June 2008 -- It was a record year for Exxon Mobil Corp. in 2007 as crude oil prices soared. Net income grew
3% over the previous year (and previous record) to reach $40.61 billion, reflecting strong
performances across all business segments. Earnings per share, excluding special items, rose 11%
to $7.28. Strong business results as well as a reduction in the number of shares outstanding
contributed to the gain, the Irving, Texas-based oil giant said.
The company reported full-year 2007 revenue at a whopping $404.6 billion. That's compared with
$377.6 billion in the previous year.
Indeed, the company purchased 386 million shares of its common stock for the treasury at a gross
cost of $31.8 billion, which included $28 billion to reduce the number of shares outstanding and
the rest used to offset shares issued in conjunction with the company's benefit plans and
programs.
"We continued to supply crude oil and natural gas volumes to meet the world's energy needs
through disciplined development and operation of our globally diverse resource base," explained
Exxon Mobil Chairman Rex Tillerson.
Capital and exploration expenditures were $20.9 billion, up 5% versus 2006.
Production on an oil-equivalent basis was down 1%, impacted by the Venezuela government's
expropriation of oil assets there, as well as divestments, OPEC quota effects, and price and
spend impacts on volumes. Absent these, production increased nearly 1% in 2007, the company
said.
