Exxon Mobil Corporation Announces Estimated Third Quarter 2007 Results

IRVING, Texas--(BUSINESS WIRE)--

Exxon Mobil Corporation (NYSE:XOM):

                                  Third Quarter       Nine Months
                                 ---------------     -------------
                                  2007    2006    %   2007   2006   %
                                 ------- ------- --- ------ ------ ---
Net Income
---------------------------------
   $ Millions                      9,410  10,490 -10 28,950 29,250  -1
   $ Per Common Share
         Assuming Dilution          1.70    1.77  -4   5.15   4.86   6

Special Items
---------------------------------
   $ Millions                          0       0          0      0

Earnings Excluding Special Items
---------------------------------
   $ Millions                      9,410  10,490 -10 28,950 29,250  -1
   $ Per Common Share
         Assuming Dilution          1.70    1.77  -4   5.15   4.86   6

Capital and Exploration
Expenditures - $ Millions          5,441   5,061     14,702 14,786

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"ExxonMobil's third quarter net income was $9,410 million ($1.70 per share), down 10% from the third quarter of 2006, while earnings per share were down 4% for the same period. The decrease reflected lower downstream and chemical margins partly offset by higher crude oil realizations. Net income of $28,950 million for the first nine months of 2007 was $300 million lower than the record first nine months of 2006. Earnings per share increased 6% during the same period, reflecting the positive impact of the continuing share purchase program.

"ExxonMobil continued to actively invest in the third quarter, spending $5.4 billion on capital and exploration projects, an increase of 8% over 2006. For the first nine months of 2007, spending on capital and exploration projects was $14.7 billion.

"The Corporation distributed a total of $8.9 billion to shareholders in the third quarter through dividends of $1.9 billion and share purchases to reduce shares outstanding of $7.0 billion."

    THIRD QUARTER HIGHLIGHTS

    --  Net income was $9,410 million.

    --  Cash flow from operations and asset sales was approximately
        $15.8 billion, including asset sales of $700 million.

    --  Spending on capital and exploration projects was $5.4 billion.

    --  Excluding the impact of entitlements, divestments, OPEC quota
        effects and Venezuela, production on an oil-equivalent basis
        increased by 3%.

    --  ExxonMobil announced plans to construct a second world-scale
        steam cracker complex in Singapore. In addition to the one
        million tons-per-year ethylene steam cracker, the new complex
        will include polyethylene, polypropylene, specialty elastomers
        and aromatics extraction units. The project, which will be
        integrated with our existing facilities, will employ
        ExxonMobil's latest proprietary technologies and enhance our
        ability to meet increasing demand in the region. Start-up is
        expected in early 2011.

    Third Quarter 2007 vs. Third Quarter 2006

Upstream earnings were $6,299 million, down $194 million from the third quarter of 2006 primarily reflecting lower natural gas realizations and higher operating expenses, mostly offset by higher crude oil realizations.

On an oil-equivalent basis, production decreased by 2% from the third quarter of 2006. Excluding the impact of entitlements, divestments, OPEC quota effects and Venezuela, production was up 3%.

Liquids production of 2,536 kbd (thousands of barrels per day) was 111 kbd lower. Mature field decline and reduced entitlements were partly offset by increased production from projects in Africa and Russia. Excluding the impact of entitlements, divestments, OPEC quota effects and Venezuela, liquids production was up 3%.

Third quarter natural gas production was 8,302 mcfd (millions of cubic feet per day), up 163 mcfd from 2006. Increased volume from projects in Qatar was partly offset by the impact of mature field decline. Excluding entitlement and divestment effects, natural gas production increased by 3%.

Earnings from U.S. Upstream operations were $1,196 million, $4 million higher than the third quarter of 2006. Non-U.S. Upstream earnings were $5,103 million, down $198 million from 2006.

Downstream earnings were $2,001 million, down $737 million from the third quarter of 2006, driven by lower refining and fuels marketing margins. Petroleum product sales were 7,101 kbd, 201 kbd lower than last year's third quarter.

U.S. Downstream earnings were $914 million, down $358 million from the third quarter of 2006. Non-U.S. Downstream earnings of $1,087 million were $379 million lower.

Chemical earnings were $1,202 million, down $149 million from the third quarter of 2006 due to lower margins partly offset by favorable tax items. Prime product sales of 6,729 kt (thousands of metric tons) in the third quarter of 2007 were down 23 kt from the prior year.

