|
ExxonMobil Earns $20.8 Billion in 2018; $6 Billion in Fourth Quarter IRVING, Texas
-
Full-year cash flow from operating activities of $36 billion, highest
since 2014
-
Tenth discovery offshore Guyana, increasing Stabroek resource estimate
to more than 5 billion barrels
-
Fourth quarter 2018 liquids production up 4 percent from prior-year
quarter driven by Permian growth
Exxon
Mobil Corporation (NYSE:XOM):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
|
|
Quarter
|
|
|
|
Twelve Months
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
%
|
|
2018
|
|
%
|
|
2018
|
|
2017
|
|
%
|
|
Earnings Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (U.S. GAAP)
|
|
6,000
|
|
|
8,380
|
|
|
-28
|
|
6,240
|
|
|
-4
|
|
20,840
|
|
|
19,710
|
|
|
+6
|
|
|
|
U.S. Tax Reform
|
|
20
|
|
|
5,942
|
|
|
|
|
271
|
|
|
|
|
291
|
|
|
5,942
|
|
|
|
|
|
|
Asset Impairments
|
|
(429
|
)
|
|
(1,294
|
)
|
|
|
|
(18
|
)
|
|
|
|
(489
|
)
|
|
(1,521
|
)
|
|
|
|
|
Earnings Excluding U.S. Tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reform and Impairments
|
|
6,409
|
|
|
3,732
|
|
|
+72
|
|
5,987
|
|
|
+7
|
|
21,038
|
|
|
15,289
|
|
|
+38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assuming Dilution
|
|
1.41
|
|
|
1.97
|
|
|
-28
|
|
1.46
|
|
|
-3
|
|
4.88
|
|
|
4.63
|
|
|
+5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures
|
|
7,843
|
|
|
8,999
|
|
|
-13
|
|
6,586
|
|
|
+19
|
|
25,923
|
|
|
23,080
|
|
|
+12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exxon Mobil Corporation today announced estimated 2018 earnings of
$20.8 billion, or $4.88 per share assuming dilution, compared with
$19.7 billion a year earlier. Excluding U.S. tax reform and asset
impairments, earnings were $21 billion, compared with $15.3 billion in
2017. Cash flow from operations and asset sales was $40.1 billion,
including proceeds associated with asset sales of $4.1 billion. Capital
and exploration expenditures were $25.9 billion, including incremental
spend to accelerate value capture.
Fourth quarter 2018 earnings were $6 billion, or $1.41 per share
assuming dilution, compared with $8.4 billion in the prior-year quarter.
Earnings excluding U.S. tax reform and impairments were $6.4 billion,
compared with $3.7 billion in the prior-year quarter.
“Strong results during a period of commodity price volatility
demonstrate ExxonMobil’s ability to deliver superior cash flow in
different market environments,” said Darren W. Woods, chairman and chief
executive officer. “Our continued focus on long-term fundamentals and
portfolio improvements position us well to grow shareholder value.
ExxonMobil’s 2018 results further demonstrate our advantages in
technology, scale and integration, providing a strong foundation to
successfully compete across commodity price cycles.”
|
Fourth Quarter 2018 Business Highlights
|
|
|
|
Upstream
|
|
|
|
•
|
|
Crude prices weakened in the fourth quarter, while natural gas
prices strengthened with higher LNG prices and increased seasonal
demand.
|
|
|
|
|
|
•
|
|
Natural gas volumes were supported by stronger seasonal gas demand
in Europe.
|
|
|
|
|
|
•
|
|
Permian unconventional production continued to ramp up in the fourth
quarter, with production up more than 90 percent from the same
period last year.
|
|
|
|
|
|
Downstream
|
|
|
|
•
|
|
Industry fuels margins weakened during the quarter due to lower
seasonal gasoline demand and increased supply.
|
|
|
|
|
|
•
|
|
The company captured benefits from North American crude
differentials with its integrated logistics and manufacturing
capabilities.
|
|
|
|
|
|
•
|
|
Overall reliability remained strong during a quarter with higher
levels of scheduled maintenance activity.
|
|
|
|
|
|
Chemical
|
|
|
|
•
|
|
Chemical margins weakened during the quarter with lengthening supply
from recent capacity additions.
