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Exxon Mobil Corporation Announces Estimated Fourth Quarter 2013 Results

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

                   
          Fourth Quarter           Twelve Months      
          2013     2012     %     2013     2012     %

Earnings

                                   
  $ Millions     8,350     9,950     -16     32,580     44,880     -27
  $ Per Common Share                                    
    Assuming Dilution     1.91     2.20     -13     7.37     9.70     -24
                                         
Capital and Exploration                                    
Expenditures - $ Millions     9,924     12,443     -20     42,489     39,799     7
                                     

EXXONMOBIL CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil delivered strong business results in 2013 while remaining focused on improving profitability and long-term shareholder value. Disciplined use of capital, project execution and asset management are positioning the company to deliver sustained superior financial performance across the business cycle. Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses.

“Fourth quarter 2013 earnings were $8.4 billion, down 16% from the fourth quarter of 2012. Full year 2013 earnings were $32.6 billion, down 27% from 2012.

“Capital and exploration expenditures were $9.9 billion in the fourth quarter and $42.5 billion for the year, including $4.3 billion for acquisitions.

“In 2013, the Corporation distributed $26 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

FOURTH QUARTER HIGHLIGHTS

  • Earnings of $8,350 million decreased $1,600 million or 16% from the fourth quarter of 2012.
  • Earnings per share (assuming dilution) were $1.91, a decrease of 13% from the fourth quarter of 2012.
  • Capital and exploration expenditures were $9.9 billion, down 20% from the fourth quarter of 2012.
  • Oil-equivalent production decreased 1.8% from the fourth quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat, with liquids volumes up 3.0%.
  • Cash flow from operations and asset sales was $12.0 billion, including proceeds associated with asset sales of $1.8 billion.
  • Share purchases to reduce shares outstanding were $3 billion.
  • Dividends per share of $0.63 increased 11% compared to the fourth quarter of 2012.
  • Statoil and ExxonMobil announced the fifth discovery in Block 2 offshore Tanzania. The discovery of an additional 2-3 trillion cubic feet of natural gas in place in the Mronge-1 well brings the total gas resource estimate to 17-20 trillion cubic feet.
  • The Alaska LNG project announced selection of a lead site for the liquefied natural gas plant in the Nikiski area on the Kenai Peninsula. Together with the ongoing multi-year summer field work, this is a key step forward for the project and continued progress toward building Alaska’s energy future.
  • ExxonMobil commissioned a new hydrotreater at its Singapore refinery, which increased the site’s ultra-low sulfur diesel production capacity by 62 thousand barrels per day. The new unit, along with the recently completed petrochemical expansion project at our Singapore complex, positions ExxonMobil to competitively deliver high-value products to the growing Asia Pacific region.

Fourth Quarter 2013 vs. Fourth Quarter 2012

Upstream earnings were $6,786 million in the fourth quarter of 2013, down $976 million from the fourth quarter of 2012. Higher natural gas realizations, partly offset by lower liquids realizations, increased earnings by $60 million. Production volume and mix effects decreased earnings by $550 million. All other items, including higher operating expenses, decreased earnings by $490 million.

On an oil-equivalent basis, production decreased 1.8% from the fourth quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat.

Liquids production totaled 2,235 kbd (thousands of barrels per day), up 32 kbd from the fourth quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 3.0%, as project ramp-up, mainly in Canada and Nigeria, and lower downtime were partially offset by field decline.

Fourth quarter natural gas production was 11,887 mcfd (millions of cubic feet per day), down 654 mcfd from 2012. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 3.9%, as field decline was partially offset by project ramp-up and increased demand.

Earnings from U.S. Upstream operations were $1,186 million, $418 million lower than the fourth quarter of 2012. Non-U.S. Upstream earnings were $5,600 million, down $558 million from the prior year.

Downstream earnings were $916 million, down $852 million from the fourth quarter of 2012. Weaker margins, mainly in refining, decreased earnings by $680 million. Volume and mix effects increased earnings by $110 million. All other items, including higher operating expenses and unfavorable foreign exchange impacts, decreased earnings by $280 million. Petroleum product sales of 5,994 kbd were 114 kbd lower than last year's fourth quarter.

Earnings from the U.S. Downstream were $597 million, down $100 million from the fourth quarter of 2012. Non-U.S. Downstream earnings of $319 million were $752 million lower than the prior year.

Chemical earnings of $910 million were $48 million lower than the fourth quarter of 2012. Weaker margins, mainly in specialties, decreased earnings by $70 million, while volume and mix effects increased earnings by $50 million. All other items decreased earnings by $30 million. Fourth quarter prime product sales of 6,077 kt (thousands of metric tons) were 176 kt higher than last year's fourth quarter.

Corporate and financing expenses were $262 million for the fourth quarter of 2013, down $276 million from the fourth quarter of 2012, reflecting favorable tax impacts.

