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): July 31, 2008
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey | 1-2256 | 13-5409005 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
5959 LAS COLINAS BOULEVARD, IRVING, TEXAS 75039-2298
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (972) 444-1000
|
|
|
| (Former name or former address, if changed since last report) |
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01
Regulation FD Disclosure
Item 2.02
Results of Operations and Financial Condition
The following information is furnished pursuant to both Item 7.01 and Item 2.02.
The Registrant hereby furnishes the information set forth in its News Release, dated July 31, 2008, announcing second quarter 2008 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 2Q08 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2.
-2-
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: July 31, 2008
By:
/s/ Patrick T. Mulva
----------------------------------------------
Name:
Patrick T. Mulva
Title:
Vice President, Controller and
Principal Accounting Officer
-3-
INDEX TO EXHIBITS
Exhibit No.
Description
99.1
Exxon Mobil Corporation News Release, dated July 31, 2008, announcing second quarter 2008 results.
99.2
2Q08 Investor Relations Data Summary.
-4-
EXHIBIT 99.1
News Release | |
| Exxon Mobil Corporation |
| 5959 Las Colinas Boulevard |
| Irving, TX 75039 |
| 972 444 1107 Telephone |
| 972 444 1138 Facsimile |
|
|
|
|
FOR IMMEDIATE RELEASE |
|
THURSDAY, JULY 31, 2008 |
|
|
|
EXXON MOBIL CORPORATION ANNOUNCES ESTIMATED
SECOND QUARTER 2008 RESULTS
| Second Quarter |
| First Half |
| ||
| 2008 | 2007 | % | 2008 | 2007 | % |
Net Income |
|
|
|
|
|
|
$ Millions | 11,680 | 10,260 | 14 | 22,570 | 19,540 | 16 |
$ Per Common Share |
|
|
|
|
|
|
Assuming Dilution | 2.22 | 1.83 | 21 | 4.25 | 3.45 | 23 |
|
|
|
|
|
|
|
Special Items |
|
|
|
|
|
|
$ Millions | (290) | 0 |
| (290) | 0 |
|
|
|
|
|
|
|
|
Earnings Excluding Special Items |
|
|
|
|
|
|
$ Millions | 11,970 | 10,260 | 17 | 22,860 | 19,540 | 17 |
$ Per Common Share |
|
|
|
|
|
|
Assuming Dilution | 2.27 | 1.83 | 24 | 4.30 | 3.45 | 25 |
|
|
|
|
|
|
|
Capital and Exploration |
|
|
|
|
|
|
Expenditures - $ Millions | 6,970 | 5,039 | 38 | 12,461 | 9,261 | 35 |
EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:
"ExxonMobil's second quarter earnings excluding special items were a record $11,970 million, up 17% from the second quarter of 2007. Earnings per share excluding special items were up 24% reflecting the impact of the continuing share purchase program. Net income for the second quarter was $11,680 million, up 14% from the second quarter of 2007. Net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs. First half earnings excluding special items increased by 17% over the
first half of 2007 reflecting higher crude oil and natural gas realizations. Net income for the first half of 2008 was up 16% versus 2007.
ExxonMobil increased investments across all business lines to help meet global demand for crude oil, natural gas and finished products. Capital and exploration project spending increased to $7.0 billion in the second quarter, up 38% from last year. For the first half of 2008, spending on capital and exploration projects was $12.5 billion.
The Corporation distributed a total of $10.1 billion to shareholders in the second quarter through dividends of $2.1 billion and share purchases to reduce shares outstanding of $8.0 billion, an increase of 12% or $1.1 billion versus the second quarter of 2007.
SECOND QUARTER HIGHLIGHTS
·
Earnings excluding special items were a record $11,970 million, an increase of 17% or $1,710 million from the second quarter of 2007.
·
Earnings per share excluding special items were up 24% to $2.27 reflecting strong earnings and the continued reduction in the number of shares outstanding.
·
Net income was a record at $11,680 million, up 14% from the second quarter of 2007.
·
Second quarter 2008 net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation.
·
The effective income tax rate increased to 49% versus 44%.
·
Capital and exploration expenditures were $7.0 billion, up 38% from the second quarter of 2007.
·
Cash flow from operations and asset sales was approximately $14.6 billion, including asset sales of $1.2 billion.
·
Share purchases of $8.0 billion reduced shares outstanding by 1.7%.
·
ExxonMobil launched a new synthetic motor oil, Mobil 1 Advanced Fuel Economy, that can improve fuel efficiency in modern gasoline engines and benefit the environment by reducing greenhouse gas emissions.
