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XOM · ExxonMobil

50 filings

10-Q

XOM 10-Q Quarterly Reports

ExxonMobil - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K166

XOM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 166 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Mar ’22Mar ’22
  3. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2026

    ExxonMobil reported a significant increase in net income for the third quarter and first nine months of 2026 compared to the same periods in 2025. This strong performance was driven primarily by favorable market conditions, including higher crude oil prices and historically high refining margins. The company's strategic investments in advantaged projects within Upstream and Energy Products segments, coupled with ongoing structural cost savings, also contributed to improved business performance and earnings generation. Despite a challenging global market influenced by supply disruptions, ExxonMobil demonstrated robust operational execution. While total production volumes saw a slight decrease year-over-year, driven by geopolitical factors in the Middle East and Kazakhstan, this was partially offset by growth in key areas like the Permian and Guyana. The company's financial health remains strong, evidenced by healthy operating cash flows, a reduction in total debt, and a decreasing debt-to-capital ratio, allowing for continued investment in high-return projects and significant shareholder returns through dividends and share repurchases.

    Nov 2, 2026
  2. 2026-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2026

    ExxonMobil Corporation (XOM) reported a strong financial performance for the second quarter and the first six months of 2026, driven by favorable market conditions, particularly high refining margins and elevated natural gas prices. Net income attributable to ExxonMobil significantly increased year-over-year, reaching $14.5 billion in the second quarter and $18.7 billion for the first six months. The company demonstrated robust operational execution across its segments. The Upstream segment benefited from higher crude oil realizations and growth in advantaged assets like Guyana and the Permian. Energy Products saw a substantial boost from strong refining margins and positive impacts from derivatives, despite some volume reductions due to maintenance. Chemical Products experienced improved margins, primarily driven by North American ethane advantages. The Specialty Products segment also showed increased earnings driven by higher basestock margins. ExxonMobil continued its focus on capital discipline, investing $6.8 billion in cash capital expenditures for the quarter and $13.0 billion year-to-date, with plans to invest between $27-$29 billion for the full year 2026. The company also returned significant capital to shareholders through $8.6 billion in dividends and $10.0 billion in share repurchases during the first six months. The balance sheet remains strong, with a debt-to-capital ratio of 13.7% at the end of the second quarter.

    Aug 3, 2026
  3. 2026-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2026

    ExxonMobil Corporation (XOM) reported a net income of $4.2 billion for the first quarter of 2026, a decrease from $7.7 billion in the same period of 2025. This decline was primarily attributed to unfavorable mark-to-market effects on derivatives and higher depreciation expenses, partially offset by improved prices, higher volumes from advantaged Upstream investments (Guyana and Permian), and structural cost savings. The company's financial position remains robust, with a commitment to capital discipline and shareholder returns, evidenced by significant share repurchases and dividends paid during the quarter. However, increased capital expenditures and a slight uptick in the debt-to-capital ratio warrant investor attention. The Upstream segment saw a decrease in earnings due to lower gas realizations and Middle East disruptions, but record Guyana production provided a partial offset. The Energy Products segment experienced a significant earnings decrease due to unfavorable derivative impacts, though margin improvements and trading results were positive. Chemical and Specialty Products segments reported lower earnings, impacted by compressed margins and increased feed costs. The company continues to navigate volatile market conditions, including geopolitical impacts on oil supply and natural gas prices, while also managing its extensive portfolio of operations and investments.

    May 4, 2026
  4. 2025-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2025

    ExxonMobil Corporation (XOM) reported its third quarter and year-to-date results for the period ending September 29, 2025. The company experienced a decrease in net income for both the three and nine-month periods compared to the prior year. Third quarter net income attributable to ExxonMobil was $7.55 billion, down from $8.61 billion in the same period last year. For the nine months ended September 30, 2025, net income was $22.34 billion, a decline from $26.07 billion in the corresponding period of 2024. This earnings decline was primarily attributed to weaker commodity prices, particularly for crude oil, and lower chemical margins, compounded by increased expenses related to growth initiatives. These factors were partially offset by stronger refining margins and increased volumes from advantaged upstream investments. Despite the dip in net income, the company demonstrated strong cash flow generation from operations, though slightly lower than the previous year. Significant capital expenditures were made in the Upstream segment, reflecting ongoing investments in growth projects like those in Guyana and the Permian Basin. ExxonMobil continued its commitment to shareholder returns through substantial dividend payments and aggressive share repurchases, allocating $12.9 billion to dividends and $14.9 billion to stock buybacks in the first nine months of 2025. The company maintains a strong balance sheet with a manageable debt-to-capital ratio.

    Nov 3, 2025
  5. 2025-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2025

    ExxonMobil Corporation (XOM) reported its financial results for the quarter and six months ended June 30, 2025. For the second quarter, net income attributable to ExxonMobil was $7.1 billion ($1.64 per diluted share), a decrease from $9.2 billion ($2.14 per diluted share) in the same period last year. This decline was primarily driven by lower crude oil prices, weaker chemical realizations, and increased expenses related to growth initiatives, partially offset by higher volumes from advantaged Upstream investments and structural cost savings. For the first six months of 2025, net income attributable to ExxonMobil was $14.8 billion ($3.40 per diluted share), compared to $17.5 billion ($4.20 per diluted share) in the first six months of 2024. The company continued to prioritize shareholder returns, distributing $8.6 billion in dividends and repurchasing $9.8 billion of common stock year-to-date. Despite lower net income, ExxonMobil maintained a strong balance sheet with a debt-to-total capital ratio of 12.6% as of June 30, 2025.

    Aug 4, 2025
  6. 2025-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2025

    ExxonMobil Corporation reported net income attributable to shareholders of $7.713 billion ($1.76 per diluted share) for the first quarter of 2025, a slight decrease from $8.220 billion ($2.06 per diluted share) in the same period of 2024. This decline was primarily driven by a significant drop in industry refining margins and lower crude oil prices, partially offset by increased volumes from advantaged Upstream investments in the Permian and Guyana, and the positive impact of favorable timing effects from derivatives and structural cost savings. The company's Upstream segment saw increased earnings due to higher production from key growth areas, while the Energy Products segment experienced a notable earnings decrease due to normalizing refining margins. The company also continued its robust capital return program, repurchasing $4.8 billion in shares and distributing $4.3 billion in dividends to shareholders.

