View:
===============================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 20, 2002
EXXON MOBIL CORPORATION
--------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
New Jersey 1-2256 13-5409005
- ---------------------------- ---------------------- ------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5959 Las Colinas Boulevard
Irving, Texas 75039-2298
- --------------------------------------- ------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 444-1000
--------------------------------------------------------------------------
(Former name or former address, if changed since last report)
=============================================================
ITEM 9. Regulation FD Disclosure
As previously disclosed, an ExxonMobil affiliate completed the sale of its
copper mining business in Chile in November 2002. This sale followed the
divestment of Colombian coal operations in the first quarter of 2002 and
Australian coal operations in prior years. These businesses have historically
been reported as other operations in our financial statements.
In addition, management responsibility for certain continuing operations
included in the other operations segment has been reassigned. Specifically,
responsibility for electric power generation operations, primarily in Hong
Kong, has been assigned to the newly-renamed ExxonMobil Gas & Power Marketing
Company (part of our non-U.S. upstream business). Our remaining U.S. coal
operations are now managed as part of the U.S. upstream.
As a result of these changes, we will be changing the presentation of certain
segment information in future financial reports in accordance with the
accounting requirements of Statement of Financial Accounting Standards
No. 131 (FAS 131), "Disclosures about Segments of an Enterprise and Related
Information" and Statement of Financial Accounting Standards No. 144 (FAS 144),
"Accounting for the Impairment or Disposal of Long-Lived Assets". Specifically,
our annual report for 2002 will show earnings for the divested coal and
minerals businesses as discontinued operations. Also, earnings from electric
power will be moved from other operations to the non-U.S. upstream and earnings
from residual U.S. coal operations will be moved from other operations to the
U.S. upstream. The remaining activities in the other operations segment,
primarily involving captive insurance and global services, will be shown in the
corporate and financing segment. Our earnings press release for the fourth
quarter of 2002 and other future financial publications will be consistent with
this new segmentation.
In order to help investors become familiar with this new segment format in
advance of our fourth quarter earnings release and 2002 annual report, we are
furnishing below resegmented functional earnings, along with resegmented
capital and exploration expenditures, for the full years 1998, 1999 and 2000,
and for the quarterly periods in 2001 and year-to-date 2002.
These changes in the presentation of segment information do not alter our total
net income, net income per share, or capital and exploration expenditures for
any period.
-2-
EXXON MOBIL CORPORATION
FUNCTIONAL EARNINGS - RESEGMENTED
2002
_____________________________________
First Second Third Year to
Quarter Quarter Quarter Date
_______ _______ _______ _______
(millions of dollars, except per share amounts)
Net Income (U.S. GAAP)
______________________
Upstream
United States $ 448 $ 677 $ 642 $1,767
Non-U.S. 1,641 1,553 1,635 4,829
Downstream
United States 14 234 42 290
Non-U.S. (42) 148 83 189
Chemicals
United States 70 87 156 313
Non-U.S. 62 182 197 441
Corporate and financing (70) (222) (41) (333)
Merger expenses (60) (30) (85) (175)
Gain from required asset divestitures 0 0 0 0
Discontinued operations 27 11 11 49
Accounting change 0 0 0 0