·
ExxonMobil announced plans to complete development and testing of a commercial demonstration plant near LaBarge, Wyoming using its Controlled Freeze ZoneTM technology. If successful, this technology will assist in the development of additional gas resources to meet the worlds growing demand for energy and facilitate the application of carbon capture and storage to reduce greenhouse gas emissions.
·
ExxonMobil announced plans to begin commercial evaluation of unconventional hydrocarbon potential covering 184 thousand acres and exploration activities on an additional 387 thousand acres in the Mako Trough in southeast Hungary.
-2-
Second Quarter 2008 vs. Second Quarter 2007
Upstream earnings were $10,012 million, up $4,059 million from the second quarter of 2007. Record crude oil and natural gas realizations increased earnings approximately $6.1 billion. Lower sales volumes decreased earnings about $1.7 billion. Higher operating costs and increased taxes also reduced earnings.
On an oil-equivalent basis, production decreased 8% from the second quarter of 2007. Excluding impacts related to the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes (which include price and spend impacts and PSC net interest reductions), production was down about 3%.
Liquids production totaled 2,393 kbd (thousands of barrels per day), down 275 kbd from the second quarter of 2007. Excluding the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, liquids production was down just over 2%, as increased production from projects in west Africa and the North Sea was more than offset by mature field decline and higher maintenance activity.
Second quarter natural gas production was 8,448 mcfd (millions of cubic feet per day), down 285 mcfd from 2007. Higher European demand and new production volumes from project additions in the North Sea were more than offset by mature field decline and increased maintenance activity.
Earnings from U.S. Upstream operations were $2,034 million, $812 million higher than the second quarter of 2007. Non-U.S. Upstream earnings were $7,978 million, up $3,247 million from last year.
Downstream earnings of $1,558 million were down $1,835 million from the second quarter of 2007 as lower margins reduced earnings by $1.9 billion, driven by significantly lower worldwide refining margins. Petroleum product sales of 6,775 kbd were 199 kbd lower than last year's second quarter, mainly reflecting asset sales and lower demand.
-3-
U.S. Downstream earnings were $293 million, down $1,452 million from the second quarter of 2007. Non-U.S. Downstream earnings of $1,265 million were $383 million lower.
Chemical earnings of $687 million were $326 million lower than the second quarter of 2007. Lower margins, which reduced earnings approximately $500 million, were partly offset by favorable foreign exchange and tax effects. Prime product sales of 6,718 kt (thousands of metric tons) in the second quarter of 2008 were 179 kt lower than the prior year.
Corporate and financing expenses of $287 million, excluding the charge related to the Valdez litigation, increased by $188 million, mainly due to tax items and lower interest income.
During the second quarter of 2008, Exxon Mobil Corporation purchased 98 million shares of its common stock for the treasury at a gross cost of $8.8 billion. These purchases included $8.0 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. Shares outstanding were reduced from 5,284 million at the end of the first quarter to 5,194 million at the end of the second quarter. 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.
-4-
First Half 2008 vs. First Half 2007
Net income of $22,570 million ($4.25 per share) was a record and increased $3,030 million from 2007. Excluding special items, earnings for the first half of 2008 were $22,860 million, an increase of $3,320 million from 2007.
FIRST HALF HIGHLIGHTS
·
Earnings excluding special items were a record $22,860 million, up 17%.
·
Earnings per share excluding special items increased 25% to $4.30, reflecting strong business results and the continued reduction in the number of shares outstanding.
·
Net income was up 16% from 2007. Net income for the first half of 2008 included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Net income for the first half of 2007 did not include any special items.
·
The effective income tax rate increased to 49% versus 44%.
·
Cash flow from operations and asset sales was approximately $36.4 billion, including $1.6 billion from asset sales.
·
The Corporation distributed a total of $20.0 billion to shareholders in 2008 through dividends and share purchases to reduce shares outstanding, an increase of $2.2 billion versus 2007.
·
Year to date dividends per share of $0.75 increased 12%.
·
Capital and exploration expenditures were $12.5 billion, an increase of 35% versus 2007.
Upstream earnings were a record $18,797 million, up $6,803 million from 2007. Record high crude oil and natural gas realizations increased earnings approximately $10.5 billion. Lower sales volumes reduced earnings about $2.5 billion. Higher taxes, increased operating costs and lower gains on asset sales decreased earnings approximately $1.2 billion.
On an oil-equivalent basis, production decreased 7% from last year. Excluding impacts related to the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, production was down 2%.
Liquids production of 2,431 kbd decreased 276 kbd from 2007. Excluding the Venezuela expropriation, the Nigeria labor strike and lower entitlement volumes, liquids production was down 3% as field decline in mature areas more than offset project volume increases.