    May 5, 2025
  7. 2024-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2024

    ExxonMobil Corporation (XOM) reported revenues of $87.8 billion for the third quarter of 2024 and $258.2 billion for the first nine months of the year. Net income attributable to ExxonMobil for the third quarter was $8.6 billion, a slight decrease from $9.1 billion in the prior year period. For the first nine months, net income was $26.1 billion, down from $28.4 billion in the same period of 2023. The company's performance was impacted by weaker industry refining margins and higher Upstream depreciation, partially offset by favorable timing effects from derivatives and increased volumes from advantaged Upstream investments, notably from the Permian Basin and Guyana. The acquisition of Pioneer Natural Resources, completed in May 2024, continues to be integrated and contributed to higher volumes. Total capital and exploration expenditures for the nine months were $20.0 billion, an increase from the prior year, reflecting continued investment in growth projects. The company returned significant capital to shareholders through $12.3 billion in dividends and $13.8 billion in share repurchases during the first nine months of 2024. ExxonMobil maintains a strong liquidity position with substantial cash and cash equivalents.

    Nov 4, 2024
  8. 2024-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2024

    ExxonMobil Corp. (XOM) reported strong financial results for the second quarter and first six months of 2024, bolstered significantly by the recent acquisition of Pioneer Natural Resources. Total revenues and other income increased across both periods compared to 2023, reaching $93.1 billion for the quarter and $176.1 billion year-to-date. Net income attributable to ExxonMobil for the quarter was $9.24 billion, up from $7.88 billion in the prior year's second quarter, while year-to-date net income stood at $17.46 billion, a decrease from $19.31 billion in the same period of 2023, primarily due to lower refining margins and higher scheduled maintenance. The acquisition of Pioneer Natural Resources, completed on May 3, 2024, is a major strategic development, contributing $4.37 billion in sales and $398 million in net income in the current quarter and year-to-date. This acquisition significantly boosted Upstream volumes and earnings, partially offsetting weaker industry refining and chemical margins. The company continued its commitment to shareholder returns, distributing $8.1 billion in dividends and repurchasing $8.3 billion in common stock during the first six months of the year.

    Aug 5, 2024
  9. 2024-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2024

    ExxonMobil Corporation (XOM) reported its first quarter 2024 financial results, showing a decrease in net income attributable to shareholders to $8.22 billion ($2.06 per diluted share) from $11.43 billion ($2.79 per diluted share) in the first quarter of 2023. This decline was primarily driven by lower industry refining margins and reduced natural gas prices, which impacted the Energy Products and Upstream segments, respectively. Total revenues also saw a dip to $83.08 billion from $86.56 billion year-over-year. The company continued its strategic capital allocation, with capital and exploration expenditures totaling $5.8 billion for the quarter, slightly down from the previous year. ExxonMobil also returned significant capital to shareholders, with $3.8 billion distributed through dividends and $3.0 billion used for share repurchases. The company maintains a strong balance sheet, with a debt-to-capital ratio of 16.0% and net debt-to-capital ratio of 3.2% at the end of the quarter. The anticipated merger with Pioneer Natural Resources remains on track for a second quarter 2024 closing, expected to enhance production and capital efficiency.

    Apr 29, 2024
  10. 2023-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2023

    ExxonMobil Corporation's (XOM) third-quarter 2023 report shows a significant decrease in net income to $9.07 billion, down from $19.66 billion in the same period last year. This decline is primarily attributed to lower crude oil and natural gas prices, as well as decreased industry refining and chemical margins. Despite the revenue drop, the company continued substantial capital expenditures, investing $6.0 billion in the quarter and $18.6 billion year-to-date, signaling a focus on growth and strategic assets. Notably, the company also repurchased $13.1 billion of its common stock year-to-date, demonstrating a commitment to shareholder returns. The company announced two major transformative acquisitions: the acquisition of Denbury Inc. for $4.9 billion, which bolsters its carbon capture capabilities, and a pending merger with Pioneer Natural Resources, valued at approximately $65 billion, which is expected to significantly increase its Permian Basin production. These strategic moves underscore ExxonMobil's focus on both traditional energy production and its transition towards lower-carbon solutions, positioning the company for long-term value creation amidst evolving market dynamics.

    Oct 31, 2023
  11. 2023-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2023

    ExxonMobil Corporation reported a decrease in net income for the second quarter and first six months of 2023 compared to the same periods in 2022, primarily due to lower crude oil and natural gas prices, as well as declining industry refining margins. Despite this, the company generated significant cash flow from operations, demonstrating resilience in its business model. Capital expenditures increased year-over-year as ExxonMobil continues to invest in its strategic priorities, including growth projects and low-carbon solutions, highlighted by the announced acquisition of Denbury Inc. to bolster its carbon capture capabilities. The company's financial position remains strong, with a stable debt-to-capital ratio. ExxonMobil also continued its commitment to shareholder returns, distributing substantial amounts through dividends and share repurchases. While facing a challenging commodity price environment, the company's diversified business segments and strategic investments position it for future performance.

    Aug 1, 2023
  12. 2023-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2023

    ExxonMobil Corporation (XOM) reported a strong first quarter for 2023, with net income attributable to shareholders of $11.43 billion, or $2.79 per diluted share, a significant increase from $5.48 billion ($1.28 per diluted share) in the first quarter of 2022. This performance was driven by improved margins in the Energy Products and Specialty Products segments, coupled with increased volumes and favorable product mix. The company's upstream segment saw a notable earnings increase, largely due to growth in Guyana and the Permian basin, which more than offset impacts from divestments and the Russia expropriation. The Energy Products segment benefited significantly from stronger industry refining margins and marketing contributions, despite some seasonal softening. Chemical Products, however, experienced weaker margins and lower sales, reflecting global market conditions. Capital expenditures increased year-over-year, aligning with ExxonMobil's strategic priorities of investing in high-return projects while maintaining a strong balance sheet and returning value to shareholders through buybacks and dividends.

    May 2, 2023
  13. 2022-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2022

    ExxonMobil Corporation (XOM) reported robust financial results for the third quarter and the first nine months of 2022, driven by significantly higher energy prices and strong performance in its Upstream and Energy Products segments. Total revenues and other income surged, with net income attributable to ExxonMobil reaching $19.66 billion for the third quarter and $42.99 billion for the first nine months of the year, representing substantial increases compared to the prior year periods. This exceptional profitability was fueled by elevated crude oil and natural gas realizations, as well as improved refining margins. The company demonstrated strong operational execution and disciplined capital allocation. Cash flow from operating activities remained exceptionally strong, supporting significant investments in capital projects, substantial shareholder returns through dividends and share repurchases, and a continued strengthening of the balance sheet. Despite a challenging geopolitical and economic environment, ExxonMobil maintained its focus on strategic investments and operational efficiency, positioning itself favorably for future growth while navigating market volatility.

