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 26, 2019

 

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)

 

 

 Registrant’s telephone number, including area code:  972-940-6000  

 

 

 

 

 

 

 

(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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

               

                        Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

  

 

 


 

 

Item 2.02

Results of Operations and Financial Condition

Item 7.01

Regulation FD Disclosure

 

 

 

 

 

The following information is furnished pursuant to both Item 2.02 and Item 7.01.

  

 

The Registrant hereby furnishes the information set forth in its News Release, dated April 26, 2019, announcing first quarter 2019 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 1Q19 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing.

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 

 

 

 

 

 

 

 

2 


 

 

 

 

INDEX TO EXHIBITS

 

 

 

Exhibit No.

Description

 

 

99.1

Exxon Mobil Corporation News Release, dated April 26, 2019, announcing first quarter 2019 results.

 

 

99.2

1Q19 Investor Relations Data Summary.

  

  

  

  

  

  

  

  

  

  

  

  

  

   

  

  

  

  

  

  

  

  

  

 

 

3 


 

 

 

 

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 26, 2019

By:

/s/ DAVID S. ROSENTHAL

 

 

David S. Rosenthal

 

 

Vice President and Controller

 

 

(Principal Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4 


 

 

EXHIBIT 99.1

News Release

 

Exxon Mobil Corporation

 

5959 Las Colinas Boulevard

 

Irving, TX  75039

 

972 940 6007 Telephone

 

972 940 6143 Facsimile

FOR IMMEDIATE RELEASE

 

FRIDAY, APRIL 26, 2019

 

 

 

 

ExxonMobil Earns $2.4 Billion in First Quarter 2019

 

 

 

 

Upstream liquids production grows by 5 percent versus first quarter 2018, driven by the Permian

 

Portfolio strengthens with new offshore discoveries in Guyana and Cyprus 

 

Downstream and Chemical results reflect challenging industry margin environments

         

 

 

 

 

 

 

 

 

 

First

First

 

 

 

Fourth

 

 

 

 

 

 

Quarter

Quarter

 

 

 

Quarter

 

 

 

 

 

 

2019

2018

 

%

 

2018

 

%

Earnings Summary

 

 

 

 

 

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

Earnings (U.S. GAAP)

 

2,350

4,650

 

-49

 

6,000

 

-61

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share

 

 

 

 

 

 

 

 

 

 

Assuming Dilution

 

0.55

1.09

 

-50

 

1.41

 

-61

 

 

 

 

 

 

 

 

 

 

 

 

Capital and Exploration

 

 

 

 

 

 

 

 

 

Expenditures

 

6,890

4,867

 

42

 

7,843

 

-12

 

IRVING, Texas – April 26, 2019 – Exxon Mobil Corporation today announced estimated first quarter 2019 earnings of $2.4 billion, or $0.55 per share assuming dilution, compared with $4.7 billion a year earlier. Cash flow from operations and asset sales was $8.4 billion, including proceeds associated with asset sales of $107 million. During the quarter, the company distributed $3.5 billion in dividends to shareholders. Capital and exploration expenditures were $6.9 billion, up 42 percent from the prior year, reflecting key investments in the U.S. Permian Basin.

 

Oil‑equivalent production was 4 million barrels per day, up 2 percent from the first quarter of 2018. Excluding entitlement effects and divestments, oil‑equivalent production was up 3 percent from the first quarter of 2018. Upstream liquids production grew by 5 percent compared with the first quarter of 2018, driven by Permian unconventional growth of nearly 140 percent.

 

“Solid operating performance in the first quarter helped mitigate the impact of challenging Downstream and Chemical margin environments. In addition, we continued to benefit from our integrated business model,” said Darren W. Woods, chairman and chief executive officer. “We are making strong progress on our growth plans and expect to deliver sustained value for our shareholders. The change in Canadian crude differentials, as well as heavy scheduled maintenance, similar to the fourth quarter of 2018, affected our quarterly results.”

 


 

First Quarter 2019 Business Highlights

 

Upstream

 

Crude prices strengthened during the quarter but remained weaker, on average, than the fourth quarter of 2018. North American differentials narrowed, largely as a result of imposed production curtailments in Canada and additional takeaway capacity in the Permian.

 

 

Natural gas prices were impacted by warmer weather.

