Where Your News Is Made.

Reach your press release and disclosure targets.

Get more views with multimedia.

Track your results and refine your message.

Be the news everyone talks about.

    News with Multimedia

    Exxon Mobil Corporation Announces Estimated Second Quarter 2008 Results

    IRVING, Texas--()--

    Exxon Mobil Corporation (NYSE:XOM):

      Second Quarter     First Half  
    2008     2007 % 2008     2007 %
    Net Income
    $ Millions 11,680 10,260 14 22,570 19,540 16
    $ Per Common Share
    Assuming Dilution 2.22 1.83 21 4.25 3.45 23
     
    Special Items
    $ Millions (290 ) 0 (290 ) 0
     
    Earnings Excluding Special Items
    $ Millions 11,970 10,260 17 22,860 19,540 17
    $ Per Common Share
    Assuming Dilution 2.27 1.83 24 4.30 3.45 25
     
    Capital and Exploration
    Expenditures - $ Millions 6,970 5,039 38 12,461 9,261 35

    EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

    "ExxonMobil's second quarter earnings excluding special items were a record $11,970 million, up 17% from the second quarter of 2007. Earnings per share excluding special items were up 24% reflecting the impact of the continuing share purchase program. Net income for the second quarter was $11,680 million, up 14% from the second quarter of 2007. Net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs. First half earnings excluding special items increased by 17% over the first half of 2007 reflecting higher crude oil and natural gas realizations. Net income for the first half of 2008 was up 16% versus 2007.

    "ExxonMobil increased investments across all business lines to help meet global demand for crude oil, natural gas and finished products. Capital and exploration project spending increased to $7.0 billion in the second quarter, up 38% from last year. For the first half of 2008, spending on capital and exploration projects was $12.5 billion.

    "The Corporation distributed a total of $10.1 billion to shareholders in the second quarter through dividends of $2.1 billion and share purchases to reduce shares outstanding of $8.0 billion, an increase of 12% or $1.1 billion versus the second quarter of 2007.

    SECOND QUARTER HIGHLIGHTS

    • Earnings excluding special items were a record $11,970 million, an increase of 17% or $1,710 million from the second quarter of 2007.
    • Earnings per share excluding special items were up 24% to $2.27 reflecting strong earnings and the continued reduction in the number of shares outstanding.
    • Net income was a record at $11,680 million, up 14% from the second quarter of 2007.
    • Second quarter 2008 net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation.
    • The effective income tax rate increased to 49% versus 44%.
    • Capital and exploration expenditures were $7.0 billion, up 38% from the second quarter of 2007.
    • Cash flow from operations and asset sales was approximately $14.6 billion, including asset sales of $1.2 billion.
    • Share purchases of $8.0 billion reduced shares outstanding by 1.7%.
    • ExxonMobil launched a new synthetic motor oil, Mobil 1 Advanced Fuel Economy, that can improve fuel efficiency in modern gasoline engines and benefit the environment by reducing greenhouse gas emissions.
    • ExxonMobil announced plans to complete development and testing of a commercial demonstration plant near LaBarge, Wyoming using its Controlled Freeze ZoneTM technology. If successful, this technology will assist in the development of additional gas resources to meet the worlds growing demand for energy and facilitate the application of carbon capture and storage to reduce greenhouse gas emissions.
    • ExxonMobil announced plans to begin commercial evaluation of unconventional hydrocarbon potential covering 184 thousand acres and exploration activities on an additional 387 thousand acres in the Mako Trough in southeast Hungary.

    Second Quarter 2008 vs. Second Quarter 2007

    Upstream earnings were $10,012 million, up $4,059 million from the second quarter of 2007. Record crude oil and natural gas realizations increased earnings approximately $6.1 billion. Lower sales volumes decreased earnings about $1.7 billion. Higher operating costs and increased taxes also reduced earnings.

    On an oil-equivalent basis, production decreased 8% from the second quarter of 2007. Excluding impacts related to the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes (which include price and spend impacts and PSC net interest reductions), production was down about 3%.

