Exxon Mobil Corporation Announces Estimated Record 2006 Results

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM):

	Fourth Quarter						Twelve Months
	2006		2005		%		2006		2005		%
Net Income
$ Millions	10,250		10,710		-4		39,500		36,130		9
$ Per Common Share
Assuming Dilution	1.76		1.71		3		6.62		5.71		16
Special Items
$ Millions	410		390				410		2,270
Earnings Excluding Special Items
$ Millions	9,840		10,320		-5		39,090		33,860		15
$ Per Common Share
Assuming Dilution	1.69		1.65		2		6.55		5.35		22
Capital and Exploration
Expenditures - $ Millions	5,069		5,331				19,855		17,699

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"Full year 2006 earnings excluding special items were a record $39,090 million driven by strong results in every business segment.

"ExxonMobil continued to leverage its globally diverse resource base to bring additional crude oil and natural gas to market. In 2006, spending on capital and exploration projects was $19.9 billion, an increase of 12% over 2005. The results of our long-term investment program yielded an additional 172 thousand oil-equivalent barrels per day of production, a 4% increase over 2005.

"The Corporation distributed a total of $32.6 billion to shareholders in 2006 through dividends and share purchases to reduce shares outstanding, an increase of 41% or $9.4 billion versus 2005.

"ExxonMobil's fourth quarter earnings excluding special items were $9,840 million, down 5% from fourth quarter 2005. Lower natural gas realizations and refining margins were partly offset by higher crude oil realizations and improved chemical margins. Net income for the fourth quarter was down 4% from 2005."

FOURTH QUARTER HIGHLIGHTS

• Earnings excluding special items were $9,840 million, a decrease of 5% or $480 million from the fourth quarter of 2005.
• Net income of $10,250 million was down 4% and includes a special tax-related benefit of $410 million. Fourth quarter 2005 net income included a special litigation gain of $390 million.
• Spending on capital and exploration projects was $5.1 billion, a decrease of 5% versus 2005.
• Excluding entitlement and divestment impacts, liquids production increased by 6%.
• Cash flow from operations and asset sales was approximately $9.6 billion, including asset sales of $0.8 billion and $2.4 billion in contributions to the U.S. pension plan.
• Earnings per share excluding special items were $1.69, an increase of 2%, reflecting strong earnings and the continuing reduction in the number of shares outstanding.
• Production commenced from the Dalia field in Angola. Dalia is estimated to contain nearly 1 billion barrels (gross) of recoverable reserves and is expected to reach peak production of about 225 kbd (gross) in the first quarter of 2007.
• Early production of LNG began at Train 5 in the RasGas Joint Venture in Qatar. Initial operations started up only 29 months after the contract award. Completion of the offshore facilities that will supply natural gas to Train 5 on a long-term basis is anticipated by the end of the first quarter 2007. Train 5 is designed to produce 4.7 million tons per year of LNG for anticipated delivery to markets in Asia and Europe.

Fourth Quarter 2006 vs. Fourth Quarter 2005

Upstream earnings were $6,220 million, down $818 million from the fourth quarter of 2005 primarily reflecting lower natural gas realizations and decreased volumes driven by lower European demand.

On an oil-equivalent basis, production decreased by 1% from the fourth quarter of 2005. Excluding the impact of divestments and entitlements, production increased 2%.

Liquids production of 2,678 kbd (thousands of barrels per day) was 49 kbd higher. Higher production from projects in West Africa and increased Abu Dhabi volumes were partly offset by mature field decline, and the impact of entitlements and divestments. Excluding entitlement and divestment effects, liquids production increased by 6%.

Fourth quarter natural gas production was 9,301 mcfd (millions of cubic feet per day) compared with 9,822 mcfd last year. Lower European demand and the impact of mature field decline were partly offset by higher volumes from projects in Qatar and the absence of 2005 hurricane effects.

Earnings from U.S. Upstream operations were $1,052 million, $735 million lower than the fourth quarter of 2005. Non-U.S. Upstream earnings excluding special items were $5,168 million, down $83 million from 2005.

Downstream earnings were $1,960 million, down $430 million from the fourth quarter 2005, as lower refining and marketing margins more than offset the earnings benefit related to our continuing efforts to efficiently manage inventories. Petroleum product sales were 7,447 kbd, 145 kbd lower than last year's fourth quarter, primarily due to divestments.

U.S. Downstream earnings were $945 million, down $213 million. Non-U.S. Downstream earnings of $1,015 million were $217 million lower than the fourth quarter of 2005.