|
|
|
|
|
|
•
|
|
Sales growth from investments resulted in the highest annual volumes
in over ten years.
|
|
|
|
|
|
•
|
|
Turnaround activities were completed at the Singapore chemical plant
during the fourth quarter.
|
|
Strengthening the Portfolio
|
|
|
|
•
|
|
ExxonMobil made its tenth discovery offshore Guyana and increased
its estimate of the discovered recoverable resource for the Stabroek
Block to more than 5 billion oil-equivalent barrels.
|
|
|
|
|
|
•
|
|
ExxonMobil subsidiary Esso Italiana completed its sale of the
Augusta refinery, three fuel terminals in Augusta, Palermo and
Naples, and associated pipelines to Sonatrach Raffineria Italiana
S.r.l. ExxonMobil will continue to serve the Italian market, where
it has operated for more than 125 years, with high-performance
products, including Esso fuels and Mobil lubricants.
|
|
|
|
|
|
•
|
|
The company generated full-year cash proceeds from asset sales of
$4.1 billion, slightly above the previous 5-year average of $3.3
billion.
|
|
|
|
|
|
Investing for Growth
|
|
|
|
•
|
|
ExxonMobil made a final investment decision to develop the West
Barracouta gas field in Bass Strait to bring new gas supplies to the
Australian domestic market. The project, located in the VIC/L1 Block
offshore Victoria, is part of the company’s continuing investment in
the Gippsland Basin and will be tied back to the existing Barracouta
infrastructure offshore in Bass Strait.
|
|
|
|
|
|
•
|
|
Mozambique Area 4 co-venture participants, including ExxonMobil,
secured liquefied natural gas (LNG) offtake commitments from the
partners’ affiliated buyer entities, a key milestone enabling a
rapid move toward a final investment decision in 2019 on the first
phase of the Rovuma LNG project. Those commitments are subject to
the conclusion of fully-termed agreements and the approval of the
government of Mozambique.
|
|
|
|
|
|
•
|
|
The company commenced operations of a new coker unit at its Antwerp
refinery in Belgium to convert heavy, higher-sulfur residual oils
into high-value transportation fuels such as marine gasoil and
diesel. The new 50,000 barrel-per-day unit expands the refinery’s
capacity to meet demand for cleaner transportation fuels throughout
northwest Europe. The company’s investment in the new coker will
also help meet anticipated demand for lower-sulfur fuel oil to
comply with new standards to be implemented by the International
Maritime Organization in 2020.
|
|
|
|
|
|
Advancing Innovative Technologies and Products
|
|
|
|
•
|
|
ExxonMobil started up its advanced hydrocracker expansion project at
the Rotterdam refinery in the Netherlands. The new unit uses
proprietary catalyst in a unique refining configuration to upgrade
lower-value vacuum gas oil into higher value EHC™ Group II base
stocks and ultra-low sulfur diesel.
|
|
|
|
|
|
•
|
|
ExxonMobil has signed a partnership agreement with IBM to advance
the potential use of quantum computing in developing next-generation
energy and manufacturing technologies. As part of the agreement,
ExxonMobil becomes the first energy company to join the IBM Q
Network, a worldwide community of Fortune 500 companies, startups,
academic institutions and national research labs working to advance
quantum computing and explore practical applications for science and
business.
|
|
|
|
Exxon Mobil Corporation
|
|
Fourth Quarter 2018
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
Quarter
|
|
Twelve Months
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
Earnings (U.S. GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
265
|
|
|
7,061
|
|
|
606
|
|
|
1,739
|
|
|
6,622
|
|
|
|
Non-U.S.
|
|
3,048
|
|
|
1,291
|
|
|
3,623
|
|
|
12,340
|
|
|
6,733
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
987
|
|
|
918
|
|
|
961
|
|
|
2,962
|
|
|
1,948
|
|
|
|
Non-U.S.
|
|
1,717
|
|
|
646
|
|
|
681
|
|
|
3,048
|
|
|
3,649
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
282
|
|
|
777
|
|
|
404
|
|
|
1,642
|
|
|
2,190
|
|
|
|
Non-U.S.
