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Exxon Mobil Corporation 8-K

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) April 29, 2004

Exxon Mobil Corporation

(Exact name of registrant as specified in its charter)

New Jersey	1-2256	13-5409005
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	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; and

ITEM 12.

Results of Operations and Financial Condition

The following information is furnished pursuant to both Item 9 and Item 12.

The Registrant hereby furnishes the information set forth in its News Release, dated April 29, 2004, announcing first quarter 2004 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 1Q04 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2.

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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: April 29, 2004

By:

/s/ Donald D. Humphreys

----------------------------------------------

Name:

Donald D. Humphreys

Title:

Vice President, Controller and

Principal Accounting Officer

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INDEX TO EXHIBITS

Exhibit No.

Description

99.1

Exxon Mobil Corporation News Release, dated April 29, 2004, announcing first quarter 2004 results.

99.2

1Q04 Investor Relations Data Summary.

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8-K Press Release

Exhibit 99.1

News Release

ExxonMobil

Exxon Mobil Corporation

5959 Las Colinas Boulevard

Irving, TX 75039-2298

972 444 1107 Telephone

972 444 1138 Facsimile

FOR IMMEDIATE RELEASE

THURSDAY, APRIL 29, 2004

EXXON MOBIL CORPORATION ANNOUNCES ESTIMATED

FIRST QUARTER 2004 RESULTS

First Quarter

2004

2003

Net Income

$ Millions

5,440

7,040

$ Per Common Share

Assuming Dilution

0.83

1.05

Earnings Excluding Accounting

Change and Other Special Items

$ Millions

5,440

4,790

$ Per Common Share

Assuming Dilution

0.83

0.71

Total Revenues and

Other Income - $ Millions

67,602

63,780

Capital and Exploration

Expenditures - - $ Millions

3,401

3,496

IRVING, TX, April 29 -- Exxon Mobil Corporation today reported first quarter results. Net income of $5,440 million ($0.83 per share), decreased $1,600 million from the first quarter of 2003. First quarter 2003 earnings included a $550 million positive impact from the required adoption of the new accounting standard for asset retirement obligations and a one-time gain of $1,700 million from the transfer of shares in

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Ruhrgas AG. Excluding these impacts, first quarter 2004 earnings were a record and increased by $650 million.

Revenues and other income for the first quarter of 2004 totaled $67,602 million compared with $63,780 million in 2003. Capital and exploration expenditures of $3,401 million in the first quarter of 2004 were down $95 million compared with last year.

ExxonMobil's Chairman Lee R. Raymond commented as follows:

"First quarter earnings, excluding accounting changes and special items, were a record and improved in all parts of the business.

"Compared with last year's first quarter, ExxonMobil's first quarter 2004 net income of $5,440 million was down $1,600 million. Excluding a required accounting change and a special item recorded in first quarter 2003, earnings were up $650 million.

"Upstream earnings, excluding special items, were a record $4,013 million, an increase of $20 million from first quarter 2003 results reflecting higher production and continued strength in crude and natural gas prices.

"Liquids production increased by 5% versus first quarter 2003 and was at its highest level since the fourth quarter of 1988. On an oil-equivalent basis, production was at its highest level since the first quarter of 2001 and increased 1% from the first quarter of last year. Plans for long-term capacity increases remain on track as reflected by continued high levels of capital spending.

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"Downstream earnings were $1,004 million, an increase of $281 million from last year, reflecting improved worldwide refining conditions partly offset by weaker marketing margins.

"Chemical earnings of $564 million were up $277 million from last year's first quarter. Earnings benefited from stronger margins across the business and favorable foreign exchange effects.

"In the first quarter, ExxonMobil continued its active investment program, spending $3,401 million on capital and exploration projects, compared with $3,496 million last year, reflecting continued strong levels of upstream spending.

"During the quarter, the corporation acquired 47 million shares at a gross cost of $1,953 million to offset the dilution associated with benefit plans and to reduce common stock outstanding."

Additional comments on earnings for the major operating segments follow:

First Quarter 2004 vs. First Quarter 2003

Upstream earnings excluding special items were a record $4,013 million, up $20 million from the first quarter 2003 reflecting higher production and strong crude and natural gas prices.

Liquids production of 2,635 kbd (thousands of barrels per day) increased by 5% from 2,504 kbd in the first quarter of 2003. Higher production from new fields in West Africa and Norway and the absence of last year's national strike effects in Venezuela, was partly offset by natural field declines in mature areas.

