A Review of the Nigerian Energy Industry

ExxonMobil announces $15.9bn estimated 2Q earnings

27 July 2012, Sweetcrude, HOUSTON – EXXONMOBIL Corporation has announced $15.91 billion earnings for the second quarter 2012, up $5.25 billion or 49 per cent from $10.68 billion in the same period last year.

This brings the company’s total first half 2012 earnings to $25.36 billion.

Also, the company estimated second quarter capital and exploration expenditures at $9.33 billion, compared to $9.33 billion in second quarter 2011, and bringing total capital and exploration expenditures for the first half 2012 to $18,17 billion.

Earning per common share in second quarter 2012 was $3.41, the company said, compared to $2.18 in second quarter 2011.

According to Rex W. Tillerson, ExxonMobil chairman, the second quarter results reflected the company’s ongoing commitment to develop and deliver the energy needed to help meet global demand and underpin economic recovery and growth.

He said: “Despite global economic uncertainty, we continue to invest throughout the business cycle taking a long-term view of resource development.

“Second quarter earnings of $15.9 billion included a net gain of $7.5 billion associated with divestments and tax-related items. Excluding these items, second quarter earnings were $8.4 billion.

“Capital and exploration expenditures were $9.3 billion in the second quarter and a record $18.2 billion for the first six months of 2012 as we progress our plans to invest about $37 billion per year over the next five years to help meet the global demand for energy”.

He said the company distributed $7.7 billion to shareholders in the second quarter “through dividends and share purchases to reduce shares outstanding”.

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