Exxon Mobil Corporation (NYSE:XOM):
- Net favorable non-cash impacts in the
fourth quarter total $4.6 billion, including $5.9 billion relating
to U.S. tax reform, partially offset by asset impairments of $1.3
billion
- Full year cash flow from operations and
asset sales exceeds dividends and net investments1
- Company makes sixth discovery offshore
Guyana, adds acreage in Brazil, closes acquisition in
Mozambique
Fourth Quarter
Twelve Months 2017
2016 % 2017
2016 % Earnings Summary
(Dollars in millions, except per share data) Earnings (U.S. GAAP)
8,380 1,680 399
19,710 7,840 151 U.S. Tax Reform
5,942 -
5,942 - Asset Impairments
(1,294
) (2,135 )
(1,521 ) (2,226 ) Earnings
Excluding U.S. Tax Reform and Impairments
3,732 3,815 -2
15,289 10,066 52 Earnings Per Common Share Assuming
Dilution
1.97 0.41 380
4.63 1.88 146 Capital
and Exploration Expenditures
8,999 4,829 86
23,080
19,304 20
Exxon Mobil Corporation announced estimated 2017 earnings of
$19.7 billion, or $4.63 per share assuming dilution, compared
with $7.8 billion in 2016. U.S. federal tax reform in the
fourth quarter resulted in a non-cash earnings gain of
$5.9 billion, due to revaluation of deferred income tax
balances. Non-cash asset impairments of $1.5 billion were recorded
during the year, mainly relating to assets in the Upstream.
Fourth quarter 2017 earnings were $8.4 billion. Earnings
excluding U.S. tax reform and impairments were $3.7 billion, or
$0.88 per share assuming dilution, in the fourth quarter 2017, down
2 percent compared with the prior-year quarter.
“The impact of tax reform on our earnings reflects the magnitude
of our historic investment in the U.S. and strengthens our
commitment to further grow our business here,” said Darren W.
Woods, chairman and chief executive officer. “We’re planning to
invest over $50 billion in the U.S. over the next five years to
increase production of profitable volumes and enhance our
integrated portfolio, which is supported by the improved business
climate created by tax reform.”
ExxonMobil is investing billions of dollars to increase oil
production in the Permian Basin in West Texas and New Mexico,
expand existing operations, enhance infrastructure and build new
manufacturing sites. These high-quality investments will create
value for ExxonMobil shareholders while benefiting the economy,
creating thousands of jobs and enhancing energy security.
Fourth quarter Upstream earnings were $8.4 billion, including
$7.1 billion from U.S. tax reform and asset impairments of
$1.3 billion. Fourth quarter earnings excluding U.S. tax reform and
impairments increased $1 billion, to $2.5 billion, driven
by higher prices as liquids realizations increased more than $10
per barrel.
Downstream earnings in the fourth quarter were $1.6 billion,
including $618 million from U.S. tax reform. Earnings
excluding U.S. tax reform and impairments declined
$289 million, to $952 million, as the absence of last
year’s Canada retail divestment gain of $522 million was partially
offset by higher margins and asset management gains in the current
quarter.
Chemical earnings were $1.3 billion in the fourth quarter.
Excluding the $335 million impact from U.S. tax reform,
Chemical earnings increased $63 million, or 7 percent,
due to higher sales. Prime product sales of 6.8 million metric
tons were the highest in a decade.
1Includes additions to property, plant and equipment and net
investments / advances
Fourth Quarter 2017 Highlights
- Earnings of $8.4 billion increased $6.7
billion from the fourth quarter of 2016. Earnings excluding U.S.
tax reform and impairments were $3.7 billion, down 2 percent
compared with the fourth quarter of 2016.
- Earnings per share assuming dilution
were $1.97.
- Cash flow from operations and asset
sales was $8.8 billion, including proceeds associated with asset
sales of $1.4 billion.
- Capital and exploration expenditures
were $9 billion, including acquisitions in Mozambique and
Brazil.
