2019
2020 |
2020
New Jersey | 13-5409005 | |||||||
(State or other jurisdiction of
| (I.R.S. Employer
|
| |||||||||||||||
Title of Each Class |
| Trading Symbol |
| Name of Each Exchange on Which Registered | |||||||||||
Common Stock, without par value |
| XOM |
| New York Stock Exchange | |||||||||||
0.142% Notes due 2024 | XOM24B | New York Stock Exchange | |||||||||||||
0.524% Notes due 2028 | XOM28 | New York Stock Exchange | |||||||||||||
0.835% Notes due 2032 | XOM32 | New York Stock Exchange | |||||||||||||
1.408% Notes due 2039 | XOM39A | New York Stock Exchange |
Large accelerated filer |
| ☑ | Accelerated filer | ☐ | |||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
☑
Class |
| Outstanding as of January 31, | ||||||
Common stock, without par value |
|
| ||||||
EXXON MOBIL CORPORATION | |||||||||||
FORM 10-K | |||||||||||
FOR THE FISCAL YEAR ENDED DECEMBER 31, | |||||||||||
| |||||||||||
TABLE OF CONTENTS | |||||||||||
| |||||||||||
PART I | |||||||||||
| |||||||||||
Item 1. | Business | 1 | |||||||||
Item 1A. | Risk Factors | 2 | |||||||||
Item 1B. | Unresolved Staff Comments | 5 | |||||||||
Item 2. | Properties | 6 | |||||||||
Item 3. | Legal Proceedings | 27 | |||||||||
Item 4. | Mine Safety Disclosures | 27 | |||||||||
Information about our Executive Officers | 28 | ||||||||||
PART II | |||||||||||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
| |||||||||
|
|
| |||||||||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| |||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
| |||||||||
Item 8. | Financial Statements and Supplementary Data |
| |||||||||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |
| |||||||||
Item 9A. | Controls and Procedures |
| |||||||||
Item 9B. | Other Information |
| |||||||||
| |||||||||||
PART III | |||||||||||
Item 10. | Directors, Executive Officers and Corporate Governance |
| |||||||||
Item 11. | Executive Compensation |
| |||||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
| |||||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
| |||||||||
Item 14. | Principal Accounting Fees and Services |
| |||||||||
PART IV | |||||||||||
Item 15. | Exhibits, Financial Statement Schedules |
| |||||||||
Item 16. | Form 10-K Summary |
| |||||||||
Financial Section |
| ||||||||||
Index to Exhibits |
| ||||||||||
Signatures |
| ||||||||||
Exhibits 31 and 32 — Certifications |
| ||||||||||
PART I
Throughout
1
ITEM 1A.RISK FACTORS
2
Regulatory and litigation risks. Even in countries with well-developed legal systems where ExxonMobil does business, we remain exposed to changes in law or interpretation of settled law (including changes that result from international treaties and accords) that could adversely affect our results, such as:
3
Project and portfolio management. The long-term success of ExxonMobil’s Upstream, Downstream, and Chemical businesses depends on complex, long-term, capital intensive projects. These projects in turn require a high degree of project management expertise to maximize efficiency. Specific factors that can affect the performance of major projects include our ability to: negotiate successfully with joint venturers, partners, governments, suppliers, customers, or others; model and optimize reservoir performance; develop markets for project outputs, whether through long-term contracts or the development of effective spot markets; manage changes in operating conditions and costs, including costs of third party equipment or services such as drilling rigs and shipping; prevent, to the extent possible, and respond effectively to unforeseen technical difficulties that could delay project startup or cause unscheduled project downtime; and influence the performance of project operators where ExxonMobil does not perform that role. In addition to the effective management of individual projects, ExxonMobil’s success, including our ability to mitigate risk and provide attractive returns to shareholders, depends on our ability to successfully manage our overall portfolio, including diversification among types and locations of our projects and strategies to divest assets. We may not be able to divest assets at a price or on the timeline we contemplate in our strategies. Additionally, we may retain certain liabilities following a divestment and could be held liable for past use or for different liabilities than anticipated.
4
Insurance limitations. The ability of the Corporation to insure against many of the risks it faces as described in this Item 1A is limited by the capacity of the applicable insurance markets, which may not be sufficient.
None.
None.
Item 2. Properties
Information with regard to oil and gas producing activities follows:
2020
|
|
|
|
|
|
|
|
|
| Oil-Equivalent |
|
|
|
|
| Crude | Natural Gas |
| Synthetic | Natural | Total |
|
|
|
|
| Oil | Liquids | Bitumen | Oil | Gas | All Products |
|
|
|
|
| (million bbls) | (million bbls) | (million bbls) | (million bbls) | (billion cubic ft) | (million bbls) |
Proved Reserves |
|
|
|
|
|
| ||||
| Developed |
|
|
|
|
|
| |||
|
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
|
| United States | 1,226 | 429 | - | - | 11,882 | 3,635 | |
|
|
| Canada/Other Americas (1) | 185 | 10 | 3,528 | 415 | 613 | 4,240 | |
|
|
| Europe | 20 | 3 | - | - | 502 | 107 | |
|
|
| Africa | 384 | 35 | - | - | 377 | 482 | |
|
|
| Asia | 2,217 | 92 | - | - | 3,508 | 2,894 | |
|
|
| Australia/Oceania | 63 | 27 | - | - | 3,765 | 717 | |
|
|
|
| Total Consolidated | 4,095 | 596 | 3,528 | 415 | 20,647 | 12,075 |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
| ||
|
|
| United States | 195 | 5 | - | - | 143 | 224 | |
|
|
| Europe | 13 | - | - | - | 505 | 97 | |
|
|
| Africa | - | - | - | - | - | - | |
|
|
| Asia | 499 | 228 | - | - | 9,859 | 2,370 | |
|
|
|
| Total Equity Company | 707 | 233 | - | - | 10,507 | 2,691 |
|
|
|
| Total Developed | 4,802 | 829 | 3,528 | 415 | 31,154 | 14,766 |
|
|
|
|
|
|
|
|
|
|
|
| Undeveloped |
|
|
|
|
|
| |||
|
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
|
| United States | 1,862 | 612 | - | - | 7,144 | 3,665 | |
|
|
| Canada/Other Americas (1) | 372 | 9 | 330 | - | 853 | 853 | |
|
|
| Europe | 19 | 10 | - | - | 119 | 49 | |
|
|
| Africa | 63 | 5 | - | - | - | 68 | |
|
|
| Asia | 1,118 | 39 | - | - | 925 | 1,311 | |
|
|
| Australia/Oceania | 31 | 4 | - | - | 3,236 | 575 | |
|
|
|
| Total Consolidated | 3,465 | 679 | 330 | - | 12,277 | 6,521 |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
| ||
|
|
| United States | 56 | 4 | - | - | 70 | 71 | |
|
|
| Europe | 1 | - | - | - | 76 | 14 | |
|
|
| Africa | 6 | - | - | - | 908 | 157 | |
|
|
| Asia | 398 | 85 | - | - | 2,595 | 916 | |
|
|
|
| Total Equity Company | 461 | 89 | - | - | 3,649 | 1,158 |
|
|
|
| Total Undeveloped | 3,926 | 768 | 330 | - | 15,926 | 7,679 |
Total Proved Reserves | 8,728 | 1,597 | 3,858 | 415 | 47,080 | 22,445 |
Crude Oil | Natural Gas Liquids | Bitumen | Synthetic Oil | Natural Gas | Oil-Equivalent Total All Products | ||||||||||||||||||||||||||||||
(million bbls) | (million bbls) | (million bbls) | (million bbls) | (billion cubic ft) | (million bbls) | ||||||||||||||||||||||||||||||
Proved Reserves | |||||||||||||||||||||||||||||||||||
Developed | |||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
United States | 1,029 | 444 | — | — | 10,375 | 3,202 | |||||||||||||||||||||||||||||
Canada/Other Americas (1) | 288 | 5 | 76 | 311 | 472 | 759 | |||||||||||||||||||||||||||||
Europe | 11 | 2 | — | — | 399 | 79 | |||||||||||||||||||||||||||||
Africa | 314 | 31 | — | — | 318 | 398 | |||||||||||||||||||||||||||||
Asia | 2,215 | 84 | — | — | 3,323 | 2,853 | |||||||||||||||||||||||||||||
Australia/Oceania | 44 | 23 | — | — | 3,344 | 624 | |||||||||||||||||||||||||||||
Total Consolidated | 3,901 | 589 | 76 | 311 | 18,231 | 7,915 | |||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||
United States | 107 | 4 | — | — | 83 | 125 | |||||||||||||||||||||||||||||
Europe | 8 | — | — | — | 293 | 57 | |||||||||||||||||||||||||||||
Africa | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Asia | 432 | 214 | — | — | 8,992 | 2,144 | |||||||||||||||||||||||||||||
Total Equity Company | 547 | 218 | — | — | 9,368 | 2,326 | |||||||||||||||||||||||||||||
Total Developed | 4,448 | 807 | 76 | 311 | 27,599 | 10,241 | |||||||||||||||||||||||||||||
Undeveloped | |||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
United States | 930 | 412 | — | — | 3,064 | 1,853 | |||||||||||||||||||||||||||||
Canada/Other Americas (1) | 209 | — | 5 | 133 | 89 | 362 | |||||||||||||||||||||||||||||
Europe | 11 | 5 | — | — | 42 | 23 | |||||||||||||||||||||||||||||
Africa | 42 | — | — | — | 2 | 42 | |||||||||||||||||||||||||||||
Asia | 935 | 40 | — | — | 986 | 1,139 | |||||||||||||||||||||||||||||
Australia/Oceania | 30 | 8 | — | — | 2,790 | 503 | |||||||||||||||||||||||||||||
Total Consolidated | 2,157 | 465 | 5 | 133 | 6,973 | 3,922 | |||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||
United States | 24 | — | — | — | 19 | 27 | |||||||||||||||||||||||||||||
Europe | 1 | — | — | — | 67 | 12 | |||||||||||||||||||||||||||||
Africa | 6 | — | — | — | 917 | 159 | |||||||||||||||||||||||||||||
Asia | 393 | 59 | — | — | 2,385 | 850 | |||||||||||||||||||||||||||||
Total Equity Company | 424 | 59 | — | — | 3,388 | 1,048 | |||||||||||||||||||||||||||||
Total Undeveloped | 2,581 | 524 | 5 | 133 | 10,361 | 4,970 | |||||||||||||||||||||||||||||
Total Proved Reserves | 7,029 | 1,331 | 81 | 444 | 37,960 | 15,211 |
In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately. However, the Corporation operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries.
2020
7
2. Proved Undeveloped Reserves
and Canada.
In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field.
3. Oil and Gas Production, Production Prices and Production Costs
|
|
|
|
| 2019 |
| 2018 |
| 2017 | |||
|
|
|
|
| (thousands of barrels daily) | |||||||
Crude oil and natural gas liquids production |
| Crude Oil | NGL |
| Crude Oil | NGL |
| Crude Oil | NGL | |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 461 | 131 |
| 395 | 101 |
| 361 | 96 | |
|
| Canada/Other Americas (1) |
| 87 | 4 |
| 62 | 6 |
| 44 | 6 | |
|
| Europe |
| 84 | 21 |
| 101 | 27 |
| 147 | 31 | |
|
| Africa |
| 360 | 12 |
| 377 | 10 |
| 412 | 11 | |
|
| Asia |
| 432 | 22 |
| 398 | 25 |
| 373 | 26 | |
|
| Australia/Oceania |
| 30 | 15 |
| 31 | 16 |
| 35 | 19 | |
|
|
| Total Consolidated Subsidiaries |
| 1,454 | 205 |
| 1,364 | 185 |
| 1,372 | 189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 52 | 2 |
| 54 | 1 |
| 55 | 2 | |
|
| Europe |
| 3 | - |
| 4 | - |
| 4 | - | |
|
| Asia |
| 232 | 62 |
| 226 | 62 |
| 235 | 64 | |
|
|
| Total Equity Companies |
| 287 | 64 |
| 284 | 63 |
| 294 | 66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total crude oil and natural gas liquids production |
| 1,741 | 269 |
| 1,648 | 248 |
| 1,666 | 255 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitumen production |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| Canada/Other Americas |
| 311 |
|
| 310 |
|
| 305 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic oil production |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| Canada/Other Americas |
| 65 |
|
| 60 |
|
| 57 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liquids production |
| 2,386 |
|
| 2,266 |
|
| 2,283 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (millions of cubic feet daily) |
| ||||||
Natural gas production available for sale |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 2,756 |
|
| 2,550 |
|
| 2,910 |
| |
|
| Canada/Other Americas (1) |
| 258 |
|
| 227 |
|
| 218 |
| |
|
| Europe |
| 808 |
|
| 925 |
|
| 1,046 |
| |
|
| Africa |
| 7 |
|
| 13 |
|
| 5 |
| |
|
| Asia |
| 851 |
|
| 838 |
|
| 906 |
| |
|
| Australia/Oceania |
| 1,319 |
|
| 1,325 |
|
| 1,310 |
| |
|
|
| Total Consolidated Subsidiaries |
| 5,999 |
|
| 5,878 |
|
| 6,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 22 |
|
| 24 |
|
| 26 |
| |
|
| Europe |
| 649 |
|
| 728 |
|
| 902 |
| |
|
| Asia |
| 2,724 |
|
| 2,775 |
|
| 2,888 |
| |
|
|
| Total Equity Companies |
| 3,395 |
|
| 3,527 |
|
| 3,816 |
|
Total natural gas production available for sale |
| 9,394 |
|
| 9,405 |
|
| 10,211 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) |
| ||||||
Oil-equivalent production |
| 3,952 |
|
| 3,833 |
|
| 3,985 |
|
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
(thousands of barrels daily) | |||||||||||||||||||||||||||||||||||
Crude oil and natural gas liquids production | Crude Oil | NGL | Crude Oil | NGL | Crude Oil | NGL | |||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
United States | 481 | 154 | 461 | 131 | 395 | 101 | |||||||||||||||||||||||||||||
Canada/Other Americas (1) | 121 | 5 | 87 | 4 | 62 | 6 | |||||||||||||||||||||||||||||
Europe | 22 | 5 | 84 | 21 | 101 | 27 | |||||||||||||||||||||||||||||
Africa | 301 | 11 | 360 | 12 | 377 | 10 | |||||||||||||||||||||||||||||
Asia | 449 | 23 | 432 | 22 | 398 | 25 | |||||||||||||||||||||||||||||
Australia/Oceania | 29 | 15 | 30 | 15 | 31 | 16 | |||||||||||||||||||||||||||||
Total Consolidated Subsidiaries | 1,403 | 213 | 1,454 | 205 | 1,364 | 185 | |||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||
United States | 49 | 1 | 52 | 2 | 54 | 1 | |||||||||||||||||||||||||||||
Europe | 3 | — | 3 | — | 4 | — | |||||||||||||||||||||||||||||
Asia | 208 | 62 | 232 | 62 | 226 | 62 | |||||||||||||||||||||||||||||
Total Equity Companies | 260 | 63 | 287 | 64 | 284 | 63 | |||||||||||||||||||||||||||||
Total crude oil and natural gas liquids production | 1,663 | 276 | 1,741 | 269 | 1,648 | 248 | |||||||||||||||||||||||||||||
Bitumen production | |||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
Canada/Other Americas | 342 | 311 | 310 | ||||||||||||||||||||||||||||||||
Synthetic oil production | |||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
Canada/Other Americas | 68 | 65 | 60 | ||||||||||||||||||||||||||||||||
Total liquids production | 2,349 | 2,386 | 2,266 | ||||||||||||||||||||||||||||||||
(millions of cubic feet daily) | |||||||||||||||||||||||||||||||||||
Natural gas production available for sale | |||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
United States | 2,668 | 2,756 | 2,550 | ||||||||||||||||||||||||||||||||
Canada/Other Americas (1) | 277 | 258 | 227 | ||||||||||||||||||||||||||||||||
Europe | 447 | 808 | 925 | ||||||||||||||||||||||||||||||||
Africa | 9 | 7 | 13 | ||||||||||||||||||||||||||||||||
Asia | 872 | 851 | 838 | ||||||||||||||||||||||||||||||||
Australia/Oceania | 1,219 | 1,319 | 1,325 | ||||||||||||||||||||||||||||||||
Total Consolidated Subsidiaries | 5,492 | 5,999 | 5,878 | ||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||
United States | 23 | 22 | 24 | ||||||||||||||||||||||||||||||||
Europe | 342 | 649 | 728 | ||||||||||||||||||||||||||||||||
Asia | 2,614 | 2,724 | 2,775 | ||||||||||||||||||||||||||||||||
Total Equity Companies | 2,979 | 3,395 | 3,527 | ||||||||||||||||||||||||||||||||
Total natural gas production available for sale | 8,471 | 9,394 | 9,405 | ||||||||||||||||||||||||||||||||
(thousands of oil-equivalent barrels daily) | |||||||||||||||||||||||||||||||||||
Oil-equivalent production | 3,761 | 3,952 | 3,833 |
B. Production Prices and Production Costs
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
| ||||
|
|
|
|
| United | Other |
|
|
|
|
| Australia/ |
| ||||
|
|
|
|
| States | Americas | Europe |
| Africa |
| Asia | Oceania | Total | ||||
During 2019 |
| (dollars per unit) | |||||||||||||||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 54.41 |
| 59.39 |
| 63.59 |
| 65.64 |
| 64.14 |
| 61.08 |
| 61.04 |
|
|
| NGL, per barrel |
| 18.94 |
| 16.59 |
| 30.56 |
| 41.41 |
| 24.64 |
| 30.55 |
| 22.85 |
|
|
| Natural gas, per thousand cubic feet |
| 1.54 |
| 1.44 |
| 4.50 |
| 1.49 |
| 2.07 |
| 6.26 |
| 3.05 |
|
|
| Bitumen, per barrel |
| - |
| 36.25 |
| - |
| - |
| - |
| - |
| 36.25 |
|
|
| Synthetic oil, per barrel |
| - |
| 56.18 |
| - |
| - |
| - |
| - |
| 56.18 |
|
| Average production costs, per oil-equivalent barrel - total | 12.25 |
| 23.41 |
| 13.69 |
| 17.51 |
| 7.34 |
| 6.60 |
| 13.43 | ||
|
| Average production costs, per barrel - bitumen | - |
| 24.18 |
| - |
| - |
| - |
| - |
| 24.18 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 40.38 |
| - |
| - |
| - |
| - |
| 40.38 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 60.95 |
| - |
| 58.72 |
| - |
| 58.74 |
| - |
| 59.15 |
|
|
| NGL, per barrel |
| 15.63 |
| - |
| - |
| - |
| 36.28 |
| - |
| 35.76 |
|
|
| Natural gas, per thousand cubic feet |
| 1.75 |
| - |
| 5.01 |
| - |
| 5.24 |
| - |
| 5.17 |
|
| Average production costs, per oil-equivalent barrel - total | 28.17 |
| - |
| 14.04 |
| - |
| 2.03 |
| - |
| 5.16 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 55.08 |
| 59.39 |
| 63.41 |
| 65.64 |
| 62.27 |
| 61.08 |
| 60.73 |
|
|
| NGL, per barrel |
| 18.90 |
| 16.59 |
| 30.56 |
| 41.41 |
| 33.23 |
| 30.55 |
| 25.89 |
|
|
| Natural gas, per thousand cubic feet |
| 1.54 |
| 1.44 |
| 4.73 |
| 1.49 |
| 4.49 |
| 6.26 |
| 3.82 |
|
|
| Bitumen, per barrel |
| - |
| 36.25 |
| - |
| - |
| - |
| - |
| 36.25 |
|
|
| Synthetic oil, per barrel |
| - |
| 56.18 |
| - |
| - |
| - |
| - |
| 56.18 |
|
| Average production costs, per oil-equivalent barrel - total | 13.08 |
| 23.41 |
| 13.80 |
| 17.56 |
| 4.39 |
| 6.60 |
| 11.51 | ||
|
| Average production costs, per barrel - bitumen | - |
| 24.18 |
| - |
| - |
| - |
| - |
| 24.18 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 40.38 |
| - |
| - |
| - |
| - |
| 40.38 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2018 |
|
| |||||||||||||||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 59.84 |
| 64.53 |
| 69.80 |
| 70.84 |
| 69.86 |
| 66.89 |
| 66.91 |
|
|
| NGL, per barrel |
| 30.78 |
| 37.27 |
| 38.53 |
| 47.10 |
| 26.30 |
| 36.34 |
| 32.88 |
|
|
| Natural gas, per thousand cubic feet |
| 2.14 |
| 1.68 |
| 6.97 |
| 1.96 |
| 2.33 |
| 6.39 |
| 3.87 |
|
|
| Bitumen, per barrel |
| - |
| 28.66 |
| - |
| - |
| - |
| - |
| 28.66 |
|
|
| Synthetic oil, per barrel |
| - |
| 54.85 |
| - |
| - |
| - |
| - |
| 54.85 |
|
| Average production costs, per oil-equivalent barrel - total | 11.64 |
| 24.32 |
| 13.07 |
| 17.28 |
| 7.31 |
| 6.94 |
| 13.34 | ||
|
| Average production costs, per barrel - bitumen | - |
| 22.93 |
| - |
| - |
| - |
| - |
| 22.93 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 45.33 |
| - |
| - |
| - |
| - |
| 45.33 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 66.30 |
| - |
| 63.92 |
| - |
| 67.31 |
| - |
| 67.07 |
|
|
| NGL, per barrel |
| 27.16 |
| - |
| - |
| - |
| 45.10 |
| - |
| 44.64 |
|
|
| Natural gas, per thousand cubic feet |
| 2.19 |
| - |
| 5.03 |
| - |
| 6.31 |
| - |
| 6.01 |
|
| Average production costs, per oil-equivalent barrel - total | 24.71 |
| - |
| 16.30 |
| - |
| 1.49 |
| - |
| 4.96 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 60.61 |
| 64.53 |
| 69.57 |
| 70.84 |
| 68.92 |
| 66.89 |
| 66.93 |
|
|
| NGL, per barrel |
| 30.72 |
| 37.27 |
| 38.53 |
| 47.10 |
| 39.69 |
| 36.34 |
| 35.85 |
|
|
| Natural gas, per thousand cubic feet |
| 2.14 |
| 1.68 |
| 6.11 |
| 1.96 |
| 5.38 |
| 6.39 |
| 4.67 |
|
|
| Bitumen, per barrel |
| - |
| 28.66 |
| - |
| - |
| - |
| - |
| 28.66 |
|
|
| Synthetic oil, per barrel |
| - |
| 54.85 |
| - |
| - |
| - |
| - |
| 54.85 |
|
| Average production costs, per oil-equivalent barrel - total | 12.43 |
| 24.32 |
| 14.06 |
| 17.31 |
| 3.98 |
| 6.94 |
| 11.29 | ||
|
| Average production costs, per barrel - bitumen | - |
| 22.93 |
| - |
| - |
| - |
| - |
| 22.93 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 45.33 |
| - |
| - |
| - |
| - |
| 45.33 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
StatesCanada/
Other
AmericasEurope Africa Asia Australia/
OceaniaTotal During 2020 (dollars per unit) Consolidated Subsidiaries Average production prices Crude oil, per barrel 34.97 37.26 41.39 42.27 39.39 36.67 38.31 NGL, per barrel 13.83 10.34 20.11 21.32 21.37 27.92 16.05 Natural gas, per thousand cubic feet 0.98 1.56 3.13 1.24 1.49 4.34 2.01 Bitumen, per barrel — 17.71 — — — — 17.71 Synthetic oil, per barrel — 37.32 — — — — 37.32 Average production costs, per oil-equivalent barrel - total 9.82 18.40 21.22 16.67 6.50 5.35 11.57 Average production costs, per barrel - bitumen — 19.22 — — — — 19.22 Average production costs, per barrel - synthetic oil — 33.61 — — — — 33.61 Equity Companies Average production prices Crude oil, per barrel 39.10 — 38.95 — 35.18 — 35.97 NGL, per barrel 11.05 — — — 30.02 — 29.58 Natural gas, per thousand cubic feet 1.19 — 3.85 — 3.14 — 3.20 Average production costs, per oil-equivalent barrel - total 27.39 — 30.74 — 1.63 — 5.49 Total Average production prices Crude oil, per barrel 35.35 37.26 41.11 42.27 38.07 36.67 37.95 NGL, per barrel 13.80 10.34 20.11 21.32 27.65 27.92 19.16 Natural gas, per thousand cubic feet 0.98 1.56 3.44 1.24 2.72 4.34 2.43 Bitumen, per barrel — 17.71 — — — — 17.71 Synthetic oil, per barrel — 37.32 — — — — 37.32 Average production costs, per oil-equivalent barrel - total 10.66 18.40 24.76 16.73 3.91 5.35 10.24 Average production costs, per barrel - bitumen — 19.22 — — — — 19.22 Average production costs, per barrel - synthetic oil — 33.61 — — — — 33.61 During 2019 Consolidated Subsidiaries Average production prices Crude oil, per barrel 54.41 59.39 63.59 65.64 64.14 61.08 61.04 NGL, per barrel 18.94 16.59 30.56 41.41 24.64 30.55 22.85 Natural gas, per thousand cubic feet 1.54 1.44 4.50 1.49 2.07 6.26 3.05 Bitumen, per barrel — 36.25 — — — — 36.25 Synthetic oil, per barrel — 56.18 — — — — 56.18 Average production costs, per oil-equivalent barrel - total 12.25 23.41 13.69 17.51 7.34 6.60 13.43 Average production costs, per barrel - bitumen — 24.18 — — — — 24.18 Average production costs, per barrel - synthetic oil — 40.38 — — — — 40.38 Equity Companies Average production prices Crude oil, per barrel 60.95 — 58.72 — 58.74 — 59.15 NGL, per barrel 15.63 — — — 36.28 — 35.76 Natural gas, per thousand cubic feet 1.75 — 5.01 — 5.24 — 5.17 Average production costs, per oil-equivalent barrel - total 28.17 — 14.04 — 2.03 — 5.16 Total Average production prices Crude oil, per barrel 55.08 59.39 63.41 65.64 62.27 61.08 60.73 NGL, per barrel 18.90 16.59 30.56 41.41 33.23 30.55 25.89 Natural gas, per thousand cubic feet 1.54 1.44 4.73 1.49 4.49 6.26 3.82 Bitumen, per barrel — 36.25 — — — — 36.25 Synthetic oil, per barrel — 56.18 — — — — 56.18 Average production costs, per oil-equivalent barrel - total 13.08 23.41 13.80 17.56 4.39 6.60 11.51 Average production costs, per barrel - bitumen — 24.18 — — — — 24.18 Average production costs, per barrel - synthetic oil — 40.38 — — — — 40.38
