Attached files

file filename
8-K - FORM 8-K - EXXON MOBIL CORPr8k042513.htm
EX-99.2 - INVESTOR RELATIONS DATA SUMMARY - EXXON MOBIL CORPf8k1q992.htm

 EXHIBIT 99.1

News Release

[f8k1q991002.gif]

 

Exxon Mobil Corporation

 

5959 Las Colinas Boulevard

 

Irving, TX  75039

 

972 444 1107 Telephone

 

972 444 1138 Facsimile

 

 

 

 

FOR IMMEDIATE RELEASE

 

THURSDAY, APRIL 25, 2013

 

 

 



EXXON MOBIL CORPORATION ANNOUNCES ESTIMATED

FIRST QUARTER 2013 RESULTS

 

 

 

 

 

 

 

 

 

 

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.




-2-


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.



-3-



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.  



-4-



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.  



-5-



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”.



-6-



 

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

 

 

 

 

 

 

 

 

 



-7-




 

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
(U.S. GAAP)

 

 

 

13.6

19.3

 

 

Proceeds associated with asset sales

 

 

 

0.4

2.5

 

 

Cash flow from operations and asset sales

 

 

 

14.0

21.8

 

 

 

 

 

 

 

 

 



-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

 

 

 

 

 



-9-



 

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

 

 

 

 

 

 

 

 

 



-10-



 

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

 

 

 

 

 

 

 

 

 



-11-



 

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.

 

 

 

 

 

 

 









-12-