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    Exxon Mobil Corporation Announces Estimated Record 2007 Results

    IRVING, Texas--()--

    Exxon Mobil Corporation (NYSE:XOM):

    Fourth Quarter     Twelve Months  
    2007   2006 % 2007   2006 %

    Net Income

    $ Millions 11,660 10,250 14 40,610 39,500 3
    $ Per Common Share
    Assuming Dilution 2.13 1.76 21 7.28 6.62 10

    Special Items

    $ Millions 0 410 0 410
     

    Earnings Excluding Special Items

    $ Millions 11,660 9,840 18 40,610 39,090 4
    $ Per Common Share
    Assuming Dilution 2.13 1.69 26 7.28 6.55 11
     
    Capital and Exploration
    Expenditures - $ Millions 6,151 5,069 20,853 19,855

    EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

    ExxonMobil's full year 2007 net income and earnings excluding special items were a record $40,610 million ($7.28 per share), reflecting strong results in all business segments.

    We continued to supply crude oil and natural gas volumes to meet the worlds energy needs through disciplined development and operation of our globally diverse resource base. Capital and exploration project spending increased to $20,853 million in 2007, up 5% from 2006. Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network. Operations reliability in our global Downstream and Chemical businesses continued to supply the important products consumers require around the world.

    The Corporation distributed a total of $35.6 billion to shareholders in 2007 through dividends and share purchases to reduce shares outstanding, up $3.0 billion from 2006.

    ExxonMobils fourth quarter earnings excluding special items were a record $11,660 million, up 18% from the fourth quarter of 2006. Higher crude oil and natural gas realizations and gains on asset sales were partly offset by lower chemical margins.

    FOURTH QUARTER HIGHLIGHTS

    • Net income was a record $11,660 million, up 14% from the fourth quarter of 2006. Fourth quarter 2006 net income included a special tax-related benefit of $410 million.
    • Cash flow from operations and asset sales was approximately $13.1 billion, including asset sales of $1.8 billion.
    • Spending on capital and exploration projects was $6.2 billion, up 21% from the fourth quarter of 2006.
    • Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production on an oil-equivalent basis increased nearly 3%.
    • The Marimba North project, located more than 90 miles off the coast of Angola in approximately 3,900 feet of water, started production ahead of schedule and within budget. The project is the first tie-back development to the Kizomba A infrastructure, and is designed to develop 80 million barrels of oil (gross) and is expected to have peak production capacity of about 40,000 barrels of oil per day (gross).
    • ExxonMobil Chemical and ExxonMobils Japanese affiliate, Tonen Chemical, introduced new battery separator film technologies that are expected to significantly enhance the safety, power and reliability of lithium-ion batteries for use in hybrid and electric vehicles.

    Fourth Quarter 2007 vs. Fourth Quarter 2006

    Upstream earnings were $8,204 million, up $1,984 million from the fourth quarter of 2006 primarily reflecting higher crude oil realizations and higher gains on asset sales partly offset by tax items and lower liquid volumes.

    On an oil-equivalent basis, production increased nearly 1% from the fourth quarter of 2006. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was up nearly 3%.

    Liquids production of 2,517 kbd (thousands of barrels per day) was 161 kbd lower. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, liquids production was down 3%. Mature field decline and PSC net interest reductions were partly offset by increased production from projects in Russia and West Africa.

    Fourth quarter natural gas production was 10,414 mcfd (millions of cubic feet per day), up 1,113 mcfd, or 12%, from 2006. Higher European demand and increased volume from projects in Qatar and the North Sea were partly offset by mature field decline.

    Earnings from U.S. Upstream operations were $1,275 million, $223 million higher than the fourth quarter of 2006. Non-U.S. Upstream earnings were $6,929 million, up $1,761 million from 2006.

