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 ExxonMobil Earns $4 Billion During First Quarter 2017
   Friday, April 28, 2017 8:00:06 AM ET

--Earnings more than double from prior year quarter with solid results from all segments

--Cash flow from operating activities more than covered first quarter dividends and additions to property, plant and equipment

Exxon Mobil Corporation (XOM ):

                                                         First Quarter           
                                                                  ---------------------------------
                                                                   2017    2016                                         %
                                                                  -----                      -----                      --------------------
Earnings Summary
(Dollars in millions, except per share data)
   Earnings                                                       4,010                      1,810                                       122
   Earnings Per Common Share
   Assuming Dilution                                               0.95                       0.43                                       121
                                                                                                                         
Capital and Exploration Expenditures                              4,169                      5,127                                       -19
                                                                                                                         

Exxon Mobil Corporation (XOM ) today announced estimated first quarter 2017 earnings of $4 billion, or $0.95 per diluted share, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations.

"Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently," said Darren W. Woods, chairman and chief executive officer. "We continue to make strategic acquisitions, advance key initiatives and fund long-term growth projects across the value chain."

Upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of 4 percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.

Upstream earnings of $2.3 billion improved on higher liquids and gas realizations. Downstream earnings of $1.1 billion benefited from increased refinery throughput. Chemical earnings of $1.2 billion were impacted primarily by lower margins.

Capital and exploration expenditures totaled $4.2 billion as the company advanced investments across its integrated businesses.

During the quarter, the corporation distributed $3.1 billion in dividends to shareholders.

First Quarter Highlights
                
? Earnings of $4 billion increased 122 percent from the first quarter
               of 2016.
                
? Earnings per share assuming dilution were $0.95.
                
? Cash flow from operations and asset sales was $8.9 billion,
               including proceeds associated with asset sales of $687 million.
                
? Capital and exploration expenditures were $4.2 billion, down 19
               percent from the first quarter of 2016.
                
? Oil-equivalent production was 4.2 million oil-equivalent barrels per
               day, down 4 percent from the prior year. Excluding entitlement
               effects and divestments, oil-equivalent production was down 1
               percent from the prior year.
                
? The corporation distributed $3.1 billion in dividends to
               shareholders.
                
? Dividends per share of $0.75 increased 2.7 percent compared with the
               first quarter of 2016.
                
? During the quarter, ExxonMobil completed the acquisitions of
               InterOil Corporation and companies with oil and gas properties
               primarily in the Permian Basin.
                
? ExxonMobil and Eni S.p.A. signed a sale and purchase agreement to
               enable ExxonMobil to acquire a 25 percent indirect interest in the
               natural gas-rich Area 4 block, offshore Mozambique, for
               approximately $2.8 billion. The acquisition will be completed
               following satisfaction of a number of conditions precedent,
               including clearance from regulatory authorities.
                
? The company secured additional high-potential exploration acreage in
               Papua New Guinea, Cyprus and the U.S. Gulf of Mexico.
                
? ExxonMobil announced positive results from the Snoek well offshore
               Guyana, confirming a new discovery on the Stabroek Block. The well
               encountered more than 82 feet (25 meters) of high-quality,
               oil-bearing sandstone reservoirs.
                
? The company announced plans to expand the production of high-quality
               lubricant basestocks at the Singapore refinery. The investment will
               increase the supply of lubricant basestocks designed to maximize the
               performance of all major automotive engine oil grades and to enhance
               the performance of finished lubricants used in multiple industries.
                
? ExxonMobil launched Mobil 1 Annual Protection, which offers
               consumers the convenience of driving one full year or up to 20,000
               miles between oil changes. Mobil 1 Annual Protection has been
               specifically formulated to offer maximum wear protection, as well as
               increase resistance to oil breakdown and protect engine parts from
               harmful sludge and deposits, resulting in extended engine life.
                
? Synthetic Genomics, Inc. and ExxonMobil announced they have extended
               their agreement to conduct joint research into advanced algae
               biofuels after making significant progress in understanding algae
               genetics.
                

