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Exxon Mobil Corporation Announces Estimated Fourth Quarter 2011 Results

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

                                               
      Fourth Quarter               Twelve Months        
      2011       2010       %       2011       2010       %

Earnings Excluding Special Items 1

                                             
$ Millions     9,400       9,250       2       41,060       30,460       35
$ Per Common Share                                              
Assuming Dilution     1.97       1.85       6       8.42       6.22       35
                                               

Special Items

                                             
$ Millions     0       0               0       0        
                                               

Earnings

                                             
$ Millions     9,400       9,250       2       41,060       30,460       35
$ Per Common Share                                              
Assuming Dilution     1.97       1.85       6       8.42       6.22       35
                                               
Capital and Exploration                                              
Expenditures - $ Millions     10,019       10,061       0       36,766       32,226       14
                                               

1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil recorded strong results while investing at record levels to develop new supplies of energy that are critical to meeting growing world demand, and supporting economic recovery and growth.

“Fourth quarter earnings of $9.4 billion were up 2% from the fourth quarter of 2010. Full year 2011 earnings were $41.1 billion, up 35% from 2010, reflecting higher crude oil and natural gas realizations, improved refining and chemical margins, and gains on asset sales.

“Capital and exploration expenditures were a record $36.8 billion in 2011.

“Oil-equivalent production was up 1% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 4%.

“In 2011, the Corporation distributed $29 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

FOURTH QUARTER HIGHLIGHTS

  • Earnings were $9,400 million, an increase of 2% or $150 million from the fourth quarter of 2010.
  • Earnings per share (assuming dilution) were $1.97, an increase of 6% from the fourth quarter of 2010.
  • Capital and exploration expenditures were $10.0 billion, consistent with the fourth quarter of 2010.
  • Oil-equivalent production decreased 9% from the fourth quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was down 4%.
  • Cash flow from operations and asset sales was $17.6 billion, including proceeds associated with asset sales of $6.9 billion.
  • Share purchases to reduce shares outstanding were $5 billion.
  • Dividends per share of $0.47 increased 7% compared to the fourth quarter of 2010.
  • ExxonMobil was the high bidder on 50 blocks in the most recent U.S. Gulf of Mexico lease sale, providing new exploration opportunities.
  • Construction of a lower-sulfur fuels project began at the joint Saudi Aramco and ExxonMobil refinery in Yanbu, Saudi Arabia.

Fourth Quarter 2011 vs. Fourth Quarter 2010

Upstream earnings were $8,829 million, up $1,349 million from the fourth quarter of 2010. Higher liquids and natural gas realizations increased earnings by $1,990 million. Lower volumes and production mix effects decreased earnings by $1,450 million. All other items, primarily gains on asset sales, increased earnings by $810 million.

On an oil-equivalent basis, production decreased 9% from the fourth quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was down 4%.

Liquids production totaled 2,250 kbd (thousands of barrels per day), down 276 kbd from the fourth quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 3%, mainly due to field decline.

Fourth quarter natural gas production was 13,677 mcfd (millions of cubic feet per day), down 975 mcfd from 2010, as U.S. growth was more than offset by field decline and lower demand in Europe.

Earnings from U.S. Upstream operations were $1,184 million, $133 million lower than the fourth quarter of 2010. Non-U.S. Upstream earnings were $7,645 million, up $1,482 million from last year.

Downstream earnings of $425 million were down $725 million from the fourth quarter of 2010. Weaker margins, principally in refining, decreased earnings $740 million. Volume and mix effects decreased earnings by $30 million, while all other items increased earnings by $40 million. Petroleum product sales of 6,493 kbd were 62 kbd lower than last year's fourth quarter.

Earnings from the U.S. Downstream were $30 million, down $196 million from the fourth quarter of 2010. Non-U.S. Downstream earnings of $395 million were $529 million lower than last year.

Chemical earnings of $543 million were $524 million lower than the fourth quarter of 2010. Weaker margins decreased earnings by $230 million, while lower volumes and mix effects reduced earnings by $40 million. Other items, mainly unfavorable tax effects, decreased earnings by $250 million. Fourth quarter prime product sales of 6,271 kt (thousands of metric tons) were 78 kt lower than last year's fourth quarter.

Corporate and financing expenses were $397 million, down $50 million from the same period in 2010.

During the fourth quarter of 2011, Exxon Mobil Corporation purchased 69 million shares of its common stock for the treasury at a gross cost of $5.4 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 2012. 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 2011 vs. Full Year 2010

Earnings of $41,060 million increased $10,600 million from 2010. Earnings per share increased 35% to $8.42.

