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Exxon Mobil Corporation Announces Estimated Third Quarter 2012 Results

  Exxon Mobil Corporation Announces Estimated Third Quarter 2012 Results

Business Wire

IRVING, Texas -- November 01, 2012

Exxon Mobil Corporation (NYSE:XOM):

                                                                    
                                    Third Quarter         Nine Months
                                    2012    2011     %    2012    2011     %
Earnings Excluding Special Items 
^1
$ Millions                          9,570   10,330   -7   34,930   31,660   10
$ Per Common Share
Assuming Dilution                   2.09    2.13     -2   7.50     6.45     16
                                                                            
Special Items
$ Millions                          0       0             0        0
                                                                            
Earnings
$ Millions                          9,570   10,330   -7   34,930   31,660   10
$ Per Common Share
Assuming Dilution                   2.09    2.13     -2   7.50     6.45     16
                                                                            
Capital and Exploration
Expenditures - $ Millions           9,183   8,620    7    27,356   26,747   2
                                                                            
^1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“Third quarter results reflect our ongoing commitment to help deliver the
energy needed to underpin economic recovery and growth while maintaining our
strong focus on safety and environmental performance.

“Third quarter 2012 earnings were $9.6 billion, down 7% from the third quarter
of 2011. Earnings for the first nine months of 2012 were $34.9 billion, up 10%
compared to the first nine months of 2011.

“Capital and exploration expenditures were $9.2 billion in the third quarter
and a record $27.4 billion for the first nine months of 2012 as we continue
pursuing opportunities to find and produce new supplies of oil and natural gas
to meet global demand for energy.

“The Corporation distributed $7.6 billion to shareholders in the third quarter
through dividends and share purchases to reduce shares outstanding.”

THIRD QUARTER HIGHLIGHTS

  *Earnings of $9,570 million decreased $760 million or 7% from the third
    quarter of 2011.
  *Earnings per share (assuming dilution) were $2.09, a decrease of 2% from
    the third quarter of 2011.
  *Capital and exploration expenditures were $9.2 billion, up 7% from the
    third quarter of 2011.
  *Oil-equivalent production decreased 7.5% from the third quarter of 2011.
    Excluding the impacts of entitlement volumes, OPEC quota effects and
    divestments, production decreased 2.9%.
  *Cash flow from operations and asset sales was $14.0 billion, including
    proceeds associated with asset sales of $0.6billion.
  *Share purchases to reduce shares outstanding were $5 billion.
  *Dividends per share of $0.57 increased 21% compared to the third quarter
    of 2011.
  *As announced, on September 19, 2012, ExxonMobil and its subsidiary, XTO
    Energy Inc., signed an exchange agreement with Denbury Onshore, LLC, a
    subsidiary of Denbury Resources Inc., to acquire 100 percent of Denbury’s
    Bakken shale assets, which consist of approximately 196,000 net acres in
    North Dakota and Montana, with expected production to be more than 15,000
    net oil-equivalent barrels per day when the deal closes.
  *As announced, on October 16, 2012, ExxonMobil Canada Ltd. entered into an
    agreement with Celtic Exploration Ltd. (“Celtic”) under which an
    ExxonMobil Canada affiliate will acquire Celtic. Under the terms of the
    agreement, ExxonMobil Canada will acquire 545,000 net acres in the
    liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and
    additional acreage in other areas of Alberta. Current production of the
    acreage to be acquired is 72 million cubic feet per day of natural gas and
    4,000 barrels per day of crude, condensate and natural gas liquids.
  *The Sakhalin-1 Consortium, operated by Exxon Neftegas Limited (ENL),
    recently drilled the world’s longest extended-reach well at the Chayvo
    field, offshore Russian Far East. Using ExxonMobil’s fast-drill
    technology, the Z-44 well reached a measured depth of 12,376 meters
    (40,604 feet), more than 27 times the height of the Empire State Building.
  *ExxonMobil is investing more than $200 million to expand its Baton Rouge,
    Louisiana chemical and lubricants plants to increase capacity for
    synthetic lubricant base stocks manufacturing and lubricants blending,
    packaging and storage.

