Exxon Mobil Corporation (NYSE:XOM): Third Quarter Nine Months 2006�
2005� % 2006� 2005� % Net Income $ Millions 10,490� 9,920� 6�
29,250� 25,420� 15� $ Per Common Share Assuming Dilution 1.77�
1.58� 12� 4.86� 4.00� 22� � Special Items $ Millions 0� 1,620� 0�
1,880� � Earnings Excluding Special Items $ Millions 10,490� 8,300�
26� 29,250� 23,540� 24� $ Per Common Share Assuming Dilution 1.77�
1.32� 34� 4.86� 3.70� 31� � Capital and Exploration Expenditures -
$ Millions 5,061� 4,414� 14,786� 12,368� Exxon Mobil Corporation
(NYSE:XOM) today reported third quarter net income of
$10,490�million ($1.77�per share), an increase of $570�million from
the third quarter of 2005. Net income for the first nine months of
2006 was a record at $29,250 million, up $3,830 million from 2005.
EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED: "ExxonMobil's
third quarter earnings excluding special items were a record
$10,490�million, up 26% from third quarter 2005. Earnings per share
excluding special items were up 34% reflecting the impact of the
continuing share purchase program. Higher crude oil and natural gas
realizations and improved marketing and chemical margins were
partly offset by lower refining margins. Net income for the third
quarter was up 6% from 2005. Record net income of $29,250 million
($4.86�per share) for the first nine months of 2006, increased by
15% versus 2005. "ExxonMobil continued its active efforts to
increase world energy supplies. In the first nine months of 2006,
spending on capital and exploration projects was $14.8 billion, an
increase of 20% over 2005. In the third quarter of 2006, the
results of our continuing long-term investment program yielded an
additional 270 thousand oil-equivalent barrels per day of
production, a 7% increase over the third quarter of 2005. "The
Corporation distributed a total of $8.9�billion to shareholders in
the third quarter through dividends and share purchases to reduce
shares outstanding, an increase of 30% or $2.1�billion versus
2005." THIRD QUARTER HIGHLIGHTS Earnings excluding special items
were a record $10,490�million, an increase of 26% or $2,190�million
from the third quarter of 2005. Net income was up 6%. There were no
special items in third quarter 2006. Third quarter 2005 net income
included a special gain of $1,620 million related to the
restructuring of the Corporation's interest in the Dutch gas
transportation business. Spending on capital and exploration
projects was $5.1 billion, an increase of 15% versus 2005. Cash
flow from operations and asset sales was approximately
$15.4�billion, including asset sales of $0.8�billion. Earnings per
share excluding special items were $1.77, an�increase of 34%,
reflecting strong earnings and the reduction in the number of
shares outstanding. The multiphase Sakhalin-1 project offshore
Russia was commissioned with oil production expected to ramp up to
an estimated peak rate of 250,000 barrels a day (gross) by around
the end of the year. The Nigeria Erha North project started
production within 30 months of discovery, and was on budget.
Transition to new U.S. ultra-low sulfur diesel was successfully
completed. Third Quarter 2006 vs. Third Quarter 2005 Upstream
earnings excluding special items were $6,493�million, up
$764�million from the third quarter of 2005 primarily reflecting
higher crude oil and natural gas realizations. On an oil-equivalent
basis, production increased by 7% from the third quarter of 2005.
Excluding the impact of divestments and entitlements, production
increased 10%. Liquids production of 2,646�kbd (thousands of
barrels per day) was up 195�kbd. Higher production from projects in
West Africa and increased volumes in Abu Dhabi were partly offset
by mature field decline, entitlement effects and divestment
impacts. Excluding entitlement and divestment effects, liquids
production increased by 12%. Third quarter natural gas production
was 8,163�mcfd (millions of cubic feet per day) compared with
7,716�mcfd last year. Higher volumes from projects in Qatar and
absence of 2005 hurricane effects were partly offset by the impact
of mature field decline and lower European demand. Earnings from
U.S. Upstream operations were $1,192�million, $479�million lower
than the third quarter of 2005. Non-U.S. Upstream earnings
excluding special items were $5,301�million, up $1,243�million from
2005. Downstream earnings were $2,738�million, up $610�million from
the third quarter 2005. The improved results reflect stronger
worldwide marketing margins, which were partly offset by weaker
refining margins. Petroleum product sales were 7,302�kbd, 175�kbd
lower than last year's third quarter, primarily due to divestments.
