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Exxon Mobil Corporation (NYSE:XOM):

Fourth Quarter

Twelve Months

2010

2009

%

2010

2009
 

%Earnings Excluding Special Items
1

$ Millions

9,250

6,050

53

30,460

19,420

57

$ Per Common Share

Assuming Dilution

1.85

1.27

46

6.22

4.01

55

Special Items

$ Millions

0

0

0

(140

)

 
Earnings

$ Millions

9,250

6,050

53

30,460

19,280

58

$ Per Common Share

Assuming Dilution

1.85

1.27

46

6.22

3.98

56

Capital and Exploration

Expenditures – $ Millions

10,061

8,263

22

32,226

27,092

19

 
1 See Reference to Earnings

 
EXXONMOBIL’S CHAIRMAN REX W. TILLERSON COMMENTED:
“ExxonMobil continues to deliver strong financial and operating
results.The full year 2010 earnings, excluding special items,
were $30.5 billion, up 57% from 2009, driven by higher crude oil and
natural gas realizations, stronger refining margins and record Chemical
performance.Fourth quarter earnings were $9.3 billion, an
increase of 53%.“Oil-equivalent production was 19% higher than the fourth quarter of
2009, driven by our world-class assets in Qatar and our growing
unconventional gas production.“Capital and exploration expenditures were $32.2 billion in 2010,
reflecting a record level of investment.“The Corporation returned over $19 billion to shareholders in 2010
through dividends and share purchases to reduce shares outstanding.”FOURTH QUARTER HIGHLIGHTS
Earnings were $9,250 million, an increase of 53% or $3,200 million
from the fourth quarter of 2009.

Earnings per share were $1.85, an increase of 46%.

Capital and exploration expenditures were $10.1 billion, up 22% from
the fourth quarter of 2009.

Oil-equivalent production increased 19% from the fourth quarter of
2009. Excluding the impacts of entitlement volumes, OPEC quota effects
and divestments, production was up 18%.

Cash flow from operations and asset sales was $14.7 billion, including
asset sales of $1.7 billion.

Share purchases to reduce shares outstanding were $5 billion.

Dividends per share of $0.44 increased by 5% compared to the fourth
quarter of 2009.

A joint venture agreement was signed with Qatar Petroleum to progress
the Barzan Project. The project is expected to supply 1.4 billion
cubic feet per day of natural gas with first gas planned for 2014.

Fayetteville shale assets of Petrohawk Energy were acquired, including
150 thousand net acres and 95 million cubic feet per day of net
production, providing an attractive addition to XTO’s existing
position in the Fayetteville trend.

Expansion of the carbon dioxide capture plant at our LaBarge facility
in Wyoming was completed. The expansion increases the amount of carbon
dioxide captured by the plant by 50%. The facility is now capable of
capturing, in one day, a carbon dioxide volume equivalent to the
emissions of 1.5 million cars.
Fourth Quarter 2010 vs. Fourth Quarter 2009
Upstream earnings were $7,480 million, up $1,700 million from the fourth
quarter of 2009. Higher crude oil and natural gas realizations increased
earnings by nearly $1.4 billion. Higher liquids and gas volumes improved
earnings by $560 million while higher operating expenses reduced
earnings by $200 million.

On an oil-equivalent basis, production increased 19% from the fourth
quarter of 2009. Excluding the impacts of entitlement volumes, OPEC
quota effects and divestments, production was up 18%.

Liquids production totaled 2,526 kbd (thousands of barrels per day), up
133 kbd or nearly 6% from the fourth quarter of 2009. Excluding the
impacts of entitlement volumes, OPEC quota effects and divestments,
liquids production was up 6%, as increased production from projects in
Qatar and the addition of XTO volumes more than offset net field decline.

Fourth quarter natural gas production was 14,652 mcfd (millions of cubic
feet per day), up 3,935 mcfd from 2009, driven by additional U.S.
unconventional gas volumes and project ramp-ups in Qatar.

Earnings from U.S. Upstream operations were $1,317 million, $306 million
higher than the fourth quarter of 2009. Non-U.S. Upstream earnings were
$6,163 million, up $1,394 million from last year.

Downstream earnings of $1,150 million were up $1,339 million from the
fourth quarter of 2009, driven by higher industry refining margins which
increased earnings by $1.3 billion. Petroleum product sales of 6,555 kbd
were 66 kbd higher than last year’s fourth quarter, mainly reflecting
higher demand.

Earnings from the U.S. Downstream were $226 million, up $513 million
from the fourth quarter of 2009. Non-U.S. Downstream earnings of
$924 million were $826 million higher than last year.

Chemical earnings of $1,067 million were $351 million higher than the
fourth quarter of 2009. Improved margins increased earnings by $380
million. Fourth quarter prime product sales of 6,349 kt (thousands of
metric tons) were 326 kt lower than the prior year.

Corporate and financing expenses were $447 million, up $190 million from
the fourth quarter of 2009 due to financing activities.