During the fourth quarter of 2013, Exxon Mobil Corporation purchased 36 million shares of its common stock for the treasury at a gross cost of $3.3 billion. These purchases included $3.0 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 $3 billion in the first quarter of 2014. 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 2013 vs. Full Year 2012

Earnings of $32,580 million decreased $12,300 million from 2012. Earnings per share decreased 24% to $7.37.

FULL YEAR HIGHLIGHTS

  • Earnings were $32,580 million, down $12,300 million or 27% from 2012. Lower net gains from divestments impacted earnings by $8.6 billion.
  • Earnings per share decreased 24% to $7.37. Excluding net gains from divestments, earnings per share decreased 6%.
  • Oil-equivalent production was down 1.5% from 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat.
  • Cash flow from operations and asset sales was $47.6 billion, including proceeds associated with asset sales of $2.7 billion.
  • The Corporation distributed $26 billion to shareholders in 2013 through dividends and share purchases to reduce shares outstanding.
  • Capital and exploration expenditures were $42.5 billion, including $4.3 billion for acquisitions, up 7% from 2012.

Upstream earnings were $26,841 million, down $3,054 million from 2012. Higher gas realizations, partially offset by lower liquids realizations, increased earnings by $390 million. Production volume and mix effects decreased earnings by $910 million. All other items, including lower net gains from asset sales, mainly in Angola, and higher expenses, reduced earnings by $2.5 billion.

On an oil-equivalent basis, production was down 1.5% compared to 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat.

Liquids production of 2,202 kbd increased 17 kbd compared with 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 1.6%, as project ramp-up and lower downtime were partially offset by field decline.

Natural gas production of 11,836 mcfd decreased 486 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 higher demand, lower downtime, and project ramp-up.

Earnings from U.S. Upstream operations for 2013 were $4,191 million, up $266 million from 2012. Earnings outside the U.S. were $22,650 million, down $3,320 million from the prior year.

Downstream earnings of $3,449 million decreased $9,741 million from 2012 driven by the absence of the $5.3 billion gain associated with the Japan restructuring. Lower margins, mainly refining, decreased earnings by $2.9 billion. Volume and mix effects decreased earnings by $310 million. All other items, including higher operating expenses, unfavorable foreign exchange impacts, and lower divestments, decreased earnings by $1.2 billion. Petroleum product sales of 5,887 kbd decreased 287 kbd from 2012.

U.S. Downstream earnings were $2,199 million, down $1,376 million from 2012. Non-U.S. Downstream earnings were $1,250 million, a decrease of $8,365 million from the prior year.

Chemical earnings of $3,828 million were $70 million lower than 2012. The absence of the gain associated with the Japan restructuring decreased earnings by $630 million. Higher margins increased earnings by $480 million, while volume and mix effects increased earnings by $80 million. Prime product sales of 24,063 kt were down 94 kt from 2012.

Corporate and financing expenses were $1,538 million, down $565 million from 2012, as favorable tax impacts were partially offset by the absence of the Japan restructuring gain.

Gross share purchases for 2013 were $16 billion, reducing shares outstanding by 177 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 30, 2014. 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. 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. 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 can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

                 
                Attachment I
                     
                     
EXXON MOBIL CORPORATION

FOURTH QUARTER 2013

(millions of dollars, unless noted)
        Fourth Quarter   Twelve Months
        2013   2012   2013   2012
Earnings / Earnings Per Share                
                     
  Total revenues and other income   110,860   114,699   438,255   480,681
  Total costs and other deductions   96,144   96,999   380,544   401,955
  Income before income taxes   14,716   17,700   57,711   78,726
    Income taxes   6,073   7,398   24,263   31,045
  Net income including noncontrolling interests   8,643   10,302   33,448   47,681
    Net income attributable to noncontrolling interests   293   352   868   2,801
  Net income attributable to ExxonMobil (U.S. GAAP)   8,350   9,950   32,580   44,880
                     
  Earnings per common share (dollars)   1.91   2.20   7.37   9.70
                     
  Earnings per common share                
    - assuming dilution (dollars)   1.91   2.20   7.37   9.70
                     
Other Financial Data                
                     
  Dividends on common stock                
    Total   2,750   2,592   10,875   10,092
    Per common share (dollars)   0.63   0.57   2.46   2.18
                     
  Millions of common shares outstanding                
    At December 31           4,335   4,502
    Average - assuming dilution   4,361   4,541   4,419   4,628
                     
  ExxonMobil share of equity at December 31           174,003   165,863
  ExxonMobil share of capital employed at December 31           200,368   182,781
                     
  Income taxes   6,073   7,398   24,263   31,045
  Sales-based taxes   7,663   7,752   30,589   32,409
  All other taxes   9,377   8,966   36,396   38,857
    Total taxes   23,113   24,116   91,248   102,311
                     
  ExxonMobil share of income taxes of                
  equity companies   1,340   1,360   6,061   5,859
               