    Liquids production totaled 2,393 kbd (thousands of barrels per day), down 275 kbd from the second quarter of 2007. Excluding the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, liquids production was down just over 2%, as increased production from projects in west Africa and the North Sea was more than offset by mature field decline and higher maintenance activity.

    Second quarter natural gas production was 8,448 mcfd (millions of cubic feet per day), down 285 mcfd from 2007. Higher European demand and new production volumes from project additions in the North Sea were more than offset by mature field decline and increased maintenance activity.

    Earnings from U.S. Upstream operations were $2,034 million, $812 million higher than the second quarter of 2007. Non-U.S. Upstream earnings were $7,978 million, up $3,247 million from last year.

    Downstream earnings of $1,558 million were down $1,835 million from the second quarter of 2007 as lower margins reduced earnings by $1.9 billion, driven by significantly lower worldwide refining margins. Petroleum product sales of 6,775 kbd were 199 kbd lower than last year's second quarter, mainly reflecting asset sales and lower demand.

    U.S. Downstream earnings were $293 million, down $1,452 million from the second quarter of 2007. Non-U.S. Downstream earnings of $1,265 million were $383 million lower.

    Chemical earnings of $687 million were $326 million lower than the second quarter of 2007. Lower margins, which reduced earnings approximately $500 million, were partly offset by favorable foreign exchange and tax effects. Prime product sales of 6,718 kt (thousands of metric tons) in the second quarter of 2008 were 179 kt lower than the prior year.

    Corporate and financing expenses of $287 million, excluding the charge related to the Valdez litigation, increased by $188 million, mainly due to tax items and lower interest income.

    During the second quarter of 2008, Exxon Mobil Corporation purchased 98 million shares of its common stock for the treasury at a gross cost of $8.8 billion. These purchases included $8.0 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 5,284 million at the end of the first quarter to 5,194 million at the end of the second 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.

    First Half 2008 vs. First Half 2007

    Net income of $22,570 million ($4.25 per share) was a record and increased $3,030 million from 2007. Excluding special items, earnings for the first half of 2008 were $22,860 million, an increase of $3,320 million from 2007.

    FIRST HALF HIGHLIGHTS

    • Earnings excluding special items were a record $22,860 million, up 17%.
    • Earnings per share excluding special items increased 25% to $4.30, reflecting strong business results and the continued reduction in the number of shares outstanding.
    • Net income was up 16% from 2007. Net income for the first half of 2008 included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Net income for the first half of 2007 did not include any special items.
    • The effective income tax rate increased to 49% versus 44%.
    • Cash flow from operations and asset sales was approximately $36.4 billion, including $1.6 billion from asset sales.
    • The Corporation distributed a total of $20.0 billion to shareholders in 2008 through dividends and share purchases to reduce shares outstanding, an increase of $2.2 billion versus 2007.
    • Year to date dividends per share of $0.75 increased 12%.
    • Capital and exploration expenditures were $12.5 billion, an increase of 35% versus 2007.

    Upstream earnings were a record $18,797 million, up $6,803 million from 2007. Record high crude oil and natural gas realizations increased earnings approximately $10.5 billion. Lower sales volumes reduced earnings about $2.5 billion. Higher taxes, increased operating costs and lower gains on asset sales decreased earnings approximately $1.2 billion.

    On an oil-equivalent basis, production decreased 7% from last year. Excluding impacts related to the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, production was down 2%.

    Liquids production of 2,431 kbd decreased 276 kbd from 2007. Excluding the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, liquids production was down 3% as field decline in mature areas more than offset project volume increases.

    Natural gas production of 9,333 mcfd decreased 86 mcfd from 2007. Higher volumes from North Sea and Qatar projects and higher European demand were more than offset by mature field decline.

    Earnings from U.S. Upstream operations for 2008 were $3,665 million, an increase of $1,266 million. Earnings outside the U.S. were $15,132 million, $5,537 million higher than 2007.