    Downstream earnings of $2,267 million were $307 million higher than the fourth quarter of 2006. Gains on asset sales were about $450 million higher, and a LIFO inventory gain of approximately $250 million was consistent with 2006 LIFO inventory results. Fourth quarter 2007 earnings also reflected improved refinery operations partly offset by lower U.S. refining margins. Petroleum product sales of 7,125 kbd were 322 kbd lower than last year's fourth quarter, mainly reflecting asset sales.

    U.S. Downstream earnings were $622 million, down $323 million from the fourth quarter of 2006. Non-U.S. Downstream earnings of $1,645 million were $630 million higher and included the impact of higher gains on asset sales.

    Chemical earnings of $1,112 million were $130 million lower than the fourth quarter of 2006, mainly due to lower margins and lower LIFO inventory effects partly offset by higher sales volumes. Prime product sales of 7,049 kt (thousands of metric tons) in the fourth quarter of 2007 were up 222 kt from the prior year.

    Corporate and financing earnings excluding special items were $77 million, down $341 million, mainly due to tax items.

    During the fourth quarter of 2007, Exxon Mobil Corporation purchased 88 million shares of its common stock for the treasury at a gross cost of $7.9 billion. These purchases included $7.0 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the company's benefit plans and programs. Shares outstanding were reduced from 5,464 million at the end of the third quarter to 5,382 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 2007 vs. Full Year 2006

    Net income of $40,610 million ($7.28 per share) was a record and increased $1,110 million from 2006. Net income for 2006 included a special item of $410 million for a tax-related benefit in the corporate and financing segment. Excluding this impact, 2007 earnings increased by $1,520 million.

    FULL YEAR HIGHLIGHTS

    • Earnings excluding special items were a record $40,610 million, up 4%, reflecting record performance across all business segments.
    • Earnings per share excluding special items increased 11% to $7.28, reflecting strong business results and the continued reduction in the number of shares outstanding.
    • Net income was up 3% from 2006, which included a special item of $410 million for a tax-related benefit. Net income for 2007 did not include any special items.
    • Cash flow from operations and asset sales was approximately $56.2 billion, including $4.2 billion from asset sales.
    • The Corporation distributed a total of $35.6 billion to shareholders in 2007 through dividends and share purchases to reduce shares outstanding, an increase of $3.0 billion versus 2006.
    • Dividends per share of $1.37 increased 7%.
    • Capital and exploration expenditures were $20.9 billion, an increase of 5% versus 2006.
    • Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production on an oil-equivalent basis increased nearly 1%.

    Upstream earnings were a record $26,497 million, an increase of $267 million from 2006 due to higher crude oil realizations and favorable sales mix effects, mostly offset by higher operating expenses, net unfavorable tax items and lower natural gas realizations.

    On an oil-equivalent basis, production decreased 1% from last year. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was up nearly 1%.

    Liquids production of 2,616 kbd decreased 65 kbd from 2006. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, liquids production was flat. Mature field decline and PSC net interest reductions were offset by higher production from projects in Russia and West Africa.

    Natural gas production of 9,384 mcfd increased 50 mcfd from 2006. Higher volumes from projects in Qatar and the North Sea were mostly offset by mature field decline.

    Earnings from U.S. Upstream operations in 2007 were $4,870 million, a decrease of $298 million. Earnings outside the U.S. were $21,627 million, $565 million higher than 2006.

    Downstream earnings were a record $9,573 million, up $1,119 million from 2006, reflecting higher gains on asset sales and improved refinery operations partly offset by lower refining margins. Petroleum product sales of 7,099 kbd decreased from 7,247 kbd in 2006.

    U.S. Downstream earnings were $4,120 million, down $130 million. Non-U.S. Downstream earnings were $5,453 million, $1,249 million higher than last year.

    Chemical earnings were a record $4,563 million, up $181 million from 2006, driven by higher sales volumes and favorable foreign exchange effects partly offset by weaker margins. Prime product sales were 27,480 kt, up 130 kt from 2006.

