What were the main drivers for the decrease in net income for the second quarter of 2019?

The primary reasons for the decrease in net income were lower upstream realizations (prices received for oil and gas), weaker margins in the downstream (refining and marketing) and chemical segments, higher scheduled maintenance activity, and increased expenses. These factors were partially offset by growth in production volumes and some favorable one-time items.

How did capital expenditures change in the first half of 2019?

Capital and exploration expenditures increased significantly by 30% to $15.0 billion in the first six months of 2019 compared to the same period in 2018. This increase was primarily driven by higher investments in the U.S. Permian Basin.

What is the company's strategy regarding share repurchases and dividends?

ExxonMobil continued to provide substantial returns to shareholders. The company distributed $7.2 billion in dividends during the first six months of 2019. Share repurchases were primarily focused on offsetting dilution from employee benefit plans, with no significant purchases made to reduce outstanding shares during this period.

How did the different business segments perform?

Upstream earnings saw a modest increase in Q2 2019 due to higher volumes, despite lower realizations. However, both Downstream and Chemical segments experienced significant declines in earnings due to weaker margins and increased expenses. Corporate and financing costs also increased.

XOM 10-Q Quarterly Report Q2 FY2019 — Revenue, Net Income, EPS

Summary

ExxonMobil's second quarter 2019 10-Q filing reveals a decrease in net income attributable to ExxonMobil to $3.13 billion from $3.95 billion in the same period last year. This decline was primarily driven by lower upstream realizations, weaker downstream and chemical margins, and increased expenses, partially offset by volume growth. For the first six months of 2019, net income fell to $5.48 billion from $8.60 billion in the prior year. Despite lower earnings, the company continued to invest significantly in capital and exploration expenditures, totaling $15.0 billion for the first six months, an increase of 30% year-over-year, with a notable focus on the U.S. Permian Basin. Shareholder distributions remained strong, with $7.2 billion distributed in dividends during the first half of the year.

Financial Highlights

42 data points

Beta

Revenue

$67.49B

Net Income

$3.13B

0.0% Net Margin

EPS (Diluted)

$0.73

Total Assets

$360.73B

Cash & Equivalents

$4.21B

Free Cash Flow

-$226.00M

Financial Statements

Beta

Revenue	$67.49B
SG&A Expenses	$2.83B
Operating Expenses	$64.46B
Interest Expense	$216.00M
Net Income	$3.13B
EPS (Basic)	$0.73
EPS (Diluted)	$0.73
Shares Outstanding (Basic)	4.27B

Key Highlights

1Net income for Q2 2019 was $3.13 billion, down from $3.95 billion in Q2 2018.
2First six months net income decreased to $5.48 billion from $8.60 billion year-over-year.
3Total capital and exploration expenditures for the first six months of 2019 increased by 30% to $15.0 billion.
4Oil-equivalent production increased by 7% in Q2 2019 and 5% for the first six months compared to the prior year.
5Petroleum product sales volume decreased slightly in both the quarter and the first six months.
6Chemical earnings saw a significant decline, down $702 million in Q2 and $1.195 billion in the first six months compared to the prior year.
7Dividends paid to shareholders totaled $7.2 billion in the first six months of 2019.

EXXON MOBIL CORP Quarterly Report for Q2 Ended Jun 30, 2019

Summary

Financial Highlights

Key Highlights

Frequently Asked Questions