 

 

Production volumes benefited from continued unconventional growth. However, first quarter production was negatively impacted by lower Kearl output in Canada and downtime.

 

 

Downstream

 

ExxonMobil achieved first sales of on-specification Group II basestocks from the advanced hydrocracker at the Rotterdam refinery in the Netherlands. The new unit uses proprietary catalyst in a unique refining configuration to upgrade lower-value vacuum gas oil into higher-value EHC™ Group II basestocks and ultra-low sulfur diesel.

 

 

Weak industry fuels margins from high gasoline inventory levels and narrowed North American crude differentials impacted results in the quarter.

 

 

Overall heavy scheduled maintenance remained at similar levels to the fourth quarter of 2018.

 

 

Chemical

 

Sales volumes increased from the prior year quarter reflecting project growth, however, margins remained challenged with continued supply length from recent industry capacity additions.

 

 

Strengthening the Portfolio

 

ExxonMobil made two additional discoveries offshore Guyana at the Tilapia‑1 and Haimara‑1 wells during the first quarter. In April, the company also announced a new discovery at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block.

 

 

ExxonMobil made a natural gas discovery offshore Cyprus in the Eastern Mediterranean at the Glaucus-1 well. Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Further analysis is required to better determine the resource potential.

 

 

ExxonMobil has revised its Permian Basin growth plans to produce more than 1 million oil-equivalent barrels per day by as early as 2024. The size of the company’s resource base in the Permian is approximately 10 billion oil‑equivalent barrels and is likely to grow further as analysis and development activities continue.

 

 

Investing for Growth

 

ExxonMobil and partner Qatar Petroleum made a final investment decision to proceed with development of the Golden Pass LNG export project located in Sabine Pass, Texas. The facility is expected to start up in 2024. The project will have capacity to produce approximately 16 million tons of liquefied natural gas per year and provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets.

 

 

 

 

</BCLPAGE>2


 

ExxonMobil reached a final investment decision and started construction on a new unit at its Beaumont, Texas refinery that will increase crude refining capacity by more than 65 percent, or 250,000 barrels per day. The third crude unit within the facility’s existing footprint will expand light crude oil refining and be supported by increased crude oil production in the Permian Basin.

 

 

ExxonMobil reached a final investment decision on construction of a new polypropylene production unit in Baton Rouge, Louisiana that will expand production capacity along the Gulf Coast by up to 450,000 metric tons per year. Construction will begin in 2019 and startup is anticipated by 2021.

 

 

Advancing Innovative Technologies and Products

 

ExxonMobil announced a new partnership with Microsoft Corporation that will make its Permian Basin operations the largest-ever oil and gas acreage to use cloud technology to drive improvements in analyses and enhance operational efficiencies. The application of Microsoft technologies by ExxonMobil’s XTO Energy subsidiary is anticipated to improve capital efficiency and support Permian production growth by as much as 50,000 oil-equivalent barrels per day by 2025.

 

 

ExxonMobil and Renewable Energy Group have signed a joint research agreement with Clariant AG to evaluate the potential use of cellulosic sugars from sources such as agricultural waste and residues to produce biofuel, which has the potential to play a role in reducing greenhouse gas emissions.

 

</BCLPAGE>3


 

 

 

 

 

 

 

 

 

 

 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

1Q

 

1Q

 

 

 

 

 

 

(unless noted)

2019

 

2018

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

96

 

429

 

-333

 

Lower liquids prices, higher growth-related expenses and an asset impairment charge (-115), partly offset by liquids volume growth

 

 

Non-U.S.

2,780

 

3,068

 

-288

 

Absence of Scarborough asset sale gain (-366), lower liquids prices, higher growth-related expenses and an asset impairment charge (-43), partly offset by higher gas realizations and favorable tax impacts

 

 

Total

2,876

 

3,497

 

-621

 

Prices -30, volumes +80, other -670

 

 

Production (koebd)

3,981

 

3,889

 

+92

 

Liquids +111 kbd: U.S. growth and improved reliability, partly offset by decline

 

Gas -114 mcfd: lower demand, decline, and divestments, partly offset by lower maintenance and growth

 

 

 

 

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

(161)

 

319

 

-480

 

Higher scheduled maintenance and lower margins, partly offset by improved yield / sales mix

 

 

Non-U.S.