-5-
Natural gas production of 9,333 mcfd decreased 86 mcfd from 2007. Higher volumes from North Sea and Qatar projects and higher European demand were more than offset by mature field decline.
Earnings from U.S. Upstream operations for 2008 were $3,665 million, an increase of $1,266 million. Earnings outside the U.S. were $15,132 million, $5,537 million higher than 2007.
Downstream earnings of $2,724 million were $2,581 million lower than 2007. Lower worldwide refining and marketing margins decreased earnings approximately $2.9 billion while higher operating costs reduced earnings about $300 million. Improved refinery operations increased earnings about $600 million. Petroleum product sales of 6,798 kbd decreased from 7,085 kbd in 2007, mainly reflecting asset sales.
U.S. Downstream earnings were $691 million, down $1,893 million. Non-U.S. Downstream earnings were $2,033 million, $688 million lower than last year.
Chemical earnings of $1,715 million decreased $534 million from 2007. Lower margins, which decreased earnings approximately $800 million, were partly offset by favorable foreign exchange and tax effects. Prime product sales of 13,296 kt were down 406 kt from 2007.
Corporate and financing expenses of $376 million, excluding the charge related to the Valdez litigation, increased by $368 million, mainly due to lower interest income, higher corporate costs and tax items.
Gross share purchases through the first half of 2008 were $18.2 billion, reducing shares outstanding by 3.5%.
Estimates of key financial and operating data follow.
-6-
ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. Central time on July 31, 2008. To listen to the event live or in archive, go to our website at exxonmobil.com.
Statements in this release relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, could differ materially due to changes in long-term oil or gas prices or other market conditions affecting the oil and gas industry; 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" on our website and in Item 1A of ExxonMobil's 2007 Form 10-K. We assume no duty to update these statements as of any future date. References to quantities of oil expected to be developed may include amounts not yet classified as proved reserves but that we believe will ultimately be produced.
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. A reconciliation to net income 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 u nder the heading "Frequently Used Terms" available through the Investors section of our website at exxonmobil.com.
-7-
| Attachment I | ||||||
|
| ||||||
| |||||||
| EXXON MOBIL CORPORATION |
| |||||
| SECOND QUARTER 2008 |
| |||||
| (millions of dollars, unless noted) |
| |||||
|
|
|
|
|
|
|
|
|
| Second Quarter |
| First Half |
| ||
|
| 2008 | 2007 |
| 2008 | 2007 |
|
| Earnings / Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues and other income | 138,072 | 98,350 |
| 254,926 | 185,573 |
|
| Total costs and other deductions | 115,866 | 80,422 |
| 212,528 | 151,581 |
|
| Income before income taxes | 22,206 | 17,928 |
| 42,398 | 33,992 |
|
| Income taxes | 10,526 | 7,668 |
| 19,828 | 14,452 |
|
| Net income (U.S. GAAP) | 11,680 | 10,260 |
| 22,570 | 19,540 |