Chemical earnings excluding special items were $1,242 million, up $407 million from the fourth quarter of 2005 due to improved margins and higher volumes. Prime product sales of 6,827 kt (thousands of metric tons) in the fourth quarter of 2006 were up 535 kt from the prior year.

Corporate and financing earnings excluding special items were $418 million, up $361 million, mainly due to tax items.

During the fourth quarter of 2006, Exxon Mobil Corporation purchased 115 million shares of its common stock for the treasury at a gross cost of $8.4 billion. These purchases included $7.0 billion to reduce the number of shares outstanding and the balance to offset shares issued in conjunction with the company's benefit plans and programs. Shares outstanding were reduced from 5,832 million at the end of the third quarter to 5,729 million at the end of the fourth quarter. 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 2006 vs. Full Year 2005

Net income of $39,500 million ($6.62 per share) was a record and increased $3,370 million from 2005. Net income for 2006 included a special item of $410 million for a tax-related benefit. Net income for 2005 included special items totaling a gain of $2,270 million. Excluding these impacts, earnings for 2006 increased by $5,230 million.

FULL YEAR HIGHLIGHTS

• Earnings excluding special items were a record $39,090 million, an increase of 15% reflecting ExxonMobil's continuing strong performance across all business segments.
• Earnings per share excluding special items increased by 22% due to strong earnings and the continuing reduction in the number of shares outstanding.
• Net income was up 9%. Net income for 2006 included a special gain of $410 million for a tax-related benefit. Net income for 2005 included a $1,620 million special gain related to the restructuring of the Corporation's interest in the Dutch gas transportation business, a $460 million positive impact from the sale of the Corporation's interest in Sinopec, a $390 million litigation gain and a $200 million litigation charge.
• Cash flow from operations and asset sales was approximately $52.4 billion, including $3.1 billion from asset sales.
• The Corporation distributed a total of $32.6 billion to shareholders in 2006 through dividends and share purchases to reduce shares outstanding, an increase of $9.4 billion versus 2005.
• Capital and exploration expenditures were $19.9 billion, an increase of $2.2 billion versus 2005.
• Liquids production increased 10% excluding divestment and entitlement impacts.

Upstream earnings excluding special items were $26,230 million, an increase of $3,501 million from 2005. Higher liquids and natural gas realizations were partly offset by higher operating expenses.

On an oil-equivalent basis, production increased 4% from last year. Excluding divestment and entitlement effects, production increased by 7%.

Liquids production of 2,681 kbd increased by 158 kbd from 2005. Higher production from projects in West Africa and increased Abu Dhabi volumes were partly offset by mature field decline, entitlement effects and divestment impacts. Excluding entitlement effects and divestments, liquids production increased 10%.

Natural gas production of 9,334 mcfd, increased 83 mcfd from 2005. Higher volumes from projects in Qatar were partly offset by mature field decline.

Earnings from U.S. Upstream operations for 2006 were $5,168 million, a decrease of $1,032 million. Earnings outside the U.S., excluding special items, were $21,062 million, $4,533 million higher than 2005.

Downstream earnings excluding special items were $8,454 million, an increase of $572 million from 2005 reflecting stronger worldwide refining margins and marketing margins, partly offset by lower refining throughput. Petroleum product sales of 7,247 kbd decreased from 7,519 kbd in 2005, primarily due to lower refining throughput and divestments.

U.S. Downstream earnings excluding special items were $4,250 million, up $139 million. Non-U.S. Downstream earnings excluding special items were $4,204 million, $433 million higher than last year.

Chemical earnings excluding special items were $4,382 million, up $979 million from 2005. Margins and volumes were both higher. Prime product sales were 27,350 kt, up 573 kt from 2005.

Corporate and financing earnings excluding special items were $24 million, an increase of $178 million, mainly due to higher interest income.

Gross share purchases in 2006 were $29.6 billion which reduced shares outstanding by 6.6%.

Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in either millions or billions of dollars.

ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. Central time on February 1, 2007. To listen to the event live or in archive, go to our website at "www.exxonmobil.com."

Statements in this release relating to future plans, projections, events, or conditions are forward-looking statements. Actual results, including project plans and related expenditures, resource recoveries, timing, and capacities, could differ materially due to changes in long-term oil or gas prices or other market conditions affecting the oil and gas industry; political events or disturbances; reservoir performance; the outcome of commercial negotiations; potential liability resulting from pending or future litigation; wars and acts of terrorism or sabotage; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" on our website and in Item 1A of ExxonMobil's 2005 Form 10-K. We assume no duty to update these statements as of any future date.

