Third Quarter Nine Months
2011 2010 % 2011 2010 %
Earnings Excluding Special Items 1

$ Millions 10,330 7,350 41 31,660 21,210 49
$ Per Common Share
Assuming Dilution 2.13 1.44 48 6.45 4.37 48


Special Items

$ Millions 0 0 0 0

Earnings

$ Millions 10,330 7,350 41 31,660 21,210 49
$ Per Common Share
Assuming Dilution 2.13 1.44 48 6.45 4.37 48

Capital and Exploration
Expenditures - $ Millions 8,620 8,769 -2 26,747 22,165 21

1 See Reference to Earnings


EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

“ExxonMobil’s results for the third quarter of 2011 reflect a continued commitment to operational integrity, disciplined investing and superior project execution.

“Third quarter earnings of $10.3 billion were up 41% from the third quarter of 2010, reflecting higher crude oil and natural gas realizations and improved refining margins. Earnings for the first nine months of 2011 were $31.7 billion, up 49% over the first nine months of 2010.

“In the third quarter, capital and exploration expenditures were $8.6 billion, and reached a record level of $26.7 billion for the first nine months of the year as we continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation.

“Oil-equivalent production decreased 4% compared to the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.

“The Corporation distributed over $7 billion to shareholders in the third quarter through dividends and share purchases to reduce shares outstanding.”

THIRD QUARTER HIGHLIGHTS

Earnings were $10,330 million, an increase of 41% or $2,980 million from the third quarter of 2010.
Earnings per share were $2.13, an increase of 48% from the third quarter of 2010.
Capital and exploration expenditures were $8.6 billion, consistent with the third quarter of 2010.
Oil-equivalent production decreased 4% from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.
Cash flow from operations and asset sales was $16.3 billion, including asset sales of $1.4 billion.
Share purchases to reduce shares outstanding were $5 billion.
Dividends per share of $0.47, up 7% compared to the third quarter of 2010.
A strategic cooperation agreement was reached with Rosneft to develop Arctic and Black Sea resources, expand technology sharing and execute joint international projects.
A principles of agreement with the Government of Indonesia for development of the Natuna gas resource was signed.
Construction of a world-scale facility to manufacture metallocene synthetic lubricant basestocks at the integrated complex in Baytown, Texas was announced.
Third Quarter 2011 vs. Third Quarter 2010

Upstream earnings were $8,394 million, up $2,927 million from the third quarter of 2010. Higher liquids and natural gas realizations increased earnings by $3 billion. Production mix and volume effects decreased earnings by $660 million. All other items, primarily gains on asset sales partly offset by higher expenses, increased earnings by $600 million.

On an oil-equivalent basis, production decreased 4% from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was unchanged.

Liquids production totaled 2,249 kbd (thousands of barrels per day), down 172 kbd from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1%, as increased production in Iraq, Qatar and Russia was more than offset by field decline.

Third quarter natural gas production was 12,197 mcfd (millions of cubic feet per day), about flat with the third quarter of 2010.

Earnings from U.S. Upstream operations were $1,184 million, $185 million higher than the third quarter of 2010. Non-U.S. Upstream earnings were $7,210 million, up $2,742 million from last year.

Downstream earnings of $1,579 million were up $419 million from the third quarter of 2010. Refining margins increased earnings by $1 billion. Volume and mix effects increased earnings by $110 million, while all other items, mainly unfavorable foreign exchange impacts and lower gains on asset sales, decreased earnings by $710 million. Petroleum product sales of 6,558 kbd were 37 kbd lower than last year's third quarter.

Earnings from the U.S. Downstream were $810 million, up $646 million from the third quarter of 2010. Non-U.S. Downstream earnings of $769 million were $227 million lower than last year.

Chemical earnings of $1,003 million were $226 million lower than the third quarter of 2010. Improved margins increased earnings by $50 million, while lower volumes decreased earnings by $110 million. Other items, mainly unfavorable tax effects, decreased earnings by $170 million. Third quarter prime product sales of 6,232 kt (thousands of metric tons) were 326 kt lower than last year's third quarter.

Corporate and financing expenses were $646 million, up $140 million from the third quarter of 2010, mainly due to tax items.

During the third quarter of 2011, Exxon Mobil Corporation purchased 72 million shares of its common stock for the treasury at a gross cost of $5.5 billion. These purchases included $5 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the company's benefit plans and programs. Share purchases to reduce shares outstanding are currently anticipated to equal $5 billion in the fourth quarter of 2011. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.

First Nine Months 2011 vs. First Nine Months 2010

Earnings of $31,660 million increased $10,450 million from 2010. Earnings per share increased 48% to $6.45.

FIRST NINE MONTHS HIGHLIGHTS

Earnings were $31,660 million, up 49%.
Earnings per share increased 48% to $6.45.
Oil-equivalent production was up 5% from 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.
Cash flow from operations and asset sales was $48.8 billion, including asset sales of $4.2 billion.
The Corporation distributed nearly $22 billion to shareholders in the first nine months of 2011 through dividends and share purchases to reduce shares outstanding.
Capital and exploration expenditures were a record $26.7 billion, up 21% from the first nine months of 2010.
Upstream earnings were $25,610 million, up $8,993 million from 2010. Higher crude oil and natural gas realizations increased earnings by $8.6 billion. Production mix and volume effects decreased earnings by $1 billion, while all other items, including gains from asset sales, increased earnings by $1.4 billion.

On an oil-equivalent basis, production was up 5% compared to the same period in 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8%.

Liquids production of 2,332 kbd decreased 55 kbd compared with 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 2%, as higher volumes from Qatar, the U.S., Iraq and Russia more than offset field decline.

Natural gas production of 12,988 mcfd increased 1,684 mcfd from 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

Earnings from U.S. Upstream operations for 2011 were $3,912 million, an increase of $957 million. Earnings outside the U.S. were $21,698 million, up $8,036 million.

Downstream earnings of $4,034 million increased $1,617 million from 2010. Refining margins increased earnings by $1.5 billion. Volume and mix effects improved earnings by $650 million. All other items, primarily the absence of favorable tax effects and lower asset management gains, decreased earnings by $560 million. Petroleum product sales of 6,386 kbd increased 20 kbd from 2010.

U.S. Downstream earnings were $2,238 million, up $1,694 million from 2010. Non-U.S. Downstream earnings were $1,796 million, $77 million lower than last year.

Chemical earnings of $3,840 million were $6 million lower than 2010. Stronger margins increased earnings by $460 million, while lower volumes reduced earnings by $150 million. Other items, including unfavorable tax effects and higher planned maintenance expenses, decreased earnings by $320 million. Prime product sales of 18,735 kt were down 807 kt from 2010.

Corporate and financing expenses were $1,824 million, up $154 million from 2010.

Gross share purchases through the first nine months of 2011 were $16.6 billion, reducing shares outstanding by 209 million shares.

Estimates of key financial and operating data follow.

ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. Central time on October 27, 2011. To listen to the event live or in archive, go to our website at exxonmobil.com