______ ______ ______ ______
Net income (U.S. GAAP) $2,090 $2,640 $2,640 $7,370
Net income per common share (U.S. GAAP) $ 0.30 $ 0.40 $ 0.39 $ 1.09
Net income per common share
- assuming dilution (U.S. GAAP) $ 0.30 $ 0.39 $ 0.39 $ 1.08
Merger Effects, Special Items and Discontinued Operations
_________________________________________________________
Upstream
United States $ 0 $ 0 $ 0 $ 0
Non-U.S. 0 0 (215) (215)
Downstream
United States 0 0 0 0
Non-U.S. 0 0 0 0
Chemicals
United States 0 0 0 0
Non-U.S. 0 0 0 0
Corporate and financing 0 0 0 0
Merger expenses (60) (30) (85) (175)
Gain from required asset divestitures 0 0 0 0
Discontinued operations 27 11 11 49
Accounting change 0 0 0 0
______ ______ ______ ______
Corporate total $ (33) $ (19) $ (289) $ (341)
Earnings excluding Merger Effects, Special Items and Discontinued Operations
____________________________________________________________________________
Upstream
United States $ 448 $ 677 $ 642 $1,767
Non-U.S. 1,641 1,553 1,850 5,044
Downstream
United States 14 234 42 290
Non-U.S. (42) 148 83 189
Chemicals
United States 70 87 156 313
Non-U.S. 62 182 197 441
Corporate and financing (70) (222) (41) (333)
______ ______ ______ ______
Corporate total $2,123 $2,659 $2,929 $7,711
-3-
EXXON MOBIL CORPORATION
FUNCTIONAL EARNINGS - RESEGMENTED
2001
___________________________________________
First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
_______ _______ _______ _______ _______
(millions of dollars, except per share amounts)
Net Income (U.S. GAAP)
______________________
Upstream
United States $ 1,629 $ 1,116 $ 770 $ 418 $ 3,933
Non-U.S. 2,229 1,816 1,441 1,317 6,803
Downstream
United States 409 844 390 281 1,924
Non-U.S. 590 423 552 738 2,303
Chemicals
United States 45 149 76 128 398
Non-U.S. 155 168 80 81 484
Corporate and financing (35) 5 (18) (94) (142)
Merger expenses (90) (95) (140) (200) (525)
Gain from required asset divestitures 40 0 0 0 40
Discontinued operations 28 34 29 11 102
Accounting change 0 0 0 0 0
_______ _______ _______ _______ _______
Net income (U.S. GAAP) $ 5,000 $ 4,460 $ 3,180 $ 2,680 $15,320
Net income per common share
(U.S. GAAP) $ 0.72 $ 0.66 $ 0.46 $ 0.39 $ 2.23
Net income per common share
- assuming dilution (U.S. GAAP) $ 0.71 $ 0.65 $ 0.46 $ 0.39 $ 2.21
Merger Effects, Special Items and Discontinued Operations
_________________________________________________________
Upstream
United States $ 0 $ 0 $ 0 $ 0 $ 0
Non-U.S. 0 0 0 0 0
Downstream
United States 0 0 0 0 0
Non-U.S. 0 0 0 0 0
Chemicals
United States 0 100 0 0 100
Non-U.S. 0 75 0 0 75
Corporate and financing 0 0 0 0 0
Merger expenses (90) (95) (140) (200) (525)
Gain from required asset divestitures 40 0 0 0 40
Discontinued operations 28 34 29 11 102
Accounting change 0 0 0 0 0
_______ _______ _______ _______ _______
Corporate total $ (22) $ 114 $ (111) $ (189) $ (208)
Earnings excluding Merger Effects, Special Items and Discontinued Operations
____________________________________________________________________________
Upstream
United States $ 1,629 $ 1,116 $ 770 $ 418 $ 3,933
Non-U.S. 2,229 1,816 1,441 1,317 6,803
Downstream
United States 409 844 390 281 1,924
Non-U.S. 590 423 552 738 2,303
Chemicals
United States 45 49 76 128 298
Non-U.S. 155 93 80 81 409
Corporate and financing (35) 5 (18) (94) (142)
_______ _______ _______ _______ _______
Corporate total $ 5,022 $ 4,346 $ 3,291 $ 2,869 $15,528
-4-
EXXON MOBIL CORPORATION
FUNCTIONAL EARNINGS - RESEGMENTED
2000 1999 1998
____ ____ ____
(millions of dollars, except per share amounts)
Net Income (U.S. GAAP)
______________________
Upstream
United States $ 4,542 $ 1,873 $ 869
Non-U.S. 8,143 4,371 2,837
Downstream
United States 1,561 577 1,199
Non-U.S. 1,857 650 2,275
Chemicals
United States 644 738 792
Non-U.S. 517 616 602
Corporate and financing (538) (511) (443)
