Exxon Mobil Corporation (NYSE:XOM): Fourth Quarter � � Twelve
Months � 2007 � 2006 % 2007 � 2006 % Net Income $ Millions 11,660
10,250 14 40,610 39,500 3 $ Per Common Share Assuming Dilution 2.13
1.76 21 7.28 6.62 10 Special Items $ Millions 0 410 0 410 �
Earnings Excluding Special Items $ Millions 11,660 9,840 18 40,610
39,090 4 $ Per Common Share Assuming Dilution 2.13 1.69 26 7.28
6.55 11 � Capital and Exploration Expenditures - $ Millions 6,151
5,069 20,853 19,855 EXXONMOBIL'S CHAIRMAN REX W. TILLERSON
COMMENTED: �ExxonMobil's full year 2007 net income and earnings
excluding special items were a record $40,610 million ($7.28 per
share), reflecting strong results in all business segments. �We
continued to supply crude oil and natural gas volumes to meet the
world�s energy needs through disciplined development and operation
of our globally diverse resource base. Capital and exploration
project spending increased to $20,853 million in 2007, up 5% from
2006. Our long-term investment program, in projects often far from
major consuming nations, continued to provide resources essential
to the increasingly interdependent global energy supply network.
Operations reliability in our global Downstream and Chemical
businesses continued to supply the important products consumers
require around the world. �The Corporation distributed a total of
$35.6�billion to shareholders in 2007 through dividends and share
purchases to reduce shares outstanding, up $3.0 billion from 2006.
�ExxonMobil�s fourth quarter earnings excluding special items were
a record $11,660 million, up 18% from the fourth quarter of 2006.
Higher crude oil and natural gas realizations and gains on asset
sales were partly offset by lower chemical margins.� FOURTH QUARTER
HIGHLIGHTS Net income was a record $11,660 million, up 14% from the
fourth quarter of 2006. Fourth quarter 2006 net income included a
special tax-related benefit of $410 million. Cash flow from
operations and asset sales was approximately $13.1�billion,
including asset sales of $1.8 billion. Spending on capital and
exploration projects was $6.2 billion, up 21% from the fourth
quarter of 2006. Excluding the Venezuela expropriation,
divestments, OPEC quota effects and price and spend impacts on
volumes, production on an oil-equivalent basis increased nearly 3%.
The Marimba North project, located more than 90 miles off the coast
of Angola in approximately 3,900 feet of water, started production
ahead of schedule and within budget. The project is the first
tie-back development to the Kizomba A infrastructure, and is
designed to develop 80 million barrels of oil (gross) and is
expected to have peak production capacity of about 40,000 barrels
of oil per day (gross). ExxonMobil Chemical and ExxonMobil�s
Japanese affiliate, Tonen Chemical, introduced new battery
separator film technologies that are expected to significantly
enhance the safety, power and reliability of lithium-ion batteries
for use in hybrid and electric vehicles. Fourth Quarter 2007 vs.
Fourth Quarter 2006 Upstream earnings were $8,204 million, up
$1,984�million from the fourth quarter of 2006 primarily reflecting
higher crude oil realizations and higher gains on asset sales
partly offset by tax items and lower liquid volumes. On an
oil-equivalent basis, production increased nearly 1% from the
fourth quarter of 2006. Excluding the Venezuela expropriation,
divestments, OPEC quota effects and price and spend impacts on
volumes, production was up nearly 3%. Liquids production of
2,517�kbd (thousands of barrels per day) was 161�kbd lower.
