Summary
ExxonMobil Corporation (XOM) reported its third-quarter and nine-month results for the period ending September 29, 2009. The company experienced a significant year-over-year decline in earnings for both periods, primarily driven by lower crude oil and natural gas prices. For the third quarter, net income attributable to ExxonMobil fell to $4.73 billion from $14.83 billion in the prior year, with earnings per share dropping to $0.98 from $2.86. Similarly, nine-month earnings decreased to $13.23 billion from $37.40 billion in 2008. Despite the earnings decline, ExxonMobil continued to demonstrate financial strength and a commitment to long-term investment. The company highlighted robust investment in projects like QatarGas, RasGas, and Gorgon LNG, emphasizing its strategy to invest across the economic cycle. Cash flow from operating activities remained substantial, though lower than the previous year, and the company continued to return capital to shareholders through dividends and significant share repurchases, a key focus for investors monitoring capital allocation strategies.
Financial Highlights
40 data points| SG&A Expenses | $3.89B |
| Operating Expenses | $73.06B |
| Interest Expense | $62.00M |
| Net Income | $4.73B |
| EPS (Basic) | $0.98 |
| EPS (Diluted) | $0.98 |
| Shares Outstanding (Basic) | 4.78B |
| Shares Outstanding (Diluted) | 4.80B |
Key Highlights
- 1Net income attributable to ExxonMobil for the third quarter of 2009 was $4.73 billion, a decrease of 68% compared to $14.83 billion in the third quarter of 2008.
- 2Earnings per common share for the third quarter of 2009 were $0.98, down from $2.86 in the prior year's quarter, attributed to lower earnings and a reduced share count.
- 3For the first nine months of 2009, net income was $13.23 billion, a significant drop from $37.40 billion in the same period of 2008.
- 4Upstream earnings experienced a substantial decline due to lower crude oil and natural gas prices, which reduced earnings by approximately $4.9 billion in the third quarter and $15.8 billion for the nine-month period.
- 5Downstream earnings also declined significantly, with third-quarter earnings down $2.69 billion year-over-year, primarily due to lower refining margins.
- 6ExxonMobil continued its substantial capital investments, with $18.8 billion spent on capital and exploration expenditures in the first nine months of 2009, aimed at future production growth.
- 7The company returned a total of $22.0 billion to shareholders through dividends and share repurchases in the first nine months of 2009, demonstrating a commitment to capital return.