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
| ||
|
|
|
|
| United | Other |
|
|
|
|
| Australia/ |
| ||||
|
|
|
|
| States | Americas | Europe |
| Africa |
| Asia |
| Oceania |
| Total | ||
During 2017 |
| (dollars per unit) | |||||||||||||||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 46.71 |
| 52.42 |
| 52.02 |
| 54.70 |
| 53.26 |
| 53.61 |
| 51.88 |
|
|
| NGL, per barrel |
| 24.20 |
| 27.07 |
| 30.96 |
| 37.38 |
| 22.69 |
| 33.15 |
| 26.88 |
|
|
| Natural gas, per thousand cubic feet |
| 2.03 |
| 2.03 |
| 5.48 |
| 1.51 |
| 2.05 |
| 4.22 |
| 3.04 |
|
|
| Bitumen, per barrel |
| - |
| 29.70 |
| - |
| - |
| - |
| - |
| 29.70 |
|
|
| Synthetic oil, per barrel |
| - |
| 52.72 |
| - |
| - |
| - |
| - |
| 52.72 |
|
| Average production costs, per oil-equivalent barrel - total | 10.85 |
| 23.44 |
| 12.25 |
| 13.33 |
| 8.07 |
| 6.30 |
| 12.33 | ||
|
| Average production costs, per barrel - bitumen |
| - |
| 21.39 |
| - |
| - |
| - |
| - |
| 21.39 | |
|
| Average production costs, per barrel - synthetic oil |
| - |
| 44.21 |
| - |
| - |
| - |
| - |
| 44.21 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 49.13 |
| - |
| 47.69 |
| - |
| 50.27 |
| - |
| 50.02 |
|
|
| NGL, per barrel |
| 21.78 |
| - |
| - |
| - |
| 38.23 |
| - |
| 37.81 |
|
|
| Natural gas, per thousand cubic feet |
| 2.42 |
| - |
| 4.81 |
| - |
| 4.15 |
| - |
| 4.30 |
|
| Average production costs, per oil-equivalent barrel - total | 23.38 |
| - |
| 7.45 |
| - |
| 1.18 |
| - |
| 3.51 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 47.03 |
| 52.42 |
| 51.91 |
| 54.70 |
| 52.12 |
| 53.61 |
| 51.56 |
|
|
| NGL, per barrel |
| 24.16 |
| 27.07 |
| 30.96 |
| 37.38 |
| 33.79 |
| 33.15 |
| 29.70 |
|
|
| Natural gas, per thousand cubic feet |
| 2.03 |
| 2.03 |
| 5.17 |
| 1.51 |
| 3.65 |
| 4.22 |
| 3.51 |
|
|
| Bitumen, per barrel |
| - |
| 29.70 |
| - |
| - |
| - |
| - |
| 29.70 |
|
|
| Synthetic oil, per barrel |
| - |
| 52.72 |
| - |
| - |
| - |
| - |
| 52.72 |
|
| Average production costs, per oil-equivalent barrel - total | 11.61 |
| 23.44 |
| 10.79 |
| 13.33 |
| 4.02 |
| 6.30 |
| 10.12 | ||
|
| Average production costs, per barrel - bitumen |
| - |
| 21.39 |
| - |
| - |
| - |
| - |
| 21.39 | |
|
| Average production costs, per barrel - synthetic oil |
| - |
| 44.21 |
| - |
| - |
| - |
| - |
| 44.21 |
United
StatesCanada/
Other
AmericasEurope Africa Asia Australia/
OceaniaTotal During 2018 (dollars per unit) Consolidated Subsidiaries Average production prices Crude oil, per barrel 59.84 64.53 69.80 70.84 69.86 66.89 66.91 NGL, per barrel 30.78 37.27 38.53 47.10 26.30 36.34 32.88 Natural gas, per thousand cubic feet 2.14 1.68 6.97 1.96 2.33 6.39 3.87 Bitumen, per barrel — 28.66 — — — — 28.66 Synthetic oil, per barrel — 54.85 — — — — 54.85 Average production costs, per oil-equivalent barrel - total 11.64 24.32 13.07 17.28 7.31 6.94 13.34 Average production costs, per barrel - bitumen — 22.93 — — — — 22.93 Average production costs, per barrel - synthetic oil — 45.33 — — — — 45.33 Equity Companies Average production prices Crude oil, per barrel 66.30 — 63.92 — 67.31 — 67.07 NGL, per barrel 27.16 — — — 45.10 — 44.64 Natural gas, per thousand cubic feet 2.19 — 5.03 — 6.31 — 6.01 Average production costs, per oil-equivalent barrel - total 24.71 — 16.30 — 1.49 — 4.96 Total Average production prices Crude oil, per barrel 60.61 64.53 69.57 70.84 68.92 66.89 66.93 NGL, per barrel 30.72 37.27 38.53 47.10 39.69 36.34 35.85 Natural gas, per thousand cubic feet 2.14 1.68 6.11 1.96 5.38 6.39 4.67 Bitumen, per barrel — 28.66 — — — — 28.66 Synthetic oil, per barrel — 54.85 — — — — 54.85 Average production costs, per oil-equivalent barrel - total 12.43 24.32 14.06 17.31 3.98 6.94 11.29 Average production costs, per barrel - bitumen — 22.93 — — — — 22.93 Average production costs, per barrel - synthetic oil — 45.33 — — — — 45.33
4. Drilling and Other Exploratory and Development Activities
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
|
|
|
|
|
|
Net Productive Exploratory Wells Drilled |
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
| United States |
| 3 |
| 1 |
| - | |
|
| Canada/Other Americas |
| 6 |
| 4 |
| 5 | |
|
| Europe |
| 1 |
| - |
| - | |
|
| Africa |
| - |
| 1 |
| 1 | |
|
| Asia |
| - |
| - |
| - | |
|
| Australia/Oceania |
| 1 |
| 1 |
| - | |
|
|
| Total Consolidated Subsidiaries |
| 11 |
| 7 |
| 6 |
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
| ||
|
| United States |
| - |
| - |
| - | |
|
| Europe |
| - |
| - |
| - | |
|
| Africa |
| - |
| - |
| - | |
|
| Asia |
| - |
| - |
| - | |
|
|
| Total Equity Companies |
| - |
| - |
| - |
Total productive exploratory wells drilled |
| 11 |
| 7 |
| 6 | |||
|
|
|
|
|
|
|
|
|
|
Net Dry Exploratory Wells Drilled |
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
| United States |
| - |
| 3 |
| - | |
|
| Canada/Other Americas |
| 1 |
| - |
| - | |
|
| Europe |
| 1 |
| 1 |
| - | |
|
| Africa |
| - |
| - |
| 2 | |
|
| Asia |
| - |
| - |
| - | |
|
| Australia/Oceania |
| 1 |
| 2 |
| - | |
|
|
| Total Consolidated Subsidiaries |
| 3 |
| 6 |
| 2 |
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
| ||
|
| United States |
| - |
| - |
| - | |
|
| Europe |
| - |
| - |
| - | |
|
| Africa |
| - |
| - |
| - | |
|
| Asia |
| - |
| - |
| 1 | |
|
|
| Total Equity Companies |
| - |
| - |
| 1 |
Total dry exploratory wells drilled |
| 3 |
| 6 |
| 3 |
2020 2019 2018 Net Productive Exploratory Wells Drilled Consolidated Subsidiaries United States 4 3 1 Canada/Other Americas 2 6 4 Europe — 1 — Africa 1 — 1 Asia — — — Australia/Oceania — 1 1 Total Consolidated Subsidiaries 7 11 7 Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total productive exploratory wells drilled 7 11 7 Net Dry Exploratory Wells Drilled Consolidated Subsidiaries United States — — 3 Canada/Other Americas 1 1 — Europe — 1 1 Africa — — — Asia 1 — — Australia/Oceania — 1 2 Total Consolidated Subsidiaries 2 3 6 Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total dry exploratory wells drilled 2 3 6
|
|
|
| 2019 |
| 2018 |
| 2017 | ||||||||||||||||||
|
|
|
|
| 2020 | 2019 | 2018 | |||||||||||||||||||
Net Productive Development Wells Drilled | Net Productive Development Wells Drilled |
|
| Net Productive Development Wells Drilled | ||||||||||||||||||||||
Consolidated Subsidiaries | Consolidated Subsidiaries | |||||||||||||||||||||||||
United States | United States | 412 | 618 | 389 | ||||||||||||||||||||||
Canada/Other Americas | Canada/Other Americas | 36 | 49 | 32 | ||||||||||||||||||||||
Europe | Europe | 2 | 3 | 3 | ||||||||||||||||||||||
Africa | Africa | 2 | 4 | 1 | ||||||||||||||||||||||
Asia | Asia | 15 | 12 | 14 | ||||||||||||||||||||||
Australia/Oceania | Australia/Oceania | 4 | — | — | ||||||||||||||||||||||
Total Consolidated Subsidiaries | Total Consolidated Subsidiaries | 471 | 686 | 439 | ||||||||||||||||||||||
| Consolidated Subsidiaries |
|
| |||||||||||||||||||||||
|
| United States |
| 618 |
| 389 |
| 300 | ||||||||||||||||||
|
| Canada/Other Americas |
| 49 |
| 32 |
| 12 | ||||||||||||||||||
|
| Europe |
| 3 |
| 3 |
| 6 | ||||||||||||||||||
|
| Africa |
| 4 |
| 1 |
| 6 | ||||||||||||||||||
|
| Asia |
| 12 |
| 14 |
| 15 | ||||||||||||||||||
|
| Australia/Oceania |
| - |
| - |
| 1 | ||||||||||||||||||
|
| Total Consolidated Subsidiaries |
| 686 |
| 439 |
| 340 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
| Equity Companies |
|
| |||||||||||||||||||||||
|
| United States |
| 199 |
| 168 |
| 154 | ||||||||||||||||||
|
| Europe |
| - |
| 3 |
| 1 | ||||||||||||||||||
|
| Africa |
| - |
| - |
| - | ||||||||||||||||||
|
| Asia |
| 9 |
| 6 |
| 3 | ||||||||||||||||||
|
| Total Equity Companies |
| 208 |
| 177 |
| 158 | ||||||||||||||||||
Equity Companies | Equity Companies | |||||||||||||||||||||||||
United States | United States | 60 | 199 | 168 | ||||||||||||||||||||||
Europe | Europe | 1 | — | 3 | ||||||||||||||||||||||
Africa | Africa | — | — | — | ||||||||||||||||||||||
Asia | Asia | 5 | 9 | 6 | ||||||||||||||||||||||
Total Equity Companies | Total Equity Companies | 66 | 208 | 177 | ||||||||||||||||||||||
Total productive development wells drilled | Total productive development wells drilled |
| 894 |
| 616 |
| 498 | Total productive development wells drilled | 537 | 894 | 616 | |||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
Net Dry Development Wells Drilled | Net Dry Development Wells Drilled |
|
| Net Dry Development Wells Drilled | ||||||||||||||||||||||
Consolidated Subsidiaries | Consolidated Subsidiaries | |||||||||||||||||||||||||
United States | United States | 6 | 8 | 4 | ||||||||||||||||||||||
Canada/Other Americas | Canada/Other Americas | — | — | 1 | ||||||||||||||||||||||
Europe | Europe | — | — | — | ||||||||||||||||||||||
Africa | Africa | — | 1 | 1 | ||||||||||||||||||||||
Asia | Asia | — | — | — | ||||||||||||||||||||||
Australia/Oceania | Australia/Oceania | 1 | — | — | ||||||||||||||||||||||
Total Consolidated Subsidiaries | Total Consolidated Subsidiaries | 7 | 9 | 6 | ||||||||||||||||||||||
| Consolidated Subsidiaries |
|
| |||||||||||||||||||||||
|
| United States |
| 8 |
| 4 |
| 4 | ||||||||||||||||||
|
| Canada/Other Americas |
| - |
| 1 |
| - | ||||||||||||||||||
|
| Europe |
| - |
| - |
| 1 | ||||||||||||||||||
|
| Africa |
| 1 |
| 1 |
| - | ||||||||||||||||||
|
| Asia |
| - |
| - |
| - | ||||||||||||||||||
|
| Australia/Oceania |
| - |
| - |
| - | ||||||||||||||||||
|
| Total Consolidated Subsidiaries |
| 9 |
| 6 |
| 5 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
| Equity Companies |
|
| |||||||||||||||||||||||
|
| United States |
| - |
| - |
| - | ||||||||||||||||||
|
| Europe |
| - |
| - |
| - | ||||||||||||||||||
|
| Africa |
| - |
| - |
| - | ||||||||||||||||||
|
| Asia |
| - |
| - |
| - | ||||||||||||||||||
|
| Total Equity Companies |
| - |
| - |
| - | ||||||||||||||||||
Equity Companies | Equity Companies | |||||||||||||||||||||||||
United States | United States | — | — | — | ||||||||||||||||||||||
Europe | Europe | — | — | — | ||||||||||||||||||||||
Africa | Africa | — | — | — | ||||||||||||||||||||||
Asia | Asia | — | — | — | ||||||||||||||||||||||
Total Equity Companies | Total Equity Companies | — | — | — | ||||||||||||||||||||||
Total dry development wells drilled | Total dry development wells drilled |
| 9 |
| 6 |
| 5 | Total dry development wells drilled | 7 | 9 | 6 | |||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
| Total number of net wells drilled |
| 917 |
| 635 |
| 512 | |||||||||||||||||||
Total number of net wells drilled | Total number of net wells drilled | 553 | 917 | 635 |
B. Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining Technologies
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||
|
|
|
| Gross |
| Net |
| Gross |
| Net |
Wells Drilling |
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
| ||
|
| United States | 1,133 |
| 704 |
| 997 |
| 491 | |
|
| Canada/Other Americas | 27 |
| 20 |
| 41 |
| 32 | |
|
| Europe | 16 |
| 7 |
| 13 |
| 3 | |
|
| Africa | 4 |
| 1 |
| 5 |
| 1 | |
|
| Asia | 46 |
| 14 |
| 50 |
| 14 | |
|
| Australia/Oceania | 14 |
| 4 |
| 4 |
| 2 | |
|
|
| Total Consolidated Subsidiaries | 1,240 |
| 750 |
| 1,110 |
| 543 |
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
| ||
|
| United States | 3 |
| 1 |
| 7 |
| 1 | |
|
| Europe | - |
| - |
| 1 |
| 1 | |
|
| Africa | 6 |
| 1 |
| - |
| - | |
|
| Asia | 11 |
| 3 |
| 17 |
| 4 | |
|
|
| Total Equity Companies | 20 |
| 5 |
| 25 |
| 6 |
Total gross and net wells drilling | 1,260 |
| 755 |
| 1,135 |
| 549 |
Year-End 2020 Year-End 2019 Gross Net Gross Net Wells Drilling Consolidated Subsidiaries United States 1,206 741 1,133 704 Canada/Other Americas 38 29 27 20 Europe 13 6 16 7 Africa 14 3 4 1 Asia 14 4 46 14 Australia/Oceania — — 14 4 Total Consolidated Subsidiaries 1,285 783 1,240 750 Equity Companies United States 3 1 3 1 Europe 1 1 — — Africa 6 1 6 1 Asia 2 1 11 3 Total Equity Companies 12 4 20 5 Total gross and net wells drilling 1,297 787 1,260 755
B. Review of Principal Ongoing Activities
project.
Mexico.
EUROPE
Germany
ExxonMobil’s net acreage totaled 2.2 million onshore acres at year-end 2019. During the year, 0.7 net exploration and development wells were completed.
Netherlands
ExxonMobil’s net interest in licenses totaled approximately 1.5 million acres, of which 1.1 million acres were onshore at year-end 2019. In 2018, the Dutch Cabinet notified Parliament of its intention to further reduce previously legislated Groningen gas extraction in response to seismic events over the last several years. Affiliates of the Corporation and their partners have actively been in discussions with the government on the associated implementation measures, which resulted in a signed Heads of Agreement in 2018 followed by the execution of additional implementation agreements.In 2019, the Dutch Cabinet informed Parliament of its intention to further reduce Groningen gas extraction and terminate production in 2022.
United Kingdom
ExxonMobil’s net interest in licenses totaled approximately 0.3 million offshore acres at year-end 2019. During the year, a total of 0.4 net development wells were completed. Development activities continued on the Penguins Redevelopment project.
Liza Phase 2 project, and the Payara project was funded in 2020.
15
EUROPE
AFRICA
Angola
Germany
Chad
ExxonMobil’s net acreage holdings totaled 46 thousand onshore acres at year-end 2019.
Equatorial Guinea
ExxonMobil’s net acreage totaled 0.5 million offshore acres at year-end 2019.2020. During the year, a total of 2.40.8 net exploration and development wells were completed.
Mozambique
Nigeria
ExxonMobil’s net acreage totaled 0.9 million offshore acres at year-end 2019.2020. During the year, a total of 1.3 net exploration and development wells were completed. In 2020, the Dutch Government further reduced Groningen gas extraction and maintained its plan to terminate Groningen production in 2022.
2020.
2020. During the year, a total of 2.0 net development wells were completed. In 2020, ExxonMobil relinquished approximately 2.3 million net acres in three Sabah offshore blocks.
Russia
2020. During the year, a total of 0.5 net exploration and development wells were completed.
7. Oil and Gas Properties, Wells, Operations and Acreage
Year-End 2020 | Year-End 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Oil | Gas | Oil | Gas | ||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||||||
Gross and Net Productive Wells | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 19,631 | 7,878 | 20,480 | 12,195 | 20,559 | 8,502 | 21,893 | 13,182 | |||||||||||||||||||||||||||||||||||||||
Canada/Other Americas | 4,754 | 4,644 | 3,276 | 1,275 | 4,905 | 4,724 | 3,441 | 1,347 | |||||||||||||||||||||||||||||||||||||||
Europe | 559 | 126 | 487 | 221 | 741 | 207 | 517 | 236 | |||||||||||||||||||||||||||||||||||||||
Africa | 1,141 | 432 | 26 | 10 | 1,191 | 456 | 13 | 5 | |||||||||||||||||||||||||||||||||||||||
Asia | 974 | 310 | 132 | 78 | 943 | 301 | 133 | 79 | |||||||||||||||||||||||||||||||||||||||
Australia/Oceania | 540 | 102 | 90 | 38 | 582 | 120 | 87 | 36 | |||||||||||||||||||||||||||||||||||||||
Total Consolidated Subsidiaries | 27,599 | 13,492 | 24,491 | 13,817 | 28,921 | 14,310 | 26,084 | 14,885 | |||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 12,368 | 4,851 | 4,223 | 417 | 12,947 | 5,328 | 4,500 | 577 | |||||||||||||||||||||||||||||||||||||||
Europe | 57 | 20 | 552 | 172 | 57 | 20 | 561 | 175 | |||||||||||||||||||||||||||||||||||||||
Asia | 217 | 54 | 157 | 32 | 194 | 49 | 126 | 30 | |||||||||||||||||||||||||||||||||||||||
Total Equity Companies | 12,642 | 4,925 | 4,932 | 621 | 13,198 | 5,397 | 5,187 | 782 | |||||||||||||||||||||||||||||||||||||||
Total gross and net productive wells | 40,241 | 18,417 | 29,423 | 14,438 | 42,119 | 19,707 | 31,271 | 15,667 |
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||||
|
|
|
| Oil | Gas |
| Oil | Gas | ||||
|
|
|
| Gross | Net | Gross | Net |
| Gross | Net | Gross | Net |
Gross and Net Productive Wells |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| United States | 20,559 | 8,502 | 21,893 | 13,182 |
| 20,996 | 8,460 | 25,061 | 14,396 | |
|
| Canada/Other Americas | 4,905 | 4,724 | 3,441 | 1,347 |
| 5,037 | 4,781 | 4,262 | 1,650 | |
|
| Europe | 741 | 207 | 517 | 236 |
| 981 | 256 | 648 | 261 | |
|
| Africa | 1,191 | 456 | 13 | 5 |
| 1,221 | 472 | 12 | 5 | |
|
| Asia | 943 | 301 | 133 | 79 |
| 891 | 286 | 133 | 79 | |
|
| Australia/Oceania | 582 | 120 | 87 | 36 |
| 577 | 123 | 81 | 33 | |
|
|
| Total Consolidated Subsidiaries | 28,921 | 14,310 | 26,084 | 14,885 |
| 29,703 | 14,378 | 30,197 | 16,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
| ||
|
| United States | 12,947 | 5,328 | 4,500 | 577 |
| 13,126 | 5,398 | 4,503 | 577 | |
|
| Europe | 57 | 20 | 561 | 175 |
| 57 | 20 | 602 | 187 | |
|
| Asia | 194 | 49 | 126 | 30 |
| 164 | 41 | 126 | 30 | |
|
|
| Total Equity Companies | 13,198 | 5,397 | 5,187 | 782 |
| 13,347 | 5,459 | 5,231 | 794 |
Total gross and net productive wells | 42,119 | 19,707 | 31,271 | 15,667 |
| 43,050 | 19,837 | 35,428 | 17,218 |
2019.
18
B. Gross and Net Developed Acreage
Year-End 2020 | Year-End 2019 | ||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
(thousands of acres) | |||||||||||||||||||||||
Gross and Net Developed Acreage | |||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||
United States | 12,834 | 7,971 | 13,283 | 8,097 | |||||||||||||||||||
Canada/Other Americas (1) | 2,944 | 2,071 | 3,020 | 2,100 | |||||||||||||||||||
Europe | 2,231 | 1,189 | 2,229 | 1,182 | |||||||||||||||||||
Africa | 2,409 | 818 | 2,409 | 832 | |||||||||||||||||||
Asia | 1,938 | 561 | 1,938 | 561 | |||||||||||||||||||
Australia/Oceania | 3,262 | 1,068 | 3,262 | 1,068 | |||||||||||||||||||
Total Consolidated Subsidiaries | 25,618 | 13,678 | 26,141 | 13,840 | |||||||||||||||||||
Equity Companies | |||||||||||||||||||||||
United States | 928 | 208 | 926 | 207 | |||||||||||||||||||
Europe | 3,667 | 1,118 | 4,069 | 1,280 | |||||||||||||||||||
Asia | 701 | 160 | 628 | 155 | |||||||||||||||||||
Total Equity Companies | 5,296 | 1,486 | 5,623 | 1,642 | |||||||||||||||||||
Total gross and net developed acreage | 30,914 | 15,164 | 31,764 | 15,482 |
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||
|
|
|
| Gross |
| Net |
| Gross |
| Net |
|
|
|
| (thousands of acres) | ||||||
Gross and Net Developed Acreage |
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
| ||
|
| United States | 13,283 |
| 8,097 |
| 13,900 |
| 8,399 | |
|
| Canada/Other Americas (1) | 3,020 |
| 2,100 |
| 3,596 |
| 2,325 | |
|
| Europe | 2,229 |
| 1,182 |
| 2,937 |
| 1,315 | |
|
| Africa | 2,409 |
| 832 |
| 2,492 |
| 866 | |
|
| Asia | 1,938 |
| 561 |
| 1,939 |
| 563 | |
|
| Australia/Oceania | 3,262 |
| 1,068 |
| 3,262 |
| 1,068 | |
|
|
| Total Consolidated Subsidiaries | 26,141 |
| 13,840 |
| 28,126 |
| 14,536 |
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
| ||
|
| United States | 926 |
| 207 |
| 929 |
| 208 | |
|
| Europe | 4,069 |
| 1,280 |
| 4,110 |
| 1,287 | |
|
| Asia | 628 |
| 155 |
| 628 |
| 155 | |
|
|
| Total Equity Companies | 5,623 |
| 1,642 |
| 5,667 |
| 1,650 |
Total gross and net developed acreage | 31,764 |
| 15,482 |
| 33,793 |
| 16,186 |
Year-End 2020 | Year-End 2019 | ||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
(thousands of acres) | |||||||||||||||||||||||
Gross and Net Undeveloped Acreage | |||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||
United States | 6,969 | 2,967 | 7,123 | 3,146 | |||||||||||||||||||
Canada/Other Americas (1) | 37,833 | 18,985 | 36,509 | 17,950 | |||||||||||||||||||
Europe | 14,802 | 6,018 | 18,212 | 7,619 | |||||||||||||||||||
Africa | 35,956 | 24,558 | 56,049 | 32,449 | |||||||||||||||||||
Asia | 888 | 280 | 6,880 | 2,911 | |||||||||||||||||||
Australia/Oceania | 12,971 | 6,265 | 14,773 | 7,689 | |||||||||||||||||||
Total Consolidated Subsidiaries | 109,419 | 59,073 | 139,546 | 71,764 | |||||||||||||||||||
Equity Companies | |||||||||||||||||||||||
United States | 160 | 64 | 189 | 73 | |||||||||||||||||||
Europe | 765 | 214 | 366 | 105 | |||||||||||||||||||
Africa | 596 | 149 | 596 | 149 | |||||||||||||||||||
Asia | — | — | 73 | 5 | |||||||||||||||||||
Total Equity Companies | 1,521 | 427 | 1,224 | 332 | |||||||||||||||||||
Total gross and net undeveloped acreage | 110,940 | 59,500 | 140,770 | 72,096 |
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||
|
|
|
| Gross |
| Net |
| Gross |
| Net |
|
|
|
| (thousands of acres) | ||||||
Gross and Net Undeveloped Acreage |
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
| ||
|
| United States | 7,123 |
| 3,146 |
| 7,421 |
| 3,427 | |
|
| Canada/Other Americas (1) | 36,509 |
| 17,950 |
| 34,932 |
| 15,340 | |
|
| Europe | 18,212 |
| 7,619 |
| 9,168 |
| 4,191 | |
|
| Africa | 56,049 |
| 32,449 |
| 44,556 |
| 24,000 | |
|
| Asia | 6,880 |
| 2,911 |
| 7,195 |
| 2,964 | |
|
| Australia/Oceania | 14,773 |
| 7,689 |
| 15,337 |
| 10,756 | |
|
|
| Total Consolidated Subsidiaries | 139,546 |
| 71,764 |
| 118,609 |
| 60,678 |
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
| ||
|
| United States | 189 |
| 73 |
| 203 |
| 76 | |
|
| Europe | 366 |
| 105 |
| 100 |
| 25 | |
|
| Africa | 596 |
| 149 |
| 596 |
| 149 | |
|
| Asia | 73 |
| 5 |
| 73 |
| 5 | |
|
|
| Total Equity Companies | 1,224 |
| 332 |
| 972 |
| 255 |
Total gross and net undeveloped acreage | 140,770 |
| 72,096 |
| 119,581 |
| 60,933 |
D. Summary of Acreage Terms
through 2024.
