Exxon Mobil Corporation Announces Estimated Third Quarter 2013 Results

  Exxon Mobil Corporation Announces Estimated Third Quarter 2013 Results

Business Wire

IRVING, Texas -- October 31, 2013

Exxon Mobil Corporation (NYSE:XOM):

                         Third Quarter        Nine Months     
                            2013    2012    %     2013    2012     %
Earnings
     $ Millions             7,870    9,570   -18   24,230   34,930   -31
     $ Per Common Share
        Assuming Dilution   1.79     2.09    -14   5.46     7.50     -27
                                                                     
Capital and Exploration
Expenditures - $ Millions   10,546   9,183   15    32,565   27,356   19
                                                                     

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil’s third quarter results reflect our continued progress across a
diverse set of profitable growth opportunities, which positions us well to
deliver shareholder value. We maintain a long-term perspective on our business
with a relentless focus on operational excellence and disciplined investing.

“Third quarter earnings were $7.9billion, down 18% from the third quarter of
2012. Production of oil and natural gas increased from a year earlier as new
projects were brought on line and maintenance-related downtime decreased.
Significantly weaker refining margins as a result of increased industry
capacity negatively impacted ExxonMobil’s Downstream earnings.

“Capital and exploration expenditures were $10.5billion in the third quarter
and $32.6billion for the first nine months of 2013, in line with anticipated
spending plans.

“The Corporation distributed $5.8billion to shareholders in the third quarter
through dividends and share purchases to reduce shares outstanding.”

THIRD QUARTER HIGHLIGHTS

  *Earnings of $7,870million decreased $1,700million or 18% from the third
    quarter of 2012.
  *Earnings per share (assuming dilution) were $1.79, a decrease of 14% from
    the third quarter of 2012.
  *Capital and exploration expenditures were $10.5billion, up 15% from the
    third quarter of 2012, in line with anticipated spending plans.
  *Oil-equivalent production increased 1.5% from the third quarter of 2012.
    Excluding the impacts of entitlement volumes, OPEC quota effects and
    divestments, production increased 2.7%, with liquids volumes up 5.3%.
  *Cash flow from operations and asset sales was $13.6billion, including
    proceeds associated with asset sales of $0.2billion.
  *Share purchases to reduce shares outstanding were $3billion.
  *Dividends per share of $0.63 increased 11% compared to the third quarter
    of 2012.
  *The Esso Australia Pty Ltd operated Kipper Tuna Turrum project commenced
    natural gas production from the Tuna field and oil production from the
    Turrum field. The project is the largest domestic oil and gas development
    on Australia’s eastern seaboard and will help secure Australia’s energy
    future.
  *As announced on August 8, 2013, Imperial Oil Limited and ExxonMobil Canada
    Ltd. have acquired ConocoPhillips’ interest in the Clyden oil sands lease,
    approximately 95 miles south of Fort McMurray, Alberta. The Clyden lease
    contains 226,000 gross acres and is a high-quality addition to Imperial’s
    portfolio of oil sands in-situ opportunities.

Third Quarter 2013 vs. Third Quarter 2012

Upstream earnings were $6,713million in the third quarter of 2013, up
$740million from the third quarter of 2012. Higher liquids and natural gas
realizations increased earnings by $440million. Production volume and mix
effects increased earnings by $20million. All other items, including
favorable tax and foreign exchange impacts, partly offset by higher operating
expenses, increased earnings by $280million.

On an oil-equivalent basis, production increased 1.5% from the third quarter
of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production increased 2.7%.

Liquids production totaled 2,199kbd (thousands of barrels per day), up 83kbd
from the third quarter of 2012. Excluding the impacts of entitlement volumes,
OPEC quota effects and divestments, liquids production was up 5.3%, as lower
downtime and project ramp-up in Canada and Nigeria were partially offset by
field decline.

Third quarter natural gas production was 10,914mcfd (millions of cubic feet
per day), down 147mcfd from 2012. Excluding the impacts of entitlement
volumes and divestments, natural gas production was down 0.3%, as field
decline was mostly offset by lower downtime and project ramp-up.

