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    Exxon Mobil Corporation Announces Estimated Second Quarter 2011 Results

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

                           
    Second Quarter First Half
    2011 2010 % 2011 2010 %

    Earnings Excluding Special Items 1

    $ Millions 10,680 7,560 41 21,330 13,860 54
    $ Per Common Share
    Assuming Dilution 2.18 1.60 36 4.32 2.93 47
     

    Special Items

    $ Millions 0 0 0 0
     

    Earnings

    $ Millions 10,680 7,560 41 21,330 13,860 54
    $ Per Common Share
    Assuming Dilution 2.18 1.60 36 4.32 2.93 47
     
    Capital and Exploration
    Expenditures - $ Millions 10,306 6,519 58 18,127 13,396 35
     

    1 See Reference to Earnings

     

    EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

    “ExxonMobil recorded strong results during the second quarter of 2011, while investing at a record level of over $10 billion to develop new supplies of energy to meet growing world demand.

    “Second quarter earnings of $10.7 billion were up 41% from the second quarter of 2010, reflecting higher crude oil and natural gas realizations, improved Downstream results and continued strength in Chemicals. First half 2011 earnings of $21.3 billion increased 54% over the first half of 2010.

    “In the second quarter, capital and exploration expenditures were a record $10.3 billion, up 58% from the second quarter of 2010.

    “Oil-equivalent production increased by 10% over the second quarter of 2010, driven by our world-class assets in Qatar and our growing unconventional gas portfolio.

    “The Corporation returned over $7 billion to shareholders in the second quarter through dividends and share purchases to reduce shares outstanding.”

    SECOND QUARTER HIGHLIGHTS

    • Earnings were $10,680 million, an increase of 41% or $3,120 million from the second quarter of 2010.
    • Earnings per share were $2.18, an increase of 36%.
    • Capital and exploration expenditures were a record $10.3 billion, up 58% from the second quarter of 2010.
    • Oil-equivalent production increased 10% from the second quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 12%.
    • Cash flow from operations and asset sales was $14.4 billion, including asset sales of $1.5 billion.
    • Share purchases to reduce shares outstanding were $5 billion.
    • Dividends per share of $0.47 increased by 7% compared to the second quarter of 2010.
    • Announced two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico after drilling the company's first post-moratorium deepwater exploration well.
    • Concluded the acquisitions of two Phillips companies, nearly doubling our Marcellus acreage footprint to more than 700,000 net acres.

    Second Quarter 2011 vs. Second Quarter 2010

    Upstream earnings were $8,541 million, up $3,205 million from the second quarter of 2010. Higher liquids and natural gas realizations increased earnings by $3.6 billion. Production mix and volume effects decreased earnings by $480 million.

    On an oil-equivalent basis, production increased 10% from the second quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 12%.

    Liquids production totaled 2,351 kbd (thousands of barrels per day), up 26 kbd from the second quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 4%, as increased production in Qatar, the U.S. and Iraq more than offset field decline.

    Second quarter natural gas production was 12,267 mcfd (millions of cubic feet per day), up 2,242 mcfd from the second quarter of 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

    Earnings from U.S. Upstream operations were $1,449 million, $584 million higher than the second quarter of 2010. Non-U.S. Upstream earnings were $7,092 million, up $2,621 million from last year.

    Downstream earnings of $1,356 million were up $136 million from the second quarter of 2010. Margins increased earnings by $60 million. Positive volume and mix effects increased earnings by $150 million, while all other items decreased earnings by $70 million. Petroleum product sales of 6,331 kbd were 27 kbd higher than last year's second quarter.

    Earnings from the U.S. Downstream were $734 million, up $294 million from the second quarter of 2010. Non-U.S. Downstream earnings of $622 million were $158 million lower than last year.