United Kingdom
extensions.
OMLs granted prior to the 1969 Petroleum Act (i.e., under the Mineral Oils Act 1914, repealed by the 1969 Petroleum Act) were for 30 years onshore and 40 years in offshore areas and have been renewed, effective December 1, 2008, for a further period of 20 years, with a further renewal option of 20 years. Operations under these pre-1969 OMLs are conducted under a joint venture agreement with NNPC rather than a PSC. Commercial terms applicable to the existing joint venture oil production are defined by the Petroleum Profits Tax Act.
Qatar
Information with regard to the Downstream segment follows:
|
|
|
| ExxonMobil | ExxonMobil | ||
|
|
|
| Share KBD (2) | Interest % | ||
United States |
|
|
|
|
| ||
| Joliet | Illinois | 236 |
| 100 |
| |
| Baton Rouge | Louisiana | 518 |
| 100 |
| |
| Billings | Montana | 60 |
| 100 |
| |
| Baytown | Texas | 561 |
| 100 |
| |
| Beaumont | Texas | 369 |
| 100 |
| |
|
| Total United States |
| 1,744 |
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
|
|
|
| ||
| Strathcona | Alberta | 191 |
| 69.6 |
| |
| Nanticoke | Ontario | 113 |
| 69.6 |
| |
| Sarnia | Ontario | 119 |
| 69.6 |
| |
|
| Total Canada |
| 423 |
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
|
|
|
| ||
| Antwerp | Belgium | 307 |
| 100 |
| |
| Fos-sur-Mer | France | 133 |
| 82.9 |
| |
| Gravenchon | France | 240 |
| 82.9 |
| |
| Karlsruhe | Germany | 78 |
| 25 |
| |
| Trecate | Italy | 132 |
| 75.3 |
| |
| Rotterdam | Netherlands | 192 |
| 100 |
| |
| Slagen | Norway | 116 |
| 100 |
| |
| Fawley | United Kingdom | 262 |
| 100 |
| |
|
| Total Europe |
| 1,460 |
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
|
|
|
| ||
| Altona | Australia | 86 |
| 100 |
| |
| Fujian | China | 67 |
| 25 |
| |
| Jurong/PAC | Singapore | 592 |
| 100 |
| |
| Sriracha | Thailand | 167 |
| 66 |
| |
|
| Total Asia Pacific |
| 912 |
|
|
|
|
|
|
|
|
|
|
|
Middle East |
|
|
|
|
| ||
| Yanbu | Saudi Arabia | 200 |
| 50 |
| |
|
|
|
|
|
|
|
|
Total Worldwide |
| 4,739 |
|
|
|
ExxonMobil Share KBD (2) | ExxonMobil Interest % | |||||||||||||||||||
United States | ||||||||||||||||||||
Joliet | Illinois | 254 | 100 | |||||||||||||||||
Baton Rouge | Louisiana | 520 | 100 | |||||||||||||||||
Billings | Montana | 60 | 100 | |||||||||||||||||
Baytown | Texas | 561 | 100 | |||||||||||||||||
Beaumont | Texas | 369 | 100 | |||||||||||||||||
Total United States | 1,764 | |||||||||||||||||||
Canada | ||||||||||||||||||||
Strathcona | Alberta | 196 | 69.6 | |||||||||||||||||
Nanticoke | Ontario | 113 | 69.6 | |||||||||||||||||
Sarnia | Ontario | 119 | 69.6 | |||||||||||||||||
Total Canada | 428 | |||||||||||||||||||
Europe | ||||||||||||||||||||
Antwerp | Belgium | 307 | 100 | |||||||||||||||||
Fos-sur-Mer | France | 133 | 82.9 | |||||||||||||||||
Gravenchon | France | 244 | 82.9 | |||||||||||||||||
Karlsruhe | Germany | 78 | 25 | |||||||||||||||||
Trecate | Italy | 132 | 75.2 | |||||||||||||||||
Rotterdam | Netherlands | 192 | 100 | |||||||||||||||||
Slagen | Norway | 116 | 100 | |||||||||||||||||
Fawley | United Kingdom | 262 | 100 | |||||||||||||||||
Total Europe | 1,464 | |||||||||||||||||||
Asia Pacific | ||||||||||||||||||||
Altona (3) | Australia | 88 | 100 | |||||||||||||||||
Fujian | China | 67 | 25 | |||||||||||||||||
Jurong/PAC | Singapore | 592 | 100 | |||||||||||||||||
Sriracha | Thailand | 167 | 66 | |||||||||||||||||
Total Asia Pacific | 914 | |||||||||||||||||||
Middle East | ||||||||||||||||||||
Yanbu | Saudi Arabia | 200 | 50 | |||||||||||||||||
Total Worldwide | 4,770 |
(3)The Corporation expects to convert the Altona refinery into a terminal in 2021.
The marketing operations sell products and services throughout the world through our Exxon, Esso and Mobil brands.
United States |
| |||||||||
Owned/leased |
| |||||||||
Distributors/resellers |
| |||||||||
Total United States |
| |||||||||
Canada |
| |||||||||
Owned/leased |
| |||||||||
Distributors/resellers |
| |||||||||
Total Canada |
| |||||||||
Europe |
| |||||||||
Owned/leased | 197 | |||||||||
Distributors/resellers |
| |||||||||
Total Europe |
| |||||||||
Asia Pacific |
| |||||||||
Owned/leased |
| |||||||||
Distributors/resellers |
| |||||||||
Total Asia Pacific |
| |||||||||
Latin America |
| |||||||||
Owned/leased |
| |||||||||
Distributors/resellers |
| |||||||||
Total Latin America |
| |||||||||
Middle East/Africa |
| |||||||||
Owned/leased | 225 | |||||||||
Distributors/resellers |
| |||||||||
Total Middle East/Africa |
| |||||||||
Worldwide |
| |||||||||
Owned/leased |
| |||||||||
Distributors/resellers |
| |||||||||
Total Worldwide |
|
Information with regard to the Chemical segment follows:
|
|
|
|
|
|
|
| ExxonMobil | |||||
|
|
|
| Ethylene | Polyethylene | Polypropylene | Paraxylene | Interest % | |||||
|
|
|
| (millions of metric tons per year) |
|
| |||||||
North America |
|
|
|
|
|
|
|
|
|
|
| ||
| Baton Rouge | Louisiana | 1.1 |
| 1.3 |
| 0.4 |
| - |
| 100 |
| |
| Baytown | Texas | 3.8 |
| - |
| 0.7 |
| 0.6 |
| 100 |
| |
| Beaumont | Texas | 0.9 |
| 1.7 |
| - |
| 0.3 |
| 100 |
| |
| Mont Belvieu | Texas | - |
| 2.3 |
| - |
| - |
| 100 |
| |
| Sarnia | Ontario | 0.3 |
| 0.5 |
| - |
| - |
| 69.6 |
| |
|
| Total North America |
| 6.1 |
| 5.8 |
| 1.1 |
| 0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
| ||
| Antwerp | Belgium | - |
| 0.4 |
| - |
| - |
| 100 |
| |
| Fife | United Kingdom | 0.4 |
| - |
| - |
| - |
| 50 |
| |
| Gravenchon | France | 0.4 |
| 0.4 |
| 0.3 |
| - |
| 100 |
| |
| Meerhout | Belgium | - |
| 0.5 |
| - |
| - |
| 100 |
| |
| Rotterdam | Netherlands | - |
| - |
| - |
| 0.7 |
| 100 |
| |
|
| Total Europe |
| 0.8 |
| 1.3 |
| 0.3 |
| 0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East |
|
|
|
|
|
|
|
|
|
|
| ||
| Al Jubail | Saudi Arabia | 0.6 |
| 0.7 |
| - |
| - |
| 50 |
| |
| Yanbu | Saudi Arabia | 1.0 |
| 0.7 |
| 0.2 |
| - |
| 50 |
| |
|
| Total Middle East |
| 1.6 |
| 1.4 |
| 0.2 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
|
|
|
|
|
|
|
|
|
| ||
| Fujian | China | 0.3 |
| 0.2 |
| 0.2 |
| 0.2 |
| 25 |
| |
| Singapore | Singapore | 1.9 |
| 1.9 |
| 0.9 |
| 1.8 |
| 100 |
| |
| Sriracha | Thailand | - |
| - |
| - |
| 0.5 |
| 66 |
| |
|
| Total Asia Pacific |
| 2.2 |
| 2.1 |
| 1.1 |
| 2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Worldwide |
| 10.7 |
| 10.6 |
| 2.7 |
| 4.1 |
|
|
|
Ethylene | Polyethylene | Polypropylene | Paraxylene | ExxonMobil Interest % | ||||||||||||||||||||||||||||||||||
(millions of metric tons per year) | ||||||||||||||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||||||||
Baton Rouge | Louisiana | 1.1 | 1.3 | 0.4 | — | 100 | ||||||||||||||||||||||||||||||||
Baytown | Texas | 3.9 | — | 0.7 | 0.6 | 100 | ||||||||||||||||||||||||||||||||
Beaumont | Texas | 0.9 | 1.7 | — | 0.3 | 100 | ||||||||||||||||||||||||||||||||
Mont Belvieu | Texas | — | 2.3 | — | — | 100 | ||||||||||||||||||||||||||||||||
Sarnia | Ontario | 0.3 | 0.5 | — | — | 69.6 | ||||||||||||||||||||||||||||||||
Total North America | 6.2 | 5.8 | 1.1 | 0.9 | ||||||||||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||||||||||||||
Antwerp | Belgium | — | 0.4 | — | — | 100 | ||||||||||||||||||||||||||||||||
Fife | United Kingdom | 0.4 | — | — | — | 50 | ||||||||||||||||||||||||||||||||
Gravenchon | France | 0.4 | 0.4 | 0.3 | — | 100 | ||||||||||||||||||||||||||||||||
Meerhout | Belgium | — | 0.5 | — | — | 100 | ||||||||||||||||||||||||||||||||
Rotterdam | Netherlands | — | — | — | 0.7 | 100 | ||||||||||||||||||||||||||||||||
Total Europe | 0.8 | 1.3 | 0.3 | 0.7 | ||||||||||||||||||||||||||||||||||
Middle East | ||||||||||||||||||||||||||||||||||||||
Al Jubail | Saudi Arabia | 0.6 | 0.7 | — | — | 50 | ||||||||||||||||||||||||||||||||
Yanbu | Saudi Arabia | 1.0 | 0.7 | 0.2 | — | 50 | ||||||||||||||||||||||||||||||||
Total Middle East | 1.6 | 1.4 | 0.2 | — | ||||||||||||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||||||||||||||
Fujian | China | 0.3 | 0.2 | 0.2 | 0.2 | 25 | ||||||||||||||||||||||||||||||||
Singapore | Singapore | 1.9 | 1.9 | 0.9 | 1.8 | 100 | ||||||||||||||||||||||||||||||||
Sriracha | Thailand | — | — | — | 0.5 | 66 | ||||||||||||||||||||||||||||||||
Total Asia Pacific | 2.2 | 2.1 | 1.1 | 2.5 | ||||||||||||||||||||||||||||||||||
Total Worldwide | 10.8 | 10.6 | 2.7 | 4.1 |
ItemITEM 3.Legal Proceedings
Regarding a matter last reported in the Corporation’s Form 10-Q for the third quarter of 2019, on December 31, 2019, the United States Federal District Court, Northern District of Texas (the Federal Court), vacated the civil penalty assessed by the United States Department of Treasury, Office of Foreign Assets Control (OFAC) against Exxon Mobil Corporation, LEGAL PROCEEDINGS
disclosing environmental proceedings.
Item 4. MINE SAFETY DISCLOSURES
Information about our Executive Officers
24, 2021)
Darren W. Woods | Chairman of the Board | ||||||||
|
|
| |||||||
Held current title since: | January 1, 2017 | Age: | |||||||
Mr. Darren W. Woods | |||||||||
|
|
| |||||||
Neil A. Chapman | Senior Vice President |
| |||||||
|
|
| |||||||
Held current title since: | January 1, 2018 | Age: | |||||||
Mr. Neil A. Chapman was President of ExxonMobil Chemical Company and Vice President of Exxon Mobil Corporation January 1, 2015 – December 31, 2017. He became Senior Vice President of Exxon Mobil Corporation on January 1, 2018, a position he continues to hold as of this filing date. | |||||||||
|
|
| |||||||
Andrew P. Swiger | Senior Vice President |
| |||||||
|
|
| |||||||
Held current title since: | April 1, 2009 | Age: | |||||||
Mr. Andrew P. Swiger became Senior Vice President of Exxon Mobil Corporation on April 1, 2009, a position he continues to hold as of this filing date. | |||||||||
|
|
| |||||||
Jack P. Williams, Jr. | Senior Vice President |
| |||||||
|
|
| |||||||
Held current title since: | June 1, 2014 | Age: | |||||||
Mr. Jack P. Williams, Jr. became Senior Vice President of Exxon Mobil Corporation on June 1, 2014, a position he continues to hold as of this filing date. | |||||||||
|
|
| |||||||
| Vice President | ||||||||
Held current title since: |
| Age: | |||||||
| |||||||||
Linda D. DuCharme | Vice President President, ExxonMobil Integrated Solutions Company | ||||||||
Held current title since: | July 1, 2020, and April 1, 2019, respectively | Age: 56 | |||||||
Ms. Linda D. DuCharme was Vice President, Americas, Africa and Asia, ExxonMobil Gas & Power Marketing Company July 1, 2015 – July 31, 2016. She was President of ExxonMobil Global Services Company August 1, 2016 – March 31, 2019. She became President of ExxonMobil Upstream Integrated Solutions Company | |||||||||
Neil W. Duffin | President, ExxonMobil Global Projects Company | ||||||||
|
|
| |||||||
Held current title since: | April 1, 2019 | Age: | |||||||
Mr. Neil W. Duffin was President of ExxonMobil Development Company April 13, 2007 – December 31, 2016. He was President of ExxonMobil Production Company and Vice President of Exxon Mobil Corporation January 1, 2017 – March 31, 2019. He became President of ExxonMobil Global Projects Company on April 1, 2019, a position he continues to hold as of this filing date. | |||||||||
|
|
| |||||||
|
| ||||||||
|
|
| |||||||
| |||||||||
|
| ||||||||
Stephen A. Littleton | |||||||||
|
|
| |||||||
| |||||||||
| Vice President – Investor Relations and Secretary | ||||||||
|
|
| |||||||
Held current title since: |
| Age: 55 | |||||||
Mr. Stephen A. Littleton was Assistant Controller of Exxon Mobil Corporation June 1, 2015 - April 30, 2018. He was Vice President, Downstream Business Services and Downstream Controller May 1, 2018 |
| ||||||||
| |||||||||
|
|
| |||||||
Liam M. Mallon | Vice President |
| |||||||
|
|
| |||||||
Held current title since: | April 1, 2019 | Age: | |||||||
Mr. Liam M. Mallon was Executive Vice President, ExxonMobil Development Company February 1, 2014 – December 31, 2016. He was President of ExxonMobil Development Company January 1, 2017 – March 31, 2019. He became President of ExxonMobil Upstream Oil & Gas Company and Vice President of Exxon Mobil Corporation on April 1, 2019, positions he continues to hold as of this filing date. | |||||||||
|
|
| |||||||
Karen T. McKee | Vice President |
| |||||||
|
|
| |||||||
Held current title since: | April 1, 2019 | Age: | |||||||
Ms. Karen T. McKee was Vice President, Basic Chemicals, ExxonMobil Chemical | |||||||||
|
|
| |||||||
| Vice President and General Counsel |
| |||||||
|
|
| |||||||
Held current title since: |
| Age: | |||||||
Mr. | |||||||||
|
|
| |||||||
David S. Rosenthal | Vice President and Controller |
| |||||||
|
|
| |||||||
Held current title since: |
|
| |||||||
Mr. David S. Rosenthal was Vice President – Investor Relations and Secretary of Exxon Mobil Corporation October 1, 2008 – August 31, 2014. He became Vice President and Controller of Exxon Mobil Corporation on September 1, 2014, positions he continues to hold as of this filing date. | |||||||||
|
|
| |||||||
| Vice President – Treasurer and | ||||||||
Held current title since: |
|
| |||||||
| |||||||||
29
|
| Age: 59 | ||||||||
|
|
| ||||||||
Mr. James M. Spellings, Jr. became Vice President and General Tax Counsel of Exxon Mobil Corporation | ||||||||||
Theodore J. Wojnar, Jr. | Vice President – Corporate Strategic Planning | |||||||||
Held current title since: | August 1, 2017 | Age: | ||||||||
Mr. Theodore J. Wojnar, Jr. was President of ExxonMobil Research and Engineering Company April 1, 2011 – July 31, 2017. He became Vice President – Corporate Strategic Planning of Exxon Mobil Corporation on August 1, 2017, a position he continues to hold as of this filing date. | ||||||||||
30
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder MattersThe principal market where ExxonMobil common stock (XOM) is traded is the New York Stock Exchange, although the stock is traded on other exchanges in and Issuer Purchasesoutside the United States.
ExxonMobil common stock at December 31, 2020. At January 31, 2021, the registered shareholders of ExxonMobil common stock numbered 341,925.
Issuer Purchases of Equity Securities for Quarter Ended December 31, | ||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | ||||||||||||
Total Number of Shares | ||||||||||||||
Purchased as |
| |||||||||||||
Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May | |||||||||||||
|
|
| Yet | |||||||||||
|
|
| Under the Plans or Programs | |||||||||||
|
|
|
|
| ||||||||||
| - | - | ||||||||||||
| - | - | ||||||||||||
|
|
|
| |||||||||||
|
|
| (See Note 1) |
Item 6. Selected Financial Data
|
| Years Ended December 31, | ||||||||
|
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
|
| (millions of dollars, except per share amounts) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenue |
| 255,583 |
| 279,332 |
| 237,162 |
| 200,628 |
| 239,854 |
Net income attributable to ExxonMobil |
| 14,340 |
| 20,840 |
| 19,710 |
| 7,840 |
| 16,150 |
Earnings per common share |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 |
Earnings per common share - assuming dilution |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 |
Cash dividends per common share |
| 3.43 |
| 3.23 |
| 3.06 |
| 2.98 |
| 2.88 |
Total assets |
| 362,597 |
| 346,196 |
| 348,691 |
| 330,314 |
| 336,758 |
Long-term debt |
| 26,342 |
| 20,538 |
| 24,406 |
| 28,932 |
| 19,925 |
|
|
|
|
|
|
|
|
|
|
|
Item
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Item
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
31
Item 8. Financial Statements and Supplementary Data
Reference is made to the following in the Financial Section of this report:
Consolidated financial statements, together with the report thereon of PricewaterhouseCoopers LLP dated February 26, 2020,24, 2021, beginning with the section entitled “Report of Independent Registered Public Accounting Firm” and continuing through “Note 20: Sale of Norway Assets”Restructuring Activities”;
“Supplemental Information on Oil and Gas Exploration and Production Activities” (unaudited); and
Item
None.
Item
CONTROLS AND PROCEDURES
Item 9B. OTHER INFORMATIONOther Information
None.
None.
PART III
Item
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The section entitled “Election of Directors”;
EXECUTIVE COMPENSATION
Item 11. Executive Compensation
Item
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Equity Compensation Plan Information | ||||||||
|
| (a) |
| (b) |
| (c) | ||
|
|
|
|
|
|
| Number of Securities | |
|
|
|
|
| Weighted- |
| Remaining Available | |
|
|
|
|
| Average |
| for Future Issuance | |
|
| Number of Securities |
| Exercise Price |
| Under Equity | ||
|
| to be Issued Upon |
| of Outstanding |
| Compensation | ||
|
| Exercise of |
| Options, |
| Plans [Excluding | ||
|
| Outstanding Options, |
| Warrants and |
| Securities Reflected | ||
Plan Category | Warrants and Rights |
| Rights |
| in Column (a)] | |||
|
|
|
|
|
|
|
|
|
Equity compensation plans approved by security holders | 42,636,850 | (1) |
| - |
| 76,488,320 | (2)(3) | |
|
|
|
|
|
|
|
|
|
Equity compensation plans not approved by security holders | - |
|
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
| Total | 42,636,850 |
|
| - |
| 76,488,320 |
|
Equity Compensation Plan Information | |||||||||||||||||||||||||||||
(a) | (b) | (c) | |||||||||||||||||||||||||||
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Excluding Securities Reflected in Column (a)] | ||||||||||||||||||||||||||
Equity compensation plans approved by security holders | 42,714,580 | (1) | — | 70,944,592 | (2)(3) | ||||||||||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||||||||||||||
Total | 42,714,580 | — | 70,944,592 |
33
ItemITEM 13. Certain Relationships and Related Transactions, and Director Independence
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
ItemITEM 14. Principal Accounting Fees and ServicesPRINCIPAL ACCOUNTING FEES AND SERVICES
PART IVEXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits, Financial Statement Schedules
ItemITEM 16. FORM 10-K SUMMARY
None.
None.
