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Exxon Mobil Corporation Announces Estimated Fourth Quarter 2012 Results

NYSE:
XOM

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

                                   
      Fourth Quarter           Twelve Months      
      2012     2011     %     2012     2011     %

Earnings Excluding Special Items 1

                                   
$ Millions     9,950     9,400     6     44,880     41,060     9
$ Per Common Share                                    
Assuming Dilution     2.20     1.97     12     9.70     8.42     15
                                     

Special Items

                                   
$ Millions     0     0           0     0      
                                     

Earnings

                                   
$ Millions     9,950     9,400     6     44,880     41,060     9
$ Per Common Share                                    
Assuming Dilution     2.20     1.97     12     9.70     8.42     15
                                     
Capital and Exploration                                    
Expenditures - $ Millions     12,443     10,019     24     39,799     36,766     8
                                     

1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“Energy is fundamental to economic growth and improved living standards. ExxonMobil’s strong financial performance enables continued investment in new energy supplies, which creates jobs and supports economic expansion.

“Fourth quarter 2012 earnings were over $9.9 billion, up 6% from the fourth quarter of 2011. Full year 2012 earnings were $44.9 billion, up 9% from 2011, with record earnings per share of $9.70.

“Capital and exploration expenditures were a record $39.8 billion in 2012 as we continue pursuing opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy.

“In 2012, the Corporation distributed over $30 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

FOURTH QUARTER HIGHLIGHTS

  • Earnings of $9,950 million increased $550 million or 6% from the fourth quarter of 2011.
  • Earnings per share (assuming dilution) were $2.20, an increase of 12% from the fourth quarter of 2011.
  • Gains from asset sales in the fourth quarter of 2012 were nearly $600 million, down $800 million from the prior year.
  • LIFO inventory gains were over $300 million for the fourth quarter of 2012, similar to the 2011 level.
  • Capital and exploration expenditures were $12.4 billion, up 24% from the fourth quarter of 2011.
  • Oil-equivalent production decreased 5% from the fourth quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 2%.
  • Cash flow from operations and asset sales was $14.0 billion, including proceeds associated with asset sales of $0.8 billion.
  • Share purchases to reduce shares outstanding were $5 billion.
  • Dividends per share of $0.57 increased 21% compared to the fourth quarter of 2011.
  • ExxonMobil commenced start-up operations at one of the world’s largest ethylene steam crackers, the centerpiece of the company’s multi-billion dollar expansion at its Singapore petrochemical complex. Powered by a new 220-megawatt cogeneration plant, the expansion adds 2.6 million tonnes per year of new finished product capacity.
  • As announced on January 4, 2013, ExxonMobil will develop the Hebron oil field offshore the Canadian province of Newfoundland and Labrador using a gravity-based structure that will recover more than 700 million barrels of oil, an increase versus earlier estimates. Capital cost for the project, which is expected to begin oil production around the end of 2017, is estimated at $14 billion. The platform is being designed for daily production of 150,000 barrels of oil.

Fourth Quarter 2012 vs. Fourth Quarter 2011

Upstream earnings were $7,762 million in the fourth quarter of 2012, down $1,067 million from the fourth quarter of 2011. Lower liquids realizations, partially offset by improved natural gas realizations, decreased earnings by $70 million. Production volume and mix effects reduced earnings by $400 million. All other items, including over $500 million of lower gains from asset sales, decreased earnings by a net $600 million.

On an oil-equivalent basis, production decreased 5.2% from the fourth quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 2.1%.

Liquids production totaled 2,203 kbd (thousands of barrels per day), down 47 kbd from the fourth quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1.4%, as field decline was partially offset by project ramp-up in West Africa and lower downtime.

Fourth quarter natural gas production was 12,541 mcfd (millions of cubic feet per day), down 1,136 mcfd from 2011. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 2.8%, as field decline was partially offset by higher demand and lower downtime.