U.S. Downstream earnings were $1,272 million, up $163�million.
Non-U.S. Downstream earnings of $1,466�million were $447�million
higher than in the third quarter of 2005. Chemical earnings were
$1,351�million, up $879�million from the third quarter 2005. The
increase reflects stronger margins, partially offset by weaker
demand for commodities. Prime product sales of 6,752�kt (thousands
of metric tons) were down 203�kt from last year's third quarter.
Corporate and financing expenses were $92�million, versus $29
million in third quarter 2005. During the third quarter of 2006,
Exxon Mobil Corporation purchased 126�million shares of its common
stock for the treasury at a gross cost of $8.4�billion. These
purchases included $7.0�billion to reduce the number of shares
outstanding and the balance to offset shares issued in conjunction
with the company benefits plans and programs. Shares outstanding
were reduced from 5,945�million at the end of the second quarter to
5,832�million at the end of the third 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. First Nine Months 2006 vs. First Nine Months 2005 Net
income of $29,250�million ($4.86 per share) increased
$3,830�million from 2005. Net income for 2005 included net special
items totaling a gain of $1,880�million. Excluding special items,
earnings increased by $5,710�million versus 2005. FIRST NINE MONTHS
HIGHLIGHTS Earnings excluding special items were a record
$29,250�million, an increase of 24% reflecting ExxonMobil's
continuing strong performance across all business segments.
Earnings per share excluding special items increased by 31% due to
strong earnings and the reduction in the number of shares
outstanding. Net income was up 15%. There were no special items in
the first nine months of 2006. Net income for the first nine months
of 2005 included a $1,620 million special gain related to the
restructuring of the Corporation's interest in the Dutch gas
transportation business, a $460�million positive impact from the
sale of the Corporation's interest in Sinopec and a $200�million
litigation charge. Cash flow from operations and asset sales was
approximately $42.8�billion, including $2.3�billion from asset
sales. The Corporation has distributed a total of $23.8�billion to
shareholders in 2006 through dividends and share purchases to
reduce shares outstanding, an increase of $7.4�billion versus 2005.
Capital and exploration expenditures were $14.8�billion, an
increase of $2.4�billion versus 2005. Oil-equivalent production is
up 6%. Upstream earnings excluding special items were
$20,010�million, an increase of $4,319�million from 2005, primarily
reflecting higher liquids and natural gas realizations. On an
oil-equivalent basis, production increased 6% from last year.
Excluding divestment and entitlement effects, production increased
by 9%. Liquids production of 2,682�kbd increased by 195�kbd from
2005. Higher production from projects in West Africa and increased
volumes in Abu Dhabi were partly offset by mature field decline,
entitlement effects and divestment impacts. Excluding entitlement
effects and divestments, liquids production increased 12%. Natural
gas production of 9,353�mcfd increased 295�mcfd from 2005. Higher
volumes from projects in Qatar were partly offset by mature field
decline. Earnings from U.S. Upstream operations for 2006 were
$4,116�million, a decrease of $297�million. Earnings outside the
U.S. excluding special items were $15,894�million, $4,616�million
higher than 2005. Downstream earnings excluding special items were
$6,494�million, an increase of $1,002�million from 2005 reflecting
stronger worldwide refining and marketing margins, partly offset by
lower refining throughput. Petroleum product sales of 7,180�kbd
decreased from 7,494�kbd in 2005, primarily due to lower refining
throughput and divestments. U.S. Downstream earnings excluding
special items were $3,305�million, up $352�million. Non-U.S.
Downstream earnings excluding special items were $3,189�million,
$650�million higher than last year. Chemical earnings excluding
special items were $3,140�million, up $572�million from 2005.
Margins and volumes were both higher. Prime product sales were
20,523�kt, up 38�kt from 2005. Corporate and financing expenses of
$394�million increased by $183�million mainly due to tax items.