FULL YEAR HIGHLIGHTS

  • Earnings were $41,060 million, up 35%.
  • Earnings per share (assuming dilution) increased 35% to $8.42.
  • Oil-equivalent production was up 1% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 4%.
  • Cash flow from operations and asset sales was $66.5 billion, including proceeds associated with asset sales of $11.1 billion.
  • The Corporation distributed $29 billion to shareholders in 2011 through dividends and share purchases to reduce shares outstanding.
  • Capital and exploration expenditures were a record $36.8 billion, up 14% from 2010.

Upstream earnings were $34,439 million, up $10,342 million from 2010. Higher crude oil and natural gas realizations increased earnings by $10.6 billion, while volume and production mix effects decreased earnings by $2.5 billion. All other items increased earnings by $2.2 billion, driven by higher gains on asset sales of $2.7 billion, partly offset by increased activity.

On an oil-equivalent basis, production was up 1% compared to 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 4%.

Liquids production of 2,312 kbd decreased 110 kbd from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was in line with 2010, as higher volumes from Qatar, the U.S., and Iraq offset field decline.

Natural gas production of 13,162 mcfd increased 1,014 mcfd from 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

Earnings from U.S. Upstream operations for 2011 were $5,096 million, an increase of $824 million. Earnings outside the U.S. were $29,343 million, up $9,518 million.

Downstream earnings of $4,459 million increased $892 million from 2010. Margins, mainly refining, increased earnings by $800 million. Volume and mix effects improved earnings by $630 million. All other items, primarily the absence of favorable tax effects and higher expenses, decreased earnings by $540 million. Petroleum product sales of 6,413 kbd were in line with 2010.

U.S. Downstream earnings were $2,268 million, up $1,498 million from 2010. Non-U.S. Downstream earnings were $2,191 million, $606 million lower than last year.

Chemical earnings of $4,383 million were down $530 million from 2010. Stronger margins increased earnings by $260 million, while lower volumes reduced earnings by $180 million. Other items, including unfavorable tax effects and higher planned maintenance expense, decreased earnings by $610 million. Prime product sales of 25,006 kt were down 885 kt from 2010.

Corporate and financing expenses were $2,221 million, up $104 million from 2010.

Gross share purchases for 2011 were $22 billion, reducing shares outstanding by 278 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, 2012. 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; 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 2010 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 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 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
FOURTH QUARTER 2011
(millions of dollars, unless noted)
    Fourth Quarter   Twelve Months
    2011   2010   2011   2010
Earnings / Earnings Per Share                
                 
Total revenues and other income   121,609   105,186   486,429   383,221
Total costs and other deductions   104,568   89,859   413,172   330,262
Income before income taxes   17,041   15,327   73,257   52,959
Income taxes   7,317   5,811   31,051   21,561
Net income including noncontrolling interests   9,724   9,516   42,206   31,398
Net income attributable to noncontrolling interests   324   266   1,146   938
Net income attributable to ExxonMobil (U.S. GAAP)   9,400   9,250   41,060   30,460
                 
Earnings per common share (dollars)   1.97   1.86   8.43   6.24
                 
Earnings per common share                
- assuming dilution (dollars)   1.97   1.85   8.42   6.22
                 
Other Financial Data                
                 
Dividends on common stock                
Total   2,247   2,212   9,020   8,498
Per common share (dollars)   0.47   0.44   1.85   1.74
                 
Millions of common shares outstanding                
At December 31           4,734   4,979
Average - assuming dilution   4,775   5,031   4,875   4,897
                 
ExxonMobil share of equity at December 31           154,396   146,839
ExxonMobil share of capital employed at December 31           175,406   166,036
                 
Income taxes   7,317   5,811   31,051   21,561
Sales-based taxes   8,490   7,614   33,503   28,547
All other taxes   10,969   10,463   43,544   39,127
Total taxes   26,776   23,888   108,098   89,235
                 
ExxonMobil share of income taxes of                
equity companies   1,296   1,367   5,603   4,058
             
