Exxon Mobil (XOM) Q3 2013 earnings summary

Executive summary

• Q3 net income was $7.87B, down 18% YoY; weaker Downstream results outweighed higher Upstream earnings and Chemical earnings.

• Oil-equivalent production rose 1.5% YoY as new projects ramped up and maintenance downtime declined.

Financial highlights

• Revenue and other income was $112.372B vs. $115.141B YoY; diluted EPS was $1.79 vs. $2.09.

• Cash flow from operations and asset sales was $13.6B, including $0.2B in asset-sale proceeds; operating cash flow was $13.4B.

• Q3 capital and exploration expenditures were $10.546B; nine-month spending was $32.565B, up 19% YoY.

• Q3 dividends per share were $0.63, up 11% YoY; shareholder distributions totaled $5.8B.

Outlook and guidance

• Production volumes were on target for the 2013 outlook; capital spending was in line with plans.

• Q4 2013 share purchases to reduce shares outstanding were anticipated at $3B; purchases could vary or be discontinued without prior notice.

• PNG LNG was over 90% complete, with plant commissioning started; Cold Lake Nabiye was 60% complete.

• 2013 was expected to be a peak investment year, with upstream spending trending down as projects come online.