|
|
455
|
|
|
493
|
|
|
309
|
|
|
1,709
|
|
|
2,328
|
|
|
Corporate and financing
|
|
(754
|
)
|
|
(2,806
|
)
|
|
(344
|
)
|
|
(2,600
|
)
|
|
(3,760
|
)
|
|
Net income attributable to ExxonMobil
|
|
6,000
|
|
|
8,380
|
|
|
6,240
|
|
|
20,840
|
|
|
19,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Tax Reform
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
-
|
|
|
7,602
|
|
|
-
|
|
|
-
|
|
|
7,602
|
|
|
|
Non-U.S.
|
|
-
|
|
|
(480
|
)
|
|
271
|
|
|
271
|
|
|
(480
|
)
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
-
|
|
|
618
|
|
|
-
|
|
|
-
|
|
|
618
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
-
|
|
|
335
|
|
|
-
|
|
|
-
|
|
|
335
|
|
|
Corporate and financing
|
|
20
|
|
|
(2,133
|
)
|
|
-
|
|
|
20
|
|
|
(2,133
|
)
|
|
Total U.S. Tax Reform
|
|
20
|
|
|
5,942
|
|
|
271
|
|
|
291
|
|
|
5,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
(284
|
)
|
|
(481
|
)
|
|
-
|
|
|
(297
|
)
|
|
(521
|
)
|
|
|
Non-U.S.
|
|
(113
|
)
|
|
(807
|
)
|
|
-
|
|
|
(142
|
)
|
|
(983
|
)
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
(12
|
)
|
|
(6
|
)
|
|
-
|
|
|
(12
|
)
|
|
(6
|
)
|
|
|
Non-U.S.
|
|
(13
|
)
|
|
-
|
|
|
(18
|
)
|
|
(31
|
)
|
|
(11
|
)
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S.
|
|
(7
|
)
|
|
-
|
|
|
-
|
|
|
(7
|
)
|
|
-
|
|
|
Total Asset Impairments
|
|
(429
|
)
|
|
(1,294
|
)
|
|
(18
|
)
|
|
(489
|
)
|
|
(1,521
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Excluding U.S. Tax Reform and Impairments
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
549
|
|
|
(60
|
)
|
|
606
|
|
|
2,036
|
|
|
(459
|
)
|
|
|
Non-U.S.
|
|
3,161
|
|
|
2,578
|
|
|
3,352
|
|
|
12,211
|
|
|
8,196
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
999
|
|
|
306
|
|
|
961
|
|
|
2,974
|
|
|
1,336
|
|
|
|
Non-U.S.
|
|
1,730
|
|
|
646
|
|
|
699
|
|
|
3,079
|
|
|
3,660
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
282
|
|
|
442
|
|
|
404
|
|
|
1,642
|
|
|
1,855
|
|
|
|
Non-U.S.
|
|
462
|
|
|
493
|
|
|
309
|
|
|
1,716
|
|
|
2,328
|
|
|
Corporate and financing
|
|
(774
|
)
|
|
(673
|
)
|
|
(344
|
)
|
|
(2,620
|
)
|
|
(1,627
|
)
|
|
Earnings excluding U.S. Tax Reform and Impairments
|
|
6,409
|
|
|
3,732
|
|
|
5,987
|
|
|
21,038
|
|
|
15,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings and Volume Summary
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
4Q 2018
|
|
4Q 2017
|
|
|
|
|
|
(unless noted)
|
|
Adjusted1
|
|
Adjusted1
|
|
Change
|
|
Comments
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
549
|
|
(60)
|
|
+609
|
|
Higher natural gas prices and liquids volume growth
|
|
Non-U.S.
|
|
3,161
|
|
2,578
|
|
+583
|
|
Higher natural gas prices, favorable tax and foreign exchange
impacts, partly offset by lower liquids prices
|
|
Total
|
|
3,710
|
|
2,518
|
|
+1,192
|
|
Prices +660, volumes +180, foreign exchange +80, other +270
|
|
Production (koebd)
|
|
4,010
|
|
3,991
|
|
+19
|
|
Liquids +97 kbd: growth, partly offset by decline, lower
entitlements and divestments
Gas -467 mcfd: decline largely in U.S. aligned with value focus,
lower demand, lower entitlements and divestments, partly offset by
unconventional growth
|
|
|
|
|
|
|
|
|
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
999
|
|
306
|
|
+693
|
|
Lower downtime/maintenance, higher margins capturing crude
differentials, improved yield/sales mix and favorable tax impacts
|
|
Non-U.S.