Earnings from U.S. Upstream operations were $1,050million, $417million
higher than the third quarter of 2012. Non-U.S. Upstream earnings were
$5,663million, up $323million from the prior year.

Downstream earnings were $592million, down $2,598million from the third
quarter of 2012. Weaker margins, mainly in refining, decreased earnings by
$2.4billion. Volume and mix effects increased earnings by $150million. All
other items, including lower gains on asset sales and foreign exchange
impacts, decreased earnings by $380million. Petroleum product sales of
6,031kbd were 74kbd lower than last year's third quarter reflecting
divestment-related impacts.

Earnings from the U.S. Downstream were $315million, down $1,126million from
the third quarter of 2012. Non-U.S. Downstream earnings of $277million were
$1,472million lower than last year.

Chemical earnings of $1,025million were $235million higher than the third
quarter of 2012 due primarily to higher commodity margins. Third quarter prime
product sales of 6,245kt (thousands of metric tons) were 298kt higher than
last year's third quarter.

Corporate and financing expenses were $460million for the third quarter of
2013, up $77million from the third quarter of 2012, reflecting unfavorable
tax impacts.

During the third quarter of 2013, Exxon Mobil Corporation purchased 34million
shares of its common stock for the treasury to reduce the number of shares
outstanding at a cost of $3.0billion. Share purchases to reduce shares
outstanding are currently anticipated to equal $3billion in the fourth
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.

First Nine Months 2013 vs. First Nine Months 2012

Earnings of $24,230million decreased $10,700million from 2012. Earnings per
share decreased 27% to $5.46.

FIRST NINE MONTHS HIGHLIGHTS

  *Earnings were $24,230million, down $10,700million or 31% from the first
    nine months of 2012. Lower net gains from divestments impacted earnings by
    $9.0billion.
  *Earnings per share decreased 27% to $5.46. Excluding net gains from
    divestments, earnings per share decreased 2%.
  *Oil-equivalent production was down 1.4% from 2012. Excluding the impacts
    of entitlement volumes, OPEC quota effects and divestments, production was
    up 0.4%.
  *Cash flow from operations and asset sales was $35.6billion, including
    proceeds associated with asset sales of $0.9billion.
  *The Corporation distributed over $20billion to shareholders in the first
    nine months of 2013 through dividends and share purchases to reduce shares
    outstanding.
  *Capital and exploration expenditures were $32.6billion, up 19% from the
    first nine months of 2012, in line with anticipated spending plans.

Upstream earnings for the first nine months of 2013 were $20,055million, down
$2,078million from the first nine months of 2012. Higher gas realizations,
partially offset by lower liquids realizations, increased earnings by
$350million. Lower sales volumes decreased earnings by $400million. All
other items, including lower net gains from asset sales, mainly in Angola, and
higher expenses, reduced earnings by $2.0billion.

On an oil-equivalent basis, production was down 1.4% compared to the same
period in 2012. Excluding the impacts of entitlement volumes, OPEC quota
effects and divestments, production was up 0.4%.

Liquids production of 2,192kbd increased 13kbd compared with 2012. Excluding
the impacts of entitlement volumes, OPEC quota effects and divestments,
liquids production was up 1.3%, as project ramp-up and lower downtime were
partially offset by field decline.

Natural gas production of 11,818mcfd decreased 431mcfd from 2012. Excluding
the impacts of entitlement volumes and divestments, natural gas production was
down 0.8%, as field decline was partially offset by lower downtime, higher
demand, and project ramp-up.

Earnings from U.S. Upstream operations for 2013 were $3,005million, up
$684million from 2012. Earnings outside the U.S. were $17,050million, down
$2,762million from the prior year.

Downstream earnings of $2,533million decreased $8,889million from 2012
driven by the absence of the $5.3billion gain associated with the Japan
restructuring. Lower margins, mainly refining, decreased earnings by
$2.2billion. Volume and mix effects decreased earnings by $430million. All
other items, including higher operating expenses, unfavorable foreign exchange
impacts, and lower divestments, decreased earnings by $970million. Petroleum
product sales of 5,851kbd decreased 346kbd from 2012.

