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Profits translate to a 1% increase on Q1 of 2012
ExxonMobil have announced that their 2013 Q1 earnings of $9,500 million form a $50 million, or 1%, increase from the first quarter of 2012.
Earnings per share (assuming dilution) were $2.12, an increase of 6%.
In a statement the company further reported that:
- Capital and exploration expenditures were $11.8 billion, up 33% from the first quarter of 2012.
- Oil-equivalent production decreased 3.5% from the first quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 1.2%.
- Cash flow from operations and asset sales was $14 billion, including proceeds associated with asset sales of $0.4 billion.
- Share purchases to reduce shares outstanding were $5 billion.
- Dividends per share of $0.57 increased 21% compared to the first quarter of 2012.
Upstream earnings were $7,037 million in the first quarter of 2013, down $765 million from the first quarter of 2012. Lower liquids realizations, partially offset by improved natural gas realizations, decreased earnings by $230 million. Production volume and mix effects reduced earnings by $280 million. All other items, including higher operating expenses, decreased earnings by $250 million.
On an oil-equivalent basis, production decreased 3.5% from the first quarter of 2012. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 1.2%.
Liquids production totaled 2,193 kbd (thousands of barrels per day), down 21 kbd from the first quarter of 2012 as field decline was partially offset by project ramp-up in West Africa. The net impact of entitlement volumes, OPEC quota effects, and divestments was negligible.
First quarter natural gas production was 13,213 mcfd (millions of cubic feet per day), down 823 mcfd from 2012. Excluding the impacts of entitlement volumes and divestments, natural gas production was down 1.5%, as field decline was partially offset by lower downtime and higher demand.
Earnings from U.S. Upstream operations were $859 million, $151 million lower than the first quarter of 2012. Non-U.S. Upstream earnings were $6,178 million, down $614 million from the prior year.
Commenting on the results ExxonMobil’s Chairman, Rex W. Tillerson, said the company had “achieved strong results during the first quarter of 2013, while investing significantly to develop new energy supplies. ExxonMobil’s financial performance enables continued investment to deliver the energy needed to help meet growing demand, support economic growth, and raise living standards around the world”.
Downstream earnings were $1,545 million, down $41 million from the first quarter of 2012. Stronger margins, mainly in refining, increased earnings by $780 million. Volume and mix effects decreased earnings by $290 million. All other items, including lower gains on asset sales, higher expenses, and foreign exchange effects, decreased earnings by $530 million. Petroleum product sales of 5,755 kbd were 561 kbd lower than last year’s first quarter reflecting the Japan restructuring and other divestment related impacts.
Earnings from the U.S. Downstream were $1,039 million, up $436 million from the first quarter of 2012. Non-U.S. Downstream earnings of $506 million were $477 million lower than last year.
Chemical earnings of $1,137 million were $436 million higher than the first quarter of 2012. Higher margins, mainly commodities, increased earnings by $320 million. All other items, including gains on asset sales, increased earnings by $120 million. First quarter prime product sales of 5,910 kt (thousands of metric tons) were 427 kt lower than last year’s first quarter due mainly to the Japan restructuring.
Corporate and financing expenses were $219 million for the first quarter of 2013, down $420 million from the first quarter of 2012, reflecting favorable tax impacts.
During the first quarter of 2013, Exxon Mobil Corporation purchased 63 million shares of its common stock for the treasury at a gross cost of $5.6 billion. These purchases included $5 billion to reduce the number of shares outstanding, with the balance used to acquire shares in conjunction with the company’s benefit plans and programs. Share purchases to reduce shares outstanding are currently anticipated to equal $4 billion in the second quarter of 2013. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.