    Nov 2, 2022
  14. 2022-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2022

    ExxonMobil Corporation (XOM) reported robust financial performance for the second quarter and first half of 2022, driven by significantly higher oil and gas prices and refining margins. Total revenues and other income surged to $115.7 billion for the quarter and $206.2 billion for the first half, a substantial increase from the prior year. Net income attributable to ExxonMobil reached $17.85 billion for the quarter and $23.33 billion for the first half, marking a significant improvement compared to Q2 2021 ($4.69 billion) and the first half of 2021 ($7.42 billion). The company's Upstream segment was the primary driver of this growth, benefiting from higher realizations for crude oil and natural gas. The Energy Products segment also contributed positively due to improved industry refining margins. While Chemical Products and Specialty Products segments saw a decline in earnings compared to the strong prior year, they remained profitable. ExxonMobil's strong operational performance and favorable market conditions are reflected in its substantial increase in cash flow from operating activities, which reached $34.8 billion for the first six months of 2022, enabling significant capital expenditures, shareholder distributions, and share repurchases.

    Aug 3, 2022
  15. 2022-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2022

    ExxonMobil Corporation (XOM) reported a strong first quarter of 2022, with net income attributable to shareholders more than doubling to $5.48 billion, or $1.28 per diluted share, compared to $2.73 billion, or $0.64 per diluted share, in the same period of 2021. This significant increase was primarily driven by higher Upstream realizations and Downstream margins, reflecting favorable market conditions characterized by tight supply and increasing demand for petroleum and petrochemical products, further exacerbated by geopolitical events. The company's financial performance was significantly impacted by a $3.4 billion after-tax charge related to the impairment of its operations in Russia due to the planned exit from the Sakhalin-1 project following Russia's military action in Ukraine. Despite this charge, the core business segments demonstrated robust operational and financial performance. Cash flow from operating activities also saw a substantial increase, supporting capital expenditures, dividends, and share repurchases, indicating a healthy liquidity position and a commitment to returning value to shareholders.

    May 4, 2022
  16. 2021-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2021

    ExxonMobil Corporation (XOM) reported a significant turnaround in its financial performance for the nine months ended September 30, 2021, compared to the same period in 2020. The company shifted from a net loss of $2.37 billion in the first nine months of 2020 to a strong net income of $14.17 billion in the same period of 2021. This dramatic improvement was driven by a substantial increase in revenues, higher commodity prices, and a recovery in demand across its Upstream, Downstream, and Chemical segments. The third quarter of 2021 also demonstrated robust performance, with net income reaching $6.75 billion, a substantial increase from the $0.68 billion loss reported in the third quarter of 2020. This financial strength is supported by improved operational execution, effective cost management, and favorable market conditions, particularly in Upstream realizations and Chemical margins. The company's strategic capital allocation priorities, including investing in advantaged projects, strengthening the balance sheet, and returning capital to shareholders through dividends, remain central to its financial strategy.

    Nov 3, 2021
  17. 2021-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2021

    ExxonMobil reported a significant turnaround in its financial performance for the second quarter and first half of 2021, moving from substantial losses in the prior year to robust profits. This recovery was primarily driven by a rebound in Upstream segment earnings, fueled by higher crude oil and natural gas realizations, and strong performance in the Chemical segment, characterized by improved margins and higher sales volumes. The company's overall revenues more than doubled year-over-year for the quarter, reflecting the recovering global demand for energy and petrochemicals. While the Downstream segment experienced a net loss for the quarter, overall profitability was significantly boosted by the Upstream and Chemical segments. The company also demonstrated improved cash flow from operations, enabling it to reduce debt and continue shareholder distributions, including dividends. Capital expenditures remained lower year-over-year, indicating a strategic focus on capital discipline amidst a recovering but still somewhat uneven global economic landscape. The company is also actively managing its portfolio, with significant divestments planned, which are expected to contribute to future cash flows and gains.

    Aug 4, 2021
  18. 2021-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2021

    ExxonMobil Corporation (XOM) reported a significant turnaround in its first quarter of 2021, posting a net income of $2.73 billion, a substantial improvement from a net loss of $0.61 billion in the same period of 2020. This rebound was driven by a strong recovery in the Upstream and Chemical segments, benefiting from higher commodity prices and improved chemical margins. The company also saw a notable increase in revenues, reaching $59.15 billion compared to $56.16 billion a year ago. Despite the positive net income, operational challenges such as the winter storm in Texas and lower Downstream margins presented headwinds. However, the company's strategic focus on cost management and operational efficiency, including ongoing workforce reductions, contributed to expense reductions. ExxonMobil also continued its commitment to shareholder returns, distributing $3.7 billion in dividends. The company's financial position remains solid, with a reduced debt-to-total capital ratio and ample liquidity, positioning it to navigate the evolving energy landscape.

    May 5, 2021
  19. 2020-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2020

    ExxonMobil's third-quarter 2020 Form 10-Q filing reveals a significant downturn in financial performance compared to the prior year, largely attributed to the economic impact of the COVID-19 pandemic on global demand for petroleum and petrochemical products. The company reported a net loss for the quarter and the year-to-date period, a stark contrast to the profitability seen in 2019. This performance decline was driven by lower commodity price realizations across its Upstream segment, reduced margins in its Downstream operations, and the lingering effects of market volatility. In response to these challenging market conditions, ExxonMobil has implemented substantial reductions in capital and operating expenditures, and has also increased its debt levels to strengthen liquidity. Despite these measures and a degree of recovery in consumer and business activity, the outlook remains uncertain, with the company anticipating that unfavorable economic impacts may persist into 2021. The company is actively managing its portfolio, with potential for significant impairment charges on certain long-lived assets, particularly in the North American dry gas portfolio, depending on the outcome of its annual planning process.

    Nov 4, 2020
  20. 2020-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2020

    ExxonMobil Corporation reported a net loss attributable to shareholders of $1.08 billion ($0.26 per diluted share) for the second quarter of 2020, a significant decrease compared to the $3.13 billion profit ($0.73 per diluted share) in the same period of 2019. This downturn was primarily driven by substantial declines in upstream realizations due to drastically lower commodity prices, exacerbated by the COVID-19 pandemic's impact on global demand. While the Downstream and Chemical segments showed some resilience, particularly due to favorable inventory adjustments and reduced expenses, they could not offset the upstream segment's weakness. Despite the challenging operating environment, ExxonMobil took proactive steps to manage its financial position. The company significantly reduced its capital and exploration expenditures, and also issued substantial amounts of long-term debt to bolster liquidity, increasing its total debt and debt-to-capital ratio. Management anticipates continued lower earnings and operating cash flow compared to 2019 unless industry conditions improve significantly in the latter half of the year. The company is closely monitoring long-term asset impairment risks and potential reductions in proved reserves.

