- Focus remains on business fundamentals,
including cost management
- Corporation continues to deliver on
investment and operating commitments
- Downstream and Chemical earnings rise,
highlighting strength of integrated businesses
Exxon Mobil Corporation (NYSE:XOM):
Third Quarter Nine Months
2015 2014 %
2015 2014 %
Earnings Summary (Dollars in millions, except per share
data) Earnings
4,240 8,070 -47
13,370 25,950 -48
Earnings Per Common Share Assuming Dilution
1.01 1.89 -47
3.18 6.04 -47 Capital and Exploration Expenditures
7,670 9,837 -22
23,635 28,073 -16
Exxon Mobil Corporation today announced estimated third quarter
2015 earnings of $4.2 billion, or $1.01 per diluted
share, compared with $8.1 billion a year earlier.
Significantly lower Upstream realizations more than offset higher
Downstream and Chemical earnings.
“We maintain a relentless focus on business fundamentals,
including cost management, regardless of commodity prices,” said
Rex W. Tillerson, chairman and chief executive officer. “Quarterly
results reflect the continued strength of our Downstream and
Chemical businesses and underscore the benefits of our integrated
business model.”
Downstream segment earnings nearly doubled from the third
quarter of 2014 due to stronger refining margins. Chemical results,
comparable with the year-ago quarter, reflect continued strength in
product margins and the quality of the company’s product and asset
mix.
Upstream production volumes increased 2.3 percent, or
87,000 barrels per day, to 3.9 million oil-equivalent
barrels per day. Liquids volumes of 2.3 million barrels per
day rose 13 percent driven by new developments in Canada,
Indonesia, the United States, Angola and Nigeria.
During the quarter, the corporation distributed
$3.6 billion to shareholders in the form of dividends and
share purchases to reduce shares outstanding.
Third Quarter Highlights
- Earnings of $4.2 billion decreased
$3.8 billion, or 47 percent, from the third quarter of
2014.
- Earnings per share, assuming dilution,
were $1.01, a decrease of 47 percent.
- Capital and exploration expenditures
were $7.7 billion, down 22 percent from the third quarter
of 2014.
- Oil-equivalent production increased
2.3 percent from the third quarter of 2014, with liquids up
13 percent and natural gas down 10 percent.
- Cash flow from operations and asset
sales was $9.7 billion, including proceeds associated with
asset sales of $491 million.
- The corporation distributed
$3.6 billion to shareholders in the third quarter of 2015,
including $500 million in share purchases to reduce shares
outstanding.
- Dividends per share of $0.73 increased
5.8 percent compared with the third quarter of 2014.
- Production at the Erha North
Phase 2 project started five months ahead of schedule and
$400 million under budget, with an expected peak gross
production of 65,000 barrels of oil per day. This
capital-efficient, deepwater subsea development is located
60 miles offshore Nigeria and includes seven wells from three
drill centers tied back to facilities at the existing Erha field,
thus reducing additional infrastructure requirements.
- The corporation executed two agreements
to obtain horizontal development rights in 48,000 acres
adjoining its existing acreage position in the Midland Basin. The
acreage will provide rights to all intervals within the basin and
be operated by ExxonMobil’s subsidiary XTO Energy, Inc. ExxonMobil
has executed five agreements in the Midland Basin since January
2014, increasing the company’s position to over 135,000 net
acres.
- ExxonMobil announced plans to utilize
its proprietary technology at the Rotterdam refinery in the
Netherlands to efficiently produce high quality Group II
basestocks and ultra-low sulfur diesel to meet growing market
demand. This expansion project follows recent basestock investments
at ExxonMobil’s Baytown, Texas, and Singapore refineries and
further strengthens our position as the world’s largest producer of
lube basestocks.
- The company announced an expansion at
ExxonMobil’s Singapore lubricants plant to produce synthetic
lubricants, including Mobil 1TM, its flagship synthetic engine
oil. When completed in the second half of 2017, the facility will
be the only plant in the Asia Pacific region producing
Mobil 1, demonstrating the company’s commitment to applying
technology and bringing premium products to market in support of
growing demand.
