Exxon Mobil Corporation Announces Estimated Second Quarter 2012 Results

  Exxon Mobil Corporation Announces Estimated Second Quarter 2012 Results

Business Wire

IRVING, Texas -- July 26, 2012

Exxon Mobil Corporation (NYSE:XOM):

                                                                    
                                   Second Quarter         First Half
                                   2012     2011     %    2012    2011     %
Earnings Excluding Special Items
^1
$ Millions                         15,910   10,680   49   25,360   21,330   19
$ Per Common Share
Assuming Dilution                  3.41     2.18     56   5.41     4.32     25
                                                                            
Special Items
$ Millions                         0        0             0        0
                                                                            
Earnings
$ Millions                         15,910   10,680   49   25,360   21,330   19
$ Per Common Share
Assuming Dilution                  3.41     2.18     56   5.41     4.32     25
                                                                            
Capital and Exploration
Expenditures - $ Millions          9,339    10,306   -9   18,173   18,127   0
                                                                            
^1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“Second quarter results reflect our ongoing commitment to develop and deliver
the energy needed to help meet global demand and underpin economic recovery
and growth. Despite global economic uncertainty, we continue to invest
throughout the business cycle taking a long-term view of resource development.

“Second quarter earnings of $15.9 billion included a net gain of $7.5 billion
associated with divestments and tax-related items. Excluding these items,
second quarter earnings were $8.4 billion.

“Capital and exploration expenditures were $9.3 billion in the second quarter
and a record $18.2 billion for the first six months of 2012 as we progress our
plans to invest about $37billion per year over the next five years to help
meet the global demand for energy.

“The Corporation distributed $7.7 billion to shareholders in the second
quarter through dividends and share purchases to reduce shares outstanding.”

SECOND QUARTER HIGHLIGHTS

  *Earnings of $15,910 million increased $5,230 million or 49% from the
    second quarter of 2011. Earnings included a net gain of $7.5 billion
    associated with divestments and tax-related items.
  *On June 1, ExxonMobil completed the restructuring of its Downstream and
    Chemical holdings in Japan. Under the restructuring, TonenGeneral Sekiyu
    K.K. (TG) purchased ExxonMobil’s shares in a wholly-owned affiliate in
    Japan for approximately $3.9 billion. As a result, ExxonMobil’s effective
    ownership of TG was reduced from 50% to 22%.
  *Earnings per share (assuming dilution) were $3.41, an increase of 56%.
  *Capital and exploration expenditures were $9.3 billion, down 9% from the
    second quarter of 2011.
  *Oil-equivalent production decreased 5.6% from the second quarter of 2011.
    Excluding the impacts of entitlement volumes, OPEC quota effects and
    divestments, production was essentially flat.
  *Cash flow from operations and asset sales was $13.9 billion, including
    proceeds associated with asset sales of $3.7billion.
  *Share purchases to reduce shares outstanding were $5 billion.
  *Dividends per share of $0.57 increased 21% compared to the second quarter
    of 2011.
  *ExxonMobil and Rosneft signed agreements to jointly develop tight oil
    reserves in Western Siberia and establish a joint Arctic Research Center
    for Offshore Developments.
  *ExxonMobil has filed permit applications to progress plans for a
    world-class petrochemical expansion on the U.S. Gulf Coast, in
    anticipation of a 2016 start-up. The potential project would include a new
    ethane cracker and premium product facilities at ExxonMobil’s integrated
    Baytown complex in Texas.
  *ExxonMobil and joint venture partner Saudi Basic Industries Corporation
    will proceed with construction of a world-scale specialty elastomers
    facility. The 400 thousand metric tons per year facility will be
    integrated with the existing Al Jubail complex in Saudi Arabia, and
    completion is anticipated in 2015.

Second Quarter 2012 vs. Second Quarter 2011

Upstream earnings were $8,358million, down $183 million from the second
quarter of 2011. Lower liquids and U.S. natural gas realizations decreased
earnings by $870million, while lower sales volumes reduced earnings by $330
million. All other items, including gains on asset sales mainly in Angola,
increased earnings by $1.0billion.

