Exxon Mobil Corporation Announces Estimated Fourth Quarter 2012 Results

Fri Feb 1, 2013 9:14am EST

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IRVING, Texas--(Business Wire)--
Exxon Mobil Corporation (NYSE:XOM):

                                                                                                                         
                                        Fourth Quarter                          Twelve Months                            
                                        2012                2011        %       2012                     2011        %   
 Earnings Excluding Special Items1                                                                                       
 $ Millions                             9,950               9,400       6       44,880                   41,060      9   
 $ Per Common Share                                                                                                      
 Assuming Dilution                      2.20                1.97        12      9.70                     8.42        15  
                                                                                                                         
 Special Items                                                                                                           
 $ Millions                             0                   0                   0                        0               
                                                                                                                         
 Earnings                                                                                                                
 $ Millions                             9,950               9,400       6       44,880                   41,060      9   
 $ Per Common Share                                                                                                      
 Assuming Dilution                      2.20                1.97        12      9.70                     8.42        15  
                                                                                                                         
 Capital and Exploration                                                                                                 
 Expenditures - $ Millions              12,443              10,019      24      39,799                   36,766      8   
                                                                                                                         
 1 See Reference to Earnings                                                                                             


EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED: 

"Energy is fundamental to economic growth and improved living
standards.ExxonMobil`s strong financial performance enables continued investment
in new energy supplies, which creates jobs and supports economic expansion.

"Fourth quarter 2012 earnings were over $9.9 billion, up 6% from the fourth
quarter of 2011.Full year 2012 earnings were $44.9 billion, up 9% from 2011,
with record earnings per share of $9.70.

"Capital and exploration expenditures were a record $39.8 billion in 2012 as we
continue pursuing opportunities to find and produce new supplies of oil and
natural gas to meet global demand for energy.

"In 2012, the Corporation distributed over $30 billion to shareholders through
dividends and share purchases to reduce shares outstanding."

FOURTH QUARTER HIGHLIGHTS

* Earnings of $9,950 million increased $550 million or 6% from the fourth
quarter of 2011. 
* Earnings per share (assuming dilution) were $2.20, an increase of 12% from the
fourth quarter of 2011. 
* Gains from asset sales in the fourth quarter of 2012 were nearly $600 million,
down $800 million from the prior year. 
* LIFO inventory gains were over $300 million for the fourth quarter of 2012,
similar to the 2011 level. 
* Capital and exploration expenditures were $12.4 billion, up 24% from the
fourth quarter of 2011. 
* Oil-equivalent production decreased 5% from the fourth quarter of 2011.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production decreased 2%. 
* Cash flow from operations and asset sales was $14.0 billion, including
proceeds associated with asset sales of $0.8 billion. 
* Share purchases to reduce shares outstanding were $5 billion. 
* Dividends per share of $0.57 increased 21% compared to the fourth quarter of
2011. 
* ExxonMobil commenced start-up operations at one of the world`s largest
ethylene steam crackers, the centerpiece of the company`s multi-billion dollar
expansion at its Singapore petrochemical complex. Powered by a new 220-megawatt
cogeneration plant, the expansion adds 2.6 million tonnes per year of new
finished product capacity. 
* As announced on January 4, 2013, ExxonMobil will develop the Hebron oil field
offshore the Canadian province of Newfoundland and Labrador using a
gravity-based structure that will recover more than 700 million barrels of oil,
an increase versus earlier estimates. Capital cost for the project, which is
expected to begin oil production around the end of 2017, is estimated at $14
billion. The platform is being designed for daily production of 150,000 barrels
of oil.

Fourth Quarter 2012 vs. Fourth Quarter 2011

Upstream earnings were $7,762 million in the fourth quarter of 2012, down $1,067
million from the fourth quarter of 2011. Lower liquids realizations, partially
offset by improved natural gas realizations, decreased earnings by $70 million.
Production volume and mix effects reduced earnings by $400 million. All other
items, including over $500 million of lower gains from asset sales, decreased
earnings by a net $600 million. 

On an oil-equivalent basis, production decreased 5.2% from the fourth quarter of
2011. Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, production decreased 2.1%. 

Liquids production totaled 2,203 kbd (thousands of barrels per day), down 47 kbd
from the fourth quarter of 2011. Excluding the impacts of entitlement volumes,
OPEC quota effects and divestments, liquids production was down 1.4%, as field
decline was partially offset by project ramp-up in West Africa and lower
downtime. 