- ExxonMobil plans to increase crude
processing capacity at the Beaumont, Texas, refinery by
approximately 20,000 barrels per day, adding flexibility to
process domestic light crude oils. This capacity expansion further
strengthens the competitiveness of the company’s strategic assets
in North America and enhances U.S. energy security.
Third Quarter 2015 vs. Third Quarter 2014
Upstream earnings were $1.4 billion in the third quarter of
2015, down $5.1 billion from the third quarter of 2014. Lower
liquids and gas realizations decreased earnings by
$5.1 billion, while volume and mix effects, driven by new
developments, increased earnings by $110 million. All other
items decreased earnings by $70 million.
On an oil-equivalent basis, production increased
2.3 percent from the third quarter of 2014. Liquids production
totaled 2.3 million barrels per day, up 266,000 barrels
per day, with project ramp-up and entitlement effects partly offset
by field decline. Natural gas production was 9.5 billion cubic
feet per day, down 1.1 billion cubic feet per day from 2014
due to regulatory restrictions in the Netherlands and field
decline, partly offset by project volumes.
U.S. Upstream earnings declined $1.7 billion from the third
quarter of 2014 to a loss of $442 million in the third quarter
of 2015. Non-U.S. Upstream earnings were $1.8 billion, down
$3.4 billion from the prior year.
Downstream earnings were $2 billion, up $1 billion
from the third quarter of 2014. Stronger margins increased earnings
by $1.4 billion. Lower refining volumes due to higher
maintenance-related activities decreased earnings by
$280 million. All other items, including maintenance-driven
expenditures partly offset by favorable foreign exchange impacts,
decreased earnings by $110 million. Petroleum product sales of
5.8 million barrels per day were 211,000 barrels per day
lower than the prior year.
Earnings from the U.S. Downstream were $487 million, up
$27 million from the third quarter of 2014. Non-U.S.
Downstream earnings of $1.5 billion were $982 million
higher than last year.
Chemical earnings of $1.2 billion were $27 million
higher than the third quarter of 2014. Margins increased earnings
by $210 million, benefiting from lower feedstock costs. Volume
mix effects increased earnings by $30 million. All other
items, primarily unfavorable foreign exchange effects, decreased
earnings by $210 million. Third quarter prime product sales of
6.1 million metric tons were 167,000 metric tons
lower than the prior year's third quarter.
Corporate and financing expenses were $378 million for the
third quarter of 2015, down $192 million from the third
quarter of 2014 driven by favorable tax and financing items.
During the third quarter of 2015, ExxonMobil purchased
6.5 million shares of its common stock for the treasury to
reduce the number of shares outstanding at a cost of
$500 million. Share purchases to reduce shares outstanding are
currently anticipated to equal $500 million in the fourth
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 Nine Months 2015 Highlights
- Earnings were $13.4 billion, down
$12.6 billion, or 48 percent, from 2014.
- Earnings per share, assuming dilution,
decreased 47 percent to $3.18.
- Capital and exploration expenditures
were $23.6 billion, down 16 percent from 2014.
- Oil-equivalent production increased
2.7 percent from 2014, with liquids up 10 percent and
natural gas down 5.7 percent.
- Cash flow from operations and asset
sales was $27.6 billion, including proceeds associated with
asset sales of $1.6 billion.
- The corporation distributed
$11.5 billion to shareholders in the first nine months of 2015
through dividends and share purchases to reduce shares
outstanding.
First Nine Months 2015 vs. First Nine Months 2014
Upstream earnings were $6.2 billion, down
$15.8 billion from the first nine months of 2014. Lower
realizations decreased earnings by $15.1 billion. Favorable
volume and mix effects increased earnings by $680 million. All
other items, primarily the absence of prior year asset management
gains, decreased earnings by $1.5 billion.