Gross share purchases in 2006 of $21.2�billion reduced shares
outstanding by 4.9%. Estimates of key financial and operating data
follow. ExxonMobil will discuss financial and operating results and
other matters on a webcast at 10 a.m. Central time on October 26,
2006. 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 project
plans, resource recoveries, timing, and capacities, could differ
materially due to changes in long-term oil or gas prices or other
market conditions affecting the oil and gas industry; adverse
political events; reservoir performance; the outcome of commercial
negotiations; potential liability resulting from pending or future
litigation; 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 2005 Form�10-K. We assume no duty to
update these statements as of any future date. Consistent with
previous practice this press release includes both net income and
earnings excluding special items. Earnings that exclude special
items 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. 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. Calculation of this cash flow is
shown in Attachment II. Further information on ExxonMobil's
frequently used financial and operating measures is contained on
pages 28 and 29 in the 2005 Form�10-K and is also available through
the Investor Information section of our website at
www.exxonmobil.com. Attachment I � � EXXON MOBIL CORPORATION THIRD
QUARTER 2006 (millions of dollars, unless noted) Third Quarter Nine
Months 2006� 2005� 2006� 2005� Earnings / Earnings Per Share �
Total revenues and other income 1 99,593� 100,717� 287,607�
271,336� Total costs and other deductions 1 81,415� 84,665�
235,766� 229,622� Income before income taxes 18,178� 16,052�
51,841� 41,714� Income taxes 7,688� 6,132� 22,591� 16,294� Net
income (U.S. GAAP) 10,490� 9,920� 29,250� 25,420� � Net income per
common share (dollars) 1.79� 1.60� 4.91� 4.04� � Net income per
common share - assuming dilution (dollars) 1.77� 1.58� 4.86� 4.00�
� Other Financial Data � Dividends on common stock Total 1,892�
1,822� 5,775� 5,390� Per common share (dollars) 0.32� 0.29� 0.96�
0.85� � Millions of common shares outstanding At September 30
5,832� 6,222� Average - assuming dilution 5,922� 6,303� 6,022�
6,361� � Shareholders' equity at September 30 116,593� 107,890�
Capital employed at September 30 126,772� 117,976� � Income taxes
7,688� 6,132� 22,591� 16,294� Excise taxes 7,764� 8,160� 23,639�
22,913� All other taxes 10,793� 11,544� 31,573� 33,700� Total taxes
26,245� 25,836� 77,803� 72,907� � ExxonMobil's share of income
taxes of equity companies 434� 998� 1,311� 1,760� � 1Third quarter
2005 included $8,439 million and the first nine months of 2005
included $23,106 million for purchases/sales contracts with the
same counterparty. These transactions are reported on a net basis
in 2006. Attachment II � EXXON MOBIL CORPORATION THIRD QUARTER 2006
(millions of dollars) Third Quarter Nine Months 2006� 2005� 2006�
2005� Net Income (U.S. GAAP) Upstream United States 1,192� 1,671�
4,116� 4,413� Non-U.S. 5,301� 5,678� 15,894� 12,898� Downstream
United States 1,272� 1,109� 3,305� 2,753� Non-U.S. 1,466� 1,019�
3,189� 2,849� Chemical United States 458� 70� 976� 905� Non-U.S.
893� 402� 2,164� 1,813� Corporate and financing (92) (29) (394)
(211) Corporate total 10,490� 9,920� 29,250� 25,420� Special Items
Upstream United States 0� 0� 0� 0� Non-U.S. 0� 1,620� 0� 1,620�
Downstream United States 0� 0� 0� (200) Non-U.S. 0� 0� 0� 310�
Chemical United States 0� 0� 0� 0� Non-U.S. 0� 0� 0� 150� Corporate
and financing 0� 0� 0� 0� Corporate total 0� 1,620� 0� 1,880�
Earnings Excluding Special Items Upstream United States 1,192�
1,671� 4,116� 4,413� Non-U.S. 5,301� 4,058� 15,894� 11,278�
Downstream United States 1,272� 1,109� 3,305� 2,953� Non-U.S.