Third Quarter 2012 vs. Third Quarter 2011

Upstream earnings were $5,973million in the third quarter of 2012, down
$2,421 million from the third quarter of 2011. Production volume and mix
effects reduced earnings by $700 million. Lower liquids and natural gas
realizations decreased earnings by $130million. All other items, including
the absence of prior year asset sales ($1.0billion), unfavorable tax items
and foreign exchange impacts, decreased earnings by a total of $1.6billion.

On an oil-equivalent basis, production decreased 7.5% from the third quarter
of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production decreased 2.9%.

Liquids production totaled 2,116kbd (thousands of barrels per day), down 133
kbd from the third quarter of 2011. Excluding the impacts of entitlement
volumes, OPEC quota effects and divestments, liquids production was down 3.1%,
as field decline was partially offset by project ramp-up in Angola and
Nigeria.

Third quarter natural gas production was 11,061mcfd (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 2.7%, due primarily
to field decline.

Earnings from U.S. Upstream operations were $633million, $551million lower
than the third quarter of 2011. Non-U.S. Upstream earnings were $5,340
million, down $1,870million from the prior year.

Downstream earnings were $3,190million, up $1,611million from the third
quarter of 2011. Downstream margins, mainly refining, increased earnings by
$850 million, while volume and mix effects were essentially flat. All other
items, including higher gains on asset sales of $360 million, favorable
foreign exchange effects, and lower operating expenses, increased earnings by
$780 million. Petroleum product sales of 6,105kbd were 453kbd lower than
last year's third quarter due mainly to divestments and the Japan
restructuring.

Earnings from the U.S. Downstream were $1,441million, up $631million from
the third quarter of 2011. Non-U.S. Downstream earnings of $1,749million were
$980million higher than last year.

Chemical earnings of $790million were $213 million lower than the third
quarter of 2011. Lower margins decreased earnings by $150 million. All other
items, mainly unfavorable foreign exchange effects, decreased earnings by $60
million. Third quarter prime product sales of 5,947kt (thousands of metric
tons) were 285kt lower than last year's third quarter due mainly to the Japan
restructuring.

Corporate and financing expenses were $383million for the third quarter of
2012, down $263 million from the third quarter of 2011, due mainly to
favorable tax items.

During the third quarter of 2012, Exxon Mobil Corporation purchased 58 million
shares of its common stock for the treasury at a gross cost of $5.1 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 $5billion in the fourth
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 Nine Months 2012 vs. First Nine Months 2011

Earnings of $34,930million in the first nine months of 2012 increased $3,270
million from 2011. Earnings per share increased 16% to $7.50.

FIRST NINE MONTHS HIGHLIGHTS

  *Earnings were $34,930 million, up 10%.
  *Earnings per share increased 16% to $7.50.
  *Oil-equivalent production was down 6.2% from 2011. Excluding the impacts
    of entitlement volumes, OPEC quota effects and divestments, production was
    down 1.6%.
  *Cash flow from operations and asset sales was $49.8 billion, including
    proceeds associated with asset sales of $6.9 billion.
  *The Corporation distributed nearly $23 billion to shareholders in the
    first nine months of 2012 through dividends and share purchases to reduce
    shares outstanding.
  *Capital and exploration expenditures were a record $27.4 billion.

Upstream earnings for the first nine months of 2012 were $22,133million, down
$3,477 million from 2011. Production volume and mix effects decreased earnings
by $1.9billion. Liquids and natural gas realizations decreased earnings by
$80 million. All other items, including higher operating expenses and
unfavorable tax effects, reduced earnings by $1.5 billion.

On an oil-equivalent basis, production was down 6.2% compared to the same
period in 2011. Excluding the impacts of entitlement volumes, OPEC quota
effects and divestments, production was down 1.6%.

Liquids production of 2,179kbd decreased 153 kbd compared with 2011.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, liquids production was down 1.8%, as field decline was partly
offset by project ramp-up in Angola and Nigeria.

Natural gas production of 12,249mcfd decreased 739mcfd from 2011. Excluding
the impacts of entitlement volumes and divestments, natural gas production was
down 1.3%, as field decline was partially offset by higher demand and lower
downtime.

Earnings from U.S. Upstream operations for 2012 were $2,321million, down
$1,591million from 2011. Earnings outside the U.S. were $19,812million, down
$1,886 million.

