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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Exxon Mobil Corp | NYSE:XOM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.50 | -1.25% | 118.14 | 120.20 | 117.98 | 119.22 | 20,771,428 | 21:31:40 |
Exxon Mobil Corporation (NYSE:XOM):
First
First
Fourth
Quarter
Quarter
Quarter
2020
2019
%
2019
%
Results Summary
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)
(610)
2,350
-126
5,690
-111
Earnings/(Loss) Per Common Share
Assuming Dilution
(0.14)
0.55
-125
1.33
-111
Identified Items Per Common Share
Assuming Dilution
(0.67)
-
0.92
Earnings Excluding Identified Items Per Common Share
Assuming Dilution
0.53
0.55
-4
0.41
29
Capital and Exploration
Expenditures
7,143
6,890
4
8,460
-16
Exxon Mobil Corporation (NYSE:XOM) today announced an estimated first quarter 2020 loss of $610 million, or $0.14 per share assuming dilution, compared with earnings of $2.4 billion a year earlier. Results included a $2.9 billion charge from identified items, or $0.67 per share assuming dilution, reflecting noncash inventory valuation impacts from lower commodity prices and asset impairments. Cash flow from operating activities was $6.3 billion. Capital and exploration expenditures were $7.1 billion.
Oil‑equivalent production was 4 million barrels per day, up 2 percent from the first quarter of 2019, with a 7 percent increase in liquids partly offset by a 5 percent decrease in gas. Excluding entitlement effects and divestments, oil‑equivalent production was up 5 percent from the prior year, with Upstream liquids production up 9 percent on growth in the Permian and Guyana.
In response to market conditions, ExxonMobil announced that it is reducing 2020 capital spending by 30 percent and cash operating expenses by 15 percent. Capex is now expected to be approximately $23 billion for the year, down from the previously announced guidance of $33 billion.
“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” said Darren W. Woods, chairman and chief executive officer. “While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry.”
ExxonMobil’s capital allocation priorities remain unchanged. The company’s objective is to continue investing in industry-advantaged projects to create value, preserve cash for the dividend, and make appropriate use of its balance sheet.
“Our company remains strong and we will manage through the current market downturn as we have for decades,” said Woods. “Today’s circumstances are certainly unique, but our people have the experience, our business has the scale, and we have the financial strength to see us through and emerge stronger than ever.”
To minimize risks presented by COVID-19 and maintain operations, ExxonMobil has implemented enhanced cleaning procedures and modified work practices at sites around the world.
The company is maximizing production of products critical to the global response, including isopropyl alcohol, which is used to manufacture hand sanitizer, and polypropylene, which is used to make protective masks, gowns and wipes. Manufacturing operations in Louisiana have been reconfigured to produce medical-grade hand sanitizer for donation to COVID-19 response efforts in Louisiana, New Jersey, New Mexico, New York, Pennsylvania and Texas. ExxonMobil is assisting in community-level relief efforts around the world with donations to support food banks and provide fuel, meals, and masks for health care workers and first responders. In addition, ExxonMobil is supporting efforts to redesign and accelerate production of reusable face masks and shields to help alleviate the shortage for medical workers and first responders.
First Quarter 2020 Business Highlights
Upstream
Downstream
Chemical
Strengthening the Portfolio
Disciplined Investing
Advancing Innovative Technologies and Products
Results and Volume Summary
Millions of Dollars
1Q
1Q
(unless noted)
2020
2019
Change
Comments
Upstream
U.S.
(704)
96
-800
Lower prices partly offset by higher unconventional volumes; unfavorable identified items (impairment -315, noncash inventory valuation -45)
Non-U.S.
1,240
2,780
-1,540
Lower prices and reduced gas volumes partly offset by higher liquids volumes; unfavorable identified items (noncash inventory valuation -218, impairment -41)
Total
536
2,876
-2,340
Prices -2,020, liquids volumes +290, gas volumes -70, other +80, identified items -620
Production (koebd)
4,046
3,981
+65
Liquids +153 kbd: growth, higher entitlements, and lower maintenance, partly offset by divestments
Gas -528 mcfd: growth and higher entitlements, more than offset by divestments and lower demand
Downstream
U.S.
(101)
(161)
+60
Higher margins, with lower industry refining margins more than offset by favorable mark-to-market derivatives, and improved manufacturing on lower scheduled maintenance; unfavorable identified items (-411, mainly noncash inventory valuation)
Non-U.S.