First Quarter 2017 vs. First Quarter 2016

Upstream earnings were $2.3 billion, compared to a loss of $76 million in the first quarter of 2016. Higher liquids and gas realizations increased earnings by $2.3 billion. Lower volume and mix effects decreased earnings by $150 million. All other items increased earnings by $170 million primarily as a result of lower expenses.

On an oil-equivalent basis, production decreased 4 percent from the first quarter of 2016. Liquids production of 2.3 million barrels per day decreased 205,000 barrels per day due to lower entitlements and higher maintenance activity mainly in Canada and Nigeria. Natural gas production of 10.9 billion cubic feet per day increased 184 million cubic feet per day from 2016 as project ramp-up was partly offset by field decline.

U.S. Upstream earnings were a loss of $18 million, compared to a loss of $832 million in the first quarter of 2016. Non-U.S. Upstream earnings were $2.3 billion, up $1.5 billion from the prior year.

Downstream earnings were $1.1 billion, up $210 million from the first quarter of 2016. Higher margins increased earnings by $10 million. Volume and mix effects increased earnings by $160 million. All other items increased earnings by $40 million. Petroleum product sales of 5.4 million barrels per day were 61,000 barrels per day higher than last year’s first quarter.

Earnings from the U.S. Downstream were $292 million, up $105 million from the first quarter of 2016. Non-U.S. Downstream earnings of $824 million were $105 million higher than last year.

Chemical earnings of $1.2 billion were $184 million lower than the first quarter of 2016. Weaker margins decreased earnings by $70 million. All other items, primarily increased turnaround expenses and unfavorable foreign exchange effects, decreased earnings by $110 million. First quarter prime product sales of 6.1 million metric tons were 101,000 metric tons lower than last year’s first quarter.

U.S. Chemical earnings of $529 million were $52 million lower than the first quarter of 2016. Non-U.S. Chemical earnings of $642 million were $132 million lower than last year.

Corporate and financing expenses were $529 million for the first quarter of 2017, up $154 million from the first quarter of 2016 due to the absence of favorable tax items.

During the first quarter of 2017, Exxon Mobil Corporation purchased 6 million shares of its common stock for the treasury at a gross cost of $496 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs, but does not currently plan on making purchases to reduce shares outstanding. During the quarter, the company issued a combined 96 million shares of common stock to complete the acquisition of InterOil Corporation and the acquisition of entities that own oil and gas properties located primarily in the Permian Basin.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 28, 2017. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Statements relating to future plans, projections, events or conditions are forward-looking statements. Future results, including project plans, costs, timing, and capacities; capital and exploration expenditures; asset carrying values; resource recoveries; the impact of new technologies; and share purchase levels, could differ materially due to factors including: changes in oil, gas or petrochemical prices or other market or economic conditions affecting the oil, gas or petrochemical industries, including the scope and duration of economic recessions; the outcome of exploration and development efforts; changes in law or government regulation, including tax and environmental requirements; the impact of fiscal and commercial terms and outcome of commercial negotiations; the results of research programs; changes in technical or operating conditions; actions of competitors; and other factors discussed under the heading "Factors Affecting Future Results" in the "Investors" section of our website and in Item 1A of ExxonMobil’s 2016 Form 10-K. Closing of pending acquisitions is also subject to satisfaction of the conditions precedent provided in the applicable agreement. We assume no duty to update these statements as of any future date.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities is shown in Attachment II. References to quantities of oil or natural gas may include amounts that we believe will ultimately be produced, but that are not yet classified as "proved reserves" under SEC definitions. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including "prime product sales" is contained under the heading "Frequently Used Terms" available through the "Investors" section of our website at exxonmobil.com.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

The term "project" as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Mobil 1 is a registered trademark of Exxon Mobil Corporation.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

                                                                      
        Estimated Key Financial and Operating Data
                                                                                                                             Attachment I
                                                          Exxon Mobil Corporation
                                                            First Quarter 2017
                                                    (millions of dollars, unless noted)
                                                                                 
                                                                                                       First Quarter
                                                                                ----------------------------------------------------------
                                                                                   2017                                              2016
                                                                                -------                      -----------------------------
Earnings / Earnings Per Share
                                                                                                                      