    Chemical earnings of $1,321 million were $47 million lower than the second quarter of 2010. Improved margins increased earnings by $120 million, while lower sales volumes decreased earnings by $90 million. Other items, mainly unfavorable tax effects, decreased earnings by $80 million. Second quarter prime product sales of 6,181 kt (thousands of metric tons) were 315 kt lower than last year's second quarter.

    Corporate and financing expenses were $538 million, up $174 million from the second quarter of 2010 due to the absence of favorable 2010 tax items.

    During the second quarter of 2011, Exxon Mobil Corporation purchased 67 million shares of its common stock for the treasury at a gross cost of $5.5 billion. These purchases included $5 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. Share purchases to reduce shares outstanding are currently anticipated to equal $5 billion in the third quarter of 2011. 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 2011 vs. First Half 2010

    Earnings of $21,330 million increased $7,470 million from 2010. Earnings per share increased 47% to $4.32.

    FIRST HALF HIGHLIGHTS

    • Earnings were $21,330 million, up 54%.
    • Earnings per share increased 47% to $4.32.
    • Oil-equivalent production was up 10% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.
    • Cash flow from operations and asset sales was $32.6 billion, including asset sales of $2.8 billion.
    • The Corporation distributed over $14 billion to shareholders in the first half of 2011 through dividends and share purchases to reduce shares outstanding.
    • Capital and exploration expenditures were a record $18.1 billion, up 35% from the first half of 2010.

    Upstream earnings were $17,216 million, up $6,066 million from 2010. Higher crude oil and natural gas realizations increased earnings by $6.2 billion. Production mix and volume effects decreased earnings by $710 million, while all other items, mainly gains from asset sales, increased earnings by $600 million.

    On an oil-equivalent basis, production was up 10% compared to the same period in 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.

    Liquids production of 2,375 kbd increased 5 kbd compared with 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 3%, as higher volumes from Qatar and the U.S. more than offset field decline.

    Natural gas production of 13,390 mcfd increased 2,538 mcfd from 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

    Earnings from U.S. Upstream operations for 2011 were $2,728 million, an increase of $772 million. Earnings outside the U.S. were $14,488 million, up $5,294 million.

    Downstream earnings of $2,455 million increased $1,198 million from 2010. Margins increased earnings by $510 million. Positive volume and mix effects increased earnings by $520 million, while all other items, mainly favorable foreign exchange effects, increased earnings by $170 million. Petroleum product sales of 6,299 kbd increased 49 kbd from 2010.

    U.S. Downstream earnings were $1,428 million, up $1,048 million from 2010. Non-U.S. Downstream earnings were $1,027 million, $150 million higher than last year.

    Chemical earnings of $2,837 million were $220 million higher than 2010. Stronger margins increased earnings by $470 million, while lower volumes decreased earnings by $60 million. Other items, including unfavorable tax effects and higher maintenance expenses, decreased earnings by $190 million. Prime product sales of 12,503 kt were down 481 kt from 2010.

    Corporate and financing expenses were $1,178 million, up $14 million from 2010.

    Gross share purchases through the first half of 2011 were $11.2 billion, reducing shares outstanding by 136 million shares.

    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 28, 2011. To listen to the event live or in archive, go to our website at exxonmobil.com.

    Cautionary statement

    Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, costs, timing, and capacities; capital and exploration expenditures; and share purchase levels, could differ materially due to factors including: changes in long-term oil or gas prices or other market or economic conditions affecting the oil and gas industry; unforeseen technical difficulties; 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" in the “investors” section of our website and in Item 1A of ExxonMobil's 2010 Form 10-K. We assume no duty to update these statements as of any future date. References to quantities of oil or natural gas may include amounts that we believe will ultimately be produced, but that are not yet classified as “proved reserves” under SEC definitions.

    Frequently used terms

    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. Reconciliation to net income attributable to ExxonMobil 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.

