Exxon Mobil Corporation Announces Estimated First Quarter 2010 Results

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.

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Exxon Mobil Corporation Announces Estimated First Quarter 2010 Results