ExxonMobil Focuses on Business Fundamentals; Paced, Disciplined Investing
02 Mars 2016 - 2:11PM
Business Wire
- Integrated business resilient through
the commodity price cycle
- Continued commitment to shareholder
distributions and long-term investing
- Financial flexibility supports
consistent strategy execution
Exxon Mobil Corporation (NYSE:XOM) is achieving industry-leading
financial performance throughout the commodity price cycle by
maintaining a focus on the fundamentals, selectively investing in
the business and paying a reliable and growing dividend, Rex W.
Tillerson, chairman and chief executive officer, said today.
“We remain steadfast in our mission to create superior long-term
shareholder value,” Tillerson said at the company’s annual analyst
meeting at the New York Stock Exchange. “We have the financial
flexibility to pursue attractive opportunities and can adjust our
investment program based on market demand fundamentals.”
ExxonMobil anticipates capital spending of $23 billion in 2016,
down 25 percent from 2015. The company continues to selectively
advance its investment portfolio, building upon attractive
longer-term opportunities.
“We are focused on maximizing benefits across the energy value
chain,” Tillerson said. The company captures unique value from its
diverse, high-quality resource base from exploration, development
and production all the way through to the fuels, lubricants and
petrochemical products used by consumers.
ExxonMobil is on track to start up 10 new Upstream projects in
2016 and 2017, adding 450,000 oil-equivalent barrels per day of
working-interest production capacity. The company is enhancing
resource value through production optimization, technology
application and cost management.
ExxonMobil’s Downstream and Chemical businesses have the scale
and integration across refining, lubricants and chemicals to
maximize product value while driving operating efficiency.
Approximately 80 percent of the company’s 5 million barrel-per-day
refining capacity is integrated with chemical and lubricant
manufacturing facilities.
“We are advancing several Downstream and Chemical projects to
increase feedstock flexibility, produce higher-value products and
expand logistics capabilities to strengthen our competitive
advantage in these businesses,” Tillerson said.
During the meeting, ExxonMobil reviewed the following
performance highlights.
- ExxonMobil has increased its dividend
for 33-consecutive years through 2015, with an annual increase of
10 percent per year over the past 10 years. On average, 48 cents of
every dollar generated by the business during the last five years
has been distributed to shareholders.
- Return on average capital employed of
7.9 percent in 2015 was nearly 4 percentage points higher than the
company’s nearest competitor. During the past five years, return on
capital employed averaged 18 percent, about 5 percentage points
above its nearest competitor.
- ExxonMobil generated $33 billion of
cash flow from operations and asset sales and $6.5 billion of free
cash flow in 2015.
- Since 2012, ExxonMobil has started up
22 major Upstream projects, adding more than 940,000 oil-equivalent
barrels per day of working interest production capacity. Six of
these project start-ups occurred in 2015.
- The corporation achieved a total net
reduction of $12 billion in both capital and cash operating costs
in 2015. Upstream total unit costs are down 9 percent from 2014.
Refining unit cash costs are 15 percent lower than the industry
average.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is among the largest refiners and marketers
of petroleum products and its chemical company is one of the
largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
CAUTIONARY NOTE: Statements of future events or conditions in
this release are forward-looking statements. Actual future results,
including production capacity growth, capital expenditures, free
cash flow, operating costs, and project plans, capacities and
schedules, could differ materially due to changes in long-term oil
and gas price levels and other market conditions affecting the oil,
gas, and petrochemical industries; political or regulatory
developments; changes in economic growth rates around the world;
reservoir performance; timely completion of development projects;
the outcome of commercial negotiations; the actions of competitors;
technical or operating factors; and other factors discussed under
the heading "Factors Affecting Future Results" in the Investors
section of the company’s website, www.exxonmobil.com, and in Item
1A of its most recent Form 10-K filed with the Securities and
Exchange Commission. References to oil-equivalent barrels include
amounts that are not yet classified as proved reserves under SEC
definitions but that we believe will ultimately be produced.
For definitions and additional information concerning the
calculation of return on average capital employed, free cash flow
and other terms, including information required by SEC Regulation
G, see “frequently used terms” on the Investors section of the
company’s website, www.exxonmobil.com.
The term “project” as used in this release does not necessarily
have the same meaning as in any government payment transparency
reports.
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