News | February 1, 2019

ExxonMobil Earns $20.8B In 2018; $6B In Fourth Quarter

IRVING, TEXAS--(BUSINESS WIRE)--

Exxon Mobil Corporation (NYSE:XOM):

                                     
                    Third            
       

Fourth Quarter

      Quarter       Twelve Months    
       

2018

 

2017

 

%

 

2018

 

%

 

2018

 

2017

 

%

Earnings Summary                                
(Dollars in millions, except per share data)                                
  Earnings (U.S. GAAP)   6,000     8,380     -28   6,240     -4   20,840     19,710     +6
    U.S. Tax Reform   20     5,942         271         291     5,942      
    Asset Impairments   (429 )   (1,294 )       (18 )       (489 )   (1,521 )    
  Earnings Excluding U.S. Tax                                
  Reform and Impairments   6,409     3,732     +72   5,987     +7   21,038     15,289     +38
                                     
  Earnings Per Common Share                                
  Assuming Dilution   1.41     1.97     -28   1.46     -3   4.88     4.63     +5
                                     
Capital and Exploration                                
Expenditures   7,843     8,999     -13   6,586     +19   25,923     23,080     +12
                                 

Exxon Mobil Corporation today announced estimated 2018 earnings of $20.8 billion, or $4.88 per share assuming dilution, compared with $19.7 billion a year earlier. Excluding U.S. tax reform and asset impairments, earnings were $21 billion, compared with $15.3 billion in 2017. Cash flow from operations and asset sales was $40.1 billion, including proceeds associated with asset sales of $4.1 billion. Capital and exploration expenditures were $25.9 billion, including incremental spend to accelerate value capture.

Fourth quarter 2018 earnings were $6 billion, or $1.41 per share assuming dilution, compared with $8.4 billion in the prior-year quarter. Earnings excluding U.S. tax reform and impairments were $6.4 billion, compared with $3.7 billion in the prior-year quarter.

“Strong results during a period of commodity price volatility demonstrate ExxonMobil’s ability to deliver superior cash flow in different market environments,” said Darren W. Woods, chairman and chief executive officer. “Our continued focus on long-term fundamentals and portfolio improvements position us well to grow shareholder value. ExxonMobil’s 2018 results further demonstrate our advantages in technology, scale and integration, providing a strong foundation to successfully compete across commodity price cycles.”

Fourth Quarter 2018 Business Highlights
 
Upstream
 
  Crude prices weakened in the fourth quarter, while natural gas prices strengthened with higher LNG prices and increased seasonal demand.
     
  Natural gas volumes were supported by stronger seasonal gas demand in Europe.
     
  Permian unconventional production continued to ramp up in the fourth quarter, with production up more than 90 percent from the same period last year.
     
Downstream
 
  Industry fuels margins weakened during the quarter due to lower seasonal gasoline demand and increased supply.
     
  The company captured benefits from North American crude differentials with its integrated logistics and manufacturing capabilities.
     
  Overall reliability remained strong during a quarter with higher levels of scheduled maintenance activity.
     

Chemical

 
  Chemical margins weakened during the quarter with lengthening supply from recent capacity additions.
     
  Sales growth from investments resulted in the highest annual volumes in over ten years.
     
  Turnaround activities were completed at the Singapore chemical plant during the fourth quarter.
Strengthening the Portfolio
 
  ExxonMobil made its tenth discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels.
     
  ExxonMobil subsidiary Esso Italiana completed its sale of the Augusta refinery, three fuel terminals in Augusta, Palermo and Naples, and associated pipelines to Sonatrach Raffineria Italiana S.r.l. ExxonMobil will continue to serve the Italian market, where it has operated for more than 125 years, with high-performance products, including Esso fuels and Mobil lubricants.
     
  The company generated full-year cash proceeds from asset sales of $4.1 billion, slightly above the previous 5-year average of $3.3 billion.
     
Investing for Growth
 
  ExxonMobil made a final investment decision to develop the West Barracouta gas field in Bass Strait to bring new gas supplies to the Australian domestic market. The project, located in the VIC/L1 Block offshore Victoria, is part of the company’s continuing investment in the Gippsland Basin and will be tied back to the existing Barracouta infrastructure offshore in Bass Strait.
     
  Mozambique Area 4 co-venture participants, including ExxonMobil, secured liquefied natural gas (LNG) offtake commitments from the partners’ affiliated buyer entities, a key milestone enabling a rapid move toward a final investment decision in 2019 on the first phase of the Rovuma LNG project. Those commitments are subject to the conclusion of fully-termed agreements and the approval of the government of Mozambique.
     
