- Focus remains on business fundamentals,
including project execution and cost management
- Downstream and Chemical results
highlight strength of integrated businesses
- Six major Upstream projects contribute
to 3.2 percent volume growth
Exxon Mobil Corporation (NYSE:XOM):
Fourth
Quarter Twelve Months
2015 2014 %
2015 2014 %
Earnings Summary (Dollars in millions, except per share
data) Earnings
2,780 6,570 -58
16,150 32,520 -50
Earnings Per Common Share Assuming Dilution
0.67 1.56 -57
3.85 7.60 -49 Capital and Exploration Expenditures
7,416 10,464 -29
31,051 38,537 -19
Exxon Mobil Corporation today announced estimated 2015 earnings
of $16.2 billion compared with $32.5 billion a year
earlier. Higher Downstream and Chemical earnings were offset by
sharply lower commodity prices in the Upstream.
“While our financial results reflect the challenging
environment, we remain focused on the business fundamentals,
including project execution and effective cost management,” said
Rex W. Tillerson, chairman and chief executive officer. “The scale
and diversity of our cash flows, along with our financial strength,
provide us with the confidence to invest through the cycle to
create long-term shareholder value.”
ExxonMobil completed six major Upstream projects during the year
and achieved its full-year plan to produce 4.1 million
oil-equivalent barrels per day. These new developments in Canada,
Indonesia, Norway, the United States and West Africa added
300,000 oil-equivalent barrels per day of working interest
production capacity.
Fourth quarter earnings were $2.8 billion, or
$0.67 per diluted share, down from $6.6 billion in the
fourth quarter of 2014. Lower commodity prices in the Upstream were
partly offset by higher Downstream earnings.
During 2015, the corporation distributed $15.1 billion to
shareholders in the form of dividends and share purchases to reduce
shares outstanding.
Fourth Quarter Highlights
- Earnings of $2.8 billion decreased
$3.8 billion, or 58 percent, from the fourth quarter of
2014.
- Earnings per share, assuming dilution,
were $0.67, a decrease of 57 percent.
- Capital and exploration expenditures
were $7.4 billion, down 29 percent from the fourth
quarter of 2014.
- Oil-equivalent production increased
4.8 percent from the fourth quarter of 2014, with liquids up
14 percent and natural gas down 5.6 percent.
- Cash flow from operations and asset
sales was $5.1 billion, including proceeds associated with
asset sales of $785 million.
- The corporation distributed
$3.6 billion to shareholders in the fourth 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 fourth quarter of 2014.
- ExxonMobil successfully started the
onshore central processing facility at the Banyu Urip field in
Indonesia, which helped production reach more than
130,000 gross barrels of oil per day in the fourth quarter.
The field is currently ramping up to full capacity and is expected
to produce 450 million gross barrels of oil over its
lifetime.
- The company is beginning a production
pilot program on the La Invernada and Bajo del Choique blocks in
the Neuquén province of Argentina. This program includes drilling
five wells, as well as constructing a production facility and gas
pipeline.
Fourth Quarter 2015 vs. Fourth Quarter 2014
Upstream earnings were $857 million in the fourth quarter
of 2015, down $4.6 billion from the fourth quarter of 2014.
Lower liquids and gas realizations decreased earnings by
$3.7 billion, while volume and mix effects increased earnings
by $100 million, benefiting from new developments. All other
items, including the absence of both the prior year U.S. deferred
income tax effects and recognition of a favorable arbitration
ruling for expropriated Venezuela assets, decreased earnings by
$960 million.
On an oil-equivalent basis, production increased
4.8 percent from the fourth quarter of 2014. Liquids
production totaled 2.5 million barrels per day, up
299,000 barrels per day. Project ramp-up, work programs and
entitlement effects were partly offset by field decline. Natural
gas production was 10.6 billion cubic feet per day, down
631 million cubic feet per day from 2014 due to regulatory
restrictions in the Netherlands and field decline, partly offset by
entitlement effects.
U.S. Upstream earnings declined $2 billion from the fourth
quarter of 2014 to a loss of $538 million in the fourth
quarter of 2015. Non-U.S. Upstream earnings were $1.4 billion,
down $2.6 billion from the prior year.
Downstream earnings were $1.4 billion, up $854 million
from the fourth quarter of 2014. Stronger margins and favorable
volume and mix effects increased earnings by $610 million and
$70 million, respectively. All other items increased earnings
by $170 million, including lower maintenance expenses and
favorable foreign exchange and tax effects, partly offset by
unfavorable inventory impacts. Petroleum product sales of
5.7 million barrels per day were 166,000 barrels per day
lower than the prior year.
Earnings from the U.S. Downstream were $435 million, up
$436 million from the fourth quarter of 2014. Non-U.S.
Downstream earnings of $916 million were $418 million
higher than last year.
Chemical earnings of $963 million were $264 million
lower than the fourth quarter of 2014. Margins decreased earnings
by $210 million driven by declining realizations. Volume and
mix effects increased earnings by $170 million. All other
items decreased earnings by $230 million, largely due to
unfavorable foreign exchange, tax and inventory effects. Fourth
quarter prime product sales of 6.5 million metric
tons were 765,000 metric tons higher than the prior
year's fourth quarter.