- Oil-equivalent production was 4 million
barrels per day, down 3 percent from the prior year. Excluding
entitlement effects and divestments, oil-equivalent production was
down 1 percent from the prior year.
- The corporation distributed $3.3
billion in dividends to shareholders.
- Dividends per share of $0.77 increased
2.7 percent compared to the fourth quarter of 2016.
- The company announced the sixth oil
discovery offshore Guyana with the completion of the Ranger-1
exploration well. The well encountered 230 feet (70 meters) of
oil-bearing carbonate reservoir. Previous discoveries offshore
Guyana are now estimated to total more than 3.2 billion recoverable
oil-equivalent barrels, excluding Ranger.
- ExxonMobil completed an agreement with
Statoil ASA to acquire an interest in the BM-S-8 block offshore
Brazil, which contains part of the discovered pre-salt Carcara oil
field. ExxonMobil and its partners were also the high bidder on the
North Carcara block in round 2 of the pre-salt tender. The Carcara
field contains an estimated recoverable resource of 2 billion
barrels of high-quality oil. During the quarter, through bid rounds
and announced farm-in agreements, ExxonMobil added 14 offshore
blocks in Brazil comprising more than 1.25 million net acres.
- ExxonMobil announced the completion of
a transaction to acquire a 25 percent indirect interest in
Mozambique’s gas-rich Area 4 block from Eni S.p.A. and assume
responsibility for midstream operations. ExxonMobil will lead the
construction and operation of all future natural gas liquefaction
and related facilities. The deepwater Area 4 block contains an
estimated 85 trillion cubic feet of natural gas to support a
world-class LNG development.
- During the quarter, ExxonMobil
announced that the Hebron field started production safely and on
schedule. The platform, located about 200 miles (350 kilometers)
offshore Newfoundland and Labrador, Canada, is expected to produce
up to 150,000 barrels of oil per day at its peak.
- The company started the Odoptu Stage 2
project safely and on schedule. The project has increased the
Odoptu field production capacity to nearly 65,000 barrels per day
and will help maintain Sakhalin-1 production levels.
- The company announced that it
encountered hydrocarbons after drilling the onshore P’nyang South-2
well, located in the Western Province of Papua New Guinea, adding
to a growing high-quality resource base that will underpin a
multi-train LNG expansion.
- ExxonMobil, together with its partners
Abu Dhabi National Oil Company and INPEX Corporation, announced an
agreement to increase production capacity from the Upper Zakum oil
field to 1 million barrels per day by 2024. Under the agreement,
ExxonMobil and INPEX Corporation have also been granted a 10 year
extension for the Upper Zakum concession.
- During the quarter, ExxonMobil acquired
a crude oil terminal in Wink, Texas, from Genesis Energy, L.P. The
terminal is located in the rapidly growing Permian Basin and is
strategically positioned to handle crude oil and condensate for
transport to Gulf Coast refineries and marine export
terminals.
- ExxonMobil signed production sharing
contracts with the government of Mauritania for three deepwater
offshore blocks. Together, the blocks comprise nearly 8.4 million
acres and are located an average of 125 miles (200 kilometers)
offshore Mauritania.
- The corporation announced that the
Neuquén Province government in Argentina has approved the
investment plan for the development of a 35-year unconventional
exploitation concession in the Los Toldos I South block. The
initial investment of about $200 million calls for a pilot project
of up to seven production wells, the construction of production
facilities and the development of export infrastructure.
- The corporation combined its refining
and marketing operations into a single company, ExxonMobil Fuels
& Lubricants Company, in the first quarter of 2018. The further
integration will help the company to better respond to the needs of
its customers and compete more effectively.
- ExxonMobil opened eight service
stations in Mexico during the quarter, the first Mobil-branded
service stations in the country. The new service stations will be
operated by Grupo Orsan and supplied with gasoline and diesel
produced by ExxonMobil’s refineries in Texas. The corporation plans
to open more than 50 Mobil stations in Mexico during the first
quarter of 2018.
