Exxon Mobil 4Q Earnings Down 16 Pct

Exxon Mobil, the U.S. based oil giant has reported a 16% drop in its fourth quarter results.

Fourth quarter 2013 earnings were $8.4 billion, down 16% from the fourth quarter of 2012. Full year 2013 earnings were $32.6 billion, down 27% from 2012.  Capital and exploration expenditures were $9.9 billion in the fourth quarter and $42.5  billion for the year, including $4.3 billion for acquisitions. In 2013, the Corporation distributed $26 billion to shareholders through dividends and  share purchases to reduce shares outstanding.

Exxon Mobil Chairman Rex W. Tillerson said: “ExxonMobil delivered strong business results in 2013 while remaining focused on improving profitability and long-term shareholder value. Disciplined use of capital,  project execution and asset management are positioning the company to deliver sustained superi or financial performance across the business cycle. Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals
businesses.”

Fourth Quarter 2013 vs. Fourth Quarter 2012
Upstream earnings were $6,786 million in the fourth quarter of 2013, down $976 million from the fourth quarter of 2012. Higher natural gas realizations, partly offset by lower
liquids realizations, increased earnings by $60 million. Production volume and mix effects decreased earnings by $550 million. All other items, including higher operating
expenses, decreased earnings by $490 million.

On an oil-equivalent basis, production decreased 1.8% from the fourth quarter of 2012.  Excluding the impacts of entitlement volumes, OPEC quota effects and divestments,
production was essentially flat. Liquids production totaled 2,235 kbd (thousands of barrels per day), up 32 kbd from the fourth quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 3.0%, as project ramp-up, mainly in Canada and Nigeria, and lower downtime were partially offset by field decline.

Fourth quarter natural gas production was 11,887 mcfd (millions of cubic feet per day), down 654 mcfd from 2012. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 3.9%, as field decline was partially offset by project ramp-up and increased demand.Earnings from U.S. Upstream operations were $1,186 million, $418 million lower than the fourth quarter of 2012. Non-U.S. Upstream earnings were $5,600 million, down $558 million from the prior year.

Downstream earnings were $916 million, down $852 million from the fourth quarter of 2012. Weaker margins, mainly in refining, decreased earnings by $680 million. Volume and mix effects increased earnings by $110 million. All other items, including higher operating expenses and unfavorable foreign exchange impacts, decreased earnings by $280 million. Petroleum product sales of 5,994 kbd were 114 kbd lower than last year’s fourth quarter. – 4 -Earnings from the U.S. Downstream were $597 million, down $100 million from the
fourth quarter of 2012.

Non-U.S. Downstream earnings of $319 million were $752 million lower than the prior year.Chemical earnings of $910 million were $48 million lower than the fourth quarter of 2012. Weaker margins, mainly in specialties, decreased earnings by $70 million, while volume and mix effects increased earnings by $50 million. All other items decreased earnings by $30 million. Fourth quarter prime product sales of 6,077 kt (thousands of metric tons) were 176 kt higher than last year’s fourth quarter.
Corporate and financing expenses were $262 million for the fourth quarter of 2013, down $276 million from the fourth quarter of 2012, reflecting favorable tax impacts.During the fourth quarter of 2013, Exxon Mobil Corporation purchased 36 million shares of its common stock for the treasury at a gross cost of $3.3 billion. These purchases included $3.0 billion to reduce the number of shares outstanding, with the balance used to acquire shares in conjunction with the company’s benefit plans and programs. Share purchases to reduce shares outstanding are currently anticipated to equal $3 billion in the first quarter of 2014. 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.

 

 January 30, 2014

 

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