Exxon Mobil Corporation Announces Estimated First Quarter 2011 Results

IRVING, Texas--(BUSINESS WIRE)-- Exxon Mobil Corporation (NYSE:XOM):


                                     First Quarter

                                     2011     2010    %

Earnings Excluding Special Items1

$ Millions                           10,650   6,300   69

$ Per Common Share

Assuming Dilution                    2.14     1.33    61

Special Items

$ Millions                           0        0

Earnings

$ Millions                           10,650   6,300   69

$ Per Common Share

Assuming Dilution                    2.14     1.33    61

Capital and Exploration

Expenditures - $ Millions            7,821    6,877   14

1See Reference to Earnings



EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"ExxonMobil's earnings reflect continued leadership in operational performance during a period of strong commodity prices. Earnings were $10.7 billion, up 69% from the first quarter of 2010, reflecting higher crude oil and natural gas realizations, increased refining margins and record Chemical performance.

"In the first quarter, capital and exploration expenditures were $7.8 billion, up 14% from last year, as we continue with plans to invest between $33 billion and $37 billion per year over the next five years to develop new energy supplies to meet future demand growth.

"Oil-equivalent production was more than 10% higher than 2010, driven by our world-class assets in Qatar and our growing unconventional gas production.

"The Corporation returned over $7 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding."

FIRST QUARTER HIGHLIGHTS

    --  Earnings were $10,650 million, an increase of 69% or $4,350 million from
        the first quarter of 2010.
    --  Earnings per share were $2.14, an increase of 61%.
    --  Capital and exploration expenditures were $7.8 billion, up 14% from the
        first quarter of 2010.
    --  Oil-equivalent production increased more than 10% from the first quarter
        of 2010. Excluding the impacts of entitlement volumes, OPEC quota
        effects and divestments, production was up 12%.
    --  Cash flow from operations and asset sales was $18.2 billion, including
        asset sales of $1.3 billion.
    --  Share purchases to reduce shares outstanding were $5 billion.
    --  Dividends per share of $0.44 increased by 5% compared to the first
        quarter of 2010.
    --  Milestone production was reached in the redevelopment of Iraq's West
        Qurna 1 field by exceeding the 10% improvement target. Current
        production is about 320,000 barrels per day (gross).
    --  The Marine Well Containment Company, of which ExxonMobil was a founding
        member, completed an initial well containment response system that is
        available to provide rapid containment response capabilities in the
        event of a potential future underwater well control incident in the
        deepwater Gulf of Mexico.
    --  The Shanghai Technology Center was officially opened and will play a
        critical role in supporting the strong growth of ExxonMobil's Chemical
        business in Asia.

First Quarter 2011 vs. First Quarter 2010

Upstream earnings were $8,675 million, up $2,861 million from the first quarter of 2010. Higher crude oil and natural gas realizations increased earnings by nearly $2.6 billion. Production mix and volume effects decreased earnings by $160 million, while asset management activity and lower expenses increased earnings by $470 million.

On an oil-equivalent basis, production increased over 10% from the first quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 12%.

Liquids production totaled 2,399 kbd (thousands of barrels per day), down 15 kbd from the first quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 2%, as increased production in Qatar and the U.S. more than offset field decline.

First quarter natural gas production was 14,525 mcfd (millions of cubic feet per day), up 2,836 mcfd from 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

Earnings from U.S. Upstream operations were $1,279 million, $188 million higher than the first quarter of 2010. Non-U.S. Upstream earnings were $7,396 million, up $2,673 million from last year.

Downstream earnings of $1,099 million were up $1,062 million from the first quarter of 2010. Higher industry refining margins, partly offset by lower marketing margins, increased earnings by $470 million. Positive volume and mix effects increased earnings by $350 million, while all other items, mainly favorable foreign exchange impacts, increased earnings by $240 million. Petroleum product sales of 6,267 kbd were 72 kbd higher than last year's first quarter.

Earnings from the U.S. Downstream were $694 million, up $754 million from the first quarter of 2010. Non-U.S. Downstream earnings of $405 million were $308 million higher than last year.

