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Exxon Mobil Corporation Announces Estimated First Quarter 2013 Results

RVING, Texas--(BUSINESS WIRE)--

Exxon Mobil Corporation (NYSE:XOM):

                     
      First Quarter      
        2013     2012     %

Earnings

                   
$ Millions       9,500     9,450     1
$ Per Common Share                    
Assuming Dilution       2.12     2.00     6
                     
Capital and Exploration                    
Expenditures - $ Millions       11,775     8,834     33
                     

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil achieved strong results during the first quarter of 2013, while investing significantly to develop new energy supplies. ExxonMobil’s financial performance enables continued investment to deliver the energy needed to help meet growing demand, support economic growth, and raise living standards around the world.

First quarter 2013 earnings were $9.5 billion, up 1% from the first quarter of 2012.

Capital and exploration expenditures for the first quarter were $11.8 billion, including $3.1 billion for the acquisition of Celtic Exploration Ltd.

The Corporation distributed $7.6 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.”

FIRST QUARTER HIGHLIGHTS

  • Earnings of $9,500 million increased $50 million or 1% from the first quarter of 2012.
  • Earnings per share (assuming dilution) were $2.12, an increase of 6%.
  • Capital and exploration expenditures were $11.8 billion, up 33% from the first quarter of 2012.
  • Oil-equivalent production decreased 3.5% from the first quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 1.2%.
  • Cash flow from operations and asset sales was $14 billion, including proceeds associated with asset sales of $0.4 billion.
  • Share purchases to reduce shares outstanding were $5 billion.
  • Dividends per share of $0.57 increased 21% compared to the first quarter of 2012.
  • Rosneft and ExxonMobil have agreed to expand their 2011 Strategic Cooperation Agreement to include approximately 600,000 square kilometers (150 million acres) of additional exploration acreage in the Russian Arctic and potential participation by Rosneft in the Point Thomson project in Alaska. They have also agreed to conduct a joint study on a potential LNG project in the Russian Far East.
  • Production started from the Telok natural gas field, located offshore Malaysia in the South China Sea. The Telok A platform is the first phase of the Telok natural gas project.

First Quarter 2013 vs. First Quarter 2012

Upstream earnings were $7,037 million in the first quarter of 2013, down $765 million from the first quarter of 2012. Lower liquids realizations, partially offset by improved natural gas realizations, decreased earnings by $230 million. Production volume and mix effects reduced earnings by $280 million. All other items, including higher operating expenses, decreased earnings by $250 million.

On an oil-equivalent basis, production decreased 3.5% from the first quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 1.2%.

Liquids production totaled 2,193 kbd (thousands of barrels per day), down 21 kbd from the first quarter of 2012 as field decline was partially offset by project ramp-up in West Africa. The net impact of entitlement volumes, OPEC quota effects, and divestments was negligible.

First quarter natural gas production was 13,213 mcfd (millions of cubic feet per day), down 823 mcfd from 2012. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 1.5%, as field decline was partially offset by lower downtime and higher demand.

Earnings from U.S. Upstream operations were $859 million, $151 million lower than the first quarter of 2012. Non-U.S. Upstream earnings were $6,178 million, down $614 million from the prior year.

Downstream earnings were $1,545 million, down $41 million from the first quarter of 2012. Stronger margins, mainly in refining, increased earnings by $780 million. Volume and mix effects decreased earnings by $290 million. All other items, including lower gains on asset sales, higher expenses, and foreign exchange effects, decreased earnings by $530 million. Petroleum product sales of 5,755 kbd were 561 kbd lower than last year's first quarter reflecting the Japan restructuring and other divestment related impacts.

Earnings from the U.S. Downstream were $1,039 million, up $436 million from the first quarter of 2012. Non-U.S. Downstream earnings of $506 million were $477 million lower than last year.

Chemical earnings of $1,137 million were $436 million higher than the first quarter of 2012. Higher margins, mainly commodities, increased earnings by $320 million. All other items, including gains on asset sales, increased earnings by $120 million. First quarter prime product sales of 5,910 kt (thousands of metric tons) were 427 kt lower than last year's first quarter due mainly to the Japan restructuring.

Corporate and financing expenses were $219 million for the first quarter of 2013, down $420 million from the first quarter of 2012, reflecting favorable tax impacts.

During the first quarter of 2013, Exxon Mobil Corporation purchased 63 million shares of its common stock for the treasury at a gross cost of $5.6 billion. These purchases included $5 billion to reduce the number of shares outstanding, with the balance used to acquire shares in conjunction with the company’s benefit plans and programs. Share purchases to reduce shares outstanding are currently anticipated to equal $4 billion in the second quarter of 2013. 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 25, 2013. To listen to the event live or in archive, go to our website at exxonmobil.com.

Cautionary statement

Statements 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; resource recoveries; and share purchase levels, could differ materially due to factors including: changes in oil or gas prices or other market or economic conditions affecting the oil and gas industry, including the scope and duration of economic recessions; the outcome of exploration and development efforts; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; 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 2012 Form 10-K. We assume no duty to update these statements as of any future date.

Frequently used terms

This press release includes cash flow from operations and asset sales, which is a non-GAAP financial measure. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments 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 corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

The term “project” as used in this release does not necessarily have the same meaning as under SEC Rule 13q-1 relating to government payment reporting. For example, a single project for purposes of the rule may encompass numerous properties, agreements, investments, developments, phases, work efforts, activities, and components, each of which we may also informally describe as a “project.”