    Reference to Earnings

    References to total corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the income statement. Unless otherwise indicated, references to earnings, special items, earnings excluding special items, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

     
    Attachment I
     
     
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

    (millions of dollars, unless noted)
    Second Quarter   First Half
    2011   2010 2011   2010
    Earnings / Earnings Per Share
     
    Total revenues and other income 125,486 92,486 239,490 182,737
    Total costs and other deductions 106,867 79,780 201,954 157,963
    Income before income taxes 18,619 12,706 37,536 24,774
    Income taxes 7,721 4,960 15,725 10,453
    Net income including noncontrolling interests 10,898 7,746 21,811 14,321
    Net income attributable to noncontrolling interests 218 186 481 461
    Net income attributable to ExxonMobil (U.S. GAAP) 10,680 7,560 21,330 13,860
     
    Earnings per common share (dollars) 2.19 1.61 4.33 2.94
     
    Earnings per common share
    - assuming dilution (dollars) 2.18 1.60 4.32 2.93
     
    Other Financial Data
     
    Dividends on common stock
    Total 2,308 2,066 4,496 4,052
    Per common share (dollars) 0.47 0.44 0.91 0.86
     
    Millions of common shares outstanding
    At June 30 4,862 5,092
    Average - assuming dilution 4,912 4,729 4,941 4,733
     
    ExxonMobil share of equity at June 30 155,551 140,172
    ExxonMobil share of capital employed at June 30 175,822 164,318
     
    Income taxes 7,721 4,960 15,725 10,453
    Sales-based taxes 8,613 6,946 16,529 13,761
    All other taxes 11,175 9,244 21,491 18,593
    Total taxes 27,509 21,150 53,745 42,807
     

    ExxonMobil share of income taxes of equity companies

    1,376 834 2,889 1,810
     
    Attachment II
     
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2011
    (millions of dollars)
      Second Quarter   First Half
    2011     2010   2011     2010  
    Earnings (U.S. GAAP)
    Upstream
    United States 1,449 865 2,728 1,956
    Non-U.S. 7,092 4,471 14,488 9,194
    Downstream
    United States 734 440 1,428 380
    Non-U.S. 622 780 1,027 877
    Chemical
    United States 625 685 1,294 1,224
    Non-U.S. 696 683 1,543 1,393
    Corporate and financing (538 ) (364 ) (1,178 ) (1,164 )
    Net income attributable to ExxonMobil 10,680 7,560 21,330 13,860
    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 0 0 0
    Corporate total 0 0 0 0
    Earnings Excluding Special Items
    Upstream
    United States 1,449 865 2,728 1,956
    Non-U.S. 7,092 4,471 14,488 9,194
    Downstream
    United States 734 440 1,428 380
    Non-U.S. 622 780 1,027 877
    Chemical
    United States 625 685 1,294 1,224
    Non-U.S. 696 683 1,543 1,393
    Corporate and financing (538 ) (364 ) (1,178 ) (1,164 )
    Corporate total   10,680     7,560     21,330     13,860  
    Cash flow from operations and asset sales (billions of dollars)

    Net cash provided by operating activities
    (U.S. GAAP)

    12.9 9.3 29.8 22.3
    Sales of subsidiaries, investments and property, plant and equipment 1.5 0.4 2.8 0.8
    Cash flow from operations and asset sales   14.4     9.7     32.6     23.1  
     
    Attachment III
     
           
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

     
      Second Quarter First Half
    2011 2010 2011 2010
    Net production of crude oil
    and natural gas liquids,
    thousands of barrels daily (kbd)
    United States 429 357 428 373
    Canada/South America 240 267 252 266
    Europe 273 348 289 356
    Africa 522 599 541 632
    Asia 834 692 813 684
    Australia/Oceania 53 62 52 59
    Worldwide 2,351 2,325 2,375 2,370
     
    Natural gas production available for sale,
    millions of cubic feet daily (mcfd)
    United States 3,842 1,412 3,873 1,374
    Canada/South America 397 594 432 580
    Europe 2,694 3,268 3,732 4,198
    Africa 8 20 7 16
    Asia 4,961 4,365 5,025 4,380
    Australia/Oceania 365 366 321 304
    Worldwide 12,267 10,025 13,390 10,852
     
