EXHIBIT 99.1
News Release
ExxonMobil
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039-2298
972 444 1107 Telephone
972 444 1138 Facsimile
FOR IMMEDIATE RELEASE
THURSDAY, APRIL 28, 2005
EXXON MOBIL CORPORATION ANNOUNCES ESTIMATED
FIRST QUARTER 2005 RESULTS
Net Income
$ Millions
$ Per Common Share
Assuming Dilution
1.22
0.83
Earnings Excluding Special Items
$ Millions
7,400
5,440
$ Per Common Share
Assuming Dilution
Capital and Exploration
Expenditures - $ Millions
IRVING, TX, April 28 -- Exxon Mobil Corporation today reported first quarter results. Net income of $7,860 million ($1.22 per share) increased $2,420 million from the first quarter of 2004. First quarter net income included a $460 million positive impact (Downstream - $310 million; Chemical - $150 million) from sale of the Corporation's stake in China Petroleum and Chemical Corporation ("Sinopec"). Excluding this gain, earnings of $7,400 million ($1.15 per share) increased by $1,960 million.
Capital and exploration expenditures of $3,417 million in the first quarter of 2005 were up $16 million compared with last year.
ExxonMobil's Chairman Lee R. Raymond commented as follows:
"Compared with last year's first quarter, ExxonMobil's first quarter 2005 net income of $7,860 million was up $2,420 million. Excluding the gain on the sale of our stake in Sinopec, earnings were up $1,960 million and are the highest first quarter ever for the Corporation.
"Upstream earnings were a record $5,054 million, an increase of $1,041 million from first quarter 2004 results reflecting continued strength in crude and natural gas prices.
"Downstream earnings were $1,143 million, an increase of $139 million from last year, with improved worldwide refining conditions partly offset by weaker marketing margins.
"Chemical earnings were a record $1,282 million, up $718 million from first quarter 2004 reflecting higher margins.
"ExxonMobil continued its active investment program, spending $3,417 million in the first quarter on capital and exploration projects, compared with $3,401 million last year, reflecting continued strong levels of upstream spending.
"During the quarter, the corporation acquired 64 million shares at a gross cost of $3,624 million to offset the dilution associated with benefit plans and to reduce common stock outstanding. As a consequence of the continued strengthening of our financial
-2-
position, the rate of share purchases to reduce shares outstanding will be increased by $1.0 billion in the second quarter."
Additional comments on earnings for the major operating segments follow:
First Quarter 2005 vs. First Quarter 2004
Upstream earnings were a record $5,054 million, up $1,041 million from the first quarter 2004 reflecting strong crude and natural gas prices.
Liquids production of 2,543 kbd (thousands of barrels per day) was 92 kbd lower than the first quarter of 2004. Higher production from new fields in West Africa and Norway was more than offset by natural field declines in mature areas, planned and unplanned maintenance, entitlement and divestment impacts.
First quarter natural gas production decreased to 10,753 mcfd (millions of cubic feet per day), compared with 11,488 mcfd last year reflecting natural field decline in mature areas, lower demand in Europe and divestment impacts partly offset by higher volumes in Qatar.
On an oil-equivalent basis, production decreased by 5% from the first quarter of 2004. Excluding divestment and entitlement effects, production decreased by 2%.
Earnings from U.S. Upstream operations were $1,353 million, $199 million higher than last year's first quarter. Non-U.S. Upstream earnings of $3,701 million were up $842 million from 2004.
-3-
Downstream earnings, excluding the $310 million Sinopec gain, were $1,143 million, up $139 million from the first quarter of 2004, reflecting improved U.S. refining margins and higher refinery throughput partly offset by weaker marketing conditions. Petroleum product sales were 8,229 kbd, 103 kbd higher than last year's first quarter.
U.S. Downstream earnings were $645 million, up $253 million mainly due to higher refining margins. Non-U.S. Downstream earnings, excluding Sinopec, were $498 million, down $114 million due to lower marketing earnings.
Chemical earnings, excluding the $150 million Sinopec gain, were a record $1,282 million, up $718 million from the same quarter a year ago due to improved market conditions. Prime product sales of 6,938 kt (thousands of metric tons) were up 146 kt from last year's first quarter.
Corporate and financing expenses of $79 million were lower by $62 million mainly due to higher interest income.
During the first quarter of 2005, Exxon Mobil Corporation purchased 64 million shares of its common stock for the treasury at a gross cost of $3,624 million. These purchases were to offset shares issued in conjunction with company benefit plans and programs and to reduce the number of shares outstanding. Shares outstanding were reduced from 6,401 million at the end of the fourth quarter of 2004 to 6,366 million at the end of the first quarter. In April, the Corporation increased its rate of share purchases. Purchases to reduce shares outstanding are anticipated to increase from $2.5 billion in the first quarter to approximately $3.5 billion in the second quarter. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time.