1,466� 1,019� 3,189� 2,539� Chemical United States 458� 70� 976�
905� Non-U.S. 893� 402� 2,164� 1,663� Corporate and financing (92)
(29) (394) (211) Corporate total 10,490� 8,300� 29,250� 23,540�
Cash flow from operations and asset sales (billions of dollars) Net
cash provided by operating activities (U.S. GAAP) 14.6� 15.7� 40.5�
37.7� Sales of subsidiaries, investments and property, plant and
equipment 0.8� 0.8� 2.3� 4.6� Cash flow from operations and asset
sales 15.4� 16.5� � 42.8� 42.3� Attachment III � � EXXON MOBIL
CORPORATION THIRD QUARTER 2006 � Third Quarter Nine Months 2006�
2005� 2006� 2005� Net production of crude oil and natural gas
liquids, thousands of barrels daily (kbd) United States 377� 439�
418� 493� Canada 303� 317� 311� 343� Europe 490� 516� 521� 548�
Africa 801� 688� 783� 623� Asia Pacific/Middle East 507� 337� 485�
331� Russia/Caspian 125� 106� 121� 100� Other 43� 48� 43� 49�
Worldwide 2,646� 2,451� 2,682� 2,487� � Natural gas production
available for sale, millions of cubic feet daily (mcfd) United
States 1,588� 1,609� 1,644� 1,779� Canada 864� 926� 862� 921�
Europe 2,836� 2,930� 4,079� 4,151� Asia Pacific/Middle East 2,703�
2,096� 2,595� 2,051� Russia/Caspian 91� 70� 86� 70� Other 81� 85�
87� 86� Worldwide 8,163� 7,716� 9,353� 9,058� � Oil-equivalent
production (koebd) 1 4,007� 3,737� 4,241� 3,997� � � � � 1Gas
converted to oil-equivalent at 6 million cubic feet = 1 thousand
barrels Attachment IV � EXXON MOBIL CORPORATION THIRD QUARTER 2006
� Third Quarter Nine Months 2006� 2005� 2006� 2005� Petroleum
product sales (kbd) 1 United States 2,725� 2,798� 2,688� 2,824�
Canada 475� 492� 470� 492� Europe 1,825� 1,837� 1,824� 1,811� Asia
Pacific 1,482� 1,527� 1,437� 1,543� Other 795� 823� 761� 824�
Worldwide 7,302� 7,477� 7,180� 7,494� � Gasolines, naphthas 2,898�
2,992� 2,836� 2,953� Heating oils, kerosene, diesel 2,160� 2,151�
2,153� 2,209� Aviation fuels 687� 713� 651� 693� Heavy fuels 703�
675� 685� 674� Specialty products 854� 946� 855� 965� Total 7,302�
7,477� 7,180� 7,494� � Refinery throughput (kbd) United States
1,766� 1,744� 1,734� 1,836� Canada 461� 439� 438� 462� Europe
1,721� 1,735� 1,691� 1,657� Asia Pacific 1,484� 1,530� 1,420�
1,492� Other 324� 316� 288� 300� Worldwide 5,756� 5,764� 5,571�
5,747� � Chemical prime product sales, thousands of metric tons
(kt) United States 2,680� 2,639� 7,928� 8,141� Non-U.S. 4,072�
4,316� 12,595� 12,344� Worldwide 6,752� 6,955� 20,523� 20,485� � �
1All petroleum product sales data is reported net of
purchases/sales contracts with the same counterparty. Attachment V
� � EXXON MOBIL CORPORATION THIRD QUARTER 2006 (millions of
dollars) � Third Quarter Nine Months 2006� 2005� 2006� 2005�
Capital and Exploration Expenditures Upstream United States 606�
628� 1,773� 1,600� Non-U.S. 3,536� 2,958� 10,388� 8,476� Total
4,142� 3,586� 12,161� 10,076� Downstream United States 215� 191�
627� 540� Non-U.S. 443� 455� 1,354� 1,207� Total 658� 646� 1,981�
1,747� Chemical United States 75� 54� 202� 182� Non-U.S. 120� 108�
323� 303� Total 195� 162� 525� 485� � Other 66� 20� 119� 60� �
Worldwide 5,061� 4,414� 14,786� 12,368� � � Exploration expenses
charged to income included above Consolidated affiliates United
States 85� 29� 184� 103� Non-U.S. 263� 215� 611� 517� Equity
companies - ExxonMobil share United States 0� 0� 0� 0� Non-U.S. 2�
5� 5� 17� Worldwide 350� 249� 800� 637� Attachment VI � � EXXON
MOBIL CORPORATION NET INCOME � $ Millions $ Per Common Share �
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� 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� Exxon Mobil
Corporation (NYSE:XOM): -0- *T Third Quarter Nine Months
-------------- --------------- 2006 2005 % 2006 2005 % -------
------ --- ------- ------- --- Net Income
-------------------------------- $ Millions 10,490 9,920 6 29,250
25,420 15 $ Per Common Share Assuming Dilution 1.77 1.58 12 4.86
4.00 22 Special Items -------------------------------- $ Millions 0
1,620 0 1,880 Earnings Excluding Special Items
-------------------------------- $ Millions 10,490 8,300 26 29,250
23,540 24 $ Per Common Share Assuming Dilution 1.77 1.32 34 4.86
3.70 31 Capital and Exploration Expenditures - $ Millions 5,061
4,414 14,786 12,368 *T Exxon Mobil Corporation (NYSE:XOM) today
reported third quarter net income of $10,490 million ($1.77 per
share), an increase of $570 million from the third quarter of 2005.