  The company commenced operations of a new coker unit at its Antwerp refinery in Belgium to convert heavy, higher-sulfur residual oils into high-value transportation fuels such as marine gasoil and diesel. The new 50,000 barrel-per-day unit expands the refinery’s capacity to meet demand for cleaner transportation fuels throughout northwest Europe. The company’s investment in the new coker will also help meet anticipated demand for lower-sulfur fuel oil to comply with new standards to be implemented by the International Maritime Organization in 2020.
     
Advancing Innovative Technologies and Products
 
  ExxonMobil started up its advanced hydrocracker expansion project at the Rotterdam refinery in the Netherlands. The new unit uses proprietary catalyst in a unique refining configuration to upgrade lower-value vacuum gas oil into higher value EHC™ Group II base stocks and ultra-low sulfur diesel.
     
  ExxonMobil has signed a partnership agreement with IBM to advance the potential use of quantum computing in developing next-generation energy and manufacturing technologies. As part of the agreement, ExxonMobil becomes the first energy company to join the IBM Q Network, a worldwide community of Fortune 500 companies, startups, academic institutions and national research labs working to advance quantum computing and explore practical applications for science and business.
 
Exxon Mobil Corporation
Fourth Quarter 2018
(millions of dollars)
                Third    
        Fourth Quarter   Quarter   Twelve Months
       

2018

 

2017

 

2018

 

2018

 

2017

Earnings (U.S. GAAP)                    
Upstream                    
  United States   265     7,061     606     1,739     6,622  
  Non-U.S.   3,048     1,291     3,623     12,340     6,733  
Downstream                    
  United States   987     918     961     2,962     1,948  
  Non-U.S.   1,717     646     681     3,048     3,649  
Chemical                    
  United States   282     777     404     1,642     2,190  
  Non-U.S.   455     493     309     1,709     2,328  
Corporate and financing   (754 )   (2,806 )   (344 )   (2,600 )   (3,760 )
Net income attributable to ExxonMobil   6,000     8,380     6,240     20,840     19,710  
                         
U.S. Tax Reform                    
Upstream                    
  United States   -     7,602     -     -     7,602  
  Non-U.S.   -     (480 )   271     271     (480 )
Downstream                    
  United States   -     618     -     -     618  
Chemical                    
  United States   -     335     -     -     335  
Corporate and financing   20     (2,133 )   -     20     (2,133 )
Total U.S. Tax Reform   20     5,942     271     291     5,942  
                         
Asset Impairments                    
Upstream                    
  United States   (284 )   (481 )   -     (297 )   (521 )
  Non-U.S.   (113 )   (807 )   -     (142 )   (983 )
Downstream                    
  United States   (12 )   (6 )   -     (12 )   (6 )
  Non-U.S.   (13 )   -     (18 )   (31 )   (11 )
Chemical                    
  Non-U.S.   (7 )   -     -     (7 )   -  
Total Asset Impairments   (429 )   (1,294 )   (18 )   (489 )   (1,521 )
                         
Earnings Excluding U.S. Tax Reform and Impairments                
Upstream                    
  United States   549     (60 )   606     2,036     (459 )
  Non-U.S.   3,161     2,578     3,352     12,211     8,196  
Downstream                    
  United States   999     306     961     2,974     1,336  
  Non-U.S.   1,730     646     699     3,079     3,660  
Chemical                    
  United States   282     442     404     1,642     1,855  
  Non-U.S.   462     493     309     1,716     2,328  
Corporate and financing   (774 )   (673 )   (344 )   (2,620 )   (1,627 )
Earnings excluding U.S. Tax Reform and Impairments   6,409     3,732     5,987     21,038     15,289  
                               
 

Earnings and Volume Summary

                 
Millions of Dollars   4Q 2018   4Q 2017        
(unless noted)   Adjusted 1   Adjusted 1   Change   Comments
Upstream                
U.S.   549   (60)   +609   Higher natural gas prices and liquids volume growth
Non-U.S.   3,161   2,578   +583   Higher natural gas prices, favorable tax and foreign exchange impacts, partly offset by lower liquids prices
Total   3,710   2,518   +1,192   Prices +660, volumes +180, foreign exchange +80, other +270
Production (koebd)   4,010   3,991   +19   Liquids +97 kbd: growth, partly offset by decline, lower entitlements and divestments

 

