EX-99.1 2 f8k2q991.htm NEWS RELEASE  

EXHIBIT 99.1

News Release

 

Exxon Mobil Corporation

 

5959 Las Colinas Boulevard

 

Irving, TX  75039

 

972 940 6007 Telephone

 

972 940 6143 Facsimile

FOR IMMEDIATE RELEASE

 

FRIDAY, JULY 27, 2018

 

 

 

 

ExxonMobil Earns $4 Billion in Second Quarter of 2018

 

 

 

 

Project milestones increasing confidence in long-term growth plans

 

Permian and Bakken production up 30 percent from same quarter last year

 

Eighth discovery offshore Guyana; acquires new interest and acreage in Brazil

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

 

 

 

 

 

 

 

Second Quarter

 

 

Quarter

 

 

First Half

 

 

 

 

 

2018

2017

 

%

2018

%

 

2018

2017

 

%

Earnings Summary

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (U.S. GAAP)

 

3,950

3,350

 

18

4,650

-15

 

8,600

7,360

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

Assuming Dilution

 

0.92

0.78

 

18

1.09

-16

 

2.01

1.73

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital and Exploration

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures

 

6,627

3,925

 

69

4,867

36

 

11,494

8,094

 

42

 

IRVING, Texas – July 27, 2018 – Exxon Mobil Corporation today announced estimated second quarter 2018 earnings of $4 billion, or $0.92 per share assuming dilution, compared with $3.4 billion a year earlier. Cash flow from operations and asset sales was $8.1 billion, including proceeds associated with asset sales of $307 million. During the quarter, the corporation distributed $3.5 billion in dividends to shareholders. Capital and exploration expenditures were $6.6 billion, up 69 percent from the prior year, reflecting key investments in Brazil, the U.S. Permian Basin and Indonesia.

 

Oil-equivalent production was 3.6 million barrels per day, down 7 percent from the second quarter of 2017. Excluding entitlement effects and divestments, liquids production increased as growth in the Permian and Bakken in the U.S. and Hebron in Canada more than offset decline and higher downtime driven by scheduled maintenance. Natural gas volumes decreased 10 percent, excluding entitlement effects and divestments, largely due to a continuing shift in U.S. unconventional development from dry gas to liquids and to downtime in Qatar, Australia, and Papua New Guinea. 

 

“Key projects in Guyana, the U.S. Permian Basin, Brazil, Mozambique and Papua New Guinea are positioning us well to meet the objectives we outlined in our long-term earnings growth plans. The high quality of these resources, combined with our strengths in project execution and innovation, will generate strong value over time,” said Darren W. Woods, chairman and chief executive officer. “Second quarter results were primarily impacted by significant scheduled maintenance undertaken to support operational integrity. In addition, while we were pleased with the return of full production following the PNG earthquake, extended recoveries from first quarter operational incidents in the Downstream were disappointing. However, good progress was made during the second quarter in fully recovering from these incidents.”

 


 

Second Quarter 2018 Business Highlights

 

Upstream: 

Crude prices strengthened in the second quarter, while natural gas prices were mixed.

 

U.S. tight oil growth in the Permian and Bakken continued, reaching over 250,000 oil‑equivalent barrels per day in the second quarter, an increase of 30 percent from the same period last year. The Hebron field in Canada continued to exceed expectations, ramping up to 25,000 oil‑equivalent barrels per day in the second quarter.

 

Natural gas volumes were impacted by lower seasonal demand in Europe, deliberate near-term shifting of investments in U.S. unconventionals from gas to liquids and downtime in LNG operations, notably in Qatar.

 

Production at Papua New Guinea returned to normal operations in April and reached record daily LNG production rates in June. Second quarter volume loss associated with the earthquake recovery was 17,000 oil‑equivalent barrels per day.

 

Scheduled maintenance activities were undertaken to support operational integrity, largely in Canada at Syncrude, Cold Lake and Kearl, impacting volumes and expenses in second quarter.

 

 

Downstream:

Global refining margins strengthened during the quarter due to higher industry refinery maintenance activity and increased seasonal petroleum product demand. 