|
|
1,730
|
|
646
|
|
+1,084
|
|
Higher divestment gains including sale of Augusta refinery / Germany
Retail conversion to branded wholesaler (+888), higher margins and
improved yield/sales mix, partly offset by higher
downtime/maintenance
|
|
Total
|
|
2,729
|
|
952
|
|
+1,777
|
|
Divestment gains +680, margins +550, yield/sales mix +200,
downtime/maintenance +130, other +220
|
|
Petroleum Product Sales (kbd)
|
|
5,495
|
|
5,624
|
|
-129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
282
|
|
442
|
|
-160
|
|
Weaker margins
|
|
Non-U.S.
|
|
462
|
|
493
|
|
-31
|
|
Weaker margins, higher growth-related expenses and higher
downtime/maintenance, partly offset by favorable tax item (+212) and
higher sales volumes
|
|
Total
|
|
744
|
|
935
|
|
-191
|
|
Margins -350, downtime/maintenance -90, tax item +210, sales
+100, other -60
|
|
Prime Product Sales (kt)
|
|
6,672
|
|
6,782
|
|
-110
|
|
Downtime/maintenance, partly offset by growth-related volumes
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and financing
|
|
(774)
|
|
(673)
|
|
-101
|
|
Lower U.S. tax rate
|
|
|
|
|
|
|
|
|
|
|
|
1Earnings excluding U.S. Tax Reform and Impairments
|
|
|
|
|
|
Earnings and Volume Summary
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
4Q 2018
|
|
3Q 2018
|
|
|
|
|
|
(unless noted)
|
|
Adjusted1
|
|
Adjusted1
|
|
Change
|
|
Comments
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
549
|
|
606
|
|
-57
|
|
Lower liquids prices and higher expenses, partly offset by higher
liquids volumes and stronger natural gas prices
|
|
Non-U.S.
|
|
3,161
|
|
3,352
|
|
-191
|
|
Lower liquids prices, partly offset by higher volumes, stronger
natural gas prices and favorable foreign exchange impacts
|
|
Total
|
|
3,710
|
|
3,958
|
|
-248
|
|
Prices -1,110, volumes +660, foreign exchange +100, other +100
|
|
Production (koebd)
|
|
4,010
|
|
3,786
|
|
+224
|
|
Liquids +62 kbd: growth and lower unscheduled downtime
Gas +973 mcfd: higher seasonal demand and entitlements
|
|
|
|
|
|
|
|
|
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
999
|
|
961
|
|
+38
|
|
Higher margins capturing crude differentials and improved
yield/sales mix, partly offset by higher downtime/maintenance
|
|
Non-U.S.
|
|
1,730
|
|
699
|
|
+1,031
|
|
Higher divestment gains including sale of Augusta refinery / Germany
Retail conversion to branded wholesaler (+888) and higher margins,
partly offset by higher downtime/maintenance
|
|
Total
|
|
2,729
|
|
1,660
|
|
+1,069
|
|
Divestment gains +870, margins +500, yield/sales mix +70,
downtime/maintenance -460, other +90
|
|
Petroleum Product Sales (kbd)
|
|
5,495
|
|
5,616
|
|
-121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
282
|
|
404
|
|
-122
|
|
Weaker margins
|
|
Non-U.S.
|
|
462
|
|
309
|
|
+153
|
|
Favorable tax item (+212), partly offset by growth-related expenses
|
|
Total
|
|
744
|
|
713
|
|
+31
|
|
Tax item +210, margins -110, other -70
|
|
Prime Product Sales (kt)
|
|
6,672
|
|
6,677
|
|
-5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and financing
|
|
(774)
|
|
(344)
|
|
-430
|
|
Mainly absence of favorable one-time tax item
|
|
|
|
|
|
|
|
|
|
|
|
1Earnings excluding U.S. Tax Reform and Impairments
|
|
|
|
|
|
Earnings and Volume Summary
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
FY 2018
|
|
FY 2017
|
|
|
|
|
|
(unless noted)
|
|
Adjusted1
|
|
Adjusted1
|
|
Change
|
|
Comments
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
2,036
|
|
(459)
|
|
+2,495
|
|
Higher liquids prices and liquids volume growth and favorable mix,
partly offset by higher growth-related expenses
|
|
Non-U.S.