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First quarter natural gas production decreased to 11,467 mcfd (millions of cubic feet per day), compared with 12,046 mcfd last year reflecting lower weather-related demand in Europe and natural field decline in mature areas partly offset by the start-up of an additional LNG train in Qatar.

Earnings from U.S. upstream operations were $1,154 million, down $105 million reflecting lower production from mature areas. Excluding the one-time $1,700 million Ruhrgas gain in 2003, non-U.S. upstream earnings of $2,859 million in 2004 were $125 million higher than last year's first quarter. Non-U.S. earnings increased due to liquids production growth from new projects.

Downstream earnings of $1,004 million were the highest first quarter since 1991 and increased $281 million from the first quarter of 2003, reflecting improved worldwide refining margins partly offset by weaker marketing conditions. Petroleum product sales were 8,082 kbd, 223 kbd higher than last year's first quarter.

U.S. downstream earnings were $392 million, up $218 million mainly due to higher refining margins. Non-U.S. downstream earnings of $612 million were $63 million higher than last year's first quarter.

Chemical earnings of $564 million were up $277 million from the same quarter a year ago due to stronger worldwide margins and favorable foreign exchange effects. Prime product sales of 6,792 kt (thousands of metric tons) were down 88 kt from last year's record first quarter.

Corporate and financing expenses of $141 million were lower by $72 million mainly due to reduced U.S. pension costs.

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During the first quarter of 2004, Exxon Mobil Corporation purchased 47 million shares of its common stock for the treasury at a gross cost of $1,953 million. These purchases were to offset shares issued in conjunction with company benefit plans and programs and to reduce the number of shares outstanding. Shares outstanding were reduced from 6,568 million at the end of the fourth quarter of 2003 to 6,540 million at the end of the first quarter. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time.

Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions of dollars.

ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. central time on April 29, 2004. To listen to the event live or in archive, go to our website at www.exxonmobil.com.

____________________________________________________________

Statements in this release relating to future plans, projections, events, or conditions are forward-looking statements. Actual results, including production growth and capital spending, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil or gas prices; political events or disturbances; reservoir performance; changes in OPEC quotas; timely completion of development projects; changes in technical or operating conditions; and other factors including those discussed under the heading "Factors Affecting Future Results" on our website and in Item 1 of ExxonMobil's 2003 Form 10-K. We assume no duty to update these statements as of any future date.

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Consistent with previous practice, the first quarter press release includes both net income and earnings excluding a required accounting change and a special item, both of which occurred in 2003. There were no special items reported in 2004. Earnings that exclude the aforementioned segments are a non-GAAP financial measure and are included to help facilitate comparisons of base business performance across periods. A reconciliation to net income is shown in Attachment II. Further information on ExxonMobil's frequently used financial and operating measures is contained on pages 26 and 27 in the 2003 Form 10-K and is also available through our website at www.exxonmobil.com.

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ATTACHMENT I

EXXON MOBIL CORPORATION

FIRST QUARTER 2004

(millions of dollars, except per share amounts)

First Quarter

2004

2003

EARNINGS / EARNINGS PER SHARE

Total revenues and other income

67,602

63,780

Total costs and other deductions

58,640

53,902

Income before income taxes

$8,962

$9,878

Income taxes

3,522

3,388

Income before accounting change

$5,440

$6,490

Accounting change

550

Net income (U.S. GAAP)

$5,440

$7,040

Net income per common share (dollars)

Income before accounting change

0.83

0.97

Accounting change

0.00

0.08

Net income

$0.83

$1.05

Net income per common share

- assuming dilution (dollars)

Income before accounting change

0.83

0.97

Accounting change

0.00

0.08

Net income

$0.83

$1.05

(continued)

ATTACHMENT I (continued)

EXXON MOBIL CORPORATION

FIRST QUARTER 2004

(millions of dollars, except per share amounts)

First Quarter

2004

2003

OTHER FINANCIAL DATA

Dividends on common stock

Total

$1,642

$1,541

Per common share

$0.25

$0.23

Millions of common shares outstanding

At March 31

6,540

6,679

Average

6,544

6,683

Average-assuming dilution

6,582

6,714

Shareholders' equity at March 31

$91,681

$79,585

Capital employed at March 31

$104,180

$93,676

Income and other taxes

Income taxes

3,522

3,388

Excise taxes

6,416

5,831

All other taxes

10,853

9,465

Total taxes

$20,791

$18,684

ExxonMobil's share of income taxes

of equity companies:

$389

$329

ATTACHMENT II

EXXON MOBIL CORPORATION

FIRST QUARTER 2004

FUNCTIONAL EARNINGS

(millions of dollars)

First Quarter

Net Income (U.S. GAAP)

2004

2003

Upstream

United States

1,154

1,259

Non-U.S.