    Corporate and financing expenses excluding special items were $23 million and were comparable to 2006.

    In 2007, Exxon Mobil Corporation purchased 386 million shares of its common stock for the treasury at a gross cost of $31.8 billion. These purchases included $28.0 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the companys benefit plans and programs. Shares outstanding were reduced from 5,729 million at the end of 2006 to 5,382 million at the end of 2007, a decrease of 6.1%.

    Estimates of key financial and operating data follow.

    ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. Central time on February 1, 2008. To listen to the event live or in archive, go to our website at "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 2006 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 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. 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. A reconciliation to net cash provided by operating activities is shown in Attachment II. Further information on ExxonMobil's frequently used financial and operating measures is contained on pages 32 and 33 in the 2006 Form 10-K and is also available through the Investor Information section of our website at "exxonmobil.com."

      Attachment I
     
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
    (millions of dollars, unless noted)
         

    Fourth
    Quarter

    Twelve
    Months

    2007 2006 2007 2006
    Earnings / Earnings Per Share
    Total revenues and other income 116,642 90,028 404,552 377,635
    Total costs and other deductions 96,920 74,467 334,078 310,233
    Income before income taxes 19,722 15,561 70,474 67,402
    Income taxes 8,062 5,311 29,864 27,902
    Net income (U.S. GAAP) 11,660 10,250 40,610 39,500
    Net income per common share (dollars) 2.15 1.77 7.36 6.68

    Net income per common share - assuming dilution (dollars)

    2.13 1.76 7.28 6.62
    Other Financial Data
    Dividends on common stock
    Total 1,903 1,853 7,621 7,628
    Per common share (dollars) 0.35 0.32 1.37 1.28
    Millions of common shares outstanding
    At December 31 5,382 5,729
    Average - assuming dilution 5,454 5,816 5,577 5,970
    Shareholders' equity at December 31 121,762 113,844
    Capital employed at December 31 133,664 123,855
    Income taxes 8,062 5,311 29,864 27,902
    Sales-based taxes 8,664 6,742 31,728 30,381
    All other taxes 12,065 10,820 44,091 42,393
    Total taxes 28,791 22,873 105,683 100,676

    ExxonMobil's share of income taxes of equity companies

    920 609 2,547 1,920
    Attachment II
     
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
    (millions of dollars)

    Fourth
    Quarter

     

    Twelve
    Months

    2007   2006 2007     2006
    Net Income (U.S. GAAP)
    Upstream
    United States 1,275 1,052 4,870 5,168
    Non-U.S. 6,929 5,168 21,627 21,062
    Downstream
    United States 622 945 4,120 4,250
    Non-U.S. 1,645 1,015 5,453 4,204
    Chemical
    United States 335 384 1,181 1,360
    Non-U.S. 777 858 3,382 3,022
    Corporate and financing 77 828 (23 ) 434
    Corporate total 11,660 10,250 40,610 39,500
    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 0 410 0 410
    Corporate total 0 410 0 410
    Earnings Excluding Special Items
    Upstream
    United States 1,275 1,052 4,870 5,168
    Non-U.S. 6,929 5,168 21,627 21,062
    Downstream
    United States 622 945 4,120 4,250
    Non-U.S. 1,645 1,015 5,453 4,204
    Chemical
    United States 335 384 1,181 1,360
    Non-U.S. 777 858 3,382 3,022
    Corporate and financing 77 418 (23 ) 24
    Corporate total 11,660 9,840 40,610   39,090
    Cash flow from operations and asset sales (billions of dollars)
    Net cash provided by operating activities (U.S. GAAP) 11.3 8.8 52.0 49.3
    Sales of subsidiaries, investments and property, plant and equipment 1.8 0.8 4.2 3.1
    Cash flow from operations and asset sales 13.1 9.6 56.2   52.4
    Attachment III
     