 

Overall throughput and earnings were impacted by heavy turnaround and maintenance activities during the quarter. Planned turnarounds were successfully completed at the refineries in Saudi Arabia, Port‑Jérȏme, France, Baytown and Beaumont, Texas, and Alberta, Canada. Unplanned maintenance, a majority of which was carried-in from the first quarter, was largely completed during the quarter.

 

Growth in higher-value sales of retail fuels in the U.S., Belgium, the Netherlands and Luxembourg, combined with record quarterly sales of Mobil 1 lubricants in the U.S. and China, resulted in improved earnings during the quarter.

 

Depreciation in the Euro and British pound relative to the U.S. dollar negatively impacted earnings.

 

 

Chemical:

ExxonMobil continued to make significant progress in growing the Chemical business. Second quarter sales were the highest since 2007, and new volumes in Singapore and the U.S. contributed more than 530,000 metric tons of sales during the quarter. This included an additional 145,000 metric tons of high‑performance products as the company continued to strengthen its leading position in this market.

 

Chemical margins weakened during the quarter as higher feed and energy costs outpaced stronger realizations.

 

 

</BCLPAGE>2


 

Strengthening the Portfolio

 

ExxonMobil announced its eighth oil discovery offshore Guyana at the Longtail‑1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. ExxonMobil encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone.

 

The company continued to rapidly advance the Liza Phase 1 project with the start of development drilling offshore Guyana. Development drilling began in May for the first of 17 wells planned for Phase 1, laying the foundation for production startup in 2020. The company and its co-venturers have so far discovered estimated recoverable resources of more than 4 billion oil‑equivalent barrels on the Stabroek Block. 

 

ExxonMobil completed the purchase of half of Equinor ASA’s interest in the BM-S-8 block offshore Brazil, which contains part of the pre-salt Carcara oil field. Production from the field is expected to start in 2023‑2024. The company also increased its holdings in Brazil’s pre-salt basins after winning the Uirapuru exploration block with co‑venturers Equinor ASA and Petrogal Brasil SA during Brazil’s fourth pre-salt bid round. ExxonMobil now has interests in 25 blocks offshore Brazil.

 

Qatar Petroleum agreed to partner with ExxonMobil by acquiring a 30 percent interest in two ExxonMobil affiliates, ExxonMobil Exploration Argentina SRL and Mobil Argentina SA, which hold interests in the Vaca Muerta unconventional shale oil and gas plays in Neuquén Province, Argentina. This agreement expands the successful partnership with Qatar Petroleum, and underscores the commitment to develop Argentina’s resources to further support domestic production. 

 

ExxonMobil and Eni SpA announced that marketing efforts are underway for the Rovuma LNG project, which will produce, liquefy and sell natural gas from the Area 4 block offshore Mozambique. The company is in active negotiations on binding sales and purchase agreements for Rovuma LNG.

 

Investing for Growth

 

The company started production of hydrogenated hydrocarbon resin and halobutyl rubber at its integrated manufacturing complex in Singapore. The new resins plant is the world’s largest with a capacity of 90,000 metric tons per year, and the new 140,000-metric-ton-per-year butyl plant will produce premium halobutyl rubber used by manufacturers for tires that better maintain inflation and improve fuel economy.

 

ExxonMobil acquired PT Federal Karyatama, one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, which expands the company’s position in an important international market. The acquisition includes the Federal Oil brand and a 700,000-barrel-per-year blending plant in Cilegon, Indonesia.

 

ExxonMobil and SABIC announced the creation of a new joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8-million-metric-ton-per-year ethane cracker currently planned for construction in San Patricio County, Texas. The facility will also include a monoethylene glycol unit and two polyethylene units. Construction of the project is pending completion of the environmental permitting process. The plant is expected to be operational in the 2021-2022 timeframe. 

 

ExxonMobil and Plains All American Pipeline LP have signed a letter of intent to pursue a joint venture to construct a pipeline system to transport crude oil and condensate from multiple locations in the U.S. Permian Basin to the U.S. Gulf Coast. The proposed common carrier pipeline system would be designed to ship more than 1 million barrels of crude oil and condensate per day, providing a safe, efficient and cost effective option to transport ExxonMobil and other third-party production to market destinations in Texas. 

