Exxon Mobil Corporation Announces Estimated Third Quarter 2009 Results
Our third quarter earnings, excluding special items, were $4.7 billion. While continuing to be impacted by lower commodity prices and weak product margins, we maintained our focus on operational excellence and invested $19 billion through the first three quarters of the year to develop new energy supplies.
Oil-equivalent production increased by 3% over the third quarter of 2008 with contributions from major start-ups of world-class assets including Qatargas 2, Train 5 and Ras Laffan 3, Train 6 in Qatar.
We are well-positioned for continued production growth with projects such as QatarGas, RasGas and Gorgon LNG which will contribute additional long plateau production for decades and provide ExxonMobil with a strong foundation.
ExxonMobil's industry leading financial strength has allowed us to continue to invest across the economic cycle focusing on world class opportunities.
Our commitment to a disciplined and long term focused investment strategy sets ExxonMobil apart from its competitors.
In addition to funding our capital and operating programs, we distributed $2.0 billion in dividends and purchased $4.0 billion of ExxonMobil common stock to reduce shares outstanding during the third quarter."
THIRD QUARTER HIGHLIGHTS
- Earnings excluding special items were $4,730 million, a decrease of 65% or $8,650 million from the third quarter of 2008.
- Earnings per share excluding special items were $0.98, a decrease of 62%.
- Earnings were down 68% from the third quarter of 2008 which included a special gain of $1,620 million from the sale of a natural gas transportation business in Germany and a special charge of $170 million related to the Valdez punitive damages award. Earnings for the third quarter of 2009 did not include any special items.
- Capital and exploration expenditures were $6.5 billion, down 5% from the third quarter of 2008, reflecting the impacts of a stronger U.S. dollar.
- Oil-equivalent production increased nearly 3% from the third quarter of 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up about 5%.
- Cash flow from operations and asset sales was approximately $9.0 billion, including asset sales of $0.2 billion.
- Share purchases of $4.0 billion reduced shares outstanding by 1.2%.
- Two major liquefied natural gas (LNG) facilities in Qatar - Qatargas 2, Train 5 and Ras Laffan 3, Train 6 - commenced production. With annual production capacity of 7.8 million tons each, both trains join Qatargas 2, Train 4 as the largest operating LNG production facilities in the world.
- Participants in the Gorgon liquefied natural gas (LNG) project approved a development plan that will include three LNG processing trains with a capacity of 5 million tons per year each. The development decision followed execution of LNG sales and purchase agreements with PetroChina International Company Limited and Petronet LNG Limited of India for ExxonMobil's equity share of LNG in the project.
- Fujian Refining and Petrochemical Company Limited announced the startup of new chemical units - including an ethylene steam cracker, a polyethylene unit, a polypropylene unit and aromatics facilities - in its new fully integrated refining and petrochemical complex in Fujian Province, China.
- ExxonMobil announced an alliance with leading biotech company, Synthetic Genomics Inc., to research and develop next generation biofuels from photosynthetic algae. If research and development milestones are met, ExxonMobil expects to spend more than $600 million under the program.
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