On an oil-equivalent basis, production of 4 million barrels
per day was up 2.7 percent compared to the same period in
2014. Liquids production of 2.3 million barrels per day
increased 213,000 barrels per day, with project ramp-up and
entitlement effects partly offset by field decline. Natural gas
production of 10.5 billion cubic feet per day decreased
630 million cubic feet per day from 2014 as regulatory
restrictions in the Netherlands and field decline were partly
offset by project ramp-up and entitlement effects.
U.S. Upstream earnings declined $4.2 billion from 2014 to a
loss of $541 million for the first nine months of 2015.
Earnings outside the U.S. were $6.8 billion, down
$11.6 billion from the prior year.
Downstream earnings of $5.2 billion increased
$2.7 billion from 2014. Stronger margins increased earnings by
$3.5 billion. Volume and mix effects decreased earnings by
$280 million. All other items, including higher maintenance
expense, decreased earnings by $580 million. Petroleum product
sales of 5.8 million barrels per day were 107,000 barrels
per day lower than 2014.
U.S. Downstream earnings were $1.5 billion, a decrease of
$153 million from 2014. Non-U.S. Downstream earnings were
$3.7 billion, up $2.8 billion from the prior year.
Chemical earnings of $3.5 billion increased
$367 million from 2014. Higher margins increased earnings by
$790 million. Favorable volume mix effects increased earnings
by $130 million. All other items, including unfavorable
foreign exchange effects partly offset by asset management gains,
decreased earnings by $560 million. Prime product sales of
18.2 million metric tons were down 287,000 metric tons
from 2014.
Corporate and financing expenses were $1.5 billion in the
first nine months of 2015, down $231 million from 2014.
During the first nine months of 2015, ExxonMobil purchased
38 million shares of its common stock for the treasury at a
gross cost of $3.3 billion. These purchases included
$2.5 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
October 30, 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.
Mobil and Mobil 1 are registered trademarks 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.
Estimated Key Financial and
Operating Data Attachment I Exxon Mobil
Corporation Third Quarter 2015 (millions of dollars,
unless noted)
Third Quarter Nine
Months 2015 2014
2015 2014 Earnings / Earnings
Per Share Total revenues and other income
67,344
107,130
209,075 324,663 Total costs and other deductions
61,595 93,720
189,737 281,875 Income before income
taxes
5,749 13,410
19,338 42,788 Income taxes
1,365 5,064
5,617 15,955 Net income including
noncontrolling interests
4,384 8,346
13,721 26,833
Net income attributable to noncontrolling interests
144 276
351 883 Net income attributable to ExxonMobil (U.S. GAAP)
4,240 8,070
13,370 25,950 Earnings per common
share (dollars)
1.01 1.89
3.18 6.04 Earnings
per common share - assuming dilution (dollars)
1.01 1.89
3.18 6.04
Other Financial Data
Dividends on common stock Total
3,060 2,946
9,036
8,644 Per common share (dollars)
0.73 0.69
2.15 2.01
Millions of common shares outstanding At September 30
4,163 4,235 Average - assuming dilution
4,190 4,267
4,201 4,297 ExxonMobil share of equity at September
30
170,723 180,587 ExxonMobil share of capital employed at
September 30
207,303 204,903 Income taxes
1,365 5,064
5,617 15,955 Sales-based taxes
5,813 7,519
17,308 22,806 All other taxes
7,585 9,060
22,454 27,223 Total taxes
14,763
21,643
45,379 65,984 ExxonMobil share of income taxes
of equity companies
686 1,354
2,402 4,586
Attachment II Exxon
Mobil Corporation Third Quarter 2015 (millions of
dollars)
Third Quarter Nine
Months 2015 2014
2015 2014
Earnings (U.S. GAAP) Upstream United States
(442
) 1,257
(541 ) 3,694 Non-U.S.
1,800
5,159
6,785 18,386 Downstream United States
487 460
1,466 1,619 Non-U.S.