During the fourth quarter of 2010, Exxon Mobil Corporation purchased 83
million shares of its common stock for the treasury at a gross cost of
$5.8 billion. These purchases included $5 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. Share
purchases to reduce shares outstanding are currently anticipated to
equal $5 billion in the first quarter of 2011. 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.
Full Year 2010 vs. Full Year 2009
Earnings of $30,460 million ($6.22 per share) increased $11,180 million
from 2009. Excluding special items, earnings for 2010 increased $11,040
million from 2009.
FULL YEAR HIGHLIGHTS
Earnings excluding special items were $30,460 million, up 57%.

Earnings per share excluding special items increased 55% to $6.22.

Earnings were up 58% from 2009. Earnings for 2009 included a special
charge of $140 million for interest related to the Valdez punitive
damages award. Earnings for the full year of 2010 did not include any
special items.

Oil-equivalent production was up 13% from 2009. Excluding the impacts
of entitlement volumes, OPEC quota effects and divestments, production
was up 14%.

Cash flow from operations and asset sales was $51.7 billion, including
$3.3 billion from asset sales.

The Corporation distributed over $19 billion to shareholders in 2010
through dividends and share purchases to reduce shares outstanding.

Capital and exploration expenditures were $32.2 billion, up 19% versus
2009.

Upstream earnings were $24,097 million, up $6,990 million from 2009.
Higher realizations increased earnings approximately $6.5 billion.
Higher volumes increased earnings by $1.2 billion, while all other
items, including higher operating costs, decreased earnings by $690
million.

On an oil-equivalent basis, production was up 13% compared to 2009.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production was up 14%.

Liquids production of 2,422 kbd increased 35 kbd compared with 2009.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, liquids production increased 2% from 2009, as project
ramp-ups in Qatar and the addition of XTO were offset by net field
decline.

Natural gas production of 12,148 mcfd increased 2,875 mcfd from 2009,
driven by higher volumes from Qatar projects and additional U.S.
unconventional gas volumes.

Earnings from U.S. Upstream operations for 2010 were $4,272 million, an
increase of $1,379 million from 2009. Non-U.S. Upstream earnings were
$19,825 million, up $5,611 million from 2009.

Downstream earnings of $3,567 million were $1,786 million higher than
2009. Higher industry refining margins increased earnings by
$1.2 billion. Positive volume and mix effects increased earnings by $420
million, while all other items, including lower operating expenses,
increased earnings by $210 million. Petroleum product sales of 6,414 kbd
decreased 14 kbd.

U.S. Downstream earnings were $770 million, up $923 million from 2009.
Non-U.S. Downstream earnings were $2,797 million, $863 million higher
than last year.

Chemical earnings were a record $4,913 million, up $2,604 million from
2009. Improved margins increased earnings by $2 billion while higher
volumes increased earnings about $380 million. Prime product sales of
25,891 kt were up 1,066 kt from 2009.

Corporate and financing expenses excluding special items were
$2,117 million, up $340 million from 2009 mainly due to a tax charge
related to the U.S. health care legislation during the first quarter of
2010 and financing activities.

Gross share purchases for 2010 were $13 billion, reducing shares
outstanding by 199 million shares.

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 January 31, 2011.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 project plans, costs, timing, and capacities; capital
and exploration expenditures; and share purchase levels, could differ
materially due to factors including: 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 CORPORATIONFOURTH QUARTER 2010
(millions of dollars, unless noted)

Fourth Quarter
 
Twelve Months

2010
 
2009
2010
 
2009Earnings / Earnings Per Share

Total revenues and other income

105,186

89,841

383,221

310,586

Total costs and other deductions

89,859

79,635

330,262

275,809

Income before income taxes

15,327

10,206

52,959

34,777

Income taxes

5,811

4,067

21,561

15,119

Net income including noncontrolling interests

9,516

6,139

31,398

19,658

Net income attributable to noncontrolling interests

266

89

938

378

Net income attributable to ExxonMobil (U.S. GAAP)

9,250

6,050

30,460

19,280

Earnings per common share (dollars)

1.86

1.27

6.24

3.99

Earnings per common share

– assuming dilution (dollars)

1.85

1.27

6.22

3.98

 
Other Financial Data

Dividends on common stock

Total

2,212

1,992

8,498

8,023

Per common share (dollars)

0.44

0.42

1.74

1.66

Millions of common shares outstanding

At December 31

4,979

4,727

Average – assuming dilution

5,031

4,760

4,897

4,848

ExxonMobil share of equity at December 31

146,839

110,569

ExxonMobil share of capital employed at December 31

166,036

124,398

Income taxes

5,811

4,067

21,561

15,119

Sales-based taxes

7,614

7,009

28,547

25,936

All other taxes

10,463

10,129

39,127

37,571

Total taxes

23,888

21,205

89,235

78,626

ExxonMobil share of income taxes of equity companies

1,367

873

4,058

2,489
Attachment II
 

 
EXXON MOBIL CORPORATIONFOURTH QUARTER 2010
(millions of dollars)

 
Fourth Quarter
 
Twelve Months

2010
 

 
2009
 

2010
 

 
2009
 
Earnings (U.S. GAAP)

Upstream

United States

1,317

1,011

4,272

2,893

Non-U.S.

