EX-99.1 2 f8k3q991.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, NOVEMBER 2, 2018

 

 

 

 

ExxonMobil Earnings Increase 57 Percent to $6.2 Billion in Third Quarter of 2018

 

 

 

 

Cash flow from operating activities of $11.1 billion highest since the third quarter of 2014

 

Ninth discovery offshore Guyana, newly acquired acreage in Brazil enhance Upstream opportunities

 

Integration advantages further enhanced by midstream connectivity to Permian and Western Canada

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second

 

 

 

 

 

 

 

 

Third Quarter

 

 

Quarter

 

 

First Nine Months

 

 

 

 

 

2018

2017

 

%

2018

%

 

2018

2017

 

%

Earnings Summary

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (U.S. GAAP)

 

6,240

3,970

 

57

3,950

58

 

14,840

11,330

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

Assuming Dilution

 

1.46

0.93

 

57

0.92

59

 

3.47

2.66

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital and Exploration

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures

 

6,586

5,987

 

10

6,627

-1

 

18,080

14,081

 

28

 

IRVING, Texas – November 2, 2018 – Exxon Mobil Corporation today announced estimated third quarter 2018 earnings of $6.2 billion, or $1.46 per share assuming dilution, compared with $4 billion a year earlier. Cash flow from operations and asset sales was $12.6 billion, including proceeds associated with asset sales of $1.5 billion. During the quarter, the company distributed $3.5 billion in dividends to shareholders. Capital and exploration expenditures were $6.6 billion, up 10 percent from the prior year.

 

Oil-equivalent production was 3.8 million barrels per day, down 2 percent from the third quarter of 2017. Excluding entitlement effects and divestments, liquids production increased 6 percent, as growth in North America more than offset decline and higher downtime. Natural gas volumes decreased 4 percent, excluding entitlement effects and divestments, largely due to a continuing near-term shift in U.S. unconventional development from dry gas to liquids. 

 

“We are seeing the benefits of integration as we capture value from advantaged feedstock from the Permian and Western Canada for our North American refineries,” said Darren W. Woods, chairman and chief executive officer. “The logistical network we’ve established provides reliable connectivity between Upstream production and manufacturing facilities. Operational performance improved significantly versus the second quarter with lower levels of scheduled maintenance and reliability levels in line with our expectations.”

 

“We’re pleased with the increase in production from the second quarter of 2018 recognizing it reflects contributions from just one of our key growth areas, the Permian,” Woods said. “We expect to continue to increase volumes over time as we ramp up activity in the Permian and new projects start up.”

 


 

Third Quarter 2018 Business Highlights

 

Upstream

 

Crude and natural gas prices strengthened in the third quarter.

 

Permian unconventional production experienced strong growth in the third quarter, with a ramp-up to 38 rigs currently in the Midland and Delaware basins.

 

Third quarter production strengthened with improved reliability and lower scheduled maintenance. Syncrude operations in Canada were impacted by a power supply disruption that began in late June with recovery by the middle of September. Also in Canada, Kearl net production reached a quarterly record of 230,000 barrels per day.

 

 

Downstream

 

Industry fuels margins strengthened during the quarter in North America and Europe supported by widening crude differentials in North America and tightening supply in Europe. The company leveraged its midstream logistics capacity to connect advantaged crudes from the Permian and Western Canada to its refineries and customers.

 

Overall lower planned maintenance and improved reliability contributed to strong earnings in the quarter.

 

Chemical

 

Significant turnaround activities commenced at the Singapore chemical plant in the third quarter and are progressing as scheduled.

 

Strengthening the Portfolio

 

ExxonMobil made its ninth discovery offshore Guyana at the Hammerhead‑1 well, marking its fifth discovery on the Stabroek Block in the past year. Hammerhead‑1 encountered approximately 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoir.

 

ExxonMobil increased its holdings in Brazil’s pre-salt basins after it won the Titã exploration block with co‑venturer Qatar Petroleum during Brazil’s fifth pre-salt bid round. The awarded block added more than 71,500 net acres to the ExxonMobil portfolio, expanding its total position in the country to approximately 2.3 million net acres. ExxonMobil will be the operator and own a 64 percent equity interest in the block.

