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2015-08-02 18:15:00

EXXON DOWN 52%

EXXON DOWN 52%

 

        Second Quarter       First Half    
        2015   2014   %   2015   2014   %
Earnings Summary                        
(Dollars in millions, except per share data)                        
  Earnings   4,190   8,780   -52   9,130   17,880   -49
  Earnings Per Common Share                        
  Assuming Dilution   1.00   2.05   -51   2.17   4.15   -48
                             
Capital and Exploration                        
Expenditures   8,261   9,800   -16   15,965   18,236   -12

 

Exxon Mobil Corporation today announced estimated second quarter 2015 earnings of $4.2 billion, or $1 per diluted share, compared with $8.8 billion a year earlier. Higher Downstream and Chemical earnings were more than offset by the impact of weaker Upstream realizations and lower asset management gains.

"We are delivering on our investment and operating commitments across ExxonMobil's integrated portfolio," said Rex W. Tillerson, chairman and chief executive officer. "Our quarterly results reflect the disparate impacts of the current commodity price environment, but also demonstrate the strength of our sound operations, superior project execution capabilities, as well as continued discipline in capital and expense management."

Downstream and Chemical segment earnings increased significantly from the second quarter of 2014, driven by higher margins, continued strong demand, and the quality of the company's product and asset mix.

ExxonMobil produced 4 million oil-equivalent barrels per day, an increase of 139,000 barrels per day, or 3.6 percent. Liquids volumes of 2.3 million barrels per day increased 11.9 percent, benefiting from new developments in Angola, Canada, Indonesia and the United States.

During the quarter, the corporation distributed $4.1 billion to shareholders in the form of dividends and share purchases to reduce shares outstanding.

Second Quarter Highlights

  • Earnings of $4.2 billion decreased $4.6 billion or 52 percent from the second quarter of 2014.
  • Earnings per share, assuming dilution, were $1, a decrease of 51 percent.
  • Capital and exploration expenditures were $8.3 billion, down 16 percent from the second quarter of 2014.
  • Oil-equivalent production increased 3.6 percent from the second quarter of 2014, with liquids up 11.9 percent and natural gas down 5.8 percent.
  • Cash flow from operations and asset sales was $9.4 billion, including proceeds associated with asset sales of $629 million.
  • The corporation distributed $4.1 billion to shareholders in the second quarter of 2015, including $1 billion in share purchases to reduce shares outstanding.
  • Dividends per share of $0.73 increased 5.8 percent compared with the second quarter of 2014.
  • A significant oil discovery was made in Guyana on the 6.6-million acre Stabroek Block that is located 120 miles offshore. The well was safely drilled to 17,825 feet in 5,719 feet of water and encountered 295 feet of high-quality oil-bearing sandstone reservoirs.
  • Production at the company's Kearl oil sands expansion project in Alberta, Canada, started ahead of schedule, doubling gross capacity to 220,000 barrels of bitumen per day.
  • Bitumen production began on schedule at the Cold Lake Nabiye project expansion in northeastern Alberta, Canada. The expansion is producing about 20,000 barrels per day and volumes are expected to reach peak daily production of 40,000 barrels later this year.

Second Quarter 2015 vs. Second Quarter 2014

Upstream earnings were $2 billion in the second quarter of 2015, down $5.9 billion from the second quarter of 2014. Lower liquids and gas realizations decreased earnings by $4.5 billion, while volume effects increased earnings by $330 million driven by new developments. All other items decreased earnings by $1.7 billion, including the one-time $260 million deferred income tax impact related to the tax rate increase in Alberta, Canada, and the absence of prior year asset management gains.

On an oil-equivalent basis, production increased 3.6 percent from the second quarter of 2014. Liquids production totaled 2.3 million barrels per day, up 243,000 barrels per day, with project ramp-up and entitlement effects partly offset by field decline. Natural gas production was 10.1 billion cubic feet per day, down 622 million cubic feet per day from 2014 due to regulatory restrictions in the Netherlands. Project volumes and entitlement effects offset field decline.

The U.S. Upstream operations recorded a loss of $47 million, down $1.2 billion from the second quarter of 2014. Non-U.S. Upstream earnings were $2.1 billion, down $4.6 billion from the prior year.