(95)

 

621

 

-716

 

Lower margins and higher scheduled maintenance

 

 

Total

(256)

 

940

 

-1,196

 

Margins -860, scheduled maintenance -450, other +110

 

 

Petroleum Product Sales (kbd)

5,415

 

5,432

 

-17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

161

 

503

 

-342

 

Lower margins and higher growth-related expenses

 

 

Non-U.S.

357

 

508

 

-151

 

Lower margins and unfavorable foreign exchange impacts, partly offset by volume growth

 

 

Total

518

 

1,011

 

-493

 

Margins -360, foreign exchange -70, volumes +60, other -120

 

 

Prime Product Sales (kt)

6,772

 

6,668

 

+104

 

Growth-related volumes

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(788)

 

(798)

 

+10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>4


 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

1Q

 

4Q

 

 

 

 

 

 

(unless noted)

2019

 

2018

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

96

 

265

 

-169

 

Lower volumes and lower gas realizations

 

 

Non-U.S.

2,780

 

3,048

 

-268

 

Lower volumes, unfavorable tax impacts and absence of favorable one-time 4Q'18 items, partly offset by higher liquids prices and lower exploration expenses

 

 

Total

2,876

 

3,313

 

-437

 

Volumes -290, prices +50, other -200

 

 

Production (koebd)

3,981

 

4,010

 

-29

 

Liquids -21 kbd: decline and higher downtime, partly offset by growth

 

Gas -50 mcfd: lower entitlements, partly offset by higher seasonal demand

 

 

 

 

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

(161)

 

987

 

-1,148

 

Lower margins, including narrowed crude differentials and the change in mark-to-market derivative impacts, and higher scheduled maintenance

 

 

Non-U.S.

(95)

 

1,717

 

-1,812

 

Lower margins, including the change in mark-to-market derivative impacts, and lower divestment gains with absence of the sale of Augusta refinery / Germany Retail conversion to branded wholesaler (-888), partly offset by lower scheduled maintenance

 

 

Total

(256)

 

2,704

 

-2,960

 

Margins -2,060, divestment gains -900

 

 

Petroleum Product Sales (kbd)

5,415

 

5,495

 

-80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

161

 

282

 

-121

 

Lower margins

 

 

Non-U.S.

357

 

455

 

-98

 

Absence of favorable tax item (-212), partly offset by lower downtime / maintenance

 

 

Total

518

 

737

 

-219

 

Margins -110, downtime / maintenance +80, other -190

 

 

Prime Product Sales (kt)

6,772

 

6,672

 

+100

 

Lower downtime / maintenance

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(788)

 

(754)

 

-34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>5


 

 

Cash Flow from Operations and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

 

1Q

 

 

 

 

 

 

 

 

 

2019

 

Comments

 

 

Net income including noncontrolling interests

 

2,406

 

Including $56 million for noncontrolling interests

 

 

Depreciation

 

4,571

 

 

 

 

 

 

Changes in working capital

 

2,257

 

Including favorable seasonal payables

 

 

Other

 

(896)

 

Equity company earnings greater than dividends

 

 

Cash Flow from Operating

 

8,338

 

 

 

 

 

 

Activities (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Asset sales

 

107

 

 

 

 

Cash Flow from Operations

 

8,445

 

 

 

 

 

 

and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2019 Financial Updates

 

During the first quarter of 2019, Exxon Mobil Corporation purchased 5 million shares of its common stock for the treasury at a gross cost of $414 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs.   

 

 

 

</BCLPAGE>6


 

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 26, 2019. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including business and project plans, capacities, costs, and timing; resource recoveries and production rates; and the impact of new technologies, including to increase capital efficiency and production and to reduce greenhouse gas emissions, could differ materially due to a number of factors. These include global or regional changes in supply and demand for oil, gas, and petrochemicals and other market conditions that impact prices and differentials; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; the impact of fiscal and commercial terms and the outcome of commercial negotiations or acquisitions; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; war, and other political or security disturbances; the actions of competitors; the capture of efficiencies between business lines; unforeseen technical or operating difficulties; unexpected technological developments; the ability to bring new technologies to commercial scale on a cost-competitive basis; general economic conditions including the occurrence and duration of economic recessions; the results of research programs; and other factors discussed under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com and in Item 1A of ExxonMobil’s 2018 Form 10-K. We assume no duty to update these statements as of any future date.