 
Attachment I
 
 
EXXON MOBIL CORPORATION

FIRST QUARTER 2013

(millions of dollars, unless noted)
      First Quarter
        2013   2012
Earnings / Earnings Per Share            
             
Total revenues and other income       108,807   124,053
Total costs and other deductions       92,769   106,538
Income before income taxes       16,038   17,515
Income taxes       6,277   7,716
Net income including noncontrolling interests       9,761   9,799
Net income attributable to noncontrolling interests       261   349
Net income attributable to ExxonMobil (U.S. GAAP)       9,500   9,450
             
Earnings per common share (dollars)       2.12   2.00
             
Earnings per common share            
- assuming dilution (dollars)       2.12   2.00
             
Other Financial Data            
             
Dividends on common stock            
Total       2,561   2,221
Per common share (dollars)       0.57   0.47
             
Millions of common shares outstanding            
At March 31       4,446   4,676
Average - assuming dilution       4,485   4,716
             
ExxonMobil share of equity at March 31       167,001   157,012
ExxonMobil share of capital employed at March 31     184,375   177,137
             
Income taxes       6,277   7,716
Sales-based taxes       7,492   8,493
All other taxes       8,781   11,203
Total taxes       22,550   27,412
             
ExxonMobil share of income taxes of            
equity companies       1,939   1,705
 
Attachment II
 
EXXON MOBIL CORPORATION

FIRST QUARTER 2013

(millions of dollars)
      First Quarter
        2013     2012  
Earnings (U.S. GAAP)            
Upstream            
United States       859     1,010  
Non-U.S.       6,178     6,792  
Downstream            
United States       1,039     603  
Non-U.S.       506     983  
Chemical            
United States       752     433  
Non-U.S.       385     268  
Corporate and financing       (219 )   (639 )
Net income attributable to ExxonMobil       9,500     9,450  
Cash flow from operations and asset sales (billions of dollars)      
Net cash provided by operating activities
(U.S. GAAP)
      13.6     19.3  
Proceeds associated with asset sales       0.4     2.5  
Cash flow from operations and asset sales       14.0     21.8  
 
Attachment III
   
                 
EXXON MOBIL CORPORATION

FIRST QUARTER 2013

                 
        First Quarter
          2013   2012
  Net production of crude oil          
  and natural gas liquids,          
  thousands of barrels daily (kbd)          
  United States       435   426
  Canada/South America       264   248
  Europe       195   228
  Africa       453   464
  Asia       804   802
  Australia/Oceania       42   46
  Worldwide       2,193   2,214
             
  Natural gas production available for sale,          
  millions of cubic feet daily (mcfd)          
  United States       3,590   3,932
  Canada/South America       328   377
  Europe       4,473   4,447
  Africa       9   12
  Asia       4,515   5,011
  Australia/Oceania       298   257
  Worldwide       13,213   14,036
             
  Oil-equivalent production (koebd) 1       4,395   4,553
             
             
1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
 
Attachment IV
 
             
EXXON MOBIL CORPORATION

FIRST QUARTER 2013

             
      First Quarter
        2013   2012
Refinery throughput (kbd)            
United States       1,810   1,825
Canada       430   438
Europe       1,394   1,481
Asia Pacific       790   1,296
Other       152   290
Worldwide       4,576   5,330
             
Petroleum product sales (kbd)            
United States       2,532   2,473
Canada       436   423
Europe       1,460   1,564
Asia Pacific       894   1,232
Other       433   624
Worldwide       5,755   6,316
             
Gasolines, naphthas       2,355   2,522
Heating oils, kerosene, diesel       1,792   2,096
Aviation fuels       453   458
Heavy fuels       460   505
Specialty products       695   735
Worldwide       5,755   6,316
             
Chemical prime product sales,            
thousands of metric tons (kt)            
United States       2,364   2,365
Non-U.S.       3,546   3,972
Worldwide       5,910   6,337
 
Attachment V
 
               
EXXON MOBIL CORPORATION

FIRST QUARTER 2013

(millions of dollars)
             
      First Quarter
        2013     2012
Capital and Exploration Expenditures              
Upstream              
United States       2,090     2,422
Non-U.S.       8,757     5,657
Total       10,847     8,079
Downstream              
United States       259     110
Non-U.S.       350     329
Total       609     439
Chemical              
United States       114     74
Non-U.S.       202     239
Total       316     313
               
Other       3     3
               
Worldwide       11,775     8,834
               
               
Exploration expenses charged to income              
included above              
Consolidated affiliates              
United States       127     103
Non-U.S.       316     417
Equity companies - ExxonMobil share              
United States       1     1
Non-U.S.       1     6
Worldwide       445     527
 
Attachment VI
 
     
EXXON MOBIL CORPORATION

EARNINGS

         
         
    $ Millions   $ Per Common Share 1
         

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
         

2011

       
First Quarter   10,650   2.14
Second Quarter   10,680   2.19
Third Quarter   10,330   2.13
Fourth Quarter   9,400   1.97
Year   41,060   8.43
         

2012

       
First Quarter   9,450   2.00
Second Quarter   15,910   3.41
Third Quarter   9,570   2.09
Fourth Quarter   9,950   2.20
Year   44,880   9.70
         

2013

       
First Quarter   9,500   2.12
         
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.

 

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