Gas -467 mcfd: decline largely in U.S. aligned with value focus, lower demand, lower entitlements and divestments, partly offset by unconventional growth

                 
Downstream                
U.S.   999   306   +693   Lower downtime/maintenance, higher margins capturing crude differentials, improved yield/sales mix and favorable tax impacts
Non-U.S.   1,730   646   +1,084   Higher divestment gains including sale of Augusta refinery / Germany Retail conversion to branded wholesaler (+888), higher margins and improved yield/sales mix, partly offset by higher downtime/maintenance
Total   2,729   952   +1,777   Divestment gains +680, margins +550, yield/sales mix +200, downtime/maintenance +130, other +220
Petroleum Product Sales (kbd)   5,495   5,624   -129    
                 
Chemical                
U.S.   282   442   -160   Weaker margins
Non-U.S.   462   493   -31   Weaker margins, higher growth-related expenses and higher downtime/maintenance, partly offset by favorable tax item (+212) and higher sales volumes
Total   744   935   -191   Margins -350, downtime/maintenance -90, tax item +210, sales +100, other -60
Prime Product Sales (kt)   6,672   6,782   -110   Downtime/maintenance, partly offset by growth-related volumes
                 

Corporate and financing

  (774)   (673)   -101   Lower U.S. tax rate
                 
1Earnings excluding U.S. Tax Reform and Impairments
 
 

Earnings and Volume Summary

                 
Millions of Dollars   4Q 2018   3Q 2018        
(unless noted)   Adjusted 1   Adjusted 1   Change   Comments
Upstream                
U.S.   549   606   -57   Lower liquids prices and higher expenses, partly offset by higher liquids volumes and stronger natural gas prices
Non-U.S.   3,161   3,352   -191   Lower liquids prices, partly offset by higher volumes, stronger natural gas prices and favorable foreign exchange impacts
Total   3,710   3,958   -248   Prices -1,110, volumes +660, foreign exchange +100, other +100
Production (koebd)   4,010   3,786   +224   Liquids +62 kbd: growth and lower unscheduled downtime

 

Gas +973 mcfd: higher seasonal demand and entitlements

                 
Downstream                
U.S.   999   961   +38   Higher margins capturing crude differentials and improved yield/sales mix, partly offset by higher downtime/maintenance
Non-U.S.   1,730   699   +1,031   Higher divestment gains including sale of Augusta refinery / Germany Retail conversion to branded wholesaler (+888) and higher margins, partly offset by higher downtime/maintenance
Total   2,729   1,660   +1,069   Divestment gains +870, margins +500, yield/sales mix +70, downtime/maintenance -460, other +90
Petroleum Product Sales (kbd)   5,495   5,616   -121    
                 
Chemical                
U.S.   282   404   -122   Weaker margins
Non-U.S.   462   309   +153   Favorable tax item (+212), partly offset by growth-related expenses
Total   744   713   +31   Tax item +210, margins -110, other -70
Prime Product Sales (kt)   6,672   6,677   -5    
                 
Corporate and financing   (774)   (344)   -430   Mainly absence of favorable one-time tax item
                 
1Earnings excluding U.S. Tax Reform and Impairments
 
 

Earnings and Volume Summary

                 
Millions of Dollars   FY 2018   FY 2017        
(unless noted)   Adjusted 1   Adjusted 1   Change   Comments
Upstream                
U.S.   2,036   (459)   +2,495   Higher liquids prices and liquids volume growth and favorable mix, partly offset by higher growth-related expenses
Non-U.S.   12,211   8,196   +4,015   Higher prices and divestment gains / one-time items, partly offset by lower volumes and higher expenses largely from increased maintenance
Total   14,247   7,737   +6,510   Prices +7,040, divestment gains / one-time items +780, maintenance / growth-related expenses -970, volumes -240, other -100
Production (koebd)   3,833   3,985   -152   Liquids -17 kbd: growth in North America, more than offset by decline, lower entitlements and divestments

 

Gas -806 mcfd: decline largely in U.S. aligned with value focus, lower entitlements, divestments, and higher downtime