    Oil-equivalent production (koebd) 1 4,396 3,996 4,607 4,179
     
     
     
    1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
     
    Attachment IV
     
           
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

     
    Second Quarter First Half
    2011 2010 2011 2010
    Refinery throughput (kbd)
    United States 1,783 1,807 1,777 1,764
    Canada 397 418 425 428
    Europe 1,602 1,570 1,525 1,550
    Asia Pacific 1,109 1,143 1,166 1,192
    Other 302 254 294 240
    Worldwide 5,193 5,192 5,187 5,174
     
    Petroleum product sales (kbd)
    United States 2,488 2,521 2,482 2,452
    Canada 441 435 444 433
    Europe 1,634 1,612 1,584 1,610
    Asia Pacific 1,140 1,183 1,179 1,204
    Other 628 553 610 551
    Worldwide 6,331 6,304 6,299 6,250
     
    Gasolines, naphthas 2,498 2,565 2,484 2,550
    Heating oils, kerosene, diesel 1,949 1,887 1,991 1,874
    Aviation fuels 481 455 473 453
    Heavy fuels 601 581 578 605
    Specialty products 802 816 773 768
    Worldwide 6,331 6,304 6,299 6,250
     
    Chemical prime product sales,
    thousands of metric tons (kt)
    United States 2,303 2,449 4,578 4,973
    Non-U.S. 3,878 4,047 7,925 8,011
    Worldwide 6,181 6,496 12,503 12,984
     
    Attachment V
     
           
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

    (millions of dollars)
     
    Second Quarter First Half
    2011 2010 2011 2010
    Capital and Exploration Expenditures
    Upstream
    United States 4,075 772 6,155 1,544
    Non-U.S. 5,361 4,570 10,181 9,344
    Total 9,436 5,342 16,336 10,888
    Downstream
    United States 114 264 231 611
    Non-U.S. 370 320 703 647
    Total 484 584 934 1,258
    Chemical
    United States 65 66 121 134
    Non-U.S. 287 492 680 1,038
    Total 352 558 801 1,172
     
    Other 34 35 56 78
     
    Worldwide 10,306 6,519 18,127 13,396
     
     
    Exploration expenses charged to income
    included above
    Consolidated affiliates
    United States 49 45 112 100
    Non-U.S. 543 361 813 991
    Equity companies - ExxonMobil share
    United States 4 1 5 2
    Non-U.S. 2 8 3 11
    Worldwide 598 415 933 1,104
     
    Attachment VI
     
       
    EXXON MOBIL CORPORATION

    EARNINGS

     
     
    $ Millions $ Per Common Share 1
     

    2007

    First Quarter 9,280 1.63
    Second Quarter 10,260 1.83
    Third Quarter 9,410 1.71
    Fourth Quarter 11,660 2.14
    Year 40,610 7.31
     

    2008

    First Quarter 10,890 2.03
    Second Quarter 11,680 2.24
    Third Quarter 14,830 2.86
    Fourth Quarter 7,820 1.55
    Year 45,220 8.70
     

    2009

    First Quarter 4,550 0.92
    Second Quarter 3,950 0.82
    Third Quarter 4,730 0.98
    Fourth Quarter 6,050 1.27
    Year 19,280 3.99
     

    2010

    First Quarter 6,300 1.33
    Second Quarter 7,560 1.61
    Third Quarter 7,350 1.44
    Fourth Quarter 9,250 1.86
    Year 30,460 6.24
     

    2011

    First Quarter 10,650 2.14
    Second Quarter 10,680 2.19
     
     
     
    1 Computed using the average number of shares outstanding during each period.
    The sum of the four quarters may not add to the full year.