2,859

4,434

Downstream

United States

392

174

Non-U.S.

612

549

Chemical

United States

118

Non-U.S.

446

271

Corporate and financing

(141)

(213)

Income before accounting change

5,440

6,490

Accounting change

550

Net income (U.S. GAAP)

$5,440

$7,040

Accounting Change and Other Special Items

Upstream

Non-U.S.

1,700

Accounting change

550

Corporate total

$2,250

Earnings Excluding Accounting Change and Other Special Items

Upstream

United States

1,154

1,259

Non-U.S.

2,859

2,734

Downstream

United States

392

174

Non-U.S.

612

549

Chemical

United States

118

Non-U.S.

446

271

Corporate and financing

(141)

(213)

Corporate total

$5,440

$4,790

ATTACHMENT III

EXXON MOBIL CORPORATION

FIRST QUARTER 2004

First Quarter

2004

2003

Net production of crude oil

and natural gas liquids,

thousands of barrels daily (kbd)

United States

598

633

Canada

369

347

Europe

607

621

Asia-Pacific

216

232

Africa

543

414

Other Non-U.S.

302

257

Worldwide

2,635

2,504

Natural gas production available for sale,

millions of cubic feet daily (mcfd)

United States

2,051

2,408

Canada

1,009

931

Europe

6,027

6,321

Asia-Pacific

1,591

1,752

Other Non-U.S.

789

634

Worldwide

11,467

12,046

Oil-equivalent production (koebd)*

4,546

4,512

(continued)

*Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels

ATTACHMENT III (continued)

EXXON MOBIL CORPORATION

FIRST QUARTER 2004

First Quarter

2004

2003

Petroleum product sales (kbd)

United States

2,758

2,573

Canada

615

613

Europe

2,128

1,986

Asia-Pacific

1,682

1,805

Other Non-U.S.

899

882

Worldwide

8,082

7,859

Gasolines, naphthas

3,157

3,035

Heating oils, kerosene, diesel

2,651

2,517

Aviation fuels

659

660

Heavy fuels

642

640

Specialty products

973

1,007

Total

8,082

7,859

Refinery throughput (kbd)

United States

1,781

1,683

Canada

478

447

Europe

1,616

1,464

Asia-Pacific

1,412

1,506

Other Non-U.S.

309

290

Worldwide

5,596

5,390

Chemical product revenue

($ millions)

United States

$2,938

$2,599

Non-U.S.

$4,464

$3,831

Worldwide

$7,402

$6,430

Chemical prime product sales,

thousands of metric tons (kt)

United States

2,803

2,850

Non-U.S.

3,989

4,030

Worldwide

6,792

6,880

ATTACHMENT IV

EXXON MOBIL CORPORATION

FIRST QUARTER 2004

(millions of dollars)

First Quarter

2004

2003

Capital and Exploration Expenditures

Upstream

United States

455

489

Non-U.S.

2,249

2,295

Total

2,704

2,784

Downstream

United States

202

308

Non-U.S.

308

273

Total

510

581

Chemical and administrative

United States

Non-U.S.

Total

187

131

Worldwide

$3,401

$3,496

Exploration expenses charged to income

included above

Consolidated affiliates

United States

Non-U.S.

131

107

Equity companies - ExxonMobil share

Non-U.S.

