|Second Quarter||First Half|
|Earnings Excluding Special Items 1|
|$ Per Common Share|
|$ Per Common Share|
|Capital and Exploration|
|Expenditures - $ Millions||9,339||10,306||-9||18,173||18,127||0|
|1 See Reference to Earnings|
- Earnings of $15,910 million increased $5,230 million or 49% from the second quarter of 2011. Earnings included a net gain of $7.5 billion associated with divestments and tax-related items.
- On June 1, ExxonMobil completed the restructuring of its Downstream and Chemical holdings in Japan. Under the restructuring, TonenGeneral Sekiyu K.K. (TG) purchased ExxonMobil’s shares in a wholly-owned affiliate in Japan for approximately $3.9 billion. As a result, ExxonMobil’s effective ownership of TG was reduced from 50% to 22%.
- Earnings per share (assuming dilution) were $3.41, an increase of 56%.
- Capital and exploration expenditures were $9.3 billion, down 9% from the second quarter of 2011.
- Oil-equivalent production decreased 5.6% from the second quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat.
- Cash flow from operations and asset sales was $13.9 billion, including proceeds associated with asset sales of $3.7 billion.
- Share purchases to reduce shares outstanding were $5 billion.
- Dividends per share of $0.57 increased 21% compared to the second quarter of 2011.
- ExxonMobil and Rosneft signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments.
- ExxonMobil has filed permit applications to progress plans for a world-class petrochemical expansion on the U.S. Gulf Coast, in anticipation of a 2016 start-up. The potential project would include a new ethane cracker and premium product facilities at ExxonMobil’s integrated Baytown complex in Texas.
- ExxonMobil and joint venture partner Saudi Basic Industries Corporation will proceed with construction of a world-scale specialty elastomers facility. The 400 thousand metric tons per year facility will be integrated with the existing Al Jubail complex in Saudi Arabia, and completion is anticipated in 2015.