 

Frequently Used Terms and Non-GAAP Measures

This press release 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 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 for the first quarter of 2019 on page 6 and for 1Q 2019, 1Q 2018 and 4Q 2018 in Attachment V.

 

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales‑based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

 

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. The term “in-place” refers to those quantities of oil and natural gas estimated to be contained in known accumulations and includes recoverable and unrecoverable amounts.  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. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash flow from operations and asset sales”, and “Total taxes including sales‑based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at exxonmobil.com.

</BCLPAGE>7


 

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.

 

EHC is a registered trademark of Exxon Mobil Corporation.

 

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

  

 

</BCLPAGE>8


 

 

Estimated Key Financial and Operating Data

 

 

 

 

 

 

 

 

 

 

 

Attachment I

Exxon Mobil Corporation

First Quarter 2019

(millions of dollars, unless noted)

 

 

 

 

 

First

 

First

 

Fourth

 

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

2019

 

2018

 

2018

 

Earnings / Earnings Per Share

 

 

 

 

 

 

 

 

Total revenues and other income

 

63,625

 

68,211

 

71,895

 

 

Total costs and other deductions

 

59,336

 

60,971

 

63,774

 

 

Income before income taxes

 

4,289

 

7,240

 

8,121

 

 

 

Income taxes

 

1,883

 

2,457

 

1,915

 

 

Net income including noncontrolling interests

 

2,406

 

4,783

 

6,206

 

 

 

Net income attributable to noncontrolling interests

 

56

 

133

 

206

 

 

Net income attributable to ExxonMobil (U.S. GAAP)

 

2,350

 

4,650

 

6,000

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (dollars)

 

0.55

 

1.09

 

1.41

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

- assuming dilution (dollars)

 

0.55

 

1.09

 

1.41

 

 

 

 

 

 

 

 

 

 

 

 

Exploration expenses, including dry holes

 

280

 

287

 

555

 

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

Dividends on common stock

 

  

 

  

 

 

 

 

 

Total

 

3,505

 

3,291

 

3,502

 

 

 

Per common share (dollars)

 

0.82

 

0.77

 

0.82

 

 

 

 

 

 

 

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

 

 

 

 

 

At period end

 

4,231

 

4,234

 

4,237

 

 

 

Average - assuming dilution

 

4,270

 

4,270

 

4,270

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of equity at period end

 

191,222

 

188,195

 

191,794

 

 

ExxonMobil share of capital employed at period end

 

234,673

 

231,282

 

232,280

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

1,883

 

2,457

 

1,915

 

 

Total other taxes and duties

 

8,087

 

8,815

 

8,473

 

 

 

Total taxes

 

9,970

 

11,272

 

10,388

 

 

Sales-based taxes

 

4,985

 

5,281

 

5,444

 

 

 

Total taxes including sales-based taxes

 

14,955

 

16,553

 

15,832

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of income taxes of

 

 

 

 

 

 

 

 

equity companies

 

849

 

740

 

992

 

 

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>9


 

 

 

 

 

 

Attachment II

Exxon Mobil Corporation

First Quarter 2019

(millions of dollars)

 

 

 

 

 

First

 

First

 

Fourth

 

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

2019

 

2018

 

2018

 

Earnings (U.S. GAAP)

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

United States

 

96

 

429

 

265

 

 

Non-U.S.

 

2,780

 

3,068

 

3,048

 

Downstream

 

 

 

 

 

 

 

 

United States

 

(161)

 

319

 

987

 

 

Non-U.S.

 

(95)

 

621

 

1,717

 

Chemical

 

 

 

 

 

 

 

 

United States

 

161

 

503

 

282

 

 

Non-U.S.

 

357

 

508

 

455

 

Corporate and financing

 

(788)

 

(798)

 

(754)

 

Net income attributable to ExxonMobil

 

2,350

 

4,650

 

6,000

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>10


 

 

 

 

 

 

 

Attachment III

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2019

 

 

 

 

 

 

 

First

 

First

 

Fourth

 

 

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

2019

 

2018

 

2018

 

Net production of crude oil, natural gas

 

 

 

 

 

 

 

liquids, bitumen and synthetic oil,

 

 

 

 

 

 

 

thousand barrels per day (kbd)

 

 

 

 

 

 

 

 

 

United States

 

600

 

523

 

583

 

 

 

Canada / Other Americas

 

454

 

427

 