Excluding the Venezuela expropriation, divestments, OPEC quota
effects and price and spend impacts on volumes, liquids production
was down 3%. Mature field decline and PSC net interest reductions
were partly offset by increased production from projects in Russia
and West Africa. Fourth quarter natural gas production was
10,414�mcfd (millions of cubic feet per day), up 1,113 mcfd, or
12%, from 2006. Higher European demand and increased volume from
projects in Qatar and the North Sea were partly offset by mature
field decline. Earnings from U.S. Upstream operations were
$1,275�million, $223�million higher than the fourth quarter of
2006. Non-U.S. Upstream earnings were $6,929 million, up
$1,761�million from 2006. Downstream earnings of $2,267 million
were $307 million higher than the fourth quarter of 2006. Gains on
asset sales were about $450 million higher, and a LIFO inventory
gain of approximately $250 million was consistent with 2006 LIFO
inventory results. Fourth quarter 2007 earnings also reflected
improved refinery operations partly offset by lower U.S. refining
margins. Petroleum product sales of 7,125�kbd were 322�kbd lower
than last year's fourth quarter, mainly reflecting asset sales.
U.S. Downstream earnings were $622�million, down $323�million from
the fourth quarter of 2006. Non-U.S. Downstream earnings of
$1,645�million were $630�million higher and included the impact of
higher gains on asset sales. Chemical earnings of $1,112�million
were $130 million lower than the fourth quarter of 2006, mainly due
to lower margins and lower LIFO inventory effects partly offset by
higher sales volumes. Prime product sales of 7,049�kt (thousands of
metric tons) in the fourth quarter of 2007 were up 222�kt from the
prior year. Corporate and financing earnings excluding special
items were $77�million, down $341�million, mainly due to tax items.
During the fourth quarter of 2007, Exxon Mobil Corporation
purchased 88 million shares of its common stock for the treasury at
a gross cost of $7.9�billion. These purchases included $7.0�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
5,464�million at the end of the third quarter to 5,382�million at
the end of the fourth 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. Full Year 2007 vs. Full Year 2006 Net income of $40,610
million ($7.28 per share) was a record and increased $1,110�million
from 2006. Net income for 2006 included a special item of $410
million for a tax-related benefit in the corporate and financing
segment. Excluding this impact, 2007 earnings increased by $1,520
million. FULL YEAR HIGHLIGHTS Earnings excluding special items were
a record $40,610 million, up 4%, reflecting record performance
across all business segments. Earnings per share excluding special
items increased 11% to $7.28, reflecting strong business results
and the continued reduction in the number of shares outstanding.
Net income was up 3% from 2006, which included a special item of
$410 million for a tax-related benefit. Net income for 2007 did not
include any special items. Cash flow from operations and asset
sales was approximately $56.2�billion, including $4.2�billion from
asset sales. The Corporation distributed a total of $35.6�billion
to shareholders in 2007 through dividends and share purchases to
reduce shares outstanding, an increase of $3.0�billion versus 2006.
Dividends per share of $1.37 increased 7%. Capital and exploration
expenditures were $20.9�billion, an increase of 5% versus 2006.
Excluding the Venezuela expropriation, divestments, OPEC quota
effects and price and spend impacts on volumes, production on an
oil-equivalent basis increased nearly 1%. Upstream earnings were a
record $26,497�million, an increase of $267�million from 2006 due
to higher crude oil realizations and favorable sales mix effects,
mostly offset by higher operating expenses, net unfavorable tax