Net income for the first nine months of 2006 was a record at
$29,250 million, up $3,830 million from 2005. EXXONMOBIL'S CHAIRMAN
REX W. TILLERSON COMMENTED: "ExxonMobil's third quarter earnings
excluding special items were a record $10,490 million, up 26% from
third quarter 2005. Earnings per share excluding special items were
up 34% reflecting the impact of the continuing share purchase
program. Higher crude oil and natural gas realizations and improved
marketing and chemical margins were partly offset by lower refining
margins. Net income for the third quarter was up 6% from 2005.
Record net income of $29,250 million ($4.86 per share) for the
first nine months of 2006, increased by 15% versus 2005.
"ExxonMobil continued its active efforts to increase world energy
supplies. In the first nine months of 2006, spending on capital and
exploration projects was $14.8 billion, an increase of 20% over
2005. In the third quarter of 2006, the results of our continuing
long-term investment program yielded an additional 270 thousand
oil-equivalent barrels per day of production, a 7% increase over
the third quarter of 2005. "The Corporation distributed a total of
$8.9 billion to shareholders in the third quarter through dividends
and share purchases to reduce shares outstanding, an increase of
30% or $2.1 billion versus 2005." THIRD QUARTER HIGHLIGHTS --
Earnings excluding special items were a record $10,490 million, an
increase of 26% or $2,190 million from the third quarter of 2005.
-- Net income was up 6%. There were no special items in third
quarter 2006. Third quarter 2005 net income included a special gain
of $1,620 million related to the restructuring of the Corporation's
interest in the Dutch gas transportation business. -- Spending on
capital and exploration projects was $5.1 billion, an increase of
15% versus 2005. -- Cash flow from operations and asset sales was
approximately $15.4 billion, including asset sales of $0.8 billion.
-- Earnings per share excluding special items were $1.77, an
increase of 34%, reflecting strong earnings and the reduction in
the number of shares outstanding. -- The multiphase Sakhalin-1
project offshore Russia was commissioned with oil production
expected to ramp up to an estimated peak rate of 250,000 barrels a
day (gross) by around the end of the year. -- The Nigeria Erha
North project started production within 30 months of discovery, and
was on budget. -- Transition to new U.S. ultra-low sulfur diesel
was successfully completed. Third Quarter 2006 vs. Third Quarter
2005 Upstream earnings excluding special items were $6,493 million,
up $764 million from the third quarter of 2005 primarily reflecting
higher crude oil and natural gas realizations. On an oil-equivalent
basis, production increased by 7% from the third quarter of 2005.
Excluding the impact of divestments and entitlements, production
increased 10%. Liquids production of 2,646 kbd (thousands of
barrels per day) was up 195 kbd. Higher production from projects in
West Africa and increased volumes in Abu Dhabi were partly offset
by mature field decline, entitlement effects and divestment
impacts. Excluding entitlement and divestment effects, liquids
production increased by 12%. Third quarter natural gas production
was 8,163 mcfd (millions of cubic feet per day) compared with 7,716
mcfd last year. Higher volumes from projects in Qatar and absence
of 2005 hurricane effects were partly offset by the impact of
mature field decline and lower European demand. Earnings from U.S.