Record Chemical earnings of $1,516 million were $267 million higher than the first quarter of 2010. Improved margins increased earnings by $470 million, while other items, including the absence of asset management gains from 2010, decreased earnings by $200 million. First quarter prime product sales of 6,322 kt (thousands of metric tons) were 166 kt lower than the prior year.

Corporate and financing expenses were $640 million, down $160 million from the first quarter of 2010 due to the absence of last year's tax charge related to the U.S. health care legislation.

During the first quarter of 2011, Exxon Mobil Corporation purchased 69 million shares of its common stock for the treasury at a gross cost of $5.7 billion. These purchases included $5 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. Share purchases to reduce shares outstanding are currently anticipated to equal $5 billion in the second quarter of 2011. 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.

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 April 28, 2011. To listen to the event live or in archive, go to our website at exxonmobil.com.

Cautionary statement

Statements in this release relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, costs, timing, and capacities; capital and exploration expenditures; and share purchase levels, could differ materially due to factors including: changes in long-term oil or gas prices or other market or economic conditions affecting the oil and gas industry; unforeseen technical difficulties; political events or disturbances; reservoir performance; the outcome of commercial negotiations; wars and acts of terrorism or sabotage; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" in the "investors" section of our website and in Item 1A of ExxonMobil's 2010 Form 10-K. We assume no duty to update these statements as of any future date. References to quantities of oil or natural gas may include amounts that we believe will ultimately be produced, but that are not yet classified as "proved reserves" under SEC definitions.

Frequently used terms

Consistent with previous practice, this press release includes both earnings excluding special items and earnings per share excluding special items. Both are non-GAAP financial measures and are included to help facilitate comparisons of base business performance across periods. Reconciliation to net income attributable to ExxonMobil 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 and other terms is contained under the heading "Frequently Used Terms" available through the "investors" section of our website at exxonmobil.com.

Reference to Earnings

References to total corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the income statement. Unless otherwise indicated, references to earnings, special items, earnings excluding special items, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.


Attachment I

EXXON MOBIL CORPORATION

FIRST QUARTER 2011

(millions of dollars, unless noted)

                                                       First Quarter

                                                       2011     2010

Earnings / Earnings Per Share

Total revenues and other income                        114,004  90,251

Total costs and other deductions                       95,087   78,183

Income before income taxes                             18,917   12,068

Income taxes                                           8,004    5,493

Net income including noncontrolling interests          10,913   6,575

Net income attributable to noncontrolling interests    263      275

Net income attributable to ExxonMobil (U.S. GAAP)      10,650   6,300

Earnings per common share (dollars)                    2.14     1.33

Earnings per common share

- assuming dilution (dollars)                          2.14     1.33

Other Financial Data

Dividends on common stock

Total                                                  2,188    1,986

Per common share (dollars)                             0.44     0.42

Millions of common shares outstanding

At March 31                                            4,926    4,698

Average - assuming dilution                            4,971    4,736

ExxonMobil share of equity at March 31                 151,480  112,541

ExxonMobil share of capital employed at March 31       171,235  126,190

Income taxes                                           8,004    5,493

Sales-based taxes                                      7,916    6,815

All other taxes                                        10,316   9,349

Total taxes                                            26,236   21,657

ExxonMobil share of income taxes of

equity companies                                       1,513    976




Attachment II

EXXON MOBIL CORPORATION

FIRST QUARTER 2011

(millions of dollars)

                                                              First Quarter

                                                              2011      2010

Earnings (U.S. GAAP)

Upstream

United States                                                 1,279     1,091

Non-U.S.                                                      7,396     4,723

Downstream

United States                                                 694       (60   )

Non-U.S.                                                      405       97

Chemical

United States                                                 669       539

Non-U.S.                                                      847       710

Corporate and financing                                       (640   )  (800  )

Net income attributable to ExxonMobil                         10,650    6,300

Special Items

Upstream

United States                                                 0         0

Non-U.S.                                                      0         0

Downstream

United States                                                 0         0

Non-U.S.                                                      0         0

Chemical

United States                                                 0         0

Non-U.S.                                                      0         0

Corporate and financing                                       0         0

Corporate total                                               0         0

Earnings Excluding Special Items

Upstream

United States                                                 1,279     1,091

Non-U.S.                                                      7,396     4,723

Downstream

United States                                                 694       (60   )

