Exxon Mobil Announces Second Quarter 2012 Results

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Exxon Mobil Corporation free trend analysis > NYSE:XOM

		Second Quarter						First Half
		2012		2011		%		2012				2011		%
Earnings Excluding Special Items 1
$ Millions		15,910		10,680		49		25,360				21,330		19
$ Per Common Share
Assuming Dilution		3.41		2.18		56		5.41				4.32		25
Special Items
$ Millions		0		0				0				0
Earnings
$ Millions		15,910		10,680		49		25,360				21,330		19
$ Per Common Share
Assuming Dilution		3.41		2.18		56		5.41				4.32		25
Capital and Exploration
Expenditures - $ Millions		9,339		10,306		-9		18,173				18,127		0

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED....


“Second quarter results reflect our ongoing commitment to develop and deliver the energy needed to help meet global demand and underpin economic recovery and growth. Despite global economic uncertainty, we continue to invest throughout the business cycle taking a long-term view of resource development.


“Second quarter earnings of $15.9 billion included a net gain of $7.5 billion associated with divestments and tax-related items. Excluding these items, second quarter earnings were $8.4 billion.


“Capital and exploration expenditures were $9.3 billion in the second quarter and a record $18.2 billion for the first six months of 2012 as we progress our plans to invest about $37 billion per year over the next five years to help meet the global demand for energy.


“The Corporation distributed $7.7 billion to shareholders in the second quarter through dividends and share purchases to reduce shares outstanding.”


SECOND QUARTER HIGHLIGHTS

• Earnings of $15,910 million increased $5,230 million or 49% from the second quarter of 2011. Earnings included a net gain of $7.5 billion associated with divestments and tax-related items.
• On June 1, ExxonMobil completed the restructuring of its Downstream and Chemical holdings in Japan. Under the restructuring, TonenGeneral Sekiyu K.K. (TG) purchased ExxonMobil’s shares in a wholly-owned affiliate in Japan for approximately $3.9 billion. As a result, ExxonMobil’s effective ownership of TG was reduced from 50% to 22%.
• Earnings per share (assuming dilution) were $3.41, an increase of 56%.
• Capital and exploration expenditures were $9.3 billion, down 9% from the second quarter of 2011.
• Oil-equivalent production decreased 5.6% from the second quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat.
• Cash flow from operations and asset sales was $13.9 billion, including proceeds associated with asset sales of $3.7 billion.
• Share purchases to reduce shares outstanding were $5 billion.
• Dividends per share of $0.57 increased 21% compared to the second quarter of 2011.
• ExxonMobil and Rosneft signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments.
• ExxonMobil has filed permit applications to progress plans for a world class petrochemical expansion on the U.S. Gulf Coast, in anticipation of a 2016 start-up. The potential project would include a new ethane cracker and premium product facilities at ExxonMobil’s integrated Baytown complex in Texas.
• ExxonMobil and joint venture partner Saudi Basic Industries Corporation will proceed with construction of a world scale specialty elastomers facility. The 400 thousand metric tons per year facility will be integrated with the existing Al Jubail complex in Saudi Arabia, and completion is anticipated in 2015.
  
  Read the entire earnings report at ExxonMobil.Com

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Offshore Oil Expansion Passes U.S. House as Obama Considers Veto

How To Position Yourself for a 10 Year Pattern Breakout

The Republican led U.S. House of Representatives passed legislation opening the California and Virginia coasts for offshore oil drilling, defying a presidential veto threat.

The measure, if approved by the Senate, would replace President Barack Obama’s 2012-2017 leasing plan, almost doubling total sales to 29 from 15 and speeding auctions off the north coast of Alaska.

“We can do better than the president’s proposed plan, and our nation deserves better,” said Representative Doc Hastings, a Washington Republican and bill sponsor. “By passing this bill, we are standing up for American energy and American jobs and moving our country forward.”

Republicans and the American Petroleum Institute, the largest trade group representing the energy industry, criticized Obama for limiting access to offshore resources after the record 2010 spill at a BP Plc (BP) well in the Gulf of Mexico.

The administration “strongly opposes” the measure and senior Obama advisers would recommend a veto, according to a July 23 statement of administration policy. The Senate, where Democrats have a majority, doesn’t plan to take up similar legislation.

The Interior Department has held two auctions for drilling leases since BP’s Macondo well blow out, killing 11 workers and spewing about 4.9 million barrels of oil into the Gulf of Mexico.

In an auction last month, Royal Dutch Shell Plc (RDSA) offered $406.6 million, or 24 percent of all winning bids, to drill in the central Gulf of Mexico, followed by Statoil ASA (STO) with $333.3 million, the Interior Department said June 20.

Chevron Corp., Exxon Mobil Corp., Apache Corp., LLOG Exploration Offshore LLC, Stone Energy Corp., Noble Energy Inc. and ConocoPhillips were among companies submitting winning bids, according to a list posted June 20 on the Interior Department website.

The bill is H.R. 6082.

Posted courtesy of Bloomberg News and Katarzyna Klimasinska. Katarzyna can be reached at kklimasinska@bloomberg.net

Monthly Long Term Chart Analysis & Thoughts

Nigeria Arrests Militants for Seizing Oil Workers

Nigeria's military spokesman says soldiers have arrested a militant leader who authorities believe is responsible for a recent rash of kidnappings of oil workers in the oil rich southern delta.

Lt. Col. Timothy Antigha said Saturday the leader was taken with 62 suspected members of the Movement for the Emancipation of the Niger Delta. Antigha says the leader is known by his nickname, "Obese."

Antigha says the military believes the group kidnapped two Americans, two Frenchmen, two Indonesians, one Canadian and 12 Nigerians in recent weeks from Exxon Mobil Corp. and Afren PLC facilities.

On Wednesday night, a military operation freed 19 hostages in the oil rich region held by MEND _ including seven expatriate workers.

Posted courtesy of INO.Com/AP



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Crude Oil Daily Technical Outlook For Friday Morning Nov. 19th

Crude oil was higher due to short covering overnight as it consolidates some of the decline off last week's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If December extends the aforementioned decline, the 62% retracement level of the August-November rally crossing at 78.56 is the next downside target. Closes above the 10 day moving average crossing at 84.57 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 84.06
Second resistance is the 10 day moving average crossing at 84.57

Crude oil pivot point for Friday morning is 82.09

First support is Wednesday's low crossing at 80.06
Second support is the 62% retracement level of the August-November rally crossing at 78.56


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PetroChina Profit Tops Analyst Estimates, Acquisitions Planned

PetroChina Co., the world’s most valuable company, posted profit that beat analysts’ estimates on record earnings from oil refining after the government raised fuel prices and China’s economic recovery spurred demand. Second quarter net income rose 26 percent to 31.5 billion yuan ($4.6 billion), derived by subtracting earnings for January to March from first half figures announced in Hong Kong yesterday. The Beijing based oil producer and refiner joins China Petroleum & Chemical Corp., known as Sinopec, in reporting higher profit. The gains contrast with earnings declines at Exxon Mobil Corp. and Royal Dutch Shell Plc after the global recession cut U.S. and European consumption. PetroChina, Sinopec and Cnooc Ltd., the nation’s biggest oil companies, this week pledged.....Complete Article