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Exxon Mobil Corporation Announces Estimated Fourth Quarter 2009 Results

01.02.2010 16:09:00 | RM-SYSTÉM, česká burza cenných papírů
"Our financial strength provided us with the foundation to continue investing in new energy supplies to help meet global energy demand and to fuel economic growth. Capital and exploration spending was USD 27.1 billion in 2009, another record year, and in line with our longer term plan."

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"Despite continuing difficult global economic conditions, ExxonMobil delivered strong business results and built on our long-term focus. Our full year 2009 earnings excluding special items were $19,420 million despite significantly lower commodity prices and weak product margins.

"Our financial strength provided us with the foundation to continue investing in new energy supplies to help meet global energy demand and to fuel economic growth. Capital and exploration spending was $27.1 billion in 2009, another record year, and in line with our longer term plan.

"Underscoring our commitment to creating sustainable, long-term value, ExxonMobil and XTO Energy announced a $41 billion agreement in the fourth quarter 2009 that will enhance ExxonMobil's position in the development of unconventional resources. ExxonMobil and XTO resources will combine to provide numerous opportunities to supply new affordable and reliable energy resources on a global basis.

"In addition to our robust investment program, we distributed a total of $26 billion to shareholders in 2009 through dividends and share purchases to reduce shares outstanding. This reflects a 7% increase in annual per share dividends and an overall reduction in shares outstanding of 5% and reaffirms our commitment to creating value for shareholders.

"ExxonMobil's fourth quarter earnings excluding special items were $6,050 million, a decrease of 23% from the fourth quarter of 2008. Lower refining and fuels margins and lower natural gas realizations were partly offset by higher crude oil realizations."

 

FOURTH QUARTER HIGHLIGHTS

  • Earnings were $6,050 million, a decrease of 23% or $1,770 million from the fourth quarter of 2008.
  • Earnings per share were $1.27, a decrease of 18%.
  • Capital and exploration expenditures were $8.3 billion, up 21% from the fourth quarter of 2008.
  • Oil-equivalent production increased nearly 2% from the fourth quarter of 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 3%.
  • Cash flow from operations and asset sales was $8.9 billion, including asset sales of $0.3 billion.
  • Share purchases to reduce shares outstanding were $2.0 billion.

 

Exxon Mobil Corporation and XTO Energy Inc. announced an all-stock transaction valued at $41 billion. The agreement, subject to regulatory clearance and XTO shareholder approval, will enhance ExxonMobil's position in the development of unconventional natural gas and oil resources and enhance our ability to create sustainable, long-term value. XTO has a diverse resource base equivalent to 45 trillion cubic feet of gas which includes shale gas, tight gas, coal bed methane and shale oil and possesses extensive unconventional technical capabilities and operating expertise.

Project participants agreed to proceed with development of the Papua New Guinea (PNG) liquefied natural gas (LNG) project. The PNG LNG project will include gas production and processing facilities, onshore and offshore pipelines, and liquefaction facilities with capacity of 6.6 million tons per year.

Exxon Mobil Corporation and Qatar Petroleum agreed to develop a world-scale petrochemical complex in Ras Laffan Industrial City, Qatar. The complex will include a 1.6 million ton-per-year steam cracker, two 650 thousand ton-per-year polyethylene plants, and a 700 thousand ton-per-year ethylene glycol facility. The plant is expected to start up in late 2015.
Fourth Quarter 2009 vs. Fourth Quarter 2008

 

Upstream earnings were $5,780 million, up $146 million from the fourth quarter of 2008. Higher crude oil realizations increased earnings $1.8 billion while lower gas realizations reduced earnings by $1.2 billion. Lower gains from asset sales decreased earnings by $600 million.

On an oil-equivalent basis, production increased nearly 2% from the fourth quarter of 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 3%.

Liquids production totaled 2,393 kbd (thousands of barrels per day), down 79 kbd from the fourth quarter of 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was essentially flat, as increased production from projects in Qatar was offset by field decline.

Fourth quarter natural gas production was 10,717 mcfd (millions of cubic feet per day), up 868 mcfd from 2008. Project ramp-up in Qatar was partly offset by decline in Europe.

Earnings from U.S. Upstream operations were $1,011 million, $312 million higher than the fourth quarter of 2008. Non-U.S. Upstream earnings were $4,769 million, down $166 million.

Downstream earnings were a loss of $189 million, down $2,603 million. Lower margins drove the majority of the decline, reducing earnings $2.2 billion. Fewer gains from asset sales also contributed to the decrease. Petroleum product sales of 6,489 kbd were 272 kbd lower than last year's fourth quarter, mainly reflecting asset divestments and lower demand.