474

 

 

 

Europe

 

121

 

145

 

122

 

 

 

Africa

 

369

 

376

 

376

 

 

 

Asia

 

746

 

706

 

745

 

 

 

Australia / Oceania

 

37

 

39

 

48

 

 

 

 

Worldwide

 

2,327

 

2,216

 

2,348

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas production available for sale,

 

 

 

 

 

 

 

million cubic feet per day (mcfd)

 

 

 

 

 

 

 

 

 

United States

 

2,712

 

2,576

 

2,581

 

 

 

Canada / Other Americas

 

238

 

211

 

247

 

 

 

Europe

 

2,113

 

2,542

 

1,943

 

 

 

Africa

 

7

 

9

 

16

 

 

 

Asia

 

3,655

 

3,568

 

3,804

 

 

 

Australia / Oceania

 

1,199

 

1,132

 

1,383

 

 

 

 

Worldwide

 

9,924

 

10,038

 

9,974

 

 

 

 

 

 

 

 

 

 

 

 

Oil-equivalent production (koebd)1

 

3,981

 

3,889

 

4,010

 

 

 

 

 

 

 

 

 

 

 

 

1 Natural gas converted to an oil-equivalent basis at 6 million cubic feet per 1 thousand barrels.

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>11


 

 

 

 

 

 

Attachment IV

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2019

 

 

 

 

 

 

First

 

First

 

Fourth

 

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

2019

 

2018

 

2018

 

Refinery throughput (kbd)

 

 

 

 

 

 

 

 

United States

 

1,373

 

1,518

 

1,661

 

 

Canada

 

383

 

408

 

408

 

 

Europe

 

1,325

 

1,495

 

1,366

 

 

Asia Pacific

 

609

 

720

 

670

 

 

Other

 

196

 

152

 

193

 

 

 

Worldwide

 

3,886

 

4,293

 

4,298

 

 

 

 

 

 

 

 

 

 

Petroleum product sales (kbd)

 

 

 

 

 

 

 

 

United States

 

2,210

 

2,128

 

2,230

 

 

Canada

 

484

 

484

 

516

 

 

Europe

 

1,510

 

1,574

 

1,474

 

 

Asia Pacific

 

749

 

795

 

825

 

 

Other

 

462

 

451

 

450

 

 

 

Worldwide

 

5,415

 

5,432

 

5,495

 

 

 

 

 

 

 

 

 

 

 

Gasolines, naphthas

 

2,149

 

2,215

 

2,183

 

 

Heating oils, kerosene, diesel

 

1,914

 

1,828

 

1,915

 

 

Aviation fuels

 

386

 

396

 

376

 

 

Heavy fuels

 

299

 

346

 

387

 

 

Specialty products

 

667

 

647

 

634

 

 

 

Worldwide

 

5,415

 

5,432

 

5,495

 

 

 

 

 

 

 

 

 

Chemical prime product sales,

 

 

 

 

 

 

 

thousand metric tons (kt)

 

 

 

 

 

 

 

 

United States

 

2,322

 

2,391

 

2,577

 

 

Non-U.S.

 

4,450

 

4,277

 

4,095

 

 

 

Worldwide

 

6,772

 

6,668

 

6,672

 

 

 

 

 

 

 

 

</BCLPAGE>12


 

 

 

 

 

 

Attachment V

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2019

(millions of dollars)

 

 

 

 

 

First

 

First

 

Fourth

 

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

2019

 

2018

 

2018

 

Capital and Exploration Expenditures

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

United States

 

2,548

 

1,248

 

2,630

 

 

 

Non-U.S.

 

2,813

 

2,511

 

3,620

 

 

 

Total

 

5,361

 

3,759

 

6,250

 

 

Downstream

 

 

 

 

 

 

 

 

 

United States

 

414

 

218

 

325

 

 

 

Non-U.S.

 

415

 

396

 

541

 

 

 

Total

 

829

 

614

 

866

 

 

Chemical

 

 

 

 

 

 

 

 

 

United States

 

552

 

343

 

579

 

 

 

Non-U.S.