Upstream operations were $1,192 million, $479 million lower than
the third quarter of 2005. Non-U.S. Upstream earnings excluding
special items were $5,301 million, up $1,243 million from 2005.
Downstream earnings were $2,738 million, up $610 million from the
third quarter 2005. The improved results reflect stronger worldwide
marketing margins, which were partly offset by weaker refining
margins. Petroleum product sales were 7,302 kbd, 175 kbd lower than
last year's third quarter, primarily due to divestments. U.S.
Downstream earnings were $1,272 million, up $163 million. Non-U.S.
Downstream earnings of $1,466 million were $447 million higher than
in the third quarter of 2005. Chemical earnings were $1,351
million, up $879 million from the third quarter 2005. The increase
reflects stronger margins, partially offset by weaker demand for
commodities. Prime product sales of 6,752 kt (thousands of metric
tons) were down 203 kt from last year's third quarter. Corporate
and financing expenses were $92 million, versus $29 million in
third quarter 2005. During the third quarter of 2006, Exxon Mobil
Corporation purchased 126 million shares of its common stock for
the treasury at a gross cost of $8.4 billion. These purchases
included $7.0 billion to reduce the number of shares outstanding
and the balance to offset shares issued in conjunction with the
company benefits plans and programs. Shares outstanding were
reduced from 5,945 million at the end of the second quarter to
5,832 million at the end of the third 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. First Nine Months 2006 vs. First Nine Months 2005 Net
income of $29,250 million ($4.86 per share) increased $3,830
million from 2005. Net income for 2005 included net special items
totaling a gain of $1,880 million. Excluding special items,
earnings increased by $5,710 million versus 2005. FIRST NINE MONTHS
HIGHLIGHTS -- Earnings excluding special items were a record
$29,250 million, an increase of 24% reflecting ExxonMobil's
continuing strong performance across all business segments. --
Earnings per share excluding special items increased by 31% due to
strong earnings and the reduction in the number of shares
outstanding. -- Net income was up 15%. There were no special items
in the first nine months of 2006. Net income for the first nine
months of 2005 included a $1,620 million special gain related to
the restructuring of the Corporation's interest in the Dutch gas
transportation business, a $460 million positive impact from the
sale of the Corporation's interest in Sinopec and a $200 million
litigation charge. -- Cash flow from operations and asset sales was
approximately $42.8 billion, including $2.3 billion from asset
sales. -- The Corporation has distributed a total of $23.8 billion
to shareholders in 2006 through dividends and share purchases to
reduce shares outstanding, an increase of $7.4 billion versus 2005.
-- Capital and exploration expenditures were $14.8 billion, an
increase of $2.4 billion versus 2005. -- Oil-equivalent production
is up 6%. Upstream earnings excluding special items were $20,010
million, an increase of $4,319 million from 2005, primarily
reflecting higher liquids and natural gas realizations. On an
oil-equivalent basis, production increased 6% from last year.
Excluding divestment and entitlement effects, production increased
by 9%. Liquids production of 2,682 kbd increased by 195 kbd from
2005. Higher production from projects in West Africa and increased
volumes in Abu Dhabi were partly offset by mature field decline,
entitlement effects and divestment impacts. Excluding entitlement
effects and divestments, liquids production increased 12%. Natural
gas production of 9,353 mcfd increased 295 mcfd from 2005. Higher
volumes from projects in Qatar were partly offset by mature field
decline. Earnings from U.S. Upstream operations for 2006 were
$4,116 million, a decrease of $297 million. Earnings outside the
U.S. excluding special items were $15,894 million, $4,616 million
higher than 2005. Downstream earnings excluding special items were
$6,494 million, an increase of $1,002 million from 2005 reflecting
stronger worldwide refining and marketing margins, partly offset by
lower refining throughput. Petroleum product sales of 7,180 kbd
decreased from 7,494 kbd in 2005, primarily due to lower refining
throughput and divestments. U.S. Downstream earnings excluding
special items were $3,305 million, up $352 million. Non-U.S.
Downstream earnings excluding special items were $3,189 million,
$650 million higher than last year. Chemical earnings excluding
special items were $3,140 million, up $572 million from 2005.
Margins and volumes were both higher. Prime product sales were
20,523 kt, up 38 kt from 2005. Corporate and financing expenses of
$394 million increased by $183 million mainly due to tax items.