Corporate and financing expenses were $391 million for the
fourth quarter of 2015, compared to $622 million in the fourth
quarter of 2014, with the decrease due mainly to net favorable
tax-related impacts.
During the fourth quarter of 2015, ExxonMobil purchased
9.4 million shares of its common stock for the treasury at a
gross cost of $754 million. These purchases included
$500 million to reduce the number of shares outstanding, with
the balance used to acquire shares to offset dilution in
conjunction with the company’s benefit plans and programs. In the
first quarter of 2016, the corporation will continue to acquire
shares to offset dilution in conjunction with its benefit plans and
programs, but does not plan on making purchases to reduce shares
outstanding.
Full Year 2015 Highlights
- Earnings of $16.2 billion
decreased 50 percent from $32.5 billion in 2014.
- Earnings per share, assuming dilution,
decreased 49 percent to $3.85.
- Capital and exploration expenditures
were $31.1 billion, down 19 percent from 2014. The
company anticipates further reductions in 2016, with capital and
exploration expenditures of $23.2 billion, a decrease of
25 percent from 2015.
- Oil-equivalent production increased
3.2 percent from 2014, with liquids up 11 percent and
natural gas down 5.7 percent.
- Cash flow from operations and asset
sales was $32.7 billion, including proceeds associated with
asset sales of $2.4 billion.
- The corporation distributed
$15.1 billion to shareholders in 2015 through dividends and
share purchases to reduce shares outstanding.
Full Year 2015 vs. Full Year 2014
Upstream earnings were $7.1 billion, down
$20.4 billion from 2014. Lower realizations decreased earnings
by $18.8 billion. Favorable volume and mix effects increased
earnings by $810 million, including contributions from new
developments. All other items decreased earnings by
$2.4 billion, primarily due to lower asset management gains
and the absence of prior year deferred income tax effects.
On an oil-equivalent basis, production of 4.1 million
barrels per day was up 3.2 percent compared to 2014. Liquids
production of 2.3 million barrels per day increased
234,000 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, work programs and entitlement effects.
U.S. Upstream earnings declined $6.3 billion from 2014 to a
loss of $1.1 billion in 2015. Earnings outside the U.S. were
$8.2 billion, down $14.2 billion from the prior year.
Downstream earnings of $6.6 billion increased
$3.5 billion from 2014. Stronger margins increased earnings by
$4.1 billion, while volume and mix effects decreased earnings
by $200 million. All other items decreased earnings by
$420 million, reflecting higher maintenance expense and
unfavorable inventory impacts, partly offset by favorable foreign
exchange effects. Petroleum product sales of 5.8 million
barrels per day were 121,000 barrels per day lower than
2014.
U.S. Downstream earnings were $1.9 billion, an increase of
$283 million from 2014. Non-U.S. Downstream earnings were
$4.7 billion, up $3.2 billion from the prior year.
Chemical earnings of $4.4 billion increased
$103 million from 2014. Stronger margins increased earnings by
$590 million. Favorable volume and mix effects increased
earnings by $220 million. All other items decreased earnings
by $710 million, reflecting unfavorable foreign exchange, tax
and inventory effects, partly offset by asset management gains.
Prime product sales of 24.7 million metric tons were up
478,000 metric tons from 2014.
Corporate and financing expenses were $1.9 billion in 2015
compared to $2.4 billion in 2014, with the decrease due mainly
to net favorable tax-related items.
During 2015, ExxonMobil purchased 48 million shares of
its common stock for the treasury at a gross cost of
$4 billion. These purchases included $3 billion to reduce
the number of shares outstanding, with the balance used to acquire
shares to offset dilution in conjunction with the company’s benefit
plans and programs.
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 9:30 a.m. Central Time on
February 2, 2016. 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 financial and
operating 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 impact of fiscal and commercial terms; 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 Fourth Quarter 2015 (millions
of dollars, unless noted)
Fourth Quarter
Twelve Months 2015
2014 2015 2014
Earnings / Earnings Per Share Total revenues and
other income
59,807 87,276
268,882 411,939 Total
costs and other deductions
57,179 78,434
246,916
360,309 Income before income taxes
2,628 8,842
21,966
51,630 Income taxes 1
(202 ) 2,060
5,415
18,015 Net income including noncontrolling interests
2,830
6,782
16,551 33,615 Net income attributable to
noncontrolling interests
50 212
401 1,095 Net income
attributable to ExxonMobil (U.S. GAAP)
2,780 6,570
16,150 32,520 Earnings per common share (dollars)
0.67 1.56
3.85 7.60 Earnings per common share
- assuming dilution (dollars)
0.67 1.56
3.85 7.60
Other Financial Data Dividends on
common stock Total
3,054 2,924
12,090 11,568 Per
common share (dollars)
0.73 0.69
2.88 2.70
Millions of common shares outstanding At December 31
4,156
4,201 Average - assuming dilution
4,183 4,235
4,196
4,282 ExxonMobil share of equity at December 31
170,811 174,399 ExxonMobil share of capital employed at
December 31
211,658 205,852 Income taxes 1
(202 ) 2,060
5,415 18,015 Sales-based taxes
5,370 6,536
22,678 29,342 All other taxes
7,336 8,292
29,790 35,515 Total taxes
12,504
16,888
57,883 82,872 ExxonMobil share of income taxes
of equity companies
609 1,092
3,011 5,678
1 Excludes ExxonMobil share of equity
company income taxes noted above. Including income tax from equity
companies, ExxonMobil's effective tax rate was 13 percent in the
fourth quarter and 34 percent for full-year 2015.
