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Exxon Mobil Corporation Announces Estimated Third Quarter 2011 Results

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

                       
Third Quarter Nine Months
2011 2010 % 2011 2010 %

Earnings Excluding Special Items 1

$ Millions 10,330 7,350 41 31,660 21,210 49
$ Per Common Share
Assuming Dilution 2.13 1.44 48 6.45 4.37 48

 

Special Items

$ Millions 0 0 0 0
 

Earnings

$ Millions 10,330 7,350 41 31,660 21,210 49
$ Per Common Share
Assuming Dilution 2.13 1.44 48 6.45 4.37 48
 
Capital and Exploration
Expenditures - $ Millions 8,620 8,769 -2 26,747 22,165 21
 

1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil’s results for the third quarter of 2011 reflect a continued commitment to operational integrity, disciplined investing and superior project execution.

“Third quarter earnings of $10.3 billion were up 41% from the third quarter of 2010, reflecting higher crude oil and natural gas realizations and improved refining margins. Earnings for the first nine months of 2011 were $31.7 billion, up 49% over the first nine months of 2010.

“In the third quarter, capital and exploration expenditures were $8.6 billion, and reached a record level of $26.7 billion for the first nine months of the year as we continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation.

“Oil-equivalent production decreased 4% compared to the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.

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

THIRD QUARTER HIGHLIGHTS

  • Earnings were $10,330 million, an increase of 41% or $2,980 million from the third quarter of 2010.
  • Earnings per share were $2.13, an increase of 48% from the third quarter of 2010.
  • Capital and exploration expenditures were $8.6 billion, consistent with the third quarter of 2010.
  • Oil-equivalent production decreased 4% from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.
  • Cash flow from operations and asset sales was $16.3 billion, including asset sales of $1.4 billion.
  • Share purchases to reduce shares outstanding were $5 billion.
  • Dividends per share of $0.47, up 7% compared to the third quarter of 2010.
  • A strategic cooperation agreement was reached with Rosneft to develop Arctic and Black Sea resources, expand technology sharing and execute joint international projects.
  • A principles of agreement with the Government of Indonesia for development of the Natuna gas resource was signed.
  • Construction of a world-scale facility to manufacture metallocene synthetic lubricant basestocks at the integrated complex in Baytown, Texas was announced.

Third Quarter 2011 vs. Third Quarter 2010

Upstream earnings were $8,394 million, up $2,927 million from the third quarter of 2010. Higher liquids and natural gas realizations increased earnings by $3 billion. Production mix and volume effects decreased earnings by $660 million. All other items, primarily gains on asset sales partly offset by higher expenses, increased earnings by $600 million.

On an oil-equivalent basis, production decreased 4% from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was unchanged.

Liquids production totaled 2,249 kbd (thousands of barrels per day), down 172 kbd from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1%, as increased production in Iraq, Qatar and Russia was more than offset by field decline.

Third quarter natural gas production was 12,197 mcfd (millions of cubic feet per day), about flat with the third quarter of 2010.

Earnings from U.S. Upstream operations were $1,184 million, $185 million higher than the third quarter of 2010. Non-U.S. Upstream earnings were $7,210 million, up $2,742 million from last year.

Downstream earnings of $1,579 million were up $419 million from the third quarter of 2010. Refining margins increased earnings by $1 billion. Volume and mix effects increased earnings by $110 million, while all other items, mainly unfavorable foreign exchange impacts and lower gains on asset sales, decreased earnings by $710 million. Petroleum product sales of 6,558 kbd were 37 kbd lower than last year's third quarter.

Earnings from the U.S. Downstream were $810 million, up $646 million from the third quarter of 2010. Non-U.S. Downstream earnings of $769 million were $227 million lower than last year.

Chemical earnings of $1,003 million were $226 million lower than the third quarter of 2010. Improved margins increased earnings by $50 million, while lower volumes decreased earnings by $110 million. Other items, mainly unfavorable tax effects, decreased earnings by $170 million. Third quarter prime product sales of 6,232 kt (thousands of metric tons) were 326 kt lower than last year's third quarter.

Corporate and financing expenses were $646 million, up $140 million from the third quarter of 2010, mainly due to tax items.

During the third quarter of 2011, Exxon Mobil Corporation purchased 72 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 fourth 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 Nine Months 2011 vs. First Nine Months 2010

Earnings of $31,660 million increased $10,450 million from 2010. Earnings per share increased 48% to $6.45.