Downstream                
U.S.   2,974   1,336   +1,638   Higher margins capturing crude differentials, favorable tax impacts, lower downtime/maintenance and favorable yield/sales mix
Non-U.S.   3,079   3,660   -581   Higher downtime/maintenance, lower margins and unfavorable foreign exchange impacts, partly offset by higher divestment gains and favorable yield/sales mix
Total   6,053   4,996   +1,057   Margins +660, divestment gains +490, yield/sales mix +260, downtime/maintenance -530, foreign exchange -290, other +470
Petroleum Product Sales (kbd)   5,512   5,530   -18    
Chemical                
U.S.   1,642   1,855   -213   Volume growth, more than offset by higher growth-related expenses and weaker margins
Non-U.S.   1,716   2,328   -612   Weaker margins, higher growth-related expenses and higher downtime/maintenance, partly offset by volume growth, favorable tax item (+212) and favorable foreign exchange impacts
Total   3,358   4,183   -825   Margins -910, downtime/maintenance -150, sales +320, tax item +210, foreign exchange +140, other -440
Prime Product Sales (kt)   26,869   25,420   +1,449   Growth from new assets and stronger demand
Corporate and financing   (2,620)   (1,627)   -993   Higher pension and financing related costs, lower U.S. tax rate, and lower net favorable tax items
                 
1Earnings excluding U.S. Tax Reform and Impairments
 
   
 

Cash Flow from Operations and Asset Sales

             
  Millions of Dollars     4Q    
        2018   Comments
  Net income including noncontrolling interests   6,206     Including $206 million for noncontrolling interests
  Depreciation   5,028      
  Changes in working capital   (1,331 )   Mainly inventory build and timing of tax payments
  Other   (1,296 )   Including adjustment for gains on asset sales
 

Cash Flow from Operating Activities (U.S. GAAP)

  8,607      
  Asset sales   884     Including Augusta
 

Cash Flow from Operations and Asset Sales

  9,491      
             
  Millions of Dollars     FY    
        2018   Comments
  Net income including noncontrolling interests   21,421     Including $581 million for noncontrolling interests
  Depreciation   18,745      
  Changes in working capital   (1,356 )   Inventory build, partly offset by favorable payables
  Other   (2,796 )   Including adjustment for gains on asset sales
 

Cash Flow from Operating Activities (U.S. GAAP)

  36,014      
  Asset sales   4,123     Including Germany Retail, Augusta, Scarborough
 

Cash Flow from Operations and Asset Sales

  40,137      
           

Twelve Months 2018 Financial Updates

During 2018, Exxon Mobil Corporation purchased 5 million shares of its common stock for the treasury at a gross cost of $425 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs, but does not currently plan on making purchases to reduce shares outstanding.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on February 1, 2019. To listen to the event or access an archived replay, please visit www.exxonmobil.com .

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of business plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, capacities, and timing; resource recoveries; earnings, margins and volume growth and mix; and maintenance activities could differ materially due to a number of factors. These include global or regional changes in supply and demand for oil, gas, and petrochemicals and other market conditions that impact prices and differentials; reservoir performance; timely completion of new projects; the impact of fiscal and commercial terms and the outcome of commercial negotiations; changes in law, taxes, or government operations or regulation and timely granting of governmental permits; war and other political or security disturbances; the actions of competitors; the capture of efficiencies between business lines; unforeseen technical or operating difficulties; unexpected technological developments; general economic conditions including the occurrence and duration of economic recessions; the results of research programs; and other factors discussed under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com and in Item 1A of ExxonMobil’s 2017 Form 10-K. We assume no duty to update these statements as of any future date.

Forward-looking statements in this release regarding future earnings refer to plans outlined at ExxonMobil’s Analysts’ Meeting held on March 7, 2018. The growth figures presented at that meeting are not forecasts of actual future results but were intended to help quantify future potential and goals of management plans and initiatives. See the complete March 7, 2018 presentation available in archive form (including the Cautionary Statement and Supplemental Information included with that presentation) on the Investors page of our website at www.exxonmobil.com for more detailed information. That material includes a description of the assumptions underlying these potential growth estimates including a flat real oil price of $60 per barrel, downstream and chemical margins consistent with 2017 levels, and future gas prices consistent with our internal company plans, as well as a reconciliation of adjusted 2017 earnings used as a baseline.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities is shown for 2018 period on page 8 and for 2018 and 2017 periods in Attachment IV.

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

This press release also includes earnings excluding impacts from U.S. tax reform enactment and asset impairments. We believe these figures are useful for investors to consider in comparing the performance of our underlying business across periods when one, or both, periods have been impacted by the U.S. tax reform or an asset impairment charge. A reconciliation of earnings excluding these items to U.S. GAAP earnings is shown on page 4.