         
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
     

    Fourth
    Quarter

    Twelve
    Months

    2007 2006 2007 2006

    Net production of crude oil and natural gas liquids, thousands of barrels daily (kbd)

    United States 385 404 392 414
    Canada/South America 305 355 324 354
    Europe 461 516 480 520
    Africa 669 772 717 781
    Asia Pacific/Middle East 503 487 518 485
    Russia/Caspian 194 144 185 127
    Worldwide 2,517 2,678 2,616 2,681
     

    Natural gas production available for sale, millions of cubic feet daily (mcfd)

    United States 1,405 1,588 1,468 1,625
    Canada/South America 717 894 808 935
    Europe 4,945 4,108 3,810 4,086
    Africa 26 0 26 0
    Asia Pacific/Middle East 3,205 2,601 3,162 2,596
    Russia/Caspian 116 110 110 92
    Worldwide 10,414 9,301 9,384 9,334
     
    Oil-equivalent production (koebd) 1 4,253 4,228 4,180 4,237
     
     
     
    1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
    Attachment IV
     
         
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
     
    Fourth Quarter Twelve Months
    2007 2006 2007 2006
    Refinery throughput (kbd)
    United States 1,804 1,837 1,746 1,760
    Canada 467 456 442 442
    Europe 1,660 1,616 1,642 1,672
    Asia Pacific 1,457 1,474 1,416 1,434
    Other 329 315 325 295
    Worldwide 5,717 5,698 5,571 5,603
     
    Petroleum product sales (kbd) 1
    United States 2,733 2,851 2,717 2,729
    Canada 475 483 461 473
    Europe 1,728 1,779 1,773 1,813
    Asia Pacific 1,472 1,530 1,419 1,461
    Other 717 804 729 771
    Worldwide 7,125 7,447 7,099 7,247
     
    Gasolines, naphthas 2,833 2,952 2,850 2,866
    Heating oils, kerosene, diesel 2,155 2,303 2,094 2,191
    Aviation fuels 639 652 641 651
    Heavy fuels 724 677 715 682
    Specialty products 774 863 799 857
    Worldwide 7,125 7,447 7,099 7,247
     

    Chemical prime product sales, thousands of metric tons (kt)

    United States 2,762 2,775 10,855 10,703
    Non-U.S. 4,287 4,052 16,625 16,647
    Worldwide 7,049 6,827 27,480 27,350
     
     
     

    1 Petroleum product sales data is reported net of purchases/sales contracts with the same counterparty.

    Attachment V
     
         
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
    (millions of dollars)
     
    Fourth Quarter Twelve Months
    2007 2006 2007 2006
    Capital and Exploration Expenditures
    Upstream
    United States 681 713 2,212 2,486
    Non-U.S. 3,857 3,357 13,512 13,745
    Total 4,538 4,070 15,724 16,231
    Downstream
    United States 336 197 1,128 824
    Non-U.S. 578 551 2,175 1,905
    Total 914 748 3,303 2,729
    Chemical
    United States 118 78 360 280
    Non-U.S. 568 153 1,422 476
    Total 686 231 1,782 756
    Other 13 20 44 139
     
    Worldwide 6,151 5,069 20,853 19,855
     
     

    Exploration expenses charged to income included above

    Consolidated affiliates
    United States 79 59 280 243
    Non-U.S. 419 314 1,177 925
    Equity companies - ExxonMobil share
    United States 0 2 2 2
    Non-U.S. 22 4 30 9
    Worldwide 520 379 1,489 1,179
    Attachment VI

     

     
    EXXON MOBIL CORPORATION
    NET INCOME
     
     
    $ Millions $ Per Common Share
     

    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
     

    2007

    First Quarter 9,280 1.64
    Second Quarter 10,260 1.85
    Third Quarter 9,410 1.72
    Fourth Quarter 11,660 2.15
    Year 40,610 7.36

    Contacts

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    Media Relations, 972-444-1107

