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EXXON ANNOUNCES SECOND QUARTER 1993 RESULTS

 Second Quarter First Half
 1993 1992 1993 1992
 Net Income - $ Million 1,235 930 2,420 2,225
 Net Income - $ Per 0.98 0.73 1.92 1.76
 Common Share
 Revenue - $ Million 27,931 27,759 55,193 55,673
 Capital & Exploration
 Expenditures - $ Million 2,138 2,096 3,714 4,033
 IRVING, Texas, July 23 /PRNewswire/ -- Exxon Corporation today reported second quarter 1993 net income of $1,235 million, up 33% from $930 million in the second quarter of 1992. On a per share basis, net income was $0.98 in the 1993 second quarter, up 34% from $0.73 in the same period last year.
 Net income in the second quarter included $210 million in net non-recurring credits, principally tax credits and gains on asset sales. Last year's second quarter included $24 million of such credits.
 Revenue was $27,931 million in the most recent quarter, up from $27,759 million in the second quarter a year ago.
 Exxon Chairman L. R. Raymond commented on second quarter results as follows:
 "Exxon's earnings in the second quarter 1993 rose significantly over the corresponding 1992 level. The improvement was achieved despite weak crude oil prices and sluggish economic conditions which affected both petroleum product and chemicals markets.
 "Lower operating expenses accounted for over $200 million of this
 quarter's earnings improvement. Expense reductions resulted from the effect of restructuring steps taken in North America in 1992 as well as continued emphasis on efficiency improvements within each of the major business segments worldwide.
 "Petroleum product margins were improved in the second quarter 1993, compared to second quarter 1992 levels, when margins were particularly soft. Recent margins benefited from lower crude supply costs and modest increases in demand in Europe and the Far East. In addition, refining crude runs and
sales of petroleum products were higher in the 1993 second quarter. The
 U.S. natural gas market was considerably stronger than a year ago, leading to both improved realizations and higher sales volumes.
 "Partially offsetting these favorable factors were lower crude prices, reduced sales of European natural gas as a result of warmer than normal weather, lower European natural gas prices, an inventory build-up of North Sea liquids, and lower liquids production in North America. Chemical margins and prices for coal and copper were generally lower in the 1993 second quarter, reflecting slow economic growth in major markets and excess industry manufacturing and mining capacity.
 "Capital and exploration expenditures totaled $2,138 million in the second quarter, as Exxon continued its active investment program."
 Additional comments on earnings from major operating segments follow:
 Second Quarter 1993 vs. Second Quarter 1992
 Second quarter 1993 earnings from U.S. exploration and production
 operations of $262 million, constituted an increase of $81 million from the comparable 1992 quarter. Earnings from exploration and production operations outside the U.S., totaled $499 million, compared with $517 million last year. On a worldwide exploration and production basis, the 1993 second quarter included $82 million of non- recurring tax credits, while the 1992 quarter included a $39 million restructuring provision.
 Worldwide exploration and production operations benefited from lower operating expenses, principally in North America. However, earnings
 were adversely affected by lower crude prices and by a build-up of liquids inventories in the North Sea. Worldwide crude production was 1,654 kbd (thousand barrels per day) in the 1993 second quarter, about even with last year. Natural gas production of 4,666 mcfd (million cubic feet per day) compared with 4,835 mcfd in the 1992 second quarter, reflecting weather related volume reductions in Europe, partially offset by improved market conditions in the U.S.
 Earnings from U.S. refining and marketing operations were $113 million in the second quarter of this year compared with $47 million in the 1992 second quarter. Earnings from refining and marketing operations outside the U.S. more than doubled compared to the same period last year,
totaling $333 million versus $138 million in the 1992 second quarter. On a worldwide refining and marketing basis, this year's quarter included $11 million in net non- recurring credits from asset dispositions, while the
 1992 second quarter included a $36 million charge for restructuring.
 Worldwide refining and marketing operations benefited from lower operating expenses, principally in North America. Petroleum product margins outside the U.S. rose, but in the U.S. they remained depressed. Worldwide petroleum product sales volumes of 4,841 kbd were up 80 kbd, primarily due to higher demand for distillate in the Far East.