    Aug 5, 2020
  21. 2020-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2020

    ExxonMobil Corporation reported a net loss of $610 million ($0.14 per diluted share) for the first quarter of 2020, a significant decline from the $2.4 billion in earnings ($0.55 per diluted share) recorded in the same period of the prior year. This reversal into a net loss was primarily driven by the severe impact of the COVID-19 pandemic, which led to substantial reductions in demand for petroleum products and sharp declines in industry prices. Consequently, the company experienced unfavorable non-operational impacts, including a significant inventory write-down of $2.8 billion (pre-tax) and impairment charges totaling $787 million (after-tax), impacting its Upstream, Downstream, and Chemical segments. Despite the challenging market conditions, ExxonMobil maintained its commitment to shareholders by distributing $3.7 billion in dividends. The company also took proactive steps to strengthen its liquidity by issuing $8.5 billion in long-term debt during the quarter and establishing a $7 billion short-term credit facility. Capital expenditures were significantly reduced to $23 billion for the full year 2020, down from a prior forecast of $33 billion, reflecting the company's response to the volatile economic environment.

    May 6, 2020
  22. 2019-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2019

    ExxonMobil's third quarter 2019 report shows a significant year-over-year decline in net income, primarily driven by lower upstream realizations, weaker downstream and chemical margins, and increased expenses. For the three months ended September 30, 2019, net income attributable to ExxonMobil was $3.17 billion, or $0.75 per diluted share, down from $6.24 billion, or $1.46 per diluted share, in the same period of 2018. Despite the quarterly downturn, the company maintained substantial operational cash flow and continued to invest heavily in capital and exploration expenditures, particularly in the U.S. Permian Basin. The company also returned significant capital to shareholders through dividends. Key balance sheet items show an increase in total debt and a corresponding increase in the debt-to-total capital ratio, reflecting recent debt issuances. Investors should note the ongoing challenges in commodity prices and margins impacting profitability, alongside continued strategic investments.

    Nov 6, 2019
  23. 2019-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2019

    ExxonMobil's second quarter 2019 10-Q filing reveals a decrease in net income attributable to ExxonMobil to $3.13 billion from $3.95 billion in the same period last year. This decline was primarily driven by lower upstream realizations, weaker downstream and chemical margins, and increased expenses, partially offset by volume growth. For the first six months of 2019, net income fell to $5.48 billion from $8.60 billion in the prior year. Despite lower earnings, the company continued to invest significantly in capital and exploration expenditures, totaling $15.0 billion for the first six months, an increase of 30% year-over-year, with a notable focus on the U.S. Permian Basin. Shareholder distributions remained strong, with $7.2 billion distributed in dividends during the first half of the year.

    Aug 7, 2019
  24. 2019-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2019

    ExxonMobil Corporation's first quarter 2019 results, filed on May 2, 2019, show a notable decrease in net income attributable to ExxonMobil to $2.35 billion, down from $4.65 billion in the first quarter of 2018. This decline is primarily attributed to lower margins in the Downstream and Chemical segments, coupled with increased scheduled maintenance activities impacting profitability. While Upstream earnings saw a decrease, largely due to the absence of a prior year gain on asset sales and higher expenses, the total oil-equivalent production increased slightly by 2% year-over-year. The company's financial position remains solid, with cash and cash equivalents increasing to $4.59 billion at the end of the quarter. Total debt stood at $40.8 billion, resulting in a debt-to-capital ratio of 17.1%. Capital expenditures increased significantly, reflecting ongoing investments in growth projects across its segments. Despite the quarterly earnings dip, ExxonMobil continued to return capital to shareholders through $3.5 billion in dividends.

    May 2, 2019
  25. 2018-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2018

    ExxonMobil Corporation (XOM) reported strong financial performance for the nine months ending September 30, 2018, with net income attributable to ExxonMobil reaching $14.84 billion, a significant increase from $11.33 billion in the same period of 2017. This growth was primarily driven by higher energy prices and improved operational performance across its Upstream, Downstream, and Chemical segments. The company's revenue also saw a substantial rise, indicating a robust market for its products and services. Cash flow from operating activities was strong, demonstrating the company's ability to generate substantial cash from its core operations, which supported significant investments in capital and exploration expenditures totaling $18.1 billion. These investments are geared towards future growth and maintaining its asset base. The company also returned substantial value to shareholders through dividends, underscoring its commitment to shareholder returns while continuing to invest in its long-term strategic objectives. Overall, the results indicate a healthy and financially sound company navigating a dynamic energy market.

    Nov 7, 2018
  26. 2018-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2018

    ExxonMobil Corporation's second quarter and first six months of 2018 performance showed a significant increase in net income attributable to ExxonMobil, rising to $3.95 billion and $8.60 billion, respectively, compared to the prior year periods. This improvement was primarily driven by higher crude oil and natural gas realizations, particularly in the Upstream segment, which saw substantial earnings growth. Despite an increase in capital and exploration expenditures, the company maintained a strong liquidity position with total cash and cash equivalents of $3.43 billion at the end of the second quarter. While the Upstream segment demonstrated robust performance, the Downstream and Chemical segments experienced a decline in earnings due to weaker refining margins and chemical product margins, respectively. The company also noted increased corporate and financing expenses, largely attributed to changes in tax items and higher pension costs. Overall, ExxonMobil reported a 17% increase in earnings per diluted share for the first six months of 2018, indicating a positive financial trajectory driven by favorable commodity prices.

    Aug 2, 2018
  27. 2018-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2018

    ExxonMobil Corporation's first quarter 2018 report shows a significant increase in earnings and cash flow compared to the same period in 2017. Net income attributable to ExxonMobil was $4.65 billion, a rise from $4.01 billion in Q1 2017, driven by higher commodity prices across its Upstream, Downstream, and Chemical segments. The company highlights strong operational efficiency and portfolio strengthening as key drivers. Cash flow from operations and asset sales reached $10.0 billion, the highest since 2014, indicating robust financial health and capacity for reinvestment and shareholder distributions. Total revenues and other income grew to $68.21 billion, up from $58.67 billion in the prior year quarter. The Upstream segment saw a substantial earnings increase, largely due to higher liquids and gas realizations, despite a slight decrease in production volumes primarily attributed to the Papua New Guinea earthquake and divestments. Downstream and Chemical segments also contributed positively, though with varying performance dynamics in margins and volumes. The company continues its capital expenditure program, planning for approximately $24 billion in 2018, and maintained its focus on shareholder returns through dividends and share repurchases.

