Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
28-Apr-2005
Exxon Mobil Corporation Announces Estimated First Quarter 2005 Results IRVING, Texas--(BUSINESS WIRE)--April 28, 2005--Exxon Mobil
Corporation (NYSE:XOM):
First Quarter
2005 2004
Net Income
$ Millions 7,860 5,440
$ Per Common Share
Assuming Dilution 1.22 0.83
Earnings Excluding Special Items
$ Millions 7,400 5,440
$ Per Common Share
Assuming Dilution 1.15 0.83
Capital and Exploration
Expenditures - $ Millions 3,417 3,401
Exxon Mobil Corporation (NYSE:XOM) today reported first quarter
results. Net income of $7,860 million ($1.22 per share) increased
$2,420 million from the first quarter of 2004. First quarter net
income included a $460 million positive impact (Downstream -- $310
million; Chemical -- $150 million) from sale of the Corporation's
stake in China Petroleum and Chemical Corporation ("Sinopec").
Excluding this gain, earnings of $7,400 million ($1.15 per share)
increased by $1,960 million.
Capital and exploration expenditures of $3,417 million in the
first quarter of 2005 were up $16 million compared with last year.
ExxonMobil's Chairman Lee R. Raymond commented as follows:
"Compared with last year's first quarter, ExxonMobil's first
quarter 2005 net income of $7,860 million was up $2,420 million.
Excluding the gain on the sale of our stake in Sinopec, earnings were
up $1,960 million and are the highest first quarter ever for the
Corporation.
"Upstream earnings were a record $5,054 million, an increase of
$1,041 million from first quarter 2004 results reflecting continued
strength in crude and natural gas prices.
"Downstream earnings were $1,143 million, an increase of $139
million from last year, with improved worldwide refining conditions
partly offset by weaker marketing margins.
"Chemical earnings were a record $1,282 million, up $718 million
from first quarter 2004 reflecting higher margins.
"ExxonMobil continued its active investment program, spending
$3,417 million in the first quarter on capital and exploration
projects, compared with $3,401 million last year, reflecting continued
strong levels of upstream spending.
"During the quarter, the corporation acquired 64 million shares at
a gross cost of $3,624 million to offset the dilution associated with
benefit plans and to reduce common stock outstanding. As a consequence
of the continued strengthening of our financial position, the rate of
share purchases to reduce shares outstanding will be increased by $1.0
billion in the second quarter."
Additional comments on earnings for the major operating segments
follow:
First Quarter 2005 vs. First Quarter 2004
Upstream earnings were a record $5,054 million, up $1,041 million
from the first quarter 2004 reflecting strong crude and natural gas
prices.
Liquids production of 2,543 kbd (thousands of barrels per day) was
92 kbd lower than the first quarter of 2004. Higher production from
new fields in West Africa and Norway was more than offset by natural
field declines in mature areas, planned and unplanned maintenance,
entitlement and divestment impacts.
First quarter natural gas production decreased to 10,753 mcfd
(millions of cubic feet per day), compared with 11,488 mcfd last year
reflecting natural field decline in mature areas, lower demand in
Europe and divestment impacts partly offset by higher volumes in
Qatar.
On an oil-equivalent basis, production decreased by 5% from the
first quarter of 2004. Excluding divestment and entitlement effects,
production decreased by 2%.
Earnings from U.S. Upstream operations were $1,353 million, $199
million higher than last year's first quarter. Non-U.S. Upstream
earnings of $3,701 million were up $842 million from 2004.
Downstream earnings, excluding the $310 million Sinopec gain, were
$1,143 million, up $139 million from the first quarter of 2004,
reflecting improved U.S. refining margins and higher refinery
throughput partly offset by weaker marketing conditions. Petroleum
product sales were 8,229 kbd, 103 kbd higher than last year's first
quarter.
U.S. Downstream earnings were $645 million, up $253 million mainly
due to higher refining margins. Non-U.S. Downstream earnings,
excluding Sinopec, were $498 million, down $114 million due to lower
marketing earnings.
Chemical earnings, excluding the $150 million Sinopec gain, were a
record $1,282 million, up $718 million from the same quarter a year
ago due to improved market conditions. Prime product sales of 6,938 kt
(thousands of metric tons) were up 146 kt from last year's first
quarter.
Corporate and financing expenses of $79 million were lower by $62
million mainly due to higher interest income.
During the first quarter of 2005, Exxon Mobil Corporation
purchased 64 million shares of its common stock for the treasury at a
gross cost of $3,624 million. These purchases were to offset shares
issued in conjunction with company benefit plans and programs and to
reduce the number of shares outstanding. Shares outstanding were
reduced from 6,401 million at the end of the fourth quarter of 2004 to
6,366 million at the end of the first quarter. In April, the
Corporation increased its rate of share purchases. Purchases to reduce
shares outstanding are anticipated to increase from $2.5 billion in
the first quarter to approximately $3.5 billion in the second quarter.
Purchases may be made in both the open market and through negotiated
transactions, and may be increased, decreased or discontinued at any
time.
Estimates of key financial and operating data follow. Financial
data, except per share amounts, are expressed in millions of dollars.
ExxonMobil will discuss financial and operating results and other
matters on a webcast at 10 a.m. central time on April 28, 2005. To
listen to the event live or in archive, go to our website at
www.exxonmobil.com.
Statements in this release relating to future plans, projections,
events, or conditions are forward-looking statements. Actual results,
including production growth and capital spending, could differ
materially due to changes in market conditions affecting the oil and
gas industry or long-term oil or gas prices; political events or
disturbances; reservoir performance; changes in OPEC quotas; timely
completion of development projects; changes in technical or operating
conditions; and other factors including those discussed under the
heading "Factors Affecting Future Results" on our website and in Item
1 of ExxonMobil's 2004 Form 10-K. We assume no duty to update these
statements as of any future date.
