Exxon Mobil (XOM) Q3 2014 earnings summary

Executive summary

• Q3 earnings were $8.07B, up $200M YoY; stronger Downstream and Chemical results partly offset lower Upstream realizations.

• Nine-month earnings rose 7% to $25.95B; $41.5B of cash flow from operations and asset sales covered net investment and shareholder distributions.

• Operational and project objectives remained on track, including the 4.0 MOEBD FY production plan.

Financial highlights

• Q3 diluted EPS was $1.89, up 6% YoY; Q3 revenue and other income was $107.49B versus $112.37B.

• Q3 cash flow from operations and asset sales was $12.5B; capital and exploration expenditures were $9.84B, down 7% YoY.

• Nine-month capital and exploration expenditures were $28.07B, down 14% YoY; nine-month revenue and other income was $325.91B versus $327.40B.

• Quarter-end cash was $5.0B and debt was $21.8B; cash declined $1.3B during Q3.

Outlook and guidance

• 2014 oil-equivalent production remained on track at 4 million barrels per day; 2017 guidance was 4.3 million barrels per day.

• Planned capacity additions of 1 million oil-equivalent barrels per day by 2017 were more than 95% liquids and liquids-linked gas; liquids mix was expected to rise from 64% to just under 70%.

• Capital expenditures were projected below $37B annually over 2015–2017; Q4 share purchases were expected at $3B.

• Several Q4 start-ups, including Arkutun-Dagi, Hadrian South, Lucius and Cold Lake Nabiye, were expected to add 300 koebd of net capacity.