              Attachment II
                   
                   
EXXON MOBIL CORPORATION

FOURTH QUARTER 2013

(millions of dollars)
      Fourth Quarter   Twelve Months
      2013   2012   2013   2012
Earnings (U.S. GAAP)                
Upstream                
United States   1,186     1,604     4,191     3,925  
Non-U.S.   5,600     6,158     22,650     25,970  
Downstream                
United States   597     697     2,199     3,575  
Non-U.S.   319     1,071     1,250     9,615  
Chemical                
United States   808     728     2,755     2,220  
Non-U.S.   102     230     1,073     1,678  
Corporate and financing   (262 )   (538 )   (1,538 )   (2,103 )
Net income attributable to ExxonMobil   8,350     9,950     32,580     44,880  
                   
                   
Cash flow from operations and asset sales (billions of dollars)            
                 
Net cash provided by operating activities                
(U.S. GAAP)   10.2     13.2     44.9     56.1  
                   
Proceeds associated with asset sales   1.8     0.8     2.7     7.7  
                   
Cash flow from operations and asset sales   12.0     14.0     47.6     63.8  
                   
                  Attachment III
                       
                       
EXXON MOBIL CORPORATION

FOURTH QUARTER 2013

 
          Fourth Quarter   Twelve Months
          2013   2012   2013   2012
Net production of crude oil, natural gas                
liquids, bitumen and synthetic oil,                
thousands of barrels daily (kbd)                
    United States   446   430   431   418
    Canada/South America   320   268   280   251
    Europe   194   205   190   207
    Africa   455   479   469   487
    Asia   775   776   784   772
    Australia/Oceania   45   45   48   50
      Worldwide   2,235   2,203   2,202   2,185
                       
Natural gas production available for sale,                
millions of cubic feet daily (mcfd)                
    United States   3,455   3,747   3,545   3,822
    Canada/South America   365   346   354   362
    Europe   3,508   3,627   3,251   3,220
    Africa   4   15   6   17
    Asia   4,273   4,477   4,329   4,538
    Australia/Oceania   282   329   351   363
      Worldwide   11,887   12,541   11,836   12,322
                       
Oil-equivalent production (koebd)1   4,216   4,293   4,175   4,239
                       
                       
                       

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

                 
                Attachment IV
                     
                     
EXXON MOBIL CORPORATION

FOURTH QUARTER 2013

 
        Fourth Quarter   Twelve Months
        2013   2012   2013   2012
Refinery throughput (kbd)                
  United States   1,823   1,856   1,819   1,816
  Canada   387   468   426   435
  Europe   1,310   1,499   1,400   1,504
  Asia Pacific   744   823   779   998
  Other   188   191   161   261
    Worldwide   4,452   4,837   4,585   5,014
                   
Petroleum product sales (kbd)                
  United States   2,712   2,737   2,609   2,569
  Canada   472   470   464   453
  Europe   1,458   1,537   1,497   1,571
  Asia Pacific   882   896   878   1,016
  Other   470   468   439   565
    Worldwide   5,994   6,108   5,887   6,174
                   
  Gasolines, naphthas   2,533   2,500   2,418   2,489
  Heating oils, kerosene, diesel   1,881   1,881   1,838   1,947
  Aviation fuels   443   487   462   473
  Heavy fuels   416   499   431   515
  Specialty products   721   741   738   750
    Worldwide   5,994   6,108   5,887   6,174
                 
Chemical prime product sales,                
thousands of metric tons (kt)                
  United States   2,486   2,378   9,679   9,381
  Non-U.S.   3,591   3,523   14,384   14,776
    Worldwide   6,077   5,901   24,063   24,157
                 
                Attachment V
                     
                     
EXXON MOBIL CORPORATION

FOURTH QUARTER 2013

(millions of dollars)
        Fourth Quarter   Twelve Months
        2013   2012   2013   2012
Capital and Exploration Expenditures                
  Upstream                
    United States   2,098   4,036   9,145   11,080
    Non-U.S.   6,534   7,328   29,086   25,004
    Total   8,632   11,364   38,231   36,084
  Downstream                
    United States   264   192   951   634
    Non-U.S.   409   479   1,462   1,628
    Total   673   671   2,413   2,262
  Chemical                
    United States   369   129   963   408
    Non-U.S.   248   258   869   1,010
    Total   617   387   1,832   1,418
                     
  Other   2   21   13   35
                     
  Worldwide   9,924   12,443   42,489   39,799
                     
                     
Exploration expenses charged to income                
included above                
  Consolidated affiliates                
    United States   70   101   395   392
    Non-U.S.   518   349   1,573   1,441
  Equity companies - ExxonMobil share                
    United States   15   6   19   9
    Non-U.S.   109   2   441   17
  Worldwide   712   458   2,428   1,859
                   
                  Attachment VI
                   
                   
EXXON MOBIL CORPORATION

EARNINGS

 
              $ Millions   $ Per Common Share1
                   

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
Second Quarter         6,860   1.55
Third Quarter         7,870   1.79
Fourth Quarter         8,350   1.91
    Year         32,580   7.37

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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