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Exxon Mobil Corporation Announces Estimated First Quarter 2010 Results

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM):

"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






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 statement

Statements 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 terms

Consistent 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 Earnings

References 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 CORPORATION FIRST QUARTER 2010

(millions of dollars, unless noted)
First Quarter



2010 2009 Earnings / 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 CORPORATION FIRST 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 CORPORATION FIRST 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 CORPORATION FIRST 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 CORPORATION FIRST QUARTER 2010

(millions of dollars)







First Quarter



2010
2009 Capital 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 CORPORATION EARNINGS








$ 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 retrospectively
on a consistent basis with 2009 reporting when new authoritative guidance on EPS was adopted.



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