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Exxon Mobil Corporation Announces Estimated Third Quarter 2012 Results

Exxon Mobil Corporation (NYSE:XOM):
Third Quarter Nine Months
2012 2011 % 2012   2011 %

Earnings Excluding Special Items 1
$ Millions 9,570 10,330 -7 34,930 31,660 10
$ Per Common Share
Assuming Dilution 2.09 2.13 -2 7.50 6.45 16

Special Items
$ Millions 0 0 0 0

$ Millions 9,570 10,330 -7 34,930 31,660 10
$ Per Common Share
Assuming Dilution 2.09 2.13 -2 7.50 6.45 16
Capital and Exploration
Expenditures - $ Millions 9,183 8,620 7 27,356 26,747 2

1 See Reference to Earnings


“Third quarter results reflect our ongoing commitment to help deliver the energy needed to underpin economic recovery and growth while maintaining our strong focus on safety and environmental performance.

“Third quarter 2012 earnings were $9.6 billion, down 7% from the third quarter of 2011. Earnings for the first nine months of 2012 were $34.9 billion, up 10% compared to the first nine months of 2011.

“Capital and exploration expenditures were $9.2 billion in the third quarter and a record $27.4 billion for the first nine months of 2012 as we continue pursuing opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy.

“The Corporation distributed $7.6 billion to shareholders in the third quarter through dividends and share purchases to reduce shares outstanding.”

  • Earnings of $9,570 million decreased $760 million or 7% from the third quarter of 2011.
  • Earnings per share (assuming dilution) were $2.09, a decrease of 2% from the third quarter of 2011.
  • Capital and exploration expenditures were $9.2 billion, up 7% from the third quarter of 2011.
  • Oil-equivalent production decreased 7.5% from the third quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 2.9%.
  • Cash flow from operations and asset sales was $14.0 billion, including proceeds associated with asset sales of $0.6 billion.
  • Share purchases to reduce shares outstanding were $5 billion.
  • Dividends per share of $0.57 increased 21% compared to the third quarter of 2011.
  • As announced, on September 19, 2012, ExxonMobil and its subsidiary, XTO Energy Inc., signed an exchange agreement with Denbury Onshore, LLC, a subsidiary of Denbury Resources Inc., to acquire 100 percent of Denbury’s Bakken shale assets, which consist of approximately 196,000 net acres in North Dakota and Montana, with expected production to be more than 15,000 net oil-equivalent barrels per day when the deal closes.
  • As announced, on October 16, 2012, ExxonMobil Canada Ltd. entered into an agreement with Celtic Exploration Ltd. (“Celtic”) under which an ExxonMobil Canada affiliate will acquire Celtic. Under the terms of the agreement, ExxonMobil Canada will acquire 545,000 net acres in the liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta. Current production of the acreage to be acquired is 72 million cubic feet per day of natural gas and 4,000 barrels per day of crude, condensate and natural gas liquids.
  • The Sakhalin-1 Consortium, operated by Exxon Neftegas Limited (ENL), recently drilled the world’s longest extended-reach well at the Chayvo field, offshore Russian Far East. Using ExxonMobil’s fast-drill technology, the Z-44 well reached a measured depth of 12,376 meters (40,604 feet), more than 27 times the height of the Empire State Building.
  • ExxonMobil is investing more than $200 million to expand its Baton Rouge, Louisiana chemical and lubricants plants to increase capacity for synthetic lubricant base stocks manufacturing and lubricants blending, packaging and storage.

Third Quarter 2012 vs. Third Quarter 2011

Upstream earnings were $5,973 million in the third quarter of 2012, down $2,421 million from the third quarter of 2011. Production volume and mix effects reduced earnings by $700 million. Lower liquids and natural gas realizations decreased earnings by $130 million. All other items, including the absence of prior year asset sales ($1.0 billion), unfavorable tax items and foreign exchange impacts, decreased earnings by a total of $1.6 billion.

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