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Exxon Mobil Corporation Announces Estimated Third Quarter 2011 Results

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

"ExxonMobil's results for the third quarter of 2011 reflect a continued commitment to operational integrity, disciplined investing and superior project execution."











Third Quarter




Nine Months





2011

2010

%

2011

2010

% Earnings Excluding Special Items 1



















$ Millions

10,330

7,350

41

31,660

21,210

49 $ Per Common Share

















Assuming Dilution

2.13

1.44

48

6.45

4.37

48



















Special Items



















$ Millions

0

0




0

0




















Earnings



















$ Millions

10,330

7,350

41

31,660

21,210

49 $ Per Common Share

















Assuming Dilution

2.13

1.44

48

6.45

4.37

48

















Capital and Exploration

















Expenditures - $ Millions

8,620

8,769

-2

26,747

22,165

21

















1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"ExxonMobil's results for the third quarter of 2011 reflect a continued commitment to operational integrity, disciplined investing and superior project execution.

"Third quarter earnings of $10.3 billion were up 41% from the third quarter of 2010, reflecting higher crude oil and natural gas realizations and improved refining margins. Earnings for the first nine months of 2011 were $31.7 billion, up 49% over the first nine months of 2010.

"In the third quarter, capital and exploration expenditures were $8.6 billion, and reached a record level of $26.7 billion for the first nine months of the year as we continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation.

"Oil-equivalent production decreased 4% compared to the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.

"The Corporation distributed over $7 billion to shareholders in the third quarter through dividends and share purchases to reduce shares outstanding."

THIRD QUARTER HIGHLIGHTS
 

  • Earnings were $10,330 million, an increase of 41% or $2,980 million from the third quarter of 2010.
  • Earnings per share were $2.13, an increase of 48% from the third quarter of 2010.
  • Capital and exploration expenditures were $8.6 billion, consistent with the third quarter of 2010.
  • Oil-equivalent production decreased 4% from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.
  • Cash flow from operations and asset sales was $16.3 billion, including asset sales of $1.4 billion.
  • Share purchases to reduce shares outstanding were $5 billion.
  • Dividends per share of $0.47, up 7% compared to the third quarter of 2010.
  • A strategic cooperation agreement was reached with Rosneft to develop Arctic and Black Sea resources, expand technology sharing and execute joint international projects.
  • A principles of agreement with the Government of Indonesia for development of the Natuna gas resource was signed.
  • Construction of a world-scale facility to manufacture metallocene synthetic lubricant basestocks at the integrated complex in Baytown, Texas was announced.

Third Quarter 2011 vs. Third Quarter 2010

Upstream earnings were $8,394 million, up $2,927 million from the third quarter of 2010. Higher liquids and natural gas realizations increased earnings by $3 billion. Production mix and volume effects decreased earnings by $660 million. All other items, primarily gains on asset sales partly offset by higher expenses, increased earnings by $600 million.

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

Liquids production totaled 2,249 kbd (thousands of barrels per day), down 172 kbd from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1%, as increased production in Iraq, Qatar and Russia was more than offset by field decline.

Third quarter natural gas production was 12,197 mcfd (millions of cubic feet per day), about flat with the third quarter of 2010.

Earnings from U.S. Upstream operations were $1,184 million, $185 million higher than the third quarter of 2010. Non-U.S. Upstream earnings were $7,210 million, up $2,742 million from last year.

Downstream earnings of $1,579 million were up $419 million from the third quarter of 2010. Refining margins increased earnings by $1 billion. Volume and mix effects increased earnings by $110 million, while all other items, mainly unfavorable foreign exchange impacts and lower gains on asset sales, decreased earnings by $710 million. Petroleum product sales of 6,558 kbd were 37 kbd lower than last year's third quarter.

Earnings from the U.S. Downstream were $810 million, up $646 million from the third quarter of 2010. Non-U.S. Downstream earnings of $769 million were $227 million lower than last year.

Chemical earnings of $1,003 million were $226 million lower than the third quarter of 2010. Improved margins increased earnings by $50 million, while lower volumes decreased earnings by $110 million. Other items, mainly unfavorable tax effects, decreased earnings by $170 million. Third quarter prime product sales of 6,232 kt (thousands of metric tons) were 326 kt lower than last year's third quarter.

Corporate and financing expenses were $646 million, up $140 million from the third quarter of 2010, mainly due to tax items.

