August 2, 2019 - 7:30 AM EDT
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ExxonMobil Earns $3.1 Billion in Second Quarter 2019

IRVING, Texas

  • Upstream liquids production grows by 8 percent from a year earlier, driven by the Permian Basin
  • Guyana resource estimate increases to over 6 billion oil-equivalent barrels; Liza Phase 1 nears startup
  • U.S. Gulf Coast steam cracker exceeds design capacity by 10 percent, less than a year after startup

Exxon Mobil Corporation (NYSE:XOM):

 

 

 

 

 

 

First

 

 

 

 

 

 

 

 

Second Quarter

 

 

Quarter

 

 

First Half

 

 

 

 

 

2019

2018

 

%

2019

%

 

2019

2018

 

%

Earnings Summary

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (U.S. GAAP)

 

3,130

3,950

 

-21

2,350

33

 

5,480

8,600

 

-36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

Assuming Dilution

 

0.73

0.92

 

-21

0.55

33

 

1.28

2.01

 

-36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital and Exploration

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures

 

8,079

6,627

 

22

6,890

17

 

14,969

11,494

 

30

Exxon Mobil Corporation today announced estimated second quarter 2019 earnings of $3.1 billion, or $0.73 per share assuming dilution, compared with $4 billion a year earlier. Earnings included a favorable identified item of about $500 million, or $0.12 per share assuming dilution, reflecting the impact of a tax rate change in Alberta, Canada. Capital and exploration expenditures were $8.1 billion, up 22 percent from the prior year, reflecting key investments in the Permian Basin.

Oil-equivalent production was 3.9 million barrels per day, up 7 percent from the second quarter of 2018. Liquids production increased 8 percent driven by Permian Basin growth and reduced downtime, with limited impact from entitlement effects and divestments. Natural gas volumes increased 5 percent, excluding entitlement effects and divestments.

“We continue to make significant progress toward delivering our long-term growth plans,” said Darren W. Woods, ExxonMobil chairman and chief executive officer. “Our new U.S. Gulf Coast steam cracker is exceeding design capacity by 10 percent, less than a year after startup. Our upstream liquids production increased by 8 percent from last year, driven by growth in the Permian Basin, and we are preparing to startup the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than 6 billion oil-equivalent barrels.”

Second Quarter 2019 Business Highlights

Upstream

  • Average crude prices were stronger than first quarter, while natural gas prices declined with supply length and crude-linked LNG lag effects.
  • Liquids volumes increased with unconventional growth and ramp-up at Hebron, partly offset by the impacts of higher planned maintenance. Natural gas volumes were down from the first quarter due to weaker seasonal gas demand in Europe.
  • Permian unconventional development continued with production up over 20 percent from the first quarter and up nearly 90 percent from the second quarter of last year.

Downstream

  • Industry fuels margins, while remaining under pressure during the second quarter, improved from very low levels in the first quarter on stronger gasoline margins, mainly in the U.S.
  • Planned maintenance activity remained at a high level during the quarter, as the company successfully completed a significant turnaround at its Joliet, Illinois, refinery in the U.S. mid-continent region. Results were also impacted by unscheduled downtime at refineries in Baytown, Texas; Sarnia (Canada); and Yanbu (Saudi Arabia).

Chemical

  • Paraxylene margins weakened during the quarter with lengthening supply from recent industry capacity additions.
  • Results were impacted by a significant increase in turnaround activity during the second quarter.
  • Production at the new ethane steam cracker in Baytown, Texas, successfully increased to exceed design capacity by 10 percent.

