Exxon Mobil Corporation Announces Estimated Third Quarter 2014 Results
Irving, Texas, October 31, 2014--
Exxon Mobil Corporation (NYSE:XOM):
EXXONMOBIL CHAIRMAN REX W. TILLERSON COMMENTED:
“ExxonMobil’s quarterly results demonstrate the strength of our integrated business model. Integration across Upstream, Downstream and Chemical gives us competitive advantages in scale, efficiency, technical and commercial capabilities, regardless of market fluctuations over the business cycle.
“The Corporation’s cash flow from operations and asset sales through the first nine months of 2014 fully covered net investments and shareholder distributions.
“We continue to meet our operational and project development objectives. Upstream production for 2014 remains on track with previous full-year estimates of 4 million oil-equivalent barrels per day as the company adds new production from project startups.”
■Earnings of $8,070 million increased $200 million or 3 percent from the third quarter of 2013.
■Earnings per share (assuming dilution) were $1.89, an increase of 6 percent.
■Capital and exploration expenditures were $9.8 billion, down 7 percent from the third quarter of 2013.
■Oil-equivalent production decreased 4.7 percent from the third quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 1 percent, with liquids up 0.6 percent and gas down 2.9 percent.
■Cash flow from operations and asset sales was $12.5 billion, including proceeds associated with asset sales of $0.1 billion.
■The Corporation distributed $5.9 billion to shareholders in the third quarter of 2014, including $3 billion in share purchases to reduce shares outstanding.
■Dividends per share of $0.69 increased 9.5 percent compared with the third quarter of 2013.
■ExxonMobil entered into a second nonmonetary exchange agreement with LINN Energy, LLC to add 17,800 net acres in the Permian Basin to its U.S. oil and natural gas portfolio, managed by its subsidiary XTO Energy, Inc. This agreement, coupled with the first nonmonetary exchange that closed during the quarter, extends XTO’s leasehold position across the entire Permian Basin to more than 1.5 million acres and net oil-equivalent production to more than 95,000 barrels per day.
■ExxonMobil announced the startup of the Tapis enhanced oil recovery (EOR) project, which is Malaysia’s first large-scale enhanced oil recovery project and will utilize the immiscible water-alternating-gas process to increase overall field recovery. The project exemplifies ExxonMobil's leadership in technology application and global project execution to maximize reserves recovery from producing fields.