During the third quarter of 2011, Exxon Mobil Corporation purchased 72 million shares of its common stock for the treasury at a gross cost of $5.5 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 fourth quarter of 2011. 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 2011 vs. First Nine Months 2010

Earnings of $31,660 million increased $10,450 million from 2010. Earnings per share increased 48% to $6.45.

FIRST NINE MONTHS HIGHLIGHTS



  • Earnings were $31,660 million, up 49%.
  • Earnings per share increased 48% to $6.45.
  • Oil-equivalent production was up 5% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.
  • Cash flow from operations and asset sales was $48.8 billion, including asset sales of $4.2 billion.
  • The Corporation distributed nearly $22 billion to shareholders in the first nine months of 2011 through dividends and share purchases to reduce shares outstanding.
  • Capital and exploration expenditures were a record $26.7 billion, up 21% from the first nine months of 2010.

Upstream earnings were $25,610 million, up $8,993 million from 2010. Higher crude oil and natural gas realizations increased earnings by $8.6 billion. Production mix and volume effects decreased earnings by $1 billion, while all other items, including gains from asset sales, increased earnings by $1.4 billion.

On an oil-equivalent basis, production was up 5% compared to the same period in 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.

Liquids production of 2,332 kbd decreased 55 kbd compared with 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 2%, as higher volumes from Qatar, the U.S., Iraq and Russia more than offset field decline.

Natural gas production of 12,988 mcfd increased 1,684 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 $3,912 million, an increase of $957 million. Earnings outside the U.S. were $21,698 million, up $8,036 million.

Downstream earnings of $4,034 million increased $1,617 million from 2010. Refining margins increased earnings by $1.5 billion. Volume and mix effects improved earnings by $650 million. All other items, primarily the absence of favorable tax effects and lower asset management gains, decreased earnings by $560 million. Petroleum product sales of 6,386 kbd increased 20 kbd from 2010.

U.S. Downstream earnings were $2,238 million, up $1,694 million from 2010. Non-U.S. Downstream earnings were $1,796 million, $77 million lower than last year.

Chemical earnings of $3,840 million were $6 million lower than 2010. Stronger margins increased earnings by $460 million, while lower volumes reduced earnings by $150 million. Other items, including unfavorable tax effects and higher planned maintenance expenses, decreased earnings by $320 million. Prime product sales of 18,735 kt were down 807 kt from 2010.

Corporate and financing expenses were $1,824 million, up $154 million from 2010.

Gross share purchases through the first nine months of 2011 were $16.6 billion, reducing shares outstanding by 209 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 27, 2011. 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 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 2011

(millions of dollars, unless noted)

Third Quarter Nine Months

2011 2010
2011 2010 Earnings / Earnings Per Share















Total revenues and other income
125,330
95,298
364,820
278,035 Total costs and other deductions
106,650
82,440
308,604
240,403 Income before income taxes
18,680
12,858
56,216
37,632 Income taxes
8,009
5,297
23,734
15,750 Net income including noncontrolling interests
10,671
7,561
32,482
21,882 Net income attributable to noncontrolling interests
341
211
822
672 Net income attributable to ExxonMobil (U.S. GAAP)
10,330
7,350
31,660
21,210







Earnings per common share (dollars)
2.13
1.44
6.46
4.38







Earnings per common share







- assuming dilution (dollars)
2.13
1.44
6.45
4.37







Other Financial Data















Dividends on common stock







Total
2,277
2,234
6,773
6,286 Per common share (dollars)
0.47
0.44
1.38
1.30







Millions of common shares outstanding







At September 30




4,793
5,043 Average - assuming dilution
4,843
5,089
4,908
4,851







ExxonMobil share of equity at September 30




155,939
145,031 ExxonMobil share of capital employed at September 30




176,586
167,040







Income taxes
8,009
5,297
23,734
15,750 Sales-based taxes
8,484
7,172
25,013
20,933 All other taxes
11,084
10,071
32,575
28,664 Total taxes
27,577
22,540
81,322
65,347







ExxonMobil share of income taxes of







equity companies
1,418
881
4,307
2,691 Attachment II EXXON MOBIL CORPORATION THIRD QUARTER 2011

(millions of dollars)
Third Quarter Nine Months

2011 2010
2011 2010 Earnings (U.S. GAAP)