|
|
12,211
|
|
8,196
|
|
+4,015
|
|
Higher prices and divestment gains / one-time items, partly offset
by lower volumes and higher expenses largely from increased
maintenance
|
|
Total
|
|
14,247
|
|
7,737
|
|
+6,510
|
|
Prices +7,040, divestment gains / one-time items +780,
maintenance / growth-related expenses -970, volumes -240, other -100
|
|
Production (koebd)
|
|
3,833
|
|
3,985
|
|
-152
|
|
Liquids -17 kbd: growth in North America, more than offset by
decline, lower entitlements and divestments
Gas -806 mcfd: decline largely in U.S. aligned with value focus,
lower entitlements, divestments, and higher downtime
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
2,974
|
|
1,336
|
|
+1,638
|
|
Higher margins capturing crude differentials, favorable tax impacts,
lower downtime/maintenance and favorable yield/sales mix
|
|
Non-U.S.
|
|
3,079
|
|
3,660
|
|
-581
|
|
Higher downtime/maintenance, lower margins and unfavorable foreign
exchange impacts, partly offset by higher divestment gains and
favorable yield/sales mix
|
|
Total
|
|
6,053
|
|
4,996
|
|
+1,057
|
|
Margins +660, divestment gains +490, yield/sales mix +260,
downtime/maintenance -530, foreign exchange -290, other +470
|
|
Petroleum Product Sales (kbd)
|
|
5,512
|
|
5,530
|
|
-18
|
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
1,642
|
|
1,855
|
|
-213
|
|
Volume growth, more than offset by higher growth-related expenses
and weaker margins
|
|
Non-U.S.
|
|
1,716
|
|
2,328
|
|
-612
|
|
Weaker margins, higher growth-related expenses and higher
downtime/maintenance, partly offset by volume growth, favorable tax
item (+212) and favorable foreign exchange impacts
|
|
Total
|
|
3,358
|
|
4,183
|
|
-825
|
|
Margins -910, downtime/maintenance -150, sales +320, tax item
+210, foreign exchange +140, other -440
|
|
Prime Product Sales (kt)
|
|
26,869
|
|
25,420
|
|
+1,449
|
|
Growth from new assets and stronger demand
|
|
Corporate and financing
|
|
(2,620)
|
|
(1,627)
|
|
-993
|
|
Higher pension and financing related costs, lower U.S. tax rate,
and lower net favorable tax items
|
|
|
|
|
|
|
|
|
|
|
|
1Earnings excluding U.S. Tax Reform and Impairments
|
|
|
|
|
|
|
|
Cash Flow from Operations and Asset Sales
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
4Q
|
|
|
|
|
|
|
|
2018
|
|
Comments
|
|
|
Net income including noncontrolling interests
|
|
6,206
|
|
|
Including $206 million for noncontrolling interests
|
|
|
Depreciation
|
|
5,028
|
|
|
|
|
|
Changes in working capital
|
|
(1,331
|
)
|
|
Mainly inventory build and timing of tax payments
|
|
|
Other
|
|
(1,296
|
)
|
|
Including adjustment for gains on asset sales
|
|
|
Cash Flow from Operating Activities (U.S. GAAP)
|
|
8,607
|
|
|
|
|
|
Asset sales
|
|
884
|
|
|
Including Augusta
|
|
|
Cash Flow from Operations and Asset Sales
|
|
9,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
FY
|
|
|
|
|
|
|
|
2018
|
|
Comments
|
|
|
Net income including noncontrolling interests
|
|
21,421
|
|
|
Including $581 million for noncontrolling interests
|
|
|
Depreciation
|
|
18,745
|
|
|
|
|
|
Changes in working capital
|
|
(1,356
|
)
|
|
Inventory build, partly offset by favorable payables
|
|
|
Other
|
|
(2,796
|
)
|
|
Including adjustment for gains on asset sales
|
|
|
Cash Flow from Operating Activities (U.S. GAAP)
|
|
36,014
|
|
|
|
|
|
Asset sales
|
|
4,123
|
|
|
Including Germany Retail, Augusta, Scarborough
|
|
|
Cash Flow from Operations and Asset Sales
|
|
40,137
|
|
|
|
|
|
|
|
|
|
|
Twelve Months 2018 Financial Updates
During 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.
