News Release
Exxon Mobil Corporation
5959 Las Colinas Boulevard Irving, TX 75039
972 444 1107 Telephone
972 444 1138 Facsimile
FOR IMMEDIATE RELEASETHURSDAY, JULY 30, 2009
EXXON MOBIL CORPORATION ANNOUNCES ESTIMATEDSECOND QUARTER 2009 RESULTS
Second Quarter
First Half2009
2008%
2009
2008%
Earnings Excluding Special Items
$ Millions
4,090
11,970-66
8,640
22,860-62$ Per Common ShareAssuming Dilution
1
0.84
2.27-63
1.76
4.29-59
Special Items
$ Millions
(140)
(290)
(140)
(290)
Earnings
1
$ Millions
3,950
11,680-66
8,500
22,570-62$ Per Common ShareAssuming Dilution
1
0.81
2.22-64
1.73
4.24-59 Capital and ExplorationExpenditures - $ Millions
6,562
6,970-6
12,336
12,461-1
1
See page 9 for a discussion of accounting standards adopted effective January 1, 2009.
EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED
:
"Global economic conditions continue to impact the energy industry both in the volatilityof commodity prices and reduced demand for products. In spite of these challenges,ExxonMobil achieved solid results. We continued our capital investment program at nearrecord levels while returning over $16 billion to our shareholders during the first half ofthe year.
-2-
ExxonMobil’s second quarter 2009 earnings excluding special items were $4.1 billion,down 66% from the second quarter of 2008. Earnings per share excluding special itemswere down 63% reflecting lower earnings and the benefit of the share purchase program.Earnings for the second quarter of 2009 were $4.0 billion, down 66% from last year, andincluded a special charge of $140 million for interest related to the Valdez punitivedamages award. Second quarter 2008 earnings included a charge of $290 million relatedto the Valdez punitive damages award.First half earnings excluding special items decreased 62% compared to the first half of2008 reflecting lower crude oil and natural gas realizations. Earnings for the first half of2009 were also down 62% versus 2008.ExxonMobil continued its robust capital investment program. For the first half of 2009,spending on capital and exploration projects was $12.3 billion, in line with our longerterm plan.The Corporation distributed a total of $7.0 billion to shareholders in the second quarter,through dividends and share purchases to reduce shares outstanding.”SECOND QUARTER HIGHLIGHTS
•
Earnings excluding special items were $4,090 million, a decrease of 66% or$7,880 million from the second quarter of 2008.
•
Earnings per share excluding special items were $0.84, a decrease of 63%.
•
Earnings were down 66% from the second quarter of 2008. Earnings for the secondquarter of 2009 included a special charge of $140 million for interest related to the Valdezpunitive damages award. Earnings for the second quarter of 2008 included a charge of$290 million related to the Valdez punitive damages award.
•
Capital and exploration expenditures were $6.6 billion, down 6% from the second quarterof 2008, mainly due to the strengthening of the U.S. dollar.
•
The effective income tax rate increased to 50% from 49%.
•
Oil-equivalent production decreased about 3% from the second quarter of 2008.Excluding the impacts of entitlement volumes, OPEC quota effects and divestments,production was down about 2.5%.
•
Cash flow from operations and asset sales was approximately $3.0 billion, including assetsales of $0.8 billion.
•
Share purchases of $5.0 billion reduced shares outstanding by 1.5%.
-3-
SECOND QUARTER HIGHLIGHTS
(CONTINUED)
•
Qatargas 2 Train 4, the first of two LNG trains associated with this project, commencedfull scale production. With an annual output of 7.8 million tons per year, it is the largestLNG production train in service in the world.
•
Start up of the Piceance Phase 1 project in western Colorado was achieved. The newfacilities have the capacity to process up to 200 million cubic feet of natural gas per day.Production has ramped up to over 80 million cubic feet per day and is expected tocontinue to increase in the second half of the year.
•
ExxonMobil’s joint venture in Fujian Province, China, announced the start up of the 160-thousand-barrel-per-day crude and vacuum distillation units in the new integrated refiningand petrochemical complex.
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