Merger expenses (920) (469) 0
Gain from required asset divestitures 1,730 0 0
Discontinued operations 184 65 13
Accounting change 0 0 (70)
_______ _______ _______
Net income (U.S. GAAP) $17,720 $ 7,910 $ 8,074
Net income per common share (U.S. GAAP) $ 2.55 $ 1.14 $ 1.15
Net income per common share
- assuming dilution (U.S. GAAP) $ 2.52 $ 1.12 $ 1.14
Merger Effects, Special Items and Discontinued Operations
_________________________________________________________
Upstream
United States $ 0 $ 0 $ (185)
Non-U.S. 0 119 (176)
Downstream
United States 0 0 8
Non-U.S. 0 (120) (412)
Chemicals
United States 0 0 (8)
Non-U.S. 0 0 (1)
Corporate and financing 0 0 112
Merger expenses (920) (469) 0
Gain from required asset divestitures 1,730 0 0
Discontinued operations 184 65 13
Accounting change 0 0 (70)
_______ _______ _______
Corporate total $ 994 $ (405) $ (719)
Earnings excluding Merger Effects, Special Items and Discontinued Operations
____________________________________________________________________________
Upstream
United States $ 4,542 $ 1,873 $ 1,054
Non-U.S. 8,143 4,252 3,013
Downstream
United States 1,561 577 1,191
Non-U.S. 1,857 770 2,687
Chemicals
United States 644 738 800
Non-U.S. 517 616 603
Corporate and financing (538) (511) (555)
_______ _______ _______
Corporate total $16,726 $ 8,315 $ 8,793
-5-
EXXON MOBIL CORPORATION
CAPITAL AND EXPLORATION EXPENDITURES - RESEGMENTED
2002
__________________________________
First Second Third Year to
Quarter Quarter Quarter Date
_______ _______ _______ _______
(millions of dollars)
Upstream
United States $ 586 $ 568 $ 619 $1,773
Non-U.S. 1,679 1,992 2,069 5,740
______ ______ ______ ______
Total 2,265 2,560 2,688 7,513
Downstream
United States 149 250 257 656
Non-U.S. 243 335 377 955
______ ______ ______ ______
Total 392 585 634 1,611
Chemicals, Administrative and Discontinued Operations
United States 193 137 139 469
Non-U.S. 124 111 102 337
______ ______ ______ ______
Total 317 248 241 806
______ ______ ______ ______
Total capital and exploration Expenditures $2,974 $3,393 $3,563 $9,930
-6-
EXXON MOBIL CORPORATION
CAPITAL AND EXPLORATION EXPENDITURES - RESEGMENTED
2001
___________________________________________
First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
_______ _______ _______ _______ _______
(millions of dollars)
Upstream
United States $ 449 $ 650 $ 657 $ 667 $ 2,423
Non-U.S. 1,325 1,446 1,634 1,988 6,393
_______ _______ _______ _______ _______
Total 1,774 2,096 2,291 2,655 8,816
Downstream
United States 239 250 196 276 961
Non-U.S. 239 288 337 497 1,361
_______ _______ _______ _______ _______
Total 478 538 533 773 2,322
Chemicals, Administrative and Discontinued Operations
United States 104 93 149 212 558
Non-U.S. 160 107 125 223 615
_______ _______ _______ _______ _______
Total 264 200 274 435 1,173
_______ _______ _______ _______ _______
Total capital and exploration
expenditures $ 2,516 $ 2,834 $ 3,098 $ 3,863 $12,311
-7-
EXXON MOBIL CORPORATION
CAPITAL AND EXPLORATION EXPENDITURES - RESEGMENTED
2000 1999 1998
____ ____ ____
(millions of dollars)
Upstream
United States $ 1,865 $ 1,741 $ 2,197
Non-U.S. 5,068 6,687 7,885
_______ _______ _______
Total 6,933 8,428 10,082
Downstream
United States 1,077 905 1,090
Non-U.S. 1,541 1,496 1,918
_______ _______ _______
Total 2,618 2,401 3,008
Chemicals, Administrative and Discontinued Operation
United States 396 756 908
Non-U.S. 1,221 1,722 1,537
_______ _______ _______
Total 1,617 2,478 2,445
_______ _______ _______
Total capital and exploration expenditures $11,168 $13,307 $15,535
-8-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EXXON MOBIL CORPORATION
Date: December 20, 2002 By: /s/ Donald D. Humphreys
--------------------------------------
Name: Donald D. Humphreys
Title: Vice President, Controller and
Principal Accounting Officer
-9-