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    Exxon Mobil Corporation Announces Estimated Record 2007 Results

    IRVING, Texas--()--

    Exxon Mobil Corporation (NYSE:XOM):

    Fourth Quarter     Twelve Months  
    2007   2006 % 2007   2006 %

    Net Income

    $ Millions 11,660 10,250 14 40,610 39,500 3
    $ Per Common Share
    Assuming Dilution 2.13 1.76 21 7.28 6.62 10

    Special Items

    $ Millions 0 410 0 410
     

    Earnings Excluding Special Items

    $ Millions 11,660 9,840 18 40,610 39,090 4
    $ Per Common Share
    Assuming Dilution 2.13 1.69 26 7.28 6.55 11
     
    Capital and Exploration
    Expenditures - $ Millions 6,151 5,069 20,853 19,855

    EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

    ExxonMobil's full year 2007 net income and earnings excluding special items were a record $40,610 million ($7.28 per share), reflecting strong results in all business segments.

    We continued to supply crude oil and natural gas volumes to meet the worlds energy needs through disciplined development and operation of our globally diverse resource base. Capital and exploration project spending increased to $20,853 million in 2007, up 5% from 2006. Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network. Operations reliability in our global Downstream and Chemical businesses continued to supply the important products consumers require around the world.

    The Corporation distributed a total of $35.6 billion to shareholders in 2007 through dividends and share purchases to reduce shares outstanding, up $3.0 billion from 2006.

    ExxonMobils fourth quarter earnings excluding special items were a record $11,660 million, up 18% from the fourth quarter of 2006. Higher crude oil and natural gas realizations and gains on asset sales were partly offset by lower chemical margins.

    FOURTH QUARTER HIGHLIGHTS

    • Net income was a record $11,660 million, up 14% from the fourth quarter of 2006. Fourth quarter 2006 net income included a special tax-related benefit of $410 million.
    • Cash flow from operations and asset sales was approximately $13.1 billion, including asset sales of $1.8 billion.
    • Spending on capital and exploration projects was $6.2 billion, up 21% from the fourth quarter of 2006.
    • Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production on an oil-equivalent basis increased nearly 3%.
    • The Marimba North project, located more than 90 miles off the coast of Angola in approximately 3,900 feet of water, started production ahead of schedule and within budget. The project is the first tie-back development to the Kizomba A infrastructure, and is designed to develop 80 million barrels of oil (gross) and is expected to have peak production capacity of about 40,000 barrels of oil per day (gross).
    • ExxonMobil Chemical and ExxonMobils Japanese affiliate, Tonen Chemical, introduced new battery separator film technologies that are expected to significantly enhance the safety, power and reliability of lithium-ion batteries for use in hybrid and electric vehicles.

    Fourth Quarter 2007 vs. Fourth Quarter 2006

    Upstream earnings were $8,204 million, up $1,984 million from the fourth quarter of 2006 primarily reflecting higher crude oil realizations and higher gains on asset sales partly offset by tax items and lower liquid volumes.

    On an oil-equivalent basis, production increased nearly 1% from the fourth quarter of 2006. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was up nearly 3%.

    Liquids production of 2,517 kbd (thousands of barrels per day) was 161 kbd lower. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, liquids production was down 3%. Mature field decline and PSC net interest reductions were partly offset by increased production from projects in Russia and West Africa.

    Fourth quarter natural gas production was 10,414 mcfd (millions of cubic feet per day), up 1,113 mcfd, or 12%, from 2006. Higher European demand and increased volume from projects in Qatar and the North Sea were partly offset by mature field decline.

    Earnings from U.S. Upstream operations were $1,275 million, $223 million higher than the fourth quarter of 2006. Non-U.S. Upstream earnings were $6,929 million, up $1,761 million from 2006.