 

ExxonMobil completed the sale of about 1,000 Esso‑branded service stations in Germany to EG Group Ltd. on Oct. 1, 2018. The company is converting its retail business to the branded wholesaler model consistent with other markets in Europe and North America, and will continue selling ExxonMobil‑supplied SynergyTM fuels and Mobil‑branded lubricants at Esso stations throughout the country. 

 

Production started at the Kaombo project, an offshore development on Angola Block 32, where ExxonMobil has a 15 percent interest. Production will reach an estimated 230,000 barrels per day at its peak, and the associated gas will be delivered to the Angola LNG plant in Soyo.

 

Investing for Growth

 

ExxonMobil started a new 1.5 million-metric-ton‑per‑year ethane cracker at its integrated Baytown, Texas chemical and refining complex. The new cracker, part of ExxonMobil’s Growing the Gulf initiative, provides ethylene feedstock to new performance polyethylene lines at the company’s Mont Belvieu plastics plant, which began production in the fall of 2017. The Mont Belvieu plant is one of the largest polyethylene plants in the world, with manufacturing capacity of about 1.3 million metric tons per year.

</BCLPAGE>2


 

 

ExxonMobil signed a cooperation framework agreement with the Guangdong Provincial People’s Government in China to advance discussions concerning the proposed construction of a chemical complex in the Huizhou Dayawan Petrochemical Industrial Park. The new facility would help meet expected demand growth for chemical products in China. The multibillion‑dollar project, which remains subject to a final investment decision, would include a 1.2 million‑metric-ton‑per‑year ethylene flexible feed steam cracker, two performance polyethylene lines and two differentiated performance polypropylene lines. Startup is planned for 2023.

 

The framework agreement also confirms Guangdong Province’s support in progressing the Huizhou LNG receiving terminal, in which ExxonMobil intends to participate, including supply of LNG.

                                  

Advancing Innovative Technologies and Products

 

ExxonMobil started a new unit at its integrated Beaumont, Texas facility, increasing production of ultra‑low sulfur fuels by about 45,000 barrels per day. The new unit relies on a proprietary catalyst system developed by ExxonMobil to remove sulfur and meet U.S. Environmental Protection Agency specifications while minimizing octane loss.

                                  

ExxonMobil joined the Oil and Gas Climate Initiative (OGCI), a voluntary initiative representing 13 of the world’s largest oil and gas producers working collaboratively toward solutions to mitigate the risks of climate change. As part of the initiative, ExxonMobil will expand its investment in research and development of long-term solutions to reduce greenhouse gas emissions and pursue lower-emission technologies.  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.

 

Startup has commenced on a project to expand ExxonMobil’s specialty elastomers plant in Newport, Wales. When completed, the expansion will increase the company’s global capacity to manufacture Santoprene™ thermoplastic vulcanizate, high-performance elastomers used for automotive, industrial and consumer applications, by 25 percent.

</BCLPAGE>3


 

 

 

 

 

 

 

 

 

 

 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

3Q

 

3Q

 

 

 

 

 

 

(unless noted)

2018

 

2017

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

606

 

(238)

 

+844

 

Higher liquids prices and liquids volume growth

 

 

Non-U.S.

3,623

 

1,805

 

+1,818

 

Higher prices and favorable one-time tax impacts (+240), partly offset by higher production expenses (-260) and lower volumes including downtime

 

 

Total

4,229

 

1,567

 

+2,662

 

Prices +2,580, other volumes +130, downtime volumes -80, other +30

 

 

Production (koebd)

3,786

 

3,878

 

-92

 

Liquids +6 kbd: growth and improved performance, more than offset lower volumes from entitlements, divestments, decline, and downtime

  

Gas -584 mcfd: decline largely in U.S. aligned with value focus, lower volumes from divestments and lower demand

 

 

 

 

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

961

 

391

 

+570

 

Higher margins capturing crude differentials, higher volumes and favorable tax impacts (+110)

 

 

Non-U.S.