    May 3, 2018
  28. 2017-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2017

    Exxon Mobil Corporation (XOM) reported its third-quarter and nine-month results for the period ending September 30, 2017. The company demonstrated a significant increase in profitability, with net income attributable to ExxonMobil rising to $3.97 billion for the quarter and $11.33 billion for the nine-month period, up from $2.65 billion and $6.16 billion in the prior year, respectively. This substantial improvement was driven by higher commodity prices, particularly in the Upstream segment, and stronger performance in the Downstream business. Operational highlights include a 2% increase in Upstream oil-equivalent production during the third quarter, with notable growth in Non-U.S. Upstream earnings. The Downstream segment also saw improved earnings, largely due to higher refining margins. Despite these positive trends, the Chemical segment experienced a slight decline in earnings driven by weaker margins. The company maintained a strong focus on capital discipline, with capital and exploration expenditures decreasing by 3% for the nine-month period. ExxonMobil continued to return value to shareholders through dividends, distributing $9.7 billion for the first nine months of the year.

    Nov 1, 2017
  29. 2017-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2017

    ExxonMobil Corporation's (XOM) Q2 2017 filing reveals a significant rebound in financial performance compared to the prior year, driven by improved commodity prices and operational efficiencies. Net income attributable to ExxonMobil more than doubled to $3.35 billion for the quarter and $7.36 billion for the first six months, indicating a strong recovery. This improved profitability was supported by higher revenues across all segments, particularly in Upstream and Downstream, despite a slight decrease in overall production volumes. Financially, the company maintained a solid balance sheet with total assets growing to $343 billion. Cash flow from operations was robust, providing ample liquidity. The company also continued its strategic capital allocation, returning substantial amounts to shareholders through dividends ($6.4 billion year-to-date) while also making significant investments in growth opportunities, including the acquisitions of InterOil Corporation and Permian Basin properties. The company's focus on managing costs and optimizing its asset portfolio appears to be yielding positive results for investors.

    Aug 2, 2017
  30. 2017-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2017

    ExxonMobil's first quarter 2017 results show a significant rebound in profitability, with net income attributable to ExxonMobil more than doubling to $4.01 billion ($0.95 per diluted share) from $1.81 billion ($0.43 per diluted share) in the same period of 2016. This improvement was driven by higher commodity prices, effective cost management, and stronger refining operations. Total revenues and other income saw a substantial increase to $63.29 billion from $48.71 billion year-over-year. The Upstream segment, in particular, showed a remarkable turnaround, reporting earnings of $2.25 billion compared to a loss of $76 million in Q1 2016, largely due to improved liquids and gas realizations. While Downstream earnings also increased, the Chemical segment experienced a decline in earnings. The company also made strategic acquisitions, including InterOil Corporation and Permian Basin properties, which were funded partly by issuing company stock.

    May 3, 2017
  31. 2016-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2016

    ExxonMobil Corporation's (XOM) Q3 2016 10-Q filing reveals a challenging operating environment, with net income attributable to ExxonMobil declining to $2.65 billion for the third quarter, down from $4.24 billion in the same period of 2015. This decline was primarily driven by lower commodity prices and refining margins across its Upstream and Downstream segments, despite stable oil-equivalent production. Capital and exploration expenditures were significantly reduced year-over-year, reflecting a strategic focus on efficiency and value creation amidst prevailing market conditions. The company continued its commitment to shareholder returns by distributing $9.3 billion in dividends during the first nine months of the year. Looking ahead, ExxonMobil is navigating a complex energy landscape, with continued focus on cost efficiencies, strategic investments, and managing its asset portfolio. The company also announced a significant acquisition of InterOil Corporation for over $2.5 billion, subject to closing conditions, aimed at expanding its resource base. While the company anticipates potential impacts on reported proved reserves due to low commodity prices, it maintains that this will not affect the operational outlook or future production volumes.

    Nov 3, 2016
  32. 2016-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2016

    ExxonMobil Corporation reported a significant decline in net income attributable to shareholders for the second quarter and first six months of 2016 compared to the same periods in 2015. This decline was primarily driven by sharply lower commodity prices and weaker refining margins, despite a strong performance in the Chemical segment. The company's Upstream segment experienced substantial earnings reduction, particularly in U.S. operations, due to lower liquid and gas realizations. Downstream earnings also decreased, impacted by weaker refining margins. Despite the challenging market conditions, ExxonMobil maintained its focus on business fundamentals and cost discipline. Capital and exploration expenditures were reduced by 36% year-over-year for the first six months of 2016, reflecting a strategic adjustment to market realities. The company also continued its shareholder distributions, paying out $6.2 billion in dividends during the first six months of the year, while managing its debt levels, which saw an increase in the long-term debt component.

    Aug 3, 2016
  33. 2016-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2016

    ExxonMobil Corporation's first quarter 2016 results, filed on May 4, 2016, show a significant decrease in net income attributable to ExxonMobil, falling to $1.81 billion from $4.94 billion in the same period of 2015. This decline is primarily driven by lower Upstream and Downstream earnings, impacted by lower commodity prices and weaker refining margins. Despite these challenges, the company reported stronger Chemical segment results and a decrease in corporate and financing expenses. Operationally, ExxonMobil saw an increase in liquid production due to new project capacity, although overall upstream volumes saw a slight increase. The company continues to invest in capital expenditures, with a planned $23.2 billion for 2016, albeit at a reduced pace compared to the previous year. The balance sheet reflects an increase in long-term debt, used in part to reduce short-term debt, and a slight increase in the debt-to-total capital ratio. The company maintained its dividend payments to shareholders, distributing $3.1 billion in the quarter.

    May 4, 2016
  34. 2015-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2015

    ExxonMobil Corporation's third quarter 2015 filing for the period ending September 30, 2015, reveals a significant decline in overall profitability compared to the previous year, primarily driven by substantially lower upstream realizations. Net income attributable to ExxonMobil dropped to $4.24 billion from $8.07 billion in the same quarter of 2014, with diluted earnings per share falling to $1.01 from $1.89. Despite the challenging upstream environment, the company's downstream and chemical segments showed strength, with downstream earnings increasing significantly due to stronger margins and chemical earnings also seeing a modest rise. Capital and exploration expenditures were reduced by 22% year-over-year in the quarter, reflecting disciplined investment. The company continued its commitment to returning capital to shareholders, distributing $3.6 billion in the quarter through dividends and share repurchases.

    Nov 4, 2015
  35. 2015-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2015

    ExxonMobil Corporation reported a significant decrease in net income attributable to shareholders for the second quarter and first six months of 2015 compared to the same periods in 2014. This decline is primarily driven by lower commodity prices impacting upstream realizations, which more than offset gains in downstream and chemical segments. Despite the lower earnings, the company maintained capital discipline, with capital and exploration expenditures decreasing by 12% year-over-year for the first six months. ExxonMobil also continued to return capital to shareholders through dividends and share repurchases, although the pace of share purchases was reduced compared to the prior year. The balance sheet shows a slight decrease in total assets and equity. Notably, long-term debt increased significantly due to an $8.0 billion issuance in the first quarter of 2015, leading to a higher debt-to-capital ratio. Cash flow from operations also declined, reflecting the lower earnings. The company continues to navigate a challenging commodity price environment while focusing on operational efficiency and strategic investments.