 Earnings from chemical operations totaled $86 million compared with $119 million in the same quarter a year ago. Product sales volumes and margins were lower because of weak market demand and excess industry capacity. In the U.S., chemical earnings were down $16 million to $50 million; non- U.S. chemical earnings declined $17 million to $36 million.
 Other operations earned $48 million, including $13 million of non-recurring credits. This compares with $63 million earned last year. This decline was primarily due to lower coal production and softer coal and copper prices.
 Corporate and financing charges declined $29 million to $106 million in
 the most recent quarter. There were similarly sized non-recurring tax credits in both periods.
 During the second quarter of 1993, Exxon purchased 1.7 million shares of its stock for the Treasury at a cost of $112 million.
 First Half 1993 vs First Half 1992
 Net income for the first six months of 1993 rose 9% to $2,420 million, compared with $2,225 million earned in the first half of 1992. Net income in the first half of 1993 included $257 million of net non-recurring credits, while the first six months of 1992 included $182 million of such credits.
 Net income per share was $1.92 compared with $1.76 per share. Revenue totaled $55,193 million compared with $55,673 million a year ago.
 Earnings from U.S. exploration and production operations were $490 million, an increase of 60% from the first half of 1992. Lower operating expenses were a major positive factor behind the improvement in exploration and production earnings in the U.S. Earnings from exploration and production operations outside the U.S. were $1,167 million in the first half of 1993, compared with $1,299 million last year.
 Worldwide crude production declined 52 kbd to 1,667 kbd in the first half of 1993 primarily as a result of normal field declines in North
 America. However, crude oil realizations were up $.21 per barrel on average, reflecting strong demand for Alaskan crude; realizations outside the U.S. were lower than the year ago period. Natural gas production of 5,868 mcfd was essentially unchanged from last year, reflecting the net effect of stronger market conditions in the U.S. and new production in the Far East, offset by weather related declines in Europe. Natural gas realizations were stronger in North America and weaker in Europe, the latter affected by unfavorable foreign exchange movement.
 Earnings from U.S. refining and marketing operations were $134 million, up from $70 million a year ago. Earnings from refining and marketing operations outside the U.S. were $610 million in the first half of 1993, an increase of $18 million.
 Petroleum product margins were higher during the first half of 1993, particularly in Europe and the Far East, but
remained depressed in the U.S. Refining and marketing
earnings in the U.S. benefited from lower operating


expenses, the result of restructuring and cost control efforts. Worldwide product sales volumes of 4,854 kbd were essentially unchanged from 1992 levels.
 Earnings from chemical operations totaled $209 million in the first half of 1993 compared with $270 million in the corresponding period of last year. The earnings decline reflected lower margins and sales volumes, which totaled 6,400 kt (thousand tons), compared with 6,441 kt in the first half of last year. U.S. chemical operations earned $137 million compared with $153 million in 1992, while operations outside the U.S. earned $72 million compared with $117 million last year.
 Other operations earned $96 million in the first half of this year, down from $128 million in 1992, reflecting a decline in coal production and lower realizations for both coal and copper.
 Corporate and financing charges were $286 million in the first half of 1993, down from $400 million in 1992. Financing costs in the current year benefited from lower interest rates and lower debt-related foreign exchange losses.
 Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions.