Consistent with previous practice this press release includes both net income and earnings excluding special items. Earnings that exclude special items are a non-GAAP financial measure and are included to help facilitate comparisons of base business performance across periods. A reconciliation to net income 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 sales proceeds together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. Calculation of this cash flow is shown in Attachment II. Further information on ExxonMobil's frequently used financial and operating measures is contained on pages 28 and 29 in the 2005 Form 10-K and is also available through the Investor Information section of our website at "www.exxonmobil.com."

	Attachment I
	EXXON MOBIL CORPORATION
	FOURTH QUARTER 2006
	(millions of dollars, unless noted)
			Fourth Quarter				Twelve Months
			2006		2005		2006		2005
	Earnings / Earnings Per Share
	Total revenues and other income1		90,028		99,344		377,635		370,680
	Total costs and other deductions1		74,467		81,626		310,233		311,248
	Income before income taxes		15,561		17,718		67,402		59,432
	Income taxes		5,311		7,008		27,902		23,302
	Net income (U.S. GAAP)		10,250		10,710		39,500		36,130
	Net income per common share (dollars)		1.77		1.72		6.68		5.76
	Net income per common share - assuming dilution (dollars)		1.76		1.71		6.62		5.71
	Other Financial Data
	Dividends on common stock
	Total		1,853		1,795		7,628		7,185
	Per common share (dollars)		0.32		0.29		1.28		1.14
	Millions of common shares outstanding
	At December 31						5,729		6,133
	Average - assuming dilution		5,816		6,211		5,970		6,322
	Shareholders' equity at December 31						113,844		111,186
	Capital employed at December 31						123,855		121,291
	Income taxes		5,311		7,008		27,902		23,302
	Sales-based taxes		6,742		7,829		30,381		30,742
	All other taxes		10,820		10,871		42,393		44,571
	Total taxes		22,873		25,708		100,676		98,615
	ExxonMobil's share of income taxes of equity companies		609		466		1,920		2,226
	1 Fourth quarter 2005 included $7,704 million and twelve months of 2005 included $30,810 million for purchases/sales contracts with the same counterparty. These transactions are reported on a net basis in 2006.

	Attachment II
	EXXON MOBIL CORPORATION
	FOURTH QUARTER 2006
	(millions of dollars)
		Fourth Quarter				Twelve Months
		2006		2005		2006		2005
	Net Income (U.S. GAAP)
	Upstream
	United States	1,052		1,787		5,168		6,200
	Non-U.S.	5,168		5,251		21,062		18,149
	Downstream
	United States	945		1,158		4,250		3,911
	Non-U.S.	1,015		1,232		4,204		4,081
	Chemical
	United States	384		281		1,360		1,186
	Non-U.S.	858		944		3,022		2,757
	Corporate and financing	828		57		434		(154)
	Corporate total	10,250		10,710		39,500		36,130
	Special Items
	Upstream
	United States	0		0		0		0
	Non-U.S.	0		0		0		1,620
	Downstream
	United States	0		0		0		(200)
	Non-U.S.	0		0		0		310
	Chemical
	United States	0		0		0		0
	Non-U.S.	0		390		0		540
	Corporate and financing	410		0		410		0
	Corporate total	410		390		410		2,270
	Earnings Excluding Special Items
	Upstream
	United States	1,052		1,787		5,168		6,200
	Non-U.S.	5,168		5,251		21,062		16,529
	Downstream
	United States	945		1,158		4,250		4,111
	Non-U.S.	1,015		1,232		4,204		3,771
	Chemical
	United States	384		281		1,360		1,186
	Non-U.S.	858		554		3,022		2,217
	Corporate and financing	418		57		24		(154)
	Corporate total	9,840		10,320		39,090		33,860
	Cash flow from operations and asset sales (billions of dollars)
	Net cash provided by operating activities (U.S. GAAP)	8.8		10.5		49.3		48.2
	Sales of subsidiaries, investments and property, plant and equipment	0.8		1.4		3.1		6.0
	Cash flow from operations and asset sales	9.6		11.9		52.4		54.2