    Downstream earnings of $2,724 million were $2,581 million lower than 2007. Lower worldwide refining and marketing margins decreased earnings approximately $2.9 billion while higher operating costs reduced earnings about $300 million. Improved refinery operations increased earnings about $600 million. Petroleum product sales of 6,798 kbd decreased from 7,085 kbd in 2007, mainly reflecting asset sales.

    U.S. Downstream earnings were $691 million, down $1,893 million. Non-U.S. Downstream earnings were $2,033 million, $688 million lower than last year.

    Chemical earnings of $1,715 million decreased $534 million from 2007. Lower margins, which decreased earnings approximately $800 million, were partly offset by favorable foreign exchange and tax effects. Prime product sales of 13,296 kt were down 406 kt from 2007.

    Corporate and financing expenses of $376 million, excluding the charge related to the Valdez litigation, increased by $368 million, mainly due to lower interest income, higher corporate costs and tax items.

    Gross share purchases through the first half of 2008 were $18.2 billion, reducing shares outstanding by 3.5%.

    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 July 31, 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, 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; 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 2007 Form 10-K. We assume no duty to update these statements as of any future date. References to quantities of oil expected to be developed may include amounts not yet classified as proved reserves but that we believe will ultimately be produced.

    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 and other terms is contained under the heading "Frequently Used Terms" available through the Investors section of our website at exxonmobil.com.

      Attachment I
     
     
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
    (millions of dollars, unless noted)
           
    Second Quarter First Half
    2008 2007 2008 2007
    Earnings / Earnings Per Share
     
    Total revenues and other income 138,072 98,350 254,926 185,573
    Total costs and other deductions 115,866 80,422 212,528 151,581
    Income before income taxes 22,206 17,928 42,398 33,992
    Income taxes 10,526 7,668 19,828 14,452
    Net income (U.S. GAAP) 11,680 10,260 22,570 19,540
     
    Net income per common share (dollars) 2.25 1.85 4.30 3.49
     

    Net income per common share - assuming dilution (dollars)

    2.22 1.83 4.25 3.45
     
    Other Financial Data
     
    Dividends on common stock
    Total 2,098 1,961 3,977 3,786
    Per common share (dollars) 0.40 0.35 0.75 0.67
     
    Millions of common shares outstanding
    At June 30 5,194 5,546
    Average - assuming dilution 5,261 5,620 5,311 5,665
     
    Shareholders' equity at June 30 124,826 116,350
    Capital employed at June 30 136,749 126,520
     
    Income taxes 10,526 7,668 19,828 14,452
    Sales-based taxes 9,538 7,810 17,970 15,094
    All other taxes 12,297 10,665 23,904 21,073
    Total taxes 32,361 26,143 61,702 50,619
     

    ExxonMobil's share of income taxes of equity companies

    888 517 1,893 1,090
    Attachment II
     
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
    (millions of dollars)
         
    Second Quarter First Half
    2008   2007 2008   2007
    Net Income (U.S. GAAP)
    Upstream
    United States 2,034 1,222 3,665 2,399
    Non-U.S. 7,978 4,731 15,132 9,595
    Downstream
    United States 293 1,745 691 2,584
    Non-U.S. 1,265 1,648 2,033 2,721
    Chemical
    United States 102 204 386 550
    Non-U.S. 585 809 1,329 1,699
    Corporate and financing (577 ) (99 ) (666 ) (8 )
    Corporate total 11,680 10,260 22,570 19,540
    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 (290 ) 0 (290 ) 0
    Corporate total (290 ) 0 (290 ) 0
    Earnings Excluding Special Items
    Upstream
    United States 2,034 1,222 3,665 2,399
    Non-U.S. 7,978 4,731 15,132 9,595
    Downstream
    United States 293 1,745 691 2,584
    Non-U.S. 1,265 1,648 2,033 2,721
    Chemical
    United States 102 204 386 550
    Non-U.S. 585 809 1,329 1,699
    Corporate and financing (287 ) (99 ) (376 ) (8 )
    Corporate total 11,970   10,260   22,860   19,540  
    Cash flow from operations and asset sales (billions of dollars)
    Net cash provided by operating activities
    (U.S. GAAP)
    13.4 11.3 34.8 25.6
    Sales of subsidiaries, investments and property, plant and equipment 1.2 1.2 1.6 1.7
    Cash flow from operations and asset sales 14.6   12.5   36.4   27.3  
    Attachment III
     
