14:58 | 29.04.2010
Exxon Mobil Corporation Announces Estimated First Quarter 2010 Results
Exxon Mobil Corporation (NYSE:XOM):
First Quarter
2010
2009
%Earnings Excluding Special Items 1
$ Millions
6,300
4,550
38
$ Per Common Share
Assuming Dilution
1.33
0.92
45
Special Items
$ Millions
0
0
Earnings 1
$ Millions
6,300
4,550
38
$ Per Common Share
Assuming Dilution
1.33
0.92
45
Capital and Exploration
Expenditures – $ Millions
6,877
5,774
19
1 See Reference to
Earnings
EXXONMOBIL’S CHAIRMAN REX W. TILLERSON
COMMENTED:
“ExxonMobil achieved solid results from its worldwide operations with
first quarter earnings of $6.3 billion, up 38% from first quarter of
last year.Our results reflect higher crude oil realizations and
stronger chemical margins while the downstream industry margins remained
weak.“Oil-equivalent production increased by 4.5% over the first quarter
of 2009 driven by contributions from recent start-ups of our world-class
assets in Qatar.“Our solid financial position enabled ongoing investment at record
levels through the business cycle.In the first quarter, capital
and exploration spending was $6.9 billion, up 19% from last year.“Nearly $4 billion was returned to shareholders in the first quarter
through dividends and share purchases to reduce shares outstanding.“We are continuing to progress the XTO merger and received clearance
from the U.S. Federal Trade Commission and Dutch authorities.We
continue to target for completion by the end of the second quarter.”FIRST QUARTER HIGHLIGHTS
Earnings were $6,300 million, an increase of 38% or $1,750 million
from the first quarter of 2009.
Earnings per share (EPS) were $1.33, an increase of 45%.
Earnings include a charge of approximately $200 million (-$0.04 EPS)
associated with the recently enacted U.S. health care legislation.
Capital and exploration expenditures were $6.9 billion, up 19% from
the first quarter of 2009.
Oil-equivalent production increased 4.5% from the first quarter of
2009. Excluding the impacts of entitlement volumes, OPEC quota effects
and divestments, production was up nearly 6%.
Cash flow from operations and asset sales was $13.5 billion, including
asset sales of $0.4 billion.
Share purchases to reduce shares outstanding were about $2 billion.
Ras Laffan 3 LNG Train 7 commenced operations in the first quarter and
represents the fourth 7.8 million tons per year LNG plant brought
online by Qatar Petroleum and ExxonMobil joint ventures within the
past 12 months.
ExxonMobil Iraq Limited signed an agreement with the Iraq Ministry of
Oil to redevelop and expand the West Qurna-1 field in southern Iraq.
First Quarter 2010 vs. First Quarter
2009
Upstream earnings were $5,814 million, up $2,311 million from the first
quarter of 2009. Higher crude oil prices, partly offset by lower natural
gas realizations, increased earnings $2.5 billion. Higher gas volumes
improved earnings by $190 million while higher operating expenses
decreased earnings $380 million.
On an oil-equivalent basis, production increased 4.5% from the first
quarter of 2009. Excluding the impacts of entitlement volumes, OPEC
quota effects and divestments, production was up nearly 6%.
Liquids production totaled 2,414 kbd (thousands of barrels per day),
down 62 kbd from the first quarter of 2009. Excluding the impacts of
entitlement volumes, OPEC quota effects and divestments, liquids
production was down 1%, as increased production from projects in Qatar
and Kazakhstan was offset by field decline.
First quarter natural gas production was 11,689 mcfd (millions of cubic
feet per day), up 1,502 mcfd from 2009, driven by project ramp-ups in
Qatar and higher demand in Europe.
Earnings from U.S. Upstream operations were $1,091 million, $731 million
higher than the first quarter of 2009. Non-U.S. Upstream earnings were
$4,723 million, up $1,580 million.
Downstream earnings were $37 million, down $1,096 million. Lower
refining margins drove the majority of the decline, reducing earnings
$1.1 billion. Petroleum product sales of 6,144 kbd were 290 kbd lower
than last year’s first quarter, mainly reflecting lower demand.
The U.S. Downstream recorded a loss of $60 million, down $412 million
from the first quarter of 2009. Non-U.S. Downstream earnings of
$97 million were $684 million lower.
Chemical earnings of $1,249 million were $899 million higher than the
first quarter of 2009. Stronger margins improved earnings by nearly $480
million while higher sales volumes increased earnings $180 million. All
other items, including asset management gains and the absence of
hurricane costs from 2009, increased earnings by $240 million. First
quarter prime product sales of 6,488 kt (thousands of metric tons) were
961 kt higher than the prior year primarily due to improved global
demand.
