Exxon Mobil Corporation Announces Estimated First Quarter 2010 Results

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


                                      First Quarter

                                      2010   2009    %

Earnings Excluding Special Items1

$ Millions                            6,300  4,550   38

$ Per Common Share

Assuming Dilution                     1.33   0.92    45

Special Items

$ Millions                            0      0

Earnings1

$ Millions                            6,300  4,550   38

$ Per Common Share

Assuming Dilution                     1.33   0.92    45

Capital and Exploration

Expenditures - $ Millions             6,877  5,774   19

1 See Reference to Earnings



EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"ExxonMobil achieved solid results from its worldwide operations with first quarter earnings of $6.3 billion, up 38% from first quarter of last year. Our results reflect higher crude oil realizations and stronger chemical margins while the downstream industry margins remained weak.

"Oil-equivalent production increased by 4.5% over the first quarter of 2009 driven by contributions from recent start-ups of our world-class assets in Qatar.

"Our solid financial position enabled ongoing investment at record levels through the business cycle. In the first quarter, capital and exploration spending was $6.9 billion, up 19% from last year.

"Nearly $4 billion was returned to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.

"We are continuing to progress the XTO merger and received clearance from the U.S. Federal Trade Commission and Dutch authorities. We continue to target for completion by the end of the second quarter."

FIRST QUARTER HIGHLIGHTS

    --  Earnings were $6,300 million, an increase of 38% or $1,750 million from
        the first quarter of 2009.
    --  Earnings per share (EPS) were $1.33, an increase of 45%.
    --  Earnings include a charge of approximately $200 million (-$0.04 EPS)
        associated with the recently enacted U.S. health care legislation.
    --  Capital and exploration expenditures were $6.9 billion, up 19% from the
        first quarter of 2009.
    --  Oil-equivalent production increased 4.5% from the first quarter of 2009.
        Excluding the impacts of entitlement volumes, OPEC quota effects and
        divestments, production was up nearly 6%.
    --  Cash flow from operations and asset sales was $13.5 billion, including
        asset sales of $0.4 billion.
    --  Share purchases to reduce shares outstanding were about $2 billion.
    --  Ras Laffan 3 LNG Train 7 commenced operations in the first quarter and
        represents the fourth 7.8 million tons per year LNG plant brought online
        by Qatar Petroleum and ExxonMobil joint ventures within the past 12
        months.
    --  ExxonMobil Iraq Limited signed an agreement with the Iraq Ministry of
        Oil to redevelop and expand the West Qurna-1 field in southern Iraq.

First Quarter 2010 vs. First Quarter 2009

Upstream earnings were $5,814 million, up $2,311 million from the first quarter of 2009. Higher crude oil prices, partly offset by lower natural gas realizations, increased earnings $2.5 billion. Higher gas volumes improved earnings by $190 million while higher operating expenses decreased earnings $380 million.

On an oil-equivalent basis, production increased 4.5% from the first quarter of 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up nearly 6%.

Liquids production totaled 2,414 kbd (thousands of barrels per day), down 62 kbd from the first quarter of 2009. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1%, as increased production from projects in Qatar and Kazakhstan was offset by field decline.

First quarter natural gas production was 11,689 mcfd (millions of cubic feet per day), up 1,502 mcfd from 2009, driven by project ramp-ups in Qatar and higher demand in Europe.

Earnings from U.S. Upstream operations were $1,091 million, $731 million higher than the first quarter of 2009. Non-U.S. Upstream earnings were $4,723 million, up $1,580 million.

Downstream earnings were $37 million, down $1,096 million. Lower refining margins drove the majority of the decline, reducing earnings $1.1 billion. Petroleum product sales of 6,144 kbd were 290 kbd lower than last year's first quarter, mainly reflecting lower demand.

The U.S. Downstream recorded a loss of $60 million, down $412 million from the first quarter of 2009. Non-U.S. Downstream earnings of $97 million were $684 million lower.

Chemical earnings of $1,249 million were $899 million higher than the first quarter of 2009. Stronger margins improved earnings by nearly $480 million while higher sales volumes increased earnings $180 million. All other items, including asset management gains and the absence of hurricane costs from 2009, increased earnings by $240 million. First quarter prime product sales of 6,488 kt (thousands of metric tons) were 961 kt higher than the prior year primarily due to improved global demand.

Corporate and financing expenses were $800 million, up $364 million from first quarter 2009, mainly due to a charge related to the U.S. health care legislation signed into law in March 2010 and the absence of favorable 2009 tax items.

During the first quarter of 2010, Exxon Mobil Corporation purchased 37 million shares of its common stock for the treasury at a gross cost of $2.5 billion. These purchases included about $2 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 4,727 million at the end of the fourth quarter to 4,698 million at the end of the first quarter. Second quarter 2010 share purchases are expected to continue at a pace of about $2 billion. However, total purchases for the quarter may be less due to trading restrictions during the proxy solicitation period for the XTO merger. 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 29, 2010. 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 benefits resulting from the XTO transaction; project plans, costs, timing, and capacities; capital and exploration expenditures; and share purchase levels, could differ materially due to factors including: the timing and conditions of regulatory clearance for the XTO merger; our ability to integrate the businesses of XTO and ExxonMobil effectively after closing; 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 2009 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 2010

(millions of dollars, unless noted)

