ExxonMobil earnings rise 9% in 2012 up from 2011

Arabian Oil & Gas Staff , February 4th, 2013

ExxonMobil saw a 9% or $3.82 billion rise in earnings for the year-ended December 31, 2012 to $44.88 billion from $41.060 billion for the year-ended December 31, 2011.

Fourth quarter year-on-year earnings also rose 6% from $9.4 billion in 2011 to $9.95 billion in 2012.

Gains from asset sales in the fourth quarter of 2012 were nearly $600 million, down $800 million from the prior year. Capital and exploration expenditures were $12.4 billion, up 24% from the fourth quarter of 2011.

“Capital and exploration expenditures were a record $39.8 billion in 2012 as we continue pursuing opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy,” said Rex Tillerson, ExxonMobil’s chairman.

Oil-equivalent production decreased 5% from the fourth quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production decreased 2%. Cash flow from operations and asset sales was $14.0 billion, including proceeds associated with asset sales of $800 million.

Upstream earnings were $7.76 billion in the fourth quarter of 2012, down $1.067 billion from the fourth quarter of 2011. Lower liquids-realizations were partially offset by improved natural gas realizations and decreased earnings by $70 million. Production volume and mix effects reduced earnings by $400 million.

Fourth quarter natural gas production was 12,541 mcfd (millions of cubic feet per day), down 1,136 mcfd from 2011.