Corporate and financing expenses were $800 million, up $364 million from
first quarter 2009, mainly due to a charge related to the U.S. health
care legislation signed into law in March 2010 and the absence of
favorable 2009 tax items.
During the first quarter of 2010, Exxon Mobil Corporation purchased
37 million shares of its common stock for the treasury at a gross cost
of $2.5 billion. These purchases included about $2 billion to reduce the
number of shares outstanding, with the balance used to offset shares
issued in conjunction with the company’s benefit plans and programs.
Shares outstanding were reduced from 4,727 million at the end of the
fourth quarter to 4,698 million at the end of the first quarter. Second
quarter 2010 share purchases are expected to continue at a pace of about
$2 billion. However, total purchases for the quarter may be less due to
trading restrictions during the proxy solicitation period for the XTO
merger. Purchases may be made in both the open market and through
negotiated transactions, and may be increased, decreased or discontinued
at any time without prior notice.
Estimates of key financial and operating data follow.
ExxonMobil will discuss financial and operating results and other
matters on a webcast at 10 a.m. Central time on April 29, 2010.To
listen to the event live or in archive, go to our website at exxonmobil.com.Cautionary statementStatements in this release relating to future plans, projections,
events or conditions are forward-looking statements.Actual
results, including benefits resulting from the XTO transaction; project
plans, costs, timing, and capacities; capital and exploration
expenditures; and share purchase levels, could differ materially due to
factors including: the timing and conditions of regulatory clearance for
the XTO merger; our ability to integrate the businesses of XTO and
ExxonMobil effectively after closing; changes in long-term oil or gas
prices or other market or economic conditions affecting the oil and gas
industry; unforeseen technical difficulties; political events or
disturbances; reservoir performance; the outcome of commercial
negotiations; wars and acts of terrorism or sabotage; changes in
technical or operating conditions; and other factors discussed under the
heading “Factors Affecting Future Results” in the “investors” section of
our website and in Item 1A of ExxonMobil’s 2009 Form 10-K. We assume no
duty to update these statements as of any future date. References to
quantities of oil or natural gas may include amounts that we believe
will ultimately be produced, but that are not yet classified as “proved
reserves” under SEC definitions.Frequently used termsConsistent with previous practice, this press release includes both
earnings excluding special items and earnings per share excluding
special items.Both are non-GAAP financial measures and are
included to help facilitate comparisons of base business performance
across periods.Reconciliation to net income attributable to
ExxonMobil is shown in Attachment II.The release also includes
cash flow from operations and asset sales.Because of the regular
nature of our asset management and divestment program, we believe it is
useful for investors to consider sales proceeds together with cash
provided by operating activities when evaluating cash available for
investment in the business and financing activities. A reconciliation to
net cash provided by operating activities is shown in Attachment II.Further
information on ExxonMobil’s frequently used financial and operating
measures and other terms is contained under the heading “Frequently Used
Terms” available through the “investors” section of our website at
exxonmobil.com.Reference to EarningsReferences to total corporate earnings mean net income attributable
to ExxonMobil (U.S. GAAP) from the income statement.Unless
otherwise indicated, references to earnings, special items, earnings
excluding special items, Upstream, Downstream, Chemical and Corporate
and Financing segment earnings, and earnings per share are ExxonMobil’s
share after excluding amounts attributable to noncontrolling interests.Attachment I
EXXON MOBIL CORPORATIONFIRST QUARTER 2010
(millions of dollars, unless noted)
First Quarter
2010
2009Earnings / Earnings Per Share
Total revenues and other income
90,251
64,028
Total costs and other deductions
78,183
56,178
Income before income taxes
12,068
7,850
Income taxes
5,493
3,148
Net income including noncontrolling interests
6,575
4,702
Net income attributable to noncontrolling interests
275
152
Net income attributable to ExxonMobil (U.S. GAAP)
6,300
4,550
Earnings per common share (dollars)
1.33
0.92
Earnings per common share
– assuming dilution (dollars)
1.33
0.92
Other Financial Data
Dividends on common stock
Total
1,986
1,981
Per common share (dollars)
0.42
0.40
Millions of common shares outstanding
At March 31
4,698
4,880
Average – assuming dilution
4,736
4,959
ExxonMobil share of equity at March 31
112,541
107,003
ExxonMobil share of capital employed at March 31
126,190
119,163
Income taxes
5,493
3,148
Sales-based taxes
6,815
5,906
All other taxes
9,349
8,589
Total taxes
21,657
17,643
ExxonMobil share of income taxes of
equity companies
976
688
Attachment II
EXXON MOBIL CORPORATIONFIRST QUARTER 2010
(millions of dollars)
First Quarter
2010
2009
Earnings (U.S. GAAP)
Upstream
United States
1,091
360
Non-U.S.