           
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
     
    Second Quarter First Half
    2008 2007 2008 2007

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

    United States 368 393 377 404
    Canada/South America 281 340 289 336
    Europe 439 490 448 507
    Africa 637 734 636 758
    Asia Pacific/Middle East 509 529 504 518
    Russia/Caspian 159 182 177 184
    Worldwide 2,393 2,668 2,431 2,707
     

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

    United States 1,274 1,540 1,275 1,527
    Canada/South America 652 868 659 860
    Europe 3,256 3,029 4,191 3,815
    Africa 30 26 32 25
    Asia Pacific/Middle East 3,129 3,173 3,061 3,086
    Russia/Caspian 107 97 115 106
    Worldwide 8,448 8,733 9,333 9,419
     
    Oil-equivalent production (koebd) 1 3,801 4,123 3,986 4,277
     
     
     
    1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
    Attachment IV
     
           
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
     
    Second Quarter First Half
    2008 2007 2008 2007
    Refinery throughput (kbd)
    United States 1,811 1,592 1,785 1,695
    Canada 451 410 438 425
    Europe 1,590 1,621 1,581 1,631
    Asia Pacific 1,312 1,337 1,381 1,420
    Other 308 319 314 320
    Worldwide 5,472 5,279 5,499 5,491
     
    Petroleum product sales (kbd)
    United States 2,584 2,651 2,566 2,712
    Canada 425 451 433 450
    Europe 1,719 1,769 1,713 1,791
    Asia Pacific 1,321 1,345 1,366 1,386
    Other 726 758 720 746
    Worldwide 6,775 6,974 6,798 7,085
     
    Gasolines, naphthas 2,636 2,876 2,651 2,867
    Heating oils, kerosene, diesel 2,067 1,973 2,078 2,083
    Aviation fuels 623 622 618 627
    Heavy fuels 630 682 658 705
    Specialty products 819 821 793 803
    Worldwide 6,775 6,974 6,798 7,085
     

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

    United States 2,702 2,701 5,257 5,432
    Non-U.S. 4,016 4,196 8,039 8,270
    Worldwide 6,718 6,897 13,296 13,702
    Attachment V
     
           
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
    (millions of dollars)
     
    Second Quarter First Half
    2008 2007 2008 2007
    Capital and Exploration Expenditures
    Upstream
    United States 743 497 1,334 963
    Non-U.S. 4,514 3,369 8,018 6,372
    Total 5,257 3,866 9,352 7,335
    Downstream
    United States 426 317 777 529
    Non-U.S. 478 557 954 876
    Total 904 874 1,731 1,405
    Chemical
    United States 123 62 222 146
    Non-U.S. 674 214 1,141 349
    Total 797 276 1,363 495
     
    Other 12 23 15 26
     
    Worldwide 6,970 5,039 12,461 9,261
     
     

    Exploration expenses charged to income included above

    Consolidated affiliates
    United States 46 37 99 126
    Non-U.S. 288 308 571 487
    Equity companies - ExxonMobil share
    United States 0 1 0 2
    Non-U.S. 5 1 7 3
    Worldwide 339 347 677 618
    Attachment VI
     
       
    EXXON MOBIL CORPORATION
    NET INCOME
     
     
    $ Millions $ Per Common Share
     

    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
     

    2008

    First Quarter 10,890 2.05
    Second Quarter 11,680 2.25

    Contacts

    ExxonMobil
    Media Relations, 972-444-1107

    Recent Stories

    RSS feed for Exxon Mobil Corporation

    More News with Multimedia

    Latest News

    Exxon Mobil Corporation Announces Estimated Second Quarter 2008 Results

    IRVING, Texas--()--

    Exxon Mobil Corporation (NYSE:XOM):