FIRST NINE MONTHS HIGHLIGHTS

  • Earnings were $31,660 million, up 49%.
  • Earnings per share increased 48% to $6.45.
  • Oil-equivalent production was up 5% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.
  • Cash flow from operations and asset sales was $48.8 billion, including asset sales of $4.2 billion.
  • The Corporation distributed nearly $22 billion to shareholders in the first nine months of 2011 through dividends and share purchases to reduce shares outstanding.
  • Capital and exploration expenditures were a record $26.7 billion, up 21% from the first nine months of 2010.

Upstream earnings were $25,610 million, up $8,993 million from 2010. Higher crude oil and natural gas realizations increased earnings by $8.6 billion. Production mix and volume effects decreased earnings by $1 billion, while all other items, including gains from asset sales, increased earnings by $1.4 billion.

On an oil-equivalent basis, production was up 5% compared to the same period in 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.

Liquids production of 2,332 kbd decreased 55 kbd compared with 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 2%, as higher volumes from Qatar, the U.S., Iraq and Russia more than offset field decline.

Natural gas production of 12,988 mcfd increased 1,684 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 $3,912 million, an increase of $957 million. Earnings outside the U.S. were $21,698 million, up $8,036 million.

Downstream earnings of $4,034 million increased $1,617 million from 2010. Refining margins increased earnings by $1.5 billion. Volume and mix effects improved earnings by $650 million. All other items, primarily the absence of favorable tax effects and lower asset management gains, decreased earnings by $560 million. Petroleum product sales of 6,386 kbd increased 20 kbd from 2010.

U.S. Downstream earnings were $2,238 million, up $1,694 million from 2010. Non-U.S. Downstream earnings were $1,796 million, $77 million lower than last year.

Chemical earnings of $3,840 million were $6 million lower than 2010. Stronger margins increased earnings by $460 million, while lower volumes reduced earnings by $150 million. Other items, including unfavorable tax effects and higher planned maintenance expenses, decreased earnings by $320 million. Prime product sales of 18,735 kt were down 807 kt from 2010.

Corporate and financing expenses were $1,824 million, up $154 million from 2010.

Gross share purchases through the first nine months of 2011 were $16.6 billion, reducing shares outstanding by 209 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 October 27, 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 oil or gas prices or other market or economic conditions affecting the oil and gas industry, including the scope and duration of economic recessions; the outcome of exploration and development efforts; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; 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

THIRD QUARTER 2011

(millions of dollars, unless noted)
Third Quarter   Nine Months
2011   2010 2011   2010
Earnings / Earnings Per Share
 
Total revenues and other income 125,330 95,298 364,820 278,035
Total costs and other deductions 106,650 82,440 308,604 240,403
Income before income taxes 18,680 12,858 56,216 37,632
Income taxes 8,009 5,297 23,734 15,750
Net income including noncontrolling interests 10,671 7,561 32,482 21,882
Net income attributable to noncontrolling interests 341 211 822 672
Net income attributable to ExxonMobil (U.S. GAAP) 10,330 7,350 31,660 21,210
 
Earnings per common share (dollars) 2.13 1.44 6.46 4.38
 
Earnings per common share
- assuming dilution (dollars) 2.13 1.44 6.45 4.37
 
Other Financial Data
 
Dividends on common stock
Total 2,277 2,234 6,773 6,286
Per common share (dollars) 0.47 0.44 1.38 1.30
 
Millions of common shares outstanding
At September 30 4,793 5,043
Average - assuming dilution 4,843 5,089 4,908 4,851
 
ExxonMobil share of equity at September 30 155,939 145,031
ExxonMobil share of capital employed at September 30 176,586 167,040
 
Income taxes 8,009 5,297 23,734 15,750
Sales-based taxes 8,484 7,172 25,013 20,933
All other taxes 11,084 10,071 32,575 28,664
Total taxes 27,577 22,540 81,322 65,347
 