ExxonMobil will discuss financial and operating results and other
matters during a webcast at 8:30 a.m. Central Time on February 1, 2019.
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 global
or regional changes in supply and demand for oil, gas, and
petrochemicals and other market conditions that impact prices and
differentials; 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 operations or
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 8 and for 2018 and 2017 periods in Attachment IV.
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.
This press release also includes earnings excluding impacts from U.S.
tax reform enactment and asset impairments. We believe these figures are
useful for investors to consider in comparing the performance of our
underlying business across periods when one, or both, periods have been
impacted by the U.S. tax reform or an asset impairment charge. A
reconciliation of earnings excluding these items to U.S. GAAP earnings
is shown on page 4.
U.S. Tax Reform
Following the December 22, 2017, enactment of the U.S. Tax Cuts and
Jobs Act, in accordance with Accounting Standard Codification Topic 740
(Income Taxes) and following the guidance outlined in the SEC Staff
Accounting Bulletin No. 118, the corporation included a $5,942 million
credit in its 2017 results, representing a reasonable estimate of the
income tax effects of the changes in tax law and tax rate. The
corporation’s results for 2018 include a $291 million tax credit, mainly
in the Non-U.S. Upstream, reflecting an updated estimate of the impact
of U.S. tax reform including clarifications provided in proposed
transition tax regulations issued by the U.S. Treasury in 2018. The
corporation has completed its accounting for the enactment-date income
tax effects of the U.S. Tax Cuts and Jobs Act in accordance with
Accounting Standard Codification Topic 740 (Income Taxes).
Asset Impairments
In 2018, the corporation assessed the carrying values of certain
assets, largely located in North America and with limited development
potential. This review resulted in an after-tax impairment charge of
$429 million in the fourth quarter. In 2017, the corporation ceased
development planning activities for certain non-producing assets outside
the U.S. and recognized impairments for certain U.S. asset groups which
resulted in a fourth quarter 2017 after-tax charge of $1,294 million.
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.
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.
EHC is a registered trademark 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Key Financial and Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment I
|
|
Exxon Mobil Corporation
|
|
Fourth Quarter 2018
|
|
(millions of dollars, unless noted)
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
Quarter
|
|
Twelve Months
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
Earnings / Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues and other income
|
|
71,895
|
|
66,515
|
|
|
76,605
|
|
290,212
|
|
244,363
|
|
|
Total costs and other deductions
|
|
63,774
|
|
63,498
|
|
|
67,525
|
|
259,259
|
|
225,689
|
|
|
Income before income taxes
|
|
8,121
|
|
3,017
|
|
|
9,080
|
|
30,953
|
|
18,674
|
|
|
|
Income taxes
|
|
1,915
|
|
(5,392
|
)
|
|
2,634
|
|
9,532
|
|
(1,174
|
)
|
|
Net income including noncontrolling interests
|
|
6,206
|
|
8,409
|
|
|
6,446
|
|
21,421
|
|
19,848
|
|
|
|
Net income attributable to noncontrolling interests
|
|
206
|
|
29
|
|
|
206
|
|
581
|
|
138
|
|
|