 

 

</BCLPAGE>3


 

Advancing Innovative Technologies and Products

 

ExxonMobil announced it is progressing a multi-billion dollar project at its integrated manufacturing facility in Singapore to expand lubricant basestocks production to meet growing demand. The company plans to apply proprietary technologies to convert heavy by-products to high‑quality basestocks designed to help blenders achieve greater formulation flexibility and meet future lubricant performance expectations. Project startup is anticipated in 2023.

 

ExxonMobil announced greenhouse gas reduction measures that are expected to lead to significant improvements in emissions performance by 2020, including a 15 percent decrease in methane emissions and a 25 percent reduction in flaring compared with 2016. The company also announced its intention to improve its industry‑leading energy efficiency in refining and chemical manufacturing facilities. Since 2000, ExxonMobil has spent more than $9 billion on lower-emission energy solutions such as cogeneration, flare reduction, energy efficiency, biofuels, carbon capture and storage and other technologies.

 

 

 

  

</BCLPAGE>4


 

 

 

 

 

 

 

 

 

 

 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

2Q

 

2Q

 

 

 

 

 

 

(unless noted)

2018

 

2017

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

439

 

(183)

 

+622

 

Higher liquids prices and increased liquids volumes, partially offset by higher expenses

 

 

Non-U.S.

2,601

 

1,367

 

+1,234

 

Higher prices, partially offset by lower volumes and higher expenses reflecting increased maintenance activity

 

 

Total

3,040

 

1,184

 

+1,856

 

Prices +$2,380, downtime / maintenance

-$230, lower volumes due to entitlements

-$120, other -$170 including higher exploration and production expenses

 

 

Production (koebd)

3,647

 

3,922

 

-275

 

Liquids -57 kbd: net liquids growth of 25 kbd more than offset by divestments, lower entitlements and scheduled maintenance

  

Gas -1,307 mcfd: decline largely in U.S. aligned with value focus, higher downtime, lower entitlements and divestments

 

 

 

 

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

695

 

347

 

+348

 

Higher margins capturing crude differentials, sales growth, partially offset by downtime / maintenance

 

 

Non-U.S.

29

 

1,038

 

-1,009

 

Sales growth, more than offset by lower margins, downtime / maintenance, unfavorable foreign exchange impacts and lower divestment gains

 

 

Total

724

 

1,385

 

-661

 

Margins +$260, sales +$100, downtime / maintenance -$620, unfavorable foreign exchange impacts -$240, lower divestment gains -$130

 

 

Petroleum Product Sales (kbd)

5,502

 

5,558

 

-56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

453

 

481

 

-28

 

Volume growth, more than offset by higher expenses

 

 

Non-U.S.

437

 

504

 

-67

 

Volume growth, more than offset by lower margins

 

 

Total

890

 

985

 

-95

 

Volume growth +$120, margins -$210, other

-$10

 

 

Prime Product Sales (kt)

6,852

 

6,120

 

+732

 

Project growth and acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(704)

 

(204)

 

-500

 

Absence of favorable tax items, lower U.S. tax rate and higher pension-related costs; in line with expectations

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>5


 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

2Q

 

1Q

 

 

 

 

 

 

(unless noted)

2018

 

2018

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

439

 

429

 

+10

 

Stronger liquids prices and higher liquids volumes, largely offset by higher expenses and lower gas prices

 

 

Non-U.S.

2,601

 

3,068

 

-467

 

Higher liquids prices, more than offset by absence of the Scarborough sale (-$366), downtime / maintenance and lower seasonal volumes

 

 

Total

3,040

 

3,497

 

-457

 

Higher prices +$540, lower divestment gains

-$420, downtime / maintenance -$210, lower volumes due to seasonal demand -$180, other -$190

 

 

Production (koebd)

3,647

 

3,889

 

-242

 

Liquids -4 kbd: net liquids growth of +50 kbd, more than offset by scheduled downtime and divestment impacts

 

Gas -1,425 mcfd: lower seasonal demand

 

 

 

 

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

695

 

319

 

+376

 

Higher margins and sales growth, partially offset by downtime / maintenance

 

 

Non-U.S.