Earnings from U.S. Upstream operations were $1,604 million, $420 million higher than the fourth quarter of 2011. Non-U.S. Upstream earnings were $6,158 million, down $1,487 million from the prior year.

Downstream earnings were $1,768 million, up $1,343 million from the fourth quarter of 2011. Stronger refining-driven margins increased earnings by $1.2 billion, while volume and mix effects contributed an additional $80 million. All other items increased earnings by about $80 million. Petroleum product sales of 6,108 kbd were 385 kbd lower than last year's fourth quarter due mainly to the Japan restructuring and divestments.

Earnings from the U.S. Downstream were $697 million, up $667 million from the fourth quarter of 2011. Non-U.S. Downstream earnings of $1,071 million were $676 million higher than last year.

Chemical earnings of $958 million were $415 million higher than the fourth quarter of 2011. Higher margins, mainly commodities, increased earnings by $330 million. All other items increased earnings by $90 million. Fourth quarter prime product sales of 5,901 kt (thousands of metric tons) were 370 kt lower than last year's fourth quarter due mainly to the Japan restructuring.

Corporate and financing expenses were $538 million for the fourth quarter of 2012, up $141 million from the fourth quarter of 2011, due mainly to tax impacts.

During the fourth quarter of 2012, Exxon Mobil Corporation purchased 59 million shares of its common stock for the treasury at a gross cost of $5.3 billion. These purchases included $5.0 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 $5 billion in the first 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.

Full Year 2012 vs. Full Year 2011

Earnings of $44,880 million increased $3,820 million from 2011. Earnings per share increased 15% to $9.70.

FULL YEAR HIGHLIGHTS

  • Earnings were $44,880 million, up 9%.
  • Earnings include $9.9 billion of divestment and restructuring gains, mainly Japan of $6.5 billion.
  • Earnings per share increased 15% to $9.70.
  • Oil-equivalent production was down 6% from 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was down 2%.
  • Cash flow from operations and asset sales was $63.8 billion, including proceeds associated with asset sales of $7.7 billion.
  • The Corporation distributed over $30 billion to shareholders in 2012 through dividends and share purchases to reduce shares outstanding.
  • Capital and exploration expenditures were a record $39.8 billion.
  • The Corporation participated in three major liquids project start-ups in West Africa in 2012 with capacity of 350 thousand gross barrels of oil per day.

Upstream earnings were $29,895 million, down $4,544 million from 2011. Lower liquids realizations, partly offset by improved natural gas realizations, decreased earnings by about $100 million. Production volume and mix effects decreased earnings by $2.3 billion. All other items, including higher operating expenses, unfavorable tax items, lower gains on asset sales, and unfavorable foreign exchange effects, reduced earnings by $2.1 billion.

On an oil-equivalent basis, production was down 5.9% compared to 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was down 1.7%.

Liquids production of 2,185 kbd decreased 127 kbd from 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1.6%, as field decline was partly offset by project ramp-up in West Africa and lower downtime.

Natural gas production of 12,322 mcfd decreased 840 mcfd from 2011. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 1.9%, as field decline was partially offset by higher demand and lower downtime.

Earnings from U.S. Upstream operations for 2012 were $3,925 million, down $1,171 million from 2011. Earnings outside the U.S. were $25,970 million, down $3,373 million.

Downstream earnings of $13,190 million increased $8,731 million from 2011. Stronger refining-driven margins increased earnings by $2.6 billion, while volume and mix effects increased earnings by about $200 million. All other items increased earnings by $5.9 billion due primarily to the $5.3 billion gain associated with the Japan restructuring and other divestment gains. Petroleum product sales of 6,174 kbd decreased 239 kbd from 2011 due mainly to the Japan restructuring and divestments.

U.S. Downstream earnings were $3,575 million, up $1,307 million from 2011. Non-U.S. Downstream earnings were $9,615 million, an increase of $7,424 million from last year.