      Second Quarter     First Half  
    2008     2007 % 2008     2007 %
    Net Income
    $ Millions 11,680 10,260 14 22,570 19,540 16
    $ Per Common Share
    Assuming Dilution 2.22 1.83 21 4.25 3.45 23
     
    Special Items
    $ Millions (290 ) 0 (290 ) 0
     
    Earnings Excluding Special Items
    $ Millions 11,970 10,260 17 22,860 19,540 17
    $ Per Common Share
    Assuming Dilution 2.27 1.83 24 4.30 3.45 25
     
    Capital and Exploration
    Expenditures - $ Millions 6,970 5,039 38 12,461 9,261 35

    EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

    "ExxonMobil's second quarter earnings excluding special items were a record $11,970 million, up 17% from the second quarter of 2007. Earnings per share excluding special items were up 24% reflecting the impact of the continuing share purchase program. Net income for the second quarter was $11,680 million, up 14% from the second quarter of 2007. Net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs. First half earnings excluding special items increased by 17% over the first half of 2007 reflecting higher crude oil and natural gas realizations. Net income for the first half of 2008 was up 16% versus 2007.

    "ExxonMobil increased investments across all business lines to help meet global demand for crude oil, natural gas and finished products. Capital and exploration project spending increased to $7.0 billion in the second quarter, up 38% from last year. For the first half of 2008, spending on capital and exploration projects was $12.5 billion.

    "The Corporation distributed a total of $10.1 billion to shareholders in the second quarter through dividends of $2.1 billion and share purchases to reduce shares outstanding of $8.0 billion, an increase of 12% or $1.1 billion versus the second quarter of 2007.

    SECOND QUARTER HIGHLIGHTS

    • Earnings excluding special items were a record $11,970 million, an increase of 17% or $1,710 million from the second quarter of 2007.
    • Earnings per share excluding special items were up 24% to $2.27 reflecting strong earnings and the continued reduction in the number of shares outstanding.
    • Net income was a record at $11,680 million, up 14% from the second quarter of 2007.
    • Second quarter 2008 net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation.
    • The effective income tax rate increased to 49% versus 44%.
    • Capital and exploration expenditures were $7.0 billion, up 38% from the second quarter of 2007.
    • Cash flow from operations and asset sales was approximately $14.6 billion, including asset sales of $1.2 billion.
    • Share purchases of $8.0 billion reduced shares outstanding by 1.7%.
    • ExxonMobil launched a new synthetic motor oil, Mobil 1 Advanced Fuel Economy, that can improve fuel efficiency in modern gasoline engines and benefit the environment by reducing greenhouse gas emissions.
    • ExxonMobil announced plans to complete development and testing of a commercial demonstration plant near LaBarge, Wyoming using its Controlled Freeze ZoneTM technology. If successful, this technology will assist in the development of additional gas resources to meet the worlds growing demand for energy and facilitate the application of carbon capture and storage to reduce greenhouse gas emissions.
    • ExxonMobil announced plans to begin commercial evaluation of unconventional hydrocarbon potential covering 184 thousand acres and exploration activities on an additional 387 thousand acres in the Mako Trough in southeast Hungary.

    Second Quarter 2008 vs. Second Quarter 2007

    Upstream earnings were $10,012 million, up $4,059 million from the second quarter of 2007. Record crude oil and natural gas realizations increased earnings approximately $6.1 billion. Lower sales volumes decreased earnings about $1.7 billion. Higher operating costs and increased taxes also reduced earnings.

    On an oil-equivalent basis, production decreased 8% from the second quarter of 2007. Excluding impacts related to the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes (which include price and spend impacts and PSC net interest reductions), production was down about 3%.

