• Corporation continues to deliver on investment and
operating commitments
• Downstream and Chemical results underscore resilience
of the integrated business model
• Upstream volumes increased 3.6 percent, liquids
production up 11.9 percent
Exxon Mobil Corporation (NYSE:XOM):
Second Quarter First Half
2015 2014 %
2015 2014 %
Earnings Summary (Dollars in millions, except per share
data) Earnings
4,190 8,780 -52
9,130 17,880 -49
Earnings Per Common Share Assuming Dilution
1.00 2.05 -51
2.17 4.15 -48 Capital and Exploration Expenditures
8,261 9,800 -16
15,965 18,236 -12
Exxon Mobil Corporation today announced estimated
second quarter 2015 earnings of $4.2 billion, or
$1 per diluted share, compared with $8.8 billion a
year earlier. Higher Downstream and Chemical earnings were more
than offset by the impact of weaker Upstream realizations and lower
asset management gains.
“We are delivering on our investment and operating commitments
across ExxonMobil’s integrated portfolio,” said Rex W. Tillerson,
chairman and chief executive officer. “Our quarterly results
reflect the disparate impacts of the current commodity price
environment, but also demonstrate the strength of our sound
operations, superior project execution capabilities, as well as
continued discipline in capital and expense management.”
Downstream and Chemical segment earnings increased significantly
from the second quarter of 2014, driven by higher margins,
continued strong demand, and the quality of the company’s product
and asset mix.
ExxonMobil produced 4 million oil-equivalent barrels per
day, an increase of 139,000 barrels per day, or
3.6 percent. Liquids volumes of 2.3 million barrels per
day increased 11.9 percent, benefiting from new developments
in Angola, Canada, Indonesia and the United States.
During the quarter, the corporation distributed
$4.1 billion to shareholders in the form of dividends and
share purchases to reduce shares outstanding.
Second Quarter Highlights
- Earnings of $4.2 billion decreased
$4.6 billion or 52 percent from the second quarter of
2014.
- Earnings per share, assuming dilution,
were $1, a decrease of 51 percent.
- Capital and exploration expenditures
were $8.3 billion, down 16 percent from the second
quarter of 2014.
- Oil-equivalent production increased
3.6 percent from the second quarter of 2014, with liquids up
11.9 percent and natural gas down 5.8 percent.
- Cash flow from operations and asset
sales was $9.4 billion, including proceeds associated with
asset sales of $629 million.
- The corporation distributed
$4.1 billion to shareholders in the second quarter of 2015,
including $1 billion in share purchases to reduce shares
outstanding.
- Dividends per share of $0.73 increased
5.8 percent compared with the second quarter of 2014.
- A significant oil discovery was made in
Guyana on the 6.6-million acre Stabroek Block that is located
120 miles offshore. The well was safely drilled to
17,825 feet in 5,719 feet of water and encountered
295 feet of high-quality oil-bearing sandstone
reservoirs.
- Production at the company’s Kearl oil
sands expansion project in Alberta, Canada, started ahead of
schedule, doubling gross capacity to 220,000 barrels of
bitumen per day.
- Bitumen production began on schedule at
the Cold Lake Nabiye project expansion in northeastern Alberta,
Canada. The expansion is producing about 20,000 barrels per
day and volumes are expected to reach peak daily production of
40,000 barrels later this year.
Second Quarter 2015 vs. Second Quarter 2014
Upstream earnings were $2 billion in the second quarter of
2015, down $5.9 billion from the second quarter of 2014. Lower
liquids and gas realizations decreased earnings by
$4.5 billion, while volume effects increased earnings by
$330 million driven by new developments. All other items
decreased earnings by $1.7 billion, including the one-time
$260 million deferred income tax impact related to the tax
rate increase in Alberta, Canada, and the absence of prior year
asset management gains.
On an oil-equivalent basis, production increased
3.6 percent from the second quarter of 2014. Liquids
production totaled 2.3 million barrels per day, up
243,000 barrels per day, with project ramp-up and entitlement
effects partly offset by field decline. Natural gas production was
10.1 billion cubic feet per day, down 622 million cubic
feet per day from 2014 due to regulatory restrictions in the
Netherlands. Project volumes and entitlement effects offset field
decline.