29

 

621

 

-592

 

Higher margins and sales growth, more than offset by downtime / maintenance and unfavorable foreign exchange impacts

 

 

Total

724

 

940

 

-216

 

Higher margins +$630, sales +$50, downtime / maintenance -$620, unfavorable foreign exchange impacts -$210, other -$70

 

 

Petroleum Product Sales (kbd)

5,502

 

5,432

 

+70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

453

 

503

 

-50

 

Volume growth, more than offset by higher expenses and lower margins

 

 

Non-U.S.

437

 

508

 

-71

 

Lower expenses, more than offset by unfavorable foreign exchange impacts and weaker margins

 

 

Total

890

 

1,011

 

-121

 

Volume growth +$50, lower margins -$90, unfavorable foreign exchange impacts -$50, other -$30

 

 

Prime Product Sales (kt)

6,852

 

6,668

 

+184

 

Project growth and acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(704)

 

(798)

 

+94

 

Favorable tax items and lower financing costs

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>6


 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

YTD

 

YTD

 

 

 

 

 

 

(unless noted)

2018

 

2017

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

868

 

(201)

 

+1,069

 

Higher liquids prices, higher liquids volumes and favorable mix, partially offset by higher expenses

 

 

Non-U.S.

5,669

 

3,637

 

+2,032

 

Higher prices and the gain on the Scarborough sale ($366), partially offset by lower volumes and higher expenses

 

 

Total

6,537

 

3,436

 

+3,101

 

Prices +$3,830, downtime / maintenance

-$350, lower volumes due to entitlements

-$230, other -$150

 

 

Production (koebd)

3,768

 

4,036

 

-268

 

Liquids -87 kbd: growth in North America, more than offset by lower volumes from divestments, entitlements, and decline

 

Gas -1,090 mcfd: decline in U.S. aligned with value focus, higher downtime, lower entitlements and divestments

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

1,014

 

639

 

+375

 

Higher margins and sales growth, partially offset by downtime / maintenance

 

 

Non-U.S.

650

 

1,862

 

-1,212

 

Sales growth, more than offset by weaker margins, downtime / maintenance, unfavorable foreign exchange impacts and lower divestment gains

 

 

Total

1,664

 

2,501

 

-837

 

Margins +$230, sales +$120, downtime / maintenance -$670, unfavorable foreign exchange impacts -$220, lower divestment gains -$220, other -$80

 

 

Petroleum Product Sales (kbd)

5,467

 

5,477

 

-10

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

956

 

1,010

 

-54

 

Volume growth, more than offset by higher expenses

 

 

Non-U.S.

945

 

1,146

 

-201

 

Volume growth, more than offset by lower margins

 

 

Total

1,901

 

2,156

 

-255

 

Volume growth +$220, margins -$460, other

-$20

 

 

Prime Product Sales (kt)

13,520

 

12,192

 

+1,328

 

Project growth and acquisitions

 

 

Corporate and financing

(1,502)

 

(733)

 

-769

 

Absence of favorable tax items, lower U.S. tax rate, and higher pension and financing related costs

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>7


 

 

Cash Flow from Operations and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

 

2Q

 

 

 

 

 

 

 

 

 

2018

 

Comments

 

 

Net income including noncontrolling interests

 

3,986

 

Includes $36 million for noncontrolling interests

 

 

Depreciation

 

4,589

 

 

 

 

 

 

Changes in working capital

 

(1,333)

 

Mainly driven by inventory and seasonality in payables

 

 

Other

 

538

 

Includes pension fund impacts

 

 

Cash Flow from Operations (U.S. GAAP)

 

7,780

 

 

 

 

 

 

Asset sales

 

307

 

 

 

 

 

 

Cash Flow from Operations

 

8,087

 

 

 

 

 

 

and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

 

 YTD 

 

 

 

 

 

 

 

 

 

2018

 

Comments

 

 

Net income including noncontrolling interests

 

8,769

 

Includes $169 million for noncontrolling interests

 

 

Depreciation

 

9,059

 

 

 

 

 

 

Changes in working capital

 

(982)

 

Mainly driven by inventory build

 

 

Other

 

(547)

 

Timing of equity company dividends partly offset by pension fund impacts

 

 

Cash Flow from Operations (U.S. GAAP)

 

16,299

 

 

 

 

 

 

Asset sales

 

1,748

 

 

 

 

 

 

Cash Flow from Operations

 

18,047

 

 

 

 

 

 

and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Half 2018 Financial Updates

 

During the first half of 2018, Exxon Mobil Corporation purchased 5 million shares of its common stock for the treasury at a gross cost of $425 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs, but does not currently plan on making purchases to reduce shares outstanding. 