U.S. Downstream earnings were $1,602million, down $1,276million from 2012.
Non-U.S. Downstream earnings were $931million, a decrease of $7,613million
from last year.

Chemical earnings of $2,918million were $22million lower than 2012. The
absence of the gain associated with the Japan restructuring decreased earnings
by $630million. Higher margins increased earnings by $520million, while
volume and mix effects increased earnings by $80million. All other items
increased earnings by $10million. Prime product sales of 17,986kt were down
270kt from 2012.

Corporate and financing expenses were $1,276million in the first nine months
of 2013, down $289million from 2012, as favorable tax impacts were partially
offset by the absence of the Japan restructuring gain.

Gross share purchases through the first nine months of 2013 were
$12.7billion, reducing shares outstanding by 141million 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 October 31, 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. 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. 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 can refer to a variety of different
activities and does not necessarily have the same meaning as in any government
payment transparency reports.

                                                       
                                                             Attachment I
                                                             
                                                                     
EXXON MOBIL CORPORATION
THIRD QUARTER 2013
(millions of dollars, unless noted)
                                         Third Quarter       Nine Months
                                         2013      2012      2013      2012
Earnings / Earnings Per Share
                                                                       
  Total revenues and other income        112,372   115,141   327,395   365,982
  Total costs and other deductions       98,183    97,821    284,400   304,956
  Income before income taxes             14,189    17,320    42,995    61,026
     Income taxes                        6,120     7,394     18,190    23,647
  Net income including noncontrolling    8,069     9,926     24,805    37,379
  interests
     Net income attributable to          199       356       575       2,449
     noncontrolling interests
  Net income attributable to             7,870     9,570     24,230    34,930
  ExxonMobil (U.S. GAAP)
                                                                       
  Earnings per common share (dollars)    1.79      2.09      5.46      7.50
                                                                       
  Earnings per common share
     - assuming dilution (dollars)       1.79      2.09      5.46      7.50
                                                                       
Other Financial Data
                                                                       
  Dividends on common stock
     Total                               2,770     2,622     8,125     7,500
     Per common share (dollars)          0.63      0.57      1.83      1.61
                                                                       
  Millions of common shares
  outstanding
     At September 30                                         4,369     4,559
     Average - assuming dilution         4,395     4,597     4,438     4,657
                                                                       
  ExxonMobil share of equity at                              169,245   166,713
  September 30
  ExxonMobil share of capital employed                       194,332   183,620
  at September 30
                                                                       
  Income taxes                           6,120     7,394     18,190    23,647
  Sales-based taxes                      7,882     8,137     22,926    24,657
  All other taxes                        9,252     8,652     27,019    29,891
     Total taxes                         23,254    24,183    68,135    78,195
                                                                       
  ExxonMobil share of income taxes of
  equity companies                       1,402     1,353     4,721     4,499

                                                      
Attachment II
                                                             
                                                                    
EXXON MOBIL CORPORATION
THIRD QUARTER 2013
(millions of dollars)
                                       Third Quarter       Nine Months
                                       2013      2012      2013       2012
Earnings (U.S. GAAP)
Upstream
United States                          1,050     633       3,005      2,321
Non-U.S.                               5,663     5,340     17,050     19,812
Downstream
United States                          315       1,441     1,602      2,878
Non-U.S.                               277       1,749     931        8,544
Chemical
United States                          680       565       1,947      1,492
Non-U.S.                               345       225       971        1,448
Corporate and financing                (460  )   (383  )   (1,276 )   (1,565 )
Net income attributable to             7,870     9,570     24,230     34,930
ExxonMobil
                                                             
                                                                      
Cash flow from operations and asset
sales (billions of dollars)
                                                                      
Net cash provided by operating
activities
(U.S. GAAP)                            13.4      13.4      34.7       42.9
                                                                      
