Exxon Mobil Corporation (NYSE:XOM):
Second Quarter
First Half 2014
2013 % 2014
2013 %
Earnings
$ Millions
8,780 6,860 28
17,880 16,360 9 $ Per
Common Share Assuming Dilution
2.05 1.55 32
4.15 3.67
13 Capital and Exploration Expenditures - $ Millions
9,800 10,244 -4
18,236 22,019 -17
EXXONMOBIL CHAIRMAN REX W. TILLERSON
COMMENTED:
“ExxonMobil’s financial results were achieved through strong
operational performance and portfolio management. We
continue to enhance shareholder value by funding capital projects
and delivering robust shareholder returns through dividends and
share purchases.
“Upstream production for the year remains in line with plans
and we continue to add volumes from our high-quality development
portfolio through assets such as the Papua New Guinea LNG project,
which started up ahead of schedule during the quarter.
“Second quarter 2014 earnings were $8.8 billion, up
28 percent from the second quarter of 2013, reflecting strong
operations and asset divestments.
“Capital and exploration expenditures for the first half of
2014 were $18.2 billion, down 17 percent from the first
half of 2013.
“Through the first half of 2014, the Corporation distributed
$11.7 billion to shareholders through dividends and share
purchases to reduce shares outstanding.”
SECOND QUARTER HIGHLIGHTS
- Earnings of $8,780 million
increased $1,920 million or 28 percent from the second
quarter of 2013.
- Earnings per share (assuming dilution)
were $2.05, an increase of 32 percent.
- Capital and exploration expenditures
were $9.8 billion, down 4 percent from the second quarter
of 2013.
- Oil-equivalent production decreased
5.7 percent from the second quarter of 2013. Excluding the
impact of the expiry of the Abu Dhabi onshore concession,
production decreased 2.3 percent.
- Cash flow from operations and asset
sales was $12.8 billion, including proceeds associated with
asset sales of $2.6 billion.
- The Corporation distributed
$6 billion to shareholders in the second quarter of 2014,
including $3 billion in share purchases to reduce shares
outstanding.
- Dividends per share of $0.69 increased
9.5 percent compared with the second quarter of 2013.
- ExxonMobil shipped the first cargo of
liquefied natural gas (LNG) from the Papua New Guinea (PNG) LNG
project ahead of schedule. PNG LNG is expected to produce more than
nine trillion cubic feet of gas over its estimated
30 years of operations and exemplifies ExxonMobil’s leadership
in project execution, advanced technologies, and marketing
capabilities.
- Offshore Sakhalin Island in Russia, the
42,000-ton topsides of the Berkut platform were installed onto the
gravity-based structure at the Arkutun-Dagi field. The platform
will be the largest offshore oil and gas production platform in
Russia, making the Sakhalin shelf a model of world-class oil and
gas sub-arctic project development. Arkutun-Dagi is expected to
start up late this year and add up to 90 thousand barrels per day
of oil (gross) to Sakhalin-1 current production volumes.
- Construction started on the ethane
cracker at the Baytown, Texas, complex and associated premium
product facilities in nearby Mont Belvieu. The steam cracker will
have a capacity of up to 1.5 million tons per year and provide
ethylene feedstock for chemical processing at two new
650,000 tons per year high-performance polyethylene lines at
the Mont Belvieu plastics plant.
Second Quarter 2014 vs. Second Quarter
2013
Upstream earnings were $7,881 million in the second quarter
of 2014, up $1,576 million from the second quarter of 2013.
Higher realizations increased earnings by $580 million. Lower
production volumes and sales timing impacts decreased earnings by
$200 million. All other items, primarily asset management
impacts in Hong Kong, increased earnings by $1.2 billion.
On an oil-equivalent basis, production decreased
5.7 percent from the second quarter of 2013. Excluding the
impact of the expiry of the Abu Dhabi onshore concession,
production decreased 2.3 percent.
Liquids production totaled 2,048 kbd (thousands of barrels
per day), down 134 kbd from the second quarter of 2013. The
Abu Dhabi onshore concession expiry reduced volumes by
142 kbd. Excluding this impact, liquids production was up
slightly as project ramp-up and work programs more than offset
field decline.