 

144

 

122

 

132

 

 

 

Total

 

696

 

465

 

711

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

4

 

29

 

16

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

6,890

 

4,867

 

7,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations and asset sales

 

 

 

 

 

 

 

Net cash provided by operating activities

 

 

 

 

 

 

 

(U.S. GAAP)

 

8,338

 

8,519

 

8,607

 

Proceeds associated with asset sales

 

107

 

1,441

 

884

 

Cash flow from operations and asset sales

 

8,445

 

9,960

 

9,491

 

 

 

 

 

 

 

 

 

</BCLPAGE>13


 

 

 

 

 

 

 

 

 

Attachment VI

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Earnings

 

 

 

 

 

 

$ Millions

 

$ Per Common Share1

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

First Quarter

 

4,940

 

 

1.17

 

 

Second Quarter

 

4,190

 

 

1.00

 

 

Third Quarter

 

4,240

 

 

1.01

 

 

Fourth Quarter

 

2,780

 

 

0.67

 

 

 

 

Year

 

16,150

 

 

3.85

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

First Quarter

 

1,810

 

 

0.43

 

 

Second Quarter

 

1,700

 

 

0.41

 

 

Third Quarter

 

2,650

 

 

0.63

 

 

Fourth Quarter

 

1,680

 

 

0.41

 

 

 

 

Year

 

7,840

 

 

1.88

 

 

 

 

 

 

 

 

 

 

2017

 

 

 

 

 

 

 

First Quarter

 

4,010

 

 

0.95

 

 

Second Quarter

 

3,350

 

 

0.78

 

 

Third Quarter

 

3,970

 

 

0.93

 

 

Fourth Quarter

 

8,380

 

 

1.97

 

 

 

 

Year

 

19,710

 

 

4.63

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

First Quarter

 

4,650

 

 

1.09

 

 

Second Quarter

 

3,950

 

 

0.92

 

 

Third Quarter

 

6,240

 

 

1.46

 

 

Fourth Quarter

 

6,000

 

 

1.41

 

 

 

 

Year

 

20,840

 

 

4.88

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

First Quarter

 

2,350

 

 

0.55

 

 

 

 

 

 

 

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period.

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>14


 

 

EXXON MOBIL CORPORATION

 

 

 

EXHIBIT 99.2

 

1Q19 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)

  

   

 

 

 

 

 

 

 

Earnings, $M

1Q19

4Q18

3Q18

2Q18

1Q18

Upstream

 

 

 

 

 

 

United States

 

96

265

606

439

429

 

Non-U.S.

 

2,780

3,048

3,623

2,601

3,068

 

Total

 

2,876

3,313

4,229

3,040

3,497

Downstream

 

 

 

 

 

 

United States

 

(161)

987

961

695

319

 

Non-U.S.

 

(95)

1,717

681

29

621

 

Total

 

(256)

2,704

1,642

724

940

Chemical

 

 

 

 

 

 

United States

 

161

282

404

453

503

 

Non-U.S.

 

357

455

309

437

508

 

Total

 

518

737

713

890

1,011

  

 

 

 

 

 

 

 

 

Corporate and financing

(788)

(754)

(344)

(704)

(798)

Net income attributable to ExxonMobil (U.S. GAAP)

2,350

6,000

6,240

3,950

4,650

   

 

 

 

 

 

 

 

 

Earnings per common share (U.S. GAAP)  

0.55

1.41

1.46

0.92

1.09

Earnings per common share

 

 

 

 

 

 - assuming dilution (U.S. GAAP)

0.55

1.41

1.46

0.92

1.09

 

 

 

 

 

 

 

 

 

Exploration expenses, including dry holes

280

555

292

332

287

 

 

 

 

 

 

 

 

 

Capital and Exploration Expenditures, $M

 

 

 

 

 

Upstream

 

 

 

 

 

 

United States

 

2,548

2,630

2,040

1,752

1,248

 

Non-U.S.

 

2,813

3,620

3,290

3,103

2,511

 

Total

 

5,361

6,250

5,330

4,855

3,759

Downstream

 

 

 

 

 

 

United States

 

414

325

297

346

218

 

Non-U.S.

 

415

541

422

884

396

 

Total

 

829

866

719

1,230

614

Chemical

 

 

 

 

 

 

United States

 

552

579

411

414

343

 

Non-U.S.

