Exxon Mobil (XOM) Q2 2012 earnings summary

Executive summary

• Q2 net income was $15.910B, up 49% YoY, including a $7.5B net gain from divestments and tax-related items; earnings excluding these items were $8.4B.

• Diluted EPS was $3.41 versus $2.18 YoY; cash flow from operations and asset sales was $13.9B.

Financial highlights

• Revenue and other income was $127.36B versus $125.49B YoY.

• Capital and exploration expenditures were $9.34B, down 9% YoY; first-half spending reached a record $18.17B.

• Quarter-end cash was $18.0B and total debt was $15.6B.

Outlook and guidance

• Q3 2012 share purchases to reduce shares outstanding were anticipated at $5B; purchases could be increased, reduced or stopped at any time.

• Full-year volume outlook remained a 3% decline; second-half project start-ups and strong base performance were expected to support volumes.

• Kearl was 94% complete, with start-up expected in December and a ramp toward 110,000 gross b/d.

• Papua New Guinea LNG construction remained on schedule for 2014 start-up; a third train was under study.

• Baytown ethane cracker final investment decision was targeted for 2Q13, with start-up planned for 2016.