    Downstream earnings of $2,267 million were $307 million higher than the fourth quarter of 2006. Gains on asset sales were about $450 million higher, and a LIFO inventory gain of approximately $250 million was consistent with 2006 LIFO inventory results. Fourth quarter 2007 earnings also reflected improved refinery operations partly offset by lower U.S. refining margins. Petroleum product sales of 7,125 kbd were 322 kbd lower than last year's fourth quarter, mainly reflecting asset sales.

    U.S. Downstream earnings were $622 million, down $323 million from the fourth quarter of 2006. Non-U.S. Downstream earnings of $1,645 million were $630 million higher and included the impact of higher gains on asset sales.

    Chemical earnings of $1,112 million were $130 million lower than the fourth quarter of 2006, mainly due to lower margins and lower LIFO inventory effects partly offset by higher sales volumes. Prime product sales of 7,049 kt (thousands of metric tons) in the fourth quarter of 2007 were up 222 kt from the prior year.

    Corporate and financing earnings excluding special items were $77 million, down $341 million, mainly due to tax items.

    During the fourth quarter of 2007, Exxon Mobil Corporation purchased 88 million shares of its common stock for the treasury at a gross cost of $7.9 billion. These purchases included $7.0 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the company's benefit plans and programs. Shares outstanding were reduced from 5,464 million at the end of the third quarter to 5,382 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 2007 vs. Full Year 2006

    Net income of $40,610 million ($7.28 per share) was a record and increased $1,110 million from 2006. Net income for 2006 included a special item of $410 million for a tax-related benefit in the corporate and financing segment. Excluding this impact, 2007 earnings increased by $1,520 million.

    FULL YEAR HIGHLIGHTS

    • Earnings excluding special items were a record $40,610 million, up 4%, reflecting record performance across all business segments.
    • Earnings per share excluding special items increased 11% to $7.28, reflecting strong business results and the continued reduction in the number of shares outstanding.
    • Net income was up 3% from 2006, which included a special item of $410 million for a tax-related benefit. Net income for 2007 did not include any special items.
    • Cash flow from operations and asset sales was approximately $56.2 billion, including $4.2 billion from asset sales.
    • The Corporation distributed a total of $35.6 billion to shareholders in 2007 through dividends and share purchases to reduce shares outstanding, an increase of $3.0 billion versus 2006.
    • Dividends per share of $1.37 increased 7%.
    • Capital and exploration expenditures were $20.9 billion, an increase of 5% versus 2006.
    • Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production on an oil-equivalent basis increased nearly 1%.

    Upstream earnings were a record $26,497 million, an increase of $267 million from 2006 due to higher crude oil realizations and favorable sales mix effects, mostly offset by higher operating expenses, net unfavorable tax items and lower natural gas realizations.

    On an oil-equivalent basis, production decreased 1% from last year. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was up nearly 1%.

    Liquids production of 2,616 kbd decreased 65 kbd from 2006. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, liquids production was flat. Mature field decline and PSC net interest reductions were offset by higher production from projects in Russia and West Africa.

    Natural gas production of 9,384 mcfd increased 50 mcfd from 2006. Higher volumes from projects in Qatar and the North Sea were mostly offset by mature field decline.

    Earnings from U.S. Upstream operations in 2007 were $4,870 million, a decrease of $298 million. Earnings outside the U.S. were $21,627 million, $565 million higher than 2006.

    Downstream earnings were a record $9,573 million, up $1,119 million from 2006, reflecting higher gains on asset sales and improved refinery operations partly offset by lower refining margins. Petroleum product sales of 7,099 kbd decreased from 7,247 kbd in 2006.

    U.S. Downstream earnings were $4,120 million, down $130 million. Non-U.S. Downstream earnings were $5,453 million, $1,249 million higher than last year.

    Chemical earnings were a record $4,563 million, up $181 million from 2006, driven by higher sales volumes and favorable foreign exchange effects partly offset by weaker margins. Prime product sales were 27,480 kt, up 130 kt from 2006.