U.S. Tax Reform

Following the December 22, 2017, enactment of the U.S. Tax Cuts and Jobs Act, in accordance with Accounting Standard Codification Topic 740 (Income Taxes) and following the guidance outlined in the SEC Staff Accounting Bulletin No. 118, the corporation included a $5,942 million credit in its 2017 results, representing a reasonable estimate of the income tax effects of the changes in tax law and tax rate. The corporation’s results for 2018 include a $291 million tax credit, mainly in the Non-U.S. Upstream, reflecting an updated estimate of the impact of U.S. tax reform including clarifications provided in proposed transition tax regulations issued by the U.S. Treasury in 2018. The corporation has completed its accounting for the enactment-date income tax effects of the U.S. Tax Cuts and Jobs Act in accordance with Accounting Standard Codification Topic 740 (Income Taxes).

Asset Impairments

In 2018, the corporation assessed the carrying values of certain assets, largely located in North America and with limited development potential. This review resulted in an after-tax impairment charge of $429 million in the fourth quarter. In 2017, the corporation ceased development planning activities for certain non-producing assets outside the U.S. and recognized impairments for certain U.S. asset groups which resulted in a fourth quarter 2017 after-tax charge of $1,294 million.

References to the resource base and other quantities of oil, natural gas or condensate may include amounts that are not yet classified as “proved reserves” under SEC definitions, but which we believe will likely be moved into the “proved reserves” category and produced in the future. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash flow from operations and asset sales”, and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at exxonmobil.com.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

EHC is a registered trademark of Exxon Mobil Corporation.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

                       
  Estimated Key Financial and Operating Data                    
                    Attachment I
Exxon Mobil Corporation
Fourth Quarter 2018
(millions of dollars, unless noted)
                Third    
        Fourth Quarter   Quarter   Twelve Months
       

2018

 

2017

 

2018

 

2018

 

2017

Earnings / Earnings Per Share                    
Total revenues and other income   71,895   66,515     76,605   290,212   244,363  
Total costs and other deductions   63,774   63,498     67,525   259,259   225,689  
Income before income taxes   8,121   3,017     9,080   30,953   18,674  
  Income taxes   1,915   (5,392 )   2,634   9,532   (1,174 )
Net income including noncontrolling interests   6,206   8,409     6,446   21,421   19,848  
  Net income attributable to noncontrolling interests   206   29     206   581   138  
Net income attributable to ExxonMobil (U.S. GAAP)   6,000   8,380     6,240   20,840   19,710  
                         
Earnings per common share (dollars)   1.41   1.97     1.46   4.88   4.63  
                         
Earnings per common share                    
  - assuming dilution (dollars)   1.41   1.97     1.46   4.88   4.63  
                         
Exploration expenses, including dry holes   555   703     292   1,466   1,790  
                         
Other Financial Data                    
Dividends on common stock                    
  Total   3,502   3,289     3,503   13,798   13,001  
  Per common share (dollars)   0.82   0.77     0.82   3.23   3.06  
                         
Millions of common shares outstanding                    
  At period end               4,237   4,239  
  Average - assuming dilution   4,270   4,270     4,271   4,270   4,256  
                         
ExxonMobil share of equity at period end               191,794   187,688  
ExxonMobil share of capital employed at period end               232,280   232,467  
                         
Income taxes   1,915   (5,392 )   2,634   9,532   (1,174 )
Total other taxes and duties   8,473   8,583     8,939   35,230   32,459  
  Total taxes   10,388   3,191     11,573   44,762   31,285  
Sales-based taxes   5,444   5,245     5,518   21,750   19,725  
  Total taxes including sales-based taxes   15,832   8,436     17,091   66,512   51,010  
                         

ExxonMobil share of income taxes of equity companies

  992   500     755   3,142   2,228  
                     
                       
                      Attachment II
                           
Exxon Mobil Corporation
Fourth Quarter 2018
 
                  Third    
          Fourth Quarter   Quarter   Twelve Months
         

2018

 

2017

 

2018

 

2018

 

2017

Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)

                   
    United States   583   525   555   551   514
    Canada / Other Americas   474   426   454   438   412
    Europe   122   155   127   132   182
    Africa   376   403   387   387   423
    Asia   745   690   706   711   698
    Australia / Oceania   48   52   57   47   54
      Worldwide   2,348   2,251   2,286   2,266   2,283
                           

Natural gas production available for sale, million cubic feet per day (mcfd)

                   
    United States   2,581   2,753   2,549   2,574   2,936
    Canada / Other Americas   247   240   224   227   218
    Europe   1,943   2,266   1,004   1,653   1,948
    Africa   16   6   16   13   5
    Asia   3,804   3,855   3,685   3,613   3,794
    Australia / Oceania   1,383   1,321   1,523   1,325   1,310
      Worldwide   9,974   10,441   9,001   9,405   10,211
                           
Oil-equivalent production (koebd)1   4,010   3,991   3,786   3,833   3,985
                     
1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.
 