4,723
3,143
Downstream
United States
(60)
352
Non-U.S.
97
781
Chemical
United States
539
83
Non-U.S.
710
267
Corporate and financing
(800)
(436
)
Net income attributable to ExxonMobil
6,300
4,550
Special Items
Upstream
United States
0
0
Non-U.S.
0
0
Downstream
United States
0
0
Non-U.S.
0
0
Chemical
United States
0
0
Non-U.S.
0
0
Corporate and financing
0
0
Corporate total
0
0
Earnings Excluding Special Items
Upstream
United States
1,091
360
Non-U.S.
4,723
3,143
Downstream
United States
(60)
352
Non-U.S.
97
781
Chemical
United States
539
83
Non-U.S.
710
267
Corporate and financing
(800)
(436
)
Corporate total
6,300
4,550
Cash flow from operations and asset sales (billions of
dollars)
Net cash provided by operating activities(U.S. GAAP)
13.1
9.0
Sales of subsidiaries, investments and property, plant and equipment
0.4
0.1
Cash flow from operations and asset sales
13.5
9.1
Attachment III
EXXON MOBIL CORPORATIONFIRST QUARTER 2010
First Quarter
2010
2009
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States
389
397
Canada/South America
261
308
Europe
365
411
Africa
666
715
Asia Pacific/Middle East
542
466
Russia/Caspian
191
179
Worldwide
2,414
2,476
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States
1,335
1,243
Canada/South America
568
635
Europe
5,138
4,961
Africa
13
25
Asia Pacific/Middle East
4,437
3,168
Russia/Caspian
198
155
Worldwide
11,689
10,187
Oil-equivalent production (koebd) 1
4,362
4,174
1 Gas converted to oil-equivalent at 6 million cubic feet
= 1 thousand barrels
Attachment IV
EXXON MOBIL CORPORATIONFIRST QUARTER 2010
First Quarter
2010
2009
Refinery throughput (kbd)
United States
1,720
1,805
Canada
439
460
Europe
1,530
1,518
Asia Pacific
1,242
1,306
Other
225
292
Worldwide
5,156
5,381
Petroleum product sales (kbd)
United States
2,383
2,577
Canada
431
416
Europe
1,609
1,567
Asia Pacific
1,226
1,345
Other
495
529
Worldwide
6,144
6,434
Gasolines, naphthas
2,535
2,457
Heating oils, kerosene, diesel
1,860
2,188
Aviation fuels
451
526
Heavy fuels
629
593
Specialty products
669
670
Worldwide
6,144
6,434
Chemical prime product sales,
thousands of metric tons (kt)
United States
2,524
2,043
Non-U.S.
3,964
3,484
Worldwide
6,488
5,527
Attachment V
EXXON MOBIL CORPORATIONFIRST QUARTER 2010
(millions of dollars)
First Quarter
2010
2009Capital and Exploration Expenditures
Upstream
United States
772
803
Non-U.S.
4,774
3,563
Total
5,546
4,366
Downstream
United States
347
353
Non-U.S.
327
293
Total
674
646
Chemical
United States
68
77
Non-U.S.
546
681
Total
614
758
Other
43
4
Worldwide
6,877
5,774
Exploration expenses charged to income
included above
Consolidated affiliates
United States
55
42
Non-U.S.
630
307
Equity companies – ExxonMobil share
United States
1
0
Non-U.S.
3
1
Worldwide
689
350
Attachment VI
EXXON MOBIL CORPORATIONEARNINGS
$ Millions
$ Per Common Share 1,2
2006
First Quarter
8,400
1.38
Second Quarter
10,360
1.72
Third Quarter
10,490
1.77
Fourth Quarter
10,250
1.77
Year
39,500
6.64
2007
First Quarter
9,280
1.63
Second Quarter
10,260
1.83
Third Quarter
9,410
1.71
Fourth Quarter
11,660
2.14
Year
40,610
7.31
2008
First Quarter
10,890
2.03
Second Quarter
11,680
2.24
Third Quarter
14,830
2.86
Fourth Quarter
7,820
1.55
Year
45,220
8.70
2009
First Quarter
4,550
0.92
Second Quarter
3,950
0.82
Third Quarter
4,730
0.98
Fourth Quarter
6,050
1.27
Year
19,280
3.99
2010
First Quarter
6,300
1.33
1 Computed using the average number of shares outstanding
during each period.
The sum of the four quarters may not add to the full year.
2 For periods prior to 2009, earnings per share (EPS)
numbers have been adjusted retrospectivelyon a consistent
basis with 2009 reporting when new authoritative guidance on EPS
was adopted.
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