|
|
|
|
|
|
|
|
|
| Net income per common share (dollars) | 2.25 | 1.85 |
| 4.30 | 3.49 |
|
|
|
|
|
|
|
|
|
| Net income per common share |
|
|
|
|
|
|
| - assuming dilution (dollars) | 2.22 | 1.83 |
| 4.25 | 3.45 |
|
|
|
|
|
|
|
|
|
| Other Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends on common stock |
|
|
|
|
|
|
| Total | 2,098 | 1,961 |
| 3,977 | 3,786 |
|
| Per common share (dollars) | 0.40 | 0.35 |
| 0.75 | 0.67 |
|
|
|
|
|
|
|
|
|
| Millions of common shares outstanding |
|
|
|
|
|
|
| At June 30 |
|
|
| 5,194 | 5,546 |
|
| Average - assuming dilution | 5,261 | 5,620 |
| 5,311 | 5,665 |
|
|
|
|
|
|
|
|
|
| Shareholders' equity at June 30 |
|
|
| 124,826 | 116,350 |
|
| Capital employed at June 30 |
|
|
| 136,749 | 126,520 |
|
|
|
|
|
|
|
|
|
| Income taxes | 10,526 | 7,668 |
| 19,828 | 14,452 |
|
| Sales-based taxes | 9,538 | 7,810 |
| 17,970 | 15,094 |
|
| All other taxes | 12,297 | 10,665 |
| 23,904 | 21,073 |
|
| Total taxes | 32,361 | 26,143 |
| 61,702 | 50,619 |
|
|
|
|
|
|
|
|
|
| ExxonMobil's share of income taxes |
|
|
|
|
|
|
| of equity companies | 888 | 517 |
| 1,893 | 1,090 |
|
|
|
|
|
|
|
|
|
-8-
| Attachment II | ||||||
|
| ||||||
| EXXON MOBIL CORPORATION |
| |||||
| SECOND QUARTER 2008 |
| |||||
| (millions of dollars) |
| |||||
|
| Second Quarter |
| First Half |
| ||
|
| 2008 | 2007 |
| 2008 | 2007 |
|
| Net Income (U.S. GAAP) |
|
|
|
|
|
|
| Upstream |
|
|
|
|
|
|
| United States | 2,034 | 1,222 |
| 3,665 | 2,399 |
|
| Non-U.S. | 7,978 | 4,731 |
| 15,132 | 9,595 |
|
| Downstream |
|
|
|
|
|
|
| United States | 293 | 1,745 |
| 691 | 2,584 |
|
| Non-U.S. | 1,265 | 1,648 |
| 2,033 | 2,721 |
|
| Chemical |
|
|
|
|
|
|
| United States | 102 | 204 |
| 386 | 550 |
|
| Non-U.S. | 585 | 809 |
| 1,329 | 1,699 |
|
| Corporate and financing | (577) | (99) |
| (666) | (8) |
|
| Corporate total | 11,680 | 10,260 |
| 22,570 | 19,540 |
|
| 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 | (290) | 0 |
| (290) | 0 |
|
| Corporate total | (290) | 0 |
| (290) | 0 |
|
| Earnings Excluding Special Items |
|
|
|
|
|
|
| Upstream |
|
|
|
|
|
|
| United States | 2,034 | 1,222 |
| 3,665 | 2,399 |
|
| Non-U.S. | 7,978 | 4,731 |
| 15,132 | 9,595 |
|
| Downstream |
|
|
|
|
|
|
| United States | 293 | 1,745 |
| 691 | 2,584 |
|
| Non-U.S. | 1,265 | 1,648 |
| 2,033 | 2,721 |
|
| Chemical |
|
|
|
|
|
|
| United States | 102 | 204 |
| 386 | 550 |
|
| Non-U.S. | 585 | 809 |
| 1,329 | 1,699 |
|
| Corporate and financing | (287) | (99) |
| (376) | (8) |
|
| Corporate total | 11,970 | 10,260 |
| 22,860 | 19,540 |
|
| Cash flow from operations and asset sales (billions of dollars) |
|
|
| |||
| Net cash provided by operating activities | 13.4 | 11.3 |
| 34.8 | 25.6 |
|
| Sales of subsidiaries, investments and property, plant and equipment | 1.2 | 1.2 |
| 1.6 | 1.7 |
|
| Cash flow from operations and asset sales | 14.6 | 12.5 |
| 36.4 | 27.3 |
|
-9-
| Attachment III | ||||||
|
| ||||||
|
|
|
|
|
|
|
|
| EXXON MOBIL CORPORATION |
| |||||
| SECOND QUARTER 2008 |
| |||||
|
|
|
|
|
|
|
|
|
| Second Quarter |
| First Half |
| ||
|
| 2008 | 2007 |
| 2008 | 2007 |
|
| Net production of crude oil |
|
|
|
|
|
|
| and natural gas liquids, |
|
|
|
|