(510)
(95)
-415
Higher margins, with lower industry refining margins more than offset by favorable mark-to-market derivatives, and improved manufacturing, partly offset by unfavorable foreign exchange and lower market demand; unfavorable identified items (noncash inventory valuation -1,196, impairment -335)
Total
(611)
(256)
-355
Margins +1,260, manufacturing +520, market demand -50, forex/other -150, identified items -1,940
Petroleum Product Sales (kbd)
5,287
5,415
-128
Chemical
U.S.
288
161
+127
Higher margins; unfavorable identified item (impairment -90)
Non-U.S.
(144)
357
-501
Lower margins and volumes; unfavorable identified items (-232, mainly noncash inventory valuation)
Total
144
518
-374
Margins +10, volumes -60, identified items -320
Prime Product Sales (kt)
6,237
6,772
-535
Corporate and financing
(679)
(788)
+109
Results and Volume Summary
Millions of Dollars
1Q
4Q
(unless noted)
2020
2019
Change
Comments
Upstream
U.S.
(704)
68
-772
Lower prices partly offset by lower expenses and higher unconventional volumes; unfavorable identified items (impairment -315, noncash inventory valuation -45)
Non-U.S.
1,240
6,069
-4,829
Lower prices partly offset by favorable foreign exchange and tax impacts, and higher liquids volumes; unfavorable identified items (noncash inventory valuation -218, impairment -41, prior quarter -3,947 mainly Norway divestment)
Total
536
6,137
-5,601
Prices -1,720, volumes +240, other +450, identified items -4,570
Production (koebd)
4,046
4,018
+28
Liquids +44 kbd: growth and lower maintenance, partly offset by divestments
Gas -99 mcfd: growth and lower maintenance, more than offset by divestments and lower entitlements
Downstream
U.S.
(101)
895
-996
Lower margins on weaker industry refining margins, reduced manufacturing contribution on increased downtime, and year-end LIFO (-460); unfavorable identified items (-411, mainly noncash inventory valuation)
Non-U.S.
(510)
3
-513
Higher margins on favorable mark-to-market derivatives, improved manufacturing on lower scheduled maintenance, and lower supply chain and marketing expenses, partly offset by lower market demand, unfavorable foreign exchange, and year-end LIFO (-80); unfavorable identified items (noncash inventory valuation -1,196, impairment -335)
Total
(611)
898
-1,509
Margins +920, market demand -110, supply chain and marketing expenses +300, year-end LIFO -540, forex/other -140, identified items -1,940
Petroleum Product Sales (kbd)
5,287
5,482
-195
Chemical
U.S.
288
(2)
+290
Higher margins and lower expenses; unfavorable identified item (impairment -90)
Non-U.S.
(144)
(353)
+209
Higher margins and lower expenses; unfavorable identified items (-232, mainly noncash inventory valuation)
Total
144
(355)
+499
Margins +540, expenses +250, other +30, identified items -320
Prime Product Sales (kt)
6,237
6,569
-332
Corporate and financing
(679)
(990)
+311
Favorable tax and foreign exchange impacts
Cash Flow from Operations and Asset Sales excluding Working Capital
Millions of Dollars
1Q
2020
Comments
Net income (loss) including noncontrolling interests
(770)
Including ($160) million noncontrolling interests
Depreciation
5,819
Including impairment impacts
Noncash inventory adjustment
2,245
Including $149 million noncontrolling interests
Changes in operational working capital
(942)
Mainly inventory build
Other
(78)
Cash Flow from Operating
6,274
Activities (U.S. GAAP)
Asset sales
86
Cash Flow from Operations
6,360
and Asset Sales
Changes in operational working capital
942
Cash Flow from Operations
7,302
and Asset Sales excluding Working Capital
First Quarter 2020 Financial Updates
During the first quarter of 2020, Exxon Mobil Corporation purchased 6 million shares of its common stock for the treasury at a gross cost of $305 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.
ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on May 1, 2020. To listen to the event or access an archived replay, please visit www.exxonmobil.com.
Cautionary Statement
Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance, the impact of the COVID-19 pandemic on results; planned capital and cash operating expense reductions; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; accounting effects resulting from market developments and ExxonMobil’s responsive actions; and the impact of new technologies, including to increase capital efficiency and production and to reduce greenhouse gas emissions, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and global economies and markets; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies between business lines; unforeseen technical or operating difficulties; unexpected technological developments; the ability to bring new technologies to commercial scale on a cost-competitive basis, including large-scale hydraulic fracturing projects; 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 2019 Form 10-K. We assume no duty to update these statements as of any future date.
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 for first quarter 2020 is shown on page 6 and for 2020 and 2019 periods in Attachment V.
