ExxonMobil’s full year net income for 2007 and earnings excluding special items were $40.61 billion, or $7.28 per share, respectively, reflecting strong results in all its business segments.
Upstream earnings for the quarter were $8.2 billion, up $1.98 billion from the fourth quarter of 2006, primarily reflecting higher crude oil realizations and higher gains on asset sales partly offset by tax items and lower liquid volumes. Downstream earnings of $2.26 billion were $307 million higher than the fourth quarter of 2006.
Cash flow from operations and asset sales for the fourth quarter of 2007 was approximately $13.1 billion, including asset sales of $1.8 billion. Spending on capital and exploration projects was $6.2 billion, up 21% from the fourth quarter of 2006.
ExxonMobil said that excluding the Venezuela expropriation, divestments, OPEC quota-effects and price and spend impacts on volumes, production on an oil-equivalent basis increased nearly 3%.