    Aug 5, 2015
  36. 2015-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2015

    ExxonMobil's first quarter 2015 report shows a significant decrease in net income attributable to ExxonMobil, falling to $4.94 billion from $9.10 billion in the same period of 2014. This decline is primarily driven by lower crude oil and natural gas realizations, impacting the Upstream segment significantly, which recorded earnings of $2.86 billion compared to $7.78 billion year-over-year. Despite the drop in earnings, the company's Downstream segment showed a strong performance, with earnings increasing to $1.67 billion from $0.81 billion, driven by improved margins. Total revenues and other income also saw a substantial decrease, dropping to $67.62 billion from $106.33 billion in Q1 2014, reflecting the challenging commodity price environment. Capital and exploration expenditures were $7.7 billion, down 9% from the prior year, indicating a measured approach to investment. The company also reported a notable increase in long-term debt, primarily due to an $8.0 billion issuance during the quarter. Overall, the report highlights ExxonMobil's resilience in navigating lower commodity prices, leveraging its integrated business model to offset some of the upstream weakness with downstream strength.

    May 6, 2015
  37. 2014-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2014

    ExxonMobil Corporation's third quarter 2014 report shows a modest increase in net income attributable to ExxonMobil, reaching $8.07 billion, up from $7.87 billion in the same period last year. This growth was driven by stronger performance in the Downstream and Chemical segments, benefiting from higher margins and improved operations, which helped offset a decline in Upstream realizations. For the first nine months of 2014, net income grew to $25.95 billion from $24.23 billion in the prior year. The company maintained a strong operational cash flow, providing $37.7 billion in the first nine months of 2014, which supported significant shareholder distributions through dividends and share repurchases totaling $17.6 billion. Capital and exploration expenditures were reduced compared to the previous year, reflecting a more focused investment strategy.

    Nov 5, 2014
  38. 2014-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2014

    ExxonMobil's second quarter 2014 results demonstrated a significant increase in profitability, with net income attributable to ExxonMobil reaching $8.78 billion, a 28% rise compared to the same period in 2013. This growth was driven by strong operational performance across its segments, particularly in the Upstream division, which benefited from higher realizations and strategic asset management. The company also highlighted its commitment to shareholder returns, distributing $6.0 billion through dividends and share repurchases during the quarter. Despite a slight decrease in production volumes, mainly due to the expiry of a concession in Abu Dhabi, overall efficiency and strategic divestments contributed to a robust financial performance for the period.

    Aug 6, 2014
  39. 2014-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2014

    ExxonMobil Corporation (XOM) reported its first-quarter 2014 financial results, demonstrating a slight decrease in net income attributable to ExxonMobil to $9.1 billion, down from $9.5 billion in the first quarter of 2013. This reduction was primarily driven by lower earnings in the Downstream and Chemical segments, although these were partially offset by a strong increase in Upstream earnings. The company generated robust operating cash flow of $15.1 billion, reflecting its core business strength. Capital expenditures were $8.4 billion for the quarter, a decrease from the prior year, partly due to the absence of a significant acquisition in Q1 2013. ExxonMobil continued its commitment to shareholder returns, distributing $5.7 billion through dividends and share repurchases. The company's financial position remained solid, with a debt-to-total capital ratio of 10.5% at the end of the quarter.

    May 7, 2014
  40. 2013-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2013

    ExxonMobil Corporation (XOM) reported a decrease in net income for the third quarter and first nine months of 2013 compared to the same periods in 2012. Third quarter net income was $7.87 billion, down 18% from $9.57 billion in Q3 2012, while year-to-date net income was $24.23 billion, a 27% decrease from $34.93 billion in the first nine months of 2012. This decline was primarily driven by significantly weaker refining margins in the Downstream segment and lower earnings from non-U.S. Upstream operations. Despite the income decrease, the company saw an increase in Upstream earnings driven by higher liquids and natural gas realizations, and strategic capital and exploration expenditures were in line with plans, totaling $10.5 billion in Q3 and $32.6 billion year-to-date, including significant investment in acquisitions like Celtic Exploration Ltd. The company continued its commitment to shareholder returns, distributing $5.8 billion in the third quarter through dividends and share repurchases. However, cash and cash equivalents decreased to $5.7 billion from $13.3 billion year-over-year, and the debt-to-capital ratio increased to 10.8% from 6.3% at year-end 2012. ExxonMobil also reported a higher effective income tax rate for the first nine months of 2013 due to the absence of favorable tax impacts from divestments in the prior year. Investors should note the ongoing legal proceedings and environmental compliance matters, though management believes the outcomes will not have a material adverse effect on the company's financial condition.

    Nov 5, 2013
  41. 2013-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2013

    ExxonMobil Corporation's second-quarter 2013 results show a significant year-over-year decrease in net income, primarily driven by the absence of a substantial gain from a Japan restructuring in the prior year and weaker refining margins. Net income attributable to ExxonMobil was $6.9 billion, down from $15.9 billion in the second quarter of 2012. For the first six months of 2013, net income was $16.4 billion, a considerable drop from $25.4 billion in the same period of 2012. Despite the decline in reported earnings, the company highlighted continued strong operational performance and strategic investments. Capital and exploration expenditures remained robust, totaling $10.2 billion for the quarter and $22 billion for the first six months, indicating a commitment to future growth, including the recent acquisition of Celtic Exploration Ltd. The company also returned significant capital to shareholders, distributing $6.8 billion in the second quarter through dividends and share repurchases.

    Aug 6, 2013
  42. 2013-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2013

    ExxonMobil Corporation's first quarter 2013 report shows a slight increase in net income attributable to ExxonMobil shareholders, reaching $9.5 billion compared to $9.45 billion in the same period of 2012. This performance was driven by strong results across its segments, particularly the chemical business, despite a decrease in upstream earnings due to lower liquids realizations and production volume effects. The company continued its significant investment in capital and exploration, with expenditures totaling $11.8 billion, which included the acquisition of Celtic Exploration Ltd. This investment level signals a commitment to future energy supply development. Overall financial health remains robust, with a strong operating cash flow. However, the company's total cash and cash equivalents saw a notable decrease to $6.6 billion from $19.1 billion in the prior year, largely due to substantial shareholder distributions through dividends and share repurchases, amounting to $7.6 billion in the quarter. The company also managed its debt levels, with a debt-to-total capital ratio of 7.2%. Investors should note the ongoing legal and environmental proceedings, though management indicates none are expected to have a material adverse effect on the corporation's financial statements.

