OREANDA-NEWS. November 13, 2014. EXXONMOBIL CHAIRMAN REX W. TILLERSON COMMENTED:

“Earnings in the period rose 3 percent from the third quarter of 2013, driven by higher margins and improved operations in the Downstream and Chemical businesses, partially offset by the impact of lower Upstream realizations.

“ExxonMobil’s quarterly results demonstrate the strength of our integrated business model. Integration across Upstream, Downstream and Chemical gives us competitive advantages in scale, efficiency, technical and commercial capabilities, regardless of market fluctuations over the business cycle.

“The Corporation’s cash flow from operations and asset sales through the first nine months of 2014 fully covered net investments and shareholder distributions.

“We continue to meet our operational and project development objectives. Upstream production for 2014 remains on track with previous full-year estimates of 4 million oil-equivalent barrels per day as the company adds new production from project startups.”

THIRD QUARTER HIGHLIGHTS

Earnings of USD8,070 million increased USD 200 million or 3 percent from the third quarter of 2013.

Earnings per share (assuming dilution) were USD 1.89, an increase of 6 percent.

Capital and exploration expenditures were USD 9.8 billion, down 7 percent from the third quarter of 2013.

Oil-equivalent production decreased 4.7 percent from the third quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 1 percent, with liquids up 0.6 percent and gas down 2.9 percent.

Cash flow from operations and asset sales was \\$ USD 12.5 billion, including proceeds associated with asset sales of USD 0.1 billion.

The Corporation distributed USD 5.9 billion to shareholders in the third quarter of 2014, including USD 3 billion in share purchases to reduce shares outstanding.

Dividends per share of USD 0.69 increased 9.5 percent compared with the third quarter of 2013.

ExxonMobil entered into a second nonmonetary exchange agreement with LINN Energy, LLC to add 17,800 net acres in the Permian Basin to its U.S. oil and natural gas portfolio, managed by its subsidiary XTO Energy, Inc. This agreement, coupled with the first nonmonetary exchange that closed during the quarter, extends XTO’s leasehold position across the entire Permian Basin to more than 1.5 million acres and net oil-equivalent production to more than 95,000 barrels per day.

ExxonMobil announced the startup of the Tapis enhanced oil recovery (EOR) project, which is Malaysia’s first large-scale enhanced oil recovery project and will utilize the immiscible water-alternating-gas process to increase overall field recovery. The project exemplifies ExxonMobil's leadership in technology application and global project execution to maximize reserves recovery from producing fields.