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Exxon Mobil Corporation Announces Estimated Third Quarter 2010 Results

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

"Oil-equivalent production was over 20% higher than the third quarter of 2009, driven by our world-class assets in Qatar and our recent unconventional gas acquisition."










Third Quarter


Nine Months



2010
2009
%
2010
2009
% Earnings Excluding Special Items 1













$ Millions
7,350
4,730
55
21,210
13,370

59 $ Per Common Share











Assuming Dilution
1.44
0.98
47
4.37
2.74

59











Special Items













$ Millions
0
0


0
(140 )













Earnings













$ Millions
7,350
4,730
55
21,210
13,230

60 $ Per Common Share











Assuming Dilution
1.44
0.98
47
4.37
2.71

61











Capital and Exploration











Expenditures - $ Millions
8,769
6,493
35
22,165
18,829

18











1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"Despite continuing economic uncertainty, we had strong quarterly results and continued to advance our robust investment opportunities. Third quarter earnings were $7.4 billion, up 55% from third quarter of last year due to higher crude oil and natural gas realizations, improved refining margins, and solid chemical results. Earnings for the first nine months of 2010, excluding special items, were $21.2 billion, up 59% over the first nine months of 2009.

"Oil-equivalent production was over 20% higher than the third quarter of 2009, driven by our world-class assets in Qatar and our recent unconventional gas acquisition.

"Capital and exploration spending for the first nine months of 2010 was $22.2 billion, up 18% from the first nine months of last year.

"The Corporation returned over $5 billion to shareholders in the third quarter through dividends and share purchases to reduce shares outstanding."

THIRD QUARTER HIGHLIGHTS

  • Earnings were $7,350 million, an increase of 55% or $2,620 million from the third quarter of 2009.
  • Earnings per share were $1.44, an increase of 47%.
  • Capital and exploration expenditures were $8.8 billion, up 35% from the third quarter of 2009.
  • Oil-equivalent production increased over 20% from the third quarter of 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 20%.
  • Cash flow from operations and asset sales was $13.9 billion, including asset sales of $0.8 billion.
  • Share purchases to reduce shares outstanding were $3 billion.
  • Dividends per share of $0.44 increased by 5% compared to the third quarter of 2009.
  • During the third quarter, production began from the Odoptu field, the latest development phase of the Sakhalin-1 project in Russia.
  • ExxonMobil announced the commissioning of new units to produce ultra low sulfur diesel at its Baytown, Texas and Baton Rouge, Louisiana refineries. This will enable ExxonMobil to increase the supply of ultra low sulfur diesel by over 3 million gallons a day.
Third Quarter 2010 vs. Third Quarter 2009

Upstream earnings were $5,467 million, up $1,455 million from the third quarter of 2009. Higher crude oil and natural gas realizations increased earnings by $1 billion, while higher liquids and gas volumes improved earnings by $270 million.

On an oil-equivalent basis, production increased over 20% from the third quarter of 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 20%.

Liquids production totaled 2,421 kbd (thousands of barrels per day), up 86 kbd or nearly 4% from the third quarter of 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 3%, as increased production from projects in Qatar and the addition of XTO volumes more than offset net field decline.

Third quarter natural gas production was 12,192 mcfd (millions of cubic feet per day), up 4,037 mcfd from 2009, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

Earnings from U.S. Upstream operations were $999 million, $290 million higher than the third quarter of 2009. Non-U.S. Upstream earnings were $4,468 million, up $1,165 million from last year.

Downstream earnings of $1,160 million were up $835 million from the third quarter of 2009. Higher industry refining margins, partly offset by lower marketing margins increased earnings by $300 million. Volume and product mix effects increased earnings by $150 million while other factors, mainly asset sales and favorable foreign exchange impacts, increased earnings by $390 million. Petroleum product sales of 6,574 kbd were 273 kbd higher than last year's third quarter, mainly reflecting higher demand.

Earnings from the U.S. Downstream were $164 million, up $367 million from the third quarter of 2009. Non-U.S. Downstream earnings of $996 million were $468 million higher than last year.

Chemical earnings of $1,229 million were $353 million higher than the third quarter of 2009. Improved margins increased earnings by $370 million. Third quarter prime product sales of 6,558 kt (thousands of metric tons) were 202 kt higher than the prior year primarily due to improved global demand and start-up of the Fujian facility in China.

Corporate and financing expenses were $506 million, up $23 million from the third quarter of 2009.

During the third quarter of 2010, Exxon Mobil Corporation purchased 54 million shares of its common stock for the treasury at a gross cost of $3.3 billion. These purchases included $3 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 fourth quarter of 2010. 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.