681

 

1,141

 

-460

 

Lower margins, higher downtime / maintenance and unfavorable foreign exchange impacts

 

 

Total

1,642

 

1,532

 

+110

 

Margins -110, downtime / maintenance -10, other +230

 

 

Petroleum Product Sales (kbd)

5,616

 

5,542

 

+74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

404

 

403

 

+1

 

Stronger margins and growth volumes, offset by higher growth-related expenses

 

 

Non-U.S.

309

 

689

 

-380

 

Weaker margins and higher downtime / maintenance, partly offset by growth volumes

 

 

Total

713

 

1,092

 

-379

 

Margins -140, downtime / maintenance -90, other volumes +30, other -180

 

 

Prime Product Sales (kt)

6,677

 

6,446

 

+231

 

Project growth and acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(344)

 

(221)

 

-123

 

Lower U.S. tax rate

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>4


 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

3Q

 

2Q

 

 

 

 

 

 

(unless noted)

2018

 

2018

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

606

 

439

 

+167

 

Stronger prices, lower expenses and liquids volume growth

 

 

Non-U.S.

3,623

 

2,601

 

+1,022

 

Higher volumes including lower downtime, favorable one-time tax items (+270) and stronger prices, partially offset by higher expenses

 

 

Total

4,229

 

3,040

 

+1,189

 

Prices +270, other volumes +320, downtime volumes +130, other +470

 

 

Production (koebd)

3,786

 

3,647

 

+139

 

Liquids +74 kbd: growth and lower planned maintenance, more than offset lower entitlements and decline

 

Gas +388 mcfd: lower downtime

 

 

 

 

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

961

 

695

 

+266

 

Higher margins capturing crude differentials and lower downtime / maintenance

 

 

Non-U.S.

681

 

29

 

+652

 

Higher margins, lower downtime / maintenance and absence of unfavorable foreign exchange impacts

 

 

Total

1,642

 

724

 

+918

 

Downtime / maintenance +460, margins +150, foreign exchange impacts +140, other +170

 

 

Petroleum Product Sales (kbd)

5,616

 

5,502

 

+114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

404

 

453

 

-49

 

Weaker margins

 

 

Non-U.S.

309

 

437

 

-128

 

Higher downtime / maintenance, partly offset by higher growth-related volumes

 

 

Total

713

 

890

 

-177

 

Downtime / maintenance -140, margins -20, other volumes +40, other -60

 

 

Prime Product Sales (kt)

6,677

 

6,852

 

-175

 

Downtime / maintenance, partly offset by project growth

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(344)

 

(704)

 

+360

 

Favorable one-time tax item

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>5


 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

YTD

 

YTD

 

 

 

 

 

 

(unless noted)

2018

 

2017

 

Change

 

Comments

 

 

Upstream

 

 

 

 

 

 

 

 

 

U.S.

1,474

 

(439)

 

+1,913

 

Higher liquids prices, liquids volume growth and favorable mix, partly offset by higher expenses and unfavorable tax impacts (-270)

 

 

Non-U.S.

9,292

 

5,442

 

+3,850

 

Higher prices, favorable one-time tax impacts (+400) and divestment gains, partly offset by lower volumes and higher expenses

 

 

Total

10,766

 

5,003

 

+5,763

 

Prices +6,400, divestment gains +290, higher production expenses -740,

volumes -430, other +240

 

 

Production (koebd)

3,774

 

3,983

 

-209

 

Liquids -56 kbd: growth in North America, more than offset by lower volumes from decline, entitlements and divestments

 

Gas -920 mcfd: decline in U.S. aligned with value focus, higher downtime and lower volumes from entitlements and divestments

 

 

Downstream

 

 

 

 

 

 

 

 

 

U.S.

1,975

 

1,030

 

+945

 

Higher margins capturing crude differentials, favorable tax impacts and higher sales, partly offset by higher downtime / maintenance

 

 

Non-U.S.

1,331

 

3,003

 

-1,672

 

Higher sales, more than offset by weaker margins, higher downtime / maintenance, unfavorable foreign exchange impacts and lower divestment gains

 

 

Total

3,306

 

4,033

 

-727

 

Margins +110, sales +180, downtime / maintenance -760, foreign exchange impacts -250, lower divestment gains -180, other +170

 

 

Petroleum Product Sales (kbd)

5,517

 

5,499

 

+18

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

U.S.