- During the quarter, the company started
producing on-spec product from the world’s largest hydrocarbon
resin plant, located in Singapore. The new facility will produce
90,000 metric tons per year of Escorez adhesive resins to meet
long-term demand growth in Asia Pacific and will double the
company’s capacity to manufacture high-performance resins.
Fourth Quarter 2017 vs. Fourth Quarter 2016
Upstream earnings were $8.4 billion in the fourth quarter
of 2017, up $9 billion from the fourth quarter of 2016. Higher
liquids and gas realizations increased earnings by
$1.2 billion. Lower volume and mix effects decreased earnings
by $110 million. All other items increased earnings by
$7.9 billion driven by U.S. tax reform impacts of
$7.1 billion, lower asset impairments of $847 million,
and gains from asset management activity.
On an oil-equivalent basis, production was down 130,000 barrels
per day, or 3 percent, compared with the fourth quarter of
2016. Liquids production totaled 2.3 million barrels per day,
down 133,000 barrels per day as field decline and lower
entitlements were partly offset by higher volumes from work
programs and projects. Natural gas production was 10.4 billion
cubic feet per day, up 17 million cubic feet per day from
2016, as project ramp-up and work programs were partly offset by
field decline and lower demand.
U.S. Upstream earnings were $7.1 billion in the fourth
quarter of 2017, including $7.6 billion for tax reform and
asset impairments of $481 million. U.S. Upstream earnings
excluding U.S. tax reform and impairments were a loss of
$60 million. Non-U.S. Upstream earnings were
$1.3 billion, including asset impairments of $807 million
and unfavorable impacts of $480 million from U.S. tax reform.
Non-U.S. Upstream earnings excluding U.S. tax reform and
impairments were $2.6 billion.
Downstream earnings were $1.6 billion, up $323 million
from the fourth quarter of 2016. Higher margins increased earnings
by $250 million. Volume and mix effects decreased earnings by
$190 million. All other items increased earnings by
$260 million, including favorable U.S. tax reform impacts of
$618 million and gains from asset management activity,
partially offset by the absence of asset management gains of
$522 million in the prior year from the Canada retail
divestment. Petroleum product sales of 5.6 million barrels per
day were 118,000 barrels per day higher than last year’s
fourth quarter.
Earnings from the U.S. Downstream were $918 million.
Excluding U.S. tax reform impacts of $618 million and asset
impairments, earnings were up $36 million from the fourth quarter
of 2016. Non-U.S. Downstream earnings of $646 million were
$325 million lower than the prior year.
Chemical earnings of $1.3 billion were $398 million
higher than the fourth quarter of 2016. Weaker margins decreased
earnings by $30 million. Volume and mix effects increased
earnings by $100 million. All other items increased earnings
by $330 million, driven by U.S. tax reform impacts of
$335 million. Fourth quarter prime product sales of
6.8 million metric tons were 473,000 metric tons or
7 percent higher than the prior year.
U.S. Chemical earnings were $777 million in the fourth quarter
of 2017. Excluding U.S. tax reform impacts of $335 million,
earnings were $90 million higher than the fourth quarter of 2016.
Non-U.S. Chemical earnings of $493 million were
$27 million lower than prior year.
Corporate and financing expenses were $2.8 billion for the
fourth quarter of 2017, up $3 billion from the fourth quarter
of 2016 mainly due to unfavorable impacts of $2.1 billion from U.S.
tax reform and the absence of favorable non-U.S. tax items in the
prior-year quarter.
Full Year 2017 Highlights
- Earnings of $19.7 billion increased 151
percent from $7.8 billion in 2016. Earnings excluding U.S. tax
reform and impairments were $15.3 billion, up 52 percent from $10.1
billion in 2016. Hurricane Harvey reduced earnings by an estimated
$250 million.
- Earnings per share assuming dilution
were $4.63.
- Cash flow from operations and asset
sales was $33.2 billion, including proceeds associated with asset
sales of $3.1 billion.