                                                       First Quarter

                                                       2010     2009

Earnings / Earnings Per Share

Total revenues and other income                        90,251   64,028

Total costs and other deductions                       78,183   56,178

Income before income taxes                             12,068   7,850

Income taxes                                           5,493    3,148

Net income including noncontrolling interests          6,575    4,702

Net income attributable to noncontrolling interests    275      152

Net income attributable to ExxonMobil (U.S. GAAP)      6,300    4,550

Earnings per common share (dollars)                    1.33     0.92

Earnings per common share

- assuming dilution (dollars)                          1.33     0.92

Other Financial Data

Dividends on common stock

Total                                                  1,986    1,981

Per common share (dollars)                             0.42     0.40

Millions of common shares outstanding

At March 31                                            4,698    4,880

Average - assuming dilution                            4,736    4,959

ExxonMobil share of equity at March 31                 112,541  107,003

ExxonMobil share of capital employed at March 31       126,190  119,163

Income taxes                                           5,493    3,148

Sales-based taxes                                      6,815    5,906

All other taxes                                        9,349    8,589

Total taxes                                            21,657   17,643

ExxonMobil share of income taxes of

equity companies                                       976      688




Attachment II

EXXON MOBIL CORPORATION

FIRST QUARTER 2010

(millions of dollars)

                                                              First Quarter

                                                              2010     2009

Earnings (U.S. GAAP)

Upstream

United States                                                 1,091    360

Non-U.S.                                                      4,723    3,143

Downstream

United States                                                 (60   )  352

Non-U.S.                                                      97       781

Chemical

United States                                                 539      83

Non-U.S.                                                      710      267

Corporate and financing                                       (800  )  (436  )

Net income attributable to ExxonMobil                         6,300    4,550

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                                                 1,091    360

Non-U.S.                                                      4,723    3,143

Downstream

United States                                                 (60   )  352

Non-U.S.                                                      97       781

Chemical

United States                                                 539      83

Non-U.S.                                                      710      267

Corporate and financing                                       (800  )  (436  )

Corporate total                                               6,300    4,550

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

Net cash provided by operating activities                     13.1     9.0
(U.S. GAAP)

Sales of subsidiaries, investments and property, plant and    0.4      0.1
equipment

Cash flow from operations and asset sales                     13.5     9.1




Attachment III

EXXON MOBIL CORPORATION

FIRST QUARTER 2010

                                              First Quarter

                                              2010    2009

Net production of crude oil

and natural gas liquids,

thousands of barrels daily (kbd)

United States                                 389     397

Canada/South America                          261     308

Europe                                        365     411

Africa                                        666     715

Asia Pacific/Middle East                      542     466

Russia/Caspian                                191     179

Worldwide                                     2,414   2,476

Natural gas production available for sale,

millions of cubic feet daily (mcfd)

United States                                 1,335   1,243

Canada/South America                          568     635

Europe                                        5,138   4,961

Africa                                        13      25

Asia Pacific/Middle East                      4,437   3,168

Russia/Caspian                                198     155

Worldwide                                     11,689  10,187

Oil-equivalent production (koebd)1            4,362   4,174

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




Attachment IV

EXXON MOBIL CORPORATION

FIRST QUARTER 2010

                                  First Quarter

                                  2010   2009

Refinery throughput (kbd)

United States                     1,720  1,805

Canada                            439    460

Europe                            1,530  1,518

Asia Pacific                      1,242  1,306

Other                             225    292

Worldwide                         5,156  5,381

Petroleum product sales (kbd)

United States                     2,383  2,577

Canada                            431    416

Europe                            1,609  1,567

Asia Pacific                      1,226  1,345

Other                             495    529

Worldwide                         6,144  6,434

Gasolines, naphthas               2,535  2,457

Heating oils, kerosene, diesel    1,860  2,188

Aviation fuels                    451    526

Heavy fuels                       629    593

Specialty products                669    670

Worldwide                         6,144  6,434

Chemical prime product sales,

thousands of metric tons (kt)

United States                     2,524  2,043

Non-U.S.                          3,964  3,484

Worldwide                         6,488  5,527




Attachment V

EXXON MOBIL CORPORATION

FIRST QUARTER 2010

(millions of dollars)

                                          First Quarter

                                          2010   2009

Capital and Exploration Expenditures

Upstream

United States                             772    803

Non-U.S.                                  4,774  3,563

Total                                     5,546  4,366

Downstream

United States                             347    353

Non-U.S.                                  327    293

Total                                     674    646

Chemical

United States                             68     77

Non-U.S.                                  546    681

Total                                     614    758

Other                                     43     4

Worldwide                                 6,877  5,774

Exploration expenses charged to income

included above

Consolidated affiliates

United States                             55     42

Non-U.S.                                  630    307

Equity companies - ExxonMobil share

United States                             1      0

Non-U.S.                                  3      1

Worldwide                                 689    350




Attachment VI

EXXON MOBIL CORPORATION

EARNINGS

               $ Millions  $ Per Common Share1,2

2006

First Quarter  8,400       1.38

Second Quarter 10,360      1.72

Third Quarter  10,490      1.77

Fourth Quarter 10,250      1.77

Year           39,500      6.64

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

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.

2 For periods prior to 2009, earnings per share (EPS) numbers have been
adjusted retrospectively
on a consistent basis with 2009 reporting when new authoritative guidance on
EPS was adopted.




    Source: Exxon Mobil Corporation