Consistent with previous practice, the first quarter press release
includes both net income and earnings excluding special items. In
2005, there was a special item reported in the first quarter. In 2004,
there was a special item reported in the third quarter. Earnings that
exclude the aforementioned items are a non-GAAP financial measure and
are included to help facilitate comparisons of base business
performance across periods. A reconciliation to net income is shown in
Attachment II. Further information on ExxonMobil's frequently used
financial and operating measures is contained on pages 28 and 29 in
the 2004 Form 10-K and is also available through our website at
www.exxonmobil.com.
ATTACHMENT I
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
(millions of dollars, except per share amounts)
First Quarter
2005 2004
EARNINGS / EARNINGS PER SHARE
Total revenues and other income 82,051 67,602
Total costs and other deductions 69,148 58,640
Income before income taxes $12,903 $8,962
Income taxes 5,043 3,522
Net income (U.S. GAAP) $7,860 $5,440
Net income per common share (dollars) $1.23 $0.83
Net income per common share
- assuming dilution (dollars) $1.22 $0.83
OTHER FINANCIAL DATA
Dividends on common stock
Total $1,728 $1,642
Per common share $0.27 $0.25
Millions of common shares outstanding
At March 31 6,366 6,540
Average - assuming dilution 6,421 6,582
Shareholders' equity at March 31 $103,698 $91,681
Capital employed at March 31 $114,171 $104,180
Income taxes 5,043 3,522
Excise taxes 7,238 6,416
All other taxes 10,944 10,853
Total taxes $23,225 $20,791
ExxonMobil's share of income taxes
of equity companies $493 $389
ATTACHMENT II
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
FUNCTIONAL EARNINGS
(millions of dollars)
First Quarter
2005 2004
Net Income (U.S. GAAP)
Upstream
United States 1,353 1,154
Non-U.S. 3,701 2,859
Downstream
United States 645 392
Non-U.S. 808 612
Chemical
United States 492 118
Non-U.S. 940 446
Corporate and financing (79) (141)
Net income (U.S. GAAP) $7,860 $5,440
Special Items
Downstream
Non-U.S. 310 0
Chemical
Non-U.S. 150 0
Corporate total $460 $0
Earnings Excluding Special Items
Upstream
United States 1,353 1,154
Non-U.S. 3,701 2,859
Downstream
United States 645 392
Non-U.S. 498 612
Chemical
United States 492 118
Non-U.S. 790 446
Corporate and financing (79) (141)
Corporate total $7,400 $5,440
ATTACHMENT III
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
First Quarter
2005 2004
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States 542 598
Canada 358 369
Europe 575 607
Asia Pacific 174 216
Africa 596 543
Other Non-U.S. 298 302
Worldwide 2,543 2,635
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States 1,881 2,076
Canada 923 1,009
Europe 5,751 6,034
Asia Pacific 1,312 1,591
Other Non-U.S. 886 778
Worldwide 10,753 11,488
Oil-equivalent production (koebd)(a) 4,335 4,550
(a) Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels
ATTACHMENT III (continued)
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
First Quarter
2005 2004
Petroleum product sales (kbd)
United States 2,870 2,758
Canada 620 615
Europe 2,055 2,128
Asia Pacific 1,844 1,725
Other Non-U.S. 840 900
Worldwide 8,229 8,126
Gasolines, naphthas 3,144 3,157
Heating oils, kerosene, diesel 2,690 2,651
Aviation fuels 691 659
Heavy fuels 718 642
Specialty products 986 1,017
Total 8,229 8,126
Refinery throughput (kbd)
United States 1,860 1,781
Canada 481 478
Europe 1,566 1,616
Asia Pacific 1,533 1,412
Other Non-U.S. 309 309
Worldwide 5,749 5,596
Chemical prime product sales,
thousands of metric tons (kt)
United States 2,838 2,803
Non-U.S. 4,100 3,989
Worldwide 6,938 6,792
ATTACHMENT IV
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
(millions of dollars)
First Quarter
2005 2004
Capital and Exploration Expenditures
Upstream
United States 441 455
Non-U.S. 2,371 2,249
Total 2,812 2,704
Downstream
United States 148 202
Non-U.S. 304 308
Total 452 510
Chemical
United States 55 51
Non-U.S. 93 81
Total 148 132
Other 5 55
Worldwide $3,417 $3,401
Exploration expenses charged to income
included above
Consolidated affiliates
United States 21 39
Non-U.S. 147 131
Equity companies - ExxonMobil share
Non-U.S. 5 4
Worldwide $173 $174
ATTACHMENT V
EXXON MOBIL CORPORATION
NET INCOME
$ Millions Per Common Share
2001 - First Quarter 5,000 0.72
- Second Quarter 4,460 0.66
- Third Quarter 3,180 0.46
- Fourth Quarter 2,680 0.39
Year $15,320 $2.23
2002 - First Quarter 2,090 0.30
- Second Quarter 2,640 0.40
- Third Quarter 2,640 0.39
- Fourth Quarter 4,090 0.60
Year $11,460 $1.69
2003 - First Quarter 7,040 1.05
- Second Quarter 4,170 0.63
- Third Quarter 3,650 0.55
- Fourth Quarter 6,650 1.01
Year $21,510 $3.24
2004 - First Quarter 5,440 0.83
- Second Quarter 5,790 0.89
- Third Quarter 5,680 0.88
- Fourth Quarter 8,420 1.31
Year $25,330 $3.91
2005 - First Quarter 7,860 1.23
CONTACT: ExxonMobil
Media Relations, 972/444-1108, 1107 and 1141
SOURCE: Exxon Mobil Corporation
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Exxon Mobil Corporation