1,360

 

1,413

 

-53

 

Volume growth and stronger margins, more than offset by higher growth-related expenses

 

 

Non-U.S.

1,254

 

1,835

 

-581

 

Weaker margins and higher growth-related expenses, partly offset by volume growth and favorable foreign exchange impacts

 

 

Total

2,614

 

3,248

 

-634

 

Margins -640, volumes +250, foreign exchange impacts +170, growth-related expenses -490, other +80

 

 

Prime Product Sales (kt)

20,197

 

18,638

 

+1,559

 

Growth from new assets and stronger demand

 

 

Corporate and financing

(1,846)

 

(954)

 

-892

 

Lower net favorable tax items, lower U.S. tax rate, and higher pension and financing related costs

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>6


 

 

Cash Flow from Operations and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

 

3Q

 

 

 

 

 

 

 

 

 

2018

 

Comments

 

 

Net income including noncontrolling interests

 

6,446

 

Including $206 million for noncontrolling interests

 

 

Depreciation

 

4,658

 

 

 

 

 

 

Changes in working capital

 

957

 

Including seasonal payables effects

 

 

Other

 

(953)

 

Mainly changes in deferred income taxes

 

 

Cash Flow from Operating

 

11,108

 

 

 

 

 

 

Activities (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Asset sales

 

1,491

 

Including deposit for Germany service station sales

 

 

Cash Flow from Operations

 

12,599

 

 

 

 

 

 

and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

 

 YTD 

 

 

 

 

 

 

 

 

 

2018

 

Comments

 

 

Net income including noncontrolling interests

 

15,215

 

Including $375 million for noncontrolling interests

 

 

Depreciation

 

13,717

 

 

 

 

 

 

Changes in working capital

 

(25)

 

 

 

 

Other

 

(1,500)

 

Equity company earnings greater than dividends

 

 

Cash Flow from Operating

 

27,407

 

 

 

 

 

 

Activities (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Asset sales

 

3,239

 

 

 

 

 

 

Cash Flow from Operations

 

30,646

 

 

 

 

 

 

and Asset Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Nine Months 2018 Financial Updates

 

During the first nine months 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>7


 

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on November 2, 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, margins and volume growth and mix; and maintenance activities 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; the capture of efficiencies between business lines; 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 for 2018 period on page 7 and for 2018 and 2017 periods 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”,

</BCLPAGE>8


 

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.

 

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.

 

Synergy and Santoprene 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.

  

 

</BCLPAGE>9


 

 

Estimated Key Financial and Operating Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment I

Exxon Mobil Corporation

Third Quarter 2018

(millions of dollars, unless noted)

 

 

 

 

 

 

 

Second

 

 

 

 

 

Third Quarter

 

Quarter

 

First Nine Months

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Earnings / Earnings Per Share

 

 

 

 

 

 

 

 

 

Total revenues and other income1

76,605

 

61,100

 

73,501

 

218,317

 

177,848

Total costs and other deductions

67,525

 

55,517

 

66,989

 

195,485

 

162,191

Income before income taxes

9,080

 

5,583

 

6,512

 

22,832

 

15,657

 

Income taxes

2,634

 

1,498

 

2,526

 

7,617

 

4,218

Net income including noncontrolling interests

6,446

 

4,085

 

3,986

 

15,215

 

11,439

 

Net income attributable to noncontrolling interests

206

 

115

 

36

 

375

 

109

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

6,240

 

3,970

 

3,950

 

14,840

 

11,330

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (dollars)

1.46

 

0.93

 

0.92

 

3.47

 

2.66

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

- assuming dilution (dollars)

1.46

 

0.93

 

0.92

 

3.47

 

2.66

 

 

 

 

 

 

 

 

 

 

 

 

Exploration expenses, including dry holes

292

 

284

 

332

 

911

 

1,087

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

 

Dividends on common stock

  

 

  

 

 

 

 

 

 

 

Total

3,503

 

3,289

 

3,502

 

10,296

 

9,712

 

Per common share (dollars)

0.82

 

0.77

 

0.82

 

2.41

 

2.29

 

 

 

 

 

 

 

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

 

 

 

 

