Exxon Mobil Corporation Announces Estimated Third Quarter 2011 Results

Exxon Mobil Corporation ?(NYSE:XOM)

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

'ExxonMobil′s results for the third quarter of 2011 reflect a
continued commitment to operational integrity, disciplined investing and
superior project execution.

'Third quarter earnings of $10.3 billion were up 41% from the third
quarter of 2010, reflecting higher crude oil and natural gas
realizations and improved refining margins.Earnings for the
first nine months of 2011 were $31.7 billion, up 49% over the first nine
months of 2010.

'In the third quarter, capital and exploration expenditures were $8.6
billion, and reached a record level of $26.7 billion for the first nine
months of the year as we continue pursuing new opportunities to meet
growing energy demand while supporting economic growth, including job
creation.

'Oil-equivalent production decreased 4% compared to the third quarter
of 2010.Excluding the impacts of entitlement volumes, OPEC quota
effects and divestments, production was in line with 2010.

'The Corporation distributed over $7 billion to shareholders in the
third quarter through dividends and share purchases to reduce shares
outstanding.?

THIRD QUARTER HIGHLIGHTS

• 
  Earnings were $10,330 million, an increase of 41% or $2,980 million
  from the third quarter of 2010.
  
• 
  Earnings per share were $2.13, an increase of 48% from the third
  quarter of 2010.
  
• 
  Capital and exploration expenditures were $8.6 billion, consistent
  with the third quarter of 2010.
  
• 
  Oil-equivalent production decreased 4% from the third quarter of 2010.
  Excluding the impacts of entitlement volumes, OPEC quota effects and
  divestments, production was in line with 2010.
  
• 
  Cash flow from operations and asset sales was $16.3 billion, including
  asset sales of $1.4 ?billion.
  
• 
  Share purchases to reduce shares outstanding were $5 billion.
  
• 
  Dividends per share of $0.47, up 7% compared to the third quarter of
  2010.
  
• 
  A strategic cooperation agreement was reached with Rosneft to develop
  Arctic and Black Sea resources, expand technology sharing and execute
  joint international projects.
  
• 
  A principles of agreement with the Government of Indonesia for
  development of the Natuna gas resource was signed.
  
• 
  Construction of a world-scale facility to manufacture metallocene
  synthetic lubricant basestocks at the integrated complex in Baytown,
  Texas was announced.
  

Third Quarter 2011 vs. Third Quarter 2010

Upstream earnings were $8,394 ?million, up $2,927 million from the third
quarter of 2010. Higher liquids and natural gas realizations increased
earnings by $3 billion. Production mix and volume effects decreased
earnings by $660 million. All other items, primarily gains on asset
sales partly offset by higher expenses, increased earnings by
$600 ?million.

On an oil-equivalent basis, production decreased 4% from the third
quarter of 2010. Excluding the impacts of entitlement volumes, OPEC
quota effects and divestments, production was unchanged.

Liquids production totaled 2,249 ?kbd (thousands of barrels per day),
down 172 kbd from the third quarter of 2010. Excluding the impacts of
entitlement volumes, OPEC quota effects and divestments, liquids
production was down 1%, as increased production in Iraq, Qatar and
Russia was more than offset by field decline.

Third quarter natural gas production was 12,197 ?mcfd (millions of cubic
feet per day), about flat with the third quarter of 2010.

Earnings from U.S. Upstream operations were $1,184 ?million, $185 ?million
higher than the third quarter of 2010. Non-U.S. Upstream earnings were
$7,210 million, up $2,742 ?million from last year.

Downstream earnings of $1,579 ?million were up $419 ?million from the
third quarter of 2010. Refining margins increased earnings by $1
billion. Volume and mix effects increased earnings by $110 million,
while all other items, mainly unfavorable foreign exchange impacts and
lower gains on asset sales, decreased earnings by $710 million.
Petroleum product sales of 6,558 ?kbd were 37 ?kbd lower than last year's
third quarter.

Earnings from the U.S. Downstream were $810 ?million, up $646 ?million
from the third quarter of 2010. Non-U.S. Downstream earnings of
$769 ?million were $227 ?million lower than last year.

Chemical earnings of $1,003 ?million were $226 ?million lower than the
third quarter of 2010. Improved margins increased earnings by $50
million, while lower volumes decreased earnings by $110 million. Other
items, mainly unfavorable tax effects, decreased earnings by $170
million. Third quarter prime product sales of 6,232 ?kt (thousands of
metric tons) were 326 ?kt lower than last year's third quarter.

Corporate and financing expenses were $646 ?million, up $140 ?million from
the third quarter of 2010, mainly due to tax items.

