8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORTPursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2015

Exxon Mobil Corporation

(Exact name of registrant as specified in its charter)

New Jersey	1-2256	13-5409005
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

5959 LAS COLINAS BOULEVARD, IRVING, TEXAS 75039-2298

          (Address of principal executive offices)                                            (Zip Code)

 Registrant’s telephone number, including area code:  (972) 444-1000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02	Results of Operations and Financial Condition
Item 7.01	Regulation FD Disclosure
	The following information is furnished pursuant to both Item 2.02 and Item 7.01.
	The Registrant hereby furnishes the information set forth in its News Release, dated April 30, 2015, announcing first quarter 2015 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 1Q15 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing.

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SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EXXON MOBIL CORPORATION
Date:  April 30, 2015	By:	/s/ David S. Rosenthal
		-------------------------------------------------
		Name:	David S. Rosenthal
		Title:	Vice President, Controller and
			Principal Accounting Officer

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INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Exxon Mobil Corporation News Release, dated April 30, 2015, announcing first quarter 2015 results.
99.2	1Q15 Investor Relations Data Summary.

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EX-99.1

 

EXHIBIT 99.1

News Release
	Exxon Mobil Corporation
	5959 Las Colinas Boulevard
	Irving, TX  75039
	972 444 1107 Telephone
	972 444 1138 Facsimile
FOR IMMEDIATE RELEASE
THURSDAY, APRIL 30, 2015

ExxonMobil Earns $4.9 Billion in First Quarter of 2015
•	Balanced portfolio delivers solid results in a lower commodity price environment
•	Upstream volumes increased by more than 2 percent, benefiting from new developments
•	Strong Downstream and Chemical performance across all regions

		First Quarter
		2015	2014	%
Earnings Summary
(Dollars in millions, except per share data)
	Earnings	4,940	9,100	-46
	Earnings Per Common Share
	Assuming Dilution	1.17	2.10	-44
Capital and Exploration
Expenditures		7,704	8,436	-9

IRVING, Texas – April 30, 2015 – Exxon Mobil Corporation today announced estimated first quarter 2015 earnings of $4.9 billion, or $1.17 per diluted share, compared with $9.1 billion a year earlier, demonstrating the value of the company’s integrated businesses in a lower commodity price environment.

“ExxonMobil’s balanced portfolio delivered solid financial results in the quarter,” said Rex W. Tillerson, chairman and chief executive officer. “Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long‑term shareholder value.”

During the quarter, ExxonMobil produced 4.2 million oil‑equivalent barrels per day, an increase of 97,000 barrels per day over the first quarter of 2014. Volumes were up 2.3 percent, benefiting from new developments in Papua New Guinea, Canada, Angola, Indonesia, and U.S. onshore liquids plays. Field decline and maintenance impacts were mostly offset by higher entitlement volumes.

Downstream and Chemical segment earnings were strong across all regions, driven by lower feedstock costs, improved demand, and the company’s competitive product and asset mix.

During the quarter, the corporation distributed $3.9 billion to shareholders in the form of dividends and share purchases to reduce shares outstanding.

First Quarter Highlights
•	Earnings of $4.9 billion decreased 46 percent from the first quarter of 2014.
•	Earnings per share were $1.17 assuming dilution, a decrease of 44 percent.
•	Capital and exploration expenditures were $7.7 billion, down 9 percent from the first quarter of 2014, in line with plan.
•	Oil‑equivalent production increased 2.3 percent from the first quarter of 2014, with liquids up 6 percent and gas down 1.6 percent.
•	Cash flow from operations and asset sales was $8.5 billion, including proceeds associated with asset sales of $484 million.
•	The corporation distributed $3.9 billion to shareholders in the first quarter of 2015, including $1 billion in share purchases to reduce shares outstanding.
•	Dividends per share of $0.69 increased 9.5 percent compared with the first quarter of 2014.
•	Production started at the Sakhalin‑1 project’s Arkutun‑Dagi field, the last of the three fields to be developed. Peak daily gross production from the field is expected to reach 90,000 barrels and will bring total daily production at Sakhalin‑1 to more than 200,000 barrels.
•	Production started at Hadrian South in the Gulf of Mexico with ExxonMobil’s deepest subsea tie-back. Daily gross production is expected to reach approximately 300 million cubic feet of gas and 3,000 barrels of liquids from two wells.
•	Oil production started ahead of schedule at the Kizomba Satellites Phase 2 project offshore Angola. This capital‑efficient project utilizes subsea tie‑backs to optimize existing Block 15 facilities, increasing current production levels without requiring additional floating production, storage and offloading vessels. The project develops approximately 190 million barrels of oil with peak production currently estimated at 70,000 gross barrels of oil per day. The project is expected to increase total daily Block 15 production to 350,000 barrels.
•	Construction of an 84 megawatt cogeneration plant is underway at the Singapore refinery, which will improve the energy efficiency of the site upon completion. The project will enable the shutdown of less efficient power generation facilities and reduce carbon dioxide emissions. This project underscores ExxonMobil’s commitment to improving energy efficiency, lowering emissions, and reducing costs.
•	Drilling resumed at Point Thomson on Alaska’s North Slope as construction continues toward bringing the initial production systems, designed to produce up to 10,000 gross barrels per day of natural gas condensate, online in 2016. The initial production will provide reservoir development insights and economic benefits to Alaskans.

