Exxon Mobil Corporation Announces Estimated Fourth Quarter 2012 Results

  Exxon Mobil Corporation Announces Estimated Fourth Quarter 2012 Results

Business Wire

IRVING, Texas -- February 1, 2013

Exxon Mobil Corporation (NYSE:XOM):

                                                               
                         Fourth Quarter               Twelve Months
                         2012       2011       %      2012     2011       %
Earnings Excluding
Special Items  ^1
$ Millions               9,950      9,400      6      44,880     41,060     9
$ Per Common Share
Assuming Dilution        2.20       1.97       12     9.70       8.42       15
                                                                            
Special Items
$ Millions               0          0                 0          0
                                                                            
Earnings
$ Millions               9,950      9,400      6      44,880     41,060     9
$ Per Common Share
Assuming Dilution        2.20       1.97       12     9.70       8.42       15
                                                                            
Capital and
Exploration
Expenditures - $         12,443     10,019     24     39,799     36,766     8
Millions
                                                                            
^1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“Energy is fundamental to economic growth and improved living standards.
ExxonMobil’s strong financial performance enables continued investment in new
energy supplies, which creates jobs and supports economic expansion.

“Fourth quarter 2012 earnings were over $9.9 billion, up 6% from the fourth
quarter of 2011. Full year 2012 earnings were $44.9 billion, up 9% from 2011,
with record earnings per share of $9.70.

“Capital and exploration expenditures were a record $39.8 billion in 2012 as
we continue pursuing opportunities to find and produce new supplies of oil and
natural gas to meet global demand for energy.

“In 2012, the Corporation distributed over $30 billion to shareholders through
dividends and share purchases to reduce shares outstanding.”

FOURTH QUARTER HIGHLIGHTS

  *Earnings of $9,950 million increased $550 million or 6% from the fourth
    quarter of 2011.
  *Earnings per share (assuming dilution) were $2.20, an increase of 12% from
    the fourth quarter of 2011.
  *Gains from asset sales in the fourth quarter of 2012 were nearly $600
    million, down $800million from the prior year.
  *LIFO inventory gains were over $300 million for the fourth quarter of
    2012, similar to the 2011 level.
  *Capital and exploration expenditures were $12.4 billion, up 24% from the
    fourth quarter of 2011.
  *Oil-equivalent production decreased 5% from the fourth quarter of 2011.
    Excluding the impacts of entitlement volumes, OPEC quota effects and
    divestments, production decreased 2%.
  *Cash flow from operations and asset sales was $14.0 billion, including
    proceeds associated with asset sales of $0.8billion.
  *Share purchases to reduce shares outstanding were $5 billion.
  *Dividends per share of $0.57 increased 21% compared to the fourth quarter
    of 2011.
  *ExxonMobil commenced start-up operations at one of the world’s largest
    ethylene steam crackers, the centerpiece of the company’s multi-billion
    dollar expansion at its Singapore petrochemical complex. Powered by a new
    220-megawatt cogeneration plant, the expansion adds 2.6 million tonnes per
    year of new finished product capacity.
  *As announced on January 4, 2013, ExxonMobil will develop the Hebron oil
    field offshore the Canadian province of Newfoundland and Labrador using a
    gravity-based structure that will recover more than 700 million barrels of
    oil, an increase versus earlier estimates. Capital cost for the project,
    which is expected to begin oil production around the end of 2017, is
    estimated at $14 billion. The platform is being designed for daily
    production of 150,000 barrels of oil.

Fourth Quarter 2012 vs. Fourth Quarter 2011

Upstream earnings were $7,762million in the fourth quarter of 2012, down
$1,067million from the fourth quarter of 2011. Lower liquids realizations,
partially offset by improved natural gas realizations, decreased earnings by
$70million. Production volume and mix effects reduced earnings by $400
million. All other items, including over $500 million of lower gains from
asset sales, decreased earnings by a net $600million.

On an oil-equivalent basis, production decreased 5.2% from the fourth quarter
of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production decreased 2.1%.

Liquids production totaled 2,203kbd (thousands of barrels per day), down 47
kbd from the fourth quarter of 2011. Excluding the impacts of entitlement
volumes, OPEC quota effects and divestments, liquids production was down 1.4%,
as field decline was partially offset by project ramp-up in West Africa and
lower downtime.

