Exxon Mobil Corporation Announces Estimated Fourth Quarter 2012 Results

Exxon Mobil Corporation (NYSE:XOM):
Fourth Quarter Twelve Months
2012 2011 % 2012     2011 %

Earnings Excluding Special Items 1
$ 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

$ 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


“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.”

  • 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.

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