First Nine Months 2010 vs. First Nine Months 2009

Earnings of $21,210 million ($4.37 per share) increased $7,980 million from 2009. Excluding special items, earnings for the first nine months of 2010 increased $7,840 million from 2009.

FIRST NINE MONTHS HIGHLIGHTS

  • Earnings excluding special items were $21,210 million, up 59%.
  • Earnings per share excluding special items increased 59% to $4.37.
  • Earnings were up 60% from 2009. Earnings for 2009 included a special charge of $140 million for interest related to the Valdez punitive damages award. Earnings for the first nine months of 2010 did not include any special items.
  • Oil equivalent production was up 11% from 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.
  • Cash flow from operations and asset sales was $37 billion, including $1.6 billion from asset sales.
  • The Corporation distributed over $12 billion to shareholders in the first nine months of 2010 through dividends and share purchases to reduce shares outstanding.
  • Capital and exploration expenditures were $22.2 billion, up 18% versus 2009.
Upstream earnings were $16,617 million, up $5,290 million from 2009. Higher crude oil and natural gas realizations increased earnings approximately $5.1 billion. The favorable impact of higher volumes of $590 million was partially offset by higher operating costs of $340 million.

On an oil-equivalent basis, production was up 11% compared to the first nine months of 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.

Liquids production of 2,387 kbd increased 2 kbd compared with 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production increased 1% compared with 2009, as new volumes from project ramp-ups in Qatar were offset by net field decline.

Natural gas production of 11,304 mcfd increased 2,518 mcfd from 2009, driven by higher volumes from Qatar projects and additional U.S. unconventional gas volumes.

Earnings from U.S. Upstream operations for 2010 were $2,955 million, an increase of $1,073 million from 2009. Non-U.S. Upstream earnings were $13,662 million, up $4,217 million from 2009.

Downstream earnings of $2,417 million were $447 million higher than 2009. Positive sales volume mix effects increased earnings by $430 million. Negative foreign exchange impacts of $320 million were offset by favorable tax items. Petroleum product sales of 6,359 kbd decreased 48 kbd.

U.S. Downstream earnings were $544 million, up $410 million from 2009. Non-U.S. Downstream earnings were $1,873 million, $37 million higher than last year.

Chemical earnings of $3,846 million increased $2,253 million from 2009. Improved margins increased earnings by approximately $1.7 billion while higher volumes increased earnings about $370 million. Prime product sales of 19,542 kt were up 1,392 kt from 2009.

Corporate and financing expenses excluding special items were $1,670 million, up $150 million from 2009 mainly due to a tax charge related to the U.S. health care legislation during the first quarter of 2010.

Gross share purchases through the first nine months of 2010 were $7.3 billion, reducing shares outstanding by 115 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 October 28, 2010. Slides for the webcast will be posted on our website at approximately 9 a.m. Central time. 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 project plans, costs, timing, and capacities; capital and exploration expenditures; and share purchase levels, could differ materially due to factors including: 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 THIRD QUARTER 2010

(millions of dollars, unless noted)

Third Quarter Nine Months

2010 2009
2010 2009 Earnings / Earnings Per Share















Total revenues and other income
95,298
82,260
278,035
220,745 Total costs and other deductions
82,440
73,056
240,403
196,174 Income before income taxes
12,858
9,204
37,632
24,571 Income taxes
5,297
4,333
15,750
11,052 Net income including noncontrolling interests
7,561
4,871
21,882
13,519 Net income attributable to noncontrolling interests
211
141
672
289 Net income attributable to ExxonMobil (U.S. GAAP)
7,350
4,730
21,210
13,230







Earnings per common share (dollars)
1.44
0.98
4.38
2.72







Earnings per common share







- assuming dilution (dollars)
1.44
0.98
4.37
2.71







Other Financial Data















Dividends on common stock







Total
2,234
2,011
6,286
6,031 Per common share (dollars)
0.44
0.42
1.30
1.24







Millions of common shares outstanding







At September 30




5,043
4,747 Average - assuming dilution
5,089
4,803
4,851
4,878







ExxonMobil share of equity at September 30




145,031
107,265 ExxonMobil share of capital employed at September 30




167,040
120,351







Income taxes
5,297
4,333
15,750
11,052 Sales-based taxes
7,172
6,805
20,933
18,927 All other taxes
10,071
9,729
28,664
27,442 Total taxes
22,540
20,867
65,347
57,421







ExxonMobil share of income taxes of







equity companies
881
515
2,691
1,616

Attachment II EXXON MOBIL CORPORATION THIRD QUARTER 2010

(millions of dollars)

Third Quarter Nine Months

2010 2009
2010 2009 Earnings (U.S. GAAP)







