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EXXON ANNOUNCES SECOND QUARTER 1992 RESULTS

 EXXON ANNOUNCES SECOND QUARTER 1992 RESULTS
 IRVING, Texas, July 23 /PRNewswire/ -- Exxon Corporation today


reported the following statement of earnings (in millions except per share figures):
 Second Quarter First Half
 1992 1991 1992 1991
 Net income $ 955 $1,125 $2,305 $3,365
 Net income per common share $0.76 $0.90 $1.83 $2.68
 Revenue 27,759 27,267 55,673 57,952
 Capital & exploration expenditures $2,096 $1,997 $4,033 $3,816
 Exxon Corporation reported second quarter 1992 net income of $955 million, equal to $.76 per share. Comparable second quarter 1991 net income was $1,125 million or $.90 per share.
 Revenue for the second quarter totaled $27,759 million, compared with $27,267 million a year ago. Second quarter capital and exploration expenditures were $2,096 million compared to $1,997 million in 1991.
 Exxon Chairman L. G. Rawl commented on second quarter results as follows:
 "Exxon's second quarter earnings were heavily influenced by lower petroleum product margins, which were in turn affected by rising crude supply costs, weak economic conditions and soft demand in many markets. Earnings from exploration and production operations were up relative to 1991, reflecting moderately higher crude realizations and increased crude production. However, product prices did not keep pace and the resulting margin squeeze led to significantly reduced earnings from refining and marketing operations.
 "Key operating volumes were generally better versus the second quarter a year ago. Crude production rose 5 percent quarter to quarter as a result of higher operating levels in the U.K. North Sea. Natural gas sales were up outside North America. In North America, while volumes were lower for the period as a whole, market conditions and volumes improved as the quarter progressed. Chemical sales volumes were up substantially from last year's quarter. On the other hand, petroleum product sales declined 2 percent, reflecting relatively weak industry demand.
 "Included in second quarter results was a $75 million charge for the restructuring of our domestic oil and gas operations. This action is consistent with ongoing steps to streamline the company's operations."
 Second Quarter 1992 vs. Second Quarter 1991
 Second quarter 1992 earnings from exploration and production operations increased $83 million from the comparable 1991 quarter to $725 million. The improvement resulted from higher crude realizations and increased liquids production, up 73 kbd (thousands of barrels daily) to 1,681 kbd. Worldwide natural gas production of 4,831 mcfd (millions of cubic feet daily) approached volumes from a year ago, as a 13 percent drop in the U.S. was largely offset by increased production in the Far East. Far East volumes were helped by startup of the Jerneh Field, Exxon's large gas development in Malaysia. U.S. upstream earnings, which included a restructuring provision in 1992, were up $2 million from a year ago to $181 million; foreign earnings were $544 million, $81 million higher than last year.
 Earnings from refining and marketing operations declined $352 million to $180 million, basically a reflection of lower product margins. Petroleum product sales volumes of 4,670 kbd declined 88 kbd, primarily due to lower distillate volumes in the U.S. and Europe resulting from reduced industry demand. Earnings from U.S. refining and marketing operations, which also included a restructuring provision in 1992, fell $66 million to $47 million; foreign earnings declined $286 million to $133 million.
 Earnings from chemical operations totaled $117 million, up $7 million from last year. Sales volumes were strong although margins remained under pressure. The second quarter marked the successful startup of a new jointly owned polyethylene plant in France utilizing the world's largest polymerization reactor. In the U.S., chemicals earnings declined $13 million to $66 million; foreign earnings increased $20 million to $51 million.
 Other operations earned $69 million, up $19 million from last year, primarily due to improved results from the coal business. Corporate and financing charges declined from $209 million to $136 million, primarily due to nonrecurring tax credits of $90 million in 1992.
 First Half 1992 vs. First Half 1991
 Net income for the first six months of 1992 was $2,305 million compared with $3,365 million earned in the first half of 1991. Net income per share was $1.83 compared with $2.68 per share earned in the first half of 1991. Revenue totaled $55,673 million compared with $57,952 million a year ago.
 Earnings in the first half of 1992 from U.S. exploration and production operations were $306 million compared with $329 million in the corresponding period of last year. Crude oil realizations were down $.60 per barrel and both natural gas volumes and prices were lower due to oversupplied market conditions. Liquids production declined 29 kbd to 603 kbd primarily as a result of natural field declines in the lower- 48 states.
 Earnings from foreign exploration and production operations were $1,329 million compared to $1,184 million in the first half a year ago. This year's earnings benefited from higher liquids and natural gas production. Average crude oil realizations were down $1.65 per barrel. Liquids production rose 72 kbd to 1,119 kbd, reflecting increased production in the North Sea. Natural gas production grew 284 mcfd to 4,348 mcfd, largely as a result of increased demand in Europe.