| ||||||||
TABLE OF CONTENTS | ||||||||
Business Profile |
| |||||||
Financial Information |
| |||||||
Frequently Used Terms |
| |||||||
|
| |||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| |||||||
Functional Earnings |
| |||||||
Forward-Looking Statements |
| |||||||
Overview |
| |||||||
Business Environment and Risk Assessment |
| |||||||
Review of 2020 and 2019 |
| |||||||
Liquidity and Capital Resources |
| |||||||
Capital and Exploration Expenditures |
| |||||||
Taxes |
| |||||||
Environmental Matters |
| |||||||
Market Risks, Inflation and Other Uncertainties |
| |||||||
Restructuring Activities | 55 |
|
| |||||
Critical Accounting Estimates |
| |||||||
Management’s Report on Internal Control Over Financial Reporting |
| |||||||
Report of Independent Registered Public Accounting Firm |
| |||||||
Consolidated Financial Statements |
| |||||||
Statement of Income |
| |||||||
Statement of Comprehensive Income |
| |||||||
Balance Sheet |
| |||||||
Statement of Cash Flows |
| |||||||
Statement of Changes in Equity |
| |||||||
Notes to Consolidated Financial Statements |
| |||||||
1. Summary of Accounting Policies |
| |||||||
2. Accounting Changes |
| |||||||
3. Miscellaneous Financial Information |
| |||||||
4. Other Comprehensive Income Information |
| |||||||
5. Cash Flow Information |
| |||||||
6. Additional Working Capital Information |
| |||||||
7. Equity Company Information |
| |||||||
8. Investments, Advances and Long-Term Receivables |
| |||||||
9. Property, Plant and Equipment and Asset Retirement Obligations |
| |||||||
10. Accounting for Suspended Exploratory Well Costs |
| |||||||
11. Leases |
| |||||||
12. Earnings Per Share | 87 | |||||||
13. Financial Instruments and Derivatives | 88 | |||||||
14. Long-Term Debt |
| |||||||
15. Incentive Program | 91 | |||||||
16. Litigation and Other Contingencies | 92 | |||||||
17. Pension and Other Postretirement Benefits | 94 | |||||||
18. Disclosures about Segments and Related Information |
| |||||||
19. Income and Other Taxes |
| |||||||
20. |
| |||||||
Supplemental Information on Oil and Gas Exploration and Production Activities |
| |||||||
Operating Information |
| |||||||
35
Return on Capital and Earnings After Average Capital Average Capital Exploration Income Taxes Employed Employed Expenditures Financial 2019 2018 2019 2018 2019 2018 2019 2018 (millions of dollars) (percent) (millions of dollars) Upstream United States 536 1,739 72,152 69,981 0.7 2.5 11,653 7,670 Non-U.S. 13,906 12,340 107,271 107,893 13.0 11.4 11,832 12,524 Total 14,442 14,079 179,423 177,874 8.0 7.9 23,485 20,194 Downstream United States 1,717 2,962 9,515 8,725 18.0 33.9 2,353 1,186 Non-U.S. 606 3,048 18,518 17,015 3.3 17.9 2,018 2,243 Total 2,323 6,010 28,033 25,740 8.3 23.3 4,371 3,429 Chemical United States 206 1,642 13,196 12,171 1.6 13.5 2,547 1,747 Non-U.S. 386 1,709 18,113 18,249 2.1 9.4 718 488 Total 592 3,351 31,309 30,420 1.9 11.0 3,265 2,235 Corporate and financing (3,017) (2,600) (2,162) (1,660) - - 27 65 Total 14,340 20,840 236,603 232,374 6.5 9.2 31,148 25,923
Earnings (Loss) After Income Taxes | Average Capital Employed | Return on Average Capital Employed | Capital and Exploration Expenditures | ||||||||||||||||||||||||||||||||||||||||||||
Financial | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (percent) | (millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||
Upstream | |||||||||||||||||||||||||||||||||||||||||||||||
United States | (19,385) | 536 | 65,780 | 72,152 | (29.5) | 0.7 | 6,817 | 11,653 | |||||||||||||||||||||||||||||||||||||||
Non-U.S. | (645) | 13,906 | 107,506 | 107,271 | (0.6) | 13.0 | 7,614 | 11,832 | |||||||||||||||||||||||||||||||||||||||
Total | (20,030) | 14,442 | 173,286 | 179,423 | (11.6) | 8.0 | 14,431 | 23,485 | |||||||||||||||||||||||||||||||||||||||
Downstream | |||||||||||||||||||||||||||||||||||||||||||||||
United States | (852) | 1,717 | 11,472 | 9,515 | (7.4) | 18.0 | 2,344 | 2,353 | |||||||||||||||||||||||||||||||||||||||
Non-U.S. | (225) | 606 | 18,682 | 18,518 | (1.2) | 3.3 | 1,877 | 2,018 | |||||||||||||||||||||||||||||||||||||||
Total | (1,077) | 2,323 | 30,154 | 28,033 | (3.6) | 8.3 | 4,221 | 4,371 | |||||||||||||||||||||||||||||||||||||||
Chemical | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 1,277 | 206 | 14,436 | 13,196 | 8.8 | 1.6 | 2,002 | 2,547 | |||||||||||||||||||||||||||||||||||||||
Non-U.S. | 686 | 386 | 17,600 | 18,113 | 3.9 | 2.1 | 714 | 718 | |||||||||||||||||||||||||||||||||||||||
Total | 1,963 | 592 | 32,036 | 31,309 | 6.1 | 1.9 | 2,716 | 3,265 | |||||||||||||||||||||||||||||||||||||||
Corporate and financing | (3,296) | (3,017) | (1,445) | (2,162) | — | — | 6 | 27 | |||||||||||||||||||||||||||||||||||||||
Total | (22,440) | 14,340 | 234,031 | 236,603 | (9.3) | 6.5 | 21,374 | 31,148 |
Operating | 2019 |
| 2018 |
|
|
|
| 2019 |
| 2018 | ||
|
| (thousands of barrels daily) |
|
|
| (thousands of barrels daily) | ||||||
Net liquids production |
|
|
|
| Refinery throughput |
|
|
| ||||
| United States | 646 |
| 551 |
|
| United States | 1,532 |
| 1,588 | ||
| Non-U.S. | 1,740 |
| 1,715 |
|
| Non-U.S. | 2,449 |
| 2,684 | ||
|
| Total | 2,386 |
| 2,266 |
|
|
| Total | 3,981 |
| 4,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (millions of cubic feet daily) |
|
|
| (thousands of barrels daily) | ||||||
Natural gas production available for sale |
|
|
|
| Petroleum product sales (2) |
|
|
| ||||
| United States | 2,778 |
| 2,574 |
|
| United States | 2,292 |
| 2,210 | ||
| Non-U.S. | 6,616 |
| 6,831 |
|
| Non-U.S. | 3,160 |
| 3,302 | ||
|
| Total | 9,394 |
| 9,405 |
|
|
| Total | 5,452 |
| 5,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) |
|
|
| (thousands of metric tons) | ||||||
Oil-equivalent production (1) | 3,952 |
| 3,833 |
| Chemical prime product sales (2) (3) |
|
|
| ||||
|
|
|
|
|
|
|
| United States | 9,127 |
| 9,824 | |
|
|
|
|
|
|
|
| Non-U.S. | 17,389 |
| 17,045 | |
|
|
|
|
|
|
|
|
| Total | 26,516 |
| 26,869 |
Operating | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
(thousands of barrels daily) | (thousands of barrels daily) | ||||||||||||||||||||||||||||
Net liquids production | Refinery throughput | ||||||||||||||||||||||||||||
United States | 685 | 646 | United States | 1,549 | 1,532 | ||||||||||||||||||||||||
Non-U.S. | 1,664 | 1,740 | Non-U.S. | 2,224 | 2,449 | ||||||||||||||||||||||||
Total | 2,349 | 2,386 | Total | 3,773 | 3,981 | ||||||||||||||||||||||||
(millions of cubic feet daily) | (thousands of barrels daily) | ||||||||||||||||||||||||||||
Natural gas production available for sale | Petroleum product sales (2) | ||||||||||||||||||||||||||||
United States | 2,691 | 2,778 | United States | 2,154 | 2,292 | ||||||||||||||||||||||||
Non-U.S. | 5,780 | 6,616 | Non-U.S. | 2,741 | 3,160 | ||||||||||||||||||||||||
Total | 8,471 | 9,394 | Total | 4,895 | 5,452 | ||||||||||||||||||||||||
(thousands of oil-equivalent barrels daily) | (thousands of metric tons) | ||||||||||||||||||||||||||||
Oil-equivalent production (1) | 3,761 | 3,952 | Chemical prime product sales (2) (3) | ||||||||||||||||||||||||||
United States | 9,010 | 9,127 | |||||||||||||||||||||||||||
Non-U.S. | 16,439 | 17,389 | |||||||||||||||||||||||||||
Total | 25,449 | 26,516 |
36
|
|
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
|
| (millions of dollars, except where stated otherwise) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenue |
| 255,583 |
| 279,332 |
| 237,162 |
| 200,628 |
| 239,854 | |
Earnings |
|
|
|
|
|
|
|
|
|
| |
| Upstream |
| 14,442 |
| 14,079 |
| 13,355 |
| 196 |
| 7,101 |
| Downstream |
| 2,323 |
| 6,010 |
| 5,597 |
| 4,201 |
| 6,557 |
| Chemical |
| 592 |
| 3,351 |
| 4,518 |
| 4,615 |
| 4,418 |
| Corporate and financing |
| (3,017) |
| (2,600) |
| (3,760) |
| (1,172) |
| (1,926) |
| Net income attributable to ExxonMobil |
| 14,340 |
| 20,840 |
| 19,710 |
| 7,840 |
| 16,150 |
Earnings per common share (dollars) |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 | |
Earnings per common share – assuming dilution (dollars) |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 | |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings to average ExxonMobil share of equity (percent) |
| 7.5 |
| 11.0 |
| 11.1 |
| 4.6 |
| 9.4 | |
|
|
|
|
|
|
|
|
|
|
|
|
Working capital |
| (13,937) |
| (9,165) |
| (10,637) |
| (6,222) |
| (11,353) | |
Ratio of current assets to current liabilities (times) |
| 0.78 |
| 0.84 |
| 0.82 |
| 0.87 |
| 0.79 | |
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
| 24,904 |
| 20,051 |
| 24,901 |
| 16,100 |
| 27,475 | |
Property, plant and equipment, less allowances |
| 253,018 |
| 247,101 |
| 252,630 |
| 244,224 |
| 251,605 | |
Total assets |
| 362,597 |
| 346,196 |
| 348,691 |
| 330,314 |
| 336,758 | |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses, including dry holes |
| 1,269 |
| 1,466 |
| 1,790 |
| 1,467 |
| 1,523 | |
Research and development costs |
| 1,214 |
| 1,116 |
| 1,063 |
| 1,058 |
| 1,008 | |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
| 26,342 |
| 20,538 |
| 24,406 |
| 28,932 |
| 19,925 | |
Total debt |
| 46,920 |
| 37,796 |
| 42,336 |
| 42,762 |
| 38,687 | |
Debt to capital (percent) |
| 19.1 |
| 16.0 |
| 17.9 |
| 19.7 |
| 18.0 | |
Net debt to capital (percent) (1) |
| 18.1 |
| 14.9 |
| 16.8 |
| 18.4 |
| 16.5 | |
|
|
|
|
|
|
|
|
|
|
|
|
ExxonMobil share of equity at year-end |
| 191,650 |
| 191,794 |
| 187,688 |
| 167,325 |
| 170,811 | |
ExxonMobil share of equity per common share (dollars) |
| 45.26 |
| 45.27 |
| 44.28 |
| 40.34 |
| 41.10 | |
Weighted average number of common shares |
|
|
|
|
|
|
|
|
|
| |
| outstanding (millions) |
| 4,270 |
| 4,270 |
| 4,256 |
| 4,177 |
| 4,196 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of regular employees at year-end (thousands) (2) |
| 74.9 |
| 71.0 |
| 69.6 |
| 71.1 |
| 73.5 | |
|
|
|
|
|
|
|
|
|
|
|
|
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
(millions of dollars, except where stated otherwise) | ||||||||||||||||||||||||||||||||||||||
Sales and other operating revenue | 178,574 | 255,583 | 279,332 | |||||||||||||||||||||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||
Upstream | (20,030) | 14,442 | 14,079 | |||||||||||||||||||||||||||||||||||
Downstream | (1,077) | 2,323 | 6,010 | |||||||||||||||||||||||||||||||||||
Chemical | 1,963 | 592 | 3,351 | |||||||||||||||||||||||||||||||||||
Corporate and financing | (3,296) | (3,017) | (2,600) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil | (22,440) | 14,340 | 20,840 | |||||||||||||||||||||||||||||||||||
Earnings (Loss) per common share (dollars) | (5.25) | 3.36 | 4.88 | |||||||||||||||||||||||||||||||||||
Earnings (Loss) per common share – assuming dilution (dollars) | (5.25) | 3.36 | 4.88 | |||||||||||||||||||||||||||||||||||
Earnings (Loss) to average ExxonMobil share of equity (percent) | (12.9) | 7.5 | 11.0 | |||||||||||||||||||||||||||||||||||
Working capital | (11,470) | (13,937) | (9,165) | |||||||||||||||||||||||||||||||||||
Ratio of current assets to current liabilities (times) | 0.80 | 0.78 | 0.84 | |||||||||||||||||||||||||||||||||||
Additions to property, plant and equipment | 17,342 | 24,904 | 20,051 | |||||||||||||||||||||||||||||||||||
Property, plant and equipment, less allowances | 227,553 | 253,018 | 247,101 | |||||||||||||||||||||||||||||||||||
Total assets | 332,750 | 362,597 | 346,196 | |||||||||||||||||||||||||||||||||||
Exploration expenses, including dry holes | 1,285 | 1,269 | 1,466 | |||||||||||||||||||||||||||||||||||
Research and development costs | 1,016 | 1,214 | 1,116 | |||||||||||||||||||||||||||||||||||
Long-term debt | 47,182 | 26,342 | 20,538 | |||||||||||||||||||||||||||||||||||
Total debt | 67,640 | 46,920 | 37,796 | |||||||||||||||||||||||||||||||||||
Debt to capital (percent) | 29.2 | 19.1 | 16.0 | |||||||||||||||||||||||||||||||||||
Net debt to capital (percent) (1) | 27.8 | 18.1 | 14.9 | |||||||||||||||||||||||||||||||||||
ExxonMobil share of equity at year-end | 157,150 | 191,650 | 191,794 | |||||||||||||||||||||||||||||||||||
ExxonMobil share of equity per common share (dollars) | 37.12 | 45.26 | 45.27 | |||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding (millions) | 4,271 | 4,270 | 4,270 | |||||||||||||||||||||||||||||||||||
Number of regular employees at year-end (thousands) (2) | 72.0 | 74.9 | 71.0 |
37
Listed below are definitions of several of ExxonMobil’s key business and financial performance measures. These definitions are provided to facilitate understanding of the terms and their calculation.
Cash flow from operations and asset sales |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
| 29,716 |
| 36,014 |
| 30,066 | |
Proceeds associated with sales of subsidiaries, property, plant and equipment, |
|
|
|
|
|
| |
| and sales and returns of investments |
| 3,692 |
| 4,123 |
| 3,103 |
| Cash flow from operations and asset sales |
| 33,408 |
| 40,137 |
| 33,169 |
Cash flow from operations and asset sales | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Net cash provided by operating activities | 14,668 | 29,716 | 36,014 | ||||||||||||||
Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments | 999 | 3,692 | 4,123 | ||||||||||||||
Cash flow from operations and asset sales | 15,667 | 33,408 | 40,137 |
Capital employed |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
Business uses: asset and liability perspective |
|
|
|
|
|
| |
Total assets |
| 362,597 |
| 346,196 |
| 348,691 | |
Less liabilities and noncontrolling interests share of assets and liabilities |
|
|
|
|
|
| |
| Total current liabilities excluding notes and loans payable |
| (43,411) |
| (39,880) |
| (39,841) |
| Total long-term liabilities excluding long-term debt |
| (73,328) |
| (69,992) |
| (72,014) |
| Noncontrolling interests share of assets and liabilities |
| (8,839) | �� | (7,958) |
| (8,298) |
Add ExxonMobil share of debt-financed equity company net assets |
| 3,906 |
| 3,914 |
| 3,929 | |
| Total capital employed |
| 240,925 |
| 232,280 |
| 232,467 |
|
|
|
|
|
|
|
|
Total corporate sources: debt and equity perspective |
|
|
|
|
|
| |
Notes and loans payable |
| 20,578 |
| 17,258 |
| 17,930 | |
Long-term debt |
| 26,342 |
| 20,538 |
| 24,406 | |
ExxonMobil share of equity |
| 191,650 |
| 191,794 |
| 187,688 | |
Less noncontrolling interests share of total debt |
| (1,551) |
| (1,224) |
| (1,486) | |
Add ExxonMobil share of equity company debt |
| 3,906 |
| 3,914 |
| 3,929 | |
| Total capital employed |
| 240,925 |
| 232,280 |
| 232,467 |
38
Capital employed | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Business uses: asset and liability perspective | |||||||||||||||||
Total assets | 332,750 | 362,597 | 346,196 | ||||||||||||||
Less liabilities and noncontrolling interests share of assets and liabilities | |||||||||||||||||
Total current liabilities excluding notes and loans payable | (35,905) | (43,411) | (39,880) | ||||||||||||||
Total long-term liabilities excluding long-term debt | (65,075) | (73,328) | (69,992) | ||||||||||||||
Noncontrolling interests share of assets and liabilities | (8,773) | (8,839) | (7,958) | ||||||||||||||
Add ExxonMobil share of debt-financed equity company net assets | 4,140 | 3,906 | 3,914 | ||||||||||||||
Total capital employed | 227,137 | 240,925 | 232,280 | ||||||||||||||
Total corporate sources: debt and equity perspective | |||||||||||||||||
Notes and loans payable | 20,458 | 20,578 | 17,258 | ||||||||||||||
Long-term debt | 47,182 | 26,342 | 20,538 | ||||||||||||||
ExxonMobil share of equity | 157,150 | 191,650 | 191,794 | ||||||||||||||
Less noncontrolling interests share of total debt | (1,793) | (1,551) | (1,224) | ||||||||||||||
Add ExxonMobil share of equity company debt | 4,140 | 3,906 | 3,914 | ||||||||||||||
Total capital employed | 227,137 | 240,925 | 232,280 |
Return on Average Capital Employed
Return on average capital employed | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Net income (loss) attributable to ExxonMobil | (22,440) | 14,340 | 20,840 | ||||||||||||||
Financing costs (after tax) | |||||||||||||||||
Gross third-party debt | (1,272) | (1,075) | (912) | ||||||||||||||
ExxonMobil share of equity companies | (182) | (207) | (192) | ||||||||||||||
All other financing costs – net | 666 | 141 | 498 | ||||||||||||||
Total financing costs | (788) | (1,141) | (606) | ||||||||||||||
Earnings (Loss) excluding financing costs | (21,652) | 15,481 | 21,446 | ||||||||||||||
Average capital employed | 234,031 | 236,603 | 232,374 | ||||||||||||||
Return on average capital employed – corporate total | (9.3) | % | 6.5 | % | 9.2 | % |
Return on average capital employed |
| 2019 |
| 2018 |
| 2017 | |||
|
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
|
Net income attributable to ExxonMobil |
| 14,340 |
| 20,840 |
| 19,710 | |||
Financing costs (after tax) |
|
|
|
|
|
| |||
| Gross third-party debt |
| (1,075) |
| (912) |
| (709) | ||
| ExxonMobil share of equity companies |
| (207) |
| (192) |
| (204) | ||
| All other financing costs – net |
| 141 |
| 498 |
| 515 | ||
|
| Total financing costs |
| (1,141) |
| (606) |
| (398) | |
|
|
| Earnings excluding financing costs |
| 15,481 |
| 21,446 |
| 20,108 |
|
|
|
|
|
|
|
|
|
|
Average capital employed |
| 236,603 |
| 232,374 |
| 222,631 | |||
|
|
|
|
|
|
|
|
|
|
Return on average capital employed – corporate total |
| 6.5% |
| 9.2% |
| 9.0% |
39
QUARTERLY INFORMATION
|
| 2019 |
| 2018 | ||||||||
|
| First | Second | Third | Fourth |
|
| First | Second | Third | Fourth |
|
|
| Quarter | Quarter | Quarter | Quarter | Year |
| Quarter | Quarter | Quarter | Quarter | Year |
Volumes |
|
|
|
|
|
|
|
|
|
|
| |
Production of crude oil, | (thousands of barrels daily) | |||||||||||
| natural gas liquids, | 2,327 | 2,389 | 2,392 | 2,436 | 2,386 |
| 2,216 | 2,212 | 2,286 | 2,348 | 2,266 |
| synthetic oil and bitumen |
|
|
|
|
|
|
|
|
|
|
|
Refinery throughput | 3,886 | 3,930 | 4,052 | 4,053 | 3,981 |
| 4,293 | 4,105 | 4,392 | 4,298 | 4,272 | |
Petroleum product sales (1) | 5,415 | 5,408 | 5,504 | 5,482 | 5,452 |
| 5,432 | 5,502 | 5,616 | 5,495 | 5,512 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas production | (millions of cubic feet daily) | |||||||||||
| available for sale | 9,924 | 9,120 | 9,045 | 9,495 | 9,394 |
| 10,038 | 8,613 | 9,001 | 9,974 | 9,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) | |||||||||||
Oil-equivalent production (2) | 3,981 | 3,909 | 3,899 | 4,018 | 3,952 |
| 3,889 | 3,647 | 3,786 | 4,010 | 3,833 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of metric tons) | |||||||||||
Chemical prime product sales (1) | 6,772 | 6,699 | 6,476 | 6,569 | 26,516 |
| 6,668 | 6,852 | 6,677 | 6,672 | 26,869 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Summarized financial data |
|
|
|
|
|
|
|
|
|
|
| |
Sales and other operating | (millions of dollars) | |||||||||||
| revenue | 61,646 | 67,491 | 63,422 | 63,024 | 255,583 |
| 65,436 | 71,456 | 74,187 | 68,253 | 279,332 |
Gross profit (3) | 13,304 | 14,396 | 14,411 | 13,847 | 55,958 |
| 16,187 | 16,622 | 18,656 | 16,268 | 67,733 | |
Net income attributable to |
|
|
|
|
|
|
|
|
|
|
| |
| ExxonMobil (4) | 2,350 | 3,130 | 3,170 | 5,690 | 14,340 |
| 4,650 | 3,950 | 6,240 | 6,000 | 20,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data | (dollars per share) | |||||||||||
Earnings per common share (5) | 0.55 | 0.73 | 0.75 | 1.33 | 3.36 |
| 1.09 | 0.92 | 1.46 | 1.41 | 4.88 | |
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
| |
| – assuming dilution (5) | 0.55 | 0.73 | 0.75 | 1.33 | 3.36 |
| 1.09 | 0.92 | 1.46 | 1.41 | 4.88 |
(1)Petroleum product and chemical prime product sales data reported net of purchases/sales contracts with the same counterparty.
(2)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
(3)Gross profit equals sales and other operating revenue less estimated costs associated with products sold.
(4)Fourth quarter 2019 included a gain of $3,655 million on the sale of non-operated upstream assets in Norway.
(5)Computed using the average number of shares outstanding during each period. The sum of the four quarters may not add to the full year.
The principal market where ExxonMobil common stock (XOM) is traded is the New York Stock Exchange, although the stock is traded on other exchanges in and outside the United States.
There were 354,828 registered shareholders of ExxonMobil common stock at December 31, 2019. At January 31, 2020, the registered shareholders of ExxonMobil common stock numbered 352,585.
On January 29, 2020, the Corporation declared an $0.87 dividend per common share, payable March 10, 2020.
40
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FUNCTIONAL EARNINGS |
| 2019 |
| 2018 |
| 2017 | ||
|
|
|
| (millions of dollars, except per share amounts) | ||||
Earnings (U.S. GAAP) |
|
|
|
|
|
| ||
Upstream |
|
|
|
|
|
| ||
| United States |
| 536 |
| 1,739 |
| 6,622 | |
| Non-U.S. |
| 13,906 |
| 12,340 |
| 6,733 | |
Downstream |
|
|
|
|
|
| ||
| United States |
| 1,717 |
| 2,962 |
| 1,948 | |
| Non-U.S. |
| 606 |
| 3,048 |
| 3,649 | |
Chemical |
|
|
|
|
|
| ||
| United States |
| 206 |
| 1,642 |
| 2,190 | |
| Non-U.S. |
| 386 |
| 1,709 |
| 2,328 | |
Corporate and financing |
| (3,017) |
| (2,600) |
| (3,760) | ||
|
| Net income attributable to ExxonMobil (U.S. GAAP) |
| 14,340 |
| 20,840 |
| 19,710 |
|
|
|
|
|
|
|
|
|
Earnings per common share |
| 3.36 |
| 4.88 |
| 4.63 | ||
Earnings per common share – assuming dilution |
| 3.36 |
| 4.88 |
| 4.63 |
FUNCTIONAL EARNINGS | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars, except per share amounts) | |||||||||||||||||
Earnings (Loss) (U.S. GAAP) | |||||||||||||||||
Upstream | |||||||||||||||||
United States | (19,385) | 536 | 1,739 | ||||||||||||||
Non-U.S. | (645) | 13,906 | 12,340 | ||||||||||||||
Downstream | |||||||||||||||||
United States | (852) | 1,717 | 2,962 | ||||||||||||||
Non-U.S. | (225) | 606 | 3,048 | ||||||||||||||
Chemical | |||||||||||||||||
United States | 1,277 | 206 | 1,642 | ||||||||||||||
Non-U.S. | 686 | 386 | 1,709 | ||||||||||||||
Corporate and financing | (3,296) | (3,017) | (2,600) | ||||||||||||||
Net income (loss) attributable to ExxonMobil (U.S. GAAP) | (22,440) | 14,340 | 20,840 | ||||||||||||||
Earnings (Loss) per common share | (5.25) | 3.36 | 4.88 | ||||||||||||||
Earnings (Loss) per common share – assuming dilution | (5.25) | 3.36 | 4.88 |
Statements in this discussion related to outlooks,
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
BUSINESS ENVIRONMENT AND RISK ASSESSMENT
42
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The world’s energy mix is highly diverse and will remain so through 2040. Oil is expected to remain the largest source of energy with its share remaining close to 30 percent in 2040. Coal is currently the second largest source of energy, but it is likely to lose that position to natural gas in the 2020-2025 timeframe.next few years. The share of natural gas is expected to reach aboutmore than 25 percent by 2040, while the share of coal falls to about 20 percent.two thirds of the natural gas share. Nuclear power is projected to grow significantly, as many nations are likely to expand nuclear capacity to address rising electricity needs as well as energy security and environmental issues. Total renewable energy is likely to exceed 15 percent of global energy by 2040, with biomass, hydro and geothermal contributing a combined share of more than 10 percent. Total energy supplied from wind, solar and biofuels is expected to increase rapidly, growing nearly 250over 350 percent from 20172018 to 2040, when they will likely be just over 56 percent of the world energy mix.
they mature to commercialization.
43
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; performance of enhanced oil recovery projects; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment; and other factors described in Item 1A. Risk Factors.
Gulf Coast markets.
ExxonMobil’s fundamental
returns.
down 5 to 10 percent versus 2019.
different market conditions.
44
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
TheExxonMobil continually evaluates the Downstream portfolio is continually evaluated during all partsphases of the business cycle, andwhich has resulted in numerous asset divestments have been made over the past decade.decade to strengthen overall profitability and resiliency. When investing in the Downstream, ExxonMobil remains focused on selectiveselect and resilient projects. The three key projects thatacross a broad range of market conditions. In 2020, the Strathcona Cogeneration project started up atto improve refinery energy efficiency and reduce greenhouse gas emissions. In addition, the endmain segment of 2018 (Antwerp coker, Rotterdam advanced hydrocracker and Beaumont hydrofiner) have added incremental earnings in 2019 to the Downstream by upgrading resid and intermediates into high value clean products and basestocks. Four other strategic projects have been approved during the first half of 2019. The Singapore resid upgrade project will use proprietary technology to upgrade the resid streams from the refinery and chemical plant into clean fuels and basestocks; the Fawley hydrofiner will upgrade high sulfur distillates into finished diesel and the project will also strengthen the logistics into the UK market; the Beaumont light crude expansion will enable the site to increase the processing capability of advantaged tight oil crudes; and finally, the Wink to Webster pipeline system, operated by ExxonMobil Pipeline Company, started transporting Permian crude from Midland to Houston. Finally, deferral costs associated with pacing previously announced Downstream projects will provide efficient transportation of more than 1 million barrels per day of crude oil frombe offset with efficiencies captured during the Permian to the Houston refining center.
market downturn.
Demand
optimization. This, in addition to our outstanding safety and reliability performance and structural cost improvement, delivered industry leading earnings.
These competitive advantages enable us to continue to invest in projects that are robust to the chemical market cycles. In 2019, we started up the expansion of the polyethylene plant in Beaumont, Texas ahead of schedule, capitalizing on advantaged feedstock and energy supplies in North America. This capacity, together with the world-scale Baytown polyethylene lines started up in 2017, help to meet the rapidly growing global demand for performance polymers. We also made full funding decisions for a suite of Chemical projects. A 450-thousand-tonnes-per-year performance polypropylene line will add to our existing polypropylene capacity in Baton Rouge. The Baytown Chemical Expansion Project broke ground in 2019, and includes a 400-thousand-tonnes-per-year Vistamaxx performance polymer unit and a 350-thousand-tonnes-per-year linear alpha olefins unit, further expanding ExxonMobil’s product portfolio. Construction also began in San Patricio County, Texas2020, construction progressed on our joint venture ethane cracker and associated derivative units.units near Corpus Christi, Texas. The project is below budget and expected to start up ahead of schedule in the fourth quarter of 2021. We made the decision to slow the pace of other U.S. Gulf Coast growth projects, capturing current market efficiencies to offset deferral costs. In addition, we continued to progress plans for a world-scale steam cracker and performance derivative units in Guangdong Province, China.
45
REVIEW OF 2019 AND 2018 RESULTS 2019 2018 2017 (millions of dollars) Earnings (U.S. GAAP) Net income attributable to ExxonMobil (U.S. GAAP) 14,340 20,840 19,710 Upstream 2019 2018 2017 (millions of dollars) Upstream United States 536 1,739 6,622 Non-U.S. 13,906 12,340 6,733 Total 14,442 14,079 13,355
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Earnings (Loss) (U.S. GAAP) | |||||||||||||||||
Net income (loss) attributable to ExxonMobil (U.S. GAAP) | (22,440) | 14,340 | 20,840 |
Upstream | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Upstream | |||||||||||||||||
United States | (19,385) | 536 | 1,739 | ||||||||||||||
Non-U.S. | (645) | 13,906 | 12,340 | ||||||||||||||
Total | (20,030) | 14,442 | 14,079 |
Lower realizations reduced earnings by $2.7 billion.
