What was ExxonMobil's net income in 2002 and how did it compare to 2001?

ExxonMobil reported a net income of $11.46 billion in 2002, which was a decrease from $15.32 billion in 2001. The company attributed this decline primarily to lower natural gas realizations and significantly weaker worldwide refining and marketing margins.

How did the company's different business segments perform in 2002?

The Upstream segment remained strong, with earnings of $9.6 billion, supported by higher crude oil realizations despite lower natural gas prices. The Downstream segment experienced a significant decline in earnings to $1.3 billion from $4.2 billion in 2001 due to weaker margins. The Chemicals segment saw improved earnings, excluding extraordinary gains, driven by increased sales volumes.

What were ExxonMobil's capital expenditures in 2002 and where were they directed?

ExxonMobil's capital and exploration expenditures totaled $14 billion in 2002. These investments were directed towards major upstream projects, particularly in Africa, Canada, and Azerbaijan, as well as downstream investments, including projects to implement refining technology for low-sulfur motor fuels.

What is the company's financial position as indicated by its balance sheet?

ExxonMobil maintained a strong financial position with total assets of $152.6 billion at the end of 2002, an increase from $143.2 billion in 2001. Shareholders' equity also grew to $74.6 billion from $73.2 billion, reflecting retained earnings and share repurchases.

XOM 10-K FY2002 Annual Report — Revenue, Net Income, EPS

Summary

Exxon Mobil Corporation's 2002 Form 10-K details a strong financial performance despite a decrease in net income compared to the record year of 2001. The company reported net income of $11.46 billion on revenues of $205 billion. This slight decline was primarily attributed to lower natural gas realizations and significantly weaker refining and marketing margins globally. Despite these headwinds, ExxonMobil continued to demonstrate robust operational efficiency and capital discipline, with upstream earnings remaining strong and chemicals earnings showing improvement year-over-year, excluding extraordinary items. The company maintained a solid financial position, with total assets growing to $152.6 billion. Capital expenditures for the year totaled $14 billion, focused on major upstream projects and downstream investments, including upgrades for low-sulfur motor fuels. ExxonMobil also continued its share repurchase program, demonstrating a commitment to returning value to shareholders. The report highlights the company's ongoing efforts in efficiency improvements and cost management, which have yielded significant savings since 1998, underscoring its strategic focus on long-term value creation.

Key Highlights

1Net income for 2002 was $11.46 billion, a decrease from $15.32 billion in 2001, primarily due to lower natural gas realizations and weaker downstream margins.
2Total revenues were $205 billion, a decrease of 4% from $213 billion in 2001.
3Upstream earnings remained strong at $9.6 billion, despite lower natural gas prices, supported by higher crude oil realizations and increased production volumes.
4Downstream earnings significantly decreased to $1.3 billion from $4.2 billion in 2001, driven by weaker refining and marketing margins.
5Chemicals earnings improved, excluding extraordinary gains, reflecting increased prime product sales volumes.
6Capital and exploration expenditures increased to $14 billion, with a focus on major upstream projects and downstream investments in low-sulfur fuels.
7The company maintained a strong balance sheet, with total assets of $152.6 billion and shareholders' equity of $74.6 billion.

EXXON MOBIL CORP Annual Report, Year Ended Dec 31, 2002

Summary

Key Highlights

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