Upstream







United States
1,184

999

3,912

2,955
Non-U.S.
7,210

4,468

21,698

13,662
Downstream







United States
810

164

2,238

544
Non-U.S.
769

996

1,796

1,873
Chemical







United States
538

676

1,832

1,900
Non-U.S.
465

553

2,008

1,946
Corporate and financing
(646 )
(506 )
(1,824 )
(1,670 ) Net income attributable to ExxonMobil
10,330

7,350

31,660

21,210
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

999

3,912

2,955
Non-U.S.
7,210

4,468

21,698

13,662
Downstream







United States
810

164

2,238

544
Non-U.S.
769

996

1,796

1,873
Chemical







United States
538

676

1,832

1,900
Non-U.S.
465

553

2,008

1,946
Corporate and financing
(646 )
(506 )
(1,824 )
(1,670 ) Corporate total 10,330 7,350 31,660 21,210 Cash flow from operations and asset sales (billions of dollars)







Net cash provided by operating activities
(U.S. GAAP)
14.9

13.0

44.6

35.4
Sales of subsidiaries, investments and property, plant and equipment
1.4

0.8

4.2

1.6
Cash flow from operations and asset sales 16.3 13.8 48.8 37.0 Attachment III




EXXON MOBIL CORPORATION THIRD QUARTER 2011











Third Quarter


Nine Months
2011
2010


2011
2010 Net production of crude oil








and natural gas liquids,








thousands of barrels daily (kbd)








United States 405
430


421
392 Canada/South America 256
253


252
261 Europe 247
294


275
335 Africa 481
631


521
632 Asia 806
751


811
707 Australia/Oceania 54
62


52
60 Worldwide 2,249
2,421


2,332
2,387








Natural gas production available for sale,








millions of cubic feet daily (mcfd)








United States 3,917
3,726


3,888
2,167 Canada/South America 381
550


415
570 Europe 2,471
2,365


3,307
3,580 Africa 5
15


6
16 Asia 5,036
5,081


5,029
4,616 Australia/Oceania 387
455


343
355 Worldwide 12,197
12,192


12,988
11,304








Oil-equivalent production (koebd) 1 4,282
4,453


4,497
4,271


























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




EXXON MOBIL CORPORATION THIRD QUARTER 2011











Third Quarter
Nine Months

2011
2010
2011
2010 Refinery throughput (kbd)







United States
1,743
1,752
1,765
1,760 Canada
436
453
429
437 Europe
1,535
1,550
1,528
1,550 Asia Pacific
1,231
1,304
1,188
1,230 Other
287
305
292
261 Worldwide
5,232
5,364
5,202
5,238







Petroleum product sales (kbd)







United States
2,577
2,555
2,514
2,487 Canada
469
459
452
442 Europe
1,623
1,646
1,597
1,622 Asia Pacific
1,237
1,278
1,199
1,229 Other
652
657
624
586 Worldwide
6,558
6,595
6,386
6,366







Gasolines, naphthas
2,568
2,728
2,512
2,610 Heating oils, kerosene, diesel
2,013
1,949
1,998
1,899 Aviation fuels
532
526
493
478 Heavy fuels
628
597
595
602 Specialty products
817
795
788
777 Worldwide
6,558
6,595
6,386
6,366







Chemical prime product sales,







thousands of metric tons (kt)







United States
2,280
2,628
6,858
7,601 Non-U.S.
3,952
3,930
11,877
11,941 Worldwide
6,232
6,558
18,735
19,542 Attachment V




EXXON MOBIL CORPORATION THIRD QUARTER 2011

(millions of dollars)







Third Quarter
Nine Months

2011
2010
2011
2010 Capital and Exploration Expenditures







Upstream







United States
2,172
2,352
8,327
3,896 Non-U.S.
5,580
5,280
15,761
14,624 Total
7,752
7,632
24,088
18,520 Downstream







United States
135
201
366
812 Non-U.S.
406
357
1,109
1,004 Total
541
558
1,475
1,816 Chemical







United States
76
62
197
196 Non-U.S.
245
463
925
1,501 Total
321
525
1,122
1,697







Other
6
54
62
132







Worldwide
8,620
8,769
26,747
22,165















Exploration expenses charged to income







included above







Consolidated affiliates







United States
68
62
180
162 Non-U.S.
657
437
1,470
1,428 Equity companies - ExxonMobil share







United States
2
1
7
3 Non-U.S.
1
1
4
12 Worldwide
728
501
1,661
1,605 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











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.

Contacts ExxonMobil
Media Relations, 972-444-1107



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