 Earnings from U.S. refining and marketing operations were $70 million, down from $369 million a year ago, while earnings from foreign refining and marketing operations were $583 million compared with $1,516 million in the same period a year ago. Industry margins were significantly lower than in the 1991 first half. During the first quarter of 1991, refining margins were unusually high due to declining crude prices and tight refinery conversion capacity. Worldwide, product sales volumes of 4,745 kbd were essentially unchanged from 1991 levels.
 Earnings from chemical operations totaled $267 million in the first half of 1992 compared with $333 million in the corresponding period of last year. The earnings decline reflected lower margins. U.S. chemical operations earned $153 million compared with $202 million in 1991, while foreign operations earned $114 million compared with $131 million in 1991.
 Corporate and financing charges totaled $389 million compared with $487 million a year ago. The 1992 first half benefited from nonrecurring credits and lower financing costs.
 Capital and exploration expenditures were $4,033 million in the first half of 1992, up $217 million from the same 1991 period. Foreign expenditures accounted for 70 percent of the worldwide total and all of the growth from a year ago.
 During the first half of 1992, Exxon purchased 3,031,000 shares of its stock for the Treasury at a cost of $180 million.
 Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions.
 EXXON CORPORATION
 ($ in millions)
 Second Quarter First Half
 1992 1991 1992 1991
 Petroleum and natural gas
 Exploration and production
 United States $ 181 $ 179 $ 306 $ 329
 Foreign 544 463 1,329 1,184
 Refining and marketing
 United States 47 113 70 369
 Foreign 133 419 583 1,516
 Total petroleum and natural gas $ 905 $1,174 $2,288 $3,398
 Chemicals
 United States 66 79 153 202
 Foreign 51 31 114 131
 Other operations 69 50 139 121
 Corporate and financing (136) (209) (389) (487)
 Net income $ 955 $1,125 $2,305 $3,365
 Net income per common share $ 0.76 $ 0.90 $ 1.83 $ 2.68
 Other financial data
 Total revenue $27,759 $27,267 $55,673 $57,952
 Dividends paid on common stock
 Total $ 894 $ 834 $1,726 $1,668
 Per common share $ 0.72 $ 0.67 $ 1.39 $ 1.34
 Millions of common shares outstanding
 Average 1,241.5 1,244.3 1,241.6 1,244.6
 At June 30 1,241.5 1,243.8
 Shareholders' equity at June 30 $35,276 $32,799
 Capital employed at June 30 $48,770 $45,196
 Chemical product revenue (including
 transfers to petroleum affiliates)
 United States $1,284 $1,223 $2,440 $2,475
 Foreign 1,622 1,425 3,070 2,996
 Total chemicals $2,906 $2,648 $5,510 $5,471
 Income and other taxes
 Income taxes $ 323 $ 662 $ 964 $1,843
 Excise taxes 2,989 2,731 5,948 5,687
 Other taxes and duties 5,094 5,091 10,357 10,248
 Total taxes $8,406 $8,484 $17,269 $17,778
 Effective income tax rate
 (As a percent) (A) 34.6 39.5
 (A) Includes the effect of
 Exxon's share of income
 taxes paid by equity
 companies: $258 $353
 Net production of crude oil and
 natural gas liquids, thousands
 of barrels daily (kbd)
 United States 594 633 603 632
 Canada 280 270 276 283
 Europe 359 261 397 314
 Other Foreign 448 444 446 450
 Worldwide 1,681 1,608 1,722 1,679
 Natural gas production available
 for sale, millions of cubic feet
 daily (mcfd)
 United States 1,461 1,682 1,531 1,718
 Canada 353 342 357 395
 Europe 2,343 2,341 3,434 3,225
 Other Foreign 674 517 557 444
 Worldwide 4,831 4,882 5,879 5,782
 Refinery crude oil runs (kbd)
 United States 903 967 892 950
 Canada 371 422 384 413
 Europe 1,389 1,356 1,417 1,400
 Other Foreign 569 526 601 543
 Worldwide 3,232 3,271 3,294 3,306
 Petroleum product sales (kbd)
 United States 1,157 1,198 1,168 1,202
 Canada 509 510 505 507
 Europe 1,797 1,905 1,850 1,868
 Other Foreign 1,207 1,145 1,222 1,150
 Worldwide 4,670 4,758 4,745 4,727
 Aviation fuels 387 388 363 375
 Gasolines, naphthas 1,804 1,804 1,763 1,750
 Heating oils, kerosene, diesel 1,383 1,502 1,516 1,558
 Heavy fuels 511 514 525 500
 Specialty products 585 550 578 544
 Total 4,670 4,758 4,745 4,727
 Capital and exploration expenditures
 ($ in millions)
 United States
 Exploration and production $ 416 $ 485 $ 835 $ 942
 Refining and marketing 106 104 185 176
 Other 111 98 189 194
 Foreign
 Exploration and production 921 777 1,771 1,480
 Refining and marketing 331 282 581 500
 Other 211 251 472 524
 Total $2,096 $1,997 $4,033 $3,816
 Exploration expenses charged to income
 included above ($ in millions)
 United States-consolidated
 affiliates $ 36 $ 66 $ 77 $128
 Foreign-consolidated
 affiliates 150 127 280 247
 -share of equity
 companies 20 38 41 39
 Worldwide $206 $231 $398 $414
 Net Income
 Million Per Common Share
 1987 First Quarter $1,070 $0.75
 Second Quarter 1,150 0.81
 Third Quarter 1,065 0.75
 Fourth Quarter 1,555 1.12
 Year $4,840 $3.43
 1988 First Quarter $1,455 $1.06
 Second Quarter 1,200 0.90
 Third Quarter 1,225 0.93
 Fourth Quarter 1,380 1.06
 Year $5,260 $3.95
 1989 First Quarter $1,810 $1.41
 Second Quarter 140 0.11
 Third Quarter 1,075 0.85
 Fourth Quarter 485 0.37
 Year $3,510 $2.74
 1990 First Quarter $1,280 $1.01
 Second Quarter 1,100 0.87
 Third Quarter 1,075 0.85
 Fourth Quarter 1,555 1.23
 Year $5,010 $3.96
 1991 First Quarter $2,240 $1.78
 Second Quarter 1,125 0.90
 Third Quarter 1,115 0.88
 Fourth Quarter 1,120 0.89
 Year $5,600 $4.45
 1992 First Quarter $1,350 $1.07
 Second Quarter 955 0.76
 -0- 7/23/92

 /CONTACT: Exxon public affairs, 212-444-1107, 212-444-1108, or 212-444-1109/
 (XON) CO: Exxon Corporation ST: Texas IN: OIL SU: ERN


TS -- NY060 -- 2510 07/23/92 12:13 EDT
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