The U.S. Upstream operations recorded a loss of
$47 million, down $1.2 billion from the second quarter of
2014. Non-U.S. Upstream earnings were $2.1 billion, down
$4.6 billion from the prior year.
Downstream earnings were $1.5 billion, up $795 million
from the second quarter of 2014. Stronger margins increased
earnings by $1.1 billion. Volume and mix effects decreased
earnings by $80 million. All other items, including higher
maintenance expenses, decreased earnings by $230 million.
Petroleum product sales of 5.7 million barrels per day were
104,000 barrels per day lower than the prior year's second
quarter.
Earnings from the U.S. Downstream were $412 million, down
$124 million from the second quarter of 2014. Non-U.S.
Downstream earnings of $1.1 billion were $919 million
higher than last year.
Chemical earnings of $1.2 billion were $405 million
higher than the second quarter of 2014. Margins increased earnings
by $340 million, benefiting from lower feedstock costs. Volume
mix effects increased earnings by $20 million. All other
items, primarily asset management gains in the U.S., partly offset
by unfavorable foreign exchange effects, increased earnings by a
net $50 million. Second quarter prime product sales of
6.1 million metric tons were 61,000 metric tons
lower than the prior year's second quarter.
Corporate and financing expenses were $593 million for the
second quarter of 2015, down $60 million from the second
quarter of 2014.
During the second quarter of 2015, ExxonMobil purchased
12 million shares of its common stock for the treasury to
reduce the number of shares outstanding at a cost of
$1 billion. Share purchases to reduce shares outstanding are
currently anticipated to equal $500 million in the third
quarter of 2015. 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 Half 2015 Highlights
- Earnings were $9.1 billion, down
$8.8 billion or 49 percent from 2014.
- Earnings per share, assuming dilution,
decreased 48 percent to $2.17.
- Capital and exploration expenditures
were $16 billion, down 12 percent from 2014.
- Oil-equivalent production increased
3 percent from 2014, with liquids up 8.9 percent and
natural gas down 3.6 percent.
- Cash flow from operations and asset
sales was $17.9 billion, including proceeds associated with
asset sales of $1.1 billion.
- The corporation distributed
$8 billion to shareholders in the first half of 2015 through
dividends and share purchases to reduce shares outstanding.
First Half 2015 vs. First Half 2014
Upstream earnings were $4.9 billion, down
$10.8 billion from the first half of 2014. Lower realizations
decreased earnings by $10 billion. Favorable volume and mix
effects increased earnings by $570 million. All other items,
primarily the absence of prior year asset management gains,
decreased earnings by $1.4 billion.
On an oil-equivalent basis, production of 4.1 million
barrels per day was up 3 percent compared to the same period
in 2014. Liquids production of 2.3 million barrels per day
increased 186,000 barrels per day, with project ramp-up and
entitlement effects partly offset by field decline. Natural gas
production of 11 billion cubic feet per day decreased
407 million cubic feet per day from 2014 due to regulatory
restrictions in the Netherlands. Project ramp-up and entitlement
effects exceeded field decline.
The U.S. Upstream operations recorded a loss of
$99 million, down $2.5 billion from 2014. Earnings
outside the U.S. were $5 billion, down $8.2 billion from
the prior year.
Downstream earnings of $3.2 billion increased
$1.6 billion from 2014. Stronger margins increased earnings by
$2.1 billion. Volume and mix effects were essentially flat
period-to-period. All other items, including higher planned
maintenance expenses, decreased earnings by $480 million.
Petroleum product sales of 5.8 million barrels per day were
54,000 barrels per day lower than 2014.
U.S. Downstream earnings were $1 billion, a decrease of
$180 million from 2014. Non-U.S. Downstream earnings were
$2.2 billion, up $1.8 billion from the prior year.
Chemical earnings of $2.2 billion increased
$340 million from 2014. Higher margins increased earnings by
$590 million. Favorable volume mix effects increased earnings
by $70 million. All other items, including unfavorable foreign
exchange effects partly offset by asset management gains in the
U.S., decreased earnings by $320 million. Prime product sales
of 12.1 million metric tons were down 120,000 metric tons
from 2014.
Corporate and financing expenses were $1.2 billion in the
first half of 2015, essentially flat with 2014.