Worldwide

$174

$154

ATTACHMENT V

EXXON MOBIL CORPORATION

NET INCOME

$ Millions

Per Common Share

2000

First Quarter

3,480

0.50

Second Quarter

4,530

0.66

Third Quarter

4,490

0.63

Fourth Quarter

5,220

0.76

Year

$17,720

$2.55

2001

First Quarter

5,000

0.72

Second Quarter

4,460

0.66

Third Quarter

3,180

0.46

Fourth Quarter

2,680

0.39

Year

$15,320

$2.23

2002

First Quarter

2,090

0.30

Second Quarter

2,640

0.40

Third Quarter

2,640

0.39

Fourth Quarter

4,090

0.60

Year

$11,460

$1.69

2003

First Quarter

7,040

1.05

Second Quarter

4,170

0.63

Third Quarter

3,650

0.55

Fourth Quarter

6,650

1.01

Year

$21,510

$3.24

2004

First Quarter

5,440

0.83

Exxon Mobil Corporation

EXHIBIT 99.2
EXXON MOBIL CORPORATION

1Q04 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 6)

Net Income (U.S. GAAP), $M	1Q04	4Q03	3Q03	2Q03	1Q03
Upstream
United States	1,154	856	883	907	1,259
Non-U.S.	2,859	2,413	1,819	1,931	4,434
Total	4,013	3,269	2,702	2,838	5,693
Downstream
United States	392	384	371	419	174
Non-U.S.	612	352	540	727	549
Total	1,004	736	911	1,146	723
Chemical
United States	118	212	25	128	16
Non-U.S.	446	264	205	311	271
Total	564	476	230	439	287

Corporate and financing	(141)	2169	(193)	(253)	(213)
Income before accounting change	5,440	6,650	3,650	4,170	6,490
Accounting change	0	0	0	0	550
Net income (U.S. GAAP)	5,440	6,650	3,650	4,170	7,040
Net income per common share (U.S. GAAP)	0.83	1.01	0.55	0.63	1.05
Net income per common share
- assuming dilution (U.S. GAAP)	0.83	1.01	0.55	0.62	1.05


Accounting Change and Other Special Items $M
Upstream
United States	0	0	0	0	0
Non-U.S.	0	0	0	0	1,700
Total	0	0	0	0	1,700
Downstream
United States	0	0	0	0	0
Non-U.S.	0	0	0	0	0
Total	0	0	0	0	0
Chemical
United States	0	0	0	0	0
Non-U.S.	0	0	0	0	0
Total	0	0	0	0	0

Corporate and financing	0	2,230	0	0	0
Accounting change	0	0	0	0	550
Corporate total	0	2,230	0	0	2,250


Earnings Excluding Accounting Change and Other Special Items $M
Upstream
United States	1,154	856	883	907	1,259
Non-U.S.	2,859	2,413	1,819	1,931	2,734
Total	4,013	3,269	2,702	2,838	3,993
Downstream
United States	392	384	371	419	174
Non-U.S.	612	352	540	727	549
Total	1,004	736	911	1,146	723
Chemical
United States	118	212	25	128	16
Non-U.S.	446	264	205	311	271
Total	564	476	230	439	287

Corporate and financing	(141)	(61)	(193)	(253)	(213)
Corporate total	5,440	4,420	3,650	4,170	4,790
EPS excluding Accounting Change and Other Special Items
- assuming dilution	0.83	0.68	0.55	0.62	0.71

EXXON MOBIL CORPORATION

1Q04 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 6)

Supplemental Information (continued)

Net production of crude oil and	1Q04	4Q03	3Q03	2Q03	1Q03
natural gas liquids, kbd
United States	598	607	595	603	633
Canada	369	364	370	372	347
Europe	607	589	541	565	621
Asia-Pacific	216	236	241	241	232
Africa	543	500	456	399	414
Other Non-U.S.	302	299	282	297	257
Total liquids production	2,635	2,595	2,485	2,477	2,504

Natural gas production available
for sale, mcfd
United States	2,051	2,038	2,179	2,362	2,408
Canada	1,009	994	943	906	931
Europe	6,027	5,467	2,711	3,524	6,321
Asia-Pacific	1,591	1,711	1,860	1,890	1,752
Other Non-U.S.	789	648	630	601	634
Total natural gas production available for sale	11,467	10,858	8,323	9,283	12,046

Total worldwide liquids and gas production, koebd	4,546	4,405	3,872	4,024	4,512

Refinery throughput, kbd
United States	1,781	1,874	1,850	1,815	1,683
Canada	478	445	451	459	447
Europe	1,616	1,626	1,598	1,573	1,464
Asia-Pacific	1,412	1,345	1,364	1,347	1,506
Other Non-U.S.	309	313	292	297	290
Total refinery throughput	5,596	5,603	5,555	5,491	5,390