 

 

At period end

 

 

 

 

 

 

4,234

 

4,237

 

Average - assuming dilution  

4,271

 

4,271

 

4,271

 

4,271

 

4,252

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of equity at period end

 

 

 

 

 

 

190,365

 

182,276

ExxonMobil share of capital employed at period end

 

 

 

 

 

 

232,792

 

225,308

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

2,634

 

1,498

 

2,526

 

7,617

 

4,218

Total other taxes and duties

8,939

 

8,287

 

9,003

 

26,757

 

23,876

 

Total taxes

11,573

 

9,785

 

11,529

 

34,374

 

28,094

Sales-based taxes

5,518

 

5,065

 

5,507

 

16,306

 

14,480

 

Total taxes including sales-based taxes

17,091

 

14,850

 

17,036

 

50,680

 

42,574

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of income taxes of

 

 

 

 

 

 

 

 

 

equity companies

755

 

512

 

655

 

2,150

 

1,728

 

 

 

 

 

 

 

 

 

 

 

 

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>10


 

 

 

 

 

 

 

 

 

 

Attachment II

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Third Quarter 2018

(millions of dollars)

 

 

 

 

 

 

 

Second

 

 

 

 

 

Third Quarter

 

Quarter

 

First Nine Months

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Earnings (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

United States

606

 

(238)

 

439

 

1,474

 

(439)

 

Non-U.S.

3,623

 

1,805

 

2,601

 

9,292

 

5,442

Downstream

 

 

 

 

 

 

 

 

 

 

United States

961

 

391

 

695

 

1,975

 

1,030

 

Non-U.S.

681

 

1,141

 

29

 

1,331

 

3,003

Chemical

 

 

 

 

 

 

 

 

 

 

United States

404

 

403

 

453

 

1,360

 

1,413

 

Non-U.S.

309

 

689

 

437

 

1,254

 

1,835

Corporate and financing

(344)

 

(221)

 

(704)

 

(1,846)

 

(954)

Net income attributable to ExxonMobil

6,240

 

3,970

 

3,950

 

14,840

 

11,330

 

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>11


 

 

 

 

 

 

 

 

 

 

 

Attachment III

 

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Third Quarter 2018

 

 

 

 

 

 

 

 

 

Second

 

 

 

 

 

 

Third Quarter

 

Quarter

 

First Nine Months

 

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Net production of crude oil, natural gas

 

 

 

 

 

 

 

 

 

liquids, bitumen and synthetic oil,

 

 

 

 

 

 

 

 

 

thousand barrels per day (kbd)

 

 

 

 

 

 

 

 

 

 

 

United States

555

 

500

 

543

 

541

 

511

 

 

Canada / Other Americas

454

 

423

 

391

 

424

 

406

 

 

Europe

127

 

172

 

136

 

136

 

191

 

 

Africa

387

 

441

 

410

 

391

 

430

 

 

Asia

706

 

683

 

686

 

699

 

701

 

 

Australia / Oceania

57

 

61

 

46

 

47

 

55

 

 

 

Worldwide

2,286

 

2,280

 

2,212

 

2,238

 

2,294

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas production available for sale,

 

 

 

 

 

 

 

 

 

million cubic feet per day (mcfd)

 

 

 

 

 

 

 

 

 

 

 

United States

2,549

 

2,899

 

2,591

 

2,572

 

2,997

 

 

Canada / Other Americas

224

 

216

 

226

 

219

 

212

 

 

Europe

1,004

 

1,326

 

1,136

 

1,555

 

1,840

 

 

Africa

16

 

6

 

9

 

12

 

5

 

 

Asia

3,685

 

3,646

 

3,393

 

3,549

 

3,773

 

 

Australia / Oceania

1,523

 

1,492

 

1,258

 

1,306

 

1,306

 

 

 

Worldwide

9,001

 

9,585

 

8,613

 

9,213

 

10,133

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil-equivalent production (koebd)1

3,786

 

3,878

 

3,647

 

3,774

 

3,983

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

</BCLPAGE>12


 

 

 

 

 

 

 

 

 

 

Attachment IV

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Third Quarter 2018

 

 

 

 

 

 

 

 

Second

 

