Exxon Mobil Corporation Announces Estimated Second Quarter 2008 Results
EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:
"ExxonMobil's second quarter earnings excluding special items were a record $11,970 million, up 17% from the second quarter of 2007. Earnings per share excluding special items were up 24% reflecting the impact of the continuing share purchase program. Net income for the second quarter was $11,680 million, up 14% from the second quarter of 2007. Net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs. First half earnings excluding special items increased by 17% over the first half of 2007 reflecting higher crude oil and natural gas realizations. Net income for the first half of 2008 was up 16% versus 2007.
"ExxonMobil increased investments across all business lines to help meet global demand for crude oil, natural gas and finished products. Capital and exploration project spending increased to $7.0 billion in the second quarter, up 38% from last year. For the first half of 2008, spending on capital and exploration projects was $12.5 billion.
"The Corporation distributed a total of $10.1 billion to shareholders in the second quarter through dividends of $2.1 billion and share purchases to reduce shares outstanding of $8.0 billion, an increase of 12% or $1.1 billion versus the second quarter of 2007.”
EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:
"ExxonMobil's second quarter earnings excluding special items were a record $11,970 million, up 17% from the second quarter of 2007. Earnings per share excluding special items were up 24% reflecting the impact of the continuing share purchase program. Net income for the second quarter was $11,680 million, up 14% from the second quarter of 2007. Net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation. Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs. First half earnings excluding special items increased by 17% over the first half of 2007 reflecting higher crude oil and natural gas realizations. Net income for the first half of 2008 was up 16% versus 2007.
"ExxonMobil increased investments across all business lines to help meet global demand for crude oil, natural gas and finished products. Capital and exploration project spending increased to $7.0 billion in the second quarter, up 38% from last year. For the first half of 2008, spending on capital and exploration projects was $12.5 billion.
"The Corporation distributed a total of $10.1 billion to shareholders in the second quarter through dividends of $2.1 billion and share purchases to reduce shares outstanding of $8.0 billion, an increase of 12% or $1.1 billion versus the second quarter of 2007.”
SECOND QUARTER HIGHLIGHTS
>Earnings excluding special items were a record $11,970 million, an increase of 17% or $1,710 million from the second quarter of 2007.
>Earnings per share excluding special items were up 24% to $2.27 reflecting strong earnings and the continued reduction in the number of shares outstanding.
>Net income was a record at $11,680 million, up 14% from the second quarter of 2007.
>Second quarter 2008 net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation.
>The effective income tax rate increased to 49% versus 44%.
>Capital and exploration expenditures were $7.0 billion, up 38% from the second quarter of 2007.
>Cash flow from operations and asset sales was approximately $14.6 billion, including asset sales of $1.2 billion.
>Earnings excluding special items were a record $11,970 million, an increase of 17% or $1,710 million from the second quarter of 2007.
>Earnings per share excluding special items were up 24% to $2.27 reflecting strong earnings and the continued reduction in the number of shares outstanding.
>Net income was a record at $11,680 million, up 14% from the second quarter of 2007.
>Second quarter 2008 net income included an after tax special charge of $290 million reflecting the $508 million maximum punitive damages set by the recent Supreme Court ruling in the Valdez litigation.
>The effective income tax rate increased to 49% versus 44%.
>Capital and exploration expenditures were $7.0 billion, up 38% from the second quarter of 2007.
>Cash flow from operations and asset sales was approximately $14.6 billion, including asset sales of $1.2 billion.
>ExxonMobil launched a new synthetic motor oil, Mobil 1 Advanced Fuel Economy, that can improve fuel efficiency in modern gasoline engines and benefit the environment by reducing greenhouse gas emissions.
>ExxonMobil announced plans to complete development and testing of a commercial demonstration plant near LaBarge, Wyoming using its Controlled Freeze ZoneTM technology. If successful, this technology will assist in the development of additional gas resources to meet the world’s growing demand for energy and facilitate the application of carbon capture and storage to reduce greenhouse gas emissions.
>ExxonMobil announced plans to begin commercial evaluation of unconventional hydrocarbon potential covering 184 thousand acres and exploration activities on an additional 387 thousand acres in the Mako Trough in southeast Hungary.
>ExxonMobil announced plans to complete development and testing of a commercial demonstration plant near LaBarge, Wyoming using its Controlled Freeze ZoneTM technology. If successful, this technology will assist in the development of additional gas resources to meet the world’s growing demand for energy and facilitate the application of carbon capture and storage to reduce greenhouse gas emissions.
>ExxonMobil announced plans to begin commercial evaluation of unconventional hydrocarbon potential covering 184 thousand acres and exploration activities on an additional 387 thousand acres in the Mako Trough in southeast Hungary.
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