Second quarter natural gas production was 10,750 mcfd
(millions of cubic feet per day), down 604 mcfd from 2013,
primarily due to lower demand and field decline.
Earnings from U.S. Upstream operations were $1,193 million,
$97 million higher than the second quarter of 2013. Non-U.S.
Upstream earnings were $6,688 million, up $1,479 million
from the prior year.
Downstream earnings were $711 million, up $315 million
from the second quarter of 2013. Weaker refining margins decreased
earnings by $330 million. Volume and mix effects increased
earnings by $280 million. All other items, including asset
management impacts and lower operating expenses, increased earnings
by $370 million. Petroleum product sales of 5,841 kbd
were 76 kbd higher than last year's second quarter.
Earnings from the U.S. Downstream were $536 million, up
$288 million from the second quarter of 2013. Non-U.S.
Downstream earnings of $175 million were $27 million
higher than last year.
Chemical earnings of $841 million were $85 million
higher than the second quarter of 2013. Margins were flat as
improved commodities were offset by weaker specialties. Volume and
mix effects increased earnings by $60 million. Second quarter
prime product sales of 6,139 kt (thousands of metric tons)
were 308 kt higher than last year's second quarter, driven by
increased Singapore production.
Corporate and financing expenses were $653 million for the
second quarter of 2014, up $56 million from the second quarter
of 2013.
During the second quarter of 2014, Exxon Mobil Corporation
purchased 30 million shares of its common stock for the
treasury to reduce the number of shares outstanding at a cost of
$3 billion. Share purchases to reduce shares outstanding are
currently anticipated to equal $3 billion in the third quarter
of 2014. 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 2014 vs. First Half
2013
FIRST HALF HIGHLIGHTS
- Earnings were $17,880 million, up
$1,520 million or 9 percent from the first half of 2013.
- Earnings per share increased
13 percent to $4.15.
- Oil-equivalent production decreased
5.6 percent from 2013. Excluding the impact of the expiry of
the Abu Dhabi onshore concession, production decreased
2.6 percent.
- Cash flow from operations and asset
sales was $29 billion, including proceeds associated with
asset sales of $3.7 billion.
- The Corporation distributed
$11.7 billion to shareholders in the first half of 2014
through dividends and share purchases to reduce shares
outstanding.
- Capital and exploration expenditures
were $18.2 billion, down 17 percent from the first half
of 2013.
Earnings of $17,880 million increased $1,520 million
from 2013. Earnings per share increased 13 percent to
$4.15.
Upstream earnings were $15,664 million, up
$2,322 million from the first half of 2013. Higher
realizations increased earnings by $990 million. Production
volume and mix effects decreased earnings by $190 million. All
other items, primarily asset sales, increased earnings by
$1.5 billion.
On an oil-equivalent basis, production was down 5.6 percent
compared to the same period in 2013. Excluding the impact of the
expiry of the Abu Dhabi onshore concession, production decreased
2.6 percent.
Liquids production of 2,098 kbd decreased 90 kbd
compared to 2013. The Abu Dhabi onshore concession expiry reduced
volumes by 130 kbd. Excluding this impact, liquids production
was up 1.8 percent, driven by project ramp-up, work programs,
and lower downtime.
Natural gas production of 11,380 mcfd decreased
898 mcfd from 2013, as field decline and lower demand in
Europe were partially offset by project ramp-up, work programs, and
lower downtime.
Earnings from U.S. Upstream operations were $2,437 million,
up $482 million from 2013. Earnings outside the U.S. were
$13,227 million, up $1,840 million from the prior
year.
Downstream earnings of $1,524 million decreased
$417 million from 2013. Lower margins, mainly refining,
decreased earnings by $1.1 billion. Volume and mix effects
increased earnings by $370 million. All other items, including
lower operating expenses, increased earnings by $300 million.
Petroleum product sales of 5,829 kbd increased 69 kbd
from 2013.
