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ExxonMobil Earns $4bn in Q1’17

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  • ExxonMobil Earns $4bn in Q1’17

ExxonMobil has announced an estimated earnings of $4 billion, or $0.95 per share in its first quarter 2017, Q1’17, financial reports as against $1.8 billion in the corresponding period of last year.

The company disclosed that upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of four percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.

Also, upstream earnings of $2.3 billion improved on higher liquids and gas realisations; while downstream earnings of $1.1 billion benefited from increased refinery throughput and chemical earnings of $1.2 billion were impacted primarily by lower margins,” the company said.

The Chairman and Chief Executive Officer, Darren W. Woods, stated: “Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently. We continue to make strategic acquisitions, advance key initiatives and fund long-term growth projects across the value chain.”

The report reads: “On an oil-equivalent basis, production decreased 4 percent from the first quarter of 2016.

Liquids production of 2.3 million barrels per day decreased 205,000 barrels per day due to lower entitlements and higher maintenance activity mainly in Canada and Nigeria.

“First quarter highlights showed that earnings of $4 billion increased 122 percent from the first quarter of 2016; earnings per share assuming dilution were $0.95; cash flow from operations and asset sales was $8.9 billion, including proceeds associated with asset sales of $687 million and capital and exploration expenditures were $4.2 billion, down 19 percent from the first quarter of 2016.”

The corporation distributed $3.1 billion in dividends to shareholders; dividends per share of $0.75 increased 2.7 percent compared with the first quarter of 2016 and during the quarter, ExxonMobil completed the acquisitions of InterOil Corporation and companies with oil and gas properties primarily in the Permian Basin.

“ExxonMobil and Eni S.p.A signed a sale and purchase agreement to enable ExxonMobil acquires a 25 percent indirect interest in the natural gas-rich Area 4 block, offshore Mozambique, for approximately $2.8 billion.”

The acquisition will be completed following satisfaction of a number of conditions precedents, including clearance from regulatory authorities. The company secured additional high-potential exploration acreage in Papua New Guinea, Cyprus and the U.S. Gulf of Mexico.”

“Upstream earnings were $2.3 billion, compared to a loss of $76 million in the first quarter of 2016. Higher liquids and gas realizations increased earnings by $2.3 billion. Lower volume and mix effects decreased earnings by $150 million. All other items increased earnings by $170 million primarily as a result of lower expenses. Natural gas production of 10.9 billion cubic feet per day increased 184 million cubic feet per day from 2016 as project ramp-up was partly offset by field decline,” it added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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