 

 

 

 

Third Quarter

 

Quarter

 

First Nine Months

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Refinery throughput (kbd)

 

 

 

 

 

 

 

 

 

 

United States

1,644

 

1,435

 

1,529

 

1,564

 

1,552

 

Canada

388

 

385

 

364

 

386

 

380

 

Europe

1,446

 

1,555

 

1,384

 

1,441

 

1,510

 

Asia Pacific

720

 

715

 

714

 

718

 

678

 

Other

194

 

197

 

114

 

155

 

199

 

 

Worldwide

4,392

 

4,287

 

4,105

 

4,264

 

4,319

 

 

 

 

 

 

 

 

 

 

 

Petroleum product sales (kbd)

 

 

 

 

 

 

 

 

 

 

United States

2,267

 

2,209

 

2,215

 

2,204

 

2,184

 

Canada

527

 

508

 

514

 

508

 

499

 

Europe

1,582

 

1,608

 

1,595

 

1,584

 

1,599

 

Asia Pacific

824

 

746

 

814

 

811

 

736

 

Other

416

 

471

 

364

 

410

 

481

 

 

Worldwide

5,616

 

5,542

 

5,502

 

5,517

 

5,499

 

 

 

 

 

 

 

 

 

 

 

 

Gasolines, naphthas

2,255

 

2,266

 

2,216

 

2,229

 

2,232

 

Heating oils, kerosene, diesel

1,837

 

1,836

 

1,781

 

1,815

 

1,840

 

Aviation fuels

430

 

380

 

405

 

410

 

378

 

Heavy fuels

411

 

372

 

432

 

397

 

372

 

Specialty products

683

 

688

 

668

 

666

 

677

 

 

Worldwide

5,616

 

5,542

 

5,502

 

5,517

 

5,499

 

 

 

 

 

 

 

 

 

 

Chemical prime product sales,

 

 

 

 

 

 

 

 

 

thousand metric tons (kt)

 

 

 

 

 

 

 

 

 

 

United States

2,445

 

2,294

 

2,411

 

7,247

 

6,908

 

Non-U.S.

4,232

 

4,152

 

4,441

 

12,950

 

11,730

 

 

Worldwide

6,677

 

6,446

 

6,852

 

20,197

 

18,638

 

 

 

 

 

 

</BCLPAGE>13


 

 

 

 

 

 

 

 

 

 

Attachment V

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Third Quarter 2018

(millions of dollars)

 

 

 

 

 

 

 

Second

 

 

 

 

 

Third Quarter

 

Quarter

 

First Nine Months

 

 

 

2018

 

2017

 

2018

 

2018

 

2017

Capital and Exploration Expenditures

 

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

 

United States

2,040

 

1,098

 

1,752

 

5,040

 

2,558

 

 

Non-U.S.

3,290

 

2,077

 

3,103

 

8,904

 

6,522

 

 

Total

5,330

 

3,175

 

4,855

 

13,944

 

9,080

 

Downstream

 

 

 

 

 

 

 

 

 

 

 

United States

297

 

181

 

346

 

861

 

559

 

 

Non-U.S.

422

 

430

 

884

 

1,702

 

1,183

 

 

Total

719

 

611

 

1,230

 

2,563

 

1,742

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

United States

411

 

392

 

414

 

1,168

 

1,194

 

 

Non-U.S.

115

 

1,791

 

119

 

356

 

2,021

 

 

Total

526

 

2,183

 

533

 

1,524

 

3,215

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

11

 

18

 

9

 

49

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

6,586

 

5,987

 

6,627

 

18,080

 

14,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations and asset sales

 

 

 

 

 

 

Net cash provided by operating activities

 

 

 

 

 

 

 

 

 

(U.S. GAAP)

11,108

 

7,535

 

7,780

 

27,407

 

22,655

Proceeds associated with asset sales

1,491

 

854

 

307

 

3,239

 

1,695

Cash flow from operations and asset sales

12,599

 

8,389

 

8,087

 

30,646

 

24,350

 

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>14


 

 

 

 

 

 

 

 

 

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

 

 

Third Quarter

 

6,240

 

 

1.46

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

</BCLPAGE>15