    Corporate and financing expenses excluding special items were $23 million and were comparable to 2006.

    In 2007, Exxon Mobil Corporation purchased 386 million shares of its common stock for the treasury at a gross cost of $31.8 billion. These purchases included $28.0 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the companys benefit plans and programs. Shares outstanding were reduced from 5,729 million at the end of 2006 to 5,382 million at the end of 2007, a decrease of 6.1%.

    Estimates of key financial and operating data follow.

    ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. Central time on February 1, 2008. To listen to the event live or in archive, go to our website at "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 2006 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 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. 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. A reconciliation to net cash provided by operating activities is shown in Attachment II. Further information on ExxonMobil's frequently used financial and operating measures is contained on pages 32 and 33 in the 2006 Form 10-K and is also available through the Investor Information section of our website at "exxonmobil.com."

      Attachment I
     
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
    (millions of dollars, unless noted)
         

    Fourth
    Quarter

    Twelve
    Months

    2007 2006 2007 2006
    Earnings / Earnings Per Share
    Total revenues and other income 116,642 90,028 404,552 377,635
    Total costs and other deductions 96,920 74,467 334,078 310,233
    Income before income taxes 19,722 15,561 70,474 67,402
    Income taxes 8,062 5,311 29,864 27,902
    Net income (U.S. GAAP) 11,660 10,250 40,610 39,500
    Net income per common share (dollars) 2.15 1.77 7.36 6.68

    Net income per common share - assuming dilution (dollars)

    2.13 1.76 7.28 6.62
    Other Financial Data
    Dividends on common stock
    Total 1,903 1,853 7,621 7,628
    Per common share (dollars) 0.35 0.32 1.37 1.28
    Millions of common shares outstanding
    At December 31 5,382 5,729
    Average - assuming dilution 5,454 5,816 5,577 5,970
    Shareholders' equity at December 31 121,762 113,844
    Capital employed at December 31 133,664 123,855
    Income taxes 8,062 5,311 29,864 27,902
    Sales-based taxes 8,664 6,742 31,728 30,381
    All other taxes 12,065 10,820 44,091 42,393
    Total taxes 28,791 22,873 105,683 100,676

    ExxonMobil's share of income taxes of equity companies

    920 609 2,547 1,920
    Attachment II
     
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
    (millions of dollars)

    Fourth
    Quarter

     

    Twelve
    Months

    2007   2006 2007     2006
    Net Income (U.S. GAAP)
    Upstream
    United States 1,275 1,052 4,870 5,168
    Non-U.S. 6,929 5,168 21,627 21,062
    Downstream
    United States 622 945 4,120 4,250
    Non-U.S. 1,645 1,015 5,453 4,204
    Chemical
    United States 335 384 1,181 1,360
    Non-U.S. 777 858 3,382 3,022
    Corporate and financing 77 828 (23 ) 434
    Corporate total 11,660 10,250 40,610 39,500
    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 0 410 0 410
    Corporate total 0 410 0 410
    Earnings Excluding Special Items
    Upstream
    United States 1,275 1,052 4,870 5,168
    Non-U.S. 6,929 5,168 21,627 21,062
    Downstream
    United States 622 945 4,120 4,250
    Non-U.S. 1,645 1,015 5,453 4,204
    Chemical
    United States 335 384 1,181 1,360
    Non-U.S. 777 858 3,382 3,022
    Corporate and financing 77 418 (23 ) 24
    Corporate total 11,660 9,840 40,610   39,090
    Cash flow from operations and asset sales (billions of dollars)
    Net cash provided by operating activities (U.S. GAAP) 11.3 8.8 52.0 49.3
    Sales of subsidiaries, investments and property, plant and equipment 1.8 0.8 4.2 3.1
    Cash flow from operations and asset sales 13.1 9.6 56.2   52.4
    Attachment III
     