 EXXON CORPORATION
 SECOND QUARTER 1993
 Second Quarter First Half
 FUNCTIONAL EARNINGS 1993 1992 1993 1992
 ($ Millions)
 Petroleum and natural gas
 Exploration and
 production
 United States $ 262 $ 181 $ 490 $ 306
 Non-U.S. 499 517 1,167 1,299
 Refining and
 marketing
 United States 113 47 134 70
 Non-U.S. 333 138 610 592
 Total petroleum and $1,207 $ 883 $2,401 $2,267
 natural gas
 Chemicals
 United States 50 66 137 153
 Non-U.S. 36 53 72 117
 Other operations 48 63 96 128
 Corporate and (106) (135) (286) (400)
 financing
 Earnings before $1,235 $ 930 $2,420 $2,265
 accounting changes
 Cumulative effect of - - - (40)
 accounting changes
 Net income $1,235 $ 930 $2,420 $2,225
 Net income per common $ 0.98 $0.73 $ 1.92 $ 1.76
 share
 OTHER FINANCIAL DATA
 Total revenue $27,931 $27,759 $55,193 $55,673
 Dividends paid on
 common stock
 Total $ 894 $ 894 $1,788 $1,726
 Per common share $ 0.72 $0.72 $ 1.44 $ 1.39
 Millions of common
 shares outstanding
 Average 1,241.9 1,241.5 1,241.8 1,241.6
 At June 30 1,241.7 1,241.5
 Shareholders' equity $34,351 $35,176
 at June 30
 Capital employed at $48,146 $48,670
 June 30
 Income and other taxes
 Income taxes $ 529 $ 336 $1,214 $ 979
 Excise taxes 2,902 2,989 5,660 5,948
 Other taxes and 4,984 5,094 9,566 10,357
 duties
 Total taxes $8,415 $8,419 $16,440 17,284
 Exxon's share of
 income taxes $ 74 $ 33 $ 259 $ 258
 paid by equity
 companies:
 EXXON CORPORATION
 SECOND QUARTER 1993
 Second Quarter First Half
 1993 1992 1993 1992
 Net production of crude oil
 and natural gas liquids,
 thousands of barrels
 daily (kbd)
 United States 546 592 554 602
 Canada 269 275 263 274
 Europe 393 359 406 397
 Other Non-U.S. 446 449 444 446
 Worldwide 1,654 1,675 1,667 1,719
 Natural gas production
 available for sale,
 millions of cubic feet
 daily (mcfd)
 United States 1,645 1,465 1,720 1,533
 Canada 335 353 362 357
 Europe 1,985 2,344 3,148 3,434
 Other Non-U.S. 701 673 638 557
 Worldwide 4,666 4,835 5,868 5,881
 Refinery crude oil runs
 (kbd)
 United States 875 903 854 892
 Canada 414 371 404 384
 Europe 1,417 1,389 1,370 1,417
 Other Non-U.S. 598 569 616 600
 Worldwide 3,304 3,232 3,244 3,293
 Petroleum product sales
 (kbd) (1)
 United States 1,102 1,156 1,120 1,167
 Canada 500 509 498 505
 Europe 1,877 1,797 1,852 1,850
 Other Non-U.S. 1,362 1,299 1,384 1,321
 Worldwide 4,841 4,761 4,854 4,843
 Aviation fuels 388 387 376 363
 Gasolines, naphthas 1,835 1,839 1,793 1,796
 Heating oils, kerosene, 1,481 1,406 1,551 1,546
 diesel
 Heavy fuels 564 529 548 544
 Specialty products 573 600 586 594
 Total 4,841 4,761 4,854 4,843
 Chemical product revenue
 (including transfers to
 petroleum affiliates)
 United States $1,207 $1,273 $2,400 $2,439
 Non-U.S. 1,393 1,622 2,748 3,070
 Total chemicals $2,600 $2,895 $5,148 $5,509
 Chemicals prime product 3,184 3,326 6,400 6,441
 sales (kt)


(1) First half petroleum product sales include equity
 company volumes: 103 kbd in 1993 and 99 kbd in 1992
 EXXON CORPORATION
 SECOND QUARTER 1993
 Second Quarter First Half
 1993 1992 1993 1992
 Capital and exploration
 expenditures ($ millions)
 United States
 Exploration and $ 374 $ 416 $ 680 $ 835
 production
 Refining and 158 106 227 185
 marketing
 Other 124 111 204 189
 Non-U.S.
 Exploration and 798 921 1,467 1,771
 production
 Refining and 388 331 663 581
 marketing
 Other 296 211 473 472
 Total $2,138 $2,096 $3,714 $4,033
 Exploration expenses
 charged to income included
 above ($ millions)
 United States - $ 36 $ 36 $ 65 $ 77
 consolidated affiliates
 Non-U.S. - consolidated 110 150 211 280
 affiliates
 - share of 27 20 50 41
 equity companies
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Date:Jul 23, 1993
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