Exxon Mobil (XOM) Q4 2014 earnings summary

Executive summary

• FY14 earnings were $32.52B, essentially flat YoY; Q4 earnings were $6.57B, as lower commodity prices were partly offset by the integrated business model and other items.

• FY14 production met plan at 4.0M oil-equivalent barrels per day; eight major Upstream projects were completed.

Financial highlights

• FY14 diluted EPS was $7.60, up 3%; Q4 diluted EPS was $1.56, down 18% YoY.

• FY14 cash flow from operations and asset sales was $49.2B, including $4.0B from asset sales; free cash flow was $18.0B, up $7.3B YoY.

• FY14 capital and exploration expenditures were $38.5B, down 9% YoY; Q4 spending was $10.5B, up 5%.

• FY14 revenue and other income was $411.9B, versus $438.3B in 2013.

Outlook and guidance

• 2015 CapEx was previously signaled below $37B; updated investment plans were due at the March analyst meeting.

• Q1 2015 share purchases were anticipated at $1B; quarterly corporate and financing expense guidance remained $500M-$700M.

• Long-term demand outlook was ~0.8% annual growth for oil and ~1.5%-1.6% for gas, with growth largely driven by non-OECD markets.

• Investment plans would be tested against a range of economic assumptions, with market and cash-flow conditions considered.