items and lower natural gas realizations. On an oil-equivalent
basis, production decreased 1% from last year. Excluding the
Venezuela expropriation, divestments, OPEC quota effects and price
and spend impacts on volumes, production was up nearly 1%. Liquids
production of 2,616�kbd decreased 65 kbd from 2006. Excluding the
Venezuela expropriation, divestments, OPEC quota effects and price
and spend impacts on volumes, liquids production was flat. Mature
field decline and PSC net interest reductions were offset by higher
production from projects in Russia and West Africa. Natural gas
production of 9,384�mcfd increased 50�mcfd from 2006. Higher
volumes from projects in Qatar and the North Sea were mostly offset
by mature field decline. Earnings from U.S. Upstream operations in
2007 were $4,870�million, a decrease of $298�million. Earnings
outside the U.S. were $21,627�million, $565�million higher than
2006. Downstream earnings were a record $9,573�million, up
$1,119�million from 2006, reflecting higher gains on asset sales
and improved refinery operations partly offset by lower refining
margins. Petroleum product sales of 7,099�kbd decreased from
7,247�kbd in 2006. U.S. Downstream earnings were $4,120�million,
down $130 million. Non-U.S. Downstream earnings were
$5,453�million, $1,249 million higher than last year. Chemical
earnings were a record $4,563�million, up $181�million from 2006,
driven by higher sales volumes and favorable foreign exchange
effects partly offset by weaker margins. Prime product sales were
27,480�kt, up 130�kt from 2006. Corporate and financing expenses
excluding special items were $23�million and were comparable to
2006. In 2007, Exxon Mobil Corporation purchased 386 million shares
of its common stock for the treasury at a gross cost of $31.8
billion. These purchases included $28.0 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 5,729 million at the
end of 2006 to 5,382 million at the end of 2007, a decrease of
6.1%. 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 February 1, 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 and related
expenditures, 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;
political events or disturbances; 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 2006
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 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 is contained on
pages 32 and 33 in the 2006 Form�10-K and is also available through
the Investor Information section of our website at
"exxonmobil.com." � Attachment I � EXXON MOBIL CORPORATION FOURTH
QUARTER 2007 (millions of dollars, unless noted) � � � Fourth
Quarter Twelve Months 2007 2006 2007 2006 Earnings / Earnings Per
Share Total revenues and other income 116,642 90,028 404,552
377,635 Total costs and other deductions 96,920 74,467 334,078
310,233 Income before income taxes 19,722 15,561 70,474 67,402
Income taxes 8,062 5,311 29,864 27,902 Net income (U.S. GAAP)
11,660 10,250 40,610 39,500 Net income per common share (dollars)
2.15 1.77 7.36 6.68 Net income per common share - assuming dilution
(dollars) 2.13 1.76 7.28 6.62 Other Financial Data Dividends on
common stock Total 1,903 1,853 7,621 7,628 Per common share
(dollars) 0.35 0.32 1.37 1.28 Millions of common shares outstanding
At December 31 5,382 5,729 Average - assuming dilution 5,454 5,816
5,577 5,970 Shareholders' equity at December 31 121,762 113,844
Capital employed at December 31 133,664 123,855 Income taxes 8,062
5,311 29,864 27,902 Sales-based taxes 8,664 6,742 31,728 30,381 All
other taxes 12,065 10,820 44,091 42,393 Total taxes 28,791 22,873
105,683 100,676 ExxonMobil's share of income taxes of equity
companies 920 609 2,547 1,920 Attachment II � EXXON MOBIL
CORPORATION FOURTH QUARTER 2007 (millions of dollars) Fourth
Quarter � Twelve Months 2007 � 2006 2007 � � 2006 Net Income (U.S.