|
|
| thousands of barrels daily (kbd) |
|
|
|
|
|
|
| United States | 368 | 393 |
| 377 | 404 |
|
| Canada/South America | 281 | 340 |
| 289 | 336 |
|
| Europe | 439 | 490 |
| 448 | 507 |
|
| Africa | 637 | 734 |
| 636 | 758 |
|
| Asia Pacific/Middle East | 509 | 529 |
| 504 | 518 |
|
| Russia/Caspian | 159 | 182 |
| 177 | 184 |
|
| Worldwide | 2,393 | 2,668 |
| 2,431 | 2,707 |
|
|
|
|
|
|
|
|
|
| Natural gas production available for sale, |
|
|
|
|
|
|
| millions of cubic feet daily (mcfd) |
|
|
|
|
|
|
| United States | 1,274 | 1,540 |
| 1,275 | 1,527 |
|
| Canada/South America | 652 | 868 |
| 659 | 860 |
|
| Europe | 3,256 | 3,029 |
| 4,191 | 3,815 |
|
| Africa | 30 | 26 |
| 32 | 25 |
|
| Asia Pacific/Middle East | 3,129 | 3,173 |
| 3,061 | 3,086 |
|
| Russia/Caspian | 107 | 97 |
| 115 | 106 |
|
| Worldwide | 8,448 | 8,733 |
| 9,333 | 9,419 |
|
|
|
|
|
|
|
|
|
| Oil-equivalent production (koebd) 1 | 3,801 | 4,123 |
| 3,986 | 4,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels |
|
| ||||
|
|
|
|
|
|
|
|
-10-
| Attachment IV | ||||||
|
| ||||||
|
|
|
|
|
|
|
|
| EXXON MOBIL CORPORATION |
| |||||
| SECOND QUARTER 2008 |
| |||||
|
|
|
|
|
|
|
|
|
| Second Quarter |
| First Half |
| ||
|
| 2008 | 2007 |
| 2008 | 2007 |
|
| Refinery throughput (kbd) |
|
|
|
|
|
|
| United States | 1,811 | 1,592 |
| 1,785 | 1,695 |
|
| Canada | 451 | 410 |
| 438 | 425 |
|
| Europe | 1,590 | 1,621 |
| 1,581 | 1,631 |
|
| Asia Pacific | 1,312 | 1,337 |
| 1,381 | 1,420 |
|
| Other | 308 | 319 |
| 314 | 320 |
|
| Worldwide | 5,472 | 5,279 |
| 5,499 | 5,491 |
|
|
|
|
|
|
|
|
|
| Petroleum product sales (kbd) |
|
|
|
|
|
|
| United States | 2,584 | 2,651 |
| 2,566 | 2,712 |
|
| Canada | 425 | 451 |
| 433 | 450 |
|
| Europe | 1,719 | 1,769 |
| 1,713 | 1,791 |
|
| Asia Pacific | 1,321 | 1,345 |
| 1,366 | 1,386 |
|
| Other | 726 | 758 |
| 720 | 746 |
|
| Worldwide | 6,775 | 6,974 |
| 6,798 | 7,085 |
|
|
|
|
|
|
|
|
|
| Gasolines, naphthas | 2,636 | 2,876 |
| 2,651 | 2,867 |
|
| Heating oils, kerosene, diesel | 2,067 | 1,973 |
| 2,078 | 2,083 |
|
| Aviation fuels | 623 | 622 |
| 618 | 627 |
|
| Heavy fuels | 630 | 682 |
| 658 | 705 |
|
| Specialty products | 819 | 821 |
| 793 | 803 |
|
| Worldwide | 6,775 | 6,974 |
| 6,798 | 7,085 |
|
|
|
|
|
|
|
|
|
| Chemical prime product sales, |
|
|
|
|
|
|
| thousands of metric tons (kt) |
|
|
|
|
|
|
| United States | 2,702 | 2,701 |
| 5,257 | 5,432 |
|
| Non-U.S. | 4,016 | 4,196 |
| 8,039 | 8,270 |
|
| Worldwide | 6,718 | 6,897 |
| 13,296 | 13,702 |
|
|
|
|
|
|
|
|
|
-11-
| Attachment V | ||||||
|
| ||||||
|
|
|
|
|
|
|
|
| EXXON MOBIL CORPORATION |
| |||||
| SECOND QUARTER 2008 |
| |||||
| (millions of dollars) |
| |||||
|
|
|
|
|
|
| |
|
| Second Quarter |
| First Half |
| ||
|
| 2008 | 2007 |
| 2008 | 2007 |
|
| Capital and Exploration Expenditures |
|
|
|
|
|
|
| Upstream |
|
|
|
|
|
|
| United States | 743 | 497 |
| 1,334 | 963 |
|
| Non-U.S. | 4,514 | 3,369 |
| 8,018 | 6,372 |
|
| Total | 5,257 | 3,866 |
| 9,352 | 7,335 |
|
| Downstream |
|
|
|
|
|
|
| United States | 426 | 317 |
| 777 | 529 |
|
| Non-U.S. | 478 | 557 |
| 954 | 876 |
|
| Total | 904 | 874 |
| 1,731 | 1,405 |
|
| Chemical |
|
|
|
|
|
|
| United States | 123 | 62 |