	Attachment III
	EXXON MOBIL CORPORATION
	FOURTH QUARTER 2006
		Fourth Quarter				Twelve Months
		2006		2005		2006		2005
	Net production of crude oil and natural gas liquids, thousands of barrels daily (kbd)
	United States	404		431		414		477
	Canada	316		356		312		346
	Europe	516		539		520		546
	Africa	772		795		781		666
	Asia Pacific/Middle East	487		330		485		331
	Russia/Caspian	144		131		127		107
	Other	39		47		42		50
	Worldwide	2,678		2,629		2,681		2,523
	Natural gas production available for sale, millions of cubic feet daily (mcfd)
	United States	1,588		1,620		1,625		1,739
	Canada	818		912		851		918
	Europe	4,108		4,804		4,086		4,315
	Asia Pacific/Middle East	2,601		2,303		2,596		2,114
	Russia/Caspian	110		98		92		77
	Other	76		85		84		88
	Worldwide	9,301		9,822		9,334		9,251
	Oil-equivalent production (koebd)1	4,228		4,266		4,237		4,065
	1Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels

	Attachment IV
	EXXON MOBIL CORPORATION
	FOURTH QUARTER 2006
		Fourth Quarter				Twelve Months
		2006		2005		2006		2005
	Petroleum product sales (kbd)1
	United States	2,851		2,816		2,729		2,822
	Canada	483		517		473		498
	Europe	1,779		1,863		1,813		1,824
	Asia Pacific	1,530		1,613		1,461		1,561
	Other	804		783		771		814
	Worldwide	7,447		7,592		7,247		7,519
	Gasolines, naphthas	2,952		2,969		2,866		2,957
	Heating oils, kerosene, diesel	2,303		2,290		2,191		2,230
	Aviation fuels	652		626		651		676
	Heavy fuels	677		732		682		689
	Specialty products	863		975		857		967
	Total	7,447		7,592		7,247		7,519
	Refinery throughput (kbd)
	United States	1,837		1,669		1,760		1,794
	Canada	456		479		442		466
	Europe	1,616		1,717		1,672		1,672
	Asia Pacific	1,474		1,484		1,434		1,490
	Other	315		303		295		301
	Worldwide	5,698		5,652		5,603		5,723
	Chemical prime product sales, thousands of metric tons (kt)
	United States	2,775		2,228		10,703		10,369
	Non-U.S.	4,052		4,064		16,647		16,408
	Worldwide	6,827		6,292		27,350		26,777
	1 Petroleum product sales data is reported net of purchases/sales contracts with the same counterparty.

	Attachment V
	EXXON MOBIL CORPORATION
	FOURTH QUARTER 2006
	(millions of dollars)
		Fourth Quarter				Twelve Months
		2006		2005		2006		2005
	Capital and Exploration Expenditures
	Upstream
	United States	713		542		2,486		2,142
	Non-U.S.	3,357		3,852		13,745		12,328
	Total	4,070		4,394		16,231		14,470
	Downstream
	United States	197		213		824		753
	Non-U.S.	551		535		1,905		1,742
	Total	748		748		2,729		2,495
	Chemical
	United States	78		61		280		243
	Non-U.S.	153		108		476		411
	Total	231		169		756		654
	Other	20		20		139		80
	Worldwide	5,069		5,331		19,855		17,699
	Exploration expenses charged to income included above
	Consolidated affiliates
	United States	59		54		243		157
	Non-U.S.	314		278		925		795
	Equity companies - ExxonMobil share
	United States	2		0		2		0
	Non-U.S.	4		0		9		17
	Worldwide	379		332		1,179		969

	Attachment VI
	EXXON MOBIL CORPORATION
	NET INCOME
		$ Millions		$ Per Common Share
	2002
	First Quarter	2,090		0.30
	Second Quarter	2,640		0.40
	Third Quarter	2,640		0.39
	Fourth Quarter	4,090		0.60
	Year	11,460		1.69
	2003
	First Quarter	7,040		1.05
	Second Quarter	4,170		0.63
	Third Quarter	3,650		0.55
	Fourth Quarter	6,650		1.01
	Year	21,510		3.24
	2004
	First Quarter	5,440		0.83
	Second Quarter	5,790		0.89
	Third Quarter	5,680		0.88
	Fourth Quarter	8,420		1.31
	Year	25,330		3.91
	2005
	First Quarter	7,860		1.23
	Second Quarter	7,640		1.21
	Third Quarter	9,920		1.60
	Fourth Quarter	10,710		1.72
	Year	36,130		5.76
	2006
	First Quarter	8,400		1.38
	Second Quarter	10,360		1.74
	Third Quarter	10,490		1.79
	Fourth Quarter	10,250		1.77
	Year	39,500		6.68