    Liquids production totaled 2,393 kbd (thousands of barrels per day), down 275 kbd from the second quarter of 2007. Excluding the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, liquids production was down just over 2%, as increased production from projects in west Africa and the North Sea was more than offset by mature field decline and higher maintenance activity.

    Second quarter natural gas production was 8,448 mcfd (millions of cubic feet per day), down 285 mcfd from 2007. Higher European demand and new production volumes from project additions in the North Sea were more than offset by mature field decline and increased maintenance activity.

    Earnings from U.S. Upstream operations were $2,034 million, $812 million higher than the second quarter of 2007. Non-U.S. Upstream earnings were $7,978 million, up $3,247 million from last year.

    Downstream earnings of $1,558 million were down $1,835 million from the second quarter of 2007 as lower margins reduced earnings by $1.9 billion, driven by significantly lower worldwide refining margins. Petroleum product sales of 6,775 kbd were 199 kbd lower than last year's second quarter, mainly reflecting asset sales and lower demand.

    U.S. Downstream earnings were $293 million, down $1,452 million from the second quarter of 2007. Non-U.S. Downstream earnings of $1,265 million were $383 million lower.

    Chemical earnings of $687 million were $326 million lower than the second quarter of 2007. Lower margins, which reduced earnings approximately $500 million, were partly offset by favorable foreign exchange and tax effects. Prime product sales of 6,718 kt (thousands of metric tons) in the second quarter of 2008 were 179 kt lower than the prior year.

    Corporate and financing expenses of $287 million, excluding the charge related to the Valdez litigation, increased by $188 million, mainly due to tax items and lower interest income.

    During the second quarter of 2008, Exxon Mobil Corporation purchased 98 million shares of its common stock for the treasury at a gross cost of $8.8 billion. These purchases included $8.0 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 5,284 million at the end of the first quarter to 5,194 million at the end of the second 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.

    First Half 2008 vs. First Half 2007

    Net income of $22,570 million ($4.25 per share) was a record and increased $3,030 million from 2007. Excluding special items, earnings for the first half of 2008 were $22,860 million, an increase of $3,320 million from 2007.

    FIRST HALF HIGHLIGHTS

    • Earnings excluding special items were a record $22,860 million, up 17%.
    • Earnings per share excluding special items increased 25% to $4.30, reflecting strong business results and the continued reduction in the number of shares outstanding.
    • Net income was up 16% from 2007. Net income for the first half of 2008 included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Net income for the first half of 2007 did not include any special items.
    • The effective income tax rate increased to 49% versus 44%.
    • Cash flow from operations and asset sales was approximately $36.4 billion, including $1.6 billion from asset sales.
    • The Corporation distributed a total of $20.0 billion to shareholders in 2008 through dividends and share purchases to reduce shares outstanding, an increase of $2.2 billion versus 2007.
    • Year to date dividends per share of $0.75 increased 12%.
    • Capital and exploration expenditures were $12.5 billion, an increase of 35% versus 2007.

    Upstream earnings were a record $18,797 million, up $6,803 million from 2007. Record high crude oil and natural gas realizations increased earnings approximately $10.5 billion. Lower sales volumes reduced earnings about $2.5 billion. Higher taxes, increased operating costs and lower gains on asset sales decreased earnings approximately $1.2 billion.

    On an oil-equivalent basis, production decreased 7% from last year. Excluding impacts related to the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, production was down 2%.

    Liquids production of 2,431 kbd decreased 276 kbd from 2007. Excluding the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, liquids production was down 3% as field decline in mature areas more than offset project volume increases.

    Natural gas production of 9,333 mcfd decreased 86 mcfd from 2007. Higher volumes from North Sea and Qatar projects and higher European demand were more than offset by mature field decline.

    Earnings from U.S. Upstream operations for 2008 were $3,665 million, an increase of $1,266 million. Earnings outside the U.S. were $15,132 million, $5,537 million higher than 2007.