Fourth quarter natural gas production was 12,541 mcfd (millions of cubic feet
per day), down 1,136 mcfd from 2011. Excluding the impacts of entitlement
volumes and divestments, natural gas production was down 2.8%, as field decline
was partially offset by higher demand and lower downtime. 

Earnings from U.S. Upstream operations were $1,604 million, $420 million higher
than the fourth quarter of 2011. Non-U.S. Upstream earnings were $6,158 million,
down $1,487 million from the prior year. 

Downstream earnings were $1,768 million, up $1,343 million from the fourth
quarter of 2011. Stronger refining-driven margins increased earnings by $1.2
billion, while volume and mix effects contributed an additional $80 million. All
other items increased earnings by about $80 million. Petroleum product sales of
6,108 kbd were 385 kbd lower than last year's fourth quarter due mainly to the
Japan restructuring and divestments. 

Earnings from the U.S. Downstream were $697 million, up $667 million from the
fourth quarter of 2011. Non-U.S. Downstream earnings of $1,071 million were $676
million higher than last year. 

Chemical earnings of $958 million were $415 million higher than the fourth
quarter of 2011. Higher margins, mainly commodities, increased earnings by $330
million. All other items increased earnings by $90 million. Fourth quarter prime
product sales of 5,901 kt (thousands of metric tons) were 370 kt lower than last
year's fourth quarter due mainly to the Japan restructuring. 

Corporate and financing expenses were $538 million for the fourth quarter of
2012, up $141 million from the fourth quarter of 2011, due mainly to tax
impacts. 

During the fourth quarter of 2012, Exxon Mobil Corporation purchased 59 million
shares of its common stock for the treasury at a gross cost of $5.3 billion.
These purchases included $5.0 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 $5 billion in the first 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. 

Full Year 2012 vs. Full Year 2011

Earnings of $44,880 million increased $3,820 million from 2011. Earnings per
share increased 15% to $9.70. 

FULL YEAR HIGHLIGHTS

* Earnings were $44,880 million, up 9%. 
* Earnings include $9.9 billion of divestment and restructuring gains, mainly
Japan of $6.5 billion. 
* Earnings per share increased 15% to $9.70. 
* Oil-equivalent production was down 6% from 2011. Excluding the impacts of
entitlement volumes, OPEC quota effects and divestments, production was down 2%.

* Cash flow from operations and asset sales was $63.8 billion, including
proceeds associated with asset sales of $7.7 billion. 
* The Corporation distributed over $30 billion to shareholders in 2012 through
dividends and share purchases to reduce shares outstanding. 
* Capital and exploration expenditures were a record $39.8 billion. 
* The Corporation participated in three major liquids project start-ups in West
Africa in 2012 with capacity of 350 thousand gross barrels of oil per day.

Upstream earnings were $29,895 million, down $4,544 million from 2011. Lower
liquids realizations, partly offset by improved natural gas realizations,
decreased earnings by about $100 million. Production volume and mix effects
decreased earnings by $2.3 billion. All other items, including higher operating
expenses, unfavorable tax items, lower gains on asset sales, and unfavorable
foreign exchange effects, reduced earnings by $2.1 billion. 

On an oil-equivalent basis, production was down 5.9% compared to 2011. Excluding
the impacts of entitlement volumes, OPEC quota effects and divestments,
production was down 1.7%. 

Liquids production of 2,185 kbd decreased 127 kbd from 2011. Excluding the
impacts of entitlement volumes, OPEC quota effects and divestments, liquids
production was down 1.6%, as field decline was partly offset by project ramp-up
in West Africa and lower downtime. 

Natural gas production of 12,322 mcfd decreased 840 mcfd from 2011. Excluding
the impacts of entitlement volumes and divestments, natural gas production was
down 1.9%, as field decline was partially offset by higher demand and lower
downtime. 

Earnings from U.S. Upstream operations for 2012 were $3,925 million, down $1,171
million from 2011. Earnings outside the U.S. were $25,970 million, down $3,373
million. 