During the third quarter of 2011, Exxon Mobil Corporation purchased 72
million shares of its common stock for the treasury at a gross cost of
$5.5 billion. These purchases included $5 ?billion to reduce the number
of shares outstanding, with the balance used to offset shares issued in
conjunction with the company's benefit plans and programs. Share
purchases to reduce shares outstanding are currently anticipated to
equal $5 ?billion in the fourth quarter of 2011. 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.

First Nine Months 2011 vs. First Nine Months
2010

Earnings of $31,660 ?million increased $10,450 million from 2010.
Earnings per share increased 48% to $6.45.

FIRST NINE MONTHS HIGHLIGHTS

• 
  Earnings were $31,660 million, up 49%.
  
• 
  Earnings per share increased 48% to $6.45.
  
• 
  Oil-equivalent production was up 5% from 2010. Excluding the impacts
  of entitlement volumes, OPEC quota effects and divestments, production
  was up 8%.
  
• 
  Cash flow from operations and asset sales was $48.8 billion, including
  asset sales of $4.2 ?billion.
  
• 
  The Corporation distributed nearly $22 billion to shareholders in the
  first nine months of 2011 through dividends and share purchases to
  reduce shares outstanding.
  
• 
  Capital and exploration expenditures were a record $26.7 billion, up
  21% from the first nine months of 2010.
  

Upstream earnings were $25,610 ?million, up $8,993 million from 2010.
Higher crude oil and natural gas realizations increased earnings by
$8.6 ?billion. Production mix and volume effects decreased earnings by $1
billion, while all other items, including gains from asset sales,
increased earnings by $1.4 billion.

On an oil-equivalent basis, production was up 5% compared to the same
period in 2010. Excluding the impacts of entitlement volumes, OPEC quota
effects and divestments, production was up 8%.

Liquids production of 2,332 ?kbd decreased 55 kbd compared with 2010.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, liquids production was up 2%, as higher volumes from Qatar,
the U.S., Iraq and Russia more than offset field decline.

Natural gas production of 12,988 ?mcfd increased 1,684 ?mcfd from 2010,
driven by additional U.S. unconventional gas volumes and project
ramp-ups in Qatar.

Earnings from U.S. Upstream operations for 2011 were $3,912 ?million, an
increase of $957 ?million. Earnings outside the U.S. were
$21,698 ?million, up $8,036 ?million.

Downstream earnings of $4,034 ?million increased $1,617 million from
2010. Refining margins increased earnings by $1.5 billion. Volume and
mix effects improved earnings by $650 million. All other items,
primarily the absence of favorable tax effects and lower asset
management gains, decreased earnings by $560 million. Petroleum product
sales of 6,386 ?kbd increased 20 ?kbd from 2010.

U.S. Downstream earnings were $2,238 ?million, up $1,694 ?million from
2010. Non-U.S. Downstream earnings were $1,796 million, $77 ?million
lower than last year.

Chemical earnings of $3,840 ?million were $6 ?million lower than 2010.
Stronger margins increased earnings by $460 million, while lower volumes
reduced earnings by $150 ?million. Other items, including unfavorable tax
effects and higher planned maintenance expenses, decreased earnings by
$320 million. Prime product sales of 18,735 ?kt were down 807 ?kt from
2010.

Corporate and financing expenses were $1,824 ?million, up $154 million
from 2010.

Gross share purchases through the first nine months of 2011 were $16.6
billion, reducing shares outstanding by 209 million shares.

Estimates of key financial and operating data follow.

ExxonMobil will discuss financial and operating results and other
matters on a webcast at 10 a.m. Central time on October 27, 2011.To
listen to the event live or in archive, go to our website at 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; and share purchase levels, could differ
materially due to factors including: changes inoil 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 2010 Form10-K.We assume no
duty to update these statements as of any future date.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.

Frequently used terms

Consistent with previous practice, this press release includes both
earnings excluding special items and earnings per share excluding
special items.Both are non-GAAP financial measures and are
included to help facilitate comparisons of base business performance
across periods.Reconciliation to net income attributable to
ExxonMobil is shown in Attachment II.The release also includes
cash flow from operations and asset sales.Because of the regular
nature of our asset management and divestment program, we believe it is
useful for investors to consider sales proceeds 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.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 total corporate earnings mean net income attributable
to ExxonMobil (U.S. GAAP) from the income statement.Unless
otherwise indicated, references to earnings, special items, earnings
excluding special items, Upstream, Downstream, Chemical and Corporate
and Financing segment earnings, and earnings per share are ExxonMobil's
share after excluding amounts attributable to noncontrolling interests.

ExxonMobil

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