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First Quarter 2015 vs. First Quarter 2014

Upstream earnings were $2.9 billion in the first quarter of 2015, down $4.9 billion from the first quarter of 2014. Lower liquids and gas realizations decreased earnings by $5.5 billion. Higher volumes and mix effects increased earnings by $340 million, reflecting growth from new developments. All other items, including favorable tax effects, increased earnings by $250 million.

On an oil-equivalent basis, production increased 2.3 percent from the first quarter of 2014. Liquids production totaled 2.3 million barrels per day, up 129,000 barrels per day, while natural gas production was 11.8 billion cubic feet per day, down 188 million cubic feet per day from 2014. Project ramp‑up and entitlement effects were partly offset by field decline and maintenance activities.

The U.S. Upstream operations recorded a loss of $52 million, down $1.3 billion from the first quarter of 2014. Non-U.S. Upstream earnings were $2.9 billion, down$3.6 billion from the prior year.

Downstream earnings were $1.7 billion, up $854 million from the first quarter of 2014. Stronger margins increased earnings by $1 billion. Volume and mix effects increased earnings by $70 million. All other items, primarily higher maintenance expense, decreased earnings by $260 million. Petroleum product sales of 5.8 million barrels per day were flat with the prior year’s first quarter.

Earnings from the U.S. Downstream were $567 million, down $56 million from the first quarter of 2014. Non-U.S. Downstream earnings of $1.1 billion were $910 million higher than last year.

Chemical earnings of $982 million were $65 million lower than the first quarter of 2014. Improved margins increased earnings by $240 million. Favorable volume mix effects increased earnings by $30 million. All other items, primarily unfavorable foreign exchange effects, decreased earnings by $340 million. First quarter prime product sales of 6.1 million metric tons were 59,000 metric tons lower than last year's first quarter.

Corporate and financing expenses were $564 million for the first quarter of 2015, essentially flat with the first quarter of 2014.

During the first quarter of 2015, Exxon Mobil Corporation purchased 20 million shares of its common stock for the treasury at a gross cost of $1.8 billion. These purchases included $1 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 $1 billion in the second quarter of 2015. 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.

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ExxonMobil will discuss financial and operating results and other matters during a webcast at 10 a.m. Central Time on April 30, 2015. 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. Actual results, including project plans, costs, timing, and capacities; capital and exploration expenditures; resource recoveries; and share purchase levels, could differ materially due to factors including: changes in oil or gas prices or other market or economic conditions affecting the oil and gas industry, 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 outcome of commercial negotiations; changes in technical or operating conditions; 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 2014 Form 10-K. We assume no duty to update these statements as of any future date.

Frequently Used Terms

This press release includes cash flow from operations and asset sales, which is a non‑GAAP financial measure. 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 II. References to quantities of oil or natural gas 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 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.