         
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
     

    Fourth
    Quarter

    Twelve
    Months

    2007 2006 2007 2006

    Net production of crude oil and natural gas liquids, thousands of barrels daily (kbd)

    United States 385 404 392 414
    Canada/South America 305 355 324 354
    Europe 461 516 480 520
    Africa 669 772 717 781
    Asia Pacific/Middle East 503 487 518 485
    Russia/Caspian 194 144 185 127
    Worldwide 2,517 2,678 2,616 2,681
     

    Natural gas production available for sale, millions of cubic feet daily (mcfd)

    United States 1,405 1,588 1,468 1,625
    Canada/South America 717 894 808 935
    Europe 4,945 4,108 3,810 4,086
    Africa 26 0 26 0
    Asia Pacific/Middle East 3,205 2,601 3,162 2,596
    Russia/Caspian 116 110 110 92
    Worldwide 10,414 9,301 9,384 9,334
     
    Oil-equivalent production (koebd) 1 4,253 4,228 4,180 4,237
     
     
     
    1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
    Attachment IV
     
         
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
     
    Fourth Quarter Twelve Months
    2007 2006 2007 2006
    Refinery throughput (kbd)
    United States 1,804 1,837 1,746 1,760
    Canada 467 456 442 442
    Europe 1,660 1,616 1,642 1,672
    Asia Pacific 1,457 1,474 1,416 1,434
    Other 329 315 325 295
    Worldwide 5,717 5,698 5,571 5,603
     
    Petroleum product sales (kbd) 1
    United States 2,733 2,851 2,717 2,729
    Canada 475 483 461 473
    Europe 1,728 1,779 1,773 1,813
    Asia Pacific 1,472 1,530 1,419 1,461
    Other 717 804 729 771
    Worldwide 7,125 7,447 7,099 7,247
     
    Gasolines, naphthas 2,833 2,952 2,850 2,866
    Heating oils, kerosene, diesel 2,155 2,303 2,094 2,191
    Aviation fuels 639 652 641 651
    Heavy fuels 724 677 715 682
    Specialty products 774 863 799 857
    Worldwide 7,125 7,447 7,099 7,247
     

    Chemical prime product sales, thousands of metric tons (kt)

    United States 2,762 2,775 10,855 10,703
    Non-U.S. 4,287 4,052 16,625 16,647
    Worldwide 7,049 6,827 27,480 27,350
     
     
     

    1 Petroleum product sales data is reported net of purchases/sales contracts with the same counterparty.

    Attachment V
     
         
    EXXON MOBIL CORPORATION
    FOURTH QUARTER 2007
    (millions of dollars)
     
    Fourth Quarter Twelve Months
    2007 2006 2007 2006
    Capital and Exploration Expenditures
    Upstream
    United States 681 713 2,212 2,486
    Non-U.S. 3,857 3,357 13,512 13,745
    Total 4,538 4,070 15,724 16,231
    Downstream
    United States 336 197 1,128 824
    Non-U.S. 578 551 2,175 1,905
    Total 914 748 3,303 2,729
    Chemical
    United States 118 78 360 280
    Non-U.S. 568 153 1,422 476
    Total 686 231 1,782 756
    Other 13 20 44 139
     
    Worldwide 6,151 5,069 20,853 19,855
     
     

    Exploration expenses charged to income included above

    Consolidated affiliates
    United States 79 59 280 243
    Non-U.S. 419 314 1,177 925
    Equity companies - ExxonMobil share
    United States 0 2 2 2
    Non-U.S. 22 4 30 9
    Worldwide 520 379 1,489 1,179
    Attachment VI

     

     
    EXXON MOBIL CORPORATION
    NET INCOME
     
     
    $ Millions $ Per Common Share
     

    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
     

    2007

    First Quarter 9,280 1.64
    Second Quarter 10,260 1.85
    Third Quarter 9,410 1.72
    Fourth Quarter 11,660 2.15
    Year 40,610 7.36

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