Downstream earnings of $13,190 million increased $8,731 million from 2011.
Stronger refining-driven margins increased earnings by $2.6 billion, while
volume and mix effects increased earnings by about $200 million. All other items
increased earnings by $5.9 billion due primarily to the $5.3 billion gain
associated with the Japan restructuring and other divestment gains. Petroleum
product sales of 6,174 kbd decreased 239 kbd from 2011 due mainly to the Japan
restructuring and divestments. 

U.S. Downstream earnings were $3,575 million, up $1,307 million from 2011.
Non-U.S. Downstream earnings were $9,615 million, an increase of $7,424 million
from last year. 

Chemical earnings of $3,898 million were $485 million lower than 2011. Margins
decreased earnings by $440 million, while volume effects lowered earnings by
$100 million. All other items increased earnings by $50 million, as a $630
million gain associated with the Japan restructuring and favorable tax impacts
were mostly offset by unfavorable foreign exchange effects and higher operating
expenses. Prime product sales of 24,157 kt were down 849 kt from 2011. 

Corporate and financing expenses were $2,103 million, down $118 million from
2011. 

Gross share purchases for 2012 were $21.1 billion, reducing shares outstanding
by 244 million shares. 

Estimates of key financial and operating data follow. 

ExxonMobil will discuss financial and operating results and other matters on a
webcast at 8:30 a.m. Central time on February 1, 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 2011 Form 10-K.We assume no duty to update these statements as of
any future date.

Frequently used terms

Consistent with previous practice, this press release includes both earnings
excluding special items and earnings per share excluding special items.Both are
non-GAAP financial measures and are included to help facilitate comparisons of
base business performance across periods.Reconciliation to net income
attributable to ExxonMobil is shown in Attachment II.The release also includes
cash flow from operations and asset sales.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 in this release to
barrels of oil include amounts that are not yet classified as proved reserves
under SEC definitions but that we believe will ultimately be produced.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.

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."

Reference to Earnings

References to total corporate earnings mean net income attributable to
ExxonMobil (U.S. GAAP) from the income statement.Unless otherwise indicated,
references to earnings, special items, earnings excluding special items,
Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and
earnings per share are ExxonMobil's share after excluding amounts attributable
to noncontrolling interests.

                                                                                                                                         
 Attachment I                                                                                                                            
                                                                                                                                         
                                                                                                                                         
 EXXON MOBIL CORPORATION                                                                                                                 
 FOURTH QUARTER 2012                                                                                                                     
 (millions of dollars, unless noted)                                                                                                     
                                                                          Fourth Quarter                        Twelve Months            
                                                                          2012                       2011       2012            2011     
 Earnings / Earnings Per Share                                                                                                           
                                                                                                                                         
 Total revenues and other income                                          115,173                    121,609    482,295         486,429  
 Total costs and other deductions                                         97,473                     104,568    403,569         413,172  
 Income before income taxes                                               17,700                     17,041     78,726          73,257   
 Income taxes                                                             7,398                      7,317      31,045          31,051   
 Net income including noncontrolling interests                            10,302                     9,724      47,681          42,206   
 Net income attributable to noncontrolling interests                      352                        324        2,801           1,146    
 Net income attributable to ExxonMobil (U.S. GAAP)                        9,950                      9,400      44,880          41,060   
                                                                                                                                         
 Earnings per common share (dollars)                                      2.20                       1.97       9.70            8.43     
                                                                                                                                         
 Earnings per common share                                                                                                               
 - assuming dilution (dollars)                                            2.20                       1.97       9.70            8.42     
                                                                                                                                         
 Other Financial Data                                                                                                                    
                                                                                                                                         
 Dividends on common stock                                                                                                               
 Total                                                                    2,592                      2,247      10,092          9,020    
 Per common share (dollars)                                               0.57                       0.47       2.18            1.85     
                                                                                                                                         
 Millions of common shares outstanding                                                                                                   
 At December 31                                                                                                 4,502           4,734    
 Average - assuming dilution                                              4,541                      4,775      4,628           4,875    
                                                                                                                                         
 ExxonMobil share of equity at December 31                                                                      165,863         154,396  
 ExxonMobil share of capital employed at December 31                                                            182,781         175,406  
                                                                                                                                         
 Income taxes                                                             7,398                      7,317      31,045          31,051   
 Sales-based taxes                                                        7,752                      8,490      32,409          33,503   
 All other taxes                                                          8,966                      10,969     38,857          43,544   
 Total taxes                                                              24,116                     26,776     102,311         108,098  
                                                                                                                                         