On an oil-equivalent basis, production decreased 5.6% from the second quarter
of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production was essentially flat.

Liquids production totaled 2,208kbd (thousands of barrels per day), down 143
kbd from the second quarter of 2011. Excluding the impacts of entitlement
volumes, OPEC quota effects and divestments, liquids production was down about
1%, as field decline was mostly offset by lower downtime and ramp-up of Angola
and Nigeria projects.

Second quarter natural gas production was 11,661mcfd (millions of cubic feet
per day), down 606 mcfd from 2011. Excluding the impacts of entitlement
volumes and divestments, natural gas production was up about 1%, as higher
demand and lower downtime more than offset field decline.

Earnings from U.S. Upstream operations were $678million, $771million lower
than the second quarter of 2011. Non-U.S. Upstream earnings were $7,680
million, up $588million from the prior year.

Downstream earnings of $6,646million were up $5.3billion from the second
quarter of 2011. The gain associated with the Japan restructuring contributed
$5.3 billion. Improved margins and volume and mix effects increased earnings
by $670 million. All other items, including unfavorable foreign exchange
effects, higher operating expenses, and one-time tax items, decreased earnings
$670 million. Petroleum product sales of 6,171kbd were 160kbd lower than
last year's second quarter.

Earnings from the U.S. Downstream were $834million, up $100million from the
second quarter of 2011. Non-U.S. Downstream earnings of $5,812million were
$5,190million higher than last year.

Chemical earnings of $1,449million were $128million higher than the second
quarter of 2011. The gain associated with the Japan restructuring increased
earnings by $630million, while weaker margins decreased earnings by $150
million. Volume and mix effects lowered earnings by $100 million. All other
items, mainly unfavorable foreign exchange effects, decreased earnings by $250
million. Second quarter prime product sales of 5,972kt (thousands of metric
tons) were 209kt lower than last year's second quarter.

Corporate and financing expenses of $543million were flat with the second
quarter of 2011, as the benefit from the Japan restructuring was offset by
one-time tax items.

During the second quarter of 2012, Exxon Mobil Corporation purchased 60
million shares of its common stock for the treasury to reduce the number of
shares outstanding at a gross cost of $5.0 billion. Share purchases to reduce
shares outstanding are currently anticipated to equal $5billion in the third
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.

First Half 2012 vs. First Half 2011

Earnings of $25,360million increased $4,030 million from 2011. Earnings per
share increased 25% to $5.41.

FIRST HALF HIGHLIGHTS

  *Earnings were $25,360 million, up 19% from the first half of 2011.
  *Earnings per share increased 25% to $5.41.
  *Oil-equivalent production was down 5.5% from 2011. Excluding the impacts
    of entitlement volumes, OPEC quota effects and divestments, production was
    down about 1%.
  *Cash flow from operations and asset sales was $35.7 billion, including
    proceeds associated with asset sales of $6.2 billion.
  *The Corporation distributed nearly $15 billion to shareholders in the
    first half of 2012 through dividends and share purchases to reduce shares
    outstanding.
  *Capital and exploration expenditures were a record $18.2 billion.

Upstream earnings were $16,160million, down $1,056 million from the first
half of 2011. Higher liquids realizations, partially offset by lower gas
realizations, increased earnings by $80 million. Lower sales volumes decreased
earnings by $1,140 million. Net gains on asset sales, mainly in Angola, were
offset by higher operating expenses and unfavorable tax effects.

On an oil-equivalent basis, production was down 5.5% compared to the same
period in 2011. Excluding the impacts of entitlement volumes, OPEC quota
effects and divestments, production was down about 1%.

Liquids production of 2,211kbd decreased 164 kbd compared with 2011.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, liquids production was down about 1%, as field decline was mostly
offset by project ramp-up and lower downtime.

Natural gas production of 12,849mcfd decreased 541mcfd from 2011. Excluding
the impacts of entitlement volumes and divestments, natural gas production was
down about 1%, with field decline partly offset by higher demand and lower
downtime.

Earnings from U.S. Upstream operations for 2012 were $1,688million, down
$1,040million from 2011. Earnings outside the U.S. were $14,472million,
essentially flat with the prior year.

