USA: Exxon Mobil Reports Second Quarter Results

Exxon Mobil reported a profit of $15,910 million for the second quarter of this year a 49% rise compared to the the second quarter of 2011.

SECOND QUARTER HIGHLIGHTS

• Earnings of $15,910 million increased $5,230 million or 49% from the second quarter of 2011. Earnings included a net gain of $7.5 billion associated with divestments and tax-related items.
• On June 1, ExxonMobil completed the restructuring of its Downstream and Chemical holdings in Japan. Under the restructuring, TonenGeneral Sekiyu K.K. (TG) purchased ExxonMobil’s shares in a wholly-owned affiliate in Japan for approximately $3.9 billion. As a result, ExxonMobil’s effective ownership of TG was reduced from 50% to 22%.
• Earnings per share (assuming dilution) were $3.41, an increase of 56%. • Capital and exploration expenditures were $9.3 billion, down 9% from the second quarter of 2011.
•  Oil-equivalent production decreased 5.6% from the second quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat.
• Cash flow from operations and asset sales was $13.9 billion, including proceeds associated with asset sales of $3.7 billion. • Share purchases to reduce shares outstanding were $5 billion.
• Dividends per share of $0.57 increased 21% compared to the second quarter of 2011. • ExxonMobil and Rosneft signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments.
• ExxonMobil has filed permit applications to progress plans for a world-class petrochemical expansion on the U.S. Gulf Coast, in anticipation of a 2016 start-up. The potential project would include a new ethane cracker and premium product facilities at ExxonMobil’s integrated Baytown complex in Texas.
• ExxonMobil and joint venture partner Saudi Basic Industries Corporation will proceed with construction of a world-scale specialty elastomers facility. The 400 thousand metric tons per year facility will be integrated with the existing Al Jubail complex in Saudi Arabia, and completion is anticipated in 2015.

Exxonmobil’s Chairman Rex W. Tillerson commented: “Second quarter results reflect our ongoing commitment to develop and deliver the energy needed to help meet global demand and underpin economic recovery and growth. Despite global economic uncertainty, we continue to invest throughout the business cycle taking a long-term view of resource development. Second quarter earnings of $15.9 billion included a net gain of $7.5 billion associated with divestments and tax-related items. Excluding these items, second quarter earnings were $8.4 billion. Capital and exploration expenditures were $9.3 billion in the second quarter and a record $18.2 billion for the first six months of 2012 as we progress our plans to invest about $37 billion per year over the next five years to help meet the global demand for energy.”

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Press Release , July 29, 2012