☰

Empresas y finanzas

Exxon Mobil Corporation Announces Estimated First Quarter 2008 Results


    Exxon Mobil Corporation (NYSE:XOM):

    = = = = = = = = = = =

    First Quarter

    - - - - - -

    2008

    2007

    %
    - - - - - -

    Net Income

    - - - - - -

    $ Millions

    10,890

    9,280

    17
    - - - - - -

    $ Per Common Share

    - - - - - -

    Assuming Dilution

    2.03

    1.62

    25
    - - - - - -

    - - - - - -

    Special Items

    - - - - - -

    $ Millions

    0

    0

    - - - - - -

    - - - - - -

    Earnings Excluding Special Items

    - - - - - -

    $ Millions

    10,890

    9,280

    17
    - - - - - -

    $ Per Common Share

    - - - - - -

    Assuming Dilution

    2.03

    1.62

    25
    - - - - - -

    - - - - - -

    Capital and Exploration

    - - - - - -

    Expenditures - $ Millions

    5,491

    4,222

    30
    - - - - - -

    EXXONMOBIL´S CHAIRMAN REX W. TILLERSON

    COMMENTED:
    "ExxonMobil´s first quarter net income was a record $10,890 million

    up 17% from the first quarter of 2007. Earnings per share were up

    25% reflecting the impact of the continuing share purchase program. Higher

    crude oil and natural gas realizations, driven by record worldwide crude

    oil prices, were partly offset by lower refining and chemical margins

    lower production volumes and higher operating costs.
    "Spending on capital and exploration projects was $5.5 billion in the

    first quarter, up 30% from last year, as we continued to actively invest

    in projects to bring additional crude oil, natural gas and finished

    products to market.
    "Share purchases to reduce shares outstanding were increased to $8.0

    billion in the first quarter of 2008. The Corporation distributed

    a total of $9.9 billion to shareholders during the quarter through

    dividends and share purchases to reduce shares outstanding, an increase

    of 13% or $1.1 billion versus the first quarter of 2007."
    FIRST QUARTER HIGHLIGHTS

    Record first quarter net income was $10,890 million, up 17% from the

    first quarter of 2007.

    Earnings per share were up 25% to $2.03 reflecting strong earnings and

    the reduced number of shares outstanding.

    Spending on capital and exploration projects was $5.5 billion, up 30%

    from the first quarter of 2007.

    Cash flow from operations and asset sales was approximately

    $21.8 billion, including asset sales of $0.4 billion.

    Share purchases of $8.0 billion reduced shares outstanding by 1.8%.

    The ExxonMobil-operated Kizomba C deepwater development started

    production from the Mondo field in January 2008, 23 months after

    project approval. Kizomba C is designed to develop 600 million barrels

    of oil (gross) from the Mondo, Saxi and Batuque fields off the coast

    of Angola, utilizing two new floating production, storage, and

    offloading (FPSO) vessels. The Saxi and Batuque fields are expected to

    begin production later in 2008, and combined peak production from the

    three fields is expected to reach 200,000 barrels of oil per day

    (gross).

    ExxonMobil and Malaysia´s national oil

    company, PETRONAS, signed the main principles agreement for a new 25

    year production sharing contract (PSC), to further develop petroleum

    resources offshore Peninsular Malaysia. The contract includes

    commitments to implement significant enhanced oil recovery activities

    and for major investments to continue conventional oil development.

    First Quarter 2008 vs. First Quarter

    2007
    Upstream earnings were $8,785 million, up $2,744 million from the first

    quarter of 2007. Record high crude oil and natural gas realizations

    increased earnings approximately $4.4 billion. Volume and mix effects

    decreased earnings about $800 million, as increased natural gas volumes

    were more than offset by lower crude oil volumes. Higher taxes

    increased operating costs and lower gains on asset sales decreased

    earnings approximately $900 million.
    On an oil-equivalent basis, production decreased 5.6% from the first

    quarter of 2007. Excluding the Venezuela expropriation, divestments

    OPEC quota effects and price and spend impacts on volumes, production

    was down 3%.
    Liquids production totaled 2,474 kbd (thousands of barrels per day)

    down 272 kbd from the first quarter of 2007. Excluding the Venezuela

    expropriation, divestments, OPEC quota effects and price and spend

    impacts on volumes, liquids production was down 6%. Increased production

    from projects in west Africa and the North Sea was more than offset by

    mature field decline, PSC net interest reductions and maintenance

    activities.
    First quarter natural gas production was 10,246 mcfd (millions of cubic

    feet per day), up 132 mcfd from 2007. Higher European demand and North

    Sea project additions were partly offset by mature field decline.
    Earnings from U.S. Upstream operations were $1,631 million, $454 million

    higher than the first quarter of 2007. Non-U.S. Upstream earnings were

    $7,154 million, up $2,290 million from 2007.
    Downstream earnings of $1,166 million were $746 million lower than the

    first quarter of 2007. Significantly lower worldwide refining margins

    decreased earnings approximately $1.0 billion, while improved refinery

    operations increased earnings about $350 million. Petroleum product

    sales of 6,821 kbd were 377 kbd lower than last year´s first quarter

    mainly reflecting asset sales.
    U.S. Downstream earnings were $398 million, down $441 million from the

    first quarter of 2007. Non-U.S. Downstream earnings of $768 million were

    $305 million lower.
    Chemical earnings of $1,028 million were $208 million lower than the

    first quarter of 2007. Lower margins, which decreased earnings

    approximately $350 million, were partly offset by favorable foreign

    exchange and tax effects. Prime product sales of 6,578 kt (thousands of

    metric tons) in the first quarter of 2008 were 227 kt lower than the

    prior year.
    Corporate and financing expenses were $89 million, up $180 million

    mainly due to higher corporate costs and tax items.
    During the first quarter of 2008, Exxon Mobil Corporation purchased 110

    million shares of its common stock for the treasury at a gross cost of

    $9.5 billion. These purchases included $8.0 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. Shares

    outstanding were reduced from 5,382 million at the end of the fourth

    quarter to 5,284 million at the end of the first quarter. 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.
    ExxonMobil will discuss financial and operating results and other

    matters on a webcast at 10 a.m. Central time on May 1, 2008. To

    listen to the event live or in archive, go to our website at exxonmobil.com.
    Statements in this release relating to future plans, projections

    events or conditions are forward-looking statements. Actual

    results, including project plans, capacities, and timing and resource

    recoveries, could differ materially due to changes in long-term oil or

    gas prices or other market conditions affecting the oil and gas

    industry; political events or disturbances; reservoir performance; the

    outcome of commercial negotiations; wars and acts of terrorism or

    sabotage; changes in technical or operating conditions; and other

    factors discussed under the heading "Factors Affecting Future Results"

    on our website and in Item 1A of ExxonMobil´s 2007 Form 10-K. We

    assume no duty to update these statements as of any future date. References

    to quantities of oil expected to be developed may include amounts not

    yet classified as proved reserves but that we believe will ultimately be

    produced.
    Consistent with previous practice, this press release includes both

    earnings excluding special items and earnings per share excluding

    special items. Both are non-GAAP financial measures and are

    included to help facilitate comparisons of base business performance

    across periods. A reconciliation to net income is shown in

    Attachment II. The release also 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 sales proceeds 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. 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 Investor Information section of our website

    at exxonmobil.com.