Gross share purchases in 2006 of $21.2 billion reduced shares
outstanding by 4.9%. Estimates of key financial and operating data
follow. ExxonMobil will discuss financial and operating results and
other matters on a webcast at 10 a.m. Central time on October 26,
2006. 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 project
plans, resource recoveries, timing, and capacities, could differ
materially due to changes in long-term oil or gas prices or other
market conditions affecting the oil and gas industry; adverse
political events; reservoir performance; the outcome of commercial
negotiations; potential liability resulting from pending or future
litigation; 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 2005 Form 10-K. We assume no duty to
update these statements as of any future date. Consistent with
previous practice this press release includes both net income and
earnings excluding special items. Earnings that exclude special
items 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. 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. Calculation of this cash flow is
shown in Attachment II. Further information on ExxonMobil's
frequently used financial and operating measures is contained on
pages 28 and 29 in the 2005 Form 10-K and is also available through
the Investor Information section of our website at
www.exxonmobil.com. -0- *T Attachment I EXXON MOBIL CORPORATION
THIRD QUARTER 2006
----------------------------------------------------------------------
(millions of dollars, unless noted) Third Quarter Nine Months
---------------- ----------------- 2006 2005 2006 2005 -------
-------- -------- -------- Earnings / Earnings Per Share Total
revenues and other income (1) 99,593 100,717 287,607 271,336 Total
costs and other deductions (1) 81,415 84,665 235,766 229,622 Income
before income taxes 18,178 16,052 51,841 41,714 Income taxes 7,688
6,132 22,591 16,294 Net income (U.S. GAAP) 10,490 9,920 29,250
25,420 Net income per common share (dollars) 1.79 1.60 4.91 4.04
Net income per common share - assuming dilution (dollars) 1.77 1.58
4.86 4.00 Other Financial Data Dividends on common stock Total
1,892 1,822 5,775 5,390 Per common share (dollars) 0.32 0.29 0.96
0.85 Millions of common shares outstanding At September 30 5,832
6,222 Average - assuming dilution 5,922 6,303 6,022 6,361
Shareholders' equity at September 30 116,593 107,890 Capital
employed at September 30 126,772 117,976 Income taxes 7,688 6,132
22,591 16,294 Excise taxes 7,764 8,160 23,639 22,913 All other
taxes 10,793 11,544 31,573 33,700 Total taxes 26,245 25,836 77,803
72,907 ExxonMobil's share of income taxes of equity companies 434
998 1,311 1,760 (1)Third quarter 2005 included $8,439 million and
the first nine months of 2005 included $23,106 million for
purchases/sales contracts with the same counterparty. These
transactions are reported on a net basis in 2006. *T -0- *T
Attachment II EXXON MOBIL CORPORATION THIRD QUARTER 2006
----------------------------------------------------------------------
(millions of dollars) Third Quarter Nine Months --------------
--------------- 2006 2005 2006 2005 ------- ------ ------- -------
Net Income (U.S. GAAP) Upstream United States 1,192 1,671 4,116
4,413 Non-U.S. 5,301 5,678 15,894 12,898 Downstream United States
1,272 1,109 3,305 2,753 Non-U.S. 1,466 1,019 3,189 2,849 Chemical
United States 458 70 976 905 Non-U.S. 893 402 2,164 1,813 Corporate
and financing (92) (29) (394) (211) Corporate total 10,490 9,920
29,250 25,420 Special Items Upstream United States 0 0 0 0 Non-U.S.