 ExxonMobil share of income taxes of                                                                                                     
 equity companies                                                         1,360                      1,296      5,859           5,603    


                                                                                                                                                     
 Attachment II                                                                                                                                       
                                                                                                                                                     
 EXXON MOBIL CORPORATION                                                                                                                             
 FOURTH QUARTER 2012                                                                                                                                 
 (millions of dollars)                                                                                                                               
                                                        Fourth Quarter                                                Twelve Months                  
                                                        2012                                2011                      2012              2011         
 Earnings (U.S. GAAP)                                                                                                                                
 Upstream                                                                                                                                            
 United States                                          1,604                               1,184                     3,925             5,096        
 Non-U.S.                                               6,158                               7,645                     25,970            29,343       
 Downstream                                                                                                                                          
 United States                                          697                                 30                        3,575             2,268        
 Non-U.S.                                               1,071                               395                       9,615             2,191        
 Chemical                                                                                                                                            
 United States                                          728                                 383                       2,220             2,215        
 Non-U.S.                                               230                                 160                       1,678             2,168        
 Corporate and financing                                (538        )                       (397        )             (2,103  )         (2,221  )    
 Net income attributable to ExxonMobil                  9,950                               9,400                     44,880            41,060       
 Special Items                                                                                                                                       
 Upstream                                                                                                                                            
 United States                                          0                                   0                         0                 0            
 Non-U.S.                                               0                                   0                         0                 0            
 Downstream                                                                                                                                          
 United States                                          0                                   0                         0                 0            
 Non-U.S.                                               0                                   0                         0                 0            
 Chemical                                                                                                                                            
 United States                                          0                                   0                         0                 0            
 Non-U.S.                                               0                                   0                         0                 0            
 Corporate and financing                                0                                   0                         0                 0            
 Corporate total                                        0                                   0                         0                 0            
 Earnings Excluding Special Items                                                                                                                    
 Upstream                                                                                                                                            
 United States                                          1,604                               1,184                     3,925             5,096        
 Non-U.S.                                               6,158                               7,645                     25,970            29,343       
 Downstream                                                                                                                                          
 United States                                          697                                 30                        3,575             2,268        
 Non-U.S.                                               1,071                               395                       9,615             2,191        
 Chemical                                                                                                                                            
 United States                                          728                                 383                       2,220             2,215        
 Non-U.S.                                               230                                 160                       1,678             2,168        
 Corporate and financing                                (538        )                       (397        )             (2,103  )         (2,221  )    
 Corporate total                                        9,950                               9,400                     44,880            41,060       
 Cash flow from operations and asset sales (billions of dollars)                                                                                     
 Net cash provided by operating activities              13.2                                10.7                      56.1              55.4         
 (U.S. GAAP)                                                                                                                                         
 Proceeds associated with asset sales                   0.8                                 6.9                       7.7               11.1         
 Cash flow from operations and asset sales              14.0                                17.6                      63.8              66.5         


                                                                                                                                                        
 Attachment III                                                                                                                                         
                                                                                                                                                        
                                                                                                                                                        
 EXXON MOBIL CORPORATION                                                                                                                                
 FOURTH QUARTER 2012                                                                                                                                    
                                                                                                                                                        
                                                                         Fourth Quarter                                       Twelve Months             
                                                                         2012                    2011                    2012                   2011    
             Net production of crude oil                                                                                                                
             and natural gas liquids,                                                                                                                   
             thousands of barrels daily (kbd)                                                                                                           
             United States                                               430                     432                     418                    423     
             Canada/South America                                        268                     247                     251                    252     
             Europe                                                      205                     257                     207                    270     
             Africa                                                      479                     468                     487                    508     
             Asia                                                        776                     800                     772                    808     
             Australia/Oceania                                           45                      46                      50                     51      
             Worldwide                                                   2,203                   2,250                   2,185                  2,312   
                                                                                                                                                        
             Natural gas production available for sale,                                                                                                 
             millions of cubic feet daily (mcfd)                                                                                                        
             United States                                               3,747                   4,005                   3,822                  3,917   
             Canada/South America                                        346                     400                     362                    412     
             Europe                                                      3,627                   3,866                   3,220                  3,448   
             Africa                                                      15                      8                       17                     7       
             Asia                                                        4,477                   5,103                   4,538                  5,047   
             Australia/Oceania                                           329                     295                     363                    331     
             Worldwide                                                   12,541                  13,677                  12,322                 13,162  
                                                                                                                                                        