ExxonMobil share of income taxes of
equity companies 1,418 881 4,307 2,691
 
Attachment II
 
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

(millions of dollars)
  Third Quarter   Nine Months
2011     2010   2011     2010  
Earnings (U.S. GAAP)
Upstream
United States 1,184 999 3,912 2,955
Non-U.S. 7,210 4,468 21,698 13,662
Downstream
United States 810 164 2,238 544
Non-U.S. 769 996 1,796 1,873
Chemical
United States 538 676 1,832 1,900
Non-U.S. 465 553 2,008 1,946
Corporate and financing (646 ) (506 ) (1,824 ) (1,670 )
Net income attributable to ExxonMobil 10,330 7,350 31,660 21,210
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 1,184 999 3,912 2,955
Non-U.S. 7,210 4,468 21,698 13,662
Downstream
United States 810 164 2,238 544
Non-U.S. 769 996 1,796 1,873
Chemical
United States 538 676 1,832 1,900
Non-U.S. 465 553 2,008 1,946
Corporate and financing (646 ) (506 ) (1,824 ) (1,670 )
Corporate total   10,330     7,350     31,660     21,210  
Cash flow from operations and asset sales (billions of dollars)
Net cash provided by operating activities
(U.S. GAAP)
14.9 13.0 44.6 35.4
Sales of subsidiaries, investments and property, plant and equipment 1.4 0.8 4.2 1.6
Cash flow from operations and asset sales   16.3     13.8     48.8     37.0  
 
Attachment III
 
         
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

 
  Third Quarter Nine Months
2011 2010 2011 2010
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States 405 430 421 392
Canada/South America 256 253 252 261
Europe 247 294 275 335
Africa 481 631 521 632
Asia 806 751 811 707
Australia/Oceania 54 62 52 60
Worldwide 2,249 2,421 2,332 2,387
 
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States 3,917 3,726 3,888 2,167
Canada/South America 381 550 415 570
Europe 2,471 2,365 3,307 3,580
Africa 5 15 6 16
Asia 5,036 5,081 5,029 4,616
Australia/Oceania 387 455 343 355
Worldwide 12,197 12,192 12,988 11,304
 
Oil-equivalent production (koebd) 1 4,282 4,453 4,497 4,271
 
 
 
1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
 
Attachment IV
 
       
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

 
Third Quarter Nine Months
2011 2010 2011 2010
Refinery throughput (kbd)
United States 1,743 1,752 1,765 1,760
Canada 436 453 429 437
Europe 1,535 1,550 1,528 1,550
Asia Pacific 1,231 1,304 1,188 1,230
Other 287 305 292 261
Worldwide 5,232 5,364 5,202 5,238
 
Petroleum product sales (kbd)
United States 2,577 2,555 2,514 2,487
Canada 469 459 452 442
Europe 1,623 1,646 1,597 1,622
Asia Pacific 1,237 1,278 1,199 1,229
Other 652 657 624 586
Worldwide 6,558 6,595 6,386 6,366
 
Gasolines, naphthas 2,568 2,728 2,512 2,610
Heating oils, kerosene, diesel 2,013 1,949 1,998 1,899
Aviation fuels 532 526 493 478
Heavy fuels 628 597 595 602
Specialty products 817 795 788 777
Worldwide 6,558 6,595 6,386 6,366
 
Chemical prime product sales,
thousands of metric tons (kt)
United States 2,280 2,628 6,858 7,601
Non-U.S. 3,952 3,930 11,877 11,941
Worldwide 6,232 6,558 18,735 19,542
 
Attachment V
 
       
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

(millions of dollars)
 
Third Quarter Nine Months
2011 2010 2011 2010
Capital and Exploration Expenditures
Upstream
United States 2,172 2,352 8,327 3,896
Non-U.S. 5,580 5,280 15,761 14,624
Total 7,752 7,632 24,088 18,520
Downstream
United States 135 201 366 812
Non-U.S. 406 357 1,109 1,004
Total 541 558 1,475 1,816
Chemical
United States 76 62 197 196
Non-U.S. 245 463 925 1,501
Total 321 525 1,122 1,697
 
Other 6 54 62 132
 
Worldwide 8,620 8,769 26,747 22,165
 
 
Exploration expenses charged to income
included above
Consolidated affiliates
United States 68 62 180 162
Non-U.S. 657 437 1,470 1,428
Equity companies - ExxonMobil share
United States 2 1 7 3
Non-U.S. 1 1 4 12
Worldwide 728 501 1,661 1,605
 
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
Third Quarter 10,330 2.13
 
 
 