Corporate and financing expenses of $92 million were flat with 2006.

During the third quarter of 2007, Exxon Mobil Corporation purchased 90 million shares of its common stock for the treasury at a gross cost of $7.8 billion. These purchases included $7.0 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the company's benefit plans and programs. Shares outstanding were reduced from 5,546 million at the end of the second quarter to 5,464 million at the end of the third quarter. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.

    First Nine Months 2007 vs. First Nine Months 2006

    FIRST NINE MONTHS HIGHLIGHTS

    --  Net income was $28,950 million.

    --  Earnings per share of $5.15 reflected strong earnings and
        increased by 6% due to the reduction in the number of shares
        outstanding.

    --  Cash flow from operations and asset sales was approximately
        $43.1 billion, including $2.4 billion from asset sales.

    --  The Corporation distributed a total of $26.7 billion to
        shareholders in 2007 through dividends and share purchases to
        reduce shares outstanding, an increase of $2.9 billion versus
        2006.

    --  Capital and exploration expenditures were $14.7 billion.

    --  Excluding the impact of entitlements, divestments, OPEC quota
        effects and Venezuela, liquids production increased by 5%.

Upstream earnings were $18,293 million, a decrease of $1,717 million from 2006 due to lower natural gas realizations and higher operating expenses, partly offset by higher crude oil realizations and favorable sales mix effects.

On an oil-equivalent basis, production decreased 2% from last year. Excluding the impact of entitlements, divestments, OPEC quota effects and Venezuela, production was up nearly 3%.

Liquids production of 2,649 kbd decreased by 33 kbd from 2006. Higher production from projects in Africa and Russia was offset by mature field decline and reduced entitlements. Excluding the impact of entitlements, divestments, OPEC quota effects and Venezuela, liquids production increased 5%.

Natural gas production of 9,043 mcfd decreased 302 mcfd from 2006. Lower volume from mature field decline was partly offset by projects in Qatar, Europe, Canada and Malaysia.

Earnings from U.S. Upstream operations for 2007 were $3,595 million, a decrease of $521 million. Earnings outside the U.S. were $14,698 million, $1,196 million lower than 2006.

Downstream earnings were a record $7,306 million, an increase of $812 million from 2006 reflecting stronger marketing margins, refinery optimization activities and the sale of the Ingolstadt refinery, partly offset by lower refining margins. Petroleum product sales of 7,090 kbd decreased from 7,180 kbd in 2006.

U.S. Downstream earnings were $3,498 million, up $193 million. Non-U.S. Downstream earnings were $3,808 million, $619 million higher than last year.

Chemical earnings were a record $3,451 million, up $311 million from 2006 driven by higher margins. Prime product sales were 20,431 kt, down 92 kt from 2006.

Corporate and financing expenses of $100 million decreased $294 million, mainly due to favorable tax items.

Gross share purchases in 2007 were $23.9 billion which reduced shares outstanding by 4.6%.

Estimates of key financial and operating data follow.

ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. Central time on November 1, 2007. To listen to the event live or in archive, go to our website at "exxonmobil.com."

Statements in this release relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans and related expenditures, resource recoveries, timing and capacities, could differ materially due to changes in long-term oil or gas prices or other market conditions affecting the oil and gas industry; political events or disturbances; reservoir performance; the outcome of commercial negotiations; potential liability resulting from pending or future litigation; wars and acts of terrorism or sabotage; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" on our website and in Item 1A of ExxonMobil's 2006 Form 10-K. We assume no duty to update these statements as of any future date.

Consistent with previous practice this press release includes both earnings and earnings per share excluding special items. Earnings and earnings per share that exclude special items are non-GAAP financial measures and are included to help facilitate comparisons of base business performance across periods. A reconciliation to net income is shown in Attachment II. The release also includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider sales proceeds together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities is shown in Attachment II. Further information on ExxonMobil's frequently used financial and operating measures is contained on pages 32 and 33 in the 2006 Form 10-K and is also available through the Investor Information section of our website at "exxonmobil.com."