 

 

 

 

 

 

 

</BCLPAGE>8


 

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on July 27, 2018. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of business plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, capacities, and timing; resource recoveries; earnings and volume growth; and emissions and flaring reductions could differ materially due to a number of factors. These include changes in supply and demand for oil, gas, and petrochemicals or other market conditions affecting the oil, gas, and petrochemical industries; reservoir performance; timely completion of new projects; the impact of fiscal and commercial terms and the outcome of commercial negotiations; changes in law, taxes, or government regulation and timely granting of governmental permits; war and other political or security disturbances; the actions of competitors; unforeseen technical or operating difficulties; unexpected technological developments; general economic conditions including the occurrence and duration of economic recessions; the results of research programs; and other factors discussed under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com and in Item 1A of ExxonMobil’s 2017 Form 10-K. We assume no duty to update these statements as of any future date.

 

Forward-looking statements in this release regarding future earnings refer to plans outlined at ExxonMobil’s Analysts’ Meeting held on March 7, 2018. The growth figures presented at that meeting are not forecasts of actual future results but were intended to help quantify future potential and goals of management plans and initiatives. See the complete March 7, 2018 presentation available in archive form (including the Cautionary Statement and Supplemental Information included with that presentation) on the Investors page of our website at www.exxonmobil.com for more detailed information. That material includes a description of the assumptions underlying these potential growth estimates including a flat real oil price of $60 per barrel, downstream and chemical margins consistent with 2017 levels, and future gas prices consistent with our internal company plans, as well as a reconciliation of adjusted 2017 earnings used as a baseline.

 

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. 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 on page 8 and in Attachment V.

 

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales‑based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

 

References to the resource base and other quantities of oil, natural gas or condensate may include amounts that are not yet classified as “proved reserves” under SEC definitions, but which we believe will likely be moved into the “proved reserves” category and produced in the future. 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. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash flow from operations and asset sales”, and “Total taxes including sales‑based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at exxonmobil.com.

</BCLPAGE>9


 

 

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.

 

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.

  

 

  

</BCLPAGE>10


 

 

Estimated Key Financial and Operating Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment I

Exxon Mobil Corporation

Second Quarter 2018

(millions of dollars, unless noted)

 

 

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Earnings / Earnings Per Share

 

 

 

 

 

 

 

 

 

Total revenues and other income1

73,501

 

58,077

 

68,211

 

141,712

 

116,748

Total costs and other deductions

66,989

 

53,921

 

60,971

 

127,960

 

106,674

Income before income taxes

6,512

 

4,156

 

7,240

 

13,752

 

10,074

 

Income taxes

2,526

 

892

 

2,457

 

4,983

 

2,720

Net income including noncontrolling interests

3,986

 

3,264

 

4,783

 

8,769

 

7,354

 

Net income attributable to noncontrolling interests

36

 

(86)

 

133

 

169

 

(6)

Net income attributable to ExxonMobil (U.S. GAAP)

3,950

 

3,350

 

4,650

 

8,600

 

7,360

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (dollars)

0.92

 

0.78

 

1.09

 

2.01

 

1.73

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

- assuming dilution (dollars)

0.92

 

0.78

 

1.09

 

2.01

 

1.73

 

 

 

 

 

 

 

 

 

 

 

 

Exploration expenses, including dry holes

332

 

514

 

287

 

619

 

803

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

 

Dividends on common stock

  

 

  

 

 

 

 

 

 

 

Total

3,502

 

3,289

 

3,291

 

6,793

 

6,423

 

Per common share (dollars)

0.82

 

0.77

 

0.77

 

1.59

 

1.52

 

 

 

 

 

 

 

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

 

 

 

 

 

 

At period end

 

 

 

 

 

 

4,234

 

4,237

 

Average - assuming dilution  

4,271

 

4,271

 

4,270

 

4,270

 

4,244

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of equity at period end

 

 

 

 

 

 

187,222

 

179,178

ExxonMobil share of capital employed at period end

 

 

 

 

 

 

230,817

 

223,646

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

2,526

 