| 222 | 146 |
|
| Non-U.S. | 674 | 214 |
| 1,141 | 349 |
|
| Total | 797 | 276 |
| 1,363 | 495 |
|
|
|
|
|
|
|
|
|
| Other | 12 | 23 |
| 15 | 26 |
|
|
|
|
|
|
|
|
|
| Worldwide | 6,970 | 5,039 |
| 12,461 | 9,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exploration expenses charged to income |
|
|
|
|
|
|
| included above |
|
|
|
|
|
|
| Consolidated affiliates |
|
|
|
|
|
|
| United States | 46 | 37 |
| 99 | 126 |
|
| Non-U.S. | 288 | 308 |
| 571 | 487 |
|
| Equity companies - ExxonMobil share |
|
|
|
|
|
|
| United States | 0 | 1 |
| 0 | 2 |
|
| Non-U.S. | 5 | 1 |
| 7 | 3 |
|
| Worldwide | 339 | 347 |
| 677 | 618 |
|
|
|
|
|
|
|
|
|
-12-
| Attachment VI | ||||
|
| ||||
|
|
|
|
|
|
| EXXON MOBIL CORPORATION | ||||
| NET INCOME | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ Millions | $ Per Common Share | ||
|
|
|
|
|
|
| 2004 |
|
|
|
|
| First Quarter | 5,440 |
| 0.83 |
|
| Second Quarter | 5,790 |
| 0.89 |
|
| Third Quarter | 5,680 |
| 0.88 |
|
| Fourth Quarter | 8,420 |
| 1.31 |
|
| Year | 25,330 |
| 3.91 |
|
|
|
|
|
|
|
| 2005 |
|
|
|
|
| First Quarter | 7,860 |
| 1.23 |
|
| Second Quarter | 7,640 |
| 1.21 |
|
| Third Quarter | 9,920 |
| 1.60 |
|
| Fourth Quarter | 10,710 |
| 1.72 |
|
| Year | 36,130 |
| 5.76 |
|
|
|
|
|
|
|
| 2006 |
|
|
|
|
| First Quarter | 8,400 |
| 1.38 |
|
| Second Quarter | 10,360 |
| 1.74 |
|
| Third Quarter | 10,490 |
| 1.79 |
|
| Fourth Quarter | 10,250 |
| 1.77 |
|
| Year | 39,500 |
| 6.68 |
|
|
|
|
|
|
|
| 2007 |
|
|
|
|
| First Quarter | 9,280 |
| 1.64 |
|
| Second Quarter | 10,260 |
| 1.85 |
|
| Third Quarter | 9,410 |
| 1.72 |
|
| Fourth Quarter | 11,660 |
| 2.15 |
|
| Year | 40,610 |
| 7.36 |
|
|
|
|
|
|
|
| 2008 |
|
|
|
|
| First Quarter | 10,890 |
| 2.05 |
|
| Second Quarter | 11,680 |
| 2.25 |
|
|
|
|
|
|
|
-13-
EXHIBIT 99.2 | |||||
EXXON MOBIL CORPORATION | |||||
|
|
|
|
|
|
2Q08 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 7) | |||||
| |||||
Net Income (U.S. GAAP), $M | 2Q08 | 1Q08 | 4Q07 | 3Q07 | 2Q07 |
Upstream | |||||
United States | 2,034 | 1,631 | 1,275 | 1,196 | 1,222 |
Non-U.S. | 7,978 | 7,154 | 6,929 | 5,103 | 4,731 |
Total | 10,012 | 8,785 | 8,204 | 6,299 | 5,953 |
Downstream | |||||
United States | 293 | 398 | 622 | 914 | 1,745 |
Non-U.S. | 1,265 | 768 | 1,645 | 1,087 | 1,648 |
Total | 1,558 | 1,166 | 2,267 | 2,001 | 3,393 |
Chemical | |||||
United States | 102 | 284 | 335 | 296 | 204 |
Non-U.S. | 585 | 744 | 777 | 906 | 809 |
Total | 687 | 1,028 | 1,112 | 1,202 | 1,013 |
|
|
|
|
|
|
Corporate and financing | (577) | (89) | 77 | (92) | (99) |
Net income (U.S. GAAP) | 11,680 | 10,890 | 11,660 | 9,410 | 10,260 |
Net income per common share (U.S. GAAP) | 2.25 | 2.05 | 2.15 | 1.72 | 1.85 |
Net income per common share | |||||
- assuming dilution (U.S. GAAP) | 2.22 | 2.03 | 2.13 | 1.70 | 1.83 |
|
|
|
|
|
|
Special Items $M | |||||
Upstream | |||||
United States | 0 | 0 | 0 | 0 | 0 |
Non-U.S. | 0 | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 | 0 |
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 | (290) | 0 | 0 | 0 | 0 |
Corporate total | (290) | 0 | 0 | 0 | 0 |
| |||||
Earnings Excluding Special Items $M | |||||
Upstream | |||||
United States | 2,034 | 1,631 | 1,275 | 1,196 | 1,222 |