                                                          Attachment I


                        EXXON MOBIL CORPORATION
                          THIRD QUARTER 2007
 ---------------------------------------------------------------------
                  (millions of dollars, unless noted)
                                      Third Quarter      Nine Months
                                      --------------   ---------------
                                       2007    2006     2007    2006
                                      ------- ------   ------- -------
 Earnings / Earnings Per Share

   Total revenues and other income    102,337 99,593   287,910 287,607
   Total costs and other deductions    85,577 81,415   237,158 235,766
   Income before income taxes          16,760 18,178    50,752  51,841
     Income taxes                       7,350  7,688    21,802  22,591
   Net income (U.S. GAAP)               9,410 10,490    28,950  29,250

   Net income per common share
    (dollars)                            1.72   1.79      5.21    4.91

   Net income per common share -
    assuming dilution (dollars)          1.70   1.77      5.15    4.86

 Other Financial Data

   Dividends on common stock
     Total                              1,932  1,892     5,718   5,775
     Per common share (dollars)          0.35   0.32      1.02    0.96

   Millions of common shares
    outstanding
     At September 30                                     5,464   5,832
     Average - assuming dilution        5,536  5,922     5,620   6,022

   Shareholders' equity at September
    30                                                 118,603 116,593
   Capital employed at September 30                    129,030 126,772

   Income taxes                         7,350  7,688    21,802  22,591
   Sales-based taxes                    7,970  7,764    23,064  23,639
   All other taxes                     10,953 10,793    32,026  31,573
     Total taxes                       26,273 26,245    76,892  77,803

   ExxonMobil's share of income taxes
    of equity companies                   537    434     1,627   1,311
                                                         Attachment II

                       EXXON MOBIL CORPORATION
                          THIRD QUARTER 2007
----------------------------------------------------------------------
                        (millions of dollars)
                                        Third Quarter    Nine Months
                                        -------------- ---------------
                                        2007    2006    2007    2006
                                        ------ ------- ------- -------
Net Income (U.S. GAAP)
Upstream
  United States                         1,196   1,192   3,595   4,116
  Non-U.S.                              5,103   5,301  14,698  15,894
Downstream
  United States                           914   1,272   3,498   3,305
  Non-U.S.                              1,087   1,466   3,808   3,189
Chemical
  United States                           296     458     846     976
  Non-U.S.                                906     893   2,605   2,164
Corporate and financing                   (92)    (92)   (100)   (394)
Corporate total                         9,410  10,490  28,950  29,250
Special Items
Upstream
  United States                             0       0       0       0
  Non-U.S.                                  0       0       0       0
Downstream
  United States                             0       0       0       0
  Non-U.S.                                  0       0       0       0
Chemical
  United States                             0       0       0       0
  Non-U.S.                                  0       0       0       0
Corporate and financing                     0       0       0       0
Corporate total                             0       0       0       0
Earnings Excluding Special Items
Upstream
  United States                         1,196   1,192   3,595   4,116
  Non-U.S.                              5,103   5,301  14,698  15,894
Downstream
  United States                           914   1,272   3,498   3,305
  Non-U.S.                              1,087   1,466   3,808   3,189
Chemical
  United States                           296     458     846     976
  Non-U.S.                                906     893   2,605   2,164
Corporate and financing                   (92)    (92)   (100)   (394)
Corporate total                         9,410  10,490  28,950  29,250
                                        ------ ------- ------- -------
Cash flow from operations and asset
 sales (billions of dollars)
Net cash provided by operating
 activities (U.S. GAAP)                  15.1    14.6    40.7    40.5
Sales of subsidiaries, investments and
 property, plant and equipment            0.7     0.8     2.4     2.3
Cash flow from operations and asset
 sales                                   15.8    15.4    43.1    42.8
                                        ====== ======= ======= =======
                                                        Attachment III



                       EXXON MOBIL CORPORATION
                          THIRD QUARTER 2007
----------------------------------------------------------------------

                                             Third Quarter Nine Months
                                             ------------- -----------
                                              2007   2006  2007  2006
                                             ------- ----- ----- -----
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
    United States                                373   378   394   418
    Canada                                       320   303   310   311
    Europe                                       446   490   486   521
    Africa                                       686   801   734   783
    Asia Pacific/Middle East                     533   507   523   485
    Russia/Caspian                               178   125   182   121
    Other                                          0    43    20    43
        Worldwide                              2,536 2,647 2,649 2,682