Downstream earnings of $8,232million increased $5,777 million from 2011. The
gain associated with the Japan restructuring contributed $5.3 billion. Higher
margins increased earnings by $610 million, while volume and mix effects
increased earnings by $220 million. All other items, including higher
operating expenses, one-time tax items, and unfavorable foreign exchange
effects, partially offset by other asset management gains, decreased earnings
by $360 million. Petroleum product sales of 6,243kbd decreased 56kbd from
2011.

U.S. Downstream earnings were $1,437million, consistent with 2011. Non-U.S.
Downstream earnings were $6,795 million, an increase of $5,768million from
last year.

Chemical earnings of $2,150million were $687million lower than 2011. The
gain associated with the Japan restructuring increased earnings by $630
million, while weaker margins decreased earnings by $750 million. Lower
volumes decreased earnings by $70 million. All other items, including
unfavorable foreign exchange effects, higher operating expenses, and tax
items, decreased earnings by $500million. Prime product sales of 12,309kt
were down 194kt from 2011.

Corporate and financing expenses were $1,182million, flat with the first half
of 2011 as the benefit from the Japan restructuring was offset by one-time tax
items.

Gross share purchases through the first half of 2012 were $10.7 billion,
reducing shares outstanding by 127 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 July 26, 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; 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. 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
SECOND QUARTER 2012
(millions of dollars, unless noted)
                                        Second Quarter     First Half
                                         2012     2011      2012     2011
Earnings / Earnings Per Share
                                                                       
Total revenues and other income          127,363   125,486   251,416   239,490
Total costs and other deductions         101,172   106,867   207,710   201,954
Income before income taxes               26,191    18,619    43,706    37,536
Income taxes                             8,537     7,721     16,253    15,725
Net income including noncontrolling      17,654    10,898    27,453    21,811
interests
Net income attributable to               1,744     218       2,093     481
noncontrolling interests
Net income attributable to ExxonMobil    15,910    10,680    25,360    21,330
(U.S. GAAP)
                                                                       
Earnings per common share (dollars)      3.41      2.19      5.41      4.33
                                                                       
Earnings per common share
- assuming dilution (dollars)            3.41      2.18      5.41      4.32
                                                                       
Other Financial Data
                                                                       
Dividends on common stock
Total                                    2,657     2,308     4,878     4,496
Per common share (dollars)               0.57      0.47      1.04      0.91
                                                                       
Millions of common shares outstanding
At June 30                                                   4,616     4,862
Average - assuming dilution              4,657     4,912     4,687     4,941
                                                                       
ExxonMobil share of equity at June 30                        162,811   155,551
ExxonMobil share of capital employed at June 30              181,900   175,822
                                                                       
Income taxes                             8,537     7,721     16,253    15,725
Sales-based taxes                        8,027     8,613     16,520    16,529
All other taxes                          10,036    11,175    21,239    21,491
Total taxes                              26,600    27,509    54,012    53,745
                                                                       
ExxonMobil share of income taxes of
equity companies                         1,441     1,376     3,146     2,889

                                                         
Attachment II

EXXON MOBIL CORPORATION
SECOND QUARTER 2012
(millions of dollars)
                                    Second Quarter        First Half
                                     2012     2011      2012     2011   
Earnings (U.S. GAAP)
Upstream
United States                        678        1,449      1,688      2,728
Non-U.S.                             7,680      7,092      14,472     14,488
Downstream
United States                        834        734        1,437      1,428
Non-U.S.                             5,812      622        6,795      1,027
Chemical
United States                        494        625        927        1,294
Non-U.S.                             955        696        1,223      1,543
Corporate and financing              (543   )   (538   )   (1,182 )   (1,178 )
Net income attributable to           15,910     10,680     25,360     21,330
ExxonMobil
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                        678        1,449      1,688      2,728
Non-U.S.                             7,680      7,092      14,472     14,488
Downstream
United States                        834        734        1,437      1,428
Non-U.S.                             5,812      622        6,795      1,027
Chemical
United States                        494        625        927        1,294
Non-U.S.                             955        696        1,223      1,543
Corporate and financing              (543   )   (538   )   (1,182 )   (1,178 )
Corporate total                     15,910   10,680   25,360   21,330 
Cash flow from operations and asset sales (billions of
dollars)
Net cash provided by operating
activities                           10.2       12.9       29.5       29.8
(U.S. GAAP)
Proceeds associated with asset       3.7        1.5        6.2        2.8
sales
Cash flow from operations and       13.9     14.4     35.7     32.6   
asset sales