Non-U.S. | 7,978 | 7,154 | 6,929 | 5,103 | 4,731 |
Total | 10,012 | 8,785 | 8,204 | 6,299 | 5,953 |
Downstream |
|
|
|
|
|
United States | 293 | 398 | 622 | 914 | 1,745 |
Non-U.S. | 1,265 | 768 | 1,645 | 1,087 | 1,648 |
Total | 1,558 | 1,166 | 2,267 | 2,001 | 3,393 |
Chemical | |||||
United States | 102 | 284 | 335 | 296 | 204 |
Non-U.S. | 585 | 744 | 777 | 906 | 809 |
Total | 687 | 1,028 | 1,112 | 1,202 | 1,013 |
|
|
|
|
|
|
Corporate and financing | (287) | (89) | 77 | (92) | (99) |
Corporate total | 11,970 | 10,890 | 11,660 | 9,410 | 10,260 |
EPS excluding Special Items - assuming dilution | 2.27 | 2.03 | 2.13 | 1.70 | 1.83 |
EXXON MOBIL CORPORATION | |||||
|
|
|
|
|
|
2Q08 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 7) | |||||
| |||||
Supplemental Information (continued) | |||||
|
|
|
|
|
|
Net production of crude oil and | 2Q08 | 1Q08 | 4Q07 | 3Q07 | 2Q07 |
natural gas liquids, kbd | |||||
United States | 368 | 386 | 385 | 373 | 393 |
Canada/South America | 281 | 297 | 305 | 321 | 340 |
Europe | 439 | 457 | 461 | 446 | 490 |
Africa | 637 | 635 | 669 | 686 | 734 |
Asia Pacific/Middle East | 509 | 498 | 503 | 533 | 529 |
Russia/Caspian | 159 | 195 | 194 | 178 | 182 |
Total liquids production | 2,393 | 2,468 | 2,517 | 2,537 | 2,668 |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas production available for sale, mcfd | |||||
United States | 1,274 | 1,277 | 1,405 | 1,414 | 1,540 |
Canada/South America | 652 | 663 | 717 | 799 | 868 |
Europe | 3,256 | 5,126 | 4,945 | 2,665 | 3,029 |
Africa | 30 | 34 | 26 | 25 | 26 |
Asia Pacific/Middle East | 3,129 | 2,994 | 3,205 | 3,270 | 3,173 |
Russia/Caspian | 107 | 124 | 116 | 110 | 97 |
Total natural gas production available for sale | 8,448 | 10,218 | 10,414 | 8,283 | 8,733 |
|
|
|
|
|
|
|
|
|
|
|
|
Total worldwide liquids and gas production, koebd | 3,801 | 4,171 | 4,253 | 3,918 | 4,123 |
|
|
|
|
|
|
Refinery throughput, kbd | |||||
United States | 1,811 | 1,759 | 1,804 | 1,790 | 1,592 |
Canada | 451 | 425 | 467 | 451 | 410 |
Europe | 1,590 | 1,572 | 1,660 | 1,648 | 1,621 |
Asia Pacific | 1,312 | 1,449 | 1,457 | 1,368 | 1,337 |
Other Non-U.S. | 308 | 321 | 329 | 325 | 319 |
Total refinery throughput | 5,472 | 5,526 | 5,717 | 5,582 | 5,279 |
|
|
|
|
|
|
Petroleum product sales, kbd | |||||
United States | 2,584 | 2,548 | 2,733 | 2,709 | 2,651 |
Canada | 425 | 441 | 475 | 470 | 451 |
Europe | 1,719 | 1,707 | 1,728 | 1,783 | 1,769 |
Asia Pacific | 1,321 | 1,410 | 1,472 | 1,429 | 1,345 |
Other Non-U.S. | 726 | 715 | 717 | 710 | 758 |
Total petroleum product sales | 6,775 | 6,821 | 7,125 | 7,101 | 6,974 |
|
|
|
|
|
|
Gasolines, naphthas | 2,636 | 2,666 | 2,833 | 2,831 | 2,876 |
Heating oils, kerosene, diesel | 2,067 | 2,089 | 2,155 | 2,056 | 1,973 |
Aviation fuels | 623 | 612 | 639 | 671 | 622 |
Heavy fuels | 630 | 687 | 724 | 728 | 682 |
Specialty products | 819 | 767 | 774 | 815 | 821 |
Total petroleum product sales | 6,775 | 6,821 | 7,125 | 7,101 | 6,974 |
|
|
|
|
|
|
Chemical prime product sales, kt | |||||
United States | 2,702 | 2,555 | 2,762 | 2,661 | 2,701 |
Non-U.S. | 4,016 | 4,023 | 4,287 | 4,068 | 4,196 |