Strengthening the Portfolio

  • ExxonMobil increased its estimated gross recoverable resource for the Stabroek block in Guyana from 5.5 billion to over 6 billion oil-equivalent barrels. During the quarter, the company made its 13th discovery on the block with the Yellowtail-1 well.
  • Mozambique Rovuma Venture S.p.A., an incorporated joint venture owned by ExxonMobil, Eni S.p.A. and China National Petroleum Corporation, announced that the government of Mozambique approved its development plan for the Rovuma LNG project. The project includes two liquefied natural gas trains with a combined annual capacity of more than 15 million metric tons. A final investment decision is expected later in 2019.
  • ExxonMobil subsidiary ExxonMobil Argentina Offshore Investments B.V. and an affiliate of Qatar Petroleum won three exploration blocks during Argentina’s first offshore bid round, adding approximately 2.6 million net acres to ExxonMobil’s holdings in the country.
  • ExxonMobil announced that it will increase its offshore exploration acreage in Namibia with the addition of approximately 7 million net acres following the signing of agreements with the government of Namibia and the National Petroleum Corporation of Namibia.

Investing for Growth

  • The company announced that it has funded the Liza Phase 2 development offshore Guyana after it received government and regulatory approvals. Phase 2 startup is expected in mid-2022, producing up to 220,000 barrels of oil per day, while Phase 1 remains on track for first oil by the first quarter of 2020. ExxonMobil estimates it will achieve gross production of over 750,000 barrels per day from the Stabroek Block by 2025.
  • ExxonMobil and SABIC announced the decision to proceed with the Gulf Coast Growth Ventures project to construct a new chemical facility in San Patricio County, Texas. The new facility will include an ethane steam cracker with a capacity of 1.8 million metric tons per year, two polyethylene units and a monoethylene glycol unit.
  • ExxonMobil made a final investment decision on a multi-billion dollar expansion of its integrated manufacturing complex in Singapore to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube basestocks and distillates. The expansion will add 20,000 barrels per day of ExxonMobil Group II basestocks capacity and increase production of lower-sulfur fuels by 48,000 barrels per day.
  • ExxonMobil announced that it will proceed with a $2 billion expansion project at its Baytown, Texas, chemical plant. The expansion will add annual production of about 400,000 metric tons of VistamaxxTM performance polymers, and about 350,000 metric tons of linear alpha olefins.
  • The company reached a final investment decision to upgrade its Fawley refinery in the United Kingdom to increase production of ultra-low sulfur diesel by almost 45 percent, or 38,000 barrels per day, along with logistics improvements. The more than $1 billion investment includes a hydrotreater unit to remove sulfur from fuel, supported by a hydrogen plant which will improve the refinery’s overall energy efficiency.
  • The company is proceeding with an expansion project in Argentina’s Vaca Muerta basin. The project is expected to reach gross production of up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility and export infrastructure.
  • ExxonMobil and its partners announced a project to increase gross production at Block 15 offshore Angola by approximately 40,000 barrels per day, while changes to the production sharing agreement will extend operations through 2032.

Advancing Innovative Technologies and Products

  • The company completed an expansion at its Singapore refinery to enhance EHCTM Group II basestocks production, with supply to customers expected in the third quarter of 2019. The expansion will enable customers to blend lubricants that satisfy more stringent specifications, lower emissions and improve fuel economy and low-temperature performance.
  • ExxonMobil announced that it will invest up to $100 million over 10 years to research and develop advanced lower-emissions technologies with the U.S. Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory. The agreement, among the largest between the department’s laboratories and the private sector, will support research and collaboration into ways to bring biofuels and carbon capture and storage to commercial scale across the transportation, power generation and industrial sectors.

 

 

 

 

 

 

 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

2Q

 

2Q

 

 

 

 

(unless noted)

2019

 

 

2018

 

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

335

 

 

439

 

 

-104

 

Volumes growth more than offset by lower liquids prices and higher growth-related expenses

Non-U.S.

2,926

 

 

2,601

 

 

+325

 

Alberta tax rate change (+487) and higher volumes, partly offset by lower prices and higher maintenance and exploration expenses

Total

3,261

 

 

3,040

 

 

+221

 

Prices -730, volumes +720, other +230

Production (koebd)

3,909

 

 

3,647

 

 

+262

 

Liquids +177 kbd: growth and lower downtime, partly offset by decline

 

Gas +507 mcfd: growth and higher demand, partly offset by decline

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

U.S.