   Total revenues and other income                                               63,287                       48,707
   Total costs and other deductions                                              57,369                       46,977
   Income before income taxes                                                     5,918                        1,730
      Income taxes                                                                1,828                          (51 )
   Net income including noncontrolling interests                                  4,090                        1,781
      Net income attributable to noncontrolling interests                            80                          (29 )
   Net income attributable to ExxonMobil (U.S. GAAP)                              4,010                        1,810
                                                                                                                      
   Earnings per common share (dollars)                                             0.95                         0.43
                                                                                                                      
                                                                                   0.95                         0.43
   Earnings per common share - assuming dilution (dollars)
                                                                                                                      
                                                                                                                      
Other Financial Data
                                                                                                                      
   Dividends on common stock
      Total                                                                       3,134                        3,054
      Per common share (dollars)                                                   0.75                         0.73
                                                                                                                      
   Millions of common shares outstanding
      At March 31                                                                 4,237                        4,147
      Average - assuming dilution                                                 4,223                        4,178
                                                                                                                      
   ExxonMobil share of equity at March 31                                       177,151                      172,187
   ExxonMobil share of capital employed at March 31                             223,447                      217,242
                                                                                                                      
   Income taxes                                                                   1,828                          (51 )
   Sales-based taxes                                                              5,342                        4,815
   All other taxes                                                                6,903                        6,731
      Total taxes                                                                14,073                       11,495
                                                                                                                      
                                                                                    647                          480
   ExxonMobil share of income taxes of equity companies
                                                                                                                      
                                                                    
                                                                                                                        Attachment II
                                                                                                                  
                                                        Exxon Mobil Corporation
                                                          First Quarter 2017
                                                         (millions of dollars)
                                                                                                                  
                                                                                                   First Quarter
                                                                            ----------------------------------------------------------
                                                                                 2017                                            2016
                                                                            ----------                     ---------------------------
Earnings (U.S. GAAP)
Upstream
   United States                                                              (18 )                         (832 )
   Non-U.S.                                                                 2,270                            756
Downstream
   United States                                                              292                            187
   Non-U.S.                                                                   824                            719
Chemical
   United States                                                              529                            581
   Non-U.S.                                                                   642                            774
Corporate and financing                                                      (529 )                         (375 )
Net income attributable to ExxonMobil                                       4,010                          1,810
                                                                                                                  
                                                                                                                  
Cash flow from operations and asset sales (billions of
dollars)
Net cash provided by operating activities (U.S. GAAP)                         8.2                            4.8
Proceeds associated with asset sales                                          0.7                            0.2
Cash flow from operations and asset sales                                     8.9                            5.0
                                                                                                                  
                                                                            
                                                                                                                         Attachment III
                                                                                                                    
                                                         Exxon Mobil Corporation
                                                           First Quarter 2017
                                                                                                                    
                                                                                                         First Quarter
                                                                                       -------------------------------------------------
                                                                                         2017                                      2016
                                                                                       ------                      --------------------
Net production of crude oil, natural gas liquids, bitumen and
synthetic oil, thousand barrels per day (kbd)
   United States                                                                          513                                       500
   Canada / South America                                                                 421                                       476
   Europe                                                                                 205                                       218
   Africa                                                                                 433                                       565
   Asia                                                                                   711                                       726
   Australia / Oceania                                                                     50                                        53
      Worldwide                                                                         2,333                                     2,538
                                                                                                                    
Natural gas production available for sale, million cubic feet per
day (mcfd)
   United States                                                                        3,011                                     3,160
   Canada / South America                                                                 218                                       258
   Europe                                                                               2,768                                     2,775
   Africa                                                                                   5                                         2
   Asia                                                                                 3,807                                     3,794
   Australia / Oceania                                                                  1,099                                       735
      Worldwide                                                                        10,908                                    10,724
                                                                                                                    
Oil-equivalent production (koebd)(1)                                                    4,151                                     4,325

(1) Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.

