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EXXON ANNOUNCES THIRD QUARTER 1993 RESULTS

 Third Quarter Nine Months
 1993 1992 1993 1992
 Net Income - $ Million 1,360 1,145 3,780 3,370
 Net Income - $ Per Common Share 1.09 0.91 3.01 2.67
 Revenue - $ Million 27,920 30,642 83,134 86,315
 Capital & Exploration
 Expenditures - $ Million 2,010 2,162 5,724 6,195
 IRVING, Texas, Oct. 25 /PRNewswire/ -- Exxon Corporation (NYSE: XON) today reported record third quarter 1993 net income of $1,360 million, up 19 percent from $1,145 million in the third quarter of 1992. On a per share basis, net income was $1.09 in the 1993 third quarter, up from 91 cents in the same period last year.
 Revenue for the third quarter totaled $27,920 million compared with $30,642 million in the third quarter a year ago.
 Exxon Chairman Lee R. Raymond commented on third quarter results as follows:
 "Net income earned in the quarter was the highest level achieved in any third quarter in the company's history. These strong earnings were generated despite soft worldwide economic conditions, weak crude oil prices, and provisions associated with the tax rate increase in the U.S. Quarterly earnings benefited significantly from our ongoing asset management program and from reduced tax rates in various countries overseas.
 "Our core petroleum and natural gas operations produced substantially better earnings in the third quarter compared to the same period in 1992. Reduced operating expenses were a major factor, reflecting the effect of ongoing restructuring and efficiency improvements. Worldwide natural gas sales, refinery crude runs and petroleum product sales were improved relative to the third quarter of last year. Petroleum product margins strengthened, as lower crude supply costs more than offset the effect of lower product prices. Earnings also benefited from a stronger U.S. natural gas market.
 "Partially offsetting the favorable factors in the third quarter was a steep decline in crude prices to their lowest level in more than three years. Chemical, coal and copper prices were lower as well.
 "The process of upgrading our investment base continued during the quarter, resulting in a significant addition to quarterly earnings. Exxon's approach to asset management combines an active capital investment program with divestments of assets which are marginal or no longer fit our long term plans.
 "Capital and exploration expenditures totaled $2,010 million in the third quarter, bringing year to date expenditures to $5,724 million."
 Additional comments on earnings from major operating segments follow:
 Third Quarter 1993 vs. Third Quarter 1992
 Third quarter 1993 earnings from U.S. exploration and production operations were $273 million, compared with $271 million in the third quarter 1992. Earnings from exploration and production operations outside the United States totaled $549 million, up from $468 million last year. On a worldwide basis, exploration and production earnings in the third quarter of this year included $249 million in benefits from asset dispositions and tax credits, while the 1992 quarter contained $43 million in special charges.
 Worldwide earnings from exploration and production operations were adversely affected by a $3.50 per barrel decline in crude prices from last year's third quarter level. Earnings benefited from lower operating expenses associated with continued efficiency improvements, particularly in North America. Worldwide crude production was 1,623 kbd (thousand barrels per day) in the 1993 third quarter, compared with 1,665 kbd last year. Increased liquids production from operations outside the United States, principally in the North Sea, was more than offset by lower U.S. volumes resulting from divestments and natural field declines. Natural gas production of 4,614 mcfd (million cubic feet per day) was up 5 percent compared to the amount produced in the same period last year.
 Earnings from U.S. refining and marketing operations were $121 million in the third quarter 1993, compared with $31 million earned in the 1992 third quarter. The current year third quarter included $17 million of tax related charges. Earnings from refining and marketing operations outside the United States were $474 million in the most recent quarter compared with $461 million earned in the third quarter 1992. This quarter's results included $23 million of tax related credits, whereas last year's quarterly results included $181 million of net benefit from the sale of surplus property.
 In the 1993 third quarter, petroleum product margins improved in all major markets, benefiting primarily from lower crude supply costs. Refining and marketing earnings were also helped by lower operating expenses, principally a reflection of recent restructurings in North America. Worldwide petroleum product sales volumes of 4,924 kbd were up 24 kbd from the third quarter 1992 supported by increases in both Europe and the Far East.
 Earnings from chemical operations totaled $68 million compared with $125 million in the same quarter a year ago. Excess industry capacity and weak economic conditions continued to hold down product margins. Chemical sales volumes were on a par with the third quarter of last year. Chemical results in the third quarter contained $26 million of tax related charges.