Fourth quarter natural gas production was 12,541mcfd (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 2.8%, as field
decline was partially offset by higher demand and lower downtime.

Earnings from U.S. Upstream operations were $1,604million, $420million
higher than the fourth quarter of 2011. Non-U.S. Upstream earnings were $6,158
million, down $1,487million from the prior year.

Downstream earnings were $1,768million, up $1,343million from the fourth
quarter of 2011. Stronger refining-driven margins increased earnings by $1.2
billion, while volume and mix effects contributed an additional $80 million.
All other items increased earnings by about $80 million. Petroleum product
sales of 6,108kbd were 385kbd lower than last year's fourth quarter due
mainly to the Japan restructuring and divestments.

Earnings from the U.S. Downstream were $697million, up $667million from the
fourth quarter of 2011. Non-U.S. Downstream earnings of $1,071million were
$676million higher than last year.

Chemical earnings of $958million were $415 million higher than the fourth
quarter of 2011. Higher margins, mainly commodities, increased earnings by
$330 million. All other items increased earnings by $90 million. Fourth
quarter prime product sales of 5,901kt (thousands of metric tons) were 370kt
lower than last year's fourth quarter due mainly to the Japan restructuring.

Corporate and financing expenses were $538million for the fourth quarter of
2012, up $141 million from the fourth quarter of 2011, due mainly to tax
impacts.

During the fourth quarter of 2012, Exxon Mobil Corporation purchased 59
million shares of its common stock for the treasury at a gross cost of $5.3
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 first quarter
of 2013. Purchases may be made in both the open market and through negotiated
transactions, and may be increased, decreased or discontinued at any time
without prior notice.

Full Year 2012 vs. Full Year 2011

Earnings of $44,880million increased $3,820 million from 2011. Earnings per
share increased 15% to $9.70.

FULL YEAR HIGHLIGHTS

  *Earnings were $44,880 million, up 9%.
  *Earnings include $9.9 billion of divestment and restructuring gains,
    mainly Japan of $6.5billion.
  *Earnings per share increased 15% to $9.70.
  *Oil-equivalent production was down 6% from 2011. Excluding the impacts of
    entitlement volumes, OPEC quota effects and divestments, production was
    down 2%.
  *Cash flow from operations and asset sales was $63.8 billion, including
    proceeds associated with asset sales of $7.7 billion.
  *The Corporation distributed over $30 billion to shareholders in 2012
    through dividends and share purchases to reduce shares outstanding.
  *Capital and exploration expenditures were a record $39.8 billion.
  *The Corporation participated in three major liquids project start-ups in
    West Africa in 2012 with capacity of 350 thousand gross barrels of oil per
    day.

Upstream earnings were $29,895million, down $4,544 million from 2011. Lower
liquids realizations, partly offset by improved natural gas realizations,
decreased earnings by about $100 million. Production volume and mix effects
decreased earnings by $2.3billion. All other items, including higher
operating expenses, unfavorable tax items, lower gains on asset sales, and
unfavorable foreign exchange effects, reduced earnings by $2.1 billion.

On an oil-equivalent basis, production was down 5.9% compared to 2011.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production was down 1.7%.

Liquids production of 2,185kbd decreased 127 kbd from 2011. Excluding the
impacts of entitlement volumes, OPEC quota effects and divestments, liquids
production was down 1.6%, as field decline was partly offset by project
ramp-up in West Africa and lower downtime.

Natural gas production of 12,322mcfd decreased 840mcfd from 2011. Excluding
the impacts of entitlement volumes and divestments, natural gas production was
down 1.9%, as field decline was partially offset by higher demand and lower
downtime.

Earnings from U.S. Upstream operations for 2012 were $3,925million, down
$1,171million from 2011. Earnings outside the U.S. were $25,970million, down
$3,373million.

Downstream earnings of $13,190million increased $8,731 million from 2011.
Stronger refining-driven margins increased earnings by $2.6 billion, while
volume and mix effects increased earnings by about $200 million. All other
items increased earnings by $5.9billion due primarily to the $5.3 billion
gain associated with the Japan restructuring and other divestment gains.
Petroleum product sales of 6,174kbd decreased 239kbd from 2011 due mainly to
the Japan restructuring and divestments.