                                                                 
                                                                                                               Attachment IV
                                                                                                         
                                                   Exxon Mobil Corporation
                                                     First Quarter 2017
                                                                                                         
                                                                                               First Quarter
                                                                             ------------------------------------------------
                                                                              2017                                      2016
                                                                             -----                      --------------------
Refinery throughput (kbd)
   United States                                                             1,621                                     1,602
   Canada                                                                      397                                       398
   Europe                                                                    1,453                                     1,269
   Asia Pacific                                                                652                                       729
   Other                                                                       201                                       187
      Worldwide                                                              4,324                                     4,185
                                                                                                         
Petroleum product sales (kbd)
   United States                                                             2,155                                     2,218
   Canada                                                                      494                                       476
   Europe                                                                    1,536                                     1,429
   Asia Pacific                                                                708                                       766
   Other                                                                       502                                       445
      Worldwide                                                              5,395                                     5,334
                                                                                                         
   Gasolines, naphthas                                                       2,163                                     2,211
   Heating oils, kerosene, diesel                                            1,833                                     1,699
   Aviation fuels                                                              370                                       402
   Heavy fuels                                                                 380                                       386
   Specialty products                                                          649                                       636
      Worldwide                                                              5,395                                     5,334
                                                                                                         
Chemical prime product sales, thousand metric tons (kt)
   United States                                                             2,280                                     2,400
   Non-U.S.                                                                  3,792                                     3,773
      Worldwide                                                              6,072                                     6,173
                                                                                                         
                                                               
                                                                                                                    Attachment V
                                                                                                             
                                                     Exxon Mobil Corporation
                                                       First Quarter 2017
                                                      (millions of dollars)
                                                                            
                                                                                                First Quarter
                                                                           ------------------------------------------------------
                                                                            2017                                            2016
                                                                           -----                      ---------------------------
Capital and Exploration Expenditures
   Upstream
      United States                                                          704                      1,075
      Non-U.S.                                                             2,415                      2,904
      Total                                                                3,119                      3,979
   Downstream
      United States                                                          205                        189
      Non-U.S.                                                               340                        339
      Total                                                                  545                        528
   Chemical
      United States                                                          388                        434
      Non-U.S.                                                               109                        177
      Total                                                                  497                        611
                                                                                                             
   Other                                                                       8                          9
                                                                                                             
   Worldwide                                                               4,169                      5,127
                                                                                                             
                                                                                                             
Exploration expenses charged to income included above
   Consolidated affiliates
      United States                                                           34                        108
      Non-U.S.                                                               253                        246
   Equity companies - ExxonMobil share
      United States                                                            -                          -
      Non-U.S.                                                                14                        (10 )
   Worldwide                                                                 301                        344
                                                                                                             
                             
                                                                            Attachment VI
                                                                     
                                  Exxon Mobil Corporation
                                         Earnings
                                                                     
                                    $ Millions                      $ Per Common Share(1)
                                    ----------                      ---------------------
                                                                     
2013
--------------
First Quarter                            9,500                                       2.12
Second Quarter                           6,860                                       1.55
Third Quarter                            7,870                                       1.79
Fourth Quarter                           8,350                                       1.91
   Year                                 32,580                                       7.37
                                                                     
2014
--------------
First Quarter                            9,100                                       2.10
Second Quarter                           8,780                                       2.05
Third Quarter                            8,070                                       1.89
Fourth Quarter                           6,570                                       1.56
   Year                                 32,520                                       7.60
                                                                     
2015
--------------
First Quarter                            4,940                                       1.17
Second Quarter                           4,190                                       1.00
Third Quarter                            4,240                                       1.01
Fourth Quarter                           2,780                                       0.67
   Year                                 16,150                                       3.85
                                                                     
2016
--------------
First Quarter                            1,810                                       0.43
Second Quarter                           1,700                                       0.41
Third Quarter                            2,650                                       0.63
Fourth Quarter                           1,680                                       0.41
   Year                                  7,840                                       1.88
                                                                     
2017
--------------
First Quarter                            4,010                                       0.95

(1) Computed using the average number of shares outstanding during each period.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170428005363r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170428005363/en/

SOURCE: Exxon Mobil Corporation

ExxonMobil 
Media Relations, 972-444-1107


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