1,546 564
3,740 929
Chemical United States
526 765
1,866 1,972 Non-U.S.
701 435
1,589 1,116 Corporate and financing
(378 ) (570 )
(1,535 ) (1,766 ) Net
income attributable to ExxonMobil
4,240 8,070
13,370
25,950
Cash flow from operations and asset
sales (billions of dollars) Net cash provided by operating
activities (U.S. GAAP)
9.2 12.4
26.0 37.7 Proceeds
associated with asset sales
0.5 0.1
1.6 3.8 Cash flow
from operations and asset sales
9.7 12.5
27.6 41.5
Attachment
III Exxon Mobil Corporation Third Quarter
2015 Third Quarter Nine
Months 2015 2014
2015 2014 Net production of crude
oil, natural gas liquids, bitumen and synthetic oil, thousand
barrels per day (kbd) United States
468 442
470 448
Canada / South America
425 295
386 297 Europe
197 174
198 182 Africa
531 483
524 479
Asia
651 601
671 621 Australia / Oceania
59 70
51 60 Worldwide
2,331 2,065
2,300 2,087
Natural gas production available for sale, million cubic feet per
day (mcfd) United States
3,094 3,411
3,155 3,415
Canada / South America
229 272
267 306 Europe
1,495 2,192
2,213 2,690 Africa
7 1
6 5
Asia
3,910 4,027
4,151 4,204 Australia / Oceania
789 692
693 495 Worldwide
9,524 10,595
10,485 11,115 Oil-equivalent production (koebd)1
3,918 3,831
4,047 3,940
1 Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels.
Attachment IV
Exxon Mobil Corporation Third Quarter 2015
Third Quarter Nine
Months 2015 2014
2015 2014 Refinery throughput
(kbd) United States
1,681 1,835
1,730 1,786 Canada
391 409
385 402 Europe
1,504 1,499
1,501 1,459 Asia Pacific
687 655
636 681 Other
194 193
192 190 Worldwide
4,457 4,591
4,444 4,518 Petroleum product sales (kbd) United
States
2,509 2,697
2,556 2,651 Canada
501 514
493 499 Europe
1,549 1,585
1,547 1,541 Asia
Pacific
781 746
741 747 Other
448 457
442 448 Worldwide
5,788 5,999
5,779 5,886
Gasolines, naphthas
2,382 2,482
2,374 2,440
Heating oils, kerosene, diesel
1,908 1,968
1,925
1,907 Aviation fuels
433 445
416 429 Heavy fuels
372 389
380 398 Specialty products
693 715
684 712 Worldwide
5,788 5,999
5,779 5,886
Chemical prime product sales, thousand metric tons (kt)
United States
2,377 2,376
7,099 7,119 Non-U.S.
3,705 3,873
11,130 11,397 Worldwide
6,082
6,249
18,229 18,516
Attachment V Exxon Mobil Corporation Third
Quarter 2015 (millions of dollars)
Third
Quarter Nine Months
2015 2014 2015
2014 Capital and Exploration Expenditures
Upstream United States
1,992 2,261
6,207 7,051
Non-U.S.
4,382 6,163
13,330 17,031 Total
6,374
8,424
19,537 24,082 Downstream United States
242 364
803 888 Non-U.S.
344 416
1,031 1,114 Total
586 780
1,834 2,002 Chemical United States
452
342
1,452 1,241 Non-U.S.
217 284
699 729 Total
669 626
2,151 1,970 Other
41 7
113 19 Worldwide
7,670 9,837
23,635
28,073 Exploration expenses charged to income
included above Consolidated affiliates United States
45 39
122 178 Non-U.S.
278 279
881 948 Equity
companies - ExxonMobil share United States
- 3
3 54
Non-U.S.
2 107
33 192 Worldwide
325 428
1,039 1,372
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 Third Quarter
4,240 1.01
1 Computed using the average number of shares outstanding during
each period.
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