This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for first quarter 2020 is shown on page 6 and for 2020 and 2019 periods in Attachment V.
This press release also includes earnings excluding identified items, which are earnings excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings impact of an identified item for an individual segment may be less than $250 million when the item impacts several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2020 and 2019 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in attachment II-b, including a reconciliation to earnings per common share – assuming dilution (U.S. GAAP).
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.
References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. 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 www.exxonmobil.com.
LIFO Inventory
Crude oil, products and merchandise inventories are carried at the lower of current market value or cost, generally determined under the last-in first-out method (LIFO). The corporation’s results for the first quarter of 2020 include an after-tax earnings charge of $2,096 million from writing down the book value of inventories to their market value at the end of the period. The earnings impact may be adjusted upward or downward this year based on prevailing market prices at the time of future evaluations. At year-end, any required adjustment is considered permanent and is incorporated into the LIFO carrying value of the inventory.
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.
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
First Quarter 2020
(millions of dollars, unless noted)
First
First
Fourth
Quarter
Quarter
Quarter
2020
2019
2019
Earnings (Loss) / Earnings (Loss) Per Share
Total revenues and other income
56,158
63,625
67,173
Total costs and other deductions
56,416
59,336
60,759
Income (loss) before income taxes
(258
)
4,289
6,414
Income taxes
512
1,883
684
Net income (loss) including noncontrolling interests
(770
)
2,406
5,730
Net income (loss) attributable to noncontrolling interests
(160
)
56
40
Net income (loss) attributable to ExxonMobil (U.S. GAAP)
(610
)
2,350
5,690
Earnings (loss) per common share (dollars)
(0.14
)
0.55
1.33
Earnings (loss) per common share - assuming dilution (dollars)
(0.14
)
0.55
1.33
Exploration expenses, including dry holes
288
280
357
Other Financial Data
Dividends on common stock
Total
3,719
3,505
3,716
Per common share (dollars)
0.87
0.82
0.87
Millions of common shares outstanding
At period end
4,228
4,231
4,234
Average - assuming dilution
4,270
4,270
4,269
ExxonMobil share of equity at period end
182,079
191,222
191,650
ExxonMobil share of capital employed at period end
244,026
234,673
240,925
Income taxes
512
1,883
684
Total other taxes and duties
7,497
8,087
8,416
Total taxes
8,009
9,970
9,100
Sales-based taxes
4,485
4,985
5,205
Total taxes including sales-based taxes
12,494
14,955
14,305
ExxonMobil share of income taxes of
equity companies
460
849
714
Attachment II-a
Exxon Mobil Corporation
First Quarter 2020
(millions of dollars)
First
First
Fourth
Quarter
Quarter
Quarter
2020
2019
2019
Earnings/(Loss) (U.S. GAAP)
Upstream
United States
(704
)
96
68
Non-U.S.
1,240
2,780
6,069
Downstream
United States
(101
)
(161
)
895
Non-U.S.
(510
)
(95
)
3
Chemical
United States
288
161
(2
)
Non-U.S.
(144
)
357
(353
)
Corporate and financing
(679
)
(788
)
(990
)
Net income (loss) attributable to ExxonMobil
(610
)
2,350
5,690
Identified Items Included in Earnings/(Loss)
U.S. Upstream
Other Items (Inventory valuation, Impairment)
(360
)
-
-
Non-U.S. Upstream
Asset Management
-
-
3,679
Tax Items
-
-
268
Other Items (Inventory valuation, Impairment)
(259
)
-
-
U.S. Downstream
Other Items (Inventory valuation, Impairment)
(411
)
-
-
Non-U.S. Downstream
Other Items (Inventory valuation, Impairment)
(1,531
)
-
-
U.S. Chemical
Other Items (Impairment)
(90
)
-
-
Non-U.S. Chemical
Other Items (Inventory valuation, Impairment)
(232
)
-
-
Corporate and financing
Asset Management
-
-
(24
)
Corporate total
(2,883
)
-
3,923
Earnings/(Loss) Excluding Identified Items
Upstream
United States
(344
)
96
68
Non-U.S.
1,499
2,780
2,122
Downstream
United States
310
(161
)
895
Non-U.S.
1,021
(95
)
3
Chemical
United States
378
161
(2
)
Non-U.S.