0 1,620 0 1,620 Downstream United States 0 0 0 (200) Non-U.S. 0 0 0
310 Chemical United States 0 0 0 0 Non-U.S. 0 0 0 150 Corporate and
financing 0 0 0 0 Corporate total 0 1,620 0 1,880 Earnings
Excluding Special Items Upstream United States 1,192 1,671 4,116
4,413 Non-U.S. 5,301 4,058 15,894 11,278 Downstream United States
1,272 1,109 3,305 2,953 Non-U.S. 1,466 1,019 3,189 2,539 Chemical
United States 458 70 976 905 Non-U.S. 893 402 2,164 1,663 Corporate
and financing (92) (29) (394) (211) Corporate total 10,490 8,300
29,250 23,540 ------- ------ ------- ------- Cash flow from
operations and asset sales (billions of dollars) Net cash provided
by operating activities (U.S. GAAP) 14.6 15.7 40.5 37.7 Sales of
subsidiaries, investments and property, plant and equipment 0.8 0.8
2.3 4.6 Cash flow from operations and asset sales 15.4 16.5 42.8
42.3 ======= ============== ======= *T -0- *T Attachment III EXXON
MOBIL CORPORATION THIRD QUARTER 2006
----------------------------------------------------------------------
Third Quarter Nine Months ------------- ------------- 2006 2005
2006 2005 ------ ------ ------ ------ Net production of crude oil
and natural gas liquids, thousands of barrels daily (kbd) United
States 377 439 418 493 Canada 303 317 311 343 Europe 490 516 521
548 Africa 801 688 783 623 Asia Pacific/Middle East 507 337 485 331
Russia/Caspian 125 106 121 100 Other 43 48 43 49 Worldwide 2,646
2,451 2,682 2,487 Natural gas production available for sale,
millions of cubic feet daily (mcfd) United States 1,588 1,609 1,644
1,779 Canada 864 926 862 921 Europe 2,836 2,930 4,079 4,151 Asia
Pacific/Middle East 2,703 2,096 2,595 2,051 Russia/Caspian 91 70 86
70 Other 81 85 87 86 Worldwide 8,163 7,716 9,353 9,058
Oil-equivalent production (koebd) (1) 4,007 3,737 4,241 3,997
(1)Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels *T -0- *T Attachment IV EXXON MOBIL CORPORATION
THIRD QUARTER 2006
----------------------------------------------------------------------
Third Quarter Nine Months ------------- --------------- 2006 2005
2006 2005 ------ ------ ------- ------- Petroleum product sales
(kbd) (1) United States 2,725 2,798 2,688 2,824 Canada 475 492 470
492 Europe 1,825 1,837 1,824 1,811 Asia Pacific 1,482 1,527 1,437
1,543 Other 795 823 761 824 Worldwide 7,302 7,477 7,180 7,494
Gasolines, naphthas 2,898 2,992 2,836 2,953 Heating oils, kerosene,
diesel 2,160 2,151 2,153 2,209 Aviation fuels 687 713 651 693 Heavy
fuels 703 675 685 674 Specialty products 854 946 855 965 Total
7,302 7,477 7,180 7,494 Refinery throughput (kbd) United States
1,766 1,744 1,734 1,836 Canada 461 439 438 462 Europe 1,721 1,735
1,691 1,657 Asia Pacific 1,484 1,530 1,420 1,492 Other 324 316 288
300 Worldwide 5,756 5,764 5,571 5,747 Chemical prime product sales,
thousands of metric tons (kt) United States 2,680 2,639 7,928 8,141
Non-U.S. 4,072 4,316 12,595 12,344 Worldwide 6,752 6,955 20,523
20,485 (1)All petroleum product sales data is reported net of
purchases/sales contracts with the same counterparty. *T -0- *T
Attachment V EXXON MOBIL CORPORATION THIRD QUARTER 2006
----------------------------------------------------------------------
(millions of dollars) Third Quarter Nine Months -------------
--------------- 2006 2005 2006 2005 ------ ------ ------- -------
Capital and Exploration Expenditures Upstream United States 606 628
1,773 1,600 Non-U.S. 3,536 2,958 10,388 8,476 Total 4,142 3,586
12,161 10,076 Downstream United States 215 191 627 540 Non-U.S. 443
455 1,354 1,207 Total 658 646 1,981 1,747 Chemical United States 75
54 202 182 Non-U.S. 120 108 323 303 Total 195 162 525 485 Other 66
20 119 60 Worldwide 5,061 4,414 14,786 12,368 Exploration expenses
charged to income included above Consolidated affiliates United
States 85 29 184 103 Non-U.S. 263 215 611 517 Equity companies -
ExxonMobil share United States 0 0 0 0 Non-U.S. 2 5 5 17 Worldwide
350 249 800 637 *T -0- *T Attachment VI EXXON MOBIL CORPORATION NET
INCOME
----------------------------------------------------------------------
$ Millions $ Per Common Share -------------------
--------------------- 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 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 *T
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