U.S. Downstream earnings were $1,159 million, down
$128 million from 2013. Non-U.S. Downstream earnings were
$365 million, a decrease of $289 million from the prior
year.
Chemical earnings of $1,888 million were $5 million
lower than 2013. Lower margins decreased earnings by
$160 million, while volume and mix effects increased earnings
by $150 million. Prime product sales of 12,267 kt were up
526 kt from 2013, driven by increased Singapore
production.
Corporate and financing expenses were $1,196 million in the
first half of 2014, up $380 million from 2013, primarily due
to unfavorable tax impacts.
Gross share purchases for the first half of 2014 were
$6.9 billion, reducing shares outstanding by 70 million
shares.
Estimates of key financial and operating data follow.
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 10 a.m. Central time on July
31, 2014. To listen to the event or access an archived
replay, please visit www.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; resource recoveries; 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 2013 Form 10-K. We assume no duty to
update these statements as of any future date.
Frequently used terms
This press release includes cash flow from operations and asset
sales, which is a non-GAAP financial measure. Because of the
regular nature of our asset management and divestment program, we
believe it is useful for investors to consider proceeds associated
with the sales of subsidiaries, property, plant and equipment, and
sales and returns of investments 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.
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. 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 corporate earnings mean net income attributable to
ExxonMobil (U.S. GAAP) from the consolidated income statement.
Unless otherwise indicated, references to earnings, Upstream,
Downstream, Chemical and Corporate and Financing segment earnings,
and earnings per share are ExxonMobil's share after excluding
amounts attributable to noncontrolling interests.
The term “project” as used in this release can refer to a
variety of different activities and does not necessarily have the
same meaning as in any government payment transparency reports.
Attachment I
EXXON MOBIL CORPORATION
SECOND QUARTER
2014
(millions of dollars, unless noted)
Second
Quarter First Half
2014 2013 2014
2013 Earnings / Earnings Per Share Total
revenues and other income
111,647 106,666
218,420
215,023 Total costs and other deductions
97,496 93,898
189,042 186,217 Income before income taxes
14,151
12,768
29,378 28,806 Income taxes
5,034 5,793
10,891 12,070 Net income including noncontrolling interests
9,117 6,975
18,487 16,736 Net income attributable to
noncontrolling interests
337 115
607 376 Net income
attributable to ExxonMobil (U.S. GAAP)
8,780 6,860
17,880 16,360 Earnings per common share (dollars)
2.05 1.55
4.15 3.67 Earnings per common share
- assuming dilution (dollars)
2.05 1.55
4.15 3.67
Other Financial Data Dividends on common stock
Total
2,966 2,794
5,698 5,355 Per common share
(dollars)
0.69 0.63
1.32 1.20 Millions of
common shares outstanding At June 30
4,265 4,402 Average -
assuming dilution
4,297 4,433
4,312 4,459
ExxonMobil share of equity at June 30
181,155 165,647
ExxonMobil share of capital employed at June 30
205,397
189,218 Income taxes
5,034 5,793
10,891 12,070
Sales-based taxes
7,871 7,552
15,287 15,044 All other
taxes
9,306 8,986
18,163 17,767 Total taxes
22,211 22,331
44,341 44,881 ExxonMobil share
of income taxes of equity companies
1,412 1,380
3,232
3,319
Attachment II
EXXON
MOBIL CORPORATION
SECOND QUARTER
2014
(millions of dollars)
Second Quarter
First Half 2014
2013 2014 2013
Earnings (U.S. GAAP) Upstream United States
1,193
1,096
2,437 1,955 Non-U.S.
6,688 5,209
13,227
11,387 Downstream United States
536 248
1,159 1,287
Non-U.S.
175 148
365 654 Chemical United States
528 515
1,207 1,267 Non-U.S.