    Downstream earnings of $2,724 million were $2,581 million lower than 2007. Lower worldwide refining and marketing margins decreased earnings approximately $2.9 billion while higher operating costs reduced earnings about $300 million. Improved refinery operations increased earnings about $600 million. Petroleum product sales of 6,798 kbd decreased from 7,085 kbd in 2007, mainly reflecting asset sales.

    U.S. Downstream earnings were $691 million, down $1,893 million. Non-U.S. Downstream earnings were $2,033 million, $688 million lower than last year.

    Chemical earnings of $1,715 million decreased $534 million from 2007. Lower margins, which decreased earnings approximately $800 million, were partly offset by favorable foreign exchange and tax effects. Prime product sales of 13,296 kt were down 406 kt from 2007.

    Corporate and financing expenses of $376 million, excluding the charge related to the Valdez litigation, increased by $368 million, mainly due to lower interest income, higher corporate costs and tax items.

    Gross share purchases through the first half of 2008 were $18.2 billion, reducing shares outstanding by 3.5%.

    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 July 31, 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, 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; 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 2007 Form 10-K. We assume no duty to update these statements as of any future date. References to quantities of oil expected to be developed may include amounts not yet classified as proved reserves but that we believe will ultimately be produced.

    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 and other terms is contained under the heading "Frequently Used Terms" available through the Investors section of our website at exxonmobil.com.

      Attachment I
     
     
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
    (millions of dollars, unless noted)
           
    Second Quarter First Half
    2008 2007 2008 2007
    Earnings / Earnings Per Share
     
    Total revenues and other income 138,072 98,350 254,926 185,573
    Total costs and other deductions 115,866 80,422 212,528 151,581
    Income before income taxes 22,206 17,928 42,398 33,992
    Income taxes 10,526 7,668 19,828 14,452
    Net income (U.S. GAAP) 11,680 10,260 22,570 19,540
     
    Net income per common share (dollars) 2.25 1.85 4.30 3.49
     

    Net income per common share - assuming dilution (dollars)

    2.22 1.83 4.25 3.45
     
    Other Financial Data
     
    Dividends on common stock
    Total 2,098 1,961 3,977 3,786
    Per common share (dollars) 0.40 0.35 0.75 0.67
     
    Millions of common shares outstanding
    At June 30 5,194 5,546
    Average - assuming dilution 5,261 5,620 5,311 5,665
     
    Shareholders' equity at June 30 124,826 116,350
    Capital employed at June 30 136,749 126,520
     
    Income taxes 10,526 7,668 19,828 14,452
    Sales-based taxes 9,538 7,810 17,970 15,094
    All other taxes 12,297 10,665 23,904 21,073
    Total taxes 32,361 26,143 61,702 50,619
     

    ExxonMobil's share of income taxes of equity companies

    888 517 1,893 1,090
    Attachment II
     
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
    (millions of dollars)
         
    Second Quarter First Half
    2008   2007 2008   2007
    Net Income (U.S. GAAP)
    Upstream
    United States 2,034 1,222 3,665 2,399
    Non-U.S. 7,978 4,731 15,132 9,595
    Downstream
    United States 293 1,745 691 2,584
    Non-U.S. 1,265 1,648 2,033 2,721
    Chemical
    United States 102 204 386 550
    Non-U.S. 585 809 1,329 1,699
    Corporate and financing (577 ) (99 ) (666 ) (8 )
    Corporate total 11,680 10,260 22,570 19,540
    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 (290 ) 0 (290 ) 0
    Corporate total (290 ) 0 (290 ) 0
    Earnings Excluding Special Items
    Upstream
    United States 2,034 1,222 3,665 2,399
    Non-U.S. 7,978 4,731 15,132 9,595
    Downstream
    United States 293 1,745 691 2,584
    Non-U.S. 1,265 1,648 2,033 2,721
    Chemical
    United States 102 204 386 550
    Non-U.S. 585 809 1,329 1,699
    Corporate and financing (287 ) (99 ) (376 ) (8 )
    Corporate total 11,970   10,260   22,860   19,540  
    Cash flow from operations and asset sales (billions of dollars)
    Net cash provided by operating activities
    (U.S. GAAP)
    13.4 11.3 34.8 25.6
    Sales of subsidiaries, investments and property, plant and equipment 1.2 1.2 1.6 1.7
    Cash flow from operations and asset sales 14.6   12.5   36.4   27.3  
    Attachment III
     