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    Exxon Mobil Corporation Announces Estimated Second Quarter 2011 Results

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

                           
    Second Quarter First Half
    2011 2010 % 2011 2010 %

    Earnings Excluding Special Items 1

    $ Millions 10,680 7,560 41 21,330 13,860 54
    $ Per Common Share
    Assuming Dilution 2.18 1.60 36 4.32 2.93 47
     

    Special Items

    $ Millions 0 0 0 0
     

    Earnings

    $ Millions 10,680 7,560 41 21,330 13,860 54
    $ Per Common Share
    Assuming Dilution 2.18 1.60 36 4.32 2.93 47
     
    Capital and Exploration
    Expenditures - $ Millions 10,306 6,519 58 18,127 13,396 35
     

    1 See Reference to Earnings

     

    EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

    “ExxonMobil recorded strong results during the second quarter of 2011, while investing at a record level of over $10 billion to develop new supplies of energy to meet growing world demand.

    “Second quarter earnings of $10.7 billion were up 41% from the second quarter of 2010, reflecting higher crude oil and natural gas realizations, improved Downstream results and continued strength in Chemicals. First half 2011 earnings of $21.3 billion increased 54% over the first half of 2010.

    “In the second quarter, capital and exploration expenditures were a record $10.3 billion, up 58% from the second quarter of 2010.

    “Oil-equivalent production increased by 10% over the second quarter of 2010, driven by our world-class assets in Qatar and our growing unconventional gas portfolio.

    “The Corporation returned over $7 billion to shareholders in the second quarter through dividends and share purchases to reduce shares outstanding.”

    SECOND QUARTER HIGHLIGHTS

    • Earnings were $10,680 million, an increase of 41% or $3,120 million from the second quarter of 2010.
    • Earnings per share were $2.18, an increase of 36%.
    • Capital and exploration expenditures were a record $10.3 billion, up 58% from the second quarter of 2010.
    • Oil-equivalent production increased 10% from the second quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 12%.
    • Cash flow from operations and asset sales was $14.4 billion, including asset sales of $1.5 billion.
    • Share purchases to reduce shares outstanding were $5 billion.
    • Dividends per share of $0.47 increased by 7% compared to the second quarter of 2010.
    • Announced two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico after drilling the company's first post-moratorium deepwater exploration well.
    • Concluded the acquisitions of two Phillips companies, nearly doubling our Marcellus acreage footprint to more than 700,000 net acres.

    Second Quarter 2011 vs. Second Quarter 2010

    Upstream earnings were $8,541 million, up $3,205 million from the second quarter of 2010. Higher liquids and natural gas realizations increased earnings by $3.6 billion. Production mix and volume effects decreased earnings by $480 million.

    On an oil-equivalent basis, production increased 10% from the second quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 12%.

    Liquids production totaled 2,351 kbd (thousands of barrels per day), up 26 kbd from the second quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 4%, as increased production in Qatar, the U.S. and Iraq more than offset field decline.

    Second quarter natural gas production was 12,267 mcfd (millions of cubic feet per day), up 2,242 mcfd from the second quarter of 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

    Earnings from U.S. Upstream operations were $1,449 million, $584 million higher than the second quarter of 2010. Non-U.S. Upstream earnings were $7,092 million, up $2,621 million from last year.

    Downstream earnings of $1,356 million were up $136 million from the second quarter of 2010. Margins increased earnings by $60 million. Positive volume and mix effects increased earnings by $150 million, while all other items decreased earnings by $70 million. Petroleum product sales of 6,331 kbd were 27 kbd higher than last year's second quarter.

    Earnings from the U.S. Downstream were $734 million, up $294 million from the second quarter of 2010. Non-U.S. Downstream earnings of $622 million were $158 million lower than last year.

    Chemical earnings of $1,321 million were $47 million lower than the second quarter of 2010. Improved margins increased earnings by $120 million, while lower sales volumes decreased earnings by $90 million. Other items, mainly unfavorable tax effects, decreased earnings by $80 million. Second quarter prime product sales of 6,181 kt (thousands of metric tons) were 315 kt lower than last year's second quarter.