Proceeds associated with asset sales   0.2       0.6       0.9        6.9
                                                                      
Cash flow from operations and asset    13.6      14.0      35.6       49.8
sales


Attachment III
                                                             
                                                                
EXXON MOBIL CORPORATION
THIRD QUARTER 2013

                                        Third Quarter         Nine Months
                                        2013       2012       2013      2012
Net production of crude oil, natural
gas
liquids, bitumen and synthetic oil,
thousands of barrels daily (kbd)
           United States                423        397        426       414
           Canada/South America         273        247        267       247
           Europe                       175        181        189       207
           Africa                       497        492        474       490
           Asia                         778        744        787       770
           Australia/Oceania            53         55         49        51
                     Worldwide          2,199      2,116      2,192     2,179
                                                                        
Natural gas production available for
sale,
millions of cubic feet daily (mcfd)
           United States                3,557      3,712      3,576     3,847
           Canada/South America         370        340        348       370
           Europe                       2,210      2,233      3,165     3,083
           Africa                       6          16         6         17
           Asia                         4,357      4,287      4,348     4,558
           Australia/Oceania            414        473        375       374
                     Worldwide          10,914     11,061     11,818    12,249
                                                                        
Oil-equivalent production (koebd)^1     4,018      3,960      4,162     4,220
                                                                        
                                                                        
                                                                        
^1 Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels

                                             
                                                   Attachment IV
                                                  
                                                          
EXXON MOBIL CORPORATION
THIRD QUARTER 2013

                                   Third Quarter   Nine Months
                                   2013    2012    2013     2012
Refinery throughput (kbd)
  United States                    1,896   1,841   1,818    1,802
  Canada                           451     449     439      424
  Europe                           1,496   1,547   1,431    1,506
  Asia Pacific                     810     813     791      1,057
  Other                            194     279     152      284
              Worldwide            4,847   4,929   4,631    5,073
                                                            
Petroleum product sales (kbd)
  United States                    2,667   2,576   2,575    2,513
  Canada                           477     499     461      448
  Europe                           1,543   1,601   1,510    1,583
  Asia Pacific                     903     874     877      1,056
  Other                            441     555     428      597
              Worldwide            6,031   6,105   5,851    6,197
                                                            
  Gasolines, naphthas              2,455   2,447   2,379    2,486
  Heating oils, kerosene, diesel   1,887   1,897   1,824    1,969
  Aviation fuels                   482     495     468      469
  Heavy fuels                      419     502     436      520
  Specialty products               788     764     744      753
              Worldwide            6,031   6,105   5,851    6,197
                                                            
Chemical prime product sales,
thousands of metric tons (kt)
  United States                    2,469   2,342   7,193    7,003
  Non-U.S.                         3,776   3,605   10,793   11,253
              Worldwide            6,245   5,947   17,986   18,256

                                                    
                                                          Attachment V
                                                         
                                                                 
EXXON MOBIL CORPORATION
THIRD QUARTER 2013
(millions of dollars)
                                         Third Quarter    Nine Months
                                         2013     2012    2013     2012
Capital and Exploration Expenditures
   Upstream
                United States            2,314    1,960   7,047    7,044
                Non-U.S.                 7,161    6,288   22,552   17,676
                Total                    9,475    8,248   29,599   24,720
   Downstream
                United States            207      156     687      442
                Non-U.S.                 349      427     1,053    1,149
                Total                    556      583     1,740    1,591
   Chemical
                United States            282      110     594      279
                Non-U.S.                 227      240     621      752
                Total                    509      350     1,215    1,031
                                                                   
   Other                                 6        2       11       14
                                                                   
   Worldwide                             10,546   9,183   32,565   27,356
                                                                   
                                                                   
Exploration expenses charged to income
included above
   Consolidated affiliates
                United States            129      105     325      291
                Non-U.S.                 355      387     1,055    1,092
   Equity companies - ExxonMobil share
                United States            2        2       4        3
                Non-U.S.                 108      5       332      15
   Worldwide                             594      499     1,716    1,401

                                             
                                                      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
Second Quarter                   6,860                1.55
Third Quarter                    7,870                1.79
                                                      
^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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