Exxon Mobil Corp (XOM) Q1 2020 Earnings Call Transcript

Exxon Mobil Corp (XOM) Q1 2020 Earnings Call Transcript

Good day, everyone, and welcome to this ExxonMobil Corporation First Quarter 2020 Earnings Call.. I'd like to turn the call over to the Vice President of Investor Relations and Secretary, Mr. Stephen Littleton.. I assumed the role of Vice President of Investor Relations on March 15.. During the call today, we will put our results into context and share with you how our business performed in the first quarter.. In the Upstream, liquids realizations fell significantly through the quarter, approximately 55%, as impacts from the coronavirus rippled through the global economy, significantly reducing demand.. In the Downstream, refining margins fell to similar levels as first quarter 2019, and remain near 10-year lows, with the COVID impact significantly reducing demand in March.. Refinery utilization was essentially flat, with lower maintenance levels than the prior quarter, largely offset by reduced demand.. Excluding the items, fourth quarter results were $1.8 billion.. Despite the challenging environment, the underlying business results excluding identified items were $2.3 billion, up $500 million from the fourth quarter.. Given the significant drop in commodity prices in the first quarter, the book value of our inventory was adjusted downward to reflect the lower market values in accordance with US GAAP..