Natural gas production available for sale,
millions of cubic feet daily (mcfd)
    United States                              1,435 1,567 1,496 1,637
    Canada                                       736   864   768   862
    Europe                                     2,663 2,833 3,427 4,078
    Asia Pacific/Middle East                   3,270 2,703 3,148 2,595
    Russia/Caspian                               110    91   108    86
    Other                                         88    81    96    87
        Worldwide                              8,302 8,139 9,043 9,345

Oil-equivalent production (koebd) (1)          3,920 4,004 4,156 4,240



(1) Gas converted to oil-equivalent at 6 million cubic feet = 1
 thousand barrels
                                                         Attachment IV


                       EXXON MOBIL CORPORATION
                          THIRD QUARTER 2007
----------------------------------------------------------------------

                                          Third Quarter  Nine Months
                                          ------------- --------------
                                           2007   2006   2007   2006
                                          ------- ----- ------ -------
Refinery throughput (kbd)
    United States                           1,790 1,766  1,727   1,734
    Canada                                    451   461    434     438
    Europe                                  1,648 1,721  1,637   1,691
    Asia Pacific                            1,368 1,484  1,402   1,420
    Other                                     325   324    322     288
        Worldwide                           5,582 5,756  5,522   5,571

Petroleum product sales (kbd) (1)
    United States                           2,709 2,725  2,711   2,688
    Canada                                    470   475    457     470
    Europe                                  1,783 1,825  1,788   1,824
    Asia Pacific                            1,429 1,482  1,401   1,437
    Other                                     710   795    733     761
        Worldwide                           7,101 7,302  7,090   7,180

    Gasolines, naphthas                     2,831 2,898  2,855   2,836
    Heating oils, kerosene, diesel          2,056 2,160  2,074   2,153
    Aviation fuels                            671   687    642     651
    Heavy fuels                               728   703    712     685
    Specialty products                        815   854    807     855
        Worldwide                           7,101 7,302  7,090   7,180

Chemical prime product sales,
thousands of metric tons (kt)
    United States                           2,661 2,680  8,093   7,928
    Non-U.S.                                4,068 4,072 12,338  12,595
        Worldwide                           6,729 6,752 20,431  20,523




(1) Petroleum product sales data is reported net of purchases/sales
 contracts with the same counterparty.
                                                          Attachment V


                       EXXON MOBIL CORPORATION
                          THIRD QUARTER 2007
----------------------------------------------------------------------
                        (millions of dollars)

                                           Third Quarter  Nine Months
                                           ------------- -------------
                                            2007   2006   2007   2006
                                           ------- ----- ------ ------
Capital and Exploration Expenditures
  Upstream
    United States                              568   606  1,531  1,773
    Non-U.S.                                 3,283 3,536  9,655 10,388
    Total                                    3,851 4,142 11,186 12,161
  Downstream
    United States                              263   215    792    627
    Non-U.S.                                   721   443  1,597  1,354
    Total                                      984   658  2,389  1,981
  Chemical
    United States                               96    75    242    202
    Non-U.S.                                   505   120    854    323
    Total                                      601   195  1,096    525

  Other                                          5    66     31    119

  Worldwide                                  5,441 5,061 14,702 14,786


Exploration expenses charged to income
included above
  Consolidated affiliates
    United States                               75    85    201    184
    Non-U.S.                                   271   263    758    611
  Equity companies - ExxonMobil share
    United States                                0     0      2      0
    Non-U.S.                                     5     2      8      5
  Worldwide                                    351   350    969    800
                                                         Attachment VI


                       EXXON MOBIL CORPORATION
                              NET INCOME
----------------------------------------------------------------------


                                    $ Millions     $ Per Common Share
                                  --------------- --------------------

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
Second Quarter                              7,640                 1.21
Third Quarter                               9,920                 1.60
Fourth Quarter                             10,710                 1.72
Year                                       36,130                 5.76

2006
----------------------------------
First Quarter                               8,400                 1.38
Second Quarter                             10,360                 1.74
Third Quarter                              10,490                 1.79
Fourth Quarter                             10,250                 1.77
Year                                       39,500                 6.68

2007
----------------------------------
First Quarter                               9,280                 1.64
Second Quarter                             10,260                 1.85
Third Quarter                               9,410                 1.72

Source: Exxon Mobil Corporation