USA: Exxon Mobil Q4 Earnings at USD 9.4 Billion

Exxon Mobil today announced fourth quarter 2011 results.

Fourth Quarter Highlights

• Earnings were $9,400 million, an increase of 2% or $150 million from the fourth quarter of 2010.
• Earnings per share (assuming dilution) were $1.97, an increase of 6% from the fourth quarter of 2010.
• Capital and exploration expenditures were $10.0 billion, consistent with the fourth quarter of 2010.
• Oil-equivalent production decreased 9% from the fourth quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was down 4%.
• Cash flow from operations and asset sales was $17.6 billion, including proceeds associated with asset sales of $6.9 billion.
• Share purchases to reduce shares outstanding were $5 billion.
• Dividends per share of $0.47 increased 7% compared to the fourth quarter of 2010.
• ExxonMobil was the high bidder on 50 blocks in the most recent U.S. Gulf of Mexico lease sale, providing new exploration opportunities.
• Construction of a lower-sulfur fuels project began at the joint Saudi Aramco and ExxonMobil refinery in Yanbu, Saudi Arabia.

ExxonMobil’s Chairman Rex W. Tillerson commented:

“ExxonMobil recorded strong results while investing at record levels to develop new supplies of energy that are critical to meeting growing world demand, and supporting economic recovery and growth.

“Fourth quarter earnings of $9.4 billion were up 2% from the fourth quarter of 2010. Full year 2011 earnings were $41.1 billion, up 35% from 2010, reflecting higher crude oil and natural gas realizations, improved refining and chemical margins, and gains on asset sales.

“Capital and exploration expenditures were a record $36.8 billion in 2011. “Oil-equivalent production was up 1% from 2010.

Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 4%.

“In 2011, the Corporation distributed $29 billion to shareholders through dividends and share purchases to reduce shares outstanding.”

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LNG World News Staff, January 31, 2012