GAAP) Upstream United States 1,275 1,052 4,870 5,168 Non-U.S. 6,929
5,168 21,627 21,062 Downstream United States 622 945 4,120 4,250
Non-U.S. 1,645 1,015 5,453 4,204 Chemical United States 335 384
1,181 1,360 Non-U.S. 777 858 3,382 3,022 Corporate and financing 77
828 (23 ) 434 Corporate total 11,660 10,250 40,610 39,500 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 0 410 0 410 Corporate
total 0 410 0 410 Earnings Excluding Special Items Upstream United
States 1,275 1,052 4,870 5,168 Non-U.S. 6,929 5,168 21,627 21,062
Downstream United States 622 945 4,120 4,250 Non-U.S. 1,645 1,015
5,453 4,204 Chemical United States 335 384 1,181 1,360 Non-U.S. 777
858 3,382 3,022 Corporate and financing 77 418 (23 ) 24 Corporate
total 11,660 9,840 40,610 � 39,090 Cash flow from operations and
asset sales (billions of dollars) Net cash provided by operating
activities (U.S. GAAP) 11.3 8.8 52.0 49.3 Sales of subsidiaries,
investments and property, plant and equipment 1.8 0.8 4.2 3.1 Cash
flow from operations and asset sales 13.1 9.6 56.2 � 52.4
Attachment III � � � � EXXON MOBIL CORPORATION FOURTH QUARTER 2007
� Fourth Quarter TwelveMonths 2007 2006 2007 2006 Net production of
crude oil and natural gas liquids, thousands of barrels daily (kbd)
United States 385 404 392 414 Canada/South America 305 355 324 354
Europe 461 516 480 520 Africa 669 772 717 781 Asia Pacific/Middle
East 503 487 518 485 Russia/Caspian 194 144 185 127 Worldwide 2,517
2,678 2,616 2,681 � Natural gas production available for sale,
millions of cubic feet daily (mcfd) United States 1,405 1,588 1,468
1,625 Canada/South America 717 894 808 935 Europe 4,945 4,108 3,810
4,086 Africa 26 0 26 0 Asia Pacific/Middle East 3,205 2,601 3,162
2,596 Russia/Caspian 116 110 110 92 Worldwide 10,414 9,301 9,384
9,334 � Oil-equivalent production (koebd) 1 4,253 4,228 4,180 4,237
� � � 1 Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels Attachment IV � � � � EXXON MOBIL CORPORATION
FOURTH QUARTER 2007 � Fourth Quarter Twelve Months 2007 2006 2007
2006 Refinery throughput (kbd) United States 1,804 1,837 1,746
1,760 Canada 467 456 442 442 Europe 1,660 1,616 1,642 1,672 Asia
Pacific 1,457 1,474 1,416 1,434 Other 329 315 325 295 Worldwide
5,717 5,698 5,571 5,603 � Petroleum product sales (kbd) 1 United
States 2,733 2,851 2,717 2,729 Canada 475 483 461 473 Europe 1,728
1,779 1,773 1,813 Asia Pacific 1,472 1,530 1,419 1,461 Other 717
804 729 771 Worldwide 7,125 7,447 7,099 7,247 � Gasolines, naphthas
2,833 2,952 2,850 2,866 Heating oils, kerosene, diesel 2,155 2,303
2,094 2,191 Aviation fuels 639 652 641 651 Heavy fuels 724 677 715
682 Specialty products 774 863 799 857 Worldwide 7,125 7,447 7,099
7,247 � Chemical prime product sales, thousands of metric tons (kt)
United States 2,762 2,775 10,855 10,703 Non-U.S. 4,287 4,052 16,625
16,647 Worldwide 7,049 6,827 27,480 27,350 � � � 1 Petroleum
product sales data is reported net of purchases/sales contracts
with the same counterparty. Attachment V � � � � EXXON MOBIL
CORPORATION FOURTH QUARTER 2007 (millions of dollars) � Fourth
Quarter Twelve Months 2007 2006 2007 2006 Capital and Exploration
Expenditures Upstream United States 681 713 2,212 2,486 Non-U.S.
3,857 3,357 13,512 13,745 Total 4,538 4,070 15,724 16,231
Downstream United States 336 197 1,128 824 Non-U.S. 578 551 2,175
1,905 Total 914 748 3,303 2,729 Chemical United States 118 78 360
280 Non-U.S. 568 153 1,422 476 Total 686 231 1,782 756 Other 13 20
44 139 � Worldwide 6,151 5,069 20,853 19,855 � � Exploration
expenses charged to income included above Consolidated affiliates
United States 79 59 280 243 Non-U.S. 419 314 1,177 925 Equity
companies - ExxonMobil share United States 0 2 2 2 Non-U.S. 22 4 30
9 Worldwide 520 379 1,489 1,179 Attachment VI � � EXXON MOBIL
CORPORATION NET INCOME � � $ Millions $ Per Common Share � 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 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
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