Chemical earnings of $3,898 million were $485 million lower than 2011. Margins decreased earnings by $440 million, while volume effects lowered earnings by $100 million. All other items increased earnings by $50 million, as a $630 million gain associated with the Japan restructuring and favorable tax impacts were mostly offset by unfavorable foreign exchange effects and higher operating expenses. Prime product sales of 24,157 kt were down 849 kt from 2011.

Corporate and financing expenses were $2,103 million, down $118 million from 2011.

Gross share purchases for 2012 were $21.1 billion, reducing shares outstanding by 244 million shares.

Estimates of key financial and operating data follow.

ExxonMobil will discuss financial and operating results and other matters on a webcast at 8:30 a.m. Central time on February 1, 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 2011 Form 10-K. We assume no duty to update these statements as of any future date.

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. References in this release to barrels of oil include amounts that are not yet classified as proved reserves under SEC definitions but that we believe will ultimately be produced. 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.

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.”

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 2012

(millions of dollars, unless noted)
    Fourth Quarter   Twelve Months
    2012   2011   2012   2011
Earnings / Earnings Per Share                
                 
Total revenues and other income   115,173   121,609   482,295   486,429
Total costs and other deductions   97,473   104,568   403,569   413,172
Income before income taxes   17,700   17,041   78,726   73,257
Income taxes   7,398   7,317   31,045   31,051
Net income including noncontrolling interests   10,302   9,724   47,681   42,206
Net income attributable to noncontrolling interests   352   324   2,801   1,146
Net income attributable to ExxonMobil (U.S. GAAP)   9,950   9,400   44,880   41,060
                 
Earnings per common share (dollars)   2.20   1.97   9.70   8.43
                 
Earnings per common share                
- assuming dilution (dollars)   2.20   1.97   9.70   8.42
                 
Other Financial Data                
                 
Dividends on common stock                
Total   2,592   2,247   10,092   9,020
Per common share (dollars)   0.57   0.47   2.18   1.85
                 
Millions of common shares outstanding                
At December 31           4,502   4,734
Average - assuming dilution   4,541   4,775   4,628   4,875
                 
ExxonMobil share of equity at December 31           165,863   154,396
ExxonMobil share of capital employed at December 31       182,781   175,406
                 
Income taxes   7,398   7,317   31,045   31,051
Sales-based taxes   7,752   8,490   32,409   33,503
All other taxes   8,966   10,969   38,857   43,544
Total taxes   24,116   26,776   102,311   108,098
                 
ExxonMobil share of income taxes of                
equity companies   1,360   1,296   5,859   5,603
 
Attachment II
 
EXXON MOBIL CORPORATION

FOURTH QUARTER 2012

(millions of dollars)
    Fourth Quarter   Twelve Months
    2012   2011   2012   2011
Earnings (U.S. GAAP)                
Upstream                
United States   1,604     1,184     3,925     5,096  
Non-U.S.   6,158     7,645     25,970     29,343  
Downstream                
United States   697     30     3,575     2,268  
Non-U.S.   1,071     395     9,615     2,191  
Chemical                
United States   728     383     2,220     2,215  
Non-U.S.   230     160     1,678     2,168  
Corporate and financing   (538 )   (397 )   (2,103 )   (2,221 )
Net income attributable to ExxonMobil   9,950     9,400     44,880     41,060  
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   1,604     1,184     3,925     5,096  
Non-U.S.   6,158     7,645     25,970     29,343  
Downstream                
United States   697     30     3,575     2,268  
Non-U.S.   1,071     395     9,615     2,191  
Chemical                
United States   728     383     2,220     2,215  
Non-U.S.   230     160     1,678     2,168  
Corporate and financing   (538 )   (397 )   (2,103 )   (2,221 )
Corporate total   9,950     9,400     44,880     41,060  
Cash flow from operations and asset sales (billions of dollars)        
Net cash provided by operating activities
(U.S. GAAP)
  13.2     10.7     56.1     55.4  
Proceeds associated with asset sales   0.8     6.9     7.7     11.1  
Cash flow from operations and asset sales   14.0     17.6     63.8     66.5  
     