Downstream earnings of $11,422million in the first nine months of 2012
increased $7,388 million from 2011. Higher refining margins increased earnings
by $1.4 billion, while volume and mix effects increased earnings by $140
million. All other items increased earnings by $5.8 billion due primarily to a
$5.3 billion gain associated with the Japan restructuring and other divestment
gains. Petroleum product sales of 6,197kbd decreased 189kbd from 2011 due
mainly to divestments and the Japan restructuring.

U.S. Downstream earnings were $2,878million, up $640 million from 2011.
Non-U.S. Downstream earnings were $8,544 million, an increase of
$6,748million from last year.

Chemical earnings of $2,940million for the first nine months of 2012 were
$900million lower than 2011. Margins decreased earnings by $920 million.
Volume and mix effects lowered earnings by $60 million. All other items
increased earnings by $80 million, as a $630 million gain associated with the
Japan restructuring was mostly offset by unfavorable foreign exchange effects
and higher operating expenses. Prime product sales of 18,256kt were down
479kt from 2011.

Corporate and financing expenses were $1,565million for the first nine months
of 2012, down $259 million from 2011 due primarily to the Japan restructuring.

Gross share purchases through the first nine months of 2012 were $15.8
billion, reducing shares outstanding by 185 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 November 1, 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. Completion of pending acquisitions
will depend on the terms and timing of government approvals and other
conditions to closing contained in the applicable agreements. 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
THIRD QUARTER 2012
(millions of dollars, unless noted)
                                         Third Quarter      Nine Months
                                         2012     2011      2012     2011
Earnings / Earnings Per Share
                                                                       
Total revenues and other income          115,706   125,330   367,122   364,820
Total costs and other deductions         98,386    106,650   306,096   308,604
Income before income taxes               17,320    18,680    61,026    56,216
Income taxes                             7,394     8,009     23,647    23,734
Net income including noncontrolling      9,926     10,671    37,379    32,482
interests
Net income attributable to               356       341       2,449     822
noncontrolling interests
Net income attributable to ExxonMobil    9,570     10,330    34,930    31,660
(U.S. GAAP)
                                                                       
Earnings per common share (dollars)      2.09      2.13      7.50      6.46
                                                                       
Earnings per common share
- assuming dilution (dollars)            2.09      2.13      7.50      6.45
                                                                       
Other Financial Data
                                                                       
Dividends on common stock
Total                                    2,622     2,277     7,500     6,773
Per common share (dollars)               0.57      0.47      1.61      1.38
                                                                       
Millions of common shares outstanding
At September 30                                              4,559     4,793
Average - assuming dilution              4,597     4,843     4,657     4,908
                                                                       
ExxonMobil share of equity at                                166,713   155,939
September 30
ExxonMobil share of capital employed                         183,620   176,586
at September 30
                                                                       
Income taxes                             7,394     8,009     23,647    23,734
Sales-based taxes                        8,137     8,484     24,657    25,013
All other taxes                          8,652     11,084    29,891    32,575
Total taxes                              24,183    27,577    78,195    81,322
                                                                       
ExxonMobil share of income taxes of
equity companies                         1,353     1,418     4,499     4,307

                                                       
Attachment II

EXXON MOBIL CORPORATION
THIRD QUARTER 2012
(millions of dollars)
                                      Third Quarter        Nine Months
                                      2012     2011      2012     2011   
Earnings (U.S. GAAP)
Upstream
United States                         633       1,184      2,321      3,912
Non-U.S.                              5,340     7,210      19,812     21,698
Downstream
United States                         1,441     810        2,878      2,238
Non-U.S.                              1,749     769        8,544      1,796
Chemical
United States                         565       538        1,492      1,832
Non-U.S.                              225       465        1,448      2,008
Corporate and financing               (383  )   (646   )   (1,565 )   (1,824 )
Net income attributable to            9,570     10,330     34,930     31,660
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                         633       1,184      2,321      3,912
Non-U.S.                              5,340     7,210      19,812     21,698
Downstream
United States                         1,441     810        2,878      2,238
Non-U.S.                              1,749     769        8,544      1,796
Chemical
United States                         565       538        1,492      1,832
Non-U.S.                              225       465        1,448      2,008
Corporate and financing               (383  )   (646   )   (1,565 )   (1,824 )
Corporate total                      9,570   10,330   34,930   31,660 
Cash flow from operations and asset
sales (billions of dollars)
Net cash provided by operating
activities                            13.4      14.9       42.9       44.6
(U.S. GAAP)
Proceeds associated with asset        0.6       1.4        6.9        4.2
sales
Cash flow from operations and asset   14.0      16.3       49.8       48.8
sales
                                                                             