 Earnings from other operating segments were $19 million, down $39 million vs. the third quarter 1992. Coal and copper prices were both lower, the result of sluggish economic conditions and associated weak demand. The third quarter of this year also included $12 million of charges from asset dispositions.
 Corporate and financing expenses of $144 million were lower than in the same quarter last year, adding $125 million to the overall earnings increase. The improvement was primarily related to net non-recurring tax credits of $89 million in the current quarter.
 During the third quarter of 1993, Exxon purchased 1.0 million shares of its stock for the Treasury at a cost of $65 million.
 First Nine Months 1993 vs. First Nine Months 1992
 Net income for the first nine months of 1993 was $3,780 million, up 12 percent from $3,370 million earned in 1992. Improved petroleum product margins and lower operating expenses more than offset the effect of lower crude prices. Net income in the first nine months of 1993 included credits of $563 million from asset dispositions, tax rate changes, and other special items, while the first nine months of 1992 included $313 million of such credits. Net income per share was $3.01 compared with $2.67 per share in the first nine months of 1992. Revenue totaled $83,134 million compared with $86,315 million a year ago.
 Earnings from U.S. exploration and production operations were $763 million, up $186 million from last year. Improvements in the U.S. natural gas market and lower operating expenses were the primary factors behind the increase. Earnings from exploration and production operations outside the United States were $1,716 million in the first nine months of 1993, compared with earnings of $1,767 million last year.
 Worldwide crude production of 1,652 kbd in the first nine months of 1993 compared with 1,701 kbd in 1992, primarily as a result of normal field declines and marginal property divestments in North America. Liquids production outside North America increased this year, compared with the first nine months of 1992. As a result of the sharp decline in crude prices in the third quarter of this year, crude realizations for the first nine months were down $1 per barrel on average from last year. Natural gas production of 5,451 mcfd was up 62 mcfd largely due to stronger market conditions in the United States and new production from developments in the Far East. Natural gas realizations were stronger in North America and weaker in Europe, the latter affected by the strengthening of the U.S. dollar against local currencies.
 Earnings from U.S. refining and marketing operations more than doubled compared to the same period last year, totaling $255 million vs. $101 million in the first nine months of 1992. Earnings from refining and marketing operations outside the U.S. were $1,084 million, up from $1,053 million in 1992. Last year earnings outside the United States benefited from substantial credits associated with disposition of surplus property.
 Worldwide petroleum product margins improved during the first nine months of this year, compared to the same period in 1992, and were a primary factor in the worldwide refining and marketing earnings improvement. Lower refining and marketing operating expenses also provided benefits this year, particularly in North America, as a result of restructuring and continuing cost control efforts. Worldwide product sales volumes of 4,877 kbd were up slightly from 1992 levels.
 Earnings from chemicals operations totaled $277 million in the first nine months of 1993 compared with $395 million in the same period last year. Margins were lower than the previous year, primarily as a result of weak market conditions and excess industry capacity.
 Other operations earned $115 million in the first nine months of 1993, compared with $186 million last year. The decline is primarily a reflection of lower coal production and copper prices offsetting the benefits of lower operating expenses.
 Corporate and financing charges were $430 million in the first nine months of this year, down from $669 million in 1992. Financing costs in the current year benefited from lower interest rates, lower debt-related foreign exchange losses and one-time tax credits.
 Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions.