2018
Upstream earnings were $14,079 million, up $724 million from 2017.
Higher realizations increased earnings by $7 billion.
Unfavorable volume and mix effects decreased earnings by $240 million.
All other items decreased earnings by $6.1 billion, primarily due to lower favorable impacts of $6.9 billion from U.S. tax reform, partly offset by lower asset impairments of $1.1 billion.
U.S. Upstream earnings were $1,739 million, including asset impairments of $297 million.
Non-U.S. Upstream earnings were $12,340 million, including a favorable impact of $271 million from U.S. tax reform.
On an oil-equivalent basis, production of 3.8 million barrels per day was down 4 percent compared to 2017.
Liquids production of 2.3 million barrels per day decreased 17,000 barrels per day as growth in North America was more than offset by decline, lower entitlements, and divestments.
Natural gas production of 9.4 billion cubic feet per day decreased 806 million cubic feet per day from 2017 due to decline, lower entitlements, divestments, and higher downtime.
46
Upstream Additional Information 2019 2018 (thousands of barrels daily) Volumes Reconciliation (Oil-equivalent production) (1) Prior Year 3,833 3,985 Entitlements - Net Interest (1) (3) Entitlements - Price / Spend / Other 34 (68) Quotas - - Divestments (27) (58) Growth / Other 113 (23) Current Year 3,952 3,833 (1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Upstream Additional Information | |||||||||||
2020 | 2019 | ||||||||||
(thousands of barrels daily) | |||||||||||
Volumes Reconciliation (Oil-equivalent production) (1) | |||||||||||
Prior Year | 3,952 | 3,833 | |||||||||
Entitlements - Net Interest | (9) | (1) | |||||||||
Entitlements - Price / Spend / Other | 67 | 34 | |||||||||
Government Mandates | (110) | (3) | |||||||||
Divestments | (151) | (27) | |||||||||
Growth / Other | 12 | 116 | |||||||||
Current Year | 3,761 | 3,952 | |||||||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
QuotasGovernment Mandates are changes in ExxonMobil’s allowableto ExxonMobil's sustainable production arising fromlevels due to temporary non-operational production constraintslimits imposed by countries which are membersgovernments, generally upon a sector, type or method of the Organization of the Petroleum Exporting Countries (OPEC). Volumes reported in this category would have been readily producible in the absence of the quota.production.
47
Downstream 2019 2018 2017 (millions of dollars) Downstream United States 1,717 2,962 1,948 Non-U.S. 606 3,048 3,649 Total 2,323 6,010 5,597
Downstream | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Downstream | |||||||||||||||||
United States | (852) | 1,717 | 2,962 | ||||||||||||||
Non-U.S. | (225) | 606 | 3,048 | ||||||||||||||
Total | (1,077) | 2,323 | 6,010 |
Margins decreased earnings by $3 billion including the impact of lower North American crude differentials.
2018
Downstream earnings of $6,010 million increased $413 million from 2017.
Margins increased earnings by $660 million primarily due to the capture of North American crude differentials.
Volume and mix effects increased earnings by $650 million due to improved yield/sales mix.
All other items decreased earnings by $900 million, mainly driven by the absence of favorable U.S. tax reform impacts of $618 million, unfavorable foreign exchange impacts, and higher downtime/maintenance, partly offset by higher divestment gains and favorable tax impacts.
U.S. Downstream earnings were $2,962 million, compared to $1,948 million in the prior year which included a favorable impact of $618 million from U.S. tax reform.
Non-U.S. Downstream earnings were $3,048 million, compared to $3,649 million in the prior year.
Petroleum product sales of 5.5 million barrels per day were 18,000 barrels per day lower than 2017.
48
Chemical 2019 2018 2017 (millions of dollars) Chemical United States 206 1,642 2,190 Non-U.S. 386 1,709 2,328 Total 592 3,351 4,518
Chemical | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Chemical | |||||||||||||||||
United States | 1,277 | 206 | 1,642 | ||||||||||||||
Non-U.S. | 686 | 386 | 1,709 | ||||||||||||||
Total | 1,963 | 592 | 3,351 |
Weaker margins decreased earnings by $1.8 billion.
2018
Chemical earnings of $3,351
Corporate and Financing | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Corporate and financing | (3,296) | (3,017) | (2,600) |
Weaker margins decreased earnings by $910 million.
Volume and mix effects increased earnings by $280 million, primarilyin 2019, with the increase mainly due to sales growth.
All other items decreased earnings by $540 million, primarily due to the absence of favorable impacts from U.S. tax reform of $335 million, higher downtime/maintenance,financing costs and growth-related expenses,employee severance costs, partly offset by a favorable tax item and favorable foreign exchange impacts.
U.S. Chemical earnings were $1,642 million in 2018, compared with $2,190 million in the prior year which included $335 million in favorable impacts from U.S. tax reform.
Non-U.S. Chemical earnings were $1,709 million, compared with $2,328 million in the prior year.
Prime product sales of 26.9 million metric tons were up 1.4 million metric tons from 2017.
Corporate and Financing |
|
| ||||
|
| 2019 |
| 2018 |
| 2017 |
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
Corporate and financing |
| (3,017) |
| (2,600) |
| (3,760) |
lower corporate costs.
2018
Corporate and financing expenses were $2,600 million in 2018 compared to $3,760 million in 2017, with the decrease mainly due to the absence of prior year unfavorable impacts of $2.1 billion from U.S. tax reform, partly offset by higher pension and financing related costs, the lower U.S. tax rate, and lower net favorable tax items.
49
LIQUIDITY AND CAPITAL RESOURCES Sources and Uses of Cash 2019 2018 2017 (millions of dollars) Net cash provided by/(used in) Operating activities 29,716 36,014 30,066 Investing activities (23,084) (16,446) (15,730) Financing activities (6,618) (19,446) (15,130) Effect of exchange rate changes 33 (257) 314 Increase/(decrease) in cash and cash equivalents 47 (135) (480) (December 31) Total cash and cash equivalents 3,089 3,042 3,177
LIQUIDITY AND CAPITAL RESOURCES | |||||||||||||||||
Sources and Uses of Cash | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Net cash provided by/(used in) | |||||||||||||||||
Operating activities | 14,668 | 29,716 | 36,014 | ||||||||||||||
Investing activities | (18,459) | (23,084) | (16,446) | ||||||||||||||
Financing activities | 5,285 | (6,618) | (19,446) | ||||||||||||||
Effect of exchange rate changes | (219) | 33 | (257) | ||||||||||||||
Increase/(decrease) in cash and cash equivalents | 1,275 | 47 | (135) | ||||||||||||||
(December 31) | |||||||||||||||||
Total cash and cash equivalents | 4,364 | 3,089 | 3,042 |
Total cash and cash equivalents were $3.0 billion at the end of 2018, down $0.1 billion from the prior year. The major sources of funds in 2018 were net income including noncontrolling interests of $21.4 billion, the adjustment for the noncash provision of $18.7 billion for depreciation and depletion, and proceeds from asset sales of $4.1 billion. The major uses of funds included spending for additions to property, plant and equipment of $19.6 billion, dividends to shareholders of $13.8 billion, net debt repayments of $4.9 billion, an increase in inventories of $3.1 billion, the adjustment for net gains on asset sales of $2.0 billion, and additional investments and advances of $2.0 billion.
credit.
50
2018
Cash provided by operating activities totaled $36.0 billion in 2018, $5.9 billion higher than 2017. The major source of funds was net income including noncontrolling interests of $21.4 billion, an increase of $1.6 billion. The noncash provision for depreciation and depletion was $18.7 billion, down $1.1 billion from the prior year. The adjustment for the net gain on asset sales was $2.0 billion, an increase of $1.7 billion. The adjustment for dividends received less than equity in current earnings of equity companies was a reduction of $1.7 billion, compared to an increase of $0.1 billion in 2017. The adjustment for deferred income tax credits was $0.1 billion, compared to $8.6 billion in 2017. Changes in operational working capital, excluding cash and debt, decreased cash in 2018 by $1.4 billion.
2018
Cash used in investing activities netted to $16.4 billion in 2018, $0.7 billion higher than 2017. Spending for property, plant and equipment of $19.6 billion increased $4.2 billion from 2017. Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments of $4.1 billion compared to $3.1 billion in 2017. Additional investments and advances were $3.5 billion lower in 2018, while proceeds from other investing activities including collection of advances decreased by $1.1 billion.
51
2018
Cash used in financing activities was $19.4 billion in 2018, $4.3 billion higher than 2017. Dividend payments on common shares increased to $3.23 per share from $3.06 per share and totaled $13.8 billion. Total debt decreased $4.5 billion to $37.8 billion at year-end. The reduction was principally driven by net short-term debt and commercial paper repayments of $5.0 billion.
ExxonMobil share of equity increased $4.1 billion to $191.8 billion. The addition to equity for earnings was $20.8 billion. This was partly offset by reductions for distributions to ExxonMobil shareholders of $13.8 billion, all in the form of dividends. Foreign exchange translation effects of $4.4 billion for the stronger U.S. currency reduced equity, while a $1.1 billion change in the funded status of the postretirement benefits reserves increased equity.
During 2018, Exxon Mobil Corporation acquired 8 million shares of its common stock for the treasury. Purchases were made to offset shares or units settled in shares issued in conjunction with the company’s benefit plans and programs. Shares outstanding decreased from 4,239 million to 4,237 million at the end of 2018.
52
|
| Payments Due by Period | ||||||||||
|
| Note |
|
|
|
|
|
|
| 2025 |
|
|
|
| Reference |
|
|
| 2021- |
| 2023- |
| and |
|
|
Commitments | Number |
| 2020 |
| 2022 |
| 2024 |
| Beyond |
| Total | |
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt excluding finance lease obligations (1) | 6, 14 |
| 1,617 |
| 6,119 |
| 3,391 |
| 15,162 |
| 26,289 | |
Asset retirement obligations (2) | 9 |
| 1,001 |
| 1,027 |
| 806 |
| 8,446 |
| 11,280 | |
Pension and other postretirement obligations (3) | 17 |
| 2,332 |
| 1,777 |
| 1,735 |
| 16,169 |
| 22,013 | |
Lease commitments (4) | 11 |
|
|
|
|
|
|
|
|
|
| |
| Operating and finance leases - commenced |
|
| 1,632 |
| 2,468 |
| 1,313 |
| 2,188 |
| 7,601 |
| Operating and finance leases - not yet commenced |
|
| 327 |
| 569 |
| 1,046 |
| 2,627 |
| 4,569 |
Take-or-pay and unconditional purchase obligations (5) |
|
| 3,836 |
| 7,093 |
| 5,580 |
| 17,148 |
| 33,657 | |
Firm capital commitments (6) |
|
| 10,982 |
| 5,278 |
| 1,149 |
| 686 |
| 18,095 |
Payments Due by Period | |||||||||||||||||||||||||||||||||||
Commitments | Note Reference Number | 2021 | 2022- 2023 | 2024- 2025 | 2026 and Beyond | Total | |||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||
Long-term debt excluding finance lease obligations (1) | 6, 14 | 2,828 | 7,364 | 8,640 | 29,263 | 48,095 | |||||||||||||||||||||||||||||
Asset retirement obligations (2) | 9 | 689 | 1,203 | 1,005 | 8,350 | 11,247 | |||||||||||||||||||||||||||||
Pension and other postretirement obligations (3) | 17 | 1,860 | 1,576 | 1,530 | 16,495 | 21,461 | |||||||||||||||||||||||||||||
Lease commitments (4) | 11 | ||||||||||||||||||||||||||||||||||
Operating and finance leases - commenced | 1,558 | 2,163 | 1,358 | 2,004 | 7,083 | ||||||||||||||||||||||||||||||
Operating and finance leases - not yet commenced | 192 | 1,081 | 495 | 2,786 | 4,554 | ||||||||||||||||||||||||||||||
Take-or-pay and unconditional purchase obligations (5) | 4,155 | 7,246 | 5,626 | 16,932 | 33,959 | ||||||||||||||||||||||||||||||
Firm capital commitments (6) | 6,027 | 4,469 | 1,689 | 599 | 12,784 |
53
|
| 2019 |
| 2018 |
| 2017 |
Debt to capital (percent) |
| 19.1 |
| 16.0 |
| 17.9 |
Net debt to capital (percent) |
| 18.1 |
| 14.9 |
| 16.8 |
2020 | 2019 | 2018 | |||||||||||||||
Debt to capital (percent) | 29.2 | 19.1 | 16.0 | ||||||||||||||
Net debt to capital (percent) | 27.8 | 18.1 | 14.9 |
2020 | 2019 | ||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||
Upstream (1) | 6,817 | 7,614 | 14,431 | 11,653 | 11,832 | 23,485 | |||||||||||||||||||||||||||||
Downstream | 2,344 | 1,877 | 4,221 | 2,353 | 2,018 | 4,371 | |||||||||||||||||||||||||||||
Chemical | 2,002 | 714 | 2,716 | 2,547 | 718 | 3,265 | |||||||||||||||||||||||||||||
Other | 6 | — | 6 | 27 | — | 27 | |||||||||||||||||||||||||||||
Total | 11,169 | 10,205 | 21,374 | 16,580 | 14,568 | 31,148 |
|
| 2019 |
| 2018 | ||||||||
|
| U.S. | Non-U.S. | Total |
| U.S. | Non-U.S. | Total | ||||
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream (1) | 11,653 |
| 11,832 |
| 23,485 |
| 7,670 |
| 12,524 |
| 20,194 | |
Downstream | 2,353 |
| 2,018 |
| 4,371 |
| 1,186 |
| 2,243 |
| 3,429 | |
Chemical | 2,547 |
| 718 |
| 3,265 |
| 1,747 |
| 488 |
| 2,235 | |
Other | 27 |
| - |
| 27 |
| 65 |
| - |
| 65 | |
| Total | 16,580 |
| 14,568 |
| 31,148 |
| 10,668 |
| 15,255 |
| 25,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Exploration expenses included. |
|
|
|
|
|
|
|
|
54
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Upstream spending of $23.5$14.4 billion in 20192020 was up 16down 39 percent from 2018.2019 in response to market conditions. Investments in 20192020 included growth in the U.S. Permian Basin and key development projects in Guyana and Mozambique.Guyana. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. The percentage of proved developed reserves was 6667 percent of total proved reserves at year-end 2019,2020, and has been over 60 percent for the last ten years.
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Income taxes | (5,632) | 5,282 | 9,532 | ||||||||||||||
Effective income tax rate | 17 | % | 34 | % | 37 | % | |||||||||||
Total other taxes and duties | 28,425 | 33,186 | 35,230 | ||||||||||||||
Total | 22,793 | 38,468 | 44,762 |
TAXES |
|
|
|
|
|
| |
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
Income taxes |
| 5,282 |
| 9,532 |
| (1,174) | |
| Effective income tax rate |
| 34% |
| 37% |
| 5% |
Total other taxes and duties |
| 33,186 |
| 35,230 |
| 32,459 | |
| Total |
| 38,468 |
| 44,762 |
| 31,285 |
|
|
|
|
|
|
|
|
2020, a decrease of $15.7 billion from 2019. Income tax expense, both current and deferred, was a benefit of $5.6 billion compared to $5.3 billion expense in 2019. The relative benefit is driven by asset impairments recorded in 2020. The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil’s share of equity company income taxes, was 17 percent compared to 34 percent in the prior year due primarily to a change in mix of results in jurisdictions with varying tax rates. Total other taxes and duties of $28.4 billion in 2020 decreased $4.8 billion.
2018
Total taxes on the Corporation’s income statement were $44.8 billion in 2018, an increase of $13.5 billion from 2017. Income tax expense, both current and deferred, was $9.5 billion compared to a credit of $1.2 billion in 2017. The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil’s share of equity company income taxes, was 37 percent compared to 5 percent. The increase principally reflects the absence of the impact of U.S. tax reform in the prior year. Total other taxes and duties of $35.2 billion in 2018 increased $2.8 billion.
U.S. Tax Reform
Following the December 22, 2017, enactment of the U.S. Tax Cuts and Jobs Act, in accordance with Accounting Standard Codification Topic 740 (Income Taxes) and following the guidance outlined in the SEC Staff Accounting Bulletin No. 118, the Corporation included a $5,942 million credit in its 2017 results, representing a reasonable estimate of the income tax effects of the changes in tax law and tax rate. The Corporation’s results for 2018 include a $291 million tax credit, mainly in the Non-U.S. Upstream, reflecting an updated estimate of the impact of U.S. tax reform including clarifications provided in tax regulations issued by the U.S. Treasury. The Corporation completed its accounting for the enactment-date income tax effects of the U.S. Tax Cuts and Jobs Act in accordance with Accounting Standard Codification Topic 740 (Income Taxes) during 2018.
Environmental Expenditures |
|
|
|
| |
|
|
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Capital expenditures |
| 1,276 |
| 1,294 | |
Other expenditures |
| 3,969 |
| 3,558 | |
| Total |
| 5,245 |
| 4,852 |
2020 | 2019 | ||||||||||
(millions of dollars) | |||||||||||
Capital expenditures | 1,087 | 1,276 | |||||||||
Other expenditures | 3,389 | 3,969 | |||||||||
Total | 4,476 | 5,245 |
2019.
Worldwide Average Realizations (1) |
| 2019 |
| 2018 |
| 2017 |
|
|
| ||||
Crude oil and NGL ($ per barrel) |
| 56.32 |
| 62.79 |
| 48.91 |
Natural gas ($ per thousand cubic feet) |
| 3.05 |
| 3.87 |
| 3.04 |
|
|
|
|
|
|
|
(1) Consolidated subsidiaries. |
|
|
|
|
|
|
Worldwide Average Realizations (1) | 2020 | 2019 | 2018 | ||||||||||||||
Crude oil and NGL ($ per barrel) | 35.41 | 56.32 | 62.79 | ||||||||||||||
Natural gas ($ per thousand cubic feet) | 2.01 | 3.05 | 3.87 |
56
objectives.
57
RECENTLY ISSUED ACCOUNTING STANDARDSEffective January 1, 2020, the Corporation adopted the Financial Accounting Standards Board’s update, Financial Instruments – Credit Losses (Topic 326)
Proved oil and natural gas reserves are determined in accordance with Securities and Exchange Commission (SEC) requirements. Proved reserves are those quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible under existing economic and operating conditions and government regulations. Proved reserves are determined using the average of first-of-month oil and natural gas prices during the reporting year.
Unproved reserves are quantities of oil and natural gas with less than reasonable certainty of recoverability and include probable reserves. Probable reserves are reserves that, together with proved reserves, are as likely as not to be recovered.
58
a significant decrease in the market price of a long-lived asset;
59
Reserves section in Item 2.
60
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Consolidations
Consolidations
The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls. They also include the Corporation’s share of the undivided interest in certain upstream assets, liabilities, revenues and expenses. Amounts representing the Corporation’s interest in entities that it does not control, but over which it exercises significant influence, are accounted for using the equity method of accounting.
61
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Litigation Contingencies
62
Management, including the Corporation’s Chief Executive Officer, Principal Financial Officer, and Principal Accounting Officer, is responsible for establishing and maintaining adequate internal control over the Corporation’s financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that Exxon Mobil Corporation’s internal control over financial reporting was effective as of December 31, 2019.2020.
Darren W. Woods
| Andrew P. Swiger
| David S. Rosenthal
|
63
To the Board of Directors and Shareholders of Exxon Mobil Corporation
64
Definition and Limitations of Internal Control over Financial Reporting
they relate.