Net income attributable to ExxonMobil (U.S. GAAP)
|
|
6,000
|
|
8,380
|
|
|
6,240
|
|
20,840
|
|
19,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share (dollars)
|
|
1.41
|
|
1.97
|
|
|
1.46
|
|
4.88
|
|
4.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
- assuming dilution (dollars)
|
|
1.41
|
|
1.97
|
|
|
1.46
|
|
4.88
|
|
4.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses, including dry holes
|
|
555
|
|
703
|
|
|
292
|
|
1,466
|
|
1,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
3,502
|
|
3,289
|
|
|
3,503
|
|
13,798
|
|
13,001
|
|
|
|
Per common share (dollars)
|
|
0.82
|
|
0.77
|
|
|
0.82
|
|
3.23
|
|
3.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
At period end
|
|
|
|
|
|
|
|
4,237
|
|
4,239
|
|
|
|
Average - assuming dilution
|
|
4,270
|
|
4,270
|
|
|
4,271
|
|
4,270
|
|
4,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ExxonMobil share of equity at period end
|
|
|
|
|
|
|
|
191,794
|
|
187,688
|
|
|
ExxonMobil share of capital employed at period end
|
|
|
|
|
|
|
|
232,280
|
|
232,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
1,915
|
|
(5,392
|
)
|
|
2,634
|
|
9,532
|
|
(1,174
|
)
|
|
Total other taxes and duties
|
|
8,473
|
|
8,583
|
|
|
8,939
|
|
35,230
|
|
32,459
|
|
|
|
Total taxes
|
|
10,388
|
|
3,191
|
|
|
11,573
|
|
44,762
|
|
31,285
|
|
|
Sales-based taxes
|
|
5,444
|
|
5,245
|
|
|
5,518
|
|
21,750
|
|
19,725
|
|
|
|
Total taxes including sales-based taxes
|
|
15,832
|
|
8,436
|
|
|
17,091
|
|
66,512
|
|
51,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ExxonMobil share of income taxes of equity companies
|
|
992
|
|
500
|
|
|
755
|
|
3,142
|
|
2,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exxon Mobil Corporation
|
|
Fourth Quarter 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
Quarter
|
|
Twelve 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
|
|
583
|
|
525
|
|
555
|
|
551
|
|
514
|
|
|
|
Canada / Other Americas
|
|
474
|
|
426
|
|
454
|
|
438
|
|
412
|
|
|
|
Europe
|
|
122
|
|
155
|
|
127
|
|
132
|
|
182
|
|
|
|
Africa
|
|
376
|
|
403
|
|
387
|
|
387
|
|
423
|
|
|
|
Asia
|
|
745
|
|
690
|
|
706
|
|
711
|
|
698
|
|
|
|
Australia / Oceania
|
|
48
|
|
52
|
|
57
|
|
47
|
|
54
|
|
|
|
|
Worldwide
|
|
2,348
|
|
2,251
|
|
2,286
|
|
2,266
|
|
2,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas production available for sale, million cubic feet per
day (mcfd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
2,581
|
|
2,753
|
|
2,549
|
|
2,574
|
|
2,936
|
|
|
|
Canada / Other Americas
|
|
247
|
|
240
|
|
224
|
|
227
|
|
218
|
|
|
|
Europe
|
|
1,943
|
|
2,266
|
|
1,004
|
|
1,653
|
|
1,948
|
|
|
|
Africa
|
|
16
|
|
6
|
|
16
|
|
13
|
|
5
|
|
|
|
Asia
|
|
3,804
|
|
3,855
|
|
3,685
|
|
3,613
|
|
3,794
|
|
|
|
Australia / Oceania
|
|
1,383
|
|
1,321
|
|
1,523
|
|
1,325
|
|
1,310
|
|
|
|
|
Worldwide
|
|
9,974
|
|
10,441
|
|
9,001
|
|
9,405
|
|
10,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil-equivalent production (koebd)1
|
|
4,010
|
|
3,991
|
|
3,786
|
|
3,833
|
|
3,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Gas converted to oil-equivalent at 6 million cubic feet
= 1 thousand barrels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exxon Mobil Corporation
|
|
Fourth Quarter 2018
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
Quarter
|
|
Twelve Months
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
Refinery throughput (kbd)
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
1,661
|
|
1,379
|
|
1,644
|
|
1,588
|
|
1,508
|
|
|
Canada
|
|
408
|
|
391
|
|
388
|
|
392
