“ExxonMobil's third quarter net income was $9,410 million ($1.70 per share), down 10% from the third quarter of 2006, while earnings per share were down 4% for the same period. The decrease reflected lower downstream and chemical margins partly offset by higher crude oil realizations.
Net income of $28,950 million for the first nine months of 2007 was $300 million lower than the record first nine months of 2006. Earnings per share increased 6% during the same period, reflecting the positive impact of the continuing share purchase program.
“ExxonMobil continued to actively invest in the third quarter, spending $5.4 billion on capital and exploration projects, an increase of 8% over 2006. For the first nine months of 2007, spending on capital and exploration projects was $14.7 billion.
“The Corporation distributed a total of $8.9 billion to shareholders in the third quarter through dividends of $1.9 billion and share purchases to reduce shares outstanding of $7.0 billion.”
Upstream earnings were $6,299 million, down $194 million from the third quarter of 2006 primarily reflecting lower natural gas realizations and higher operating expenses, mostly offset by higher crude oil realizations.
On an oil-equivalent basis, production decreased by 2% from the third quarter of 2006. Excluding the impact of entitlements, divestments, OPEC quota effects and Venezuela, production was up 3%.
Liquids production of 2,536 kbd (thousandsof barrels per day) was 111 kbd lower. Mature field decline and reduced entitlements were partly offset by increased production from projects in Africa and Russia. Excluding the impact of entitlements, divestments, OPEC quota effects and Venezuela, liquids production was up 3%.
Third quarter natural gas production was 8,302 mcfd (millions of cubic feet per day), up 163 mcfd from 2006. Increased volume from projects in Qatar was partly offset by the impact of mature field decline. Excluding entitlement and divestment effects, natural gas production increased by 3%.
Earnings from U.S. Upstream operations were $1,196 million, $4 million higher than the third quarter of 2006. Non-U.S. Upstream earnings were $5,103 million, down $198 million from 2006.
Downstream earnings were $2,001 million, down $737 million from the third quarter of 2006, driven by lower refining and fuels marketing margins. Petroleum product sales were 7,101 kbd, 201 kbd lower than last year's third quarter.
U.S. Downstream earnings were $914 million, down $358 million from the third quarter of 2006. Non-U.S. Downstream earnings of $1,087 million were $379 million lower.
marketing@alchempro.com