Total chemical prime product sales | 6,718 | 6,578 | 7,049 | 6,729 | 6,897 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EXXON MOBIL CORPORATION | |||||
|
|
|
|
|
|
2Q08 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 7) | |||||
| |||||
Supplemental Information (continued) | |||||
|
|
|
|
|
|
Average Realization Data | 2Q08 | 1Q08 | 4Q07 | 3Q07 | 2Q07 |
United States | |||||
ExxonMobil | |||||
Crude ($/b) | 119.31 | 91.35 | 83.18 | 69.52 | 60.09 |
Natural Gas ($/kcf) | 10.42 | 8.07 | 6.38 | 5.87 | 7.12 |
|
|
|
|
|
|
Benchmarks | |||||
WTI ($/b) | 123.98 | 97.94 | 90.66 | 75.48 | 64.89 |
ANS-WC ($/b) | 123.79 | 96.62 | 88.76 | 76.49 | 65.76 |
Henry Hub ($/mbtu) | 10.94 | 8.03 | 6.97 | 6.16 | 7.55 |
|
|
|
|
|
|
Non-U.S. | |||||
ExxonMobil | |||||
Crude ($/b) | 119.28 | 93.47 | 85.38 | 71.81 | 65.97 |
Natural Gas ($/kcf) | 9.90 | 9.28 | 8.19 | 6.27 | 6.01 |
European NG ($/kcf) | 11.61 | 10.30 | 9.34 | 7.49 | 6.68 |
|
|
|
|
|
|
Benchmarks | |||||
Brent ($/b) | 121.38 | 96.90 | 88.69 | 74.87 | 68.76 |
|
|
|
|
|
|
Capital and Exploration Expenditures, $M | |||||
Upstream | |||||
United States | 743 | 591 | 681 | 568 | 497 |
Non-U.S. | 4,514 | 3,504 | 3,857 | 3,283 | 3,369 |
Total | 5,257 | 4,095 | 4,538 | 3,851 | 3,866 |
Downstream | |||||
United States | 426 | 351 | 336 | 263 | 317 |
Non-U.S. | 478 | 476 | 578 | 721 | 557 |
Total | 904 | 827 | 914 | 984 | 874 |
Chemical | |||||
United States | 123 | 99 | 118 | 96 | 62 |
Non-U.S. | 674 | 467 | 568 | 505 | 214 |
Total | 797 | 566 | 686 | 601 | 276 |
Other | 12 | 3 | 13 | 5 | 23 |
|
|
|
|
|
|
Total Capital and Exploration Expenditures | 6,970 | 5,491 | 6,151 | 5,441 | 5,039 |
|
|
|
|
|
|
Exploration Expense Charged to Income, $M | |||||
Consolidated - United States | 46 | 53 | 79 | 75 | 37 |
- Non-U.S. | 288 | 283 | 419 | 271 | 308 |
Non-consolidated - ExxonMobil share - United States | 0 | 0 | 0 | 0 | 1 |
- Non-U.S. | 5 | 2 | 22 | 5 | 1 |
Total Exploration Expense Charged to Income | 339 | 338 | 520 | 351 | 347 |
|
|
|
|
|
|
Effective Income Tax Rate, % | 49% | 49% | 44% | 46% | 44% |
|
|
|
|
|
|
Common Shares Outstanding (millions) | |||||
At quarter end | 5,194 | 5,284 | 5,382 | 5,464 | 5,546 |
Average - assuming dilution | 5,261 | 5,362 | 5,454 | 5,536 | 5,620 |
|
|
|
|
|
|
Total Cash and Cash Equivalent ($G) | 39.0 | 40.9 | 34.0 | 36.0 | 33.6 |
Includes restricted cash | |||||
|
|
|
|
|
|
Total Debt ($G) | 9.6 | 10.0 | 9.6 | 9.0 | 8.8 |
|
|
|
|
|
|
Cash Flows from Operations and Asset Sales ($G) | |||||
Net cash provided by operating activities | 13.4 | 21.4 | 11.3 | 15.1 | 11.3 |
Sales of subsidiaries, investments and PP&E | 1.2 | 0.4 | 1.8 | 0.7 | 1.2 |
Cash flows from operations and asset sales | 14.6 | 21.8 | 13.1 | 15.8 | 12.5 |
|
|
|
|
|
|
The above numbers reflect ExxonMobil's current estimate of volumes and realizations given data available as of the end of the | |||||
second quarter of 2008. 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 2Q08 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 7) | |
|
| EXXON MOBIL CORPORATION 2Q08 INVESTOR RELATIONS DATA SUMMARY (PAGE 5 of 7) | |
| EXXON MOBIL CORPORATION 2Q08 INVESTOR RELATIONS DATA SUMMARY (PAGE 6 of 7) | |
| EXXON MOBIL CORPORATION 2Q08 INVESTOR RELATIONS DATA SUMMARY (PAGE 7 of 7) | |