310

 

 

695

 

 

-385

 

Increased downtime/maintenance

Non-U.S.

141

 

 

29

 

 

+112

 

Favorable foreign exchange effects, reduced downtime/maintenance, and portfolio/projects contribution, partly offset by lower margins and higher operations expenses

Total

451

 

 

724

 

 

-273

 

Margins -240, downtime/maintenance -140, portfolio/projects +70, other +40

Petroleum Product Sales (kbd)

5,408

 

 

5,502

 

 

-94

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

U.S.

(6

)

 

453

 

 

-459

 

Lower margins and higher downtime/maintenance

Non-U.S.

194

 

 

437

 

 

-243

 

Lower margins, unfavorable foreign exchange and tax impacts, and higher project-related expenses

Total

188

 

 

890

 

 

-702

 

Margins -440, downtime/maintenance -120, project-related expenses -30, other -110

Prime Product Sales (kt)

6,699

 

 

6,852

 

 

-153

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(770

)

 

(704

)

 

-66

 

 

 

 

 

 

 

 

 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

2Q

 

1Q

 

 

 

 

(unless noted)

2019

 

 

2019

 

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

335

 

 

96

 

 

+239

 

Volume growth, higher liquids prices, and lower impairments, partly offset by lower gas prices and higher growth-related expenses

Non-U.S.

2,926

 

 

2,780

 

 

+146

 

Alberta tax rate change (+487) and higher liquids prices, partly offset by lower gas prices, higher maintenance and exploration expenses, and lower volumes

Total

3,261

 

 

2,876

 

 

+385

 

Liquids prices +540, gas prices -550, volumes +70, other +330

Production (koebd)

3,909

 

 

3,981

 

 

-72

 

Liquids +62 kbd: growth, partly offset by increased planned maintenance

 

Gas -804 mcfd: lower seasonal demand in Europe

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

U.S.

310

 

 

(161

)

 

+471

 

Higher margins, partly offset by increased downtime/maintenance and unfavorable yield/sales mix

Non-U.S.

141

 

 

(95

)

 

+236

 

Higher margins, partly offset by increased downtime/maintenance and higher seasonal expenses

Total

451

 

 

(256

)

 

+707

 

Margins +1,120, downtime/maintenance -190, yield/sales mix -120, other -100

Petroleum Product Sales (kbd)

5,408

 

 

5,415

 

 

-7

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

U.S.

(6

)

 

161

 

 

-167

 

Lower margins and higher downtime/maintenance

Non-U.S.

194

 

 

357

 

 

-163

 

Lower margins and higher project-related expenses

Total

188

 

 

518

 

 

-330

 

Margins -180, downtime/maintenance -120, other -30

Prime Product Sales (kt)

6,699

 

 

6,772

 

 

-73

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(770

)

 

(788

)

 

+18

 

 

 

 

 

 

 

 

 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

YTD

 

YTD

 

 

 

 

(unless noted)

2019

 

 

2018

 

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

431

 

 

868

 

 

-437

 

Volumes growth more than offset by lower liquids prices, higher growth-related expenses, and impairment charges

Non-U.S.

5,706

 

 

5,669

 

 

+37

 

Alberta tax rate change (+487), higher volumes, and favorable tax effects, partly offset by lower prices, absence of Scarborough divestment gain (-366), and higher maintenance and exploration expenses

Total

6,137

 

 

6,537

 

 

-400

 

Prices -760, volume +790, other -430

Production (koebd)

3,945

 

 

3,768

 

 

+177

 

Liquids +144 kbd: growth and lower downtime, partly offset by decline

 

Gas +199 mcfd: growth and lower downtime, partly offset by decline

Downstream

 

 

 

 

 

 

 

U.S.

149

 

 

1,014

 

 

-865

 

Higher downtime/maintenance and lower margins

Non-U.S.