 

144

132

115

119

122

 

Total

 

696

711

526

533

465

Other

4

16

11

9

29

  

 

 

 

  

  

  

  

  

Total Capital and Exploration Expenditures

6,890

7,843

6,586

6,627

4,867

 

 

 

 

 

 

 

 

 

Effective Income Tax Rate, %

53%

32%

34%

44%

40%

 

 

 

 

 

 

 

 

 

Common Shares Outstanding, millions

 

 

 

 

 

 

At quarter end

4,231

4,237

4,234

4,234

4,234

 

Average - assuming dilution

4,270

4,270

4,271

4,271

4,270

  

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents, $B

4.6

3.0

5.7

3.4

4.1

 

 

 

 

 

 

 

 

 

Total Debt, $B

40.8

37.8

40.0

41.2

40.6

 

 

 

 

 

 

 

 

 

Cash Flow from Operations and Asset Sales, $B

 

 

 

 

 

 

Net cash provided by operating activities

8.3

8.6

11.1

7.8

8.5

 

Proceeds associated with asset sales

0.1

0.9

1.5

0.3

1.4

 

Cash flow from operations and asset sales

8.4

9.5

12.6

8.1

9.9

 

 

 

 

 

 

 

 

 

 

 


 

EXXON MOBIL CORPORATION

 

 

 

 

 

 

 

 

 

1Q19 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)

 

  

 

 

 

 

 

 

 

Net production of crude oil, natural gas

1Q19

4Q18

3Q18

2Q18

1Q18

liquids, bitumen and synthetic oil, kbd

 

 

 

 

 

 

United States

 

600

583

555

543

523

 

Canada / Other Americas

 

454

474

454

391

427

 

Europe

 

121

122

127

136

145

 

Africa

 

369

376

387

410

376

 

Asia

 

746

745

706

686

706

 

Australia / Oceania

 

37

48

57

46

39

Total liquids production

2,327

2,348

2,286

2,212

2,216

 

 

 

 

 

 

 

 

 

Natural gas production available for sale, mcfd

 

 

 

 

 

 

United States

 

2,712

2,581

2,549

2,591

2,576

 

Canada / Other Americas

 

238

247

224

226

211

 

Europe

 

2,113

1,943

1,004

1,136

2,542

 

Africa

 

7

16

16

9

9

 

Asia

 

3,655

3,804

3,685

3,393

3,568

 

Australia / Oceania

 

1,199

1,383

1,523

1,258

1,132

Total natural gas production available for sale

9,924

9,974

9,001

8,613

10,038

 

 

 

 

 

 

 

 

 

Total worldwide liquids and gas production, koebd

3,981

4,010

3,786

3,647

3,889

 

 

 

 

 

 

 

 

 

Refinery throughput, kbd

 

 

 

 

 

 

 

United States

 

1,373

1,661

1,644

1,529

1,518

 

Canada

 

383

408

388

364

408

 

Europe

 

1,325

1,366

1,446

1,384

1,495

 

Asia Pacific

 

609

670

720

714

720

 

Other Non-U.S.

 

196

193

194

114

152

Total refinery throughput

 

3,886

4,298

4,392

4,105

4,293

 

 

 

 

 

 

 

 

 

Petroleum product sales, kbd

 

 

 

 

 

 

 

United States

 

2,210

2,230

2,267

2,215

2,128

 

Canada

 

484

516

527

514

484

 

Europe

 

1,510

1,474

1,582

1,595

1,574

 

Asia Pacific

 

749

825

824

814

795

 

Other Non-U.S.

 

462

450

416

364

451

Total petroleum product sales

 

5,415

5,495

5,616

5,502

5,432

 

 

 

 

 

 

 

 

 

 

Gasolines, naphthas

 

2,149

2,183

2,255

2,216

2,215

 

Heating oils, kerosene, diesel

 

1,914

1,915

1,837

1,781

1,828

 

Aviation fuels

 

386

376

430

405

396

 

Heavy fuels

 

299

387

411

432

346

 

Specialty products

 

667

634

683

668

647

Total petroleum product sales

 

5,415

5,495

5,616

5,502

5,432

 

 

 

 

 

 

 

 

 

Chemical prime product sales, kt

 

 

 

 

 

 

United States

 

2,322

2,577

2,445

2,411

2,391

 

Non-U.S.

