Exxon Mobil Corporation (NYSE:XOM) indicated in its estimated financial results that its profit declined in the fourth quarter and full year 2013.
Exxon Mobil financial results
According to the financial statement of the oil and gas company, its estimated profit for the fourth quarter dropped 16% to $8.4 billion from $9.95 billion in the same quarter in 2012. Its estimated earnings per share for the quarter were $1.91, down by 13% from $2.20 in the year-ago quarter.
Warren Buffett’s Annual Letter: Mistakes, Buybacks and Apple
Warren Buffett published his annual letter to shareholders over the weekend. The annual update, which has become one of the largest events in the calendar for value investors, provided Buffett's views on one of the most turbulent and extraordinary years for the financial markets in recent memory. Q4 2020 hedge fund letters, conferences and more Read More
During the quarter, Exxon Mobil Corporation (NYSE:XOM) said its oil equivalent production dropped 1.8% compared in the same period last year. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, oil production was essentially flat, natural gas production down by 3.9%, but its liquids volume increased 3.0%.
The oil and gas company ended the quarter with $12 billion cash flow from operations and asset sales.
For the full fiscal 2013, Exxon Mobil Corporation (NYSE:XOM) estimated a 27% decline from $44.88 billion last year to $32.58 billion. The oil and gas company estimated just $7.37 earnings per share, down by 24% from $9.70 earnings per share a year ago.
Exxon Mobil Corporation (NYSE:XOM) said its capital exploration expenditures during the fourth quarter were around $9.9 billion and $42.5 billion for the year including $4.3 billion for acquisitions.
According to the oil and gas company, it returned $26 billionl to shareholders through dividend payments and shares buyback. It had $47.6 billion cash flow from operations and asset sales by the end of 2013
Commenting on the financial performance of the oil and gas company, Rex W. Tillerson, chairman of Exxon Mobil Corporation (NYSE:XOM) said, “Exxon Mobil delivered strong business results in 2013 while remaining focused on improving profitability and long-term shareholder value.”
He added, “Disciplined use of capital, project execution and asset management are positioning the company to deliver sustained superior financial performance across the business cycle.”
Furthermore, Tiller said Exxon Mobil Corporation (NYSE:XOM) will start numerous major projects over the next two years to deliver profitable new supplies of oil and natural gas while strengthening its refining and chemicals business.
The shares of Exxon Mobil Corporation (NYSE:XOM) were down 1.29% to $93.88 per share at the time of this writing around 11:41 A.M. in New York.