Exxon Mobil Corporation Announces Estimated First Quarter 2013 Results Business Wire IRVING, Texas -- April 25, 2013 Exxon Mobil Corporation (NYSE:XOM): First Quarter 2013 2012 % Earnings $ Millions 9,500 9,450 1 $ Per Common Share Assuming Dilution 2.12 2.00 6 Capital and Exploration Expenditures - $ Millions 11,775 8,834 33 EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED: “ExxonMobil achieved strong results during the first quarter of 2013, while investing significantly to develop new energy supplies. ExxonMobil’s financial performance enables continued investment to deliver the energy needed to help meet growing demand, support economic growth, and raise living standards around the world. “First quarter 2013 earnings were $9.5 billion, up 1% from the first quarter of 2012. “Capital and exploration expenditures for the first quarter were $11.8 billion, including $3.1billion for the acquisition of Celtic Exploration Ltd. “The Corporation distributed $7.6 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.” FIRST QUARTER HIGHLIGHTS *Earnings of $9,500 million increased $50 million or 1% from the first quarter of 2012. *Earnings per share (assuming dilution) were $2.12, an increase of 6%. *Capital and exploration expenditures were $11.8 billion, up 33% from the first quarter of 2012. *Oil-equivalent production decreased 3.5% from the first quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 1.2%. *Cash flow from operations and asset sales was $14 billion, including proceeds associated with asset sales of $0.4billion. *Share purchases to reduce shares outstanding were $5 billion. *Dividends per share of $0.57 increased 21% compared to the first quarter of 2012. *Rosneft and ExxonMobil have agreed to expand their 2011 Strategic Cooperation Agreement to include approximately 600,000 square kilometers (150 million acres) of additional exploration acreage in the Russian Arctic and potential participation by Rosneft in the Point Thomson project in Alaska. They have also agreed to conduct a joint study on a potential LNG project in the Russian Far East. *Production started from the Telok natural gas field, located offshore Malaysia in the South China Sea. The Telok A platform is the first phase of the Telok natural gas project. First Quarter 2013 vs. First Quarter 2012 Upstream earnings were $7,037million in the first quarter of 2013, down $765million from the first quarter of 2012. Lower liquids realizations, partially offset by improved natural gas realizations, decreased earnings by $230million. Production volume and mix effects reduced earnings by $280 million. All other items, including higher operating expenses, decreased earnings by $250million. On an oil-equivalent basis, production decreased 3.5% from the first quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 1.2%. Liquids production totaled 2,193kbd (thousands of barrels per day), down 21 kbd from the first quarter of 2012 as field decline was partially offset by project ramp-up in West Africa. The net impact of entitlement volumes, OPEC quota effects, and divestments was negligible. First quarter natural gas production was 13,213mcfd (millions of cubic feet per day), down 823 mcfd from 2012. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 1.5%, as field decline was partially offset by lower downtime and higher demand. Earnings from U.S. Upstream operations were $859million, $151million lower than the first quarter of 2012. Non-U.S. Upstream earnings were $6,178 million, down $614million from the prior year. Downstream earnings were $1,545million, down $41million from the first quarter of 2012. Stronger margins, mainly in refining, increased earnings by $780 million. Volume and mix effects decreased earnings by $290 million. All other items, including lower gains on asset sales, higher expenses, and foreign exchange effects, decreased earnings by $530 million. Petroleum product sales of 5,755kbd were 561kbd lower than last year's first quarter reflecting the Japan restructuring and other divestment related impacts. Earnings from the U.S. Downstream were $1,039million, up $436million from the first quarter of 2012. Non-U.S. Downstream earnings of $506million were $477million lower than last year. Chemical earnings of $1,137million were $436 million higher than the first quarter of 2012. Higher margins, mainly commodities, increased earnings by $320 million. All other items, including gains on asset sales, increased earnings by $120 million. First quarter prime product sales of 5,910kt (thousands of metric tons) were 427kt lower than last year's first quarter due mainly to the Japan restructuring. Corporate and financing expenses were $219million for the first quarter of 2013, down $420 million from the first quarter of 2012, reflecting favorable tax impacts. During the first quarter of 2013, Exxon Mobil Corporation purchased 63 million shares of its common stock for the treasury at a gross cost of $5.6 billion. These purchases included $5 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 $4billion in the second 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. 