    Corporate and financing expenses were $538 million, up $174 million from the second quarter of 2010 due to the absence of favorable 2010 tax items.

    During the second quarter of 2011, Exxon Mobil Corporation purchased 67 million shares of its common stock for the treasury at a gross cost of $5.5 billion. These purchases included $5 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. Share purchases to reduce shares outstanding are currently anticipated to equal $5 billion in the third quarter of 2011. 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 2011 vs. First Half 2010

    Earnings of $21,330 million increased $7,470 million from 2010. Earnings per share increased 47% to $4.32.

    FIRST HALF HIGHLIGHTS

    • Earnings were $21,330 million, up 54%.
    • Earnings per share increased 47% to $4.32.
    • Oil-equivalent production was up 10% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.
    • Cash flow from operations and asset sales was $32.6 billion, including asset sales of $2.8 billion.
    • The Corporation distributed over $14 billion to shareholders in the first half of 2011 through dividends and share purchases to reduce shares outstanding.
    • Capital and exploration expenditures were a record $18.1 billion, up 35% from the first half of 2010.

    Upstream earnings were $17,216 million, up $6,066 million from 2010. Higher crude oil and natural gas realizations increased earnings by $6.2 billion. Production mix and volume effects decreased earnings by $710 million, while all other items, mainly gains from asset sales, increased earnings by $600 million.

    On an oil-equivalent basis, production was up 10% compared to the same period in 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.

    Liquids production of 2,375 kbd increased 5 kbd compared with 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 3%, as higher volumes from Qatar and the U.S. more than offset field decline.

    Natural gas production of 13,390 mcfd increased 2,538 mcfd from 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

    Earnings from U.S. Upstream operations for 2011 were $2,728 million, an increase of $772 million. Earnings outside the U.S. were $14,488 million, up $5,294 million.

    Downstream earnings of $2,455 million increased $1,198 million from 2010. Margins increased earnings by $510 million. Positive volume and mix effects increased earnings by $520 million, while all other items, mainly favorable foreign exchange effects, increased earnings by $170 million. Petroleum product sales of 6,299 kbd increased 49 kbd from 2010.

    U.S. Downstream earnings were $1,428 million, up $1,048 million from 2010. Non-U.S. Downstream earnings were $1,027 million, $150 million higher than last year.

    Chemical earnings of $2,837 million were $220 million higher than 2010. Stronger margins increased earnings by $470 million, while lower volumes decreased earnings by $60 million. Other items, including unfavorable tax effects and higher maintenance expenses, decreased earnings by $190 million. Prime product sales of 12,503 kt were down 481 kt from 2010.

    Corporate and financing expenses were $1,178 million, up $14 million from 2010.

    Gross share purchases through the first half of 2011 were $11.2 billion, reducing shares outstanding by 136 million shares.

    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 28, 2011. To listen to the event live or in archive, go to our website at exxonmobil.com.

    Cautionary statement

    Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, costs, timing, and capacities; capital and exploration expenditures; and share purchase levels, could differ materially due to factors including: changes in long-term oil or gas prices or other market or economic conditions affecting the oil and gas industry; unforeseen technical difficulties; 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" in the “investors” section of our website and in Item 1A of ExxonMobil's 2010 Form 10-K. We assume no duty to update these statements as of any future date. References to quantities of oil or natural gas may include amounts that we believe will ultimately be produced, but that are not yet classified as “proved reserves” under SEC definitions.

    Frequently used terms

    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. Reconciliation to net income attributable to ExxonMobil 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.