46

 

 

650

 

 

-604

 

Lower margins and higher operations expenses, partly offset by portfolio/projects contribution, lower downtime/maintenance, and favorable foreign exchange

Total

195

 

 

1,664

 

 

-1,469

 

Margins -1,100, downtime/maintenance -500, portfolio/projects +150, other -20

Petroleum Product Sales (kbd)

5,412

 

 

5,467

 

 

-55

 

 

Chemical

 

 

 

 

 

 

 

U.S.

155

 

 

956

 

 

-801

 

Lower margins, higher downtime/maintenance, and lower volumes

Non-U.S.

551

 

 

945

 

 

-394

 

Higher volumes more than offset by lower margins, unfavorable foreign exchange impacts, and higher project-related expenses

Total

706

 

 

1,901

 

 

-1,195

 

Margins -810, downtime/maintenance -110, other -270

Prime Product Sales (kt)

13,471

 

 

13,520

 

 

-49

 

 

Corporate and financing

(1,558

)

 

(1,502

)

 

-56

 

 

 

Cash Flow from Operations and Asset Sales excluding Working Capital

 

 

 

 

 

Millions of Dollars

 

2Q

 

 

 

 

2019

 

 

Comments

Net income including noncontrolling interests

 

3,391

 

 

Including $261 million for noncontrolling interests

Depreciation

 

4,631

 

 

 

Changes in working capital

 

(1,243

)

 

Mainly seasonal reduction in payables

Other

 

(832

)

 

Includes adjustment for noncash identified item (deferred income tax)

Cash Flow from Operating

 

5,947

 

 

 

Activities (U.S. GAAP)

 

 

 

 

Asset sales

 

33

 

 

 

Cash Flow from Operations

 

5,980

 

 

 

and Asset Sales

 

 

 

 

Changes in working capital

 

(1,243

)

 

 

Cash Flow from Operations

 

7,223

 

 

 

and Asset Sales excluding Working Capital

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

YTD

 

 

 

 

2019

 

 

Comments

Net income including noncontrolling interests

 

5,797

 

 

Including $317 million for noncontrolling interests

Depreciation

 

9,202

 

 

 

Changes in working capital

 

1,014

 

 

Mainly driven by higher payables

Other

 

(1,728

)

 

Equity company earnings greater than dividends, and adjustment for noncash identified item (deferred income tax)

Cash Flow from Operating

 

14,285

 

 

 

Activities (U.S. GAAP)

 

 

 

 

Asset sales

 

140

 

 

 

Cash Flow from Operations

 

14,425

 

 

 

and Asset Sales

 

 

 

 

Changes in working capital

 

1,014

 

 

 

Cash Flow from Operations

 

13,411

 

 

 

and Asset Sales excluding Working Capital

 

 

 

 

 

 

 

 

 

First Half 2019 Financial Updates

During the first half of 2019, Exxon Mobil Corporation purchased 5 million shares of its common stock for the treasury at a gross cost of $414 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.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on August 2, 2019. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including business and project plans, capacities, costs, and timing; resource recoveries and production rates; and the impact of new technologies, including to increase capital efficiency and production and to reduce greenhouse gas emissions, 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; the outcome of exploration projects and timely completion of development and construction projects; the impact of fiscal and commercial terms and the outcome of commercial negotiations or acquisitions; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; war, shipping blockades or harassment, 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; the ability to bring new technologies to commercial scale on a cost-competitive basis, including large-scale hydraulic fracturing projects; 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 2018 Form 10-K. We assume no duty to update these statements as of any future date.

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 2019 periods on page 7 and for 2019 and 2018 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities is shown for 2019 periods on page 7 and for 2019 and 2018 periods in Attachment V.

This press release also includes earnings excluding identified items, which are earnings excluding significant non-operational events with an absolute corporate total earnings impact of at least $250 million. The earnings impact of an identified item for an individual segment may be less than $250 million when the item impacts several segments. We believe it is useful for investors to consider these figures in comparing the performance of our underlying business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2019 and 2018 periods in Attachment II.