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 April 25, 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 2012 Form 10-K. We assume no duty to update these statements as of any future date. Frequently used terms This press release includes cash flow from operations and asset sales, which is a non-GAAP financial measure. 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 corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests. 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.” Attachment I EXXON MOBIL CORPORATION FIRST QUARTER 2013 (millions of dollars, unless noted) First Quarter 2013 2012 Earnings / Earnings Per Share Total revenues and other income 108,807 124,053 Total costs and other deductions 92,769 106,538 Income before income taxes 16,038 17,515 Income taxes 6,277 7,716 Net income including noncontrolling interests 9,761 9,799 Net income attributable to noncontrolling interests 261 349 Net income attributable to ExxonMobil (U.S. GAAP) 9,500 9,450 Earnings per common share (dollars) 2.12 2.00 Earnings per common share - assuming dilution (dollars) 2.12 2.00 Other Financial Data Dividends on common stock Total 2,561 2,221 Per common share (dollars) 0.57 0.47 Millions of common shares outstanding At March 31 4,446 4,676 Average - assuming dilution 4,485 4,716 ExxonMobil share of equity at March 31 167,001 157,012 ExxonMobil share of capital employed at March 31 184,375 177,137 Income taxes 6,277 7,716 Sales-based taxes 7,492 8,493 All other taxes 8,781 11,203 Total taxes 22,550 27,412 ExxonMobil share of income taxes of equity companies 1,939 1,705 Attachment II EXXON MOBIL CORPORATION FIRST QUARTER 2013 (millions of dollars) First Quarter 2013 2012 Earnings (U.S. GAAP) Upstream United States 859 1,010 Non-U.S. 6,178 6,792 Downstream United States 1,039 603 Non-U.S. 506 983 Chemical United States 752 433 Non-U.S. 385 268 Corporate and financing (219 ) (639 ) Net income attributable to ExxonMobil 9,500 9,450 Cash flow from operations and asset sales (billions of dollars) Net cash provided by operating activities 13.6 19.3 (U.S. GAAP) Proceeds associated with asset sales 0.4 2.5 Cash flow from operations and asset sales 14.0 21.8 Attachment III EXXON MOBIL CORPORATION FIRST QUARTER 2013 First Quarter 2013 2012 Net production of crude oil and natural gas liquids, thousands of barrels daily (kbd) United States 435 426 Canada/South America 264 248 Europe 195 228 Africa 453 464 Asia 804 802 Australia/Oceania 42 46 Worldwide 2,193 2,214 Natural gas production available for sale, millions of cubic feet daily (mcfd) United States 3,590 3,932 Canada/South America 328 377 Europe 4,473 4,447 Africa 9 12 Asia 4,515 5,011 Australia/Oceania 298 257 Worldwide 13,213 14,036 Oil-equivalent production (koebd) ^ 1 4,395 4,553 ^1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels Attachment IV EXXON MOBIL CORPORATION FIRST QUARTER 2013 First Quarter 2013 2012 Refinery throughput (kbd) United States 1,810 1,825 Canada 430 438 Europe 1,394 1,481 Asia Pacific 790 1,296 Other 152 290 Worldwide 4,576 5,330 Petroleum product sales (kbd) United States 2,532 2,473 Canada 436 423 Europe 1,460 1,564 Asia Pacific 894 1,232 Other 433 624 Worldwide 5,755 6,316 Gasolines, naphthas 2,355 2,522 Heating oils, kerosene, diesel 1,792 2,096 Aviation fuels 453 458 Heavy fuels 460 505 Specialty products 695 735 Worldwide 5,755 6,316 Chemical prime product sales, thousands of metric tons (kt) United States 2,364 2,365 Non-U.S. 3,546 3,972 Worldwide 5,910 6,337 Attachment V EXXON MOBIL CORPORATION FIRST QUARTER 2013 (millions of dollars) First Quarter 2013 2012 Capital and Exploration Expenditures Upstream United States 2,090 2,422 Non-U.S. 8,757 5,657 Total 10,847 8,079 Downstream United States 259 110 Non-U.S. 350 329 Total 609 439 Chemical United States 114 74 Non-U.S. 202 239 Total 316 313 Other 3 3 Worldwide 11,775 8,834 Exploration expenses charged to income included above Consolidated affiliates United States 127 103 Non-U.S. 316 417 Equity companies - ExxonMobil share United States 1 1 Non-U.S. 1 6 Worldwide 445 527 Attachment VI EXXON MOBIL CORPORATION EARNINGS $ Millions $ Per Common Share ^1 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 2013 First Quarter 9,500 2.12 ^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
Exxon Mobil Corporation Announces Estimated First Quarter 2013 Results
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