Attachment III
     
                 

EXXON MOBIL CORPORATION

FOURTH QUARTER 2012

               
   

Fourth Quarter

 

Twelve Months

 

 

2012

  2011   2012   2011
  Net production of crude oil                
  and natural gas liquids,                
  thousands of barrels daily (kbd)                
  United States   430   432   418   423
  Canada/South America   268   247   251   252
  Europe   205   257   207   270
  Africa   479   468   487   508
  Asia   776   800   772   808
  Australia/Oceania   45   46   50   51
  Worldwide   2,203   2,250   2,185   2,312
                   
  Natural gas production available for sale,                
  millions of cubic feet daily (mcfd)                
  United States   3,747   4,005   3,822   3,917
  Canada/South America   346   400   362   412
  Europe   3,627   3,866   3,220   3,448
  Africa   15   8   17   7
  Asia   4,477   5,103   4,538   5,047
  Australia/Oceania   329   295   363   331
  Worldwide   12,541   13,677   12,322   13,162
                   
  Oil-equivalent production (koebd) 1   4,293   4,530   4,239   4,506
                 
                 
                 
1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels    
 
Attachment IV
 
                 
EXXON MOBIL CORPORATION

FOURTH QUARTER 2012

                 
    Fourth Quarter   Twelve Months
    2012   2011   2012   2011
Refinery throughput (kbd)                
United States   1,856   1,839   1,816   1,784
Canada   468   433   435   430
Europe   1,499   1,526   1,504   1,528
Asia Pacific   823   1,157   998   1,180
Other   191   295   261   292
Worldwide   4,837   5,250   5,014   5,214
                 
Petroleum product sales (kbd)                
United States   2,737   2,579   2,569   2,530
Canada   470   463   453   455
Europe   1,537   1,592   1,571   1,596
Asia Pacific   896   1,221   1,016   1,204
Other   468   638   565   628
Worldwide   6,108   6,493   6,174   6,413
                 
Gasolines, naphthas   2,500   2,626   2,489   2,541
Heating oils, kerosene, diesel   1,881   2,080   1,947   2,019
Aviation fuels   487   492   473   492
Heavy fuels   499   568   515   588
Specialty products   741   727   750   773
Worldwide   6,108   6,493   6,174   6,413
                 
Chemical prime product sales,                
thousands of metric tons (kt)                
United States   2,378   2,392   9,381   9,250
Non-U.S.   3,523   3,879   14,776   15,756
Worldwide   5,901   6,271   24,157   25,006
 
Attachment V
 
                 
EXXON MOBIL CORPORATION

FOURTH QUARTER 2012

(millions of dollars)
             
    Fourth Quarter   Twelve Months
    2012   2011   2012   2011
Capital and Exploration Expenditures                
Upstream                

United States

  4,036   2,414   11,080   10,741
Non-U.S.   7,328   6,589   25,004   22,350
Total   11,364  

9,003

  36,084   33,091
Downstream                
United States   192   152   634   518
Non-U.S.   479   493   1,628   1,602
Total   671   645   2,262   2,120
Chemical                
United States   129   93   408   290
Non-U.S.   258   235   1,010   1,160
Total   387   328   1,418   1,450
                 
Other   21   43   35   105
                 
Worldwide   12,443   10,019   39,799   36,766
                 
                 
Exploration expenses charged to income                
included above                
Consolidated affiliates                
United States   101   88   392   268
Non-U.S.   349   332   1,441   1,802
Equity companies - ExxonMobil share                
United States   6   3   9   10
Non-U.S.   2   9   17   13
Worldwide   458   432   1,859   2,093
   
Attachment VI
   
       
EXXON MOBIL CORPORATION

EARNINGS

       
       
  $ Millions   $ Per Common Share 1
       

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
       

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
     
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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