 EXXON CORPORATION
 Third Quarter 1993
 ($ Millions)
 Third Quarter Nine Months
 FUNCTIONAL EARNINGS 1993 1992 1993 1992
 Petroleum and natural gas
 Exploration and production
 United States 273 271 763 577
 Non-U.S. 549 468 1,716 1,767
 Refining and marketing
 United States 121 31 255 101
 Non-U.S. 474 461 1,084 1,053
 Total petroleum and natural gas $1,417 $1,231 $3,818 $3,498
 Chemicals
 United States 46 87 183 240
 Non-U.S. 22 38 94 155
 Other operations 19 58 115 186
 Corporate and financing (144) (269) (430) (669)
 Earnings before accounting
 changes $1,360 $1,145 $3,780 $3,410
 Cumulative effect of
 accounting changes -- -- -- (40)
 Net income $1,360 $1,145 $3,780 $3,370
 Net income per common share $1.09 $0.91 $3.01 $2.67
 OTHER FINANCIAL DATA
 Total revenue $27,920 $30,642 $83,134 $86,315
 Dividends paid on common stock
 Total $894 $894 $2,682 $2,620
 Per common share $0.72 $0.72 $2.16 $2.11
 Millions of common shares
 outstanding
 Average 1,241.6 1,241.5 1,241.7 1,241.6
 At Sept. 30 1,241.6 1,241.5
 Shareholders' equity at Sept. 30 $34,648 $35,244
 Capital employed at Sept. 30 $47,992 $48,644
 Income and other taxes
 Income taxes 677 779 1,891 1,758
 Excise taxes 2,925 3,190 8,585 9,138
 Other taxes and duties 4,993 5,867 14,559 16,224
 Total taxes $8,595 $9,836 $25,035 $27,120
 Exxon's share of income taxes
 paid by equity companies: $73 $24 $332 $282
 EXXON CORPORATION
 Third Quarter 1993
 Third Quarter Nine Months
 1993 1992 1993 1992
 Net production of crude oil and
 natural gas liquids, thousands
 of barrels daily (kbd)
 United States 525 578 544 594
 Canada 261 275 262 274
 Europe 393 360 402 384
 Other Non-U.S. 444 452 444 449
 Worldwide 1,623 1,665 1,652 1,701
 Natural gas production available
 for sale, millions of cubic feet
 daily (mcfd)
 United States 1,690 1,675 1,716 1,581
 Canada 278 261 333 325
 Europe 1,844 1,677 2,709 2,844
 Other Non-U.S. 802 803 693 639
 Worldwide 4,614 4,416 5,451 5,389
 Refinery crude oil runs (kbd)
 United States 827 885 842 889
 Canada 417 414 409 394
 Europe 1,447 1,317 1,396 1,383
 Other Non-U.S. 630 611 620 605
 Worldwide 3,321 3,227 3,267 3,271
 Petroleum product sales (kbd)(A)
 United States 1,139 1,196 1,126 1,176
 Canada 528 521 508 510
 Europe 1,896 1,846 1,867 1,849
 Other Non-U.S. 1,361 1,337 1,376 1,327
 Worldwide 4,924 4,900 4,877 4,862
 Aviation fuels 396 403 382 377
 Gasolines, naphthas 1,866 1,828 1,818 1,807
 Heating oils, kerosene, diesel 1,508 1,504 1,538 1,532
 Heavy fuels 563 544 553 544
 Specialty products 591 621 586 602
 Total 4,924 4,900 4,877 4,862
 Chemical product revenue (including
 transfers to petroleum affiliates)
 United States 1,175 1,249 3,575 3,689
 Non-U.S. 1,212 1,463 3,960 4,533
 Total chemicals $2,387 $2,712 $7,535 $8,222
 Chemicals prime product sales (kt) 3,080 3,087 9,480 9,528
 (A) -- First nine months petroleum product sales include equity company volumes: 98 kbd in 1993 and 97 kbd in 1992.
 EXXON CORPORATION
 Third Quarter 1993
 ($ millions)
 Third Quarter Nine Months
 1993 1992 1993 1992
 Capital and exploration expenditures
 United States
 Exploration and production 384 418 1,064 1,253
 Refining and marketing 129 110 356 295
 Other 127 114 331 303
 Non-U.S.
 Exploration and production 812 903 2,279 2,674
 Refining and marketing 405 446 1,068 1,027
 Other 153 171 626 643
 Worldwide $2,010 $2,162 $5,724 $6,195
 Exploration expenses charged to
 income included above ($ millions)
 Consolidated affiliates
 United States 32 51 97 128
 Non-U.S. 141 136 352 416
 Equity companies - Exxon share
 Non-U.S. 13 17 63 58
 Worldwide $186 $204 $512 $602
 EXXON CORPORATION
 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 1,295 1.03
 - Second Quarter 930 0.73
 - Third Quarter 1,145 0.91
 - Fourth Quarter 1,400 1.12
 Year $4,770 $3.79
 1993 - First Quarter 1,185 0.94
 - Second Quarter 1,235 0.98
 - Third Quarter 1,360 1.09
 -0- 10/25/93
 /CONTACT: Melanie Olson of Exxon, 214-444-1112/
 (XON)


CO: Exxon Corporation ST: Texas IN: OIL SU: ERN

TW -- NY064 -- 6329 10/25/93 12:34 EDT
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Date:Oct 25, 1993
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