- Capital and exploration expenditures
were $23.1 billion, up 20 percent from 2016.
- Oil-equivalent production was 4 million
barrels per day, down 2 percent from the prior year. Excluding
entitlement effects and divestments, oil-equivalent production was
flat with the prior year.
- The corporation distributed $13 billion
in dividends to shareholders.
Full Year 2017 vs. Full Year 2016
Upstream earnings were $13.4 billion, up $13.2 billion
from 2016. Higher realizations increased earnings by
$5.3 billion. Unfavorable volume and mix effects decreased
earnings by $440 million. All other items increased earnings
by $8.3 billion, primarily due to the $7.1 billion
non-cash impact from U.S. tax reform, lower asset impairments of
$659 million, lower expenses, and gains from asset management
activity.
On an oil-equivalent basis, production of 4 million barrels
per day was down 2 percent compared to 2016. Liquids
production of 2.3 million barrels per day decreased
82,000 barrels per day as field decline and lower entitlements
were partly offset by increased project volumes and work programs.
Natural gas production of 10.2 billion cubic feet per day
increased 84 million cubic feet per day from 2016 as project
ramp-up, primarily in Australia, was partly offset by field decline
and regulatory restrictions in the Netherlands.
U.S. Upstream earnings were $6.6 billion in 2017, including
$7.6 billion of tax reform benefits and asset impairments of
$521 million. U.S. Upstream earnings excluding U.S. tax reform
and impairments were a loss of $459 million. Non-U.S. Upstream
earnings were $6.7 billion, including asset impairments of
$983 million and unfavorable impacts of $480 million from
U.S. tax reform. Non-U.S. Upstream earnings excluding U.S. tax
reform and impairments were $8.2 billion.
Downstream earnings of $5.6 billion increased
$1.4 billion from 2016. Stronger refining and marketing
margins increased earnings by $1.5 billion, while volume and
mix effects decreased earnings by $30 million. All other items
decreased earnings by $40 million, driven by the absence of a
$904 million gain from the Canadian retail assets sale, and
Hurricane Harvey related expenses, which were mostly offset by
$618 million of U.S. tax reform impacts and non-U.S. asset
management gains in the current year. Petroleum product sales of
5.5 million barrels per day were 48,000 barrels per day
higher than 2016.
Earnings from the U.S. Downstream were $1.9 billion.
Excluding U.S. tax reform impacts of $618 million and asset
impairments, earnings were up $179 million from 2016. Non-U.S.
Downstream earnings were $3.6 billion, compared to
$3.1 billion in the prior year.
Chemical earnings of $4.5 billion decreased $97 million
from 2016. Weaker margins decreased earnings by $260 million.
Volume and mix effects increased earnings by $100 million. All
other items increased earnings by $60 million, primarily due
to U.S. tax reform of $335 million and improved inventory
effects, partially offset by higher expenses from increased
turnaround activity and new business growth. Prime product sales of
25.4 million metric tons were up 495,000 metric tons from
2016.
U.S. Chemical earnings were $2.2 billion in 2017. Excluding
U.S. tax reform impacts of $335 million, 2017 earnings were
down $21 million from 2016. Non-U.S. Chemical earnings of
$2.3 billion were $411 million lower than prior year.
Corporate and financing expenses were $3.8 billion in 2017
compared to $1.2 billion in 2016, with the increase mainly due to
unfavorable impacts of $2.1 billion from U.S. tax reform and the
absence of favorable non-U.S. tax items.
During 2017, Exxon Mobil Corporation purchased 6 million
shares of its common stock for the treasury at a gross cost of
$496 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.
The company also issued a combined 96 million shares of common
stock during the first quarter to complete the acquisition of
InterOil Corporation and the acquisition of entities that own oil
and gas properties located primarily in the Permian Basin.
U.S. Tax Reform
Following the December 22, 2017, enactment of the U.S. Tax Cuts
and Jobs Act and in accordance with U.S. GAAP, the corporation has
included reasonable estimates of the income tax effects of the
change in tax law and tax rate. These include amounts for the
deferred income tax impact from the reduction in the corporate tax
rate from 35 percent to 21 percent and the mandatory
deemed repatriation of undistributed foreign earnings and
profits.