    Reference to Earnings

    References to total corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the income statement. Unless otherwise indicated, references to earnings, special items, earnings excluding special items, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

     
    Attachment I
     
     
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

    (millions of dollars, unless noted)
    Second Quarter   First Half
    2011   2010 2011   2010
    Earnings / Earnings Per Share
     
    Total revenues and other income 125,486 92,486 239,490 182,737
    Total costs and other deductions 106,867 79,780 201,954 157,963
    Income before income taxes 18,619 12,706 37,536 24,774
    Income taxes 7,721 4,960 15,725 10,453
    Net income including noncontrolling interests 10,898 7,746 21,811 14,321
    Net income attributable to noncontrolling interests 218 186 481 461
    Net income attributable to ExxonMobil (U.S. GAAP) 10,680 7,560 21,330 13,860
     
    Earnings per common share (dollars) 2.19 1.61 4.33 2.94
     
    Earnings per common share
    - assuming dilution (dollars) 2.18 1.60 4.32 2.93
     
    Other Financial Data
     
    Dividends on common stock
    Total 2,308 2,066 4,496 4,052
    Per common share (dollars) 0.47 0.44 0.91 0.86
     
    Millions of common shares outstanding
    At June 30 4,862 5,092
    Average - assuming dilution 4,912 4,729 4,941 4,733
     
    ExxonMobil share of equity at June 30 155,551 140,172
    ExxonMobil share of capital employed at June 30 175,822 164,318
     
    Income taxes 7,721 4,960 15,725 10,453
    Sales-based taxes 8,613 6,946 16,529 13,761
    All other taxes 11,175 9,244 21,491 18,593
    Total taxes 27,509 21,150 53,745 42,807
     

    ExxonMobil share of income taxes of equity companies

    1,376 834 2,889 1,810
     
    Attachment II
     
    EXXON MOBIL CORPORATION
    SECOND QUARTER 2011
    (millions of dollars)
      Second Quarter   First Half
    2011     2010   2011     2010  
    Earnings (U.S. GAAP)
    Upstream
    United States 1,449 865 2,728 1,956
    Non-U.S. 7,092 4,471 14,488 9,194
    Downstream
    United States 734 440 1,428 380
    Non-U.S. 622 780 1,027 877
    Chemical
    United States 625 685 1,294 1,224
    Non-U.S. 696 683 1,543 1,393
    Corporate and financing (538 ) (364 ) (1,178 ) (1,164 )
    Net income attributable to ExxonMobil 10,680 7,560 21,330 13,860
    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 0 0 0
    Corporate total 0 0 0 0
    Earnings Excluding Special Items
    Upstream
    United States 1,449 865 2,728 1,956
    Non-U.S. 7,092 4,471 14,488 9,194
    Downstream
    United States 734 440 1,428 380
    Non-U.S. 622 780 1,027 877
    Chemical
    United States 625 685 1,294 1,224
    Non-U.S. 696 683 1,543 1,393
    Corporate and financing (538 ) (364 ) (1,178 ) (1,164 )
    Corporate total   10,680     7,560     21,330     13,860  
    Cash flow from operations and asset sales (billions of dollars)

    Net cash provided by operating activities
    (U.S. GAAP)

    12.9 9.3 29.8 22.3
    Sales of subsidiaries, investments and property, plant and equipment 1.5 0.4 2.8 0.8
    Cash flow from operations and asset sales   14.4     9.7     32.6     23.1  
     
    Attachment III
     
           
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

     
      Second Quarter First Half
    2011 2010 2011 2010
    Net production of crude oil
    and natural gas liquids,
    thousands of barrels daily (kbd)
    United States 429 357 428 373
    Canada/South America 240 267 252 266
    Europe 273 348 289 356
    Africa 522 599 541 632
    Asia 834 692 813 684
    Australia/Oceania 53 62 52 59
    Worldwide 2,351 2,325 2,375 2,370
     
    Natural gas production available for sale,
    millions of cubic feet daily (mcfd)
    United States 3,842 1,412 3,873 1,374
    Canada/South America 397 594 432 580
    Europe 2,694 3,268 3,732 4,198
    Africa 8 20 7 16
    Asia 4,961 4,365 5,025 4,380
    Australia/Oceania 365 366 321 304
    Worldwide 12,267 10,025 13,390 10,852
     
