10-QPeriod: Q1 FY2011

EXXON MOBIL CORP Quarterly Report for Q1 Ended Mar 31, 2011

Filed May 5, 2011For Securities:XOM

Summary

ExxonMobil Corporation reported robust financial results for the first quarter of 2011, with net income attributable to ExxonMobil soaring to $10.65 billion, a significant 69% increase from $6.30 billion in the same period of 2010. This strong performance was driven by higher crude oil and natural gas prices, improved refining margins, and record earnings from its Chemical segment. Total revenues and other income grew by approximately 26% year-over-year to $114.0 billion, reflecting strong commodity prices and increased sales volume across its operations. The company demonstrated healthy cash flow generation, with net cash provided by operating activities increasing to $16.86 billion, up from $13.05 billion in the prior year. ExxonMobil continued its commitment to shareholder returns, distributing over $7 billion through dividends and share repurchases, including approximately $5.7 billion for share buybacks during the quarter. Capital and exploration expenditures increased to $7.8 billion, aligning with the company's long-term investment strategy to meet future energy demand.

Financial Highlights

42 data points
Beta

Net Income

$10.65B

EPS (Diluted)

$2.14

Total Assets

$319.53B

Cash & Equivalents

$12.83B

Free Cash Flow

$9.80B

Financial Statements
Beta
SG&A Expenses$3.63B
Operating Expenses$95.09B
Interest Expense$29.00M
Net Income$10.65B
EPS (Basic)$2.14
EPS (Diluted)$2.14
Shares Outstanding (Basic)4.96B
Shares Outstanding (Diluted)4.97B

Key Highlights

  • 1Net income attributable to ExxonMobil rose 69% to $10.65 billion in Q1 2011, up from $6.30 billion in Q1 2010.
  • 2Total revenues and other income increased by 26% to $114.0 billion in Q1 2011, compared to $90.3 billion in Q1 2010.
  • 3Earnings per share (EPS) surged to $2.14 in Q1 2011, a substantial increase from $1.33 in Q1 2010.
  • 4Net cash provided by operating activities was $16.86 billion in Q1 2011, up from $13.05 billion in Q1 2010.
  • 5Capital and exploration expenditures increased by 14% to $7.8 billion in Q1 2011.
  • 6The company returned over $7 billion to shareholders in Q1 2011 through dividends and share repurchases.
  • 7Upstream earnings saw a significant increase of $2.86 billion, driven primarily by higher crude oil and natural gas realizations.

Frequently Asked Questions

The primary driver for the significant increase in net income was the substantial rise in crude oil and natural gas realizations (prices). Additionally, improved refining margins and record performance from the Chemical segment contributed to the robust earnings growth.

ExxonMobil generated strong cash flow from operations, amounting to $16.86 billion. The company actively returned capital to shareholders, distributing over $7 billion through dividends and a significant share repurchase program, which saw approximately $5.7 billion spent on buying back company stock.

ExxonMobil increased its capital and exploration expenditures to $7.8 billion in the first quarter of 2011. This reflects the company's commitment to its long-term investment strategy, with plans to invest between $33 billion and $37 billion annually over the next few years to develop new energy supplies and meet projected future demand.

While ExxonMobil faces various claims and legal proceedings, management does not believe the ultimate outcome of any currently pending lawsuit will have a materially adverse effect on the corporation's operations, financial condition, or financial statements as a whole. A notable ongoing matter involves arbitration related to the expropriation of its interest in the Cerro Negro Heavy Oil Project in Venezuela, but the company does not expect a material impact on its operations or financial condition from this dispute.