U.S. Downstream earnings were $3,575million, up $1,307 million from 2011.
Non-U.S. Downstream earnings were $9,615 million, an increase of
$7,424million from last year.

Chemical earnings of $3,898million were $485million lower than 2011. Margins
decreased earnings by $440 million, while volume effects lowered earnings by
$100million. All other items increased earnings by $50 million, as a $630
million gain associated with the Japan restructuring and favorable tax impacts
were mostly offset by unfavorable foreign exchange effects and higher
operating expenses. Prime product sales of 24,157kt were down 849kt from
2011.

Corporate and financing expenses were $2,103million, down $118 million from
2011.

Gross share purchases for 2012 were $21.1 billion, reducing shares outstanding
by 244million shares.

Estimates of key financial and operating data follow.

ExxonMobil will discuss financial and operating results and other matters on a
webcast at 8:30 a.m. Central time on February 1, 2013. 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.

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. References in
this release to barrels of oil include amounts that are not yet classified as
proved reserves under SEC definitions but that we believe will ultimately be
produced. 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.

The term “project” as used in this release does not necessarily have the same
meaning as under SEC Rule 13q-1 relating to government payment reporting. For
example, a single project for purposes of the rule may encompass numerous
properties, agreements, investments, developments, phases, work efforts,
activities and components, each of which we may also informally describe as a
“project.”

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
FOURTH QUARTER 2012
(millions of dollars, unless noted)
                                        Fourth Quarter     Twelve Months
                                         2012     2011      2012     2011
Earnings / Earnings Per Share
                                                                       
Total revenues and other income          115,173   121,609   482,295   486,429
Total costs and other deductions         97,473    104,568   403,569   413,172
Income before income taxes               17,700    17,041    78,726    73,257
Income taxes                             7,398     7,317     31,045    31,051
Net income including noncontrolling      10,302    9,724     47,681    42,206
interests
Net income attributable to               352       324       2,801     1,146
noncontrolling interests
Net income attributable to ExxonMobil    9,950     9,400     44,880    41,060
(U.S. GAAP)
                                                                       
Earnings per common share (dollars)      2.20      1.97      9.70      8.43
                                                                       
Earnings per common share
- assuming dilution (dollars)            2.20      1.97      9.70      8.42
                                                                       
Other Financial Data
                                                                       
Dividends on common stock
Total                                    2,592     2,247     10,092    9,020
Per common share (dollars)               0.57      0.47      2.18      1.85
                                                                       
Millions of common shares outstanding
At December 31                                               4,502     4,734
Average - assuming dilution              4,541     4,775     4,628     4,875
                                                                       
ExxonMobil share of equity at December                       165,863   154,396
31
ExxonMobil share of capital employed at December             182,781   175,406
31
                                                                       
Income taxes                             7,398     7,317     31,045    31,051
Sales-based taxes                        7,752     8,490     32,409    33,503
All other taxes                          8,966     10,969    38,857    43,544
Total taxes                              24,116    26,776    102,311   108,098
                                                                       
ExxonMobil share of income taxes of
equity companies                         1,360     1,296     5,859     5,603


Attachment II

EXXON MOBIL CORPORATION
FOURTH QUARTER 2012
(millions of dollars)
                                      Fourth Quarter     Twelve Months
                                       2012     2011      2012      2011
Earnings (U.S. GAAP)
Upstream
United States                          1,604     1,184     3,925      5,096
Non-U.S.                               6,158     7,645     25,970     29,343
Downstream
United States                          697       30        3,575      2,268
Non-U.S.                               1,071     395       9,615      2,191
Chemical
United States                          728       383       2,220      2,215
Non-U.S.                               230       160       1,678      2,168
Corporate and financing                (538  )   (397  )   (2,103 )   (2,221 )
Net income attributable to             9,950     9,400     44,880     41,060
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                          1,604     1,184     3,925      5,096
Non-U.S.                               6,158     7,645     25,970     29,343
Downstream
United States                          697       30        3,575      2,268
Non-U.S.                               1,071     395       9,615      2,191
Chemical
United States                          728       383       2,220      2,215
Non-U.S.                               230       160       1,678      2,168
Corporate and financing                (538  )   (397  )   (2,103 )   (2,221 )
Corporate total                       9,950   9,400   44,880   41,060 
Cash flow from operations and asset sales (billions of
dollars)
Net cash provided by operating
activities                             13.2      10.7      56.1       55.4
(U.S. GAAP)
Proceeds associated with asset         0.8       6.9       7.7        11.1
sales
Cash flow from operations and asset   14.0    17.6    63.8     66.5   
sales