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 estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. 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.

Vistamaxx and EHC 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.

Estimated Key Financial and Operating Data

Attachment I

 

Exxon Mobil Corporation

Second Quarter 2019

(millions of dollars, unless noted)

 

 

 

 

 

 

 

First

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

2019

 

2018

 

2019

 

2019

 

2018

Earnings / Earnings Per Share

 

 

 

 

 

 

 

 

 

Total revenues and other income

69,091

 

73,501

 

63,625

 

132,716

 

141,712

Total costs and other deductions

64,459

 

66,989

 

59,336

 

123,795

 

127,960

Income before income taxes

4,632

 

6,512

 

4,289

 

8,921

 

13,752

 

Income taxes

1,241

 

2,526

 

1,883

 

3,124

 

4,983

Net income including noncontrolling interests

3,391

 

3,986

 

2,406

 

5,797

 

8,769

 

Net income attributable to noncontrolling interests

261

 

36

 

56

 

317

 

169

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

3,130

 

3,950

 

2,350

 

5,480

 

8,600

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (dollars)

0.73

 

0.92

 

0.55

 

1.28

 

2.01

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

- assuming dilution (dollars)

0.73

 

0.92

 

0.55

 

1.28

 

2.01

 

 

 

 

 

 

 

 

 

 

 

Exploration expenses, including dry holes

333

 

332

 

280

 

613

 

619

 

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

 

Dividends on common stock

 

 

 

 

 

 

 

 

 

 

Total

3,715

 

3,502

 

3,505

 

7,220

 

6,793

 

Per common share (dollars)

0.87

 

0.82

 

0.82

 

1.69

 

1.59

 

 

 

 

 

 

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

 

 

 

 

 

 

At period end

 

 

 

 

 

 

4,231

 

4,234

 

Average - assuming dilution

4,271

 

4,271

 

4,270

 

4,270

 

4,270

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of equity at period end

 

 

 

 

 

 

191,377

 

187,222

ExxonMobil share of capital employed at period end

 

 

 

 

 

 

239,033

 

230,817

 

 

 

 

 

 

 

 

 

 

 

Income taxes

1,241

 

2,526

 

1,883

 

3,124

 

4,983

Total other taxes and duties

8,366

 

9,003

 

8,087

 

16,453

 

17,818

 

Total taxes

9,607

 

11,529

 

9,970

 

19,577

 

22,801

Sales-based taxes

5,261

 

5,507

 

4,985

 

10,246

 

10,788

 

Total taxes including sales-based taxes

14,868

 

17,036

 

14,955

 

29,823

 

33,589

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of income taxes of

 

 

 

 

 

 

 

 

 

equity companies

501

 

655

 

849

 

1,350

 

1,395

 

Attachment II

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2019

(millions of dollars)

 

 

 

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Earnings (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

United States

335

 

 

439

 

 

96

 

 

431

 

 

868

 

 

Non-U.S.

2,926

 

 

2,601

 

 

2,780

 

 

5,706

 

 

5,669

 

Downstream

 

 

 

 

 

 

 

 

 

 

United States

310

 

 

695

 

 

(161

)

 

149

 

 

1,014

 

 

Non-U.S.

141

 

 

29

 

 

(95

)

 

46

 

 

650

 

Chemical

 

 

 

 

 

 

 

 

 

 

United States

(6

)

 

453

 

 

161

 

 

155

 

 

956

 

 

Non-U.S.