ExxonMobil’s significant historical investments in the U.S. have
created large deferred income tax liabilities that have reduced
previously reported earnings. Remeasurement of these deferred
income tax liabilities from the 35 percent rate to
21 percent results in a one-time non-cash benefit to earnings.
The corporation has paid taxes on non-U.S. earnings at tax rates on
average above the U.S. rate of 35 percent. As a result, the
deemed repatriation tax is not a significant item for
ExxonMobil.
Asset Impairments
As part of its 2017 annual planning and budgeting cycle, the
corporation made a decision to cease development planning
activities and further allocation of capital to certain
non-producing assets outside the U.S. resulting in an after-tax
charge in the fourth quarter of $807 million to reduce the
carrying value of those assets. In addition, and in part due to a
reduction to the corporation’s long-term natural gas price
outlooks, certain asset groups were subject to an impairment
assessment. As a result of that assessment, the carrying values for
certain asset groups in the U.S. were reduced to fair value,
resulting in an after-tax charge of $481 million. The asset
groups subject to this impairment charge are primarily dry gas
operations with little additional development potential.
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on
February 2, 2018. To listen to the event or access an archived
replay, please visit www.exxonmobil.com.
Cautionary Statement
Statements relating to future plans, projections, events or
conditions are forward-looking statements. Future results,
including project plans, costs, timing, and capacities; efficiency
gains; capital and exploration expenditures; production rates;
resource recoveries; the impact of new technologies; potential
impairment charges; and share purchase levels, could differ
materially due to factors including: changes in oil, gas or
petrochemical prices or other market or economic conditions
affecting the oil, gas or petrochemical industries, including the
scope and duration of economic recessions; the outcome of
exploration and development efforts; changes in law or government
regulation, including tax and environmental requirements; the
impact of fiscal and commercial terms and outcome of commercial
negotiations; the results of research programs; changes in
technical or operating conditions; actions of competitors; and
other factors discussed under the heading "Factors Affecting Future
Results" in the “Investors” section of our website and in Item 1A
of ExxonMobil's 2016 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 is shown in Attachment V.
This press release also includes earnings excluding impacts from
U.S. tax reform 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 in Attachment II.
This press release also includes total taxes including
sales-based taxes assessed on customers. This is a broader
indicator of the total tax burden on the corporation's products and
earnings, including those borne by certain customers who buy our
products. It combines "Income taxes" and "Total other taxes and
duties" assessed on the corporation with sales-based taxes assessed
on our customers, 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 and its
customers. A reconciliation to total taxes is shown in Attachment
I.
References to the resource base and other quantities of oil,
natural gas or condensate may include amounts that we believe will
ultimately be produced, but that are not yet classified as “proved
reserves” under SEC definitions. Further information on
ExxonMobil's frequently used financial and operating measures and
other terms including “prime product sales” and “Total taxes
including sales-based taxes assessed on customers” 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.
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.
Escorez 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 2017 (millions of dollars, unless noted)
Fourth Quarter Twelve
Months 2017 2016
2017 2016 Earnings / Earnings
Per Share Total revenues and other income (See
Attachment VII)
66,515 56,399
244,363 208,114 Total
costs and other deductions (See Attachment VII)
63,498
55,782
225,689 200,145 Income before income taxes
3,017 617
18,674 7,969 Income taxes
(5,392
) (1,407 )
(1,174 ) (406 ) Net income
including noncontrolling interests
8,409 2,024
19,848
8,375 Net income attributable to noncontrolling interests
29
344
138 535 Net income attributable to ExxonMobil (U.S.