-4-
Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions of dollars.
ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. central time on April 28, 2005. To listen to the event live or in archive, go to our website at www.exxonmobil.com.
Statements in this release relating to future plans, projections, events, or conditions are forward-looking statements. Actual results, including production growth and capital spending, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil or gas prices; political events or disturbances; reservoir performance; changes in OPEC quotas; timely completion of development projects; changes in technical or operating conditions; and other factors including those discussed under the heading "Factors Affecting Future Results" on our website and in Item 1 of ExxonMobil's 2004 Form 10-K. We assume no duty to update these statements as of any future date.
Consistent with previous practice, the first quarter press release includes both net income and earnings excluding special items. In 2005, there was a special item reported in the first quarter. In 2004, there was a special item reported in the third quarter. Earnings that exclude the aforementioned items are a non-GAAP financial measure and are included to help facilitate comparisons of base business performance across periods. A reconciliation to net income is shown in Attachment II. Further information on ExxonMobil's frequently used financial and operating measures is contained on pages 28 and 29 in the 2004 Form 10-K and is also available through our website at www.exxonmobil.com.
-5-
ATTACHMENT I
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
(millions of dollars, except per share amounts)
EARNINGS / EARNINGS PER SHARE
Total revenues and other income
82,051
67,602
Total costs and other deductions
69,148
58,640
Income before income taxes
$12,903
$8,962
Income taxes
5,043
3,522
Net income (U.S. GAAP)
$7,860
$5,440
Net income per common share (dollars)
$1.23
$0.83
Net income per common share
- assuming dilution (dollars)
$1.22
$0.83
OTHER FINANCIAL DATA
Dividends on common stock
Total
$1,728
$1,642
Per common share
Millions of common shares outstanding
Average - assuming dilution
6,421
6,582
Shareholders' equity at March 31
Income taxes
Excise taxes
All other taxes
Total taxes
ExxonMobil's share of income taxes
of equity companies
ATTACHMENT II
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
FUNCTIONAL EARNINGS
(millions of dollars)
Net Income (U.S. GAAP)
Upstream
United States
Non-U.S.
Downstream
United States
Non-U.S.
Chemical
United States
Non-U.S.
Corporate and financing
Net income (U.S. GAAP)
Special Items
Downstream
Non-U.S.
310
0
Chemical
Non-U.S.
150
0
Corporate total
Earnings Excluding Special Items
Upstream
United States
1,353
1,154
Non-U.S.
3,701
2,859
Downstream
United States
645
392
Non-U.S.
498
612
Chemical
United States
492
118
Non-U.S.
790
446
Corporate and financing
(79)
(141)
Corporate total
$7,400
$5,440
ATTACHMENT III
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States
Canada
Europe
Asia Pacific
174
216
Africa
596
543
Other Non-U.S.
Worldwide
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States
Canada
Europe
Asia Pacific
1,312
1,591
Other Non-U.S.
Worldwide
Oil-equivalent production (koebd)*
4,335
4,550
(continued)
*Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
ATTACHMENT III (continued)
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
Petroleum product sales (kbd)
United States
Canada
Europe
Asia Pacific
1,844
1,725
Other Non-U.S.
Worldwide
Gasolines, naphthas
Heating oils, kerosene, diesel
Aviation fuels
Heavy fuels
Specialty products
Total
Refinery throughput (kbd)
United States
Canada
Europe
Asia Pacific
1,533
1,412
Other Non-U.S.
Worldwide
Chemical prime product sales,
thousands of metric tons (kt)
United States
2,838
2,803
Non-U.S.
4,100
3,989
Worldwide
6,938
6,792
ATTACHMENT IV
EXXON MOBIL CORPORATION
FIRST QUARTER 2005
(millions of dollars)
Capital and Exploration Expenditures
Upstream
United States
Non-U.S.
2,371
2,249
Total
2,812
2,704
Downstream
United States
148
202
Non-U.S.
304
308
Total
452
510
Chemical
United States
55
51
Non-U.S.
93
81
Total
148
132
Other
5
55
Worldwide
Exploration expenses charged to income
included above
Consolidated affiliates
United States
Non-U.S.
Equity companies - ExxonMobil share
Non-U.S.
Worldwide
ATTACHMENT V
EXXON MOBIL CORPORATION
NET INCOME
$ Millions
Per Common Share
2001
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2002
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2003
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2004
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2005
-
First Quarter