Attachment III

                                                                  
EXXON MOBIL CORPORATION
THIRD QUARTER 2012

                                             Third Quarter     Nine Months
                                             2012     2011     2012     2011
 Net production of crude oil
  and natural gas liquids,
  thousands of barrels daily (kbd)
  United States                              397      405      414      421
  Canada/South America                       247      256      247      252
  Europe                                     181      247      207      275
  Africa                                     492      481      490      521
  Asia                                       744      806      770      811
  Australia/Oceania                          55       54       51       52
  Worldwide                                  2,116    2,249    2,179    2,332
                                                                        
  Natural gas production available for
  sale,
  millions of cubic feet daily (mcfd)
  United States                              3,712    3,917    3,847    3,888
  Canada/South America                       340      381      370      415
  Europe                                     2,233    2,471    3,083    3,307
  Africa                                     16       5        17       6
  Asia                                       4,287    5,036    4,558    5,029
  Australia/Oceania                          473      387      374      343
  Worldwide                                  11,061   12,197   12,249   12,988
                                                                        
  Oil-equivalent production (koebd) ^ 1      3,960    4,282    4,220    4,497
                                                                        
                                                                        
                                                                        
^1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand
barrels


Attachment IV

                                                     
EXXON MOBIL CORPORATION
THIRD QUARTER 2012
                                                          
                                 Third Quarter   Nine Months
                                 2012    2011    2012     2011
Refinery throughput (kbd)
United States                    1,841   1,743   1,802    1,765
Canada                           449     436     424      429
Europe                           1,547   1,535   1,506    1,528
Asia Pacific                     813     1,231   1,057    1,188
Other                            279     287     284      292
Worldwide                        4,929   5,232   5,073    5,202
                                                          
Petroleum product sales (kbd)
United States                    2,576   2,577   2,513    2,514
Canada                           499     469     448      452
Europe                           1,601   1,623   1,583    1,597
Asia Pacific                     874     1,237   1,056    1,199
Other                            555     652     597      624
Worldwide                        6,105   6,558   6,197    6,386
                                                          
Gasolines, naphthas              2,447   2,568   2,486    2,512
Heating oils, kerosene, diesel   1,897   2,013   1,969    1,998
Aviation fuels                   495     532     469      493
Heavy fuels                      502     628     520      595
Specialty products               764     817     753      788
Worldwide                        6,105   6,558   6,197    6,386
                                                          
Chemical prime product sales,
thousands of metric tons (kt)
United States                    2,342   2,280   7,003    6,858
Non-U.S.                         3,605   3,952   11,253   11,877
Worldwide                        5,947   6,232   18,256   18,735


Attachment V

                                                             
EXXON MOBIL CORPORATION
THIRD QUARTER 2012
(millions of dollars)
                                                                  
                                         Third Quarter   Nine Months
                                         2012    2011    2012     2011
Capital and Exploration Expenditures
Upstream
United States                            1,960   2,172   7,044    8,327
Non-U.S.                                 6,288   5,580   17,676   15,761
Total                                    8,248   7,752   24,720   24,088
Downstream
United States                            156     135     442      366
Non-U.S.                                 427     406     1,149    1,109
Total                                    583     541     1,591    1,475
Chemical
United States                            110     76      279      197
Non-U.S.                                 240     245     752      925
Total                                    350     321     1,031    1,122
                                                                  
Other                                    2       6       14       62
                                                                  
Worldwide                                9,183   8,620   27,356   26,747
                                                                  
                                                                  
Exploration expenses charged to income
included above
Consolidated affiliates
United States                            105     68      291      180
Non-U.S.                                 387     657     1,092    1,470
Equity companies - ExxonMobil share
United States                            2       2       3        7
Non-U.S.                                 5       1       15       4
Worldwide                                499     728     1,401    1,661

                                         
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
                                                  
                                                  
                                                  
^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
 
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