65
Impairment Assessment of Certain Upstream Property, Plant and Equipment, Net
66
|
|
| Note |
|
|
|
|
|
|
|
|
| Reference |
|
|
|
|
|
|
|
|
| Number |
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
| (millions of dollars) | ||||
Revenues and other income |
|
|
|
|
|
|
| ||
| Sales and other operating revenue |
|
| 255,583 |
| 279,332 |
| 237,162 | |
| Income from equity affiliates | 7 |
| 5,441 |
| 7,355 |
| 5,380 | |
| Other income |
|
| 3,914 |
| 3,525 |
| 1,821 | |
|
| Total revenues and other income |
|
| 264,938 |
| 290,212 |
| 244,363 |
Costs and other deductions |
|
|
|
|
|
|
| ||
| Crude oil and product purchases |
|
| 143,801 |
| 156,172 |
| 128,217 | |
| Production and manufacturing expenses |
|
| 36,826 |
| 36,682 |
| 32,690 | |
| Selling, general and administrative expenses |
|
| 11,398 |
| 11,480 |
| 10,649 | |
| Depreciation and depletion | 9 |
| 18,998 |
| 18,745 |
| 19,893 | |
| Exploration expenses, including dry holes |
|
| 1,269 |
| 1,466 |
| 1,790 | |
| Non-service pension and postretirement benefit expense | 17 |
| 1,235 |
| 1,285 |
| 1,745 | |
| Interest expense |
|
| 830 |
| 766 |
| 601 | |
| Other taxes and duties | 19 |
| 30,525 |
| 32,663 |
| 30,104 | |
|
| Total costs and other deductions |
|
| 244,882 |
| 259,259 |
| 225,689 |
Income before income taxes |
|
| 20,056 |
| 30,953 |
| 18,674 | ||
| Income taxes | 19 |
| 5,282 |
| 9,532 |
| (1,174) | |
Net income including noncontrolling interests |
|
| 14,774 |
| 21,421 |
| 19,848 | ||
| Net income attributable to noncontrolling interests |
|
| 434 |
| 581 |
| 138 | |
Net income attributable to ExxonMobil |
|
| 14,340 |
| 20,840 |
| 19,710 | ||
|
|
|
|
|
|
|
|
|
|
Earnings per common share (dollars) | 12 |
| 3.36 |
| 4.88 |
| 4.63 | ||
|
|
|
|
|
|
|
|
|
|
Earnings per common share - assuming dilution (dollars) | 12 |
| 3.36 |
| 4.88 |
| 4.63 |
Note
Reference
Number2020 2019 2018 (millions of dollars) Revenues and other income Sales and other operating revenue 178,574 255,583 279,332 Income from equity affiliates 7 1,732 5,441 7,355 Other income 1,196 3,914 3,525 Total revenues and other income 181,502 264,938 290,212 Costs and other deductions Crude oil and product purchases 94,007 143,801 156,172 Production and manufacturing expenses 30,431 36,826 36,682 Selling, general and administrative expenses 10,168 11,398 11,480 Depreciation and depletion (includes impairments) 3, 9 46,009 18,998 18,745 Exploration expenses, including dry holes 1,285 1,269 1,466 Non-service pension and postretirement benefit expense 17 1,205 1,235 1,285 Interest expense 1,158 830 766 Other taxes and duties 19 26,122 30,525 32,663 Total costs and other deductions 210,385 244,882 259,259 Income (Loss) before income taxes (28,883) 20,056 30,953 Income tax expense (benefit) 19 (5,632) 5,282 9,532 Net income (loss) including noncontrolling interests (23,251) 14,774 21,421 Net income (loss) attributable to noncontrolling interests (811) 434 581 Net income (loss) attributable to ExxonMobil (22,440) 14,340 20,840 12 (5.25) 3.36 4.88 12 (5.25) 3.36 4.88
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
| 14,774 |
| 21,421 |
| 19,848 | |||
Other comprehensive income (net of income taxes) |
|
|
|
|
|
| |||
| Foreign exchange translation adjustment |
| 1,735 |
| (5,077) |
| 5,352 | ||
| Adjustment for foreign exchange translation (gain)/loss |
|
|
|
|
|
| ||
|
| included in net income |
| - |
| 196 |
| 234 | |
| Postretirement benefits reserves adjustment (excluding amortization) |
| (2,092) |
| 280 |
| (219) | ||
| Amortization and settlement of postretirement benefits reserves |
|
|
|
|
|
| ||
|
| adjustment included in net periodic benefit costs |
| 582 |
| 931 |
| 1,165 | |
|
| Total other comprehensive income |
| 225 |
| (3,670) |
| 6,532 | |
Comprehensive income including noncontrolling interests |
| 14,999 |
| 17,751 |
| 26,380 | |||
| Comprehensive income attributable to noncontrolling interests |
| 588 |
| 174 |
| 693 | ||
Comprehensive income attributable to ExxonMobil |
| 14,411 |
| 17,577 |
| 25,687 |
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Net income (loss) including noncontrolling interests | (23,251) | 14,774 | 21,421 | ||||||||||||||
Other comprehensive income (loss) (net of income taxes) | |||||||||||||||||
Foreign exchange translation adjustment | 1,916 | 1,735 | (5,077) | ||||||||||||||
Adjustment for foreign exchange translation (gain)/loss included in net income | 14 | 0 | 196 | ||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 30 | (2,092) | 280 | ||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 896 | 582 | 931 | ||||||||||||||
Total other comprehensive income (loss) | 2,856 | 225 | (3,670) | ||||||||||||||
Comprehensive income (loss) including noncontrolling interests | (20,395) | 14,999 | 17,751 | ||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | (743) | 588 | 174 | ||||||||||||||
Comprehensive income (loss) attributable to ExxonMobil | (19,652) | 14,411 | 17,577 |
CONSOLIDATED BALANCE SHEET
|
|
|
| Note |
|
|
|
|
|
|
|
| Reference |
| Dec. 31 |
| Dec. 31 |
|
|
|
| Number |
| 2019 |
| 2018 |
|
|
|
|
|
| (millions of dollars) | ||
Assets |
|
|
|
|
| |||
| Current assets |
|
|
|
|
| ||
|
| Cash and cash equivalents |
|
| 3,089 |
| 3,042 | |
|
| Notes and accounts receivable, less estimated doubtful amounts | 6 |
| 26,966 |
| 24,701 | |
|
| Inventories |
|
|
|
|
| |
|
|
| Crude oil, products and merchandise | 3 |
| 14,010 |
| 14,803 |
|
|
| Materials and supplies |
|
| 4,518 |
| 4,155 |
|
| Other current assets |
|
| 1,469 |
| 1,272 | |
|
|
| Total current assets |
|
| 50,052 |
| 47,973 |
| Investments, advances and long-term receivables | 8 |
| 43,164 |
| 40,790 | ||
| Property, plant and equipment, at cost, less accumulated depreciation |
|
|
|
|
| ||
|
| and depletion | 9 |
| 253,018 |
| 247,101 | |
| Other assets, including intangibles, net |
|
| 16,363 |
| 10,332 | ||
|
|
| Total assets |
|
| 362,597 |
| 346,196 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
| |||
| Current liabilities |
|
|
|
|
| ||
|
| Notes and loans payable | 6 |
| 20,578 |
| 17,258 | |
|
| Accounts payable and accrued liabilities | 6 |
| 41,831 |
| 37,268 | |
|
| Income taxes payable |
|
| 1,580 |
| 2,612 | |
|
|
| Total current liabilities |
|
| 63,989 |
| 57,138 |
| Long-term debt | 14 |
| 26,342 |
| 20,538 | ||
| Postretirement benefits reserves | 17 |
| 22,304 |
| 20,272 | ||
| Deferred income tax liabilities | 19 |
| 25,620 |
| 27,244 | ||
| Long-term obligations to equity companies |
|
| 3,988 |
| 4,382 | ||
| Other long-term obligations |
|
| 21,416 |
| 18,094 | ||
|
|
| Total liabilities |
|
| 163,659 |
| 147,668 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies | 16 |
| - |
| - | |||
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
| |||
| Common stock without par value |
|
|
|
|
| ||
|
| (9,000 million shares authorized, 8,019 million shares issued) |
|
| 15,637 |
| 15,258 | |
| Earnings reinvested |
|
| 421,341 |
| 421,653 | ||
| Accumulated other comprehensive income |
|
| (19,493) |
| (19,564) | ||
| Common stock held in treasury |
|
|
|
|
| ||
|
| (3,785 million shares in 2019 and 3,782 million shares in 2018) |
|
| (225,835) |
| (225,553) | |
|
|
| ExxonMobil share of equity |
|
| 191,650 |
| 191,794 |
| Noncontrolling interests |
|
| 7,288 |
| 6,734 | ||
|
|
| Total equity |
|
| 198,938 |
| 198,528 |
|
|
| Total liabilities and equity |
|
| 362,597 |
| 346,196 |
Note
Reference
NumberDecember 31, 2020 December 31, 2019 (millions of dollars) Assets Current assets Cash and cash equivalents 4,364 3,089 Notes and accounts receivable - net 6 20,581 26,966 Inventories Crude oil, products and merchandise 3 14,169 14,010 Materials and supplies 4,681 4,518 Other current assets 1,098 1,469 Total current assets 44,893 50,052 Investments, advances and long-term receivables 8 43,515 43,164 Property, plant and equipment, at cost, less accumulated depreciation and depletion 9 227,553 253,018 Other assets, including intangibles - net 16,789 16,363 Total assets 332,750 362,597 Liabilities Current liabilities Notes and loans payable 6 20,458 20,578 Accounts payable and accrued liabilities 6 35,221 41,831 Income taxes payable 684 1,580 Total current liabilities 56,363 63,989 Long-term debt 14 47,182 26,342 Postretirement benefits reserves 17 22,415 22,304 Deferred income tax liabilities 19 18,165 25,620 Long-term obligations to equity companies 3,253 3,988 Other long-term obligations 21,242 21,416 Total liabilities 168,620 163,659 Commitments and contingencies 16 0 0 Equity 15,688 15,637 Earnings reinvested 383,943 421,341 Accumulated other comprehensive income (16,705) (19,493) (225,776) (225,835) ExxonMobil share of equity 157,150 191,650 Noncontrolling interests 6,980 7,288 Total equity 164,130 198,938 Total liabilities and equity 332,750 362,597
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
| Note |
|
|
|
|
|
|
|
|
|
|
| Reference |
|
|
|
|
|
|
|
|
|
|
| Number |
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
|
|
| (millions of dollars) | ||||
Cash flows from operating activities |
|
|
|
|
|
|
| ||||
| Net income including noncontrolling interests |
|
| 14,774 |
| 21,421 |
| 19,848 | |||
| Adjustments for noncash transactions |
|
|
|
|
|
|
| |||
|
| Depreciation and depletion | 9 |
| 18,998 |
| 18,745 |
| 19,893 | ||
|
| Deferred income tax charges/(credits) |
|
| (944) |
| (60) |
| (8,577) | ||
|
| Postretirement benefits expense |
|
|
|
|
|
|
| ||
|
|
| in excess of/(less than) net payments |
|
| 109 |
| 1,070 |
| 1,135 | |
|
| Other long-term obligation provisions |
|
|
|
|
|
|
| ||
|
|
| in excess of/(less than) payments |
|
| (3,038) |
| (68) |
| (610) | |
| Dividends received greater than/(less than) equity in current |
|
|
|
|
|
|
| |||
|
| earnings of equity companies |
|
| (936) |
| (1,684) |
| 131 | ||
| Changes in operational working capital, excluding cash and debt |
|
|
|
|
|
| ||||
|
| Reduction/(increase) | - Notes and accounts receivable |
|
| (2,640) |
| (545) |
| (3,954) | |
|
|
|
| - Inventories |
|
| 72 |
| (3,107) |
| (1,682) |
|
|
|
| - Other current assets |
|
| (234) |
| (25) |
| (117) |
|
| Increase/(reduction) | - Accounts and other payables |
|
| 3,725 |
| 2,321 |
| 5,104 | |
| Net (gain) on asset sales | 5 |
| (1,710) |
| (1,993) |
| (334) | |||
| All other items - net |
|
| 1,540 |
| (61) |
| (771) | |||
|
| Net cash provided by operating activities |
|
| 29,716 |
| 36,014 |
| 30,066 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
| ||||
| Additions to property, plant and equipment |
|
| (24,361) |
| (19,574) |
| (15,402) | |||
| Proceeds associated with sales of subsidiaries, property, plant |
|
|
|
|
|
|
| |||
|
| and equipment, and sales and returns of investments |
|
| 3,692 |
| 4,123 |
| 3,103 | ||
| Additional investments and advances |
|
| (3,905) |
| (1,981) |
| (5,507) | |||
| Other investing activities including collection of advances |
|
| 1,490 |
| 986 |
| 2,076 | |||
|
| Net cash used in investing activities |
|
| (23,084) |
| (16,446) |
| (15,730) | ||
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
| ||||
| Additions to long-term debt |
|
| 7,052 |
| 46 |
| 60 | |||
| Reductions in long-term debt |
|
| (1) |
| - |
| - | |||
| Additions to short-term debt |
|
| - |
| - |
| 1,735 | |||
| Reductions in short-term debt |
|
| (4,043) |
| (4,752) |
| (5,024) | |||
| Additions/(reductions) in commercial paper, and debt with |
|
|
|
|
|
|
| |||
|
| three months or less maturity | 5 |
| 5,654 |
| (219) |
| 2,181 | ||
| Cash dividends to ExxonMobil shareholders |
|
| (14,652) |
| (13,798) |
| (13,001) | |||
| Cash dividends to noncontrolling interests |
|
| (192) |
| (243) |
| (184) | |||
| Changes in noncontrolling interests |
|
| 158 |
| 146 |
| (150) | |||
| Common stock acquired |
|
| (594) |
| (626) |
| (747) | |||
|
| Net cash used in financing activities |
|
| (6,618) |
| (19,446) |
| (15,130) | ||
Effects of exchange rate changes on cash |
|
| 33 |
| (257) |
| 314 | ||||
Increase/(decrease) in cash and cash equivalents |
|
| 47 |
| (135) |
| (480) | ||||
Cash and cash equivalents at beginning of year |
|
| 3,042 |
| 3,177 |
| 3,657 | ||||
Cash and cash equivalents at end of year |
|
| 3,089 |
| 3,042 |
| 3,177 |
Note Reference Number 2020 2019 2018 (millions of dollars) Cash flows from operating activities Net income (loss) including noncontrolling interests (23,251) 14,774 21,421 Adjustments for noncash transactions Depreciation and depletion (includes impairments) 3, 9 46,009 18,998 18,745 Deferred income tax charges/(credits) 19 (8,856) (944) (60) 498 109 1,070 (1,269) (3,038) (68) 979 (936) (1,684) Changes in operational working capital, excluding cash and debt Reduction/(increase) - Notes and accounts receivable 5,384 (2,640) (545) - Inventories (315) 72 (3,107) - Other current assets 420 (234) (25) Increase/(reduction) - Accounts and other payables (7,142) 3,725 2,321 Net (gain)/loss on asset sales 5 4 (1,710) (1,993) All other items - net 2,207 1,540 (61) Net cash provided by operating activities 14,668 29,716 36,014 Cash flows from investing activities Additions to property, plant and equipment (17,282) (24,361) (19,574) 999 3,692 4,123 Additional investments and advances (4,857) (3,905) (1,981) Other investing activities including collection of advances 2,681 1,490 986 Net cash used in investing activities (18,459) (23,084) (16,446) Cash flows from financing activities Additions to long-term debt 23,186 7,052 46 Reductions in long-term debt (8) (1) 0 Reductions in short-term debt (1,703) (4,043) (4,752) 5 (1,334) 5,654 (219) Contingent consideration payments (21) 0 0 Cash dividends to ExxonMobil shareholders (14,865) (14,652) (13,798) Cash dividends to noncontrolling interests (188) (192) (243) Changes in noncontrolling interests 623 158 146 Common stock acquired (405) (594) (626) Net cash provided by (used in) financing activities 5,285 (6,618) (19,446) Effects of exchange rate changes on cash (219) 33 (257) Increase/(decrease) in cash and cash equivalents 1,275 47 (135) Cash and cash equivalents at beginning of year 3,089 3,042 3,177 Cash and cash equivalents at end of year 4,364 3,089 3,042
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ExxonMobil Share of Equity |
|
|
|
| ||||||||
|
|
|
|
|
|
| Accumulated | Common |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| Other |
| Stock | ExxonMobil | Non- |
|
| ||
|
|
|
| Common |
| Earnings | Comprehensive | Held in |
| Share of | controlling | Total | ||||
|
|
|
| Stock | Reinvested | Income |
| Treasury |
| Equity |
| Interests |
| Equity | ||
|
|
|
| (millions of dollars) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 |
| 12,157 |
| 407,831 |
| (22,239) |
| (230,424) |
| 167,325 |
| 6,505 |
| 173,830 | ||
| Amortization of stock-based awards |
| 801 |
| - |
| - |
| - |
| 801 |
| - |
| 801 | |
| Other |
| (380) |
| - |
| - |
| - |
| (380) |
| (52) |
| (432) | |
| Net income for the year |
| - |
| 19,710 |
| - |
| - |
| 19,710 |
| 138 |
| 19,848 | |
| Dividends - common shares |
| - |
| (13,001) |
| - |
| - |
| (13,001) |
| (184) |
| (13,185) | |
| Other comprehensive income |
| - |
| - |
| 5,977 |
| - |
| 5,977 |
| 555 |
| 6,532 | |
| Acquisitions, at cost |
| - |
| - |
| - |
| (828) |
| (828) |
| (150) |
| (978) | |
| Issued for acquisitions |
| 2,078 |
| - |
| - |
| 5,711 |
| 7,789 |
| - |
| 7,789 | |
| Dispositions |
| - |
| - |
| - |
| 295 |
| 295 |
| - |
| 295 | |
Balance as of December 31, 2017 |
| 14,656 |
| 414,540 |
| (16,262) |
| (225,246) |
| 187,688 |
| 6,812 |
| 194,500 | ||
| Amortization of stock-based awards |
| 758 |
| - |
| - |
| - |
| 758 |
| - |
| 758 | |
| Other |
| (156) |
| - |
| - |
| - |
| (156) |
| 436 |
| 280 | |
| Net income for the year |
| - |
| 20,840 |
| - |
| - |
| 20,840 |
| 581 |
| 21,421 | |
| Dividends - common shares |
| - |
| (13,798) |
| - |
| - |
| (13,798) |
| (243) |
| (14,041) | |
| Cumulative effect of accounting change |
| - |
| 71 |
| (39) |
| - |
| 32 |
| 15 |
| 47 | |
| Other comprehensive income |
| - |
| - |
| (3,263) |
| - |
| (3,263) |
| (407) |
| (3,670) | |
| Acquisitions, at cost |
| - |
| - |
| - |
| (626) |
| (626) |
| (460) |
| (1,086) | |
| Dispositions |
| - |
| - |
| - |
| 319 |
| 319 |
| - |
| 319 | |
Balance as of December 31, 2018 |
| 15,258 |
| 421,653 |
| (19,564) |
| (225,553) |
| 191,794 |
| 6,734 |
| 198,528 | ||
| Amortization of stock-based awards |
| 697 |
| - |
| - |
| - |
| 697 |
| - |
| 697 | |
| Other |
| (318) |
| - |
| - |
| - |
| (318) |
| 489 |
| 171 | |
| Net income for the year |
| - |
| 14,340 |
| - |
| - |
| 14,340 |
| 434 |
| 14,774 | |
| Dividends - common shares |
| - |
| (14,652) |
| - |
| - |
| (14,652) |
| (192) |
| (14,844) | |
| Other comprehensive income |
| - |
| - |
| 71 |
| - |
| 71 |
| 154 |
| 225 | |
| Acquisitions, at cost |
| - |
| - |
| - |
| (594) |
| (594) |
| (331) |
| (925) | |
| Dispositions |
| - |
| - |
| - |
| 312 |
| 312 |
| - |
| 312 | |
Balance as of December 31, 2019 |
| 15,637 |
| 421,341 |
| (19,493) |
| (225,835) |
| 191,650 |
| 7,288 |
| 198,938 |
|
|
|
|
| Held in |
|
|
Common Stock Share Activity |
| Issued |
| Treasury | Outstanding | ||
|
|
| (millions of shares) | ||||
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 |
| 8,019 |
| (3,871) |
| 4,148 | |
| Acquisitions |
| - |
| (10) |
| (10) |
| Issued for acquisitions |
| - |
| 96 |
| 96 |
| Dispositions |
| - |
| 5 |
| 5 |
Balance as of December 31, 2017 |
| 8,019 |
| (3,780) |
| 4,239 | |
| Acquisitions |
| - |
| (8) |
| (8) |
| Dispositions |
| - |
| 6 |
| 6 |
Balance as of December 31, 2018 |
| 8,019 |
| (3,782) |
| 4,237 | |
| Acquisitions |
| - |
| (8) |
| (8) |
| Dispositions |
| - |
| 5 |
| 5 |
Balance as of December 31, 2019 |
| 8,019 |
| (3,785) |
| 4,234 |
ExxonMobil Share of Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | 14,656 | 414,540 | (16,262) | (225,246) | 187,688 | 6,812 | 194,500 | ||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | 758 | — | — | — | 758 | — | 758 | ||||||||||||||||||||||||||||||||||
Other | (156) | — | — | — | (156) | 436 | 280 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the year | — | 20,840 | — | — | 20,840 | 581 | 21,421 | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (13,798) | — | — | (13,798) | (243) | (14,041) | ||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | 71 | (39) | — | 32 | 15 | 47 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | (3,263) | — | (3,263) | (407) | (3,670) | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | (626) | (626) | (460) | (1,086) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | 319 | 319 | — | 319 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 15,258 | 421,653 | (19,564) | (225,553) | 191,794 | 6,734 | 198,528 | ||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | 697 | — | — | — | 697 | — | 697 | ||||||||||||||||||||||||||||||||||
Other | (318) | — | — | — | (318) | 489 | 171 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the year | — | 14,340 | — | — | 14,340 | 434 | 14,774 | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (14,652) | — | — | (14,652) | (192) | (14,844) | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | 71 | — | 71 | 154 | 225 | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | (594) | (594) | (331) | (925) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | 312 | 312 | — | 312 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 15,637 | 421,341 | (19,493) | (225,835) | 191,650 | 7,288 | 198,938 | ||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | 696 | — | — | — | 696 | — | 696 | ||||||||||||||||||||||||||||||||||
Other | (645) | — | — | — | (645) | 692 | 47 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the year | — | (22,440) | — | — | (22,440) | (811) | (23,251) | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (14,865) | — | — | (14,865) | (188) | (15,053) | ||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | (93) | 0 | — | (93) | (1) | (94) | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | 2,788 | — | 2,788 | 68 | 2,856 | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | (405) | (405) | (68) | (473) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | 464 | 464 | — | 464 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 15,688 | 383,943 | (16,705) | (225,776) | 157,150 | 6,980 | 164,130 |
Common Stock Share Activity | Issued | Held in Treasury | Outstanding | ||||||||||||||
(millions of shares) | |||||||||||||||||
Balance as of December 31, 2017 | 8,019 | (3,780) | 4,239 | ||||||||||||||
Acquisitions | — | (8) | (8) | ||||||||||||||
Dispositions | — | 6 | 6 | ||||||||||||||
Balance as of December 31, 2018 | 8,019 | (3,782) | 4,237 | ||||||||||||||
Acquisitions | — | (8) | (8) | ||||||||||||||
Dispositions | — | 5 | 5 | ||||||||||||||
Balance as of December 31, 2019 | 8,019 | (3,785) | 4,234 | ||||||||||||||
Acquisitions | — | (8) | (8) | ||||||||||||||
Dispositions | — | 7 | 7 | ||||||||||||||
Balance as of December 31, 2020 | 8,019 | (3,786) | 4,233 |
71
The accompanying consolidated financial statements and the supporting and supplemental material are the responsibility of the management of Exxon Mobil Corporation.
72
Income and Other Taxes
73
To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes.
74
The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932, and relies in part on the Corporation’s planning and budgeting cycle. If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the Corporation’s assumptions which are developed in the annual planning and budgeting process, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the Corporation’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs, and foreign currency exchange rates. Volumes are based on projected field and facility production profiles, throughput, or sales. Management’s estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. Cash flow estimates for impairment testing exclude the effects of derivative instruments.
Other. Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the Corporation. Losses on properties sold are recognized when incurred or when the properties are held for sale and the fair value of the properties is less than the carrying value.
Asset Retirement Obligations and
The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value.
75
2. Accounting Changes
Effective January 1, 2019, the Corporation adopted the Financial Accounting Standards Board’s Standard, Leases (Topic 842), as amended. The standard requires all leases to be recorded on the balance sheet as a right of use asset and a lease liability. The Corporation used a transition method that applies the new lease standard at January 1, 2019. The Corporation applied a policy election to exclude short-term leases from balance sheet recognition and also elected certain practical expedients at adoption. As permitted, the Corporation did not reassess whether existing contracts are or contain leases, the lease classification for any existing leases, initial direct costs for any existing lease and whether existing land easements and rights of way, which were not previously accounted for as leases, are or contain a lease. At adoption on January 1, 2019, an operating lease liability of $3.3 billion was recorded and the operating lease right of use asset was $4.3 billion, including $1.0 billion of previously recorded prepaid leases. There was no cumulative earnings effect adjustment.
assets. Among these exposures are unfunded loans to equity companies and financial guarantees that cannot be cancelled unilaterally by the Corporation.
Allowance for Current Expected Credit Losses | |||||||||||||||||||||||||||||
Notes and Accounts Receivable | Advances and Long-Term Receivables | Liabilities for Off- Balance Sheet Assets | |||||||||||||||||||||||||||
Trade | Other | Total | |||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 34 | 56 | 413 | 0 | 503 | ||||||||||||||||||||||||
Cumulative effect of accounting change | 52 | 6 | 39 | 12 | 109 | ||||||||||||||||||||||||
Current period provision | 9 | 15 | (9) | (1) | 14 | ||||||||||||||||||||||||
Write-offs charged against the allowance | (2) | (3) | 0 | — | (5) | ||||||||||||||||||||||||
Other | 2 | (3) | 3 | 0 | 2 | ||||||||||||||||||||||||
Balance at December 31, 2020 | 95 | 71 | 446 | 11 | 623 | ||||||||||||||||||||||||
Balance at December 31, 2020 | |||||||||||||||||||||||||||||
Financial Assets subject to credit losses standard - net | 16,250 | 1,962 | 9,447 |
2018.
In 2019, 2018, and 2017, net income included gains of $41 million, $523 million, and $107 million, and a loss of $10 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $9.7$5.4 billion and $8.2$9.7 billion at December 31, 2020, and 2019, and 2018, respectively.
|
|
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Crude oil |
| 5,111 |
| 4,783 | |
Petroleum products |
| 5,281 |
| 5,666 | |
Chemical products |
| 3,240 |
| 3,821 | |
Gas/other |
| 378 |
| 533 | |
| Total |
| 14,010 |
| 14,803 |
76
Dec 31, 2020 | Dec 31, 2019 | ||||||||||
(millions of dollars) | |||||||||||
Crude oil | 5,354 | 5,111 | |||||||||
Petroleum products | 5,138 | 5,281 | |||||||||
Chemical products | 3,023 | 3,240 | |||||||||
Gas/other | 654 | 378 | |||||||||
Total | 14,169 | 14,010 |
4.Other Comprehensive Income Information
|
|
| Cumulative |
| Post- |
|
| ||
|
|
| Foreign |
| retirement |
|
| ||
|
|
| Exchange |
| Benefits |
|
| ||
ExxonMobil Share of Accumulated Other | Translation |
| Reserves |
|
| ||||
Comprehensive Income | Adjustment |
| Adjustment |
| Total | ||||
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 | (14,501) |
|
| (7,738) |
|
| (22,239) | ||
Current period change excluding amounts reclassified |
|
|
|
|
|
|
| ||
| from accumulated other comprehensive income | 4,879 |
|
| (170) |
|
| 4,709 | |
Amounts reclassified from accumulated other |
|
|
|
|
|
|
| ||
| comprehensive income | 140 |
|
| 1,128 |
|
| 1,268 | |
Total change in accumulated other comprehensive income | 5,019 |
|
| 958 |
|
| 5,977 | ||
Balance as of December 31, 2017 | (9,482) |
|
| (6,780) |
|
| (16,262) | ||
|
|
|
|
|
|
|
|
|
|
Current period change excluding amounts reclassified |
|
|
|
|
|
|
| ||
| from accumulated other comprehensive income | (4,595) |
|
| 201 |
|
| (4,394) | |
Amounts reclassified from accumulated other |
|
|
|
|
|
|
| ||
| comprehensive income | 196 |
|
| 896 |
|
| 1,092 | |
Total change in accumulated other comprehensive income | (4,399) |
|
| 1,097 |
|
| (3,302) | ||
Balance as of December 31, 2018 | (13,881) |
|
| (5,683) |
|
| (19,564) | ||
|
|
|
|
|
|
|
|
|
|
Current period change excluding amounts reclassified |
|
|
|
|
|
|
| ||
| from accumulated other comprehensive income | 1,435 |
|
| (1,927) |
|
| (492) | |
Amounts reclassified from accumulated other |
|
|
|
|
|
|
| ||
| comprehensive income | - |
|
| 563 |
|
| 563 | |
Total change in accumulated other comprehensive income | 1,435 |
|
| (1,364) |
|
| 71 | ||
Balance as of December 31, 2019 | (12,446) |
|
| (7,047) |
|
| (19,493) |
Amounts Reclassified Out of Accumulated Other |
|
|
|
|
|
| ||
Comprehensive Income - Before-tax Income/(Expense) |
| 2019 |
| 2018 |
| 2017 | ||
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
Foreign exchange translation gain/(loss) included in net income |
|
|
|
|
|
| ||
| (Statement of Income line: Other income) |
| - |
| (196) |
| (234) | |
Amortization and settlement of postretirement benefits reserves |
|
|
|
|
|
| ||
| adjustment included in net periodic benefit costs |
|
|
|
|
|
| |
| (Statement of Income line: Non-service pension and postretirement |
|
|
|
|
|
| |
| benefit expense) |
| (751) |
| (1,208) |
| (1,656) |
Income Tax (Expense)/Credit For |
|
|
|
|
| ||
Components of Other Comprehensive Income | 2019 |
| 2018 |
| 2017 | ||
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
Foreign exchange translation adjustment | 88 |
| 32 |
| 67 | ||
Postretirement benefits reserves adjustment (excluding amortization) | 719 |
| (193) |
| 201 | ||
Amortization and settlement of postretirement benefits reserves |
|
|
|
|
| ||
| adjustment included in net periodic benefit costs | (169) |
| (277) |
| (491) | |
Total | 638 |
| (438) |
| (223) |
ExxonMobil Share of Accumulated Other
Comprehensive IncomeCumulative Foreign Exchange Translation Adjustment Postretirement Benefits Reserves Adjustment Total (millions of dollars) Balance as of December 31, 2017 (9,482) (6,780) (16,262) Current period change excluding amounts reclassified from accumulated other comprehensive income (4,595) 201 (4,394) Amounts reclassified from accumulated other comprehensive income 196 896 1,092 Total change in accumulated other comprehensive income (4,399) 1,097 (3,302) Balance as of December 31, 2018 (13,881) (5,683) (19,564) Current period change excluding amounts reclassified from accumulated other comprehensive income 1,435 (1,927) (492) Amounts reclassified from accumulated other comprehensive income 0 563 563 Total change in accumulated other comprehensive income 1,435 (1,364) 71 Balance as of December 31, 2019 (12,446) (7,047) (19,493) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 1,818 95 1,913 Amounts reclassified from accumulated other comprehensive income 14 861 875 Total change in accumulated other comprehensive income 1,832 956 2,788 Balance as of December 31, 2020 (10,614) (6,091) (16,705)
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Foreign exchange translation gain/(loss) included in net income (Statement of Income line: Other income) | (14) | 0 | (196) | ||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (Statement of Income line: Non-service pension and postretirement benefit expense) | (1,158) | (751) | (1,208) |
Income Tax (Expense)/Credit For Components of Other Comprehensive Income | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Foreign exchange translation adjustment | 118 | 88 | 32 | ||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 109 | 719 | (193) | ||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (262) | (169) | (277) | ||||||||||||||
Total | (35) | 638 | (438) |
5. Cash Flow Information
In 2017, the Corporation completed the acquisitions of InterOil Corporation, mostly unproved properties in Papua New Guinea, for $2.7 billion and of companies that own mostly unproved oil and gas properties in the Permian Basin and other assets for $6.2 billion. These transactions included a significant noncash component associated with the issuance of a total of 96 million shares of Exxon Mobil Corporation common stock in acquisition consideration, having a total acquisition date value of $7.8 billion.