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 Third Quarter 2011 Results

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

                       
Third Quarter Nine Months
2011 2010 % 2011 2010 %

Earnings Excluding Special Items 1

$ Millions 10,330 7,350 41 31,660 21,210 49
$ Per Common Share
Assuming Dilution 2.13 1.44 48 6.45 4.37 48

 

Special Items

$ Millions 0 0 0 0
 

Earnings

$ Millions 10,330 7,350 41 31,660 21,210 49
$ Per Common Share
Assuming Dilution 2.13 1.44 48 6.45 4.37 48
 
Capital and Exploration
Expenditures - $ Millions 8,620 8,769 -2 26,747 22,165 21
 

1 See Reference to Earnings

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil’s results for the third quarter of 2011 reflect a continued commitment to operational integrity, disciplined investing and superior project execution.

“Third quarter earnings of $10.3 billion were up 41% from the third quarter of 2010, reflecting higher crude oil and natural gas realizations and improved refining margins. Earnings for the first nine months of 2011 were $31.7 billion, up 49% over the first nine months of 2010.

“In the third quarter, capital and exploration expenditures were $8.6 billion, and reached a record level of $26.7 billion for the first nine months of the year as we continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation.

“Oil-equivalent production decreased 4% compared to the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.

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

THIRD QUARTER HIGHLIGHTS

  • Earnings were $10,330 million, an increase of 41% or $2,980 million from the third quarter of 2010.
  • Earnings per share were $2.13, an increase of 48% from the third quarter of 2010.
  • Capital and exploration expenditures were $8.6 billion, consistent with the third quarter of 2010.
  • Oil-equivalent production decreased 4% from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.
  • Cash flow from operations and asset sales was $16.3 billion, including asset sales of $1.4 billion.
  • Share purchases to reduce shares outstanding were $5 billion.
  • Dividends per share of $0.47, up 7% compared to the third quarter of 2010.
  • A strategic cooperation agreement was reached with Rosneft to develop Arctic and Black Sea resources, expand technology sharing and execute joint international projects.
  • A principles of agreement with the Government of Indonesia for development of the Natuna gas resource was signed.
  • Construction of a world-scale facility to manufacture metallocene synthetic lubricant basestocks at the integrated complex in Baytown, Texas was announced.

Third Quarter 2011 vs. Third Quarter 2010

Upstream earnings were $8,394 million, up $2,927 million from the third quarter of 2010. Higher liquids and natural gas realizations increased earnings by $3 billion. Production mix and volume effects decreased earnings by $660 million. All other items, primarily gains on asset sales partly offset by higher expenses, increased earnings by $600 million.

On an oil-equivalent basis, production decreased 4% from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was unchanged.

Liquids production totaled 2,249 kbd (thousands of barrels per day), down 172 kbd from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1%, as increased production in Iraq, Qatar and Russia was more than offset by field decline.

Third quarter natural gas production was 12,197 mcfd (millions of cubic feet per day), about flat with the third quarter of 2010.

Earnings from U.S. Upstream operations were $1,184 million, $185 million higher than the third quarter of 2010. Non-U.S. Upstream earnings were $7,210 million, up $2,742 million from last year.

Downstream earnings of $1,579 million were up $419 million from the third quarter of 2010. Refining margins increased earnings by $1 billion. Volume and mix effects increased earnings by $110 million, while all other items, mainly unfavorable foreign exchange impacts and lower gains on asset sales, decreased earnings by $710 million. Petroleum product sales of 6,558 kbd were 37 kbd lower than last year's third quarter.

Earnings from the U.S. Downstream were $810 million, up $646 million from the third quarter of 2010. Non-U.S. Downstream earnings of $769 million were $227 million lower than last year.

Chemical earnings of $1,003 million were $226 million lower than the third quarter of 2010. Improved margins increased earnings by $50 million, while lower volumes decreased earnings by $110 million. Other items, mainly unfavorable tax effects, decreased earnings by $170 million. Third quarter prime product sales of 6,232 kt (thousands of metric tons) were 326 kt lower than last year's third quarter.

Corporate and financing expenses were $646 million, up $140 million from the third quarter of 2010, mainly due to tax items.

During the third quarter of 2011, Exxon Mobil Corporation purchased 72 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 fourth 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 Nine Months 2011 vs. First Nine Months 2010

Earnings of $31,660 million increased $10,450 million from 2010. Earnings per share increased 48% to $6.45.