892

 

2,457

 

4,983

 

2,720

Total other taxes and duties

9,003

 

7,960

 

8,815

 

17,818

 

15,589

 

Total taxes

11,529

 

8,852

 

11,272

 

22,801

 

18,309

Sales-based taxes

5,507

 

4,799

 

5,281

 

10,788

 

9,415

 

Total taxes including sales-based taxes

17,036

 

13,651

 

16,553

 

33,589

 

27,724

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of income taxes of

 

 

 

 

 

 

 

 

 

equity companies

655

 

569

 

740

 

1,395

 

1,216

 

 

 

 

 

 

 

 

 

 

 

 

1 Effective December 31, 2017, the corporation revised its accounting policy election related to the reporting of sales-based taxes, which had no impact on earnings.  For more information, please refer to Note 2 in the Financial Section of ExxonMobil's Form 10-K for the period ended December 31, 2017.

</BCLPAGE>11


 

 

 

 

 

 

 

 

 

 

Attachment II

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2018

(millions of dollars)

 

 

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Earnings (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

United States

439

 

(183)

 

429

 

868

 

(201)

 

Non-U.S.

2,601

 

1,367

 

3,068

 

5,669

 

3,637

Downstream

 

 

 

 

 

 

 

 

 

 

United States

695

 

347

 

319

 

1,014

 

639

 

Non-U.S.

29

 

1,038

 

621

 

650

 

1,862

Chemical

 

 

 

 

 

 

 

 

 

 

United States

453

 

481

 

503

 

956

 

1,010

 

Non-U.S.

437

 

504

 

508

 

945

 

1,146

Corporate and financing

(704)

 

(204)

 

(798)

 

(1,502)

 

(733)

Net income attributable to ExxonMobil

3,950

 

3,350

 

4,650

 

8,600

 

7,360

 

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>12


 

 

 

 

 

 

 

 

 

 

 

Attachment III

 

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2018

 

 

 

 

 

 

 

 

 

First

 

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Net production of crude oil, natural gas

 

 

 

 

 

 

 

 

 

liquids, bitumen and synthetic oil,

 

 

 

 

 

 

 

 

 

thousand barrels per day (kbd)

 

 

 

 

 

 

 

 

 

 

 

United States

543

 

520

 

523

 

533

 

516

 

 

Canada / Other Americas

391

 

374

 

427

 

409

 

398

 

 

Europe

136

 

195

 

145

 

140

 

200

 

 

Africa

410

 

417

 

376

 

393

 

425

 

 

Asia

686

 

710

 

706

 

696

 

710

 

 

Australia / Oceania

46

 

53

 

39

 

43

 

52

 

 

 

Worldwide

2,212

 

2,269

 

2,216

 

2,214

 

2,301

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas production available for sale,

 

 

 

 

 

 

 

 

 

million cubic feet per day (mcfd)

 

 

 

 

 

 

 

 

 

 

 

United States

2,591

 

3,083

 

2,576

 

2,583

 

3,047

 

 

Canada / Other Americas

226

 

203

 

211

 

219

 

209

 

 

Europe

1,136

 

1,442

 

2,542

 

1,835

 

2,102

 

 

Africa

9

 

4

 

9

 

9

 

5

 

 

Asia

3,393

 

3,867

 

3,568

 

3,480

 

3,837

 

 

Australia / Oceania

1,258

 

1,321

 

1,132

 

1,195

 

1,211

 

 

 

Worldwide

8,613

 

9,920

 

10,038

 

9,321

 

10,411

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil-equivalent production (koebd)1

3,647

 

3,922

 

3,889

 

3,768

 

4,036

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.