194

 

 

437

 

 

357

 

 

551

 

 

945

 

Corporate and financing

(770

)

 

(704

)

 

(788

)

 

(1,558

)

 

(1,502

)

Net income attributable to ExxonMobil

3,130

 

 

3,950

 

 

2,350

 

 

5,480

 

 

8,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identified Items Included in Earnings

 

 

 

 

 

 

 

 

 

Non-U.S. Upstream

 

 

 

 

 

 

 

 

 

 

Tax Items

487

 

 

-

 

 

-

 

 

487

 

 

-

 

 

Asset Management

-

 

 

-

 

 

-

 

 

-

 

 

366

 

Non-U.S. Downstream

 

 

 

 

 

 

 

 

 

 

Tax Items

(9

)

 

-

 

 

-

 

 

(9

)

 

-

 

Non-U.S. Chemical

 

 

 

 

 

 

 

 

 

 

Tax Items

2

 

 

-

 

 

-

 

 

2

 

 

-

 

Corporate and financing

 

 

 

 

 

 

 

 

 

 

Tax Items

25

 

 

-

 

 

-

 

 

25

 

 

-

 

Corporate total

505

 

 

-

 

 

-

 

 

505

 

 

366

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Excluding Identified Items

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

United States

335

 

 

439

 

 

96

 

 

431

 

 

868

 

 

Non-U.S.

2,439

 

 

2,601

 

 

2,780

 

 

5,219

 

 

5,303

 

Downstream

 

 

 

 

 

 

 

 

 

 

United States

310

 

 

695

 

 

(161

)

 

149

 

 

1,014

 

 

Non-U.S.

150

 

 

29

 

 

(95

)

 

55

 

 

650

 

Chemical

 

 

 

 

 

 

 

 

 

 

United States

(6

)

 

453

 

 

161

 

 

155

 

 

956

 

 

Non-U.S.

192

 

 

437

 

 

357

 

 

549

 

 

945

 

Corporate and financing

(795

)

 

(704

)

 

(788

)

 

(1,583

)

 

(1,502

)

Corporate total

2,625

 

 

3,950

 

 

2,350

 

 

4,975

 

 

8,234

 

 

Attachment III

 

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Net production of crude oil, natural gas

 

 

 

 

 

 

 

 

 

liquids, bitumen and synthetic oil,

 

 

 

 

 

 

 

 

 

thousand barrels per day (kbd)

 

 

 

 

 

 

 

 

 

 

 

United States

662

 

543

 

600

 

631

 

533

 

 

Canada / Other Americas

469

 

391

 

454

 

462

 

409

 

 

Europe

103

 

136

 

121

 

112

 

140

 

 

Africa

383

 

410

 

369

 

376

 

393

 

 

Asia

727

 

686

 

746

 

736

 

696

 

 

Australia / Oceania

45

 

46

 

37

 

41

 

43

 

 

 

Worldwide

2,389

 

2,212

 

2,327

 

2,358

 

2,214

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas production available for sale,

 

 

 

 

 

 

 

 

 

million cubic feet per day (mcfd)

 

 

 

 

 

 

 

 

 

 

 

United States

2,803

 

2,591

 

2,712

 

2,758

 

2,583

 

 

Canada / Other Americas

249

 

226

 

238

 

243

 

219

 

 

Europe

1,215

 

1,136

 

2,113

 

1,662

 

1,835

 

 

Africa

5

 

9

 

7

 

6

 

9

 

 

Asia

3,461

 

3,393

 

3,655

 

3,557

 

3,480

 

 

Australia / Oceania

1,387

 

1,258

 

1,199

 

1,294

 

1,195

 

 

 

Worldwide

9,120

 

8,613

 

9,924

 

9,520

 

9,321

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil-equivalent production (koebd)1

3,909

 

3,647

 

3,981

 

3,945

 

3,768

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

 

 

 

 

 

 

 

Attachment IV

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Refinery throughput (kbd)

 

 

 

 

 

 

 

 

 

 

United States

1,430

 

1,529

 

1,373

 

1,402

 

1,524

 

Canada

344

 

364

 

383

 

364

 

386

 

Europe

1,314

 

1,384

 

1,325

 

1,320

 

1,439

 

Asia Pacific

683

 

714

 

609

 

646

 

717

 

Other

159

 

114

 

196

 

176

 

133

 

 

Worldwide

3,930

 

4,105

 

3,886

 

3,908

 

4,199

 

 

 