                     
                    Attachment III
                         
Exxon Mobil Corporation
Fourth Quarter 2018
 
                Third    
        Fourth Quarter   Quarter   Twelve Months
       

2018

 

2017

 

2018

 

2018

 

2017

Refinery throughput (kbd)                    
  United States   1,661   1,379   1,644   1,588   1,508
  Canada   408   391   388   392   383
  Europe   1,366   1,509   1,446   1,422   1,510
  Asia Pacific   670   728   720   706   690
  Other   193   200   194   164   200
    Worldwide   4,298   4,207   4,392   4,272   4,291
                       
Petroleum product sales (kbd)                    
  United States   2,230   2,209   2,267   2,210   2,190
  Canada   516   501   527   510   499
  Europe   1,474   1,589   1,582   1,556   1,597
  Asia Pacific   825   819   824   815   757
  Other   450   506   416   421   487
    Worldwide   5,495   5,624   5,616   5,512   5,530
                       
  Gasolines, naphthas   2,183   2,353   2,255   2,217   2,262
  Heating oils, kerosene, diesel   1,915   1,878   1,837   1,840   1,850
  Aviation fuels   376   393   430   402   382
  Heavy fuels   387   370   411   395   371
  Specialty products   634   630   683   658   665
    Worldwide   5,495   5,624   5,616   5,512   5,530
                     

Chemical prime product sales, thousand metric tons (kt)

                   
  United States   2,577   2,399   2,445   9,824   9,307
  Non-U.S.   4,095   4,383   4,232   17,045   16,113
    Worldwide   6,672   6,782   6,677   26,869   25,420
                         
                     
                    Attachment IV
                         
Exxon Mobil Corporation
Fourth Quarter 2018
(millions of dollars)
                Third    
        Fourth Quarter   Quarter   Twelve Months
       

2018

 

2017

 

2018

 

2018

 

2017

Capital and Exploration Expenditures                    
  Upstream                    
    United States   2,630   1,158   2,040   7,670   3,716
    Non-U.S.   3,620   6,457   3,290   12,524   12,979
    Total   6,250   7,615   5,330   20,194   16,695
  Downstream                    
    United States   325   264   297   1,186   823
    Non-U.S.   541   518   422   2,243   1,701
    Total   866   782   719   3,429   2,524
  Chemical                    
    United States   579   389   411   1,747   1,583
    Non-U.S.   132   167   115   488   2,188
    Total   711   556   526   2,235   3,771
                         
  Other   16   46   11   65   90
                         
  Worldwide   7,843   8,999   6,586   25,923   23,080
                         
                         
Cash flow from operations and asset sales            

Net cash provided by operating activities (U.S. GAAP)

  8,607   7,411   11,108   36,014   30,066
Proceeds associated with asset sales   884   1,408   1,491   4,123   3,103
Cash flow from operations and asset sales   9,491   8,819   12,599   40,137   33,169
                     
                 
                Attachment V
                 
Exxon Mobil Corporation
Earnings
 
         

$ Millions

 

$ Per Common Share 1

                 
 

2014

         
  First Quarter   9,100     2.10
  Second Quarter   8,780     2.05
  Third Quarter   8,070     1.89
  Fourth Quarter   6,570     1.56
      Year   32,520     7.60
                 
 

2015

         
  First Quarter   4,940     1.17
  Second Quarter   4,190     1.00
  Third Quarter   4,240     1.01
  Fourth Quarter   2,780     0.67
      Year   16,150     3.85
             
 

2016

         
  First Quarter   1,810     0.43
  Second Quarter   1,700     0.41
  Third Quarter   2,650     0.63
  Fourth Quarter   1,680     0.41
      Year   7,840     1.88
                 
 

2017

         
  First Quarter   4,010     0.95
  Second Quarter   3,350     0.78
  Third Quarter   3,970     0.93
  Fourth Quarter   8,380     1.97
      Year   19,710     4.63
                 
 

2018

         
  First Quarter   4,650     1.09
  Second Quarter   3,950     0.92
  Third Quarter   6,240     1.46
  Fourth Quarter   6,000     1.41
      Year   20,840     4.88
                 
1 Computed using the average number of shares outstanding during each period.
 

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