Attachment II
Exxon Mobil Corporation Fourth Quarter 2015
(millions of dollars)
Fourth Quarter
Twelve Months 2015
2014 2015
2014 Earnings (U.S. GAAP) Upstream
United States
(538 ) 1,503
(1,079 )
5,197 Non-U.S.
1,395 3,965
8,180 22,351 Downstream
United States
435 (1 )
1,901 1,618 Non-U.S.
916 498
4,656 1,427 Chemical United States
520
832
2,386 2,804 Non-U.S.
443 395
2,032 1,511
Corporate and financing
(391 ) (622 )
(1,926
) (2,388 ) Net income attributable to ExxonMobil
2,780 6,570
16,150 32,520
Cash flow
from operations and asset sales (billions of dollars) Net cash
provided by operating activities (U.S. GAAP)
4.3 7.5
30.3 45.2 Proceeds associated with asset sales
0.8
0.2
2.4 4.0 Cash flow from operations and asset sales
5.1 7.7
32.7 49.2
Attachment III Exxon Mobil
Corporation Fourth Quarter 2015 Fourth
Quarter Twelve Months
2015 2014 2015
2014 Net production of crude oil, natural gas liquids,
bitumen and synthetic oil, thousand barrels per day (kbd) United
States
494 473
476 454 Canada / South America
452 312
402 301 Europe
222 190
204 184
Africa
543 519
529 489 Asia
722 631
684
624 Australia / Oceania
48 57
50 59 Worldwide
2,481 2,182
2,345 2,111 Natural gas production
available for sale, million cubic feet per day (mcfd) United States
3,123 3,371
3,147 3,404 Canada / South America
241 320
261 310 Europe
2,504 3,191
2,286 2,816 Africa
4 2
5 4 Asia
4,103
3,786
4,139 4,099 Australia / Oceania
628 564
677 512 Worldwide
10,603 11,234
10,515 11,145
Oil-equivalent production (koebd)1
4,248 4,054
4,097 3,969 1 Gas converted to oil-equivalent at 6
million cubic feet = 1 thousand barrels.
Attachment IV Exxon Mobil
Corporation Fourth Quarter 2015 Fourth
Quarter Twelve Months
2015 2014 2015
2014 Refinery throughput (kbd) United States
1,649 1,876
1,709 1,809 Canada
390 373
386 394 Europe
1,483 1,438
1,496 1,454 Asia
Pacific
679 470
647 628 Other
194 192
194 191 Worldwide
4,395 4,349
4,432 4,476
Petroleum product sales (kbd) United States
2,416
2,666
2,521 2,655 Canada
472 489
488 496
Europe
1,530 1,597
1,542 1,555 Asia Pacific
758 644
746 721 Other
503 449
457 448
Worldwide
5,679 5,845
5,754 5,875 Gasolines,
naphthas
2,330 2,486
2,363 2,452 Heating oils,
kerosene, diesel
1,921 1,926
1,924 1,912 Aviation
fuels
403 405
413 423 Heavy fuels
368 371
377 390 Specialty products
657 657
677 698
Worldwide
5,679 5,845
5,754 5,875 Chemical
prime product sales, thousand metric tons (kt) United States
2,565 2,409
9,664 9,528 Non-U.S.
3,919 3,310
15,049 14,707 Worldwide
6,484 5,719
24,713
24,235
Attachment
V Exxon Mobil Corporation Fourth Quarter
2015 (millions of dollars)
Fourth Quarter
Twelve Months 2015
2014 2015 2014
Capital and Exploration Expenditures Upstream United States
1,615 2,350
7,822 9,401 Non-U.S.
4,255 6,295
17,585 23,326 Total
5,870 8,645
25,407 32,727
Downstream United States
236 422
1,039 1,310 Non-U.S.
543 610
1,574 1,724 Total
779 1,032
2,613 3,034 Chemical United States
493 449
1,945 1,690 Non-U.S.
199 322
898 1,051 Total
692 771
2,843 2,741 Other
75 16
188 35 Worldwide
7,416 10,464
31,051
38,537 Exploration expenses charged to income
included above Consolidated affiliates United States
60 52
182 230 Non-U.S.
459 484
1,340 1,432 Equity
companies - ExxonMobil share United States
9 7
12 61
Non-U.S.
3 49
36 241 Worldwide
531 592
1,570 1,964
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 Fourth Quarter 2,780 0.67 Year 16,150 3.85
1 Computed using the average number of
shares outstanding during each period.
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