Exxon Mobil has reported earnings of $2.4 billion in Q1, compared with $4.7 billion a year earlier. Cash flow from operations and asset sales was $8.4 billion, including proceeds associated with asset sales of $107 million.
ExxonMobil and partner Qatar Petroleum made a final investment decision (FID) in the first quarter to proceed with development of the Golden Pass LNG export project located in Sabine Pass, Texas. The facility is expected to start up in 2024. The project will have capacity to produce approximately 16 million tonnes of LNG per year and provide an increased, reliable, long-term supply of LNG to global gas markets.
Additionally, ExxonMobil reached an FID and started construction on a new unit at its Beaumont, Texas refinery that will increase crude refining capacity by more than 65 percent, or 250,000 barrels per day. The third crude unit within the facility’s existing footprint will expand light crude oil refining and be supported by increased crude oil production in the Permian Basin.
It also reached an FID on construction of a new polypropylene production unit in Baton Rouge, Louisiana that will expand production capacity along the Gulf Coast by up to 450,000 metric tonnes per year. Construction will begin in 2019 and startup is anticipated by 2021.
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