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		Estimated Key Financial and Operating Data
				Attachment I
Exxon Mobil Corporation
First Quarter 2015
(millions of dollars, unless noted)
				First Quarter
				2015	2014
	Earnings / Earnings Per Share
		Total revenues and other income		67,618	106,325
		Total costs and other deductions		60,983	91,098
		Income before income taxes		6,635	15,227
			Income taxes	1,560	5,857
		Net income including noncontrolling interests		5,075	9,370
			Net income attributable to noncontrolling interests	135	270
		Net income attributable to ExxonMobil (U.S. GAAP)		4,940	9,100
		Earnings per common share (dollars)		1.17	2.10
		Earnings per common share
			- assuming dilution (dollars)	1.17	2.10
	Other Financial Data
		Dividends on common stock
			Total	2,910	2,732
			Per common share (dollars)	0.69	0.63
		Millions of common shares outstanding
			At March 31	4,181	4,294
			Average - assuming dilution	4,211	4,328
		ExxonMobil share of equity at March 31		171,227	176,398
		ExxonMobil share of capital employed at March 31		206,391	200,811
		Income taxes		1,560	5,857
		Sales-based taxes		5,530	7,416
		All other taxes		7,274	8,857
			Total taxes	14,364	22,130
		ExxonMobil share of income taxes of
		equity companies		961	1,820

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			Attachment II
Exxon Mobil Corporation
First Quarter 2015
(millions of dollars)
			First Quarter
			2015	2014
	Earnings (U.S. GAAP)
	Upstream
		United States	(52)	1,244
		Non-U.S.	2,907	6,539
	Downstream
		United States	567	623
		Non-U.S.	1,100	190
	Chemical
		United States	605	679
		Non-U.S.	377	368
	Corporate and financing		(564)	(543)
	Net income attributable to ExxonMobil		4,940	9,100
	Cash flow from operations and asset sales (billions of dollars)
	Net cash provided by operating activities
	(U.S. GAAP)		8.0	15.1
	Proceeds associated with asset sales		0.5	1.1
	Cash flow from operations and asset sales		8.5	16.2

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				Attachment III
Exxon Mobil Corporation
First Quarter 2015
				First Quarter
				2015	2014
	Net production of crude oil, natural gas
	liquids, bitumen and synthetic oil,
	thousand barrels per day (kbd)
		United States		472	442
		Canada / South America		368	315
		Europe		200	195
		Africa		519	480
		Asia		678	666
		Australia / Oceania		40	50
			Worldwide	2,277	2,148
	Natural gas production available for sale,
	million cubic feet per day (mcfd)
		United States		3,220	3,412
		Canada / South America		310	336
		Europe		3,447	3,465
		Africa		2	7
		Asia		4,282	4,519
		Australia / Oceania		567	277
			Worldwide	11,828	12,016
	Oil-equivalent production (koebd)1			4,248	4,151
	1 Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.

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				Attachment IV
Exxon Mobil Corporation
First Quarter 2015
				First Quarter
				2015	2014
	Refinery throughput (kbd)
		United States		1,807	1,811
		Canada		393	378
		Europe		1,473	1,432
		Asia Pacific		681	702
		Other		192	186
			Worldwide	4,546	4,509
	Petroleum product sales (kbd)
		United States		2,612	2,605
		Canada		492	488
		Europe		1,536	1,513
		Asia Pacific		748	762
		Other		426	449
			Worldwide	5,814	5,817
		Gasolines, naphthas		2,363	2,401
		Heating oils, kerosene, diesel		1,994	1,865
		Aviation fuels		410	428
		Heavy fuels		395	429
		Specialty products		652	694
			Worldwide	5,814	5,817
	Chemical prime product sales,
	thousand metric tons (kt)
		United States		2,321	2,392
		Non-U.S.		3,748	3,736
			Worldwide	6,069	6,128

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				Attachment V
Exxon Mobil Corporation
First Quarter 2015
(millions of dollars)
				First Quarter
				2015	2014
	Capital and Exploration Expenditures
		Upstream
			United States	2,120	2,092
			Non-U.S.	4,297	5,172
			Total	6,417	7,264
		Downstream
			United States	295	228
			Non-U.S.	326	312
			Total	621	540
		Chemical
			United States	430	397
			Non-U.S.	224	233
			Total	654	630
		Other		12	2
		Worldwide		7,704	8,436
	Exploration expenses charged to income
	included above
		Consolidated affiliates
			United States	37	35
			Non-U.S.	274	280
		Equity companies - ExxonMobil share
			United States	3	1
			Non-U.S.	8	22
		Worldwide		322	338

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					Attachment VI
Exxon Mobil Corporation
Earnings
			$ Millions	$ Per Common Share1
	2011
	First Quarter		10,650		2.14
	Second Quarter		10,680		2.19
	Third Quarter		10,330		2.13
	Fourth Quarter		9,400		1.97
		Year	41,060		8.43
	2012
	First Quarter		9,450		2.00
	Second Quarter		15,910		3.41
	Third Quarter		9,570		2.09
	Fourth Quarter		9,950		2.20
		Year	44,880		9.70
	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
	1 Computed using the average number of shares outstanding during each period.