|
| 2019 |
| 2018 |
| 2017 |
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
Income taxes paid |
| 7,018 |
| 9,294 |
| 7,510 |
Cash interest paid |
|
|
|
|
|
|
Included in cash flows from operating activities |
| 560 |
| 303 |
| 383 |
Capitalized, included in cash flows from investing activities |
| 731 |
| 652 |
| 749 |
Total cash interest paid |
| 1,291 |
| 955 |
| 1,132 |
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Income taxes paid | 2,428 | 7,018 | 9,294 | ||||||||||||||
Cash interest paid | |||||||||||||||||
Included in cash flows from operating activities | 786 | 560 | 303 | ||||||||||||||
Capitalized, included in cash flows from investing activities | 665 | 731 | 652 | ||||||||||||||
Total cash interest paid | 1,451 | 1,291 | 955 |
|
|
|
| Dec. 31 |
| Dec. 31 |
|
|
|
| 2019 |
| 2018 |
|
|
|
| (millions of dollars) | ||
Notes and accounts receivable |
|
|
|
| ||
| Trade, less reserves of $34 million and $61 million |
| 21,100 |
| 19,638 | |
| Other, less reserves of $371 million and $339 million |
| 5,866 |
| 5,063 | |
|
| Total |
| 26,966 |
| 24,701 |
|
|
|
|
|
|
|
Notes and loans payable |
|
|
|
| ||
| Bank loans |
| 316 |
| 325 | |
| Commercial paper |
| 18,561 |
| 12,863 | |
| Long-term debt due within one year |
| 1,701 |
| 4,070 | |
|
| Total |
| 20,578 |
| 17,258 |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
|
| ||
| Trade payables |
| 24,694 |
| 21,063 | |
| Payables to equity companies |
| 6,825 |
| 6,863 | |
| Accrued taxes other than income taxes |
| 3,301 |
| 3,280 | |
| Other |
| 7,011 |
| 6,062 | |
|
| Total |
| 41,831 |
| 37,268 |
Dec 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Notes and accounts receivable | |||||||||||||||||||||||
Trade, less reserves of $96 million and $34 million | 16,339 | 21,100 | |||||||||||||||||||||
Other, less reserves of $378 million and $371 million | 4,242 | 5,866 | |||||||||||||||||||||
Total | 20,581 | 26,966 | |||||||||||||||||||||
Notes and loans payable | |||||||||||||||||||||||
Bank loans | 222 | 316 | |||||||||||||||||||||
Commercial paper | 17,306 | 18,561 | |||||||||||||||||||||
Long-term debt due within one year | 2,930 | 1,701 | |||||||||||||||||||||
Total | 20,458 | 20,578 | |||||||||||||||||||||
Accounts payable and accrued liabilities | |||||||||||||||||||||||
Trade payables | 17,499 | 24,694 | |||||||||||||||||||||
Payables to equity companies | 6,476 | 6,825 | |||||||||||||||||||||
Accrued taxes other than income taxes | 3,408 | 3,301 | |||||||||||||||||||||
Other | 7,838 | 7,011 | |||||||||||||||||||||
Total | 35,221 | 41,831 |
78
7. Equity Company Information
|
|
| 2019 |
| 2018 |
| 2017 | ||||||
Equity Company |
|
| ExxonMobil |
| ExxonMobil |
| ExxonMobil | ||||||
Financial Summary |
| Total |
| Share |
| Total |
| Share |
| Total |
| Share | |
|
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
| 102,365 |
| 31,240 |
| 112,938 |
| 34,539 |
| 94,791 |
| 29,340 | |
Income before income taxes |
| 29,424 |
| 7,927 |
| 37,203 |
| 10,482 |
| 29,748 |
| 8,498 | |
Income taxes |
| 9,725 |
| 2,500 |
| 11,568 |
| 3,151 |
| 8,421 |
| 2,236 | |
| Income from equity affiliates |
| 19,699 |
| 5,427 |
| 25,635 |
| 7,331 |
| 21,327 |
| 6,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
| 36,035 |
| 12,661 |
| 38,670 |
| 13,394 |
| 35,367 |
| 12,050 | |
Long-term assets |
| 143,321 |
| 40,001 |
| 128,830 |
| 35,970 |
| 122,221 |
| 34,931 | |
| Total assets |
| 179,356 |
| 52,662 |
| 167,500 |
| 49,364 |
| 157,588 |
| 46,981 |
Current liabilities |
| 24,583 |
| 6,939 |
| 27,324 |
| 7,606 |
| 21,725 |
| 6,348 | |
Long-term liabilities |
| 61,022 |
| 18,158 |
| 56,913 |
| 17,109 |
| 59,736 |
| 17,056 | |
| Net assets |
| 93,751 |
| 27,565 |
| 83,263 |
| 24,649 |
| 76,127 |
| 23,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments related to U.S. upstream equity investments of $600 million are included in “Income from equity affiliates” on the Consolidated Statement of Income.
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Equity Company Financial Summary | Total | ExxonMobil Share | Total | ExxonMobil Share | Total | ExxonMobil Share | |||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||
Total revenues | 69,954 | 21,282 | 102,365 | 31,240 | 112,938 | 34,539 | |||||||||||||||||||||||||||||
Income before income taxes | 12,743 | 2,830 | 29,424 | 7,927 | 37,203 | 10,482 | |||||||||||||||||||||||||||||
Income taxes | 4,333 | 870 | 9,725 | 2,500 | 11,568 | 3,151 | |||||||||||||||||||||||||||||
Income from equity affiliates | 8,410 | 1,960 | 19,699 | 5,427 | 25,635 | 7,331 | |||||||||||||||||||||||||||||
Current assets | 33,419 | 11,969 | 36,035 | 12,661 | 38,670 | 13,394 | |||||||||||||||||||||||||||||
Long-term assets | 150,358 | 41,457 | 143,321 | 40,001 | 128,830 | 35,970 | |||||||||||||||||||||||||||||
Total assets | 183,777 | 53,426 | 179,356 | 52,662 | 167,500 | 49,364 | |||||||||||||||||||||||||||||
Current liabilities | 18,827 | 5,245 | 24,583 | 6,939 | 27,324 | 7,606 | |||||||||||||||||||||||||||||
Long-term liabilities | 66,053 | 19,927 | 61,022 | 18,158 | 56,913 | 17,109 | |||||||||||||||||||||||||||||
Net assets | 98,897 | 28,254 | 93,751 | 27,565 | 83,263 | 24,649 |
A list of significant equity companies as of December 31, 2019,2020, together with the Corporation’s percentage ownership interest, is detailed below:
| ||||||||||
| Percentage Ownership Interest |
| ||||||||
Upstream |
| |||||||||
| ||||||||||
Aera Energy LLC | 48 | |||||||||
Barzan Gas Company Limited | 7 | |||||||||
BEB Erdgas und Erdoel GmbH & Co. KG | 50 | |||||||||
Cameroon Oil Transportation Company S.A. | 41 | |||||||||
Caspian Pipeline Consortium - Kazakhstan | 8 | |||||||||
| 25 | |||||||||
Cross Timbers Energy, LLC | 50 | |||||||||
|
| |||||||||
Golden Pass LNG Terminal LLC | 30 | |||||||||
Golden Pass Pipeline LLC | 30 | |||||||||
Marine Well Containment Company LLC | 10 | |||||||||
Mozambique Rovuma Venture, S.p.A. | 36 | |||||||||
Nederlandse Aardolie Maatschappij B.V. | 50 | |||||||||
Papua New Guinea Liquefied Natural Gas Global Company LDC | 33 | |||||||||
Permian Highway Pipeline LLC | 20 | |||||||||
Qatar Liquefied Gas Company Limited | 10 | |||||||||
Qatar Liquefied Gas Company Limited (2) | 24 | |||||||||
Ras Laffan Liquefied Natural Gas Company Limited | 25 | |||||||||
Ras Laffan Liquefied Natural Gas Company Limited (II) | 31 | |||||||||
Ras Laffan Liquefied Natural Gas Company Limited (3) | 30 | |||||||||
South Hook LNG Terminal Company Limited | 24 | |||||||||
Tengizchevroil, LLP | 25 | |||||||||
Terminale GNL Adriatico S.r.l. | 71 | |||||||||
| ||||||||||
Downstream | ||||||||||
Alberta Products Pipe Line Ltd. | 45 | |||||||||
Fujian Refining & Petrochemical Co. Ltd. | 25 | |||||||||
Permian Express Partners LLC | 12 | |||||||||
Saudi Aramco Mobil Refinery Company Ltd. | 50 | |||||||||
| ||||||||||
Chemical | ||||||||||
Al-Jubail Petrochemical Company | 50 | |||||||||
Gulf Coast Growth Ventures LLC | 50 | |||||||||
|
| |||||||||
|
| |||||||||
Saudi Yanbu Petrochemical Co. | 50 |
80
8. Investments, Advances and Long-Term Receivables
|
|
|
| Dec. 31, |
| Dec. 31, |
|
|
|
| 2019 |
| 2018 |
|
|
|
| (millions of dollars) | ||
Equity method company investments and advances |
|
|
|
| ||
| Investments |
| 29,291 |
| 26,382 | |
| Advances |
| 8,542 |
| 8,608 | |
|
| Total equity method company investments and advances |
| 37,833 |
| 34,990 |
Equity securities carried at fair value and other investments at adjusted cost basis |
| 190 |
| 210 | ||
Long-term receivables and miscellaneous, net of reserves of $5,643 million and $5,471 million |
| 5,141 |
| 5,590 | ||
|
| Total |
| 43,164 |
| 40,790 |
Dec 31, 2020 | Dec 31, 2019 | ||||||||||
(millions of dollars) | |||||||||||
Equity method company investments and advances | |||||||||||
Investments | 29,772 | 29,291 | |||||||||
Advances, net of allowances of $31 million in 2020 | 8,812 | 8,542 | |||||||||
Total equity method company investments and advances | 38,584 | 37,833 | |||||||||
Equity securities carried at fair value and other investments at adjusted cost basis | 143 | 190 | |||||||||
Long-term receivables and miscellaneous, net of reserves of $6,115 million and $5,643 million | 4,788 | 5,141 | |||||||||
Total | 43,515 | 43,164 |
|
|
| December 31, 2019 |
| December 31, 2018 | ||||
Property, Plant and Equipment |
| Cost |
| Net |
| Cost |
| Net | |
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
Upstream |
| 376,041 |
| 196,767 |
| 372,791 |
| 194,662 | |
Downstream |
| 52,527 |
| 24,506 |
| 48,241 |
| 21,448 | |
Chemical |
| 40,788 |
| 21,260 |
| 39,008 |
| 20,551 | |
Other |
| 17,346 |
| 10,485 |
| 17,150 |
| 10,440 | |
| Total |
| 486,702 |
| 253,018 |
| 477,190 |
| 247,101 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Property, Plant and Equipment | Cost | Net | Cost | Net | |||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Upstream | 386,614 | 167,472 | 376,041 | 196,767 | |||||||||||||||||||
Downstream | 57,922 | 27,716 | 52,527 | 24,506 | |||||||||||||||||||
Chemical | 42,868 | 21,924 | 40,788 | 21,260 | |||||||||||||||||||
Other | 17,918 | 10,441 | 17,346 | 10,485 | |||||||||||||||||||
Total | 505,322 | 227,553 | 486,702 | 253,018 |
81
Asset Retirement Obligations
|
|
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Beginning balance |
| 12,103 |
| 12,705 | |
| Accretion expense and other provisions |
| 649 |
| 681 |
| Reduction due to property sales |
| (1,085) |
| (333) |
| Payments made |
| (827) |
| (600) |
| Liabilities incurred |
| 89 |
| 46 |
| Foreign currency translation |
| 84 |
| (481) |
| Revisions |
| 267 |
| 85 |
Ending balance |
| 11,280 |
| 12,103 |
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Balance at January 1 | 11,280 | 12,103 | 12,705 | ||||||||||||||
Accretion expense and other provisions | 584 | 649 | 681 | ||||||||||||||
Reduction due to property sales | (77) | (1,085) | (333) | ||||||||||||||
Payments made | (669) | (827) | (600) | ||||||||||||||
Liabilities incurred | 26 | 89 | 46 | ||||||||||||||
Foreign currency translation | 239 | 84 | (481) | ||||||||||||||
Revisions | (136) | 267 | 85 | ||||||||||||||
Balance at December 31 | 11,247 | 11,280 | 12,103 |
82
10. Accounting for Suspended Exploratory Well Costs
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
Balance beginning at January 1 |
| 4,160 |
| 3,700 |
| 4,477 | ||
| Additions pending the determination of proved reserves |
| 532 |
| 564 |
| 906 | |
| Charged to expense |
| (46) |
| (7) |
| (1,205) | |
| Reclassifications to wells, facilities and equipment based on the |
|
|
|
|
|
| |
|
| determination of proved reserves |
| (37) |
| (48) |
| (497) |
| Divestments/Other |
| 4 |
| (49) |
| 19 | |
Ending balance at December 31 |
| 4,613 |
| 4,160 |
| 3,700 | ||
Ending balance attributed to equity companies included above |
| 306 |
| 306 |
| 306 |
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Balance beginning at January 1 | 4,613 | 4,160 | 3,700 | ||||||||||||||
Additions pending the determination of proved reserves | 208 | 532 | 564 | ||||||||||||||
Charged to expense | (318) | (46) | (7) | ||||||||||||||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (174) | (37) | (48) | ||||||||||||||
Divestments/Other | 53 | 4 | (49) | ||||||||||||||
Ending balance at December 31 | 4,382 | 4,613 | 4,160 | ||||||||||||||
Ending balance attributed to equity companies included above | 306 | 306 | 306 |
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
Capitalized for a period of one year or less |
| 532 |
| 564 |
| 906 | ||
| Capitalized for a period of between one and five years |
| 2,206 |
| 2,028 |
| 1,345 | |
| Capitalized for a period of between five and ten years |
| 1,411 |
| 1,150 |
| 1,064 | |
| Capitalized for a period of greater than ten years |
| 464 |
| 418 |
| 385 | |
Capitalized for a period greater than one year - subtotal |
| 4,081 |
| 3,596 |
| 2,794 | ||
|
| Total |
| 4,613 |
| 4,160 |
| 3,700 |
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Capitalized for a period of one year or less | 208 | 532 | 564 | ||||||||||||||
Capitalized for a period of between one and five years | 1,828 | 2,206 | 2,028 | ||||||||||||||
Capitalized for a period of between five and ten years | 1,932 | 1,411 | 1,150 | ||||||||||||||
Capitalized for a period of greater than ten years | 414 | 464 | 418 | ||||||||||||||
Capitalized for a period greater than one year - subtotal | 4,174 | 4,081 | 3,596 | ||||||||||||||
Total | 4,382 | 4,613 | 4,160 |
|
|
|
| 2019 |
| 2018 |
| 2017 |
Number of projects that only have exploratory well costs capitalized for a period |
|
|
|
|
| |||
| of one year or less |
| 4 |
| 6 |
| 11 | |
Number of projects that have exploratory well costs capitalized for a period |
|
|
|
|
| |||
| greater than one year |
| 46 |
| 52 |
| 46 | |
|
| Total |
| 50 |
| 58 |
| 57 |
2020 | 2019 | 2018 | |||||||||||||||
Number of projects that only have exploratory well costs capitalized for a period of one year or less | 3 | 4 | 6 | ||||||||||||||
Number of projects that have exploratory well costs capitalized for a period greater than one year | 34 | 46 | 52 | ||||||||||||||
Total | 37 | 50 | 58 |
83
The table below provides additional detail for those 3221 projects, which total $3,176$3,181 million.
|
|
| Years Wells |
| |||
|
| Dec. 31, | Drilled / |
| |||
| Country/Project | 2019 | Acquired | Comment | |||
| (millions of dollars) |
| |||||
| Angola |
|
|
|
|
|
|
| - AB32 Central NE Hub | 69 |
| 2006 | - | 2014 | Evaluating development plan for tieback to existing production facilities. |
| - Kaombo Split Hub | 20 |
| 2005 | - | 2006 | Evaluating development plan to tie into planned production facilities. |
| Phase 2 |
|
|
|
|
|
|
| Argentina |
|
|
|
|
|
|
| - La Invernada | 72 |
| 2014 | Evaluating development plan to tie into planned infrastructure. | ||
| Australia |
|
|
|
|
|
|
| - East Pilchard | 7 |
| 2001 | Gas field near Kipper/Tuna development, awaiting capacity in existing/ | ||
|
|
|
|
|
|
| planned infrastructure. |
| - Gorgon Area Ullage | 315 |
| 1994 | - | 2015 | Evaluating development plans to tie into existing LNG facilities. |
| - SE Longtom | 10 |
| 2010 | Gas field near Tuna development, awaiting capacity in existing/planned | ||
|
|
|
|
|
|
| infrastructure. |
| - SE Remora | 32 |
| 2010 | Gas field near Marlin development, awaiting capacity in existing/planned | ||
|
|
|
|
|
|
| infrastructure. |
| Guyana |
|
|
|
|
|
|
| - Payara | 120 |
| 2017 | - | 2018 | Continuing development plan discussions with the government. |
| Iraq |
|
|
|
|
|
|
| - Kurdistan Pirmam | 109 |
| 2015 | Evaluating commercialization alternatives, while waiting for government | ||
|
|
|
|
|
|
| approval to enter Gas Holding Period. |
| Kazakhstan |
|
|
|
|
|
|
| - Kairan | 53 |
| 2004 | - | 2007 | Evaluating commercialization and field development alternatives, while |
|
|
|
|
|
|
| continuing discussions with the government regarding the development plan. |
| Mozambique |
|
|
|
|
|
|
| - Rovuma LNG Future | 120 |
| 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||
| Non-Straddling Train |
|
|
|
|
|
|
| - Rovuma LNG Phase 1 | 150 |
| 2017 | Progressing development plan to tie into planned LNG facilities. | ||
| - Rovuma LNG Unitized | 35 |
| 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||
| Trains |
|
|
|
|
|
|
| Nigeria |
|
|
|
|
|
|
| - Bolia | 15 |
| 2002 | - | 2006 | Evaluating development plan, while continuing discussions with the |
|
|
|
|
|
|
| government regarding regional hub strategy. |
| - Bonga North | 34 |
| 2004 | - | 2009 | Evaluating/progressing development plan for tieback to existing/planned |
|
|
|
|
|
|
| infrastructure. |
| - Bosi | 79 |
| 2002 | - | 2006 | Development activity under way, while continuing discussions with the |
|
|
|
|
|
|
| government regarding development plan. |
| - Bosi Central | 16 |
| 2006 | Development activity under way, while continuing discussions with the | ||
|
|
|
|
|
|
| government regarding development plan. |
| - Erha Northeast | 26 |
| 2008 | Evaluating development plan for tieback to existing production facilities. | ||
| - OML 138 Ukot SS | 13 |
| 2015 | Evaluating development plan for tieback to existing production facilities. | ||
| - OML 138 Ukot SW | 41 |
| 2014 | Evaluating development plan for tieback to existing production facilities. | ||
| - Pegi | 32 |
| 2009 | Awaiting capacity in existing/planned infrastructure. | ||
| - Satellite Field | 12 |
| 2013 | Evaluating development plan to tie into planned production facilities. | ||
| Development Phase 2 |
|
|
|
|
|
|
| - Other (4 projects) | 10 |
| 2001 | - | 2002 | Evaluating and pursuing development of several additional discoveries. |
Country/Project | Dec. 31, 2020 | Years Wells Drilled / Acquired | Comment | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Angola | |||||||||||||||||
–Kaombo Split Hub Phase 2 | 10 | 2006 | Evaluating development plan to tie into planned production facilities. | ||||||||||||||
Argentina | |||||||||||||||||
–La Invernada | 72 | 2014 | Evaluating development plan to tie into planned infrastructure. | ||||||||||||||
Australia | |||||||||||||||||
–Gorgon Area Ullage | 347 | 1994 | - | 2015 | Evaluating development plans to tie into existing LNG facilities. | ||||||||||||
Brazil | |||||||||||||||||
–Bacalhau Phase 1 | 284 | 2018 | Continuing discussions with the government regarding development plan. | ||||||||||||||
Canada | |||||||||||||||||
–Hibernia North | 26 | 2019 | Awaiting capacity in existing/planned infrastructure. | ||||||||||||||
Iraq | |||||||||||||||||
–Kurdistan Pirmam | 109 | 2015 | Evaluating commercialization alternatives, while waiting for government approval to enter Gas Holding Period. | ||||||||||||||
Kazakhstan | |||||||||||||||||
–Kairan | 53 | 2004 | - | 2007 | Evaluating commercialization and field development alternatives, while continuing discussions with the government regarding the development plan. | ||||||||||||
Mozambique | |||||||||||||||||
–Rovuma LNG Future Non-Straddling Train | 120 | 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||||||||||||||
–Rovuma LNG Phase 1 | 150 | 2017 | Progressing development plan to tie into planned LNG facilities. | ||||||||||||||
–Rovuma LNG Unitized Trains | 35 | 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||||||||||||||
Nigeria | |||||||||||||||||
–Bonga North | 34 | 2004 | - | 2009 | Evaluating/progressing development plan for tieback to existing/planned infrastructure. | ||||||||||||
–Bonga SW | 3 | 2001 | Evaluating/progressing development plan for tieback to existing/planned infrastructure. | ||||||||||||||
–Bosi | 79 | 2002 | - | 2006 | Development activity under way, while continuing discussions with the government regarding development plan. | ||||||||||||
–Owowo | 67 | 2009 | - | 2016 | Evaluating development plan for tieback to existing production facilities. | ||||||||||||
–Pegi | 32 | 2009 | Awaiting capacity in existing/planned infrastructure. | ||||||||||||||
–Ukot SW | 41 | 2014 | Evaluating development plan for tieback to existing production facilities. | ||||||||||||||
Papua New Guinea | |||||||||||||||||
–Papua LNG | 246 | 2017 | Evaluating/progressing development plans. | ||||||||||||||
–P'nyang | 116 | 2012 | - | 2018 | Evaluating/progressing development plans. | ||||||||||||
Romania | |||||||||||||||||
–Neptun Deep | 536 | 2012 | - | 2016 | Continuing discussions with the government regarding development plan. | ||||||||||||
Tanzania | |||||||||||||||||
–Tanzania Block 2 | 525 | 2012 | - | 2015 | Evaluating development alternatives, while continuing discussions with the government regarding development plan. | ||||||||||||
Vietnam | |||||||||||||||||
–Blue Whale | 296 | 2011 | - | 2015 | Evaluating/progressing development plans. | ||||||||||||
Total 2020 (21 projects) | 3,181 |
|
|
| Years Wells |
| |||
|
| Dec. 31, | Drilled / |
| |||
| Country/Project | 2019 | Acquired | Comment | |||
| (millions of dollars) |
| |||||
| Papua New Guinea |
|
|
|
|
|
|
| - Papua LNG | 246 |
| 2017 | Evaluating/progressing development plans. | ||
| - P'nyang | 115 |
| 2012 | - | 2018 | Evaluating/progressing development plans. |
| Republic of Congo |
|
|
|
|
|
|
| - Mer Tres Profonde Sud | 56 |
| 2000 | - | 2007 | Evaluating development alternatives, while continuing discussions with the |
|
|
|
|
|
|
| government regarding development plan. |
| Romania |
|
|
|
|
|
|
| - Neptun Deep | 536 |
| 2012 | - | 2016 | Continuing discussions with the government regarding development plan. |
| Tanzania |
|
|
|
|
|
|
| - Tanzania Block 2 | 537 |
| 2012 | - | 2018 | Evaluating development alternatives while continuing discussions with the |
|
|
|
|
|
|
| government regarding development plan. |
| Vietnam |
|
|
|
|
|
|
| - Blue Whale | 296 |
| 2011 | - | 2015 | Evaluating/progressing development plans. |
| Total 2019 (32 projects) | 3,176 |
|
|
|
|
|
85
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. Leases
At adoption of the lease accounting change (see Note 2), on January 1, 2019, an operating lease liability of $3.3 billion was recorded and the operating lease right of use asset was $4.3 billion, including $1.0 billion of previously recorded prepaid leases. There was no cumulative earnings effect adjustment.
