10-QPeriod: Q2 FY2014

EXXON MOBIL CORP Quarterly Report for Q2 Ended Jun 30, 2014

Filed August 6, 2014For Securities:XOM

Summary

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.

Financial Highlights

40 data points
Beta

Net Income

$8.78B

EPS (Diluted)

$2.05

Total Assets

$358.59B

Cash & Equivalents

$6.08B

Free Cash Flow

$1.66B

Financial Statements
Beta
SG&A Expenses$3.17B
Operating Expenses$97.06B
Interest Expense$64.00M
Net Income$8.78B
EPS (Basic)$2.05
EPS (Diluted)$2.05
Shares Outstanding (Basic)4.30B

Key Highlights

  • 1Net income attributable to ExxonMobil for the second quarter of 2014 was $8.78 billion, up 28% from $6.86 billion in the second quarter of 2013.
  • 2Earnings per share (diluted) for the second quarter were $2.05, an increase from $1.55 in the prior year period.
  • 3Total revenues and other income increased to $111.65 billion for the quarter, up from $106.67 billion in Q2 2013.
  • 4The Upstream segment showed strong earnings growth, with $7.88 billion in the second quarter of 2014, up from $6.31 billion in the prior year, driven by higher realizations and asset management impacts.
  • 5ExxonMobil distributed $6.0 billion to shareholders in Q2 2014 through dividends ($0.69 per share) and share repurchases.
  • 6Capital and exploration expenditures for the first six months of 2014 were $18.2 billion, a decrease of 17% from the same period in 2013, mainly due to the absence of a prior year acquisition.
  • 7The company's debt-to-total capital ratio improved to 10.4% at the end of Q2 2014, down from 11.2% at the end of 2013.

Frequently Asked Questions

ExxonMobil reported net income attributable to ExxonMobil of $8.78 billion for the second quarter of 2014. This represents a significant increase of 28% compared to $6.86 billion reported in the second quarter of 2013.

The Upstream segment performed strongly, with earnings of $7.88 billion, up from $6.31 billion in Q2 2013, driven by higher realizations and asset management. Downstream earnings were $711 million, an increase from $396 million, despite weaker refining margins, attributed to volume, mix, and other operational efficiencies. Chemical earnings were $841 million, up from $756 million, with increased prime product sales.

ExxonMobil continued its strategy of returning capital to shareholders in the second quarter of 2014 by distributing $6.0 billion through dividends and share repurchases. The dividend per share was $0.69, and the company actively repurchased shares to reduce the number of outstanding shares.

Yes, capital and exploration expenditures for the first six months of 2014 totaled $18.2 billion, which was a 17% decrease compared to the same period in 2013. This reduction was primarily due to the absence of a significant acquisition made in the prior year.