Exxon Mobil Corporation (NYSE:XOM):
EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:
"ExxonMobil recorded strong results while investing at record levels
to develop new supplies of energy that are critical to meeting growing
world demand, and supporting economic recovery and growth.
"Fourth quarter earnings of $9.4 billion were up 2 percent from the fourth
quarter of 2010. Full year 2011 earnings were $41.1 billion, up
35% from 2010, reflecting higher crude oil and natural gas realizations,
improved refining and chemical margins, and gains on asset sales.
"Capital and exploration expenditures were a record $36.8 billion in
2011.
"Oil-equivalent production was up 1 percent from 2010. Excluding the
impacts of entitlement volumes, OPEC quota effects and divestments,
production was up 4 percent.
"In 2011, the Corporation distributed $29 billion to shareholders
through dividends and share purchases to reduce shares outstanding."
FOURTH QUARTER HIGHLIGHTS
Earnings were $9,400 million, an increase of 2 percent or $150 million from
the fourth quarter of 2010.
Earnings per share (assuming dilution) were $1.97, an increase of 6 percent
from the fourth quarter of 2010.
Capital and exploration expenditures were $10.0 billion, consistent
with the fourth quarter of 2010.
Oil-equivalent production decreased 9 percent from the fourth quarter of
2010. Excluding the impacts of entitlement volumes, OPEC quota effects
and divestments, production was down 4 percent.
Cash flow from operations and asset sales was $17.6 billion, including
proceeds associated with asset sales of $6.9 billion.
Share purchases to reduce shares outstanding were $5 billion.
Dividends per share of $0.47 increased 7 percent compared to the fourth
quarter of 2010.
ExxonMobil was the high bidder on 50 blocks in the most recent U.S.
Gulf of Mexico lease sale, providing new exploration opportunities.
Construction of a lower-sulfur fuels project began at the joint Saudi
Aramco and ExxonMobil refinery in Yanbu, Saudi Arabia.
Fourth Quarter 2011 vs. Fourth Quarter 2010
Upstream earnings were $8,829million, up $1,349 million from the fourth
quarter of 2010. Higher liquids and natural gas realizations increased
earnings by $1,990 million. Lower volumes and production mix effects
decreased earnings by $1,450 million. All other items, primarily gains
on asset sales, increased earnings by $810million.
On an oil-equivalent basis, production decreased 9% from the fourth
quarter of 2010. Excluding the impacts of entitlement volumes, OPEC
quota effects and divestments, production was down 4 percent.
Liquids production totaled 2,250kbd (thousands of barrels per day),
down 276 kbd from the fourth quarter of 2010. Excluding the impacts of
entitlement volumes, OPEC quota effects and divestments, liquids
production was down 3 percent, mainly due to field decline.
Fourth quarter natural gas production was 13,677mcfd (millions of cubic
feet per day), down 975 mcfd from 2010, as U.S. growth was more than
offset by field decline and lower demand in Europe.
Earnings from U.S. Upstream operations were $1,184 million, $133 million
lower than the fourth quarter of 2010. Non-U.S. Upstream earnings were
$7,645 million, up $1,482 million from last year.
Downstream earnings of $425million were down $725million from the
fourth quarter of 2010. Weaker margins, principally in refining,
decreased earnings $740 million. Volume and mix effects decreased
earnings by $30 million, while all other items increased earnings by
$40million. Petroleum product sales of 6,493kbd were 62kbd lower than
last year's fourth quarter.
Earnings from the U.S. Downstream were $30 million, down $196 million
from the fourth quarter of 2010. Non-U.S. Downstream earnings of
$395million were $529 million lower than last year.
Chemical earnings of $543 million were $524 million lower than the
fourth quarter of 2010. Weaker margins decreased earnings by $230
million, while lower volumes and mix effects reduced earnings by $40
million. Other items, mainly unfavorable tax effects, decreased earnings
by $250 million. Fourth quarter prime product sales of 6,271kt
(thousands of metric tons) were 78kt lower than last year's fourth
quarter.
Corporate and financing expenses were $397 million, down $50 million
from the same period in 2010.
During the fourth quarter of 2011, Exxon Mobil Corporation purchased 69
million shares of its common stock for the treasury at a gross cost of
$5.4 billion. These purchases included $5 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. Share
purchases to reduce shares outstanding are currently anticipated to
equal $5 billion in the first quarter of 2012. 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.