             Oil-equivalent production (koebd) 1                         4,293                   4,530                   4,239                  4,506   
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
 1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels                                                                         


                                                                                 
 Attachment IV                                                                   
                                                                                 
                                                                                 
 EXXON MOBIL CORPORATION                                                         
 FOURTH QUARTER 2012                                                             
                                                                                 
                                   Fourth Quarter         Twelve Months          
                                   2012          2011     2012           2011    
 Refinery throughput (kbd)                                                       
 United States                     1,856         1,839    1,816          1,784   
 Canada                            468           433      435            430     
 Europe                            1,499         1,526    1,504          1,528   
 Asia Pacific                      823           1,157    998            1,180   
 Other                             191           295      261            292     
 Worldwide                         4,837         5,250    5,014          5,214   
                                                                                 
 Petroleum product sales (kbd)                                                   
 United States                     2,737         2,579    2,569          2,530   
 Canada                            470           463      453            455     
 Europe                            1,537         1,592    1,571          1,596   
 Asia Pacific                      896           1,221    1,016          1,204   
 Other                             468           638      565            628     
 Worldwide                         6,108         6,493    6,174          6,413   
                                                                                 
 Gasolines, naphthas               2,500         2,626    2,489          2,541   
 Heating oils, kerosene, diesel    1,881         2,080    1,947          2,019   
 Aviation fuels                    487           492      473            492     
 Heavy fuels                       499           568      515            588     
 Specialty products                741           727      750            773     
 Worldwide                         6,108         6,493    6,174          6,413   
                                                                                 
 Chemical prime product sales,                                                   
 thousands of metric tons (kt)                                                   
 United States                     2,378         2,392    9,381          9,250   
 Non-U.S.                          3,523         3,879    14,776         15,756  
 Worldwide                         5,901         6,271    24,157         25,006  


                                                                                           
 Attachment V                                                                              
                                                                                           
                                                                                           
 EXXON MOBIL CORPORATION                                                                   
 FOURTH QUARTER 2012                                                                       
 (millions of dollars)                                                                     
                                                                                           
                                           Fourth Quarter           Twelve Months          
                                           2012           2011      2012           2011    
 Capital and Exploration Expenditures                                                      
 Upstream                                                                                  
 United States                             4,036          2,414     11,080         10,741  
 Non-U.S.                                  7,328          6,589     25,004         22,350  
 Total                                     11,364         9,003     36,084         33,091  
 Downstream                                                                                
 United States                             192            152       634            518     
 Non-U.S.                                  479            493       1,628          1,602   
 Total                                     671            645       2,262          2,120   
 Chemical                                                                                  
 United States                             129            93        408            290     
 Non-U.S.                                  258            235       1,010          1,160   
 Total                                     387            328       1,418          1,450   
                                                                                           
 Other                                     21             43        35             105     
                                                                                           
 Worldwide                                 12,443         10,019    39,799         36,766  
                                                                                           
                                                                                           
 Exploration expenses charged to income                                                    
 included above                                                                            
 Consolidated affiliates                                                                   
 United States                             101            88        392            268     
 Non-U.S.                                  349            332       1,441          1,802   
 Equity companies - ExxonMobil share                                                       
 United States                             6              3         9              10      
 Non-U.S.                                  2              9         17             13      
 Worldwide                                 458            432       1,859          2,093   


                                                                                                            
 Attachment VI                                                                                              
                                                                                                            
                                                                                                            
 EXXON MOBIL CORPORATION                                                                                    
 EARNINGS                                                                                                   
                                                                                                            
                                                                                                            
                                          $ Millions                                  $ Per Common Share 1  
                                                                                                            
 2008                                                                                                       
 First Quarter                            10,890                                      2.03                  
 Second Quarter                           11,680                                      2.24                  
 Third Quarter                            14,830                                      2.86                  
 Fourth Quarter                           7,820                                       1.55                  
 Year                                     45,220                                      8.70                  
                                                                                                            
 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                  
                                                                                                            
 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.                                                 


ExxonMobil
Media Relations, 972-444-1107 

Copyright Business Wire 2013

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