 

 

 

 

 

 

 

 

 

</BCLPAGE>13


 

 

 

 

 

 

 

 

 

 

Attachment IV

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2018

 

 

 

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Refinery throughput (kbd)

 

 

 

 

 

 

 

 

 

 

United States

1,529

 

1,601

 

1,518

 

1,524

 

1,611

 

Canada

364

 

358

 

408

 

386

 

378

 

Europe

1,384

 

1,521

 

1,495

 

1,439

 

1,488

 

Asia Pacific

714

 

664

 

720

 

717

 

658

 

Other

114

 

201

 

152

 

133

 

200

 

 

Worldwide

4,105

 

4,345

 

4,293

 

4,199

 

4,335

 

 

 

 

 

 

 

 

 

 

 

Petroleum product sales (kbd)

 

 

 

 

 

 

 

 

 

 

United States

2,215

 

2,187

 

2,128

 

2,171

 

2,171

 

Canada

514

 

494

 

484

 

499

 

494

 

Europe

1,595

 

1,653

 

1,574

 

1,585

 

1,595

 

Asia Pacific

814

 

755

 

795

 

804

 

731

 

Other

364

 

469

 

451

 

408

 

486

 

 

Worldwide

5,502

 

5,558

 

5,432

 

5,467

 

5,477

 

 

 

 

 

 

 

 

 

 

 

 

Gasolines, naphthas

2,216

 

2,265

 

2,215

 

2,216

 

2,214

 

Heating oils, kerosene, diesel

1,781

 

1,850

 

1,828

 

1,804

 

1,842

 

Aviation fuels

405

 

383

 

396

 

400

 

377

 

Heavy fuels

432

 

367

 

346

 

389

 

373

 

Specialty products

668

 

693

 

647

 

658

 

671

 

 

Worldwide

5,502

 

5,558

 

5,432

 

5,467

 

5,477

 

 

 

 

 

 

 

 

 

 

Chemical prime product sales,

 

 

 

 

 

 

 

 

 

thousand metric tons (kt)

 

 

 

 

 

 

 

 

 

 

United States

2,411

 

2,334

 

2,391

 

4,802

 

4,614

 

Non-U.S.

4,441

 

3,786

 

4,277

 

8,718

 

7,578

 

 

Worldwide

6,852

 

6,120

 

6,668

 

13,520

 

12,192

 

 

 

 

 

 

</BCLPAGE>14


 

 

 

 

 

 

 

 

 

 

Attachment V

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2018

(millions of dollars)

 

 

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Capital and Exploration Expenditures

 

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

 

United States

1,752

 

756

 

1,248

 

3,000

 

1,460

 

 

Non-U.S.

3,103

 

2,030

 

2,511

 

5,614

 

4,445

 

 

Total

4,855

 

2,786

 

3,759

 

8,614

 

5,905

 

Downstream

 

 

 

 

 

 

 

 

 

 

 

United States

346

 

173

 

218

 

564

 

378

 

 

Non-U.S.

884

 

413

 

396

 

1,280

 

753

 

 

Total

1,230

 

586

 

614

 

1,844

 

1,131

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

United States

414

 

414

 

343

 

757

 

802

 

 

Non-U.S.

119

 

121

 

122

 

241

 

230

 

 

Total

533

 

535

 

465

 

998

 

1,032

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

9

 

18

 

29

 

38

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

6,627

 

3,925

 

4,867

 

11,494

 

8,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations and asset sales (millions of dollars)

 

 

 

 

 

 

Net cash provided by operating activities

 

 

 

 

 

 

 

 

 

(U.S. GAAP)

7,780

 

6,947

 

8,519

 

16,299

 

15,120

Proceeds associated with asset sales

307

 

154

 

1,441

 

1,748

 

841

Cash flow from operations and asset sales

8,087

 

7,101

 

9,960

 

18,047

 

15,961

 

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>15


 

 

 

 

 

 

 

 

 

Attachment VI

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Earnings

 

 

 

 

 

 

$ Millions

 

$ Per Common Share1

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

First Quarter

 

1,810

 

 

0.43

 

 

Second Quarter

 

1,700

 

 

0.41

 

 

Third Quarter

 

2,650

 

 

0.63

 

 

Fourth Quarter

 

1,680

 

 

0.41

 

 

 

 

Year

 

7,840

 

 

1.88

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

 

 

 

 

 

First Quarter

 

4,010

 

 

0.95

 

 

Second Quarter

 

3,350

 

 

0.78

 

 

Third Quarter

 

3,970

 

 

0.93

 

 

Fourth Quarter

 

8,380

 

 

1.97

 

 

 

 

Year

 

19,710

 

 

4.63

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

First Quarter

 

4,650

 

 

1.09

 

 

Second Quarter

 

3,950

 

 

0.92

 

 

 

 

 

 

 

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period.

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>16