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EX-99.2

 

EXXON MOBIL CORPORATION						EXHIBIT 99.2
1Q15 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings, $M			1Q15	4Q14	3Q14	2Q14	1Q14
Upstream
	United States		(52)	1,503	1,257	1,193	1,244
	Non-U.S.		2,907	3,965	5,159	6,688	6,539
	Total		2,855	5,468	6,416	7,881	7,783
Downstream
	United States		567	(1)	460	536	623
	Non-U.S.		1,100	498	564	175	190
	Total		1,667	497	1,024	711	813
Chemical
	United States		605	832	765	528	679
	Non-U.S.		377	395	435	313	368
	Total		982	1,227	1,200	841	1,047
Corporate and financing			(564)	(622)	(570)	(653)	(543)
Net income attributable to ExxonMobil (U.S. GAAP)			4,940	6,570	8,070	8,780	9,100
Earnings per common share (U.S. GAAP)			1.17	1.56	1.89	2.05	2.10
Earnings per common share
- assuming dilution (U.S. GAAP)			1.17	1.56	1.89	2.05	2.10
Capital and Exploration Expenditures, $M
Upstream
	United States		2,120	2,350	2,261	2,698	2,092
	Non-U.S.		4,297	6,295	6,163	5,696	5,172
	Total		6,417	8,645	8,424	8,394	7,264
Downstream
	United States		295	422	364	296	228
	Non-U.S.		326	610	416	386	312
	Total		621	1,032	780	682	540
Chemical
	United States		430	449	342	502	397
	Non-U.S.		224	322	284	212	233
	Total		654	771	626	714	630
Other			12	16	7	10	2
Total Capital and Exploration Expenditures			7,704	10,464	9,837	9,800	8,436
Exploration Expense Charged to Income, $M
	Consolidated	- United States	37	52	39	104	35
		- Non-U.S.	274	484	279	389	280
	Non-consolidated - ExxonMobil share	- United States	3	7	3	50	1
		- Non-U.S.	8	49	107	63	22
Exploration Expenses Charged to Income Included Above			322	592	428	606	338
Effective Income Tax Rate, %			33%	32%	43%	41%	45%
Common Shares Outstanding, millions
	At quarter end		4,181	4,201	4,235	4,265	4,294
	Average - assuming dilution		4,211	4,235	4,267	4,297	4,328
Total Cash and Cash Equivalents, $G1			5.2	4.7	5.0	6.3	5.8
Total Debt, $G			32.8	29.1	21.8	21.8	21.4
Cash Flow from Operations and Asset Sales, $G
	Net cash provided by operating activities		8.0	7.5	12.4	10.2	15.1
	Proceeds associated with asset sales		0.5	0.2	0.1	2.6	1.1
	Cash flow from operations and asset sales		8.5	7.7	12.5	12.8	16.2
1 Includes restricted cash of $0.1G in 1Q15, $0.1G in 4Q14, $0.1G in 3Q14, $0.2G in 2Q14, and $0.2G in 1Q14.

