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“First quarter results reflect our ongoing focus on developing and delivering energy needed to support job creation and economic growth. Despite continuing economic uncertainty, we are progressing our robust investment plans to meet the energy demands of the future.
“Capital and exploration expenditures were $8.8 billion as we continue with plans to invest about $37 billion per year over the next five years. “We continued to generate strong cash flow from operations and asset sales with $21.8 billion in the quarter.
“First quarter earnings of $9.5 billion were down 11% from the first quarter of 2011.
“Oil equivalent production was down over 5% from 2011. Excluding the impact of higher prices on entitlement volumes, OPEC quota effects and divestments, production was down 1%.
“The Corporation distributed more than $7 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.”
FIRST QUARTER HIGHLIGHTS
Earnings of $9,450 million, which included gains from asset sales of about $400 million, decreased 11% or $1,200 million from the first quarter of 2011. Earnings per share (assuming dilution) were $2.00, a decrease of 7%. Capital and exploration expenditures were $8.8 billion, up 13% from the first quarter of 2011. Oil equivalent production decreased over 5% from the first quarter of 2011.
Excluding the impact of higher prices on entitlement volumes, OPEC quota effects and divestments, production was down 1%. Cash flow from operations and asset sales was $21.8 billion, including proceeds associated with asset sales of $2.5 billion. Share purchases to reduce shares outstanding were $5 billion. Dividends per share of $0.47 increased 7% compared to the first quarter of 2011.
ExxonMobil and Rosneft announced the signing of agreements to progress a long term Strategic Cooperation Agreement to jointly explore for and develop oil and natural gas in Russia, and to share technology and expertise. Additionally, Rosneft will take equity in exploration and development projects in the United States and Canada.
In Romania, ExxonMobil’s affiliate drilled a successful deepwater new play test on the Neptun block in the Black Sea with the Deepwater Champion drillship and has additional 3D seismic data acquisition planned to support future drilling opportunities on the block.
ExxonMobil participated in a successful exploration well offshore Tanzania which discovered approximately 5 trillion cubic feet of recoverable gas in a high quality reservoir. A second exploration well is planned to test another prospect on the block.
Get more details on year to year earnings at ExxonMobil.com
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