FIRST NINE MONTHS HIGHLIGHTS

  • Earnings were $31,660 million, up 49%.
  • Earnings per share increased 48% to $6.45.
  • Oil-equivalent production was up 5% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.
  • Cash flow from operations and asset sales was $48.8 billion, including asset sales of $4.2 billion.
  • The Corporation distributed nearly $22 billion to shareholders in the first nine months of 2011 through dividends and share purchases to reduce shares outstanding.
  • Capital and exploration expenditures were a record $26.7 billion, up 21% from the first nine months of 2010.

Upstream earnings were $25,610 million, up $8,993 million from 2010. Higher crude oil and natural gas realizations increased earnings by $8.6 billion. Production mix and volume effects decreased earnings by $1 billion, while all other items, including gains from asset sales, increased earnings by $1.4 billion.

On an oil-equivalent basis, production was up 5% compared to the same period in 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.

Liquids production of 2,332 kbd decreased 55 kbd compared with 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 2%, as higher volumes from Qatar, the U.S., Iraq and Russia more than offset field decline.

Natural gas production of 12,988 mcfd increased 1,684 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 $3,912 million, an increase of $957 million. Earnings outside the U.S. were $21,698 million, up $8,036 million.

Downstream earnings of $4,034 million increased $1,617 million from 2010. Refining margins increased earnings by $1.5 billion. Volume and mix effects improved earnings by $650 million. All other items, primarily the absence of favorable tax effects and lower asset management gains, decreased earnings by $560 million. Petroleum product sales of 6,386 kbd increased 20 kbd from 2010.

U.S. Downstream earnings were $2,238 million, up $1,694 million from 2010. Non-U.S. Downstream earnings were $1,796 million, $77 million lower than last year.

Chemical earnings of $3,840 million were $6 million lower than 2010. Stronger margins increased earnings by $460 million, while lower volumes reduced earnings by $150 million. Other items, including unfavorable tax effects and higher planned maintenance expenses, decreased earnings by $320 million. Prime product sales of 18,735 kt were down 807 kt from 2010.

Corporate and financing expenses were $1,824 million, up $154 million from 2010.

Gross share purchases through the first nine months of 2011 were $16.6 billion, reducing shares outstanding by 209 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 October 27, 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 oil or gas prices or other market or economic conditions affecting the oil and gas industry, including the scope and duration of economic recessions; the outcome of exploration and development efforts; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; 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

THIRD QUARTER 2011

(millions of dollars, unless noted)
Third Quarter   Nine Months
2011   2010 2011   2010
Earnings / Earnings Per Share
 
Total revenues and other income 125,330 95,298 364,820 278,035
Total costs and other deductions 106,650 82,440 308,604 240,403
Income before income taxes 18,680 12,858 56,216 37,632
Income taxes 8,009 5,297 23,734 15,750
Net income including noncontrolling interests 10,671 7,561 32,482 21,882
Net income attributable to noncontrolling interests 341 211 822 672
Net income attributable to ExxonMobil (U.S. GAAP) 10,330 7,350 31,660 21,210
 
Earnings per common share (dollars) 2.13 1.44 6.46 4.38
 
Earnings per common share
- assuming dilution (dollars) 2.13 1.44 6.45 4.37
 
Other Financial Data
 
Dividends on common stock
Total 2,277 2,234 6,773 6,286
Per common share (dollars) 0.47 0.44 1.38 1.30
 
Millions of common shares outstanding
At September 30 4,793 5,043
Average - assuming dilution 4,843 5,089 4,908 4,851
 
ExxonMobil share of equity at September 30 155,939 145,031
ExxonMobil share of capital employed at September 30 176,586 167,040
 
Income taxes 8,009 5,297 23,734 15,750
Sales-based taxes 8,484 7,172 25,013 20,933
All other taxes 11,084 10,071 32,575 28,664
Total taxes 27,577 22,540 81,322 65,347
 