Petroleum product sales, kbd
United States	2,758	2,912	2,722	2,706	2,573
Canada	615	622	591	580	613
Europe	2,128	2,102	2,092	2,064	1,986
Asia-Pacific	1,682	1,693	1,637	1,566	1,805
Other Non-U.S.	899	908	889	879	882
Total petroleum product sales	8,082	8,237	7,931	7,795	7,859

Gasolines, naphthas	3,157	3,342	3,308	3,263	3,035
Heating oils, kerosene, diesel	2,651	2,568	2,360	2,284	2,517
Aviation fuels	659	673	672	643	660
Heavy fuels	642	662	622	623	640
Specialty products	973	992	969	982	1,007
Total petroleum product sales	8,082	8,237	7,931	7,795	7,859

Chemical product revenue, $M
United States	$2,938	$2,448	$2,630	$2,486	$2,599
Non-U.S.	4,464	4,036	3,594	3,629	3,831
Total chemical product revenue	$7,402	$6,484	$6,224	$6,115	$6,430

Chemical prime product sales, kt
United States	2,803	2,717	2,664	2,509	2,850
Non-U.S.	3,989	3,975	3,996	3,826	4,030
Total chemical prime product sales	6,792	6,692	6,660	6,335	6,880

EXXON MOBIL CORPORATION

1Q04 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 6)

Supplemental Information (continued)

Average Realization Data	1Q04	4Q03	3Q03	2Q03	1Q03
United States
ExxonMobil
Crude ($/B)	31.14	26.73	25.70	23.81	29.33
Natural Gas ($/kCF)	5.51	4.59	4.92	5.22	6.19

Benchmarks
WTI ($/B)	35.23	31.16	30.18	29.02	34.06
ANS-WC ($/B)	34.14	29.44	28.83	27.05	33.23
Henry Hub ($/MBTU)	5.69	4.58	4.97	5.40	6.58

Non-U.S.
ExxonMobil
Crude ($/B)	30.50	28.11	27.25	25.39	30.65
Natural Gas ($/kCF)	4.43	4.08	3.52	3.75	4.04
European NG ($/kCF)	4.57	4.38	3.64	3.92	4.03

Benchmarks
Brent ($/B)	31.95	29.41	28.41	26.03	31.51

Capital and Exploration Expenditures, $M
Upstream
United States	455	571	539	526	489
Non-U.S.	2,249	2,733	2,440	2,395	2,295
Total	2,704	3,304	2,979	2,921	2,784
Downstream
United States	202	291	312	333	308
Non-U.S.	308	528	356	380	273
Total	510	819	668	713	581
Chemical and Administrative
United States	97	133	94	107	63
Non-U.S.	90	104	97	90	68
Total	187	237	191	197	131

Total Capital and Exploration Expenditures	3,401	4,360	3,838	3,831	3,496

Exploration Expense Charged to Income, $M
Consolidated - United States	39	144	38	39	35
- Non-U.S.	131	306	184	138	107
Non-consolidated - ExxonMobil share - United States	0	0	0	1	0
- Non-U.S.	4	6	3	4	12

Total Exploration Expense Charged to Income	174	456	225	182	154

Effective Income Tax Rate, %	41.8%	31.4%	40.3%	39.8%	36.4%

Common Shares Outstanding (millions)
At quarter end	6,540	6,568	6,610	6,652	6,679
Average	6,544	6,580	6,619	6,654	6,683
Average - assuming dilution	6,582	6,612	6,652	6,687	6,714

Cash Flows from Operations and Asset Sales ($G)
Net cash provided by operating activities	10.1	6.8	5.7	7.3	8.7
Sales of subsidiaries, investments and PP&E	0.5	0.5	0.2	0.3	1.3
Cash flows from operations and asset sales	10.6	7.3	5.9	7.6	10.0


The above numbers reflect ExxonMobil's current estimate of volumes and realizations given data available as of the
end of the first quarter of 2004. Volumes and realizations may be adjusted when full statements on joint venture
operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates.

EXXON MOBIL CORPORATION

1Q04 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 6)

;

Upstream Earnings Reconciliations

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EXXON MOBIL CORPORATION

1Q04 INVESTOR RELATIONS DATA SUMMARY (PAGE 5 of 6)

;

Downstream Earnings Reconciliations

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EXXON MOBIL CORPORATION

1Q04 INVESTOR RELATIONS DATA SUMMARY (PAGE 6 of 6)

;

Chemical Earnings Reconciliations

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