The U.S. Downstream recorded a loss of $287 million, down $267 million from the fourth quarter of 2008. Non-U.S. Downstream earnings of $98 million were $2,336 million lower.

Chemical earnings of $716 million were $561 million higher than the fourth quarter of 2008. Stronger margins improved earnings by $190 million while higher sales volumes increased earnings $190 million. All other items, primarily lower hurricane costs, increased earnings by $180 million. Fourth quarter prime product sales of 6,675 kt (thousands of metric tons) were 1,049 kt higher than the prior year primarily due to improved demand and the absence of last year's hurricane impacts.

Corporate and financing expenses were $257 million, down $126 million from fourth quarter 2008, mainly due to favorable tax items.

During the fourth quarter of 2009, Exxon Mobil Corporation purchased 33 million shares of its common stock for the treasury at a gross cost of $2.4 billion. These purchases included $2.0 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 4,747 million at the end of the third quarter to 4,727 million at the end of the fourth quarter. First quarter 2010 share purchases are continuing at a pace consistent with fourth quarter 2009 share reduction spending of $2.0 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.

 

Full Year 2009 vs. Full Year 2008

Earnings of $19,280 million ($3.98 per share) decreased $25,940 million from 2008. Earnings for 2009 included an after-tax special charge of $140 million related to the Valdez litigation. Earnings for 2008 included an after-tax special gain of $1,620 million from the sale of a natural gas transportation business in Germany and after-tax special charges of $460 million related to the Valdez litigation. Excluding these special items, 2009 earnings decreased by $24,640 million.

 

FULL YEAR HIGHLIGHTS

  • Earnings excluding special items were $19,420 million, down 56%.
  • Earnings per share excluding special items decreased 52% to $4.01, reflecting lower earnings and the continued reduction in the number of shares outstanding.
  • Earnings were down 57% from 2008. Earnings for 2009 included a special charge of $140 million for interest related to the Valdez punitive damages award. Earnings for 2008 included a special gain of $1,620 million from the sale of a natural gas transportation business in Germany and special charges of $460 million related to the Valdez punitive damages award.
  • On an oil-equivalent basis, production increased 11 koebd (thousand of oil equivalent barrels per day) from last year. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up about 2%.
  • Cash flow from operations and asset sales was $29.9 billion, including $1.4 billion from asset sales.
  • The Corporation distributed a total of $26.0 billion to shareholders in 2009 through dividends and share purchases to reduce shares outstanding. This reflects a 7% increase in annual per share dividends and an overall reduction in shares outstanding of 5% versus 2008.
  • Capital and exploration expenditures were $27.1 billion, up 4% versus 2008.

Upstream earnings, excluding special items, were $17,107 million, down $16,675 million from 2008. Lower crude oil and natural gas realizations decreased earnings $15.2 billion while higher operating costs reduced earnings by $1.4 billion.

On an oil-equivalent basis, production increased by 11 koebd compared to 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up about 2%.

Liquids production of 2,387 kbd declined less than 1% from last year. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up nearly 2%, as the ramp-up of project volumes in the U.S., Qatar and West Africa was partly offset by field decline.

Natural gas production of 9,273 mcfd increased 178 mcfd, or 2%, from 2008. Higher volumes from Qatar were partly offset by field decline.

Earnings from U.S. Upstream operations for 2009 were $2,893 million, a decrease of $3,350 million. Earnings outside the U.S. excluding special items were $14,214 million, down $13,325 million.

Downstream earnings of $1,781 million were $6,370 million lower than 2008. Weaker margins decreased earnings $5.1 billion. Lower asset divestment activity reduced earnings about $1.0 billion. Petroleum product sales of 6,428 kbd decreased from 6,761 kbd in 2008, mainly reflecting asset divestments and lower demand.

U.S. Downstream earnings were a loss of $153 million, down $1,802 million. Non-U.S. Downstream earnings were $1,934 million, $4,568 million lower than last year.

Chemical earnings of $2,309 million decreased $648 million from 2008. Weaker margins reduced earnings by $340 million while lower volumes reduced earnings $190 million. Prime product sales of 24,825 kt were down 157 kt from 2008.

Corporate and financing expenses excluding special items were $1,777 million, up $947 million, mainly due to lower interest income.

In 2009, Exxon Mobil Corporation purchased 277 million shares of its common stock for the treasury at a gross cost of $19.7 billion. These purchases included $18.0 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 4,976 million at the end of 2008 to 4,727 million at the end of 2009, a decrease of 5.0%.

 

ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. Central time on February 1, 2010. To listen to the event live or in archive, go to our website at exxonmobil.com.

 


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