EXXON MOBIL CORPORATION
1Q15 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Net production of crude oil, natural gas		1Q15	4Q14	3Q14	2Q14	1Q14
liquids, bitumen and synthetic oil, kbd
	United States	472	473	442	458	442
	Canada / South America	368	312	295	282	315
	Europe	200	190	174	178	195
	Africa	519	519	483	473	480
	Asia	678	631	601	597	666
	Australia / Oceania	40	57	70	60	50
Total liquids production		2,277	2,182	2,065	2,048	2,148
Natural gas production available for sale, mcfd
	United States	3,220	3,371	3,411	3,421	3,412
	Canada / South America	310	320	272	316	336
	Europe	3,447	3,191	2,192	2,426	3,465
	Africa	2	2	1	6	7
	Asia	4,282	3,786	4,027	4,070	4,519
	Australia / Oceania	567	564	692	511	277
Total natural gas production available for sale		11,828	11,234	10,595	10,750	12,016
Total worldwide liquids and gas production, koebd		4,248	4,054	3,831	3,840	4,151
Refinery throughput, kbd
	United States	1,807	1,876	1,835	1,711	1,811
	Canada	393	373	409	418	378
	Europe	1,473	1,438	1,499	1,445	1,432
	Asia Pacific	681	470	655	686	702
	Other Non-U.S.	192	192	193	194	186
Total refinery throughput		4,546	4,349	4,591	4,454	4,509
Petroleum product sales, kbd
	United States	2,612	2,666	2,697	2,651	2,605
	Canada	492	489	514	494	488
	Europe	1,536	1,597	1,585	1,525	1,513
	Asia Pacific	748	644	746	733	762
	Other Non-U.S.	426	449	457	438	449
Total petroleum product sales		5,814	5,845	5,999	5,841	5,817
	Gasolines, naphthas	2,363	2,486	2,482	2,436	2,401
	Heating oils, kerosene, diesel	1,994	1,926	1,968	1,887	1,865
	Aviation fuels	410	405	445	412	428
	Heavy fuels	395	371	389	379	429
	Specialty products	652	657	715	727	694
Total petroleum product sales		5,814	5,845	5,999	5,841	5,817
Chemical prime product sales, kt
	United States	2,321	2,409	2,376	2,351	2,392
	Non-U.S.	3,748	3,310	3,873	3,788	3,736
Total chemical prime product sales		6,069	5,719	6,249	6,139	6,128

EXXON MOBIL CORPORATION
1Q15 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)
Earnings Factor Analysis, $M			1Q15 vs. 1Q14	1Q15 vs. 4Q14
Upstream
	Prior Period		7,783	5,468
		Realization	-5,520	-2,370
		Volume / Mix	340	260
		Other	250	-500
	Current Period		2,855	2,855
Downstream
	Prior Period		813	497
		Margin	1,040	900
		Volume / Mix	70	-70
		Other	-260	340
	Current Period		1,667	1,667
Chemical
	Prior Period		1,047	1,227
		Margin	240	-210
		Volume / Mix	30	50
		Other	-340	-90
	Current Period		982	982
Upstream Volume Factor Analysis, koebd
	Prior Period		4,151	4,054
		Entitlements - Net Interest	-35	-7
		Entitlements - Price / Spend / Other	176	99
		Quotas	-	-
		Divestments	-38	-3
		Growth / Other	-6	105
	Current Period		4,248	4,248
Sources and Uses of Funds, $G			1Q15
	Beginning Cash		4.7
		Earnings	4.9
		Depreciation	4.3
		Working Capital / Other	-1.2
		Proceeds Associated with Asset Sales	0.5
		PP&E Adds / Investments and Advances	-6.8
		Shareholder Distributions	-3.9
		Debt / Other Financing	2.7
	Ending Cash		5.2
Notes:
The 1Q15 beginning and ending balances include restricted cash of $0.1G and $0.1G, respectively.
PP&E Adds / Investments and Advances includes PP&E adds of ($6.8G) and net advances of $0.0G.

EXXON MOBIL CORPORATION
1Q15 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4)
Average Realization Data			1Q15	4Q14	3Q14	2Q14	1Q14
United States
	ExxonMobil
		Crude ($/b)	42.20	63.30	89.60	98.55	93.18
		Natural Gas ($/kcf)	2.53	3.72	3.93	4.46	4.78
	Benchmarks
		WTI ($/b)	48.56	73.41	97.48	103.05	98.75
		ANS-WC ($/b)	51.95	74.49	101.38	108.05	105.74
		Henry Hub ($/mbtu)	2.99	4.04	4.07	4.68	4.95
Non-U.S.
	ExxonMobil
		Crude ($/b)	47.30	69.49	96.76	103.72	101.54
		Natural Gas ($/kcf)	7.53	9.09	8.47	9.00	10.59
		European NG ($/kcf)	7.43	8.61	7.64	8.71	10.36
	Benchmarks
		Brent ($/b)	53.97	76.27	101.85	109.63	108.22
The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the first quarter of 2015.  Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators.  ExxonMobil management assumes no duty to update these estimates.