Upstream







United States
999

709

2,955

1,882
Non-U.S.
4,468

3,303

13,662

9,445
Downstream







United States
164

(203 )
544

134
Non-U.S.
996

528

1,873

1,836
Chemical







United States
676

315

1,900

477
Non-U.S.
553

561

1,946

1,116
Corporate and financing
(506 )
(483 )
(1,670 )
(1,660 ) Net income attributable to ExxonMobil
7,350

4,730

21,210

13,230
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

(140 ) Corporate total
0

0

0

(140 ) Earnings Excluding Special Items







Upstream







United States
999

709

2,955

1,882
Non-U.S.
4,468

3,303

13,662

9,445
Downstream







United States
164

(203 )
544

134
Non-U.S.
996

528

1,873

1,836
Chemical







United States
676

315

1,900

477
Non-U.S.
553

561

1,946

1,116
Corporate and financing
(506 )
(483 )
(1,670 )
(1,520 ) Corporate total 7,350 4,730 21,210 13,370 Cash flow from operations and asset sales (billions of dollars)



Net cash provided by operating activities
(U.S. GAAP)
13.1

8.8

35.4

19.9
Sales of subsidiaries, investments and property, plant and equipment
0.8

0.2

1.6

1.1
Cash flow from operations and asset sales 13.9 9.0 37.0 21.0 Attachment III




EXXON MOBIL CORPORATION THIRD QUARTER 2010











Third Quarter
Nine Months

2010
2009
2010
2009 Net production of crude oil







and natural gas liquids,







thousands of barrels daily (kbd)







United States
430
373
392
383 Canada/South America
253
267
261
272 Europe
294
350
335
381 Africa
631
666
632
694 Asia Pacific/Middle East
633
494
583
474 Russia/Caspian
180
185
184
181 Worldwide
2,421
2,335
2,387
2,385







Natural gas production available for sale,







millions of cubic feet daily (mcfd)







United States
3,726
1,292
2,167
1,268 Canada/South America
550
646
570
643 Europe
2,365
2,545
3,580
3,449 Africa
15
16
16
21 Asia Pacific/Middle East
5,371
3,510
4,790
3,263 Russia/Caspian
165
146
181
142 Worldwide
12,192
8,155
11,304
8,786







Oil-equivalent production (koebd) 1
4,453
3,694
4,271
3,849























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

Attachment IV




EXXON MOBIL CORPORATION THIRD QUARTER 2010











Third Quarter
Nine Months

2010
2009
2010
2009 Refinery throughput (kbd)







United States
1,752
1,751
1,760
1,773 Canada
453
417
437
414 Europe
1,550
1,542
1,550
1,540 Asia Pacific
1,304
1,349
1,230
1,321 Other
305
293
261
293 Worldwide
5,364
5,352
5,238
5,341







Petroleum product sales (kbd)







United States
2,534
2,462
2,480
2,525 Canada
450
412
439
411 Europe
1,656
1,607
1,626
1,615 Asia Pacific
1,278
1,292
1,229
1,328 Other
656
528
585
528 Worldwide
6,574
6,301
6,359
6,407







Gasolines, naphthas
2,680
2,593
2,594
2,556 Heating oils, kerosene, diesel
1,949
1,851
1,899
2,009 Aviation fuels
526
553
478
541 Heavy fuels
597
596
602
585 Specialty products
822
708
786
716 Worldwide
6,574
6,301
6,359
6,407







Chemical prime product sales,







thousands of metric tons (kt)







United States
2,628
2,525
7,601
7,087 Non-U.S.
3,930
3,831
11,941
11,063 Worldwide
6,558
6,356
19,542
18,150 Attachment V




EXXON MOBIL CORPORATION THIRD QUARTER 2010

(millions of dollars)







Third Quarter
Nine Months

2010
2009
2010
2009 Capital and Exploration Expenditures







Upstream







United States
2,352
858
3,896
2,602 Non-U.S.
5,280
4,049
14,624
11,576 Total
7,632
4,907
18,520
14,178 Downstream







United States
201
396
812
1,156 Non-U.S.
357
435
1,004
1,138 Total
558
831
1,816
2,294 Chemical







United States
62
66
196
237 Non-U.S.
463
681
1,501
2,098 Total
525
747
1,697
2,335







Other
54
8
132
22







Worldwide
8,769
6,493
22,165
18,829















Exploration expenses charged to income







included above







Consolidated affiliates







United States
62
60
162
155 Non-U.S.
437
434
1,428
1,178 Equity companies - ExxonMobil share







United States
1
0
3
0 Non-U.S.
1
7
12
9 Worldwide
501
501
1,605
1,342 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 Second Quarter 7,560
1.61 Third Quarter 7,350
1.44








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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