GAAP)
8,380 1,680
19,710 7,840 Earnings per
common share (dollars)
1.97 0.41
4.63 1.88
Earnings per common share - assuming
dilution (dollars)
1.97 0.41
4.63 1.88 Exploration expenses,
including dry holes
703 340
1,790 1,467
Other Financial Data Dividends on common stock Total
3,289 3,133
13,001 12,453 Per common share (dollars)
0.77 0.75
3.06 2.98 Millions of common shares
outstanding At December 31
4,239 4,148 Average - assuming
dilution
4,270 4,176
4,256 4,177 ExxonMobil
share of equity at December 31
187,688 167,325 ExxonMobil
share of capital employed at December 31
232,467 212,794
Income taxes
(5,392 ) (1,407 )
(1,174
) (406 ) Total other taxes and duties (See Attachment VII)
8,583 7,975
32,459 31,375 Total taxes
3,191
6,568
31,285 30,969 Sales-based taxes assessed on customers
5,245 4,617
19,725 17,980
Total taxes including sales-based taxes
assessed on customers
8,436 11,185
51,010 48,949
ExxonMobil share of income taxes of equity
companies
500 436
2,228 1,692
Attachment II Exxon Mobil Corporation
Fourth Quarter 2017 (millions of dollars)
Fourth Quarter Twelve
Months 2017 2016
2017 2016 Earnings (U.S.
GAAP) Upstream United States
7,061 (2,328 )
6,622
(4,151 ) Non-U.S.
1,291 1,686
6,733 4,347 Downstream
United States
918 270
1,948 1,094 Non-U.S.
646
971
3,649 3,107 Chemical United States
777 352
2,190 1,876 Non-U.S.
493 520
2,328 2,739
Corporate and financing
(2,806 ) 209
(3,760
) (1,172 ) Net income attributable to ExxonMobil
8,380 1,680
19,710 7,840
U.S. Tax
Reform Upstream United States
7,602 -
7,602 -
Non-U.S.
(480 ) -
(480 ) - Downstream
United States
618 -
618 - Chemical United States
335 -
335 - Corporate and financing
(2,133
) -
(2,133 ) - Total U.S. Tax Reform
5,942 -
5,942 -
Asset Impairments
Upstream United States
(481 ) (2,135 )
(521
) (2,163 ) Non-U.S.
(807 ) -
(983
) - Downstream United States
(6 ) -
(6
) (63 ) Non-U.S.
- -
(11 ) - Total
Asset Impairments
(1,294 ) (2,135 )
(1,521
) (2,226 )
Earnings Excluding U.S. Tax Reform and
Impairments Upstream United States
(60 ) (193 )
(459 ) (1,988 ) Non-U.S.
2,578 1,686
8,196 4,347 Downstream United States
306 270
1,336 1,157 Non-U.S.
646 971
3,660 3,107
Chemical United States
442 352
1,855 1,876 Non-U.S.
493 520
2,328 2,739 Corporate and financing
(673 ) 209
(1,627 ) (1,172 ) Earnings
excluding U.S. Tax Reform and Impairments
3,732 3,815
15,289 10,066
Attachment III Exxon Mobil Corporation
Fourth Quarter 2017 Fourth
Quarter Twelve Months
2017 2016 2017
2016
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil, thousand barrels per day
(kbd)
United States
525 496
514 494 Canada / Other Americas
426 453
412 430 Europe
155 208
182 204
Africa
403 449
423 474 Asia
690 726
698
707 Australia / Oceania
52 52
54 56 Worldwide
2,251 2,384
2,283 2,365
Natural gas production available for sale,
million cubic feet per day (mcfd)
United States
2,753 2,997
2,936 3,078 Canada / Other
Americas
240 222
218 239 Europe
2,266 2,518
1,948 2,173 Africa
6 7
5 7 Asia
3,855
3,698
3,794 3,743 Australia / Oceania
1,321 982
1,310 887 Worldwide
10,441 10,424
10,211
10,127 Oil-equivalent production (koebd)1
3,991 4,121
3,985 4,053
1 Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels.
