10-QPeriod: Q3 FY2015

EXXON MOBIL CORP Quarterly Report for Q3 Ended Sep 30, 2015

Filed November 4, 2015For Securities:XOM

Summary

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.

Financial Highlights

41 data points
Beta

Net Income

$4.24B

EPS (Diluted)

$1.01

Total Assets

$340.66B

Cash & Equivalents

$4.30B

Free Cash Flow

$2.77B

Financial Statements
Beta
SG&A Expenses$2.97B
Operating Expenses$61.59B
Interest Expense$78.00M
Net Income$4.24B
EPS (Basic)$1.01
EPS (Diluted)$1.01
Shares Outstanding (Basic)4.19B

Key Highlights

  • 1Net income for the third quarter of 2015 was $4.24 billion, a decrease of approximately 47.4% compared to $8.07 billion in the third quarter of 2014.
  • 2Earnings per diluted share decreased to $1.01 from $1.89 year-over-year.
  • 3Upstream earnings experienced a significant decline, down $5.06 billion to $1.36 billion, mainly due to lower liquids and gas realizations.
  • 4Downstream earnings more than doubled, increasing by $1.01 billion to $2.03 billion, driven by stronger refining margins.
  • 5Chemical earnings saw a slight increase of $27 million to $1.23 billion, also benefiting from improved margins.
  • 6Capital and exploration expenditures for the quarter were $7.67 billion, a decrease of 22% from $9.84 billion in the prior year's quarter.
  • 7Total debt increased to $34.3 billion from $29.1 billion at year-end 2014, leading to a higher debt-to-total capital ratio of 16.2%.

Frequently Asked Questions

The substantial decrease in net income was primarily driven by significantly lower crude oil and natural gas realizations (prices) in the Upstream segment. This was partially offset by stronger margins in the Downstream and Chemical segments.

Capital and exploration expenditures were reduced by 22% in the third quarter of 2015, totaling $7.67 billion compared to $9.84 billion in the same quarter of 2014. This reduction reflects disciplined investment in response to market conditions.

ExxonMobil distributed $3.6 billion to shareholders in the third quarter of 2015. This distribution consisted of dividends and share repurchases, demonstrating a continued commitment to returning capital to investors.

The filing indicates that while Upstream segment earnings were significantly impacted by lower commodity prices, the Downstream and Chemical segments performed well, demonstrating resilience through stronger margins. This suggests a continued reliance on the integrated business model to balance performance across segments.