88
357
(353
)
Corporate and financing
(679
)
(788
)
(966
)
Corporate total
2,273
2,350
1,767
Attachment II-b
Exxon Mobil Corporation
First Quarter 2020
First
First
Fourth
$ Millions
Quarter
Quarter
Quarter
2020
2019
2019
Earnings/(Loss) (U.S. GAAP)
(610
)
2,350
5,690
Identified Items Included in Earnings/(Loss)
Noncash inventory valuation - lower of cost or market
(2,096
)
-
-
Impairment
(787
)
-
-
Norway Upstream divestment
-
-
3,655
Non-U.S. tax item
-
-
268
Corporate total
(2,883
)
-
3,923
Earnings Excluding Identified Items
2,273
2,350
1,767
$ Per Common Share1
Earnings/(Loss) Per Common Share
Assuming Dilution (U.S. GAAP)
(0.14
)
0.55
1.33
Identified Items Included in Earnings/(Loss) Per Common Share
Assuming Dilution
Noncash inventory valuation - lower of cost or market
(0.49
)
-
-
Impairment
(0.18
)
-
-
Norway Upstream divestment
-
-
0.86
Non-U.S. tax item
-
-
0.06
Corporate total
(0.67
)
-
0.92
Earnings Excluding Identified Items Per Common Share
Assuming Dilution
0.53
0.55
0.41
1 Computed using the average number of shares outstanding during each period.
Attachment III
Exxon Mobil Corporation
First Quarter 2020
First
First
Fourth
Quarter
Quarter
Quarter
2020
2019
2019
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil,
thousand barrels per day (kbd)
United States
699
600
665
Canada / Other Americas
558
454
487
Europe
30
121
93
Africa
360
369
366
Asia
795
746
780
Australia / Oceania
38
37
45
Worldwide
2,480
2,327
2,436
Natural gas production available for sale,
million cubic feet per day (mcfd)
United States
2,825
2,712
2,713
Canada / Other Americas
317
238
287
Europe
1,293
2,113
1,508
Africa
7
7
10
Asia
3,710
3,655
3,753
Australia / Oceania
1,244
1,199
1,224
Worldwide
9,396
9,924
9,495
Oil-equivalent production (koebd)1
4,046
3,981
4,018
1 Natural gas converted to an oil-equivalent basis at 6 million cubic feet per 1 thousand barrels.
Attachment IV
Exxon Mobil Corporation
First Quarter 2020
First
First
Fourth
Quarter
Quarter
Quarter
2020
2019
2019
Refinery throughput (kbd)
United States
1,558
1,373
1,675
Canada
383
383
322
Europe
1,295
1,325
1,304
Asia Pacific
637
609
570
Other
187
196
182
Worldwide
4,060
3,886
4,053
Petroleum product sales (kbd)
United States
2,231
2,210
2,356
Canada
456
484
444
Europe
1,403
1,510
1,456
Asia Pacific
708
749
729
Other
489
462
497
Worldwide
5,287
5,415
5,482
Gasolines, naphthas
2,122
2,149
2,276
Heating oils, kerosene, diesel
1,867
1,914
1,903
Aviation fuels
383
386
399
Heavy fuels
256
299
217
Specialty products
659
667
687
Worldwide
5,287
5,415
5,482
Chemical prime product sales,
thousand metric tons (kt)
United States
2,195
2,322
2,294
Non-U.S.
4,042
4,450
4,275
Worldwide
6,237
6,772
6,569
Attachment V
Exxon Mobil Corporation
First Quarter 2020
(millions of dollars)
First
First
Fourth
Quarter
Quarter
Quarter
2020
2019
2019
Capital and Exploration Expenditures
Upstream
United States
2,798
2,548
2,848
Non-U.S.
2,328
2,813
3,243
Total
5,126
5,361
6,091
Downstream
United States
747
414
725
Non-U.S.
487
415
635
Total
1,234
829
1,360
Chemical
United States
597
552
786
Non-U.S.
185
144
213
Total
782
696
999
Other
1
4
10
Worldwide
7,143
6,890
8,460
Cash flow from operations and asset sales
Net cash provided by operating activities
(U.S. GAAP)
6,274
8,338
6,352
Proceeds associated with asset sales
86
107
3,092
Cash flow from operations and asset sales
6,360
8,445
9,444
Changes in operational working capital
942
(2,257
)
1,641
Cash flow from operations and asset sales
7,302
6,188
11,085
excluding working capital
Attachment VI
Exxon Mobil Corporation
Earnings/(Loss)
$ Millions
$ Per Common Share1
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
2019
First Quarter
2,350
0.55
Second Quarter
3,130
0.73
Third Quarter
3,170
0.75
Fourth Quarter
5,690
1.33
Year
14,340
3.36
2020
First Quarter
(610
)
(0.14
)
1 Computed using the average number of shares outstanding during each period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200501005264/en/
ExxonMobil Media Relations, 972-940-6007
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