Attachment IV Exxon
Mobil Corporation Fourth Quarter 2017
Fourth Quarter Twelve
Months 2017 2016
2017 2016 Refinery throughput
(kbd) United States
1,379 1,604
1,508 1,591 Canada
391 401
383 363 Europe
1,509 1,460
1,510 1,417 Asia Pacific
728 706
690 708 Other
200 200
200 190 Worldwide
4,207 4,371
4,291 4,269 Petroleum product sales (kbd) United
States
2,209 2,227
2,190 2,250 Canada
501 499
499 491 Europe
1,589 1,535
1,597 1,519 Asia
Pacific
819 719
757 741 Other
506 526
487 481 Worldwide
5,624 5,506
5,530 5,482
Gasolines, naphthas
2,353 2,304
2,262 2,270
Heating oils, kerosene, diesel
1,878 1,826
1,850
1,772 Aviation fuels
393 387
382 399 Heavy fuels
370 368
371 370 Specialty products
630 621
665 671 Worldwide
5,624 5,506
5,530 5,482
Chemical prime product sales, thousand
metric tons (kt)
United States
2,399 2,409
9,307 9,576 Non-U.S.
4,383 3,900
16,113 15,349 Worldwide
6,782
6,309
25,420 24,925
Attachment V Exxon Mobil Corporation Fourth
Quarter 2017 (millions of dollars)
Fourth Quarter Twelve
Months 2017 2016
2017 2016 Capital and
Exploration Expenditures Upstream United States
1,158
817
3,716 3,518 Non-U.S.
6,457 2,755
12,979
11,024 Total
7,615 3,572
16,695 14,542 Downstream
United States
264 231
823 839 Non-U.S.
518 472
1,701 1,623 Total
782 703
2,524 2,462 Chemical
United States
389 405
1,583 1,553 Non-U.S.
167
125
2,188 654 Total
556 530
3,771 2,207
Other
46 24
90 93 Worldwide
8,999 4,829
23,080 19,304
Cash flow from operations and
asset sales (billions of dollars)
Net cash provided by operating activities
(U.S. GAAP)
7.4 7.4
30.1 22.1 Proceeds associated with asset
sales
1.4 2.1
3.1 4.3 Cash flow from operations and
asset sales
8.8 9.5
33.2 26.4
Attachment VI Exxon Mobil Corporation
Earnings $ Millions
$ Per Common Share1
2013
First Quarter 9,500 2.12 Second Quarter 6,860 1.55 Third Quarter
7,870 1.79 Fourth Quarter 8,350 1.91 Year 32,580 7.37
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
1 Computed using the average number of
shares outstanding during each period.
Attachment VII
Change in Accounting Policy Election Affecting Consolidated
Statement of Income
Effective December 31, 2017, the corporation revised its
accounting policy election for sales, excise and value-added taxes
assessed on our customers that are included in “Sales-based taxes”
from gross reporting (included in both “Total revenues and other
income” and “Sales-based taxes”) to the preferable method of net
reporting. This change in accounting principle was applied
retrospectively and does not affect net income attributable to
ExxonMobil. Also effective December 31, 2017, the corporation
reclassified U.S. Federal excise tax from “Sales-based taxes” to
“Other taxes and duties” that are included in “Total other taxes
and duties”. This change was applied retrospectively and does not
affect net income attributable to ExxonMobil.
Below are changes reflected in the earnings news release. For
information on the Consolidated Statement of Income changes, please
refer to the Form 8-K filed by the corporation on January 19,
2018.
Fourth Quarter 2016 Twelve Months 2016
As As As
As Reported Change
Adjusted Reported Change
Adjusted (millions of dollars) Total
revenues and other income 61,016 (4,617 ) 56,399 226,094 (17,980 )
208,114 Sales-based taxes 5,403 (5,403 ) - 21,090 (21,090 )
- Total other taxes and duties 7,189 786 7,975 28,265 3,110 31,375
Total costs and other deductions 60,399 (4,617 ) 55,782 218,125
(17,980 ) 200,145
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180202005259/en/
ExxonMobilMedia Relations, 972-940-6007
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