2007 a Giant Year for ExxonMobil
"ExxonMobil's full year 2007 net income and earnings excluding special items were a record $40,610 million ($7.28 per share), reflecting strong results in all business segments," said ExxonMobil Chairman Rex Tillerson. "We continued to supply crude oil and natural gas volumes to meet the world's energy needs through disciplined development and operation of our globally diverse resource base.
"Capital and exploration project spending increased to $20,853 million in 2007, up 5% from 2006. Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network. Operations reliability in our global Downstream and Chemical businesses continued to supply the important products consumers require around the world.
"The Corporation distributed a total of $35.6 billion to shareholders in 2007 through dividends and share purchases to reduce shares outstanding, up $3.0 billion from 2006.
"ExxonMobil's fourth quarter earnings excluding special items were a record $11,660 million, up 18% from the fourth quarter of 2006. Higher crude oil and natural gas realizations and gains on asset sales were partly offset by lower chemical margins."
Earnings excluding special items were a record $40,610 million, up 4%, reflecting record performance across all business segments.
Earnings per share excluding special items increased 11% to $7.28, reflecting strong business results and the continued reduction in the number of shares outstanding. Net income was up 3% from 2006, which included a special item of $410 million for a tax-related benefit. Net income for 2007 did not include any special items.
Cash flow from operations and asset sales was approximately $56.2 billion, including $4.2 billion from asset sales.
The Corporation distributed a total of $35.6 billion to shareholders in 2007 through dividends and share purchases to reduce shares outstanding, an increase of $3.0 billion versus 2006.
Dividends per share of $1.37 increased 7%.
Capital and exploration expenditures were $20.9 billion, an increase of 5% versus 2006.
Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production on an oil-equivalent basis increased nearly 1%.
Upstream earnings were a record $26,497 million, an increase of $267 million from 2006 due to higher crude oil realizations and favorable sales mix effects, mostly offset by higher operating expenses, net unfavorable tax items and lower natural gas realizations.
On an oil-equivalent basis, production decreased 1% from last year. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was up nearly 1%.
Liquids production of 2,616 kbd decreased 65 kbd from 2006. Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, liquids production was flat. Mature field decline and PSC net interest reductions were offset by higher production from projects in Russia and West Africa.
Natural gas production of 9,384 mcfd increased 50 mcfd from 2006. Higher volumes from projects in Qatar and the North Sea were mostly offset by mature field decline. Earnings from U.S. Upstream operations in 2007 were $4,870 million, a decrease of $298 million. Earnings outside the U.S. were $21,627 million, $565 million higher than 2006.
In 2007, Exxon Mobil Corporation purchased 386 million shares of its common stock for the treasury at a gross cost of $31.8 billion. These purchases included $28.0 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. Shares outstanding were reduced from 5,729 million at the end of 2006 to 5,382 million at the end of 2007, a decrease of 6.1%.
Operates 16 Offshore Rigs
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