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Earnings Calls: 
Exxon Mobil Fourth Quarter Earnings Call
Author: 123jump.com Staff
123jump.com
Last Update: 9:32 AM EDT March 21 2008

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The oil company reported a 29.6% increase in revenues to $117 billion from $90 billion in the prior year on increased production and stronger oil prices. Higher crude oil and natural gas realizations and gains on asset sales were partly offset by lower chemical margins. Excluding the Venezuela expropriation, divestments, OPEC quota effects, price and spend impacts on volumes, production was up nearly 3%. It distributed $35.6 billion to shareholders through dividends and share purchases.


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Paul Sankey (Deutsche Bank Securities): So you have nothing in Chemicals and acquisitions?

Henry H Hubble: We have nothing on that one.

Katherine Lucas (J P Morgan): On Qatar, it seems like some contractors are announcing charges related to some overruns. Are these negotiated settlements that would translate into higher project completion costs for Exxon or are things moving along there as you had originally anticipated?

Henry H Hubble: Things are moving ahead, basically per schedule and we have had no changes to our assessment in terms of the costs associated with those. Our schedule is as per original schedule, we anticipate start-up of Qatar gas to Train 4 in 2008, also the RasGas Train 6 is scheduled for start-up in 2008. And then Qatar gas 2, Train 5 projected in 2009 and RasGas Train 7 in 2009.

Katherine Lucas (J P Morgan): Can you give us an update on the timing on the first well in Brazil?

Henry H Hubble: We expect to do it in the second half of this year.

Oswald Clint (Sanford C. Bernstein): Update us on Venezuela?

Henry H Hubble: We have filed for the arbitrations and we would like get back to the table if we can get things under discussion with the Venezuelans on that.
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