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Exxon Mobil Corporation Announces Estimated First Quarter 2013 Results



  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 $3.1 billion 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 $0.4 billion.
  * 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 $7,037 million in the first quarter of 2013, down
$765 million from the first quarter of 2012. Lower liquids realizations,
partially offset by improved natural gas realizations, decreased earnings by
$230 million. Production volume and mix effects reduced earnings by $280
million. All other items, including higher operating expenses, decreased
earnings by $250 million.

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 2,193 kbd (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 13,213 mcfd (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 $859 million, $151 million lower
than the first quarter of 2012. Non-U.S. Upstream earnings were $6,178
million, down $614 million from the prior year.

Downstream earnings were $1,545 million, down $41 million 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 5,755 kbd were 561 kbd lower than last year's first quarter
reflecting the Japan restructuring and other divestment related impacts.

Earnings from the U.S. Downstream were $1,039 million, up $436 million from
the first quarter of 2012. Non-U.S. Downstream earnings of $506 million were
$477 million lower than last year.

Chemical earnings of $1,137 million 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 5,910 kt
(thousands of metric tons) were 427 kt lower than last year's first quarter
due mainly to the Japan restructuring.

Corporate and financing expenses were $219 million 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 $4 billion 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
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