                                                             
Attachment III
                                                               
                                                              
EXXON MOBIL CORPORATION
FOURTH QUARTER 2012
                                                                     
                                      Fourth Quarter            Twelve Months
                                     2012         2011      2012      2011
   Net production of crude oil
    and natural gas liquids,
    thousands of barrels daily
    (kbd)
    United States                     430          432       418        423
    Canada/South America              268          247       251        252
    Europe                            205          257       207        270
    Africa                            479          468       487        508
    Asia                              776          800       772        808
    Australia/Oceania                 45           46        50         51
    Worldwide                         2,203        2,250     2,185      2,312
                                                                        
    Natural gas production
    available for sale,
    millions of cubic feet daily
    (mcfd)
    United States                     3,747        4,005     3,822      3,917
    Canada/South America              346          400       362        412
    Europe                            3,627        3,866     3,220      3,448
    Africa                            15           8         17         7
    Asia                              4,477        5,103     4,538      5,047
    Australia/Oceania                 329          295       363        331
    Worldwide                         12,541       13,677    12,322     13,162
                                                                        
    Oil-equivalent production         4,293        4,530     4,239      4,506
    (koebd) ^ 1
                                                                        
                                                                        
                                                                        
^1 Gas converted to oil-equivalent at 6 million cubic feet =
1 thousand barrels


Attachment IV

                                                      
EXXON MOBIL CORPORATION
FOURTH QUARTER 2012
                                                           
                                 Fourth Quarter   Twelve Months
                                 2012     2011    2012     2011
Refinery throughput (kbd)
United States                    1,856    1,839   1,816    1,784
Canada                           468      433     435      430
Europe                           1,499    1,526   1,504    1,528
Asia Pacific                     823      1,157   998      1,180
Other                            191      295     261      292
Worldwide                        4,837    5,250   5,014    5,214
                                                           
Petroleum product sales (kbd)
United States                    2,737    2,579   2,569    2,530
Canada                           470      463     453      455
Europe                           1,537    1,592   1,571    1,596
Asia Pacific                     896      1,221   1,016    1,204
Other                            468      638     565      628
Worldwide                        6,108    6,493   6,174    6,413
                                                           
Gasolines, naphthas              2,500    2,626   2,489    2,541
Heating oils, kerosene, diesel   1,881    2,080   1,947    2,019
Aviation fuels                   487      492     473      492
Heavy fuels                      499      568     515      588
Specialty products               741      727     750      773
Worldwide                        6,108    6,493   6,174    6,413
                                                           
Chemical prime product sales,
thousands of metric tons (kt)
United States                    2,378    2,392   9,381    9,250
Non-U.S.                         3,523    3,879   14,776   15,756
Worldwide                        5,901    6,271   24,157   25,006


Attachment V

                                                               
EXXON MOBIL CORPORATION
FOURTH QUARTER 2012
(millions of dollars)
                                                                    
                                         Fourth Quarter    Twelve Months
                                         2012     2011     2012     2011
Capital and Exploration Expenditures
Upstream
United States                            4,036    2,414    11,080   10,741
Non-U.S.                                 7,328    6,589    25,004   22,350
Total                                    11,364   9,003    36,084   33,091
Downstream
United States                            192      152      634      518
Non-U.S.                                 479      493      1,628    1,602
Total                                    671      645      2,262    2,120
Chemical
United States                            129      93       408      290
Non-U.S.                                 258      235      1,010    1,160
Total                                    387      328      1,418    1,450
                                                                    
Other                                    21       43       35       105
                                                                    
Worldwide                                12,443   10,019   39,799   36,766
                                                                    
                                                                    
Exploration expenses charged to income
included above
Consolidated affiliates
United States                            101      88       392      268
Non-U.S.                                 349      332      1,441    1,802
Equity companies - ExxonMobil share
United States                            6        3        9        10
Non-U.S.                                 2        9        17       13
Worldwide                                458      432      1,859    2,093

                                                          
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
Fourth Quarter                    9,950                     2.20
Year                              44,880                    9.70
                                                          
^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