During the first half of 2015, ExxonMobil purchased
32 million shares of its common stock for the treasury at a
gross cost of $2.8 billion. These purchases included
$2 billion to reduce the number of shares outstanding, with
the balance used to acquire shares in conjunction with the
company’s benefit plans and programs.
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on
July 31, 2015. To listen to the event or access an archived replay,
please visit www.exxonmobil.com.
Cautionary Statement
Statements relating to future plans, projections, events or
conditions are forward-looking statements. Actual results,
including project plans, costs, timing, and capacities; capital and
exploration expenditures; resource recoveries; and share purchase
levels, could differ materially due to factors including: changes
in oil or gas prices or other market or economic conditions
affecting the oil and gas industry, including the scope and
duration of economic recessions; the outcome of exploration and
development efforts; changes in law or government regulation,
including tax and environmental requirements; the outcome of
commercial negotiations; changes in technical or operating
conditions; and other factors discussed under the heading "Factors
Affecting Future Results" in the “Investors” section of our website
and in Item 1A of ExxonMobil's 2014 Form 10-K. We assume no duty to
update these statements as of any future date.
Frequently Used Terms
This press release includes cash flow from operations and asset
sales, which is a non-GAAP financial measure. 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 in Attachment II.
References to quantities of oil or natural gas may include amounts
that we believe will ultimately be produced, but that are not yet
classified as “proved reserves” under SEC definitions. Further
information on ExxonMobil's frequently used financial and operating
measures and other terms is contained under the heading "Frequently
Used Terms" available through the “Investors” section of our
website at exxonmobil.com.
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.
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.
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.
Estimated Key Financial and
Operating Data Attachment I Exxon Mobil
Corporation Second Quarter 2015 (millions of dollars,
unless noted)
Second Quarter First
Half 2015 2014
2015 2014 Earnings / Earnings
Per Share Total revenues and other income
74,113
111,208
141,731 217,533 Total costs and other deductions
67,159 97,057
128,142 188,155 Income before income
taxes
6,954 14,151
13,589 29,378 Income taxes
2,692 5,034
4,252 10,891 Net income including
noncontrolling interests
4,262 9,117
9,337 18,487 Net
income attributable to noncontrolling interests
72 337
207 607 Net income attributable to ExxonMobil (U.S. GAAP)
4,190 8,780
9,130 17,880 Earnings per common
share (dollars)
1.00 2.05
2.17 4.15 Earnings
per common share - assuming dilution (dollars)
1.00 2.05
2.17 4.15
Other Financial Data
Dividends on common stock Total
3,066 2,966
5,976
5,698 Per common share (dollars)
0.73 0.69
1.42 1.32
Millions of common shares outstanding At June 30
4,169 4,265 Average - assuming dilution
4,200 4,297
4,205 4,312 ExxonMobil share of equity at June 30
172,668 181,155 ExxonMobil share of capital employed at June
30
208,781 205,397 Income taxes
2,692 5,034
4,252 10,891 Sales-based taxes
5,965 7,871
11,495 15,287 All other taxes
7,595 9,306
14,869 18,163 Total taxes
16,252 22,211
30,616
44,341 ExxonMobil share of income taxes of equity companies
755 1,412
1,716 3,232
Attachment II Exxon Mobil
Corporation Second Quarter 2015 (millions of dollars)
Second Quarter First Half
2015 2014
2015 2014
Earnings (U.S. GAAP) Upstream United States
(47
) 1,193
(99 ) 2,437 Non-U.S.
2,078
6,688
4,985 13,227 Downstream United States
412 536
979 1,159 Non-U.S.
1,094 175
2,194 365
Chemical United States
735 528
1,340 1,207 Non-U.S.
