ExxonMobil's Chairman Rex W. Tillerson Commented, "Despite continuing difficult global economic conditions, ExxonMobil delivered strong business results and built on our long-term focus. Our full year 2009 earnings excluding special items were $19,420 million despite significantly lower commodity prices and weak product margins.
"Our financial strength provided us with the foundation to continue investing in new energy supplies to help meet global energy demand and to fuel economic growth. Capital and exploration spending was $27.1 billion in 2009, another record year, and in line with our longer term plan.
"Underscoring our commitment to creating sustainable, long-term value, ExxonMobil and XTO Energy announced a $41 billion agreement in the fourth quarter 2009 that will enhance ExxonMobil’s position in the development of unconventional resources. ExxonMobil and XTO resources will combine to provide numerous opportunities to supply new affordable and reliable energy resources on a global basis.
"In addition to our robust investment program, we distributed a total of $26 billion to shareholders in 2009 through dividends and share purchases to reduce shares outstanding. This reflects a 7% increase in annual per share dividends and an overall reduction in shares outstanding of 5% and reaffirms our commitment to creating value for shareholders.
"ExxonMobil’s fourth quarter earnings excluding special items were $6,050 million, a decrease of 23% from the fourth quarter of 2008. Lower refining and fuels margins and lower natural gas realizations were partly offset by higher crude oil realizations."
FOURTH QUARTER HIGHLIGHTS
Fourth Quarter 2009 vs. Fourth Quarter 2008
Upstream earnings were $5,780 million, up $146 million from the fourth quarter of 2008. Higher crude oil realizations increased earnings $1.8 billion while lower gas realizations reduced earnings by $1.2 billion. Lower gains from asset sales decreased earnings by $600 million.
On an oil-equivalent basis, production increased nearly 2% from the fourth quarter of 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 3%.
Liquids production totaled 2,393 kbd (thousands of barrels per day), down 79 kbd from the fourth quarter of 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was essentially flat, as increased production from projects in Qatar was offset by field decline.
Fourth quarter natural gas production was 10,717 mcfd (millions of cubic feet per day), up 868 mcfd from 2008. Project ramp-up in Qatar was partly offset by decline in Europe.
Earnings from U.S. Upstream operations were $1,011 million, $312 million higher than the fourth quarter of 2008. Non-U.S. Upstream earnings were $4,769 million, down $166 million.
FULL YEAR HIGHLIGHTS
Upstream earnings, excluding special items, were $17,107 million, down $16,675 million from 2008. Lower crude oil and natural gas realizations decreased earnings $15.2 billion while higher operating costs reduced earnings by $1.4 billion.
On an oil-equivalent basis, production increased by 11 koebd compared to 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up about 2%.
Liquids production of 2,387 kbd declined less than 1% from last year. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up nearly 2%, as the ramp-up of project volumes in the U.S., Qatar and West Africa was partly offset by field decline.
Natural gas production of 9,273 mcfd increased 178 mcfd, or 2%, from 2008. Higher volumes from Qatar were partly offset by field decline.
Earnings from U.S. Upstream operations for 2009 were $2,893 million, a decrease of $3,350 million. Earnings outside the U.S. excluding special items were $14,214 million, down $13,325 million.
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