-19 on global demand.
The company announced an estimated loss for the first quarter of 2020 of $ 610 million, or $ 0.14 per share.
Other measures previously announced by the company in response to market conditions are reducing capital spending in 2020 by 30 percent and cash operating expenses by 15 percent. Capital expenditures for the year are expected to be $ 23 billion, instead of the previously announced $ 33 billion.
"COVID-19 has significantly impacted demand in the short term, resulting in markets with oversupply and unprecedented pressure on commodity prices and margins," said Darren Woods, president and CEO of Exxon Mobil. “While we manage in these tough times, we keep an eye on the long-term fundamentals that drive our business. Economic activity will return, and populations and living standards will increase, which in turn will drive demand for our products and a recovery in the industry, "he added.
The company's statement states that the company's capital allocation priorities remain unchanged. The company's goal is to continue investing in projects with industry advantages to create value, preserve cash for the dividend, and make proper use of its balance sheet.
To minimize the risks presented by COVID-19 and maintain operations, the company implemented improved cleaning procedures and modified work practices at sites around the world.
The company is maximizing the production of products critical to the global response, including isopropyl alcohol, which is used to make hand sanitizer, and polypropylene, which is used to make masks, gowns, and wipes.