           
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
     
    Second Quarter First Half
    2008 2007 2008 2007

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

    United States 368 393 377 404
    Canada/South America 281 340 289 336
    Europe 439 490 448 507
    Africa 637 734 636 758
    Asia Pacific/Middle East 509 529 504 518
    Russia/Caspian 159 182 177 184
    Worldwide 2,393 2,668 2,431 2,707
     

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

    United States 1,274 1,540 1,275 1,527
    Canada/South America 652 868 659 860
    Europe 3,256 3,029 4,191 3,815
    Africa 30 26 32 25
    Asia Pacific/Middle East 3,129 3,173 3,061 3,086
    Russia/Caspian 107 97 115 106
    Worldwide 8,448 8,733 9,333 9,419
     
    Oil-equivalent production (koebd) 1 3,801 4,123 3,986 4,277
     
     
     
    1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
    Attachment IV
     
           
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
     
    Second Quarter First Half
    2008 2007 2008 2007
    Refinery throughput (kbd)
    United States 1,811 1,592 1,785 1,695
    Canada 451 410 438 425
    Europe 1,590 1,621 1,581 1,631
    Asia Pacific 1,312 1,337 1,381 1,420
    Other 308 319 314 320
    Worldwide 5,472 5,279 5,499 5,491
     
    Petroleum product sales (kbd)
    United States 2,584 2,651 2,566 2,712
    Canada 425 451 433 450
    Europe 1,719 1,769 1,713 1,791
    Asia Pacific 1,321 1,345 1,366 1,386
    Other 726 758 720 746
    Worldwide 6,775 6,974 6,798 7,085
     
    Gasolines, naphthas 2,636 2,876 2,651 2,867
    Heating oils, kerosene, diesel 2,067 1,973 2,078 2,083
    Aviation fuels 623 622 618 627
    Heavy fuels 630 682 658 705
    Specialty products 819 821 793 803
    Worldwide 6,775 6,974 6,798 7,085
     

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

    United States 2,702 2,701 5,257 5,432
    Non-U.S. 4,016 4,196 8,039 8,270
    Worldwide 6,718 6,897 13,296 13,702
    Attachment V
     
           
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2008
    (millions of dollars)
     
    Second Quarter First Half
    2008 2007 2008 2007
    Capital and Exploration Expenditures
    Upstream
    United States 743 497 1,334 963
    Non-U.S. 4,514 3,369 8,018 6,372
    Total 5,257 3,866 9,352 7,335
    Downstream
    United States 426 317 777 529
    Non-U.S. 478 557 954 876
    Total 904 874 1,731 1,405
    Chemical
    United States 123 62 222 146
    Non-U.S. 674 214 1,141 349
    Total 797 276 1,363 495
     
    Other 12 23 15 26
     
    Worldwide 6,970 5,039 12,461 9,261
     
     

    Exploration expenses charged to income included above

    Consolidated affiliates
    United States 46 37 99 126
    Non-U.S. 288 308 571 487
    Equity companies - ExxonMobil share
    United States 0 1 0 2
    Non-U.S. 5 1 7 3
    Worldwide 339 347 677 618
    Attachment VI
     
       
    EXXON MOBIL CORPORATION
    NET INCOME
     
     
    $ Millions $ Per Common Share
     

    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
     

    2008

    First Quarter 10,890 2.05
    Second Quarter 11,680 2.25

    Contacts

    ExxonMobil
    Media Relations, 972-444-1107

    Recent Stories

    RSS feed for Exxon Mobil Corporation

    All News