511 313
888 681 Corporate and financing
(593
) (653 )
(1,157 ) (1,196 ) Net income
attributable to ExxonMobil
4,190 8,780
9,130 17,880
Cash flow from operations and asset sales
(billions of dollars) Net cash provided by operating activities
(U.S. GAAP)
8.8 10.2
16.8 25.3 Proceeds associated
with asset sales
0.6 2.6
1.1 3.7 Cash flow from
operations and asset sales
9.4 12.8
17.9 29.0
Attachment III
Exxon Mobil Corporation Second Quarter 2015
Second Quarter First
Half 2015 2014
2015 2014 Net production of crude
oil, natural gas liquids, bitumen and synthetic oil, thousand
barrels per day (kbd) United States
468 458
470 450
Canada / South America
364 282
366 298 Europe
199 178
199 187 Africa
522 473
521 477
Asia
685 597
681 631 Australia / Oceania
53 60
47 55 Worldwide
2,291 2,048
2,284 2,098
Natural gas production available for sale, million cubic feet per
day (mcfd) United States
3,153 3,421
3,186 3,417
Canada / South America
262 316
286 325 Europe
1,718 2,426
2,578 2,943 Africa
8 6
5 7
Asia
4,265 4,070
4,273 4,293 Australia / Oceania
722 511
645 395 Worldwide
10,128 10,750
10,973 11,380 Oil-equivalent production (koebd)1
3,979 3,840
4,113 3,995 1 Gas converted to
oil-equivalent at 6 million cubic feet = 1 thousand barrels.
Attachment IV Exxon Mobil
Corporation Second Quarter 2015 Second
Quarter First Half
2015 2014 2015
2014 Refinery throughput (kbd) United States
1,702 1,711
1,754 1,761 Canada
373 418
383 398 Europe
1,524 1,445
1,499 1,438 Asia
Pacific
539 686
610 694 Other
192 194
192 191 Worldwide
4,330 4,454
4,438 4,482
Petroleum product sales (kbd) United States
2,548
2,651
2,580 2,628 Canada
486 494
489 491
Europe
1,555 1,525
1,546 1,519 Asia Pacific
695 733
721 747 Other
453 438
439 444
Worldwide
5,737 5,841
5,775 5,829 Gasolines,
naphthas
2,376 2,436
2,370 2,418 Heating oils,
kerosene, diesel
1,874 1,887
1,934 1,876 Aviation
fuels
404 412
407 420 Heavy fuels
377 379
385 404 Specialty products
706 727
679 711
Worldwide
5,737 5,841
5,775 5,829 Chemical
prime product sales, thousand metric tons (kt) United States
2,401 2,351
4,722 4,743 Non-U.S.
3,677 3,788
7,425 7,524 Worldwide
6,078 6,139
12,147
12,267
Attachment
V Exxon Mobil Corporation Second Quarter
2015 (millions of dollars)
Second Quarter
First Half 2015
2014 2015 2014
Capital and Exploration Expenditures Upstream United States
2,095 2,698
4,215 4,790 Non-U.S.
4,651 5,696
8,948 10,868 Total
6,746 8,394
13,163 15,658
Downstream United States
266 296
561 524 Non-U.S.
361 386
687 698 Total
627 682
1,248
1,222 Chemical United States
570 502
1,000 899
Non-U.S.
258 212
482 445 Total
828 714
1,482 1,344 Other
60 10
72 12
Worldwide
8,261 9,800
15,965 18,236
Exploration expenses charged to income included above Consolidated
affiliates United States
40 104
77 139 Non-U.S.
329 389
603 669 Equity companies - ExxonMobil share
United States
- 50
3 51 Non-U.S.
23 63
31 85 Worldwide
392 606
714 944
Attachment VI Exxon Mobil
Corporation Earnings $
Millions
$ Per
CommonShare1
2011
First Quarter 10,650 2.14 Second Quarter 10,680 2.19 Third Quarter
10,330 2.13 Fourth Quarter 9,400 1.97 Year 41,060 8.43
2012
First Quarter 9,450 2.00 Second Quarter 15,910 3.41 Third Quarter
9,570 2.09 Fourth Quarter 9,950 2.20 Year 44,880 9.70
2013
First Quarter 9,500 2.12 Second Quarter 6,860 1.55 Third Quarter
7,870 1.79 Fourth Quarter 8,350 1.91 Year 32,580 7.37
2014
First Quarter 9,100 2.10 Second Quarter 8,780 2.05 Third Quarter
8,070 1.89 Fourth Quarter 6,570 1.56 Year 32,520 7.60
2015
First Quarter 4,940 1.17 Second Quarter 4,190 1.00 1 Computed using
the average number of shares outstanding during each period.
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