    May 2, 2013
  43. 2012-Q3

    ExxonMobil Quarterly Report for Q3 Ended Nov 6, 2012

    ExxonMobil Corporation's third quarter 2012 report indicates a slight decrease in earnings compared to the same period in the prior year, with net income attributable to ExxonMobil at $9.57 billion compared to $10.33 billion in Q3 2011. This was primarily driven by lower Upstream earnings, which saw a significant drop due to production volume and mix effects, as well as lower crude oil and natural gas realizations. However, Downstream segment earnings showed substantial improvement, more than doubling from Q3 2011, largely due to higher refining margins and gains on asset sales, including a significant contribution from the Japan restructuring. Financially, the company maintained a strong liquidity position with $13.06 billion in cash and cash equivalents. Capital expenditures remained robust, reflecting ongoing investment in Upstream projects. The company continued its commitment to shareholder returns, distributing $7.6 billion in the third quarter through dividends and significant share repurchases. The debt-to-total capital ratio remained low at 6.7%, indicating a healthy balance sheet.

    Nov 6, 2012
  44. 2012-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2012

    ExxonMobil's Q2 2012 report shows a significant increase in net income attributable to shareholders, reaching $15.91 billion, up from $10.68 billion in the prior year's second quarter. This surge was largely driven by a substantial $7.5 billion gain from divestments and tax-related items, including a significant restructuring gain in Japan. Excluding these one-time items, core earnings were approximately $8.4 billion. The company continued its strong capital allocation, returning $7.7 billion to shareholders through dividends and share repurchases in the quarter, underscoring a commitment to shareholder returns amidst global economic uncertainty. Operationally, the Upstream segment saw a slight decrease in earnings year-over-year, primarily due to lower commodity prices and reduced sales volumes, although production remained relatively stable when adjusted for divestments and entitlement effects. The Downstream and Chemical segments experienced robust earnings growth, significantly boosted by the aforementioned Japan restructuring gain, alongside improved margins and volumes. The company maintained substantial capital and exploration expenditures of $9.3 billion in the quarter, reflecting its long-term investment strategy to meet global energy demand.

    Aug 2, 2012
  45. 2012-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2012

    ExxonMobil's first-quarter 2012 results show net income attributable to ExxonMobil of $9.45 billion, or $2.00 per share, down 11% from $10.65 billion ($2.14 per share) in Q1 2011. The decline was driven mainly by weaker Upstream earnings (down $873 million, on lower sales volumes, higher operating expenses and the absence of prior-year asset-sale gains) and a sharp drop in Chemical earnings (down $815 million on weaker margins). Downstream was a partial offset, up $487 million, largely on non-U.S. results and gains on asset sales. Total revenues and other income rose to $124.1 billion from $114.0 billion, reflecting higher prices, though crude and product purchases rose in step. Cash generation remained strong. Operating cash flow was $19.3 billion, and cash flow from operations and asset sales totaled $21.8 billion. Capital and exploration spending was $8.8 billion, up 13%. The company returned more than $7 billion to shareholders through dividends ($2.2 billion) and share repurchases ($5.7 billion, of which $5 billion was aimed at reducing shares outstanding). Cash and equivalents rose to $18.7 billion, and total debt fell to $15.7 billion, bringing the debt-to-capital ratio down to 8.7% from 9.6% at year-end 2011. Key items for investors include the pending restructuring of Downstream and Chemical holdings in Japan, under which TonenGeneral Sekiyu will buy ExxonMobil's stake for about $3.9 billion, reducing ExxonMobil's effective ownership of TG to roughly 22%, with closing expected in mid-2012. Legal exposures include the Maryland Allison gasoline-leak verdict (about $1.5 billion in combined damages), a Nigerian arbitration award of about $1.8 billion plus $234 million in interest that is subject to enforcement proceedings, and the Venezuelan Cerro Negro ICSID arbitration. Management says none of these is expected to have a material adverse effect on operations or financial condition.

    May 3, 2012
  46. 2011-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2011

    ExxonMobil reported strong third-quarter 2011 results, with net income attributable to ExxonMobil of $10,330 million, up 41% from $7,350 million a year earlier, and EPS (assuming dilution) of $2.13 versus $1.44. For the first nine months, earnings rose 49% to $31,660 million and diluted EPS rose 48% to $6.45. Management attributed the gains mainly to higher crude oil and natural gas realizations and improved refining margins. Upstream was the main driver, with nine-month Upstream earnings of $25,610 million, up about $9.0 billion, while Downstream earnings more than doubled to $4,034 million. Cash generation was robust. Operating cash flow for the nine months was $44.6 billion, up $9.2 billion year over year, and cash flow from operations and asset sales reached $48.8 billion. Capital and exploration spending hit a record $26.7 billion for the period, up 21%, and management plans to invest $33 to $37 billion per year over the next several years. Shareholder distributions remained a priority: about $7.3 billion went to dividends and buybacks in the quarter, and the company bought back $5 billion of stock to reduce shares outstanding. Shares outstanding fell to 4,793 million from 4,862 million at the end of the second quarter. Total debt rose to $16.8 billion, and the debt-to-capital ratio was a low 9.4%. Investors should note a few risk items. Production was down 4% year over year on an oil-equivalent basis in the quarter, although it was roughly flat excluding entitlement, OPEC quota, and divestment effects. The most significant legal matter is the June 2011 Allison v. Exxon Mobil verdict in Maryland, which included about $497 million in compensatory and $1.0 billion in punitive damages. The company is contesting it and believes the award is excessive, and it has not been reflected as a material adverse outcome. The Cerro Negro arbitration against Venezuela also remains unresolved, with a merits hearing expected in early 2012.