|
|
383
|
|
|
Europe
|
|
1,366
|
|
1,509
|
|
1,446
|
|
1,422
|
|
1,510
|
|
|
Asia Pacific
|
|
670
|
|
728
|
|
720
|
|
706
|
|
690
|
|
|
Other
|
|
193
|
|
200
|
|
194
|
|
164
|
|
200
|
|
|
|
Worldwide
|
|
4,298
|
|
4,207
|
|
4,392
|
|
4,272
|
|
4,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Petroleum product sales (kbd)
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
2,230
|
|
2,209
|
|
2,267
|
|
2,210
|
|
2,190
|
|
|
Canada
|
|
516
|
|
501
|
|
527
|
|
510
|
|
499
|
|
|
Europe
|
|
1,474
|
|
1,589
|
|
1,582
|
|
1,556
|
|
1,597
|
|
|
Asia Pacific
|
|
825
|
|
819
|
|
824
|
|
815
|
|
757
|
|
|
Other
|
|
450
|
|
506
|
|
416
|
|
421
|
|
487
|
|
|
|
Worldwide
|
|
5,495
|
|
5,624
|
|
5,616
|
|
5,512
|
|
5,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasolines, naphthas
|
|
2,183
|
|
2,353
|
|
2,255
|
|
2,217
|
|
2,262
|
|
|
Heating oils, kerosene, diesel
|
|
1,915
|
|
1,878
|
|
1,837
|
|
1,840
|
|
1,850
|
|
|
Aviation fuels
|
|
376
|
|
393
|
|
430
|
|
402
|
|
382
|
|
|
Heavy fuels
|
|
387
|
|
370
|
|
411
|
|
395
|
|
371
|
|
|
Specialty products
|
|
634
|
|
630
|
|
683
|
|
658
|
|
665
|
|
|
|
Worldwide
|
|
5,495
|
|
5,624
|
|
5,616
|
|
5,512
|
|
5,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemical prime product sales, thousand metric tons (kt)
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
2,577
|
|
2,399
|
|
2,445
|
|
9,824
|
|
9,307
|
|
|
Non-U.S.
|
|
4,095
|
|
4,383
|
|
4,232
|
|
17,045
|
|
16,113
|
|
|
|
Worldwide
|
|
6,672
|
|
6,782
|
|
6,677
|
|
26,869
|
|
25,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment IV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exxon Mobil Corporation
|
|
Fourth Quarter 2018
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
Quarter
|
|
Twelve Months
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
Capital and Exploration Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
2,630
|
|
1,158
|
|
2,040
|
|
7,670
|
|
3,716
|
|
|
|
Non-U.S.
|
|
3,620
|
|
6,457
|
|
3,290
|
|
12,524
|
|
12,979
|
|
|
|
Total
|
|
6,250
|
|
7,615
|
|
5,330
|
|
20,194
|
|
16,695
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
325
|
|
264
|
|
297
|
|
1,186
|
|
823
|
|
|
|
Non-U.S.
|
|
541
|
|
518
|
|
422
|
|
2,243
|
|
1,701
|
|
|
|
Total
|
|
866
|
|
782
|
|
719
|
|
3,429
|
|
2,524
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
579
|
|
389
|
|
411
|
|
1,747
|
|
1,583
|
|
|
|
Non-U.S.
|
|
132
|
|
167
|
|
115
|
|
488
|
|
2,188
|
|
|
|
Total
|
|
711
|
|
556
|
|
526
|
|
2,235
|
|
3,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
16
|
|
46
|
|
11
|
|
65
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide
|
|
7,843
|
|
8,999
|
|
6,586
|
|
25,923
|
|
23,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operations and asset sales
|
|
|
|
|
|
|
|
Net cash provided by operating activities (U.S. GAAP)
|
|
8,607
|
|
7,411
|
|
11,108
|
|
36,014
|
|
30,066
|
|
Proceeds associated with asset sales
|
|
884
|
|
1,408
|
|
1,491
|
|
4,123
|
|
3,103
|
|
Cash flow from operations and asset sales
|
|
9,491
|
|
8,819
|
|
12,599
|
|
40,137
|
|
33,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment V
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Fourth Quarter
|
|
6,000
|
|
|
1.41
|
|
|
|
|
Year
|
|
20,840
|
|
|
4.88
|
|
|
|
|
|
|
|
|
|
|
|
1 Computed using the average number of shares outstanding
during each period.
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190201005222/en/ Copyright Business Wire 2019
Source: Business Wire
(February 1, 2019 - 8:00 AM EST)
News by QuoteMedia
www.quotemedia.com
|