Attachment III
                                                                
                                                                   
EXXON MOBIL CORPORATION
SECOND QUARTER 2012
                                                                        
                                             Second Quarter    First Half
                                             2012     2011     2012     2011
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States                                419      429      423      428
Canada/South America                         243      240      246      252
Europe                                       213      273      220      289
Africa                                       514      522      489      541
Asia                                         766      834      784      813
Australia/Oceania                            53       53       49       52
Worldwide                                    2,208    2,351    2,211    2,375
                                                                        
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States                                3,897    3,842    3,915    3,873
Canada/South America                         392      397      385      432
Europe                                       2,578    2,694    3,512    3,732
Africa                                       25       8        18       7
Asia                                         4,379    4,961    4,695    5,025
Australia/Oceania                            390      365      324      321
Worldwide                                    11,661   12,267   12,849   13,390
                                                                        
Oil-equivalent production (koebd)^1          4,152    4,396    4,352    4,607
                                                                        
                                                                        
                                                                        
^1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand
barrels


Attachment IV

                                                      
EXXON MOBIL CORPORATION
SECOND QUARTER 2012
                                                           
                                 Second Quarter   First Half
                                 2012     2011    2012     2011
Refinery throughput (kbd)
United States                    1,740    1,783   1,782    1,777
Canada                           384      397     411      425
Europe                           1,489    1,602   1,485    1,525
Asia Pacific                     1,064    1,109   1,180    1,166
Other                            285      302     288      294
Worldwide                        4,962    5,193   5,146    5,187
                                                           
Petroleum product sales (kbd)
United States                    2,488    2,488   2,480    2,482
Canada                           421      441     422      444
Europe                           1,582    1,634   1,573    1,584
Asia Pacific                     1,065    1,140   1,148    1,179
Other                            615      628     620      610
Worldwide                        6,171    6,331   6,243    6,299
                                                           
Gasolines, naphthas              2,489    2,498   2,505    2,484
Heating oils, kerosene, diesel   1,915    1,949   2,005    1,991
Aviation fuels                   452      481     455      473
Heavy fuels                      554      601     530      578
Specialty products               761      802     748      773
Worldwide                        6,171    6,331   6,243    6,299
                                                           
Chemical prime product sales,
thousands of metric tons (kt)
United States                    2,296    2,303   4,661    4,578
Non-U.S.                         3,676    3,878   7,648    7,925
Worldwide                        5,972    6,181   12,309   12,503


Attachment V

                                                              
EXXON MOBIL CORPORATION
SECOND QUARTER 2012
(millions of dollars)
                                                                   
                                         Second Quarter   First Half
                                         2012    2011     2012     2011
Capital and Exploration Expenditures
Upstream
United States                            2,662   4,075    5,084    6,155
Non-U.S.                                 5,731   5,361    11,388   10,181
Total                                    8,393   9,436    16,472   16,336
Downstream
United States                            176     114      286      231
Non-U.S.                                 393     370      722      703
Total                                    569     484      1,008    934
Chemical
United States                            95      65       169      121
Non-U.S.                                 273     287      512      680
Total                                    368     352      681      801
                                                                   
Other                                    9       34       12       56
                                                                   
Worldwide                                9,339   10,306   18,173   18,127
                                                                   
                                                                   
Exploration expenses charged to income
included above
Consolidated affiliates
United States                            83      49       186      112
Non-U.S.                                 288     543      705      813
Equity companies - ExxonMobil share
United States                            0       4        1        5
Non-U.S.                                 4       2        10       3
Worldwide                                375     598      902      933

                                         
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
                                                  
                                                  
                                                  
                                         
^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.

Contact:

ExxonMobil
Media Relations, 972-444-1107