UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to________
Commission File Number 1-2256
EXXON MOBIL CORPORATION
(Exact name of registrant as specified in its charter)
NEW JERSEY 13-5409005
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code)
(972) 444-1000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class Outstanding as of March 31, 2005
Common stock, without par value 6,365,734,547
EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005
TABLE OF CONTENTS
Page
Number
PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
Condensed Consolidated Statement of Income
3
Three months ended March 31, 2005 and 2004
Condensed Consolidated Balance Sheet
4
As of March 31, 2005 and December 31, 2004
Condensed Consolidated Statement of Cash Flows
5
Three months ended March 31, 2005 and 2004
Notes to Condensed Consolidated Financial Statements
6-16
Item 2.
Management's Discussion and Analysis of Financial
Condition and Results of Operations
17-21
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
22
Item 4.
Controls and Procedures
22
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
22-23
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
23
Item 6.
Exhibits
24
Signature
25
Index to Exhibits
26
-2-
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
Three Months Ended | ||||
March 31, |
| 2005 | 2004 | ||||||||||
REVENUES AND OTHER INCOME | ||||||||||||
Sales and other operating revenue (1) (2) | $ | 79,475 | $ | 66,060 | ||||||||
Income from equity affiliates | 1,556 | 1,256 | ||||||||||
Other income | 1,020 | 286 | ||||||||||
Total revenues and other income | 82,051 | 67,602 | ||||||||||
| ||||||||||||
COSTS AND OTHER DEDUCTIONS | ||||||||||||
Crude oil and product purchases (2) | 39,289 | 30,545 | ||||||||||
Production and manufacturing expenses | 6,108 | 5,523 | ||||||||||
Selling, general and administrative expenses | 3,451 | 3,242 | ||||||||||
Depreciation and depletion | 2,553 | 2,373 | ||||||||||
Exploration expenses, including dry holes | 173 | 175 | ||||||||||
Interest expense | 56 | 48 | ||||||||||
Excise taxes (1) | 7,238 | 6,416 | ||||||||||
Other taxes and duties | 10,185 | 10,164 | ||||||||||
Income applicable to minority and preferred interests | 95 | 154 | ||||||||||
Total costs and other deductions | 69,148 | 58,640 | ||||||||||
| ||||||||||||
INCOME BEFORE INCOME TAXES | 12,903 | 8,962 | ||||||||||
Income taxes | 5,043 | 3,522 | ||||||||||
NET INCOME | $ | 7,860 | $ | 5,440 | ||||||||
| ||||||||||||
NET INCOME PER COMMON SHARE (dollars) | $ | 1.23 | $ | 0.83 | ||||||||
| ||||||||||||
NET INCOME PER COMMON SHARE | ||||||||||||
- ASSUMING DILUTION (dollars) | $ | 1.22 | $ | 0.83 | ||||||||
| ||||||||||||
DIVIDENDS PER COMMON SHARE (dollars) | $ | 0.27 | $ | 0.25 | ||||||||
| ||||||||||||
(1) Excise taxes included in sales and other | ||||||||||||
operating revenue | $ | 7,238 | $ | 6,416 | ||||||||
(2) Amounts included in sales and other operating revenue for | ||||||||||||
purchases/sales contracts with the same counterparty | ||||||||||||
(associated costs are included in crude oil and product | ||||||||||||
purchases). See note 2 on page 6. | $ | 7,160 | $ | 6,064 |
-3-
EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)
March 31, | Dec. 31, | |||
2005 | 2004 |
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 25,165 | $ | 18,531 | ||||
Cash and cash equivalents - restricted (note 3) | 4,604 | 4,604 | ||||||
Notes and accounts receivable - net | 25,489 | 25,359 | ||||||
Inventories | ||||||||
Crude oil, products and merchandise | 9,124 | 8,136 | ||||||
Materials and supplies | 1,338 | 1,351 | ||||||
Prepaid taxes and expenses | 2,870 | 2,396 | ||||||
Total current assets | 68,590 | 60,377 | ||||||
Property, plant and equipment - net | 107,415 | 108,639 | ||||||
Investments and other assets | 25,247 | 26,240 | ||||||
TOTAL ASSETS | $ | 201,252 | $ | 195,256 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Notes and loans payable | $ | 3,309 | $ | 3,280 | ||||
Accounts payable and accrued liabilities | 35,489 | 31,763 | ||||||
Income taxes payable | 8,959 | 7,938 | ||||||
Total current liabilities | 47,757 | 42,981 | ||||||
Long-term debt | 5,015 | 5,013 | ||||||
Deferred income tax liability | 20,731 | 21,092 | ||||||
Other long-term liabilities | 24,051 | 24,414 | ||||||
TOTAL LIABILITIES | 97,554 | 93,500 | ||||||
Commitments and contingencies (note 3) | ||||||||
SHAREHOLDERS' EQUITY | ||||||||
Benefit plan related balances | (942 | ) | (1,014 | ) | ||||
Common stock, without par value: | ||||||||
Authorized: 9,000 million shares | ||||||||
Issued: 8,019 million shares | 5,070 | 5,067 | ||||||
Earnings reinvested | 140,522 | 134,390 | ||||||
Accumulated other nonowner changes in equity | ||||||||
Cumulative foreign exchange translation adjustment | 2,699 | 3,598 | ||||||
Minimum pension liability adjustment | (2,499 | ) | (2,499 | ) | ||||
Unrealized gains on stock investments | 0 | 428 | ||||||
Common stock held in treasury: | ||||||||
1,654 million shares at March 31, 2005 | (41,152 | ) | ||||||
1,618 million shares at December 31, 2004 | (38,214 | ) | ||||||
TOTAL SHAREHOLDERS' EQUITY | 103,698 | 101,756 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 201,252 | $ | 195,256 |
The number of shares of common stock issued and outstanding at March 31, 2005 and
December 31, 2004 were 6,365,734,547 and 6,401,244,728, respectively.
-4-
EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)
Three Months Ended | ||
March 31, |
2005 | 2004 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 7,860 | $ | 5,440 | ||||
Depreciation and depletion | 2,553 | 2,373 | ||||||
Changes in operational working capital, excluding cash and debt | 3,549 | 2,373 | ||||||
All other items - net | (994 | ) | (48 | ) | ||||
Net cash provided by operating activities | 12,968 | 10,138 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Additions to property, plant and equipment | (2,713 | ) | (2,810 | ) | ||||
Sales of subsidiaries, investments, and property, plant and equipment | 1,797 | 454 | ||||||
Other investing activities - net | (170 | ) | 775 | |||||
Net cash used in investing activities | (1,086 | ) | (1,581 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Additions to long-term debt | 0 | 367 | ||||||
Reductions in long-term debt | (6 | ) | (7 | ) | ||||
Additions/(reductions) in short-term debt - net | 15 | (40 | ) | |||||
Cash dividends to ExxonMobil shareholders | (1,728 | ) | (1,642 | ) | ||||
Cash dividends to minority interests | (94 | ) | (72 | ) | ||||
Changes in minority interests and sales/(purchases) | ||||||||
of affiliate stock | (103 | ) | (31 | ) | ||||
Net ExxonMobil shares acquired | (3,087 | ) | (1,745 | ) | ||||
Net cash used in financing activities | (5,003 | ) | (3,170 | ) | ||||
Effects of exchange rate changes on cash | (245 | ) | (119 | ) | ||||
Increase/(decrease) in cash and cash equivalents | 6,634 | 5,268 | ||||||
Cash and cash equivalents at beginning of period | 18,531 |