10-QPeriod: Q1 FY2013

EXXON MOBIL CORP Quarterly Report for Q1 Ended Mar 31, 2013

Filed May 2, 2013For Securities:XOM

Summary

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.

Financial Highlights

40 data points
Beta

Net Income

$9.50B

EPS (Diluted)

$2.12

Total Assets

$339.64B

Cash & Equivalents

$6.21B

Free Cash Flow

$6.10B

Financial Statements
Beta
SG&A Expenses$3.12B
Operating Expenses$92.32B
Interest Expense$24.00M
Net Income$9.50B
EPS (Basic)$2.12
EPS (Diluted)$2.12
Shares Outstanding (Basic)4.49B
Shares Outstanding (Diluted)4.49B

Key Highlights

  • 1Net income attributable to ExxonMobil was $9.5 billion for Q1 2013, a slight increase from $9.45 billion in Q1 2012.
  • 2Capital and exploration expenditures were $11.8 billion in Q1 2013, a 33% increase year-over-year, including $3.1 billion for the acquisition of Celtic Exploration Ltd.
  • 3The company distributed $7.6 billion to shareholders in Q1 2013 through dividends and share repurchases.
  • 4Total cash and cash equivalents decreased significantly to $6.6 billion at the end of Q1 2013 from $19.1 billion at the end of Q1 2012.
  • 5Upstream earnings decreased by $765 million year-over-year, primarily due to lower liquids realizations and production volume changes.
  • 6Chemical segment earnings saw a substantial increase of $436 million, driven by higher margins.
  • 7The debt-to-total capital ratio stood at 7.2% at the end of Q1 2013, up from 6.3% at year-end 2012.

Frequently Asked Questions

For the first quarter of 2013, ExxonMobil reported net income attributable to ExxonMobil of $9.5 billion, a slight increase compared to $9.45 billion in the same period of 2012.

Capital and exploration expenditures in the first quarter of 2013 totaled $11.8 billion, a 33% increase year-over-year. This included a significant investment of $3.1 billion for the acquisition of Celtic Exploration Ltd., indicating a focus on developing new energy supplies.

ExxonMobil is involved in various legal and environmental proceedings. However, based on management's assessment of all relevant facts and circumstances, the company does not believe the ultimate outcome of any currently pending lawsuit will have a material adverse effect on its operations, financial condition, or financial statements taken as a whole.

The company's total cash and cash equivalents decreased substantially to $6.6 billion at the end of the first quarter of 2013, from $19.1 billion at the end of the first quarter of 2012. This reduction is primarily due to significant shareholder distributions through dividends and share repurchases.