Non-U.S.                                                      405       97

Chemical

United States                                                 669       539

Non-U.S.                                                      847       710

Corporate and financing                                       (640   )  (800  )

Corporate total                                               10,650    6,300

Cash flow from operations and asset sales(billions of
dollars)

Net cash provided by operating activities                     16.9      13.1
(U.S. GAAP)

Sales of subsidiaries, investments and property, plant and    1.3       0.4
equipment

Cash flow from operations and asset sales                     18.2      13.5




Attachment III

EXXON MOBIL CORPORATION

FIRST QUARTER 2011

                                              First Quarter

                                              2011    2010

Net production of crude oil

and natural gas liquids,

thousands of barrels daily (kbd)

United States                                 428     389

Canada/South America                          262     261

Europe                                        306     365

Africa                                        561     666

Asia                                          792     678

Australia/Oceania                             50      55

Worldwide                                     2,399   2,414

Natural gas production available for sale,

millions of cubic feet daily (mcfd)

United States                                 3,904   1,335

Canada/South America                          468     568

Europe                                        4,783   5,138

Africa                                        6       13

Asia                                          5,089   4,394

Australia/Oceania                             275     241

Worldwide                                     14,525  11,689

Oil-equivalent production (koebd)1            4,820   4,362

1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand
barrels




 Attachment IV

 EXXON MOBIL CORPORATION

 FIRST QUARTER 2011

                                   First Quarter

                                   2011   2010

 Refinery throughput (kbd)

 United States                     1,771  1,720

 Canada                            452    439

 Europe                            1,446  1,530

 Asia Pacific                      1,223  1,242

 Other                             288    225

 Worldwide                         5,180  5,156

 Petroleum product sales (kbd)

 United States                     2,475  2,383

 Canada                            447    431

 Europe                            1,533  1,609

 Asia Pacific                      1,218  1,226

 Other                             594    546

 Worldwide                         6,267  6,195

 Gasolines, naphthas               2,470  2,535

 Heating oils, kerosene, diesel    2,034  1,860

 Aviation fuels                    464    451

 Heavy fuels                       555    629

 Specialty products                744    720

 Worldwide                         6,267  6,195

 Chemical prime product sales,

 thousands of metric tons (kt)

 United States                     2,275  2,524

 Non-U.S.                          4,047  3,964

 Worldwide                         6,322  6,488




Attachment V

EXXON MOBIL CORPORATION

FIRST QUARTER 2011

(millions of dollars)

                                          First Quarter

                                          2011   2010

Capital and Exploration Expenditures

Upstream

United States                             2,080  772

Non-U.S.                                  4,820  4,774

Total                                     6,900  5,546

Downstream

United States                             117    347

Non-U.S.                                  333    327

Total                                     450    674

Chemical

United States                             56     68

Non-U.S.                                  393    546

Total                                     449    614

Other                                     22     43

Worldwide                                 7,821  6,877

Exploration expenses charged to income

included above

Consolidated affiliates

United States                             63     55

Non-U.S.                                  270    630

Equity companies - ExxonMobil share

United States                             1      1

Non-U.S.                                  1      3

Worldwide                                 335    689




Attachment VI

EXXON MOBIL CORPORATION

EARNINGS

                $ Millions  $ Per Common Share1

2007

First Quarter   9,280       1.63

Second Quarter  10,260      1.83

Third Quarter   9,410       1.71

Fourth Quarter  11,660      2.14

Year            40,610      7.31

2008

First Quarter   10,890      2.03

Second Quarter  11,680      2.24

Third Quarter   14,830      2.86

Fourth Quarter  7,820       1.55

Year            45,220      8.70

2009

First Quarter   4,550       0.92

Second Quarter  3,950       0.82

Third Quarter   4,730       0.98

Fourth Quarter  6,050       1.27

Year            19,280      3.99

2010

First Quarter   6,300       1.33

Second Quarter  7,560       1.61

Third Quarter   7,350       1.44

Fourth Quarter  9,250       1.86

Year            30,460      6.24

2011

First Quarter   10,650      2.14

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

The sum of the four quarters may not add to the full year.




    Source: Exxon Mobil Corporation