ExxonMobil Corp. broke earnings records for the first quarter, more than tripling income from a year ago on higher commodity prices and accounting changes. However, its oil equivalent and liquids production were flat, while natural gas production increased slightly.

The Irving, TX-based super major on Thursday reported net income of $7.04 billion ($1.05 per share), compared with $2.09 billion (30 cents) for 1Q2002. Earnings included a $500 million gain related to accounting changes plus another $1.7 billion from the transfer of shares of a German-based gas transmission company.

Excluding the one-time items, ExxonMobil still more than doubled its year-ago income, to stand at $4.8 billion (71 cents), and beat analysts’ estimate by 1 cent. Revenue was $63.8 billion, up 47% from last year’s $43.4 billion for the quarter. Earnings from U.S. upstream operations were $1.26 billion, up $811 million. Non-U.S. upstream earnings of $2.7 billion were $1.1 million higher than last year’s first quarter excluding a $1.7 billion German transmission Ruhrgas gain.

However, oil equivalent production was up only 2% from a year ago, excluding a national strike in Venezuela, lower entitlements caused by higher prices and changes in OPEC quotas. Liquids production of 2.5 million bbl/d was flat compared with a year ago. Higher production in Nigeria and Canada, and reduced OPEC quota restrictions in Abu Dhabi, were “more than offset by supply disruptions in Venezuela, lower entitlements and natural field declines in mature areas.”

However, quarterly gas production increased to 12,048 MMcf/d, compared with 11,740 MMcf/d last year. The company said higher weather-related demand in Europe more than offset natural field decline in mature areas. U.S. gas production fell 5% to 2,369 MMcf/d from 2,492 MMcf/d. Exxon Mobil’s total North American natural gas production fell 7.2% to 3,300 MMcf/d in the first quarter from 3,556 MMcf/d in 1Q2002.

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