    Nov 3, 2011
  47. 2011-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2011

    ExxonMobil reported strong second-quarter 2011 results, with net income attributable to ExxonMobil of $10.7 billion, up 41% from $7.6 billion in the second quarter of 2010. First-half earnings reached $21.3 billion, up 54% year over year, and diluted EPS rose to $4.32 for the six months. The improvement was driven mainly by higher crude oil and natural gas realizations, which added $6.2 billion to first-half Upstream earnings, along with stronger Downstream margins and continued strength in Chemicals. Upstream production rose about 10% on an oil-equivalent basis, supported by U.S. unconventional gas (largely from the XTO acquisition) and project ramp-ups in Qatar. Capital discipline and shareholder returns were also prominent. Capital and exploration spending hit a record $10.3 billion in the quarter and $18.1 billion for the first half, and management plans to invest $33–37 billion annually. ExxonMobil returned over $7 billion to shareholders in the quarter through dividends and buybacks, including $5 billion of share repurchases aimed at reducing shares outstanding, which fell from 4,926 million to 4,862 million. Cash flow from operations and asset sales reached $32.6 billion in the first half, though free cash flow after heavy investment and buybacks was largely absorbed, and net debt rose modestly with total debt at $16.5 billion and a debt-to-capital ratio of 9.2%. The key risk flagged is a June 30, 2011 Maryland jury verdict in the Allison case, which awarded roughly $497 million in compensatory damages and about $1.0 billion in punitive damages. ExxonMobil says the verdict is unjustified and will challenge it, and management does not expect a material adverse effect. Other ongoing matters include the Venezuela Cerro Negro arbitration, where the remaining net book investment is about $750 million, and a New Mexico penalty matter tied to XTO sites. Overall, the filing portrays a highly profitable company with rising earnings and production, a strong balance sheet, and aggressive reinvestment and buybacks, tempered by litigation exposure.

    Aug 4, 2011
  48. 2011-Q1

    ExxonMobil Quarterly Report for Q1 Ended Mar 31, 2011

    ExxonMobil reported first-quarter 2011 net income attributable to ExxonMobil of $10.65 billion, or $2.14 per share (diluted), up roughly 69% from $6.30 billion, or $1.33 per share, in the first quarter of 2010. Management attributed the gain to higher crude oil and natural gas realizations, stronger refining margins, and record Chemical segment earnings. Upstream earnings rose to $8.68 billion, Downstream to $1.10 billion, and Chemical to $1.52 billion, while corporate and financing expenses narrowed to $640 million. Total sales and other operating revenue increased to $109.3 billion from $87.0 billion. Cash generation was strong. Operating cash flow was $16.9 billion, and cash flow from operations and asset sales was $18.2 billion, up $4.7 billion year over year. Capital and exploration spending rose 14% to $7.8 billion, within management's stated plan of $33–37 billion per year. The company returned about $7.2 billion to shareholders through dividends and share repurchases, including $5.7 billion of gross share purchases. Shares outstanding fell from 4,979 million at year-end 2010 to 4,926 million at March 31, 2011. Total debt rose modestly to $15.9 billion, and the debt-to-total-capital ratio was 9.2%. Key risks in the filing include the effective income tax rate of 47%, the ongoing Venezuela Cerro Negro arbitrations (with a remaining net book investment of about $750 million and no net impact yet estimable), and political and regulatory exposure in global operations. Management states that no material market or credit risks arise from its limited derivative activity. Overall, the quarter reflects strong earnings leverage to commodity prices, healthy cash flow, and continued capital returns.

    May 5, 2011
  49. 2010-Q3

    ExxonMobil Quarterly Report for Q3 Ended Sep 30, 2010

    ExxonMobil's third-quarter 2010 Form 10-Q (filed November 3, 2010) shows a strong earnings rebound. Net income attributable to ExxonMobil was $7,350 million ($1.44 per share) for the quarter, up 55% from $4,730 million a year earlier, and $21,210 million ($4.37 per diluted share) for the first nine months, up 60% from 2009. Management attributes the gains to higher crude oil and natural gas realizations, improved refining margins, and solid chemical results. Upstream earnings for the nine months rose to $16.6 billion, Chemical earnings more than doubled to $3.8 billion, and Downstream earnings reached $2.4 billion. Total revenues and other income for the nine months climbed to $278.0 billion from $220.7 billion. The filing reports no special items in the first nine months of 2010. The quarter's most significant structural event was the June 25, 2010 all-stock acquisition of XTO Energy, valued at $24.7 billion. The deal lifted Property, Plant and Equipment to $195.4 billion from $139.1 billion at year-end 2009, increased long-term debt to $15.2 billion from $7.1 billion, and raised the debt-to-total-capital ratio to 10.8% from 7.7%. Production rose over 20% on an oil-equivalent basis in the third quarter and 11% for the nine months. Capital and exploration spending reached $22.2 billion for the nine months, and management expects $25 to $30 billion annually for several years. Capital returns remained substantial. Cash from operations was $35.4 billion for the nine months, against $17.1 billion of investing outflows and $16.5 billion of financing outflows. Dividends were $1.30 per share year to date, and the company repurchased 54 million shares in the third quarter at a gross cost of $3.3 billion, reducing shares outstanding from 5,092 million to 5,043 million. Management guided to roughly $5 billion of fourth-quarter 2010 share purchases to reduce shares outstanding. Remaining risks include the Venezuela Cerro Negro expropriation, where the net impact cannot yet be estimated, and integration of XTO's debt and assets.

    Nov 3, 2010
  50. 2010-Q2

    ExxonMobil Quarterly Report for Q2 Ended Jun 30, 2010

    ExxonMobil's second-quarter 2010 results show strong earnings recovery. Net income attributable to ExxonMobil was $7.56 billion ($1.61 per share) for the quarter, up 91% from $3.95 billion a year earlier, and $13.86 billion ($2.93 diluted EPS) for the first six months, up 63%. Results were driven by higher crude oil and natural gas realizations, improved downstream refining and marketing margins, and a sharp rebound in chemical earnings. No special items were recorded in 2010, while 2009 included a $140 million Valdez-related charge. Upstream earnings rose to $5.3 billion in the quarter, Downstream to $1.2 billion, and Chemical to $1.4 billion. The quarter's most significant event was the June 25, 2010 closing of the all-stock acquisition of XTO Energy, valued at $24.7 billion and issued through 416 million treasury shares. The transaction raised property, plant and equipment to $188 billion from $139 billion at year-end 2009, and increased total debt to $20.4 billion, including about $11.4 billion assumed with XTO. Because the merger closed late in the quarter, XTO's contribution to second-quarter results was de minimis. The debt-to-total-capital ratio rose to 12.3% from 7.7%, though the company stated that it expects to restructure XTO debt, having repaid $600 million of XTO term loans and repurchased about $2.5 billion of XTO bonds after quarter-end. Cash generation was robust, with operating cash flow of $22.3 billion in the first half, up $11.2 billion year over year. Capital and exploration spending was $13.4 billion for the first half, and management expects $25 to $30 billion annually over the coming years. The company returned over $3 billion to shareholders in the quarter through dividends and buybacks, and guided to roughly $3 billion of share purchases in the third quarter. Key risks flagged include the Venezuela Cerro Negro expropriation arbitration, where the net financial impact cannot be reasonably estimated, and the Gulf of Mexico spill, which may lead to tighter offshore regulation.

    Aug 4, 2010