ExxonMobil share of income taxes of
equity companies 1,418 881 4,307 2,691
 
Attachment II
 
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

(millions of dollars)
  Third Quarter   Nine Months
2011     2010   2011     2010  
Earnings (U.S. GAAP)
Upstream
United States 1,184 999 3,912 2,955
Non-U.S. 7,210 4,468 21,698 13,662
Downstream
United States 810 164 2,238 544
Non-U.S. 769 996 1,796 1,873
Chemical
United States 538 676 1,832 1,900
Non-U.S. 465 553 2,008 1,946
Corporate and financing (646 ) (506 ) (1,824 ) (1,670 )
Net income attributable to ExxonMobil 10,330 7,350 31,660 21,210
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 1,184 999 3,912 2,955
Non-U.S. 7,210 4,468 21,698 13,662
Downstream
United States 810 164 2,238 544
Non-U.S. 769 996 1,796 1,873
Chemical
United States 538 676 1,832 1,900
Non-U.S. 465 553 2,008 1,946
Corporate and financing (646 ) (506 ) (1,824 ) (1,670 )
Corporate total   10,330     7,350     31,660     21,210  
Cash flow from operations and asset sales (billions of dollars)
Net cash provided by operating activities
(U.S. GAAP)
14.9 13.0 44.6 35.4
Sales of subsidiaries, investments and property, plant and equipment 1.4 0.8 4.2 1.6
Cash flow from operations and asset sales   16.3     13.8     48.8     37.0  
 
Attachment III
 
         
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

 
  Third Quarter Nine Months
2011 2010 2011 2010
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States 405 430 421 392
Canada/South America 256 253 252 261
Europe 247 294 275 335
Africa 481 631 521 632
Asia 806 751 811 707
Australia/Oceania 54 62 52 60
Worldwide 2,249 2,421 2,332 2,387
 
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States 3,917 3,726 3,888 2,167
Canada/South America 381 550 415 570
Europe 2,471 2,365 3,307 3,580
Africa 5 15 6 16
Asia 5,036 5,081 5,029 4,616
Australia/Oceania 387 455 343 355
Worldwide 12,197 12,192 12,988 11,304
 
Oil-equivalent production (koebd) 1 4,282 4,453 4,497 4,271
 
 
 
1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
 
Attachment IV
 
       
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

 
Third Quarter Nine Months
2011 2010 2011 2010
Refinery throughput (kbd)
United States 1,743 1,752 1,765 1,760
Canada 436 453 429 437
Europe 1,535 1,550 1,528 1,550
Asia Pacific 1,231 1,304 1,188 1,230
Other 287 305 292 261
Worldwide 5,232 5,364 5,202 5,238
 
Petroleum product sales (kbd)
United States 2,577 2,555 2,514 2,487
Canada 469 459 452 442
Europe 1,623 1,646 1,597 1,622
Asia Pacific 1,237 1,278 1,199 1,229
Other 652 657 624 586
Worldwide 6,558 6,595 6,386 6,366
 
Gasolines, naphthas 2,568 2,728 2,512 2,610
Heating oils, kerosene, diesel 2,013 1,949 1,998 1,899
Aviation fuels 532 526 493 478
Heavy fuels 628 597 595 602
Specialty products 817 795 788 777
Worldwide 6,558 6,595 6,386 6,366
 
Chemical prime product sales,
thousands of metric tons (kt)
United States 2,280 2,628 6,858 7,601
Non-U.S. 3,952 3,930 11,877 11,941
Worldwide 6,232 6,558 18,735 19,542
 
Attachment V
 
       
EXXON MOBIL CORPORATION

THIRD QUARTER 2011

(millions of dollars)
 
Third Quarter Nine Months
2011 2010 2011 2010
Capital and Exploration Expenditures
Upstream
United States 2,172 2,352 8,327 3,896
Non-U.S. 5,580 5,280 15,761 14,624
Total 7,752 7,632 24,088 18,520
Downstream
United States 135 201 366 812
Non-U.S. 406 357 1,109 1,004
Total 541 558 1,475 1,816
Chemical
United States 76 62 197 196
Non-U.S. 245 463 925 1,501
Total 321 525 1,122 1,697
 
Other 6 54 62 132
 
Worldwide 8,620 8,769 26,747 22,165
 
 
Exploration expenses charged to income
included above
Consolidated affiliates
United States 68 62 180 162
Non-U.S. 657 437 1,470 1,428
Equity companies - ExxonMobil share
United States 2 1 7 3
Non-U.S. 1 1 4 12
Worldwide 728 501 1,661 1,605
 
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
Third Quarter 10,330 2.13
 
 
 
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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