313 241
681 626 Corporate and financing
(653 ) (597 )
(1,196 ) (816 ) Net income attributable to ExxonMobil
8,780 6,860
17,880 16,360
Cash flow from
operations and asset sales (billions of dollars) Net
cash provided by operating activities (U.S. GAAP)
10.2 7.7
25.3 21.2 Proceeds associated with asset sales
2.6 0.3
3.7 0.7 Cash flow from operations and
asset sales
12.8 8.0
29.0 21.9
Attachment III
EXXON MOBIL CORPORATION
SECOND QUARTER
2014
Second Quarter First
Half 2014 2013
2014 2013 Net production of crude
oil, natural gas liquids, bitumen and synthetic oil, thousands of
barrels daily (kbd) United States
458 419
450 427
Canada / South America
282 264
298 264 Europe
178 197
187 196 Africa
473 472
477 463
Asia
597 778
631 791 Australia / Oceania
60 52
55 47 Worldwide
2,048 2,182
2,098 2,188
Natural gas production available for sale, millions of cubic feet
daily (mcfd) United States
3,421 3,581
3,417 3,585
Canada / South America
316 347
325 337 Europe
2,426 2,836
2,943 3,650 Africa
6 5
7 7
Asia
4,070 4,174
4,293 4,344 Australia / Oceania
511 411
395 355 Worldwide
10,750 11,354
11,380 12,278 Oil-equivalent production (koebd)1
3,840 4,074
3,995 4,234
1 Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels.
Attachment IV
EXXON MOBIL CORPORATION
SECOND QUARTER
2014
Second Quarter First
Half 2014 2013
2014 2013 Refinery throughput
(kbd) United States
1,711 1,745
1,761 1,778 Canada
418 435
398 432 Europe
1,445 1,400
1,438 1,397 Asia Pacific
686 771
694 781 Other
194 115
191 132 Worldwide
4,454 4,466
4,482 4,520 Petroleum product sales (kbd) United
States
2,651 2,525
2,628 2,528 Canada
494 470
491 453 Europe
1,525 1,527
1,519 1,493 Asia
Pacific
733 835
747 864 Other
438 408
444 422 Worldwide
5,841 5,765
5,829 5,760
Gasolines, naphthas
2,436 2,327
2,418 2,341
Heating oils, kerosene, diesel
1,887 1,791
1,876
1,791 Aviation fuels
412 469
420 461 Heavy fuels
379 431
404 446 Specialty products
727 747
711 721 Worldwide
5,841 5,765
5,829 5,760
Chemical prime product sales, thousands of metric tons (kt)
United States
2,351 2,360
4,743 4,724 Non-U.S.
3,788 3,471
7,524 7,017 Worldwide
6,139 5,831
12,267 11,741
Attachment V
EXXON MOBIL
CORPORATION
SECOND QUARTER
2014
(millions of dollars)
Second Quarter
First Half 2014
2013 2014 2013
Capital and Exploration Expenditures Upstream United States
2,698 2,643
4,790 4,733 Non-U.S.
5,696 6,634
10,868 15,391 Total
8,394 9,277
15,658 20,124
Downstream United States
296 221
524 480 Non-U.S.
386 354
698 704 Total
682 575
1,222
1,184 Chemical United States
502 198
899 312 Non-U.S.
212 192
445 394 Total
714 390
1,344 706
Other
10 2
12 5 Worldwide
9,800
10,244
18,236 22,019 Exploration expenses
charged to income included above Consolidated affiliates United
States
104 69
139 196 Non-U.S.
389 384
669 700 Equity companies - ExxonMobil share United States
50 1
51 2 Non-U.S.
63 223
85 224
Worldwide
606 677
944 1,122
Attachment VI
EXXON MOBIL CORPORATION
EARNINGS
$ Millions
$ Per
CommonShare1
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 Fourth Quarter 9,400 1.97 Year 41,060 8.43
2012
First Quarter 9,450 2.00 Second Quarter 15,910 3.41 Third Quarter
9,570 2.09 Fourth Quarter 9,950 2.20 Year 44,880 9.70
2013
First Quarter 9,500 2.12 Second Quarter 6,860 1.55 Third Quarter
7,870 1.79 Fourth Quarter 8,350 1.91 Year 32,580 7.37
2014
First Quarter 9,100 2.10 Second Quarter 8,780 2.05
1 Computed using the average number of shares outstanding during
each period.
ExxonMobilMedia Relations, 972-444-1107
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