Downstream earnings were $1.5 billion, up $795 million from the second quarter of 2014. Stronger margins increased earnings by $1.1 billion. Volume and mix effects decreased earnings by $80 million. All other items, including higher maintenance expenses, decreased earnings by $230 million. Petroleum product sales of 5.7 million barrels per day were 104,000 barrels per day lower than the prior year's second quarter.

Earnings from the U.S. Downstream were $412 million, down $124 million from the second quarter of 2014. Non-U.S. Downstream earnings of $1.1 billion were $919 million higher than last year.

Chemical earnings of $1.2 billion were $405 million higher than the second quarter of 2014. Margins increased earnings by $340 million, benefiting from lower feedstock costs. Volume mix effects increased earnings by $20 million. All other items, primarily asset management gains in the U.S., partly offset by unfavorable foreign exchange effects, increased earnings by a net $50 million. Second quarter prime product sales of 6.1 million metric tons were 61,000 metric tons lower than the prior year's second quarter.

Corporate and financing expenses were $593 million for the second quarter of 2015, down $60 million from the second quarter of 2014.

During the second quarter of 2015, ExxonMobil purchased 12 million shares of its common stock for the treasury to reduce the number of shares outstanding at a cost of $1 billion. Share purchases to reduce shares outstanding are currently anticipated to equal $500 million in the third quarter of 2015. 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.

First Half 2015 Highlights

  • Earnings were $9.1 billion, down $8.8 billion or 49 percent from 2014.
  • Earnings per share, assuming dilution, decreased 48 percent to $2.17.
  • Capital and exploration expenditures were $16 billion, down 12 percent from 2014.
  • Oil-equivalent production increased 3 percent from 2014, with liquids up 8.9 percent and natural gas down 3.6 percent.
  • Cash flow from operations and asset sales was $17.9 billion, including proceeds associated with asset sales of $1.1 billion.
  • The corporation distributed $8 billion to shareholders in the first half of 2015 through dividends and share purchases to reduce shares outstanding.

First Half 2015 vs. First Half 2014

Upstream earnings were $4.9 billion, down $10.8 billion from the first half of 2014. Lower realizations decreased earnings by $10 billion. Favorable volume and mix effects increased earnings by $570 million. All other items, primarily the absence of prior year asset management gains, decreased earnings by $1.4 billion.

On an oil-equivalent basis, production of 4.1 million barrels per day was up 3 percent compared to the same period in 2014. Liquids production of 2.3 million barrels per day increased 186,000 barrels per day, with project ramp-up and entitlement effects partly offset by field decline. Natural gas production of 11 billion cubic feet per day decreased 407 million cubic feet per day from 2014 due to regulatory restrictions in the Netherlands. Project ramp-up and entitlement effects exceeded field decline.

The U.S. Upstream operations recorded a loss of $99 million, down $2.5 billion from 2014. Earnings outside the U.S. were $5 billion, down $8.2 billion from the prior year.

Downstream earnings of $3.2 billion increased $1.6 billion from 2014. Stronger margins increased earnings by $2.1 billion. Volume and mix effects were essentially flat period-to-period. All other items, including higher planned maintenance expenses, decreased earnings by $480 million. Petroleum product sales of 5.8 million barrels per day were 54,000 barrels per day lower than 2014.

U.S. Downstream earnings were $1 billion, a decrease of $180 million from 2014. Non-U.S. Downstream earnings were $2.2 billion, up $1.8 billion from the prior year.

Chemical earnings of $2.2 billion increased $340 million from 2014. Higher margins increased earnings by $590 million. Favorable volume mix effects increased earnings by $70 million. All other items, including unfavorable foreign exchange effects partly offset by asset management gains in the U.S., decreased earnings by $320 million. Prime product sales of 12.1 million metric tons were down 120,000 metric tons from 2014.

Corporate and financing expenses were $1.2 billion in the first half of 2015, essentially flat with 2014.

During the first half of 2015, ExxonMobil purchased 32 million shares of its common stock for the treasury at a gross cost of $2.8 billion. These purchases included $2 billion to reduce the number of shares outstanding, with the balance used to acquire shares in conjunction with the company's benefit plans and programs.

 

exxonmobil.com

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Tags: EXXON MOBIL, OIL, PRICES

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