 

 

 

 

 

 

 

 

Petroleum product sales (kbd)

 

 

 

 

 

 

 

 

 

 

United States

2,264

 

2,215

 

2,210

 

2,237

 

2,171

 

Canada

482

 

514

 

484

 

483

 

499

 

Europe

1,443

 

1,595

 

1,510

 

1,476

 

1,585

 

Asia Pacific

775

 

814

 

749

 

762

 

804

 

Other

444

 

364

 

462

 

454

 

408

 

 

Worldwide

5,408

 

5,502

 

5,415

 

5,412

 

5,467

 

 

 

 

 

 

 

 

 

 

 

 

Gasolines, naphthas

2,198

 

2,216

 

2,149

 

2,173

 

2,216

 

Heating oils, kerosene, diesel

1,820

 

1,781

 

1,914

 

1,867

 

1,804

 

Aviation fuels

391

 

405

 

386

 

389

 

400

 

Heavy fuels

308

 

432

 

299

 

304

 

389

 

Specialty products

691

 

668

 

667

 

679

 

658

 

 

Worldwide

5,408

 

5,502

 

5,415

 

5,412

 

5,467

 

 

 

 

 

 

 

 

 

 

Chemical prime product sales,

 

 

 

 

 

 

 

 

 

thousand metric tons (kt)

 

 

 

 

 

 

 

 

 

 

United States

2,295

 

2,411

 

2,322

 

4,617

 

4,802

 

Non-U.S.

4,404

 

4,441

 

4,450

 

8,854

 

8,718

 

 

Worldwide

6,699

 

6,852

 

6,772

 

13,471

 

13,520

 

 

 

 

 

 

Attachment V

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Second Quarter 2019

(millions of dollars)

 

 

 

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Capital and Exploration Expenditures

 

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

 

United States

3,255

 

 

1,752

 

 

2,548

 

5,803

 

3,000

 

 

 

Non-U.S.

2,987

 

 

3,103

 

 

2,813

 

5,800

 

5,614

 

 

 

Total

6,242

 

 

4,855

 

 

5,361

 

11,603

 

8,614

 

 

Downstream

 

 

 

 

 

 

 

 

 

 

 

United States

624

 

 

346

 

 

414

 

1,038

 

564

 

 

 

Non-U.S.

489

 

 

884

 

 

415

 

904

 

1,280

 

 

 

Total

1,113

 

 

1,230

 

 

829

 

1,942

 

1,844

 

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

United States

553

 

 

414

 

 

552

 

1,105

 

757

 

 

 

Non-U.S.

165

 

 

119

 

 

144

 

309

 

241

 

 

 

Total

718

 

 

533

 

 

696

 

1,414

 

998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

6

 

 

9

 

 

4

 

10

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

8,079

 

 

6,627

 

 

6,890

 

14,969

 

11,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations and asset sales excluding working capital

Net cash provided by operating activities

 

 

 

 

 

 

 

 

 

(U.S. GAAP)

5,947

 

 

7,780

 

 

8,338

 

14,285

 

16,299

 

Proceeds associated with asset sales

33

 

 

307

 

 

107

 

140

 

1,748

 

Cash flow from operations and asset sales

5,980

 

 

8,087

 

 

8,445

 

14,425

 

18,047

 

Changes in working capital

(1,243

)

 

(1,333

)

 

2,257

 

1,014

 

(982

)

Cash flow from operations and asset sales

7,223

 

 

9,420

 

 

6,188

 

13,411

 

19,029

 

 

 

excluding working capital

 

 

 

 

 

 

 

 

 

 

Attachment VI

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ Millions

 

$ Per Common Share1

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

First Quarter

 

2,350

 

 

0.55

 

 

Second Quarter

 

3,130

 

 

0.73

 

 

 

 

 

 

 

 

 

 

 

 

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

 

ExxonMobil
Media Relations, 972-940-6007


Source: Business Wire (August 2, 2019 - 7:30 AM EDT)

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