    Oil-equivalent production (koebd) 1 4,396 3,996 4,607 4,179
     
     
     
    1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
     
    Attachment IV
     
           
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

     
    Second Quarter First Half
    2011 2010 2011 2010
    Refinery throughput (kbd)
    United States 1,783 1,807 1,777 1,764
    Canada 397 418 425 428
    Europe 1,602 1,570 1,525 1,550
    Asia Pacific 1,109 1,143 1,166 1,192
    Other 302 254 294 240
    Worldwide 5,193 5,192 5,187 5,174
     
    Petroleum product sales (kbd)
    United States 2,488 2,521 2,482 2,452
    Canada 441 435 444 433
    Europe 1,634 1,612 1,584 1,610
    Asia Pacific 1,140 1,183 1,179 1,204
    Other 628 553 610 551
    Worldwide 6,331 6,304 6,299 6,250
     
    Gasolines, naphthas 2,498 2,565 2,484 2,550
    Heating oils, kerosene, diesel 1,949 1,887 1,991 1,874
    Aviation fuels 481 455 473 453
    Heavy fuels 601 581 578 605
    Specialty products 802 816 773 768
    Worldwide 6,331 6,304 6,299 6,250
     
    Chemical prime product sales,
    thousands of metric tons (kt)
    United States 2,303 2,449 4,578 4,973
    Non-U.S. 3,878 4,047 7,925 8,011
    Worldwide 6,181 6,496 12,503 12,984
     
    Attachment V
     
           
    EXXON MOBIL CORPORATION

    SECOND QUARTER 2011

    (millions of dollars)
     
    Second Quarter First Half
    2011 2010 2011 2010
    Capital and Exploration Expenditures
    Upstream
    United States 4,075 772 6,155 1,544
    Non-U.S. 5,361 4,570 10,181 9,344
    Total 9,436 5,342 16,336 10,888
    Downstream
    United States 114 264 231 611
    Non-U.S. 370 320 703 647
    Total 484 584 934 1,258
    Chemical
    United States 65 66 121 134
    Non-U.S. 287 492 680 1,038
    Total 352 558 801 1,172
     
    Other 34 35 56 78
     
    Worldwide 10,306 6,519 18,127 13,396
     
     
    Exploration expenses charged to income
    included above
    Consolidated affiliates
    United States 49 45 112 100
    Non-U.S. 543 361 813 991
    Equity companies - ExxonMobil share
    United States 4 1 5 2
    Non-U.S. 2 8 3 11
    Worldwide 598 415 933 1,104
     
    Attachment VI
     
       
    EXXON MOBIL CORPORATION

    EARNINGS

     
     
    $ Millions $ Per Common Share 1
     

    2007

    First Quarter 9,280 1.63
    Second Quarter 10,260 1.83
    Third Quarter 9,410 1.71
    Fourth Quarter 11,660 2.14
    Year 40,610 7.31
     

    2008

    First Quarter 10,890 2.03
    Second Quarter 11,680 2.24
    Third Quarter 14,830 2.86
    Fourth Quarter 7,820 1.55
    Year 45,220 8.70
     

    2009

    First Quarter 4,550 0.92
    Second Quarter 3,950 0.82
    Third Quarter 4,730 0.98
    Fourth Quarter 6,050 1.27
    Year 19,280 3.99
     

    2010

    First Quarter 6,300 1.33
    Second Quarter 7,560 1.61
    Third Quarter 7,350 1.44
    Fourth Quarter 9,250 1.86
    Year 30,460 6.24
     

    2011

    First Quarter 10,650 2.14
    Second Quarter 10,680 2.19
     
     
     
    1 Computed using the average number of shares outstanding during each period.
    The sum of the four quarters may not add to the full year.

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