6,163

4,769

19,825

14,214

Downstream

United States

226

(287

)

770

(153

)

Non-U.S.

924

98

2,797

1,934

Chemical

United States

522

292

2,422

769

Non-U.S.

545

424

2,491

1,540

Corporate and financing

(447)

(257

)

(2,117)

(1,917

)

Net income attributable to ExxonMobil

9,250

6,050

30,460

19,280

Special Items

Upstream

United States

0

0

0

0

Non-U.S.

0

0

0

0

Downstream

United States

0

0

0

0

Non-U.S.

0

0

0

0

Chemical

United States

0

0

0

0

Non-U.S.

0

0

0

0

Corporate and financing

0

0

0

(140

)

Corporate total

0

0

0

(140

)
Earnings Excluding Special Items

Upstream

United States

1,317

1,011

4,272

2,893

Non-U.S.

6,163

4,769

19,825

14,214

Downstream

United States

226

(287

)

770

(153

)

Non-U.S.

924

98

2,797

1,934

Chemical

United States

522

292

2,422

769

Non-U.S.

545

424

2,491

1,540

Corporate and financing

(447)

(257

)

(2,117)

(1,777

)

Corporate total

 
9,250
 

6,050

 
30,460
 

19,420

 
Cash flow from operations and asset sales (billions of
dollars)

Net cash provided by operating activities(U.S. GAAP)

13.0

8.6

48.4

28.5

Sales of subsidiaries, investments and property, plant and equipment

1.7

0.3

3.3

1.4

Cash flow from operations and asset sales

 
14.7
 

8.9

 
51.7
 

29.9

 
Attachment III
 

EXXON MOBIL CORPORATIONFOURTH QUARTER 2010

Fourth Quarter
Twelve Months

2010
2009
2010
2009
Net production of crude oil

and natural gas liquids,

thousands of barrels daily (kbd)

United States

455

385

408

384

Canada/South America

266

255

263

267

Europe

335

372

335

379

Africa

618

657

628

685

Asia Pacific/Middle East

639

537

597

490

Russia/Caspian

213

187

191

182

Worldwide

2,526

2,393

2,422

2,387

Natural gas production available for sale,

millions of cubic feet daily (mcfd)

United States

3,869

1,298

2,596

1,275

Canada/South America

564

641

569

643

Europe

4,596

4,401

3,836

3,689

Africa

9

14

14

19

Asia Pacific/Middle East

5,409

4,180

4,946

3,494

Russia/Caspian

205

183

187

153

Worldwide

14,652

10,717

12,148

9,273

Oil-equivalent production (koebd) 1

4,968

4,179

4,447

3,932

1 Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels

 
Attachment IV

EXXON MOBIL CORPORATION
FOURTH QUARTER 2010

Fourth Quarter
Twelve Months

2010
2009
2010
2009

Refinery throughput (kbd)

United States

1,732

1,748

1,753

1,767

Canada

467

412

444

413

Europe

1,501

1,571

1,538

1,548

Asia Pacific

1,307

1,348

1,249

1,328

Other

291

300

269

294

Worldwide

5,298

5,379

5,253

5,350

Petroleum product sales (kbd)

United States

2,581

2,516

2,511

2,523

Canada

475

421

450

413

Europe

1,576

1,652

1,611

1,625

Asia Pacific

1,277

1,335

1,241

1,329

Other

646

565

601

538

Worldwide

6,555

6,489

6,414

6,428

Gasolines, naphthas

2,615

2,621

2,611

2,573

Heating oils, kerosene, diesel

2,106

2,027

1,951

2,013

Aviation fuels

472

520

476

536

Heavy fuels

602

636

603

598

Specialty products

760

685

773

708

Worldwide

6,555

6,489

6,414

6,428

Chemical prime product sales,

thousands of metric tons (kt)

United States

2,214

2,562

9,815

9,649

Non-U.S.

4,135

4,113

16,076

15,176

Worldwide

6,349

6,675

25,891

24,825

 
Attachment V
 

EXXON MOBIL CORPORATIONFOURTH QUARTER 2010
(millions of dollars)

Fourth Quarter
Twelve Months

2010
2009
2010
2009Capital and Exploration Expenditures

Upstream

United States

2,453

983

6,349

3,585

Non-U.S.

6,346

5,543

20,970

17,119

Total

8,799

6,526

27,319

20,704

Downstream

United States

170

355

982

1,511

Non-U.S.

519

547

1,523

1,685

Total

689

902

2,505

3,196

Chemical

United States

83

82

279

319

Non-U.S.

435

731

1,936

2,829

Total

518

813

2,215

3,148

Other

55

22

187

44

Worldwide

10,061

8,263

32,226

27,092

Exploration expenses charged to income

included above

Consolidated affiliates

United States

121

64

283

219

Non-U.S.

427

617

1,855

1,795

Equity companies – ExxonMobil share

United States

1

1

4

1

Non-U.S.

9

3

21

12

Worldwide

558

685

2,163

2,027

 
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

Second Quarter

7,560

1.61

Third Quarter

7,350

1.44

Fourth Quarter

9,250

1.86

Year

30,460

6.24

 
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.