Attachment II
 
EXXON MOBIL CORPORATION
FOURTH QUARTER 2011
(millions of dollars)
    Fourth Quarter   Twelve Months
    2011     2010     2011     2010  
Earnings (U.S. GAAP)                
Upstream                
United States   1,184     1,317     5,096     4,272  
Non-U.S.   7,645     6,163     29,343     19,825  
Downstream                
United States   30     226     2,268     770  
Non-U.S.   395     924     2,191     2,797  
Chemical                
United States   383     522     2,215     2,422  
Non-U.S.   160     545     2,168     2,491  
Corporate and financing   (397 )   (447 )   (2,221 )   (2,117 )
Net income attributable to ExxonMobil   9,400     9,250     41,060     30,460  
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     0  
Corporate total   0     0     0     0  
Earnings Excluding Special Items                
Upstream                
United States   1,184     1,317     5,096     4,272  
Non-U.S.   7,645     6,163     29,343     19,825  
Downstream                
United States   30     226     2,268     770  
Non-U.S.   395     924     2,191     2,797  
Chemical                
United States   383     522     2,215     2,422  
Non-U.S.   160     545     2,168     2,491  
Corporate and financing   (397 )   (447 )   (2,221 )   (2,117 )
Corporate total   9,400     9,250     41,060     30,460  
Cash flow from operations and asset sales (billions of dollars)                
Net cash provided by operating activities
(U.S. GAAP)
  10.7     13.0     55.4     48.4  
Proceeds associated with asset sales   6.9     1.7     11.1     3.3  
Cash flow from operations and asset sales   17.6     14.7     66.5     51.7  
 
Attachment III
 
                   
EXXON MOBIL CORPORATION
FOURTH QUARTER 2011
                 
    Fourth Quarter   Twelve Months
    2011   2010   2011   2010
Net production of crude oil                
and natural gas liquids,                
thousands of barrels daily (kbd)                
United States   432   455   423   408
Canada/South America   247   266   252   263
Europe   257   335   270   335
Africa   468   618   508   628
Asia   800   800   808   730
Australia/Oceania   46   52   51   58
Worldwide   2,250   2,526   2,312   2,422
                 
Natural gas production available for sale,                
millions of cubic feet daily (mcfd)                
United States   4,005   3,869   3,917   2,596
Canada/South America   400   564   412   569
Europe   3,866   4,596   3,448   3,836
Africa   8   9   7   14
Asia   5,103   5,350   5,047   4,801
Australia/Oceania   295   264   331   332
Worldwide   13,677   14,652   13,162   12,148
                 
Oil-equivalent production (koebd) 1   4,530   4,968   4,506   4,447
                 
                 
                 
1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
 
Attachment IV
 
                 
EXXON MOBIL CORPORATION
FOURTH QUARTER 2011
                 
    Fourth Quarter   Twelve Months
    2011   2010   2011   2010
Refinery throughput (kbd)                
United States   1,839   1,732   1,784   1,753
Canada   433   467   430   444
Europe   1,526   1,501   1,528   1,538
Asia Pacific   1,157   1,307   1,180   1,249
Other   295   291   292   269
Worldwide   5,250   5,298   5,214   5,253
                 
Petroleum product sales (kbd)                
United States   2,579   2,581   2,530   2,511
Canada   463   475   455   450
Europe   1,592   1,576   1,596   1,611
Asia Pacific   1,221   1,277   1,204   1,241
Other   638   646   628   601
Worldwide   6,493   6,555   6,413   6,414
                 
Gasolines, naphthas   2,626   2,615   2,541   2,611
Heating oils, kerosene, diesel   2,080   2,106   2,019   1,951
Aviation fuels   492   472   492   476
Heavy fuels   568   602   588   603
Specialty products   727   760   773   773
Worldwide   6,493   6,555   6,413   6,414
                 
Chemical prime product sales,                
thousands of metric tons (kt)                
United States   2,392   2,214   9,250   9,815
Non-U.S.   3,879   4,135   15,756   16,076
Worldwide   6,271   6,349   25,006   25,891
 
Attachment V
 
                 
EXXON MOBIL CORPORATION
FOURTH QUARTER 2011
(millions of dollars)
             
    Fourth Quarter   Twelve Months
    2011   2010   2011   2010
Capital and Exploration Expenditures                
Upstream                
United States   2,414   2,453   10,741   6,349
Non-U.S.   6,589   6,346   22,350   20,970
Total   9,003   8,799   33,091   27,319
Downstream                
United States   152   170   518   982
Non-U.S.   493   519   1,602   1,523
Total   645   689   2,120   2,505
Chemical                
United States   93   83   290   279
Non-U.S.   235   435   1,160   1,936
Total   328   518   1,450   2,215
                 
Other   43   55   105   187
                 
Worldwide   10,019   10,061   36,766   32,226
                 
                 
Exploration expenses charged to income                
included above                
Consolidated affiliates                
United States   88   121   268   283
Non-U.S.   332   427   1,802   1,855
Equity companies - ExxonMobil share                
United States   3   1   10   4
Non-U.S.   9   9   13   21
Worldwide   432   558   2,093   2,163
 
Attachment VI
     
         
EXXON MOBIL CORPORATION
EARNINGS
         
         
    $ Millions   $ Per Common Share 1
         

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
         

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
         
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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