 

4,450

4,095

4,232

4,441

4,277

Total chemical prime product sales

6,772

6,672

6,677

6,852

6,668

 


 

EXXON MOBIL CORPORATION

 

 

 

 

 

 

 

 

1Q19 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)

 

 

 

 

 

 

 

 

Earnings Factor Analysis, $M

1Q19 vs. 1Q18

 

1Q19 vs. 4Q18

 

Upstream

 

 

 

 

 

Prior Period

3,497

 

3,313

 

 

 

Realization

-30

 

50

 

 

 

Volume / Mix

80

 

-290

 

 

 

Other

-670

 

-200

 

 

Current Period

2,876

 

2,876

 

Downstream

 

 

 

 

 

Prior Period

940

 

2,704

 

 

 

Margin

-860

 

-2,060

 

 

 

Volume / Mix

-

 

-230

 

 

 

 

Scheduled Maintenance (Volume / Mix)

-240

 

-130

 

 

 

 

Other

240

 

-100

 

 

 

Other

-340

 

-670

 

 

 

 

Scheduled Maintenance (Other)

-210

 

100

 

 

 

 

Divestment Gains

-20

 

-900

 

 

 

 

Other

-110

 

130

 

 

Current Period

-256

 

-256

 

Chemical

 

 

 

 

 

Prior Period

1,011

 

737

 

 

 

Margin

-360

 

-110

 

 

 

Volume / Mix

60

 

30

 

 

 

 

Downtime / Maintenance (Volume / Mix)

-

 

30

 

 

 

 

Other

60

 

-

 

 

 

Other

-190

 

-140

 

 

 

 

Downtime / Maintenance (Other)

20

 

50

 

 

 

 

Foreign Exchange

-70

 

-10

 

 

 

 

Other

-140

 

-180

 

 

Current Period

518

 

518

 

 

 

 

 

 

 

 

 

Upstream Volume Factor Analysis, koebd

 

 

 

 

 

Prior Period

3,889

 

4,010

 

 

 

Downtime / Maintenance

95

 

-25

 

 

 

Growth / Decline

105

 

-25

 

 

 

Entitlements / Divestments

-15

 

-20

 

 

 

Demand / Other

-95

 

40

 

 

Current Period

3,981

 

3,981

 

 

 

 

 

 

 

 

 

Sources and Uses of Funds, $B

1Q19

 

 

 

 

Beginning Cash

3.0

 

 

 

 

 

Earnings

2.4

 

 

 

 

 

Depreciation

4.6

 

 

 

 

 

Working Capital / Other

1.3

 

 

 

 

 

Proceeds Associated with Asset Sales

0.1

 

 

 

 

 

PP&E Adds / Investments and Advances1

-5.9

 

 

 

 

 

Shareholder Distributions

-3.5

 

 

 

 

 

Debt / Other Financing

2.6

 

 

 

 

Ending Cash

4.6

 

 

 

 

 

 

 

 

 

 

 

1PP&E Adds / Investments and Advances includes PP&E adds of ($5.2B) and net advances of ($0.7B)

 


 

EXXON MOBIL CORPORATION

 

 

 

 

 

 

 

 

 

 

 

 

 

1Q19 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4)

 

 

  

 

 

 

 

 

Average Realization Data

1Q19

4Q18

3Q18

2Q18

1Q18

United States

 

 

 

 

 

 

ExxonMobil

 

 

 

 

 

 

 

Crude ($/b)

53.30

54.50

64.06

64.87

60.07

 

 

Natural Gas ($/kcf)

2.93

3.64

2.75

2.57

2.91

 

 

 

 

 

 

 

 

 

Benchmarks

 

 

 

 

 

 

 

WTI ($/b)

54.87

59.09

69.71

68.00

62.88

 

 

ANS-WC ($/b)

64.40

68.65

75.37

73.89

67.16

 

 

Henry Hub ($/mbtu)

3.15

3.65

2.91

2.80

3.01

 

 

 

 

 

 

 

 

Non-U.S.

 

 

 

 

 

 

ExxonMobil

 

 

 

 

 

 

 

Crude ($/b)

57.12

53.74

66.64

66.35

57.78

 

 

Natural Gas ($/kcf)

7.18

8.18

7.36

6.88

6.70

 

 

European NG ($/kcf)

6.85

7.46

6.73

6.93

6.60

 

 

 

 

 

 

 

 

 

Benchmarks

 

 

 

 

 

 

 

Brent ($/b)

63.20

67.76

75.27

74.35

66.76

 

 

 

 

 

 

 

 

The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the first quarter of 2019. 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.