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Lease Cost |
|
| 2019 | ||||||||
Operating lease cost |
|
| 238 |
| 1,196 |
| 1,434 |
|
| ||
Short-term and other (net of sublease rental income) |
|
| 926 |
| 1,116 |
| 2,042 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right of use assets |
|
|
|
|
|
|
|
| 121 | ||
Interest on lease liabilities |
|
|
|
|
|
|
|
| 133 | ||
| Total |
|
| 1,164 |
| 2,312 |
| 3,476 |
| 254 |
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
| December 31, 2019 | ||||||||
Right of use assets |
|
|
|
|
|
|
|
|
| ||
| Included in Other assets, including intangibles - net |
|
| 572 |
| 6,061 |
| 6,633 |
|
| |
| Included in Property, plant and equipment - net |
|
|
|
|
|
|
|
| 1,997 | |
|
| Total right of use assets |
|
| 572 |
| 6,061 |
| 6,633 |
| 1,997 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease liability due within one year |
|
|
|
|
|
|
|
|
| ||
| Included in Accounts payable and accrued liabilities |
|
| 221 |
| 990 |
| 1,211 |
| 15 | |
| Included in Notes and loans payable |
|
|
|
|
|
|
|
| 84 | |
Long-term lease liability |
|
|
|
|
|
|
|
|
| ||
| Included in Other long-term obligations |
|
| 330 |
| 4,152 |
| 4,482 |
|
| |
| Included in Long-term debt |
|
|
|
|
|
|
|
| 1,670 | |
| Included in Long-term obligations to equity companies |
|
|
|
|
|
|
|
| 139 | |
|
| Total lease liability |
|
| 551 |
| 5,142 |
| 5,693 |
| 1,908 |
Operating Leases Drilling Rigs and Related
EquipmentOther Total Finance
Leases (millions of dollars) Lease Cost 2020 Operating lease cost 297 1,256 1,553 Short-term and other (net of sublease rental income) 530 1,083 1,613 Amortization of right of use assets 143 Interest on lease liabilities 169 Total 827 2,339 3,166 312
Operating Leases | |||||||||||||||||||||||
Drilling Rigs and Related Equipment | Other | Total | Finance Leases | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Lease Cost | 2019 | ||||||||||||||||||||||
Operating lease cost | 238 | 1,196 | 1,434 | ||||||||||||||||||||
Short-term and other (net of sublease rental income) | 926 | 1,116 | 2,042 | ||||||||||||||||||||
Amortization of right of use assets | 121 | ||||||||||||||||||||||
Interest on lease liabilities | 133 | ||||||||||||||||||||||
Total | 1,164 | 2,312 | 3,476 | 254 |
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Maturity Analysis of Lease Liabilities |
|
| December 31, 2019 | ||||||||
2020 |
|
| 234 |
| 1,127 |
| 1,361 |
| 271 | ||
2021 |
|
| 134 |
| 886 |
| 1,020 |
| 576 | ||
2022 |
|
| 73 |
| 625 |
| 698 |
| 174 | ||
2023 |
|
| 45 |
| 468 |
| 513 |
| 173 | ||
2024 |
|
| 30 |
| 425 |
| 455 |
| 172 | ||
2025 and beyond |
|
| 72 |
| 2,681 |
| 2,753 |
| 2,446 | ||
| Total lease payments |
|
| 588 |
| 6,212 |
| 6,800 |
| 3,812 | |
Discount to present value |
|
| (37) |
| (1,070) |
| (1,107) |
| (1,904) | ||
| Total lease liability |
|
| 551 |
| 5,142 |
| 5,693 |
| 1,908 | |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term - years |
|
| 4 |
| 11 |
| 10 |
| 20 | ||
Weighted average discount rate - percent |
|
| 3.1% |
| 3.2% |
| 3.2% |
| 9.7% |
Operating Leases Drilling Rigs and Related
EquipmentOther Total Finance
Leases (millions of dollars) Balance Sheet December 31, 2020 Right of use assets Included in Other assets, including intangibles - net 834 5,244 6,078 Included in Property, plant and equipment - net 2,188 Total right of use assets 834 5,244 6,078 2,188 Lease liability due within one year Included in Accounts payable and accrued liabilities 243 925 1,168 4 Included in Notes and loans payable 102 Long-term lease liability Included in Other long-term obligations 589 3,405 3,994 Included in Long-term debt 1,680 Included in Long-term obligations to equity companies 135 Total lease liability 832 4,330 5,162 1,921 Weighted average remaining lease term - years 5 12 11 20 Weighted average discount rate - percent 2.2 % 3.0 % 2.9 % 8.9 %
Operating Leases | |||||||||||||||||||||||
Drilling Rigs and Related Equipment | Other | Total | Finance Leases | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Balance Sheet | December 31, 2019 | ||||||||||||||||||||||
Right of use assets | |||||||||||||||||||||||
Included in Other assets, including intangibles - net | 572 | 6,061 | 6,633 | ||||||||||||||||||||
Included in Property, plant and equipment - net | 1,997 | ||||||||||||||||||||||
Total right of use assets | 572 | 6,061 | 6,633 | 1,997 | |||||||||||||||||||
Lease liability due within one year | |||||||||||||||||||||||
Included in Accounts payable and accrued liabilities | 221 | 990 | 1,211 | 15 | |||||||||||||||||||
Included in Notes and loans payable | 84 | ||||||||||||||||||||||
Long-term lease liability | |||||||||||||||||||||||
Included in Other long-term obligations | 330 | 4,152 | 4,482 | ||||||||||||||||||||
Included in Long-term debt | 1,670 | ||||||||||||||||||||||
Included in Long-term obligations to equity companies | 139 | ||||||||||||||||||||||
Total lease liability | 551 | 5,142 | 5,693 | 1,908 | |||||||||||||||||||
Weighted average remaining lease term - years | 4 | 11 | 10 | 20 | |||||||||||||||||||
Weighted average discount rate - percent | 3.1 | % | 3.2 | % | 3.2 | % | 9.7 | % |
Operating Leases | |||||||||||||||||||||||
Drilling Rigs and Related Equipment | Other | Total | Finance Leases | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Maturity Analysis of Lease Liabilities | December 31, 2020 | ||||||||||||||||||||||
2021 | 259 | 1,031 | 1,290 | 268 | |||||||||||||||||||
2022 | 256 | 817 | 1,073 | 259 | |||||||||||||||||||
2023 | 97 | 482 | 579 | 252 | |||||||||||||||||||
2024 | 71 | 387 | 458 | 247 | |||||||||||||||||||
2025 | 71 | 342 | 413 | 240 | |||||||||||||||||||
2026 and beyond | 124 | 2,157 | 2,281 | 2,544 | |||||||||||||||||||
Total lease payments | 878 | 5,216 | 6,094 | 3,810 | |||||||||||||||||||
Discount to present value | (46) | (886) | (932) | (1,889) | |||||||||||||||||||
Total lease liability | 832 | 4,330 | 5,162 | 1,921 |
Operating Leases | |||||||||||||||||||||||
Drilling Rigs and Related Equipment | Other | Total | Finance Leases | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Other Information | 2020 | ||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||
Cash flows from operating activities | 1,159 | 1,159 | 31 | ||||||||||||||||||||
Cash flows from investing activities | 283 | 283 | |||||||||||||||||||||
Cash flows from financing activities | 94 | ||||||||||||||||||||||
Noncash right of use assets recorded in exchange for lease liabilities | 552 | 183 | 735 | 108 |
Operating Leases | |||||||||||||||||||||||
Drilling Rigs and Related Equipment | Other | Total | Finance Leases | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Other Information | 2019 | ||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||
Cash flows from operating activities | 1,116 | 1,116 | 54 | ||||||||||||||||||||
Cash flows from investing activities | 258 | 258 | |||||||||||||||||||||
Cash flows from financing activities | 177 | ||||||||||||||||||||||
Noncash right of use assets recorded for lease liabilities | |||||||||||||||||||||||
For January 1 adoption of ASC 842 | 445 | 2,818 | 3,263 | ||||||||||||||||||||
In exchange for lease liabilities during the period | 350 | 3,313 | 3,663 | 422 |
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
| 2019 | ||||||||
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
| ||
| Cash flows from operating activities |
|
|
|
| 1,116 |
| 1,116 |
| 54 | |
| Cash flows from investing activities |
|
| 258 |
|
|
| 258 |
|
| |
| Cash flows from financing activities |
|
|
|
|
|
|
|
| 177 | |
|
|
|
|
|
|
|
|
|
|
|
|
Noncash right of use assets recorded for lease liabilities |
|
|
|
|
|
|
|
|
| ||
| For January 1 adoption of Topic 842 |
|
| 445 |
| 2,818 |
| 3,263 |
|
| |
| In exchange for new lease liabilities during the period |
|
| 350 |
| 3,313 |
| 3,663 |
| 422 |
Earnings per common share | 2020 | 2019 | 2018 | ||||||||||||||
Net income (loss) attributable to ExxonMobil (millions of dollars) | (22,440) | 14,340 | 20,840 | ||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 4,271 | 4,270 | 4,270 | ||||||||||||||
Earnings (Loss) per common share (dollars) (1) | (5.25) | 3.36 | 4.88 | ||||||||||||||
Dividends paid per common share (dollars) | 3.48 | 3.43 | 3.23 |
Earnings per common share |
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
|
|
|
Net income attributable to ExxonMobil (millions of dollars) |
| 14,340 |
| 20,840 |
| 19,710 |
|
|
|
|
|
|
|
Weighted average number of common shares outstanding (millions of shares) |
| 4,270 |
| 4,270 |
| 4,256 |
|
|
|
|
|
|
|
Earnings per common share (dollars) (1) |
| 3.36 |
| 4.88 |
| 4.63 |
|
|
|
|
|
|
|
Dividends paid per common share (dollars) |
| 3.43 |
| 3.23 |
| 3.06 |
(1)The earnings (loss) per common share and earnings (loss) per common share - assuming dilution are the same in each period shown.
13. Financial Instruments and Derivatives
|
|
|
|
| At December 31, 2019 | ||||||||||||||
|
|
|
|
| (millions of dollars) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Difference |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Gross |
| Effect of |
| Effect of |
| in Carrying |
| Net |
|
|
|
|
|
|
|
|
|
|
| Assets |
| Counterparty |
| Collateral |
| Value and |
| Carrying |
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| & Liabilities |
| Netting |
| Netting |
| Fair Value |
| Value |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative assets (1) |
| 533 |
| 102 |
| - |
| 635 |
| (463) |
| (70) |
| - |
| 102 | ||
| Advances to/receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| from equity companies (2)(7) |
| - |
| 1,941 |
| 6,729 |
| 8,670 |
| - |
| - |
| (128) |
| 8,542 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial assets (3) |
| 1,145 |
| - |
| 974 |
| 2,119 |
| - |
| - |
| 44 |
| 2,163 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative liabilities (4) |
| 568 |
| 70 |
| - |
| 638 |
| (463) |
| (105) |
| - |
| 70 | ||
| Long-term debt (5) |
| 25,652 |
| 134 |
| 3 |
| 25,789 |
| - |
| - |
| (1,117) |
| 24,672 | ||
| Long-term obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| to equity companies (7) |
| - |
| - |
| 4,245 |
| 4,245 |
| - |
| - |
| (257) |
| 3,988 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial liabilities (6) |
| - |
| - |
| 1,042 |
| 1,042 |
| - |
| - |
| 16 |
| 1,058 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2018 | ||||||||||||||
|
|
|
|
| (millions of dollars) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Difference |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Gross |
| Effect of |
| Effect of |
| in Carrying |
| Net |
|
|
|
|
|
|
|
|
|
|
| Assets |
| Counterparty |
| Collateral |
| Value and |
| Carrying |
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| & Liabilities |
| Netting |
| Netting |
| Fair Value |
| Value |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative assets (1) |
| 297 |
| - |
| - |
| 297 |
| (151) |
| (146) |
| - |
| - | ||
| Advances to/receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| from equity companies (2)(7) |
| - |
| 2,100 |
| 6,293 |
| 8,393 |
| - |
| - |
| 215 |
| 8,608 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial assets (3) |
| 848 |
| - |
| 974 |
| 1,822 |
| - |
| - |
| 112 |
| 1,934 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative liabilities (4) |
| 151 |
| - |
| - |
| 151 |
| (151) |
| - |
| - |
| - | ||
| Long-term debt (5) |
| 19,029 |
| 117 |
| 4 |
| 19,150 |
| - |
| - |
| 85 |
| 19,235 | ||
| Long-term obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| to equity companies (7) |
| - |
| - |
| 4,330 |
| 4,330 |
| - |
| - |
| 52 |
| 4,382 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial liabilities (6) |
| - |
| - |
| 1,046 |
| 1,046 |
| - |
| - |
| (3) |
| 1,043 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets (1) | 1,247 | 194 | — | 1,441 | (1,282) | (6) | — | 153 | |||||||||||||||||||||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | 3,275 | 5,904 | 9,179 | — | — | (367) | 8,812 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial assets (3) | 1,235 | — | 944 | 2,179 | — | — | 125 | 2,304 | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | 1,443 | 254 | — | 1,697 | (1,282) | (202) | — | 213 | |||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | 50,263 | 125 | 4 | 50,392 | — | — | (4,890) | 45,502 | |||||||||||||||||||||||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | 3,530 | 3,530 | — | — | (277) | 3,253 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial liabilities (7) | — | — | 964 | 964 | — | — | 44 | 1,008 |
At December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets (1) | 533 | 102 | — | 635 | (463) | (70) | — | 102 | |||||||||||||||||||||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | 1,941 | 6,729 | 8,670 | — | — | (128) | 8,542 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial assets (3) | 1,145 | — | 974 | 2,119 | — | — | 44 | 2,163 | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | 568 | 70 | — | 638 | (463) | (105) | — | 70 | |||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | 25,652 | 134 | 3 | 25,789 | — | — | (1,117) | 24,672 | |||||||||||||||||||||||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | 4,245 | 4,245 | — | — | (257) | 3,988 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial liabilities (7) | — | — | 1,042 | 1,042 | — | — | 16 | 1,058 |
(7) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.
88(7)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTSIncluded in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.
collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.
At December 31, 2019, the
December 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
(millions) | |||||||||||
Crude oil (barrels) | 40 | 57 | |||||||||
Petroleum products (barrels) | (46) | (38) | |||||||||
Natural gas (MMBTUs) | (500) | (165) | |||||||||
|
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenue |
|
| (412) |
| 130 |
| 6 | |||
Crude oil and product purchases |
|
| 179 |
| (120) |
| (105) | |||
|
| Total |
|
| (233) |
| 10 |
| (99) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Sales and other operating revenue | 404 | (412) | 130 | ||||||||||||||
Crude oil and product purchases | (407) | 179 | (120) | ||||||||||||||
Total | (3) | (233) | 10 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14. Long-Term Debt
Average Rate (1) | Dec 31, 2020 | Dec 31, 2019 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Exxon Mobil Corporation (2) | |||||||||||||||||
2.222% notes due 2021 | 0 | 2,500 | |||||||||||||||
2.397% notes due 2022 | 1,150 | 1,150 | |||||||||||||||
1.902% notes due 2022 | 750 | 750 | |||||||||||||||
Floating-rate notes due 2022 (Issued 2015) | 1.118% | 500 | 500 | ||||||||||||||
Floating-rate notes due 2022 (Issued 2019) | 1.189% | 750 | 750 | ||||||||||||||
1.571% notes due 2023 | 2,750 | 0 | |||||||||||||||
2.726% notes due 2023 | 1,250 | 1,250 | |||||||||||||||
3.176% notes due 2024 | 1,000 | 1,000 | |||||||||||||||
2.019% notes due 2024 | 1,000 | 1,000 | |||||||||||||||
2.709% notes due 2025 | 1,750 | 1,750 | |||||||||||||||
2.992% notes due 2025 | 2,807 | 0 | |||||||||||||||
3.043% notes due 2026 | 2,500 | 2,500 | |||||||||||||||
2.275% notes due 2026 | 1,000 | 1,000 | |||||||||||||||
3.294% notes due 2027 | 1,000 | 0 | |||||||||||||||
2.440% notes due 2029 | 1,250 | 1,250 | |||||||||||||||
3.482% notes due 2030 | 2,000 | 0 | |||||||||||||||
2.610% notes due 2030 | 2,000 | 0 | |||||||||||||||
2.995% notes due 2039 | 750 | 750 | |||||||||||||||
4.227% notes due 2040 | 2,091 | 0 | |||||||||||||||
3.567% notes due 2045 | 1,000 | 1,000 | |||||||||||||||
4.114% notes due 2046 | 2,500 | 2,500 | |||||||||||||||
3.095% notes due 2049 | 1,500 | 1,500 | |||||||||||||||
4.327% notes due 2050 | 2,750 | 0 | |||||||||||||||
3.452% notes due 2051 | 2,750 | 0 | |||||||||||||||
Exxon Mobil Corporation - Euro-denominated | |||||||||||||||||
0.142% notes due 2024 | 1,841 | 0 | |||||||||||||||
0.524% notes due 2028 | 1,227 | 0 | |||||||||||||||
0.835% notes due 2032 | 1,227 | 0 | |||||||||||||||
1.408% notes due 2039 | 1,227 | 0 | |||||||||||||||
XTO Energy Inc. (3) | |||||||||||||||||
6.100% senior notes due 2036 | 192 | 193 | |||||||||||||||
6.750% senior notes due 2037 | 294 | 296 | |||||||||||||||
6.375% senior notes due 2038 | 227 | 229 | |||||||||||||||
Mobil Corporation | |||||||||||||||||
8.625% debentures due 2021 | 0 | 250 | |||||||||||||||
Industrial revenue bonds due 2022-2051 | 0.437% | 2,461 | 2,461 | ||||||||||||||
Other U.S. dollar obligations | 78 | 89 | |||||||||||||||
Other foreign currency obligations | 61 | 64 | |||||||||||||||
Finance lease obligations | 8.730% | 1,680 | 1,670 | ||||||||||||||
Debt issuance costs | (131) | (60) | |||||||||||||||
Total long-term debt | 47,182 | 26,342 |
|
|
|
| Average |
|
|
|
|
|
|
|
|
| Rate (1) |
| 2019 |
| 2018 |
|
|
| (millions of dollars) |
| ||||||
| Exxon Mobil Corporation |
|
|
|
|
|
| ||
|
| 1.912% notes due 2020 |
|
| - |
| 1,500 |
| |
|
| 2.222% notes due 2021 |
|
| 2,500 |
| 2,500 |
| |
|
| 2.397% notes due 2022 (Issued 2015) |
|
| 1,150 |
| 1,150 |
| |
|
| 1.902% notes due 2022 (Issued 2019) |
|
| 750 |
| - |
| |
|
| Floating-rate notes due 2022 (Issued 2015) | 2.792% |
| 500 |
| 500 |
| |
|
| Floating-rate notes due 2022 (Issued 2019) | 2.414% |
| 750 |
| - |
| |
|
| 2.726% notes due 2023 |
|
| 1,250 |
| 1,250 |
| |
|
| 3.176% notes due 2024 (Issued 2014) |
|
| 1,000 |
| 1,000 |
| |
|
| 2.019% notes due 2024 (Issued 2019) |
|
| 1,000 |
| - |
| |
|
| 2.709% notes due 2025 |
|
| 1,750 |
| 1,750 |
| |
|
| 3.043% notes due 2026 (Issued 2016) |
|
| 2,500 |
| 2,500 |
| |
|
| 2.275% notes due 2026 (Issued 2019) |
|
| 1,000 |
| - |
| |
|
| 2.440% notes due 2029 |
|
| 1,250 |
| - |
| |
|
| 2.995% notes due 2039 |
|
| 750 |
| - |
| |
|
| 3.567% notes due 2045 |
|
| 1,000 |
| 1,000 |
| |
|
| 4.114% notes due 2046 |
|
| 2,500 |
| 2,500 |
| |
|
| 3.095% notes due 2049 |
|
| 1,500 |
| - |
| |
|
|
|
|
|
|
|
|
|
|
| XTO Energy Inc. (2) |
|
|
|
|
|
| ||
|
| 6.100% senior notes due 2036 |
|
| 193 |
| 195 |
| |
|
| 6.750% senior notes due 2037 |
|
| 296 |
| 299 |
| |
|
| 6.375% senior notes due 2038 |
|
| 229 |
| 230 |
| |
|
|
|
|
|
|
|
|
|
|
| Mobil Corporation |
|
|
|
|
|
| ||
|
| 8.625% debentures due 2021 |
|
| 250 |
| 250 |
| |
|
|
|
|
|
|
|
|
|
|
| Industrial revenue bonds due 2020-2051 | 1.388% |
| 2,461 |
| 2,513 |
| ||
| Other U.S. dollar obligations |
|
| 89 |
| 102 |
| ||
| Other foreign currency obligations |
|
| 64 |
| 38 |
| ||
| Finance lease obligations | 9.518% |
| 1,670 |
| 1,303 |
| ||
| Debt issuance costs |
|
| (60) |
| (42) |
| ||
|
|
| Total long-term debt |
|
| 26,342 |
| 20,538 |
|
15. Incentive Program
The Corporation suspended its first quarter 2021 anti-dilutive share repurchase program due to current market uncertainty and intends to resume this program in the future as market conditions improve.
2020 | |||||||||||
Restricted stock and units outstanding | Shares | Weighted Average Grant-Date Fair Value per Share | |||||||||
(thousands) | (dollars) | ||||||||||
Issued and outstanding at January 1 | 39,628 | 84.50 | |||||||||
Awards issued in 2020 | 9,030 | 68.95 | |||||||||
Vested | (8,990) | 86.84 | |||||||||
Forfeited | (83) | 82.04 | |||||||||
Issued and outstanding at December 31 | 39,585 | 80.43 |
| 2019 | |||||
|
|
|
| Weighted Average | ||
|
|
|
| Grant-Date | ||
Restricted stock and units outstanding | Shares |
|
| Fair Value per Share | ||
| (thousands) |
|
| (dollars) | ||
|
|
|
|
|
|
|
Issued and outstanding at January 1 | 40,381 |
|
|
| 86.56 |
|
Awards issued in 2019 | 8,799 |
|
|
| 77.66 |
|
Vested | (9,427) |
|
|
| 86.94 |
|
Forfeited | (125) |
|
|
| 85.35 |
|
Issued and outstanding at December 31 | 39,628 |
|
|
| 84.50 |
|
|
|
|
|
|
|
|
Value of restricted stock units |
| 2019 |
| 2018 |
| 2017 |
Grant price (dollars) |
| 68.77 |
| 77.66 |
| 81.89 |
|
|
|
|
|
|
|
Value at date of grant: |
| (millions of dollars) | ||||
Units settled in stock |
| 559 |
| 620 |
| 667 |
Units settled in cash |
| 55 |
| 61 |
| 63 |
Total value |
| 614 |
| 681 |
| 730 |
Value of restricted stock units | 2020 | 2019 | 2018 | ||||||||||||||
Grant price (dollars) | 41.15 | 68.77 | 77.66 | ||||||||||||||
Value at date of grant: | (millions of dollars) | ||||||||||||||||
Units settled in stock | 325 | 559 | 620 | ||||||||||||||
Units settled in cash | 32 | 55 | 61 | ||||||||||||||
Total value | 357 | 614 | 681 |
16. Litigation and Other Contingencies
December 31, 2020 | |||||||||||||||||
Equity Company Obligations (1) | Other Third-Party Obligations | Total | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Guarantees | |||||||||||||||||
Debt-related | 986 | 124 | 1,110 | ||||||||||||||
Other | 745 | 4,944 | 5,689 | ||||||||||||||
Total | 1,731 | 5,068 | 6,799 |
|
|
|
|
|
| December 31, 2019 |
|
| ||
|
|
| Equity Company | Other Third-Party |
|
| ||||
|
|
| Obligations (1) | Obligations |
| Total | ||||
|
|
|
|
|
| (millions of dollars) |
|
| ||
Guarantees |
|
|
|
|
|
|
|
| ||
| Debt-related |
| 827 |
|
| 104 |
|
| 931 | |
| Other |
| 873 |
|
| 5,151 |
|
| 6,024 | |
|
| Total |
| 1,700 |
|
| 5,255 |
|
| 6,955 |
|
|
|
|
|
|
|
|
|
|
|
(1) | ExxonMobil share. |
|
|
|
|
|
|
|
|
ExxonMobil share.
An affiliate of ExxonMobil is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8$1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award. The Contractors appealed that judgment to the Court of Appeal, Abuja Judicial Division. On July 22, 2016, the Court of Appeal upheld the decision of the lower court setting aside the award. On October 21, 2016, the Contractors appealed the decision to the Supreme Court of Nigeria. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. Following dismissal by this court, the Contractors appealed to the Nigerian Court of Appeal in June 2016. In October 2014, the Contractors filed suit in the United States District Court for the Southern District of New York (SDNY) to enforce, if necessary, the arbitration award against NNPC assets residing within that jurisdiction. NNPC moved to dismiss the lawsuit. On September 4, 2019, the SDNY dismissed the Contractors’ petition to recognize and enforce the Erha arbitration award. The Contractors filed a notice of appeal in the Second Circuit on October 2, 2019. At this time, the net impact of this matter on the Corporation's consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation's operations or financial condition.
17. Pension and Other Postretirement Benefits
|
|
| Pension Benefits |
| Other Postretirement | ||||||||
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (percent) | ||||||||||
Weighted-average assumptions used to determine |
|
|
|
|
|
|
|
|
|
|
| ||
| benefit obligations at December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
| 3.50 |
| 4.40 |
| 2.30 |
| 3.00 |
| 3.50 |
| 4.40 |
| Long-term rate of compensation increase |
| 5.75 |
| 5.75 |
| 4.80 |
| 4.30 |
| 5.75 |
| 5.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (millions of dollars) | ||||||||||
Change in benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
| |
| Benefit obligation at January 1 |
| 18,174 |
| 19,310 |
| 25,378 |
| 27,963 |
| 7,471 |
| 8,100 |
| Service cost |
| 757 |
| 819 |
| 551 |
| 608 |
| 139 |
| 152 |
| Interest cost |
| 766 |
| 721 |
| 763 |
| 754 |
| 315 |
| 301 |
| Actuarial loss/(gain) |
| 2,562 |
| (957) |
| 3,703 |
| (1,034) |
| 556 |
| (630) |
| Benefits paid (1) (2) |
| (1,300) |
| (1,715) |
| (1,196) |
| (1,284) |
| (517) |
| (528) |
| Foreign exchange rate changes |
| - |
| - |
| 391 |
| (1,664) |
| 25 |
| (49) |
| Amendments, divestments and other |
| - |
| (4) |
| 328 |
| 35 |
| 124 |
| 125 |
Benefit obligation at December 31 |
| 20,959 |
| 18,174 |
| 29,918 |
| 25,378 |
| 8,113 |
| 7,471 | |
Accumulated benefit obligation at December 31 |
| 16,387 |
| 14,683 |
| 27,236 |
| 23,350 |
| - |
| - |
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(percent) | |||||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31 | |||||||||||||||||||||||||||||||||||
Discount rate | 2.80 | 3.50 | 1.60 | 2.30 | 2.80 | 3.50 | |||||||||||||||||||||||||||||
Long-term rate of compensation increase | 5.50 | 5.75 | 4.20 | 4.80 | 5.50 | 5.75 | |||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | 20,959 | 18,174 | 29,918 | 25,378 | 8,113 | 7,471 | |||||||||||||||||||||||||||||
Service cost | 965 | 757 | 707 | 551 | 181 | 139 | |||||||||||||||||||||||||||||
Interest cost | 708 | 766 | 657 | 763 | 277 | 315 | |||||||||||||||||||||||||||||
Actuarial loss/(gain) (1) | 1,287 | 2,562 | 2,344 | 3,703 | (66) | 556 | |||||||||||||||||||||||||||||
Benefits paid (2) (3) | (1,987) | (1,300) | (1,317) | (1,196) | (510) | (517) | |||||||||||||||||||||||||||||
Foreign exchange rate changes | — | — | 1,375 | 391 | 23 | 25 | |||||||||||||||||||||||||||||
Amendments, divestments and other | (270) | 0 | (58) | 328 | 117 | 124 | |||||||||||||||||||||||||||||
Benefit obligation at December 31 | 21,662 | 20,959 | 33,626 | 29,918 | 8,135 | 8,113 | |||||||||||||||||||||||||||||
Accumulated benefit obligation at December 31 | 17,502 | 16,387 | 30,952 | 27,236 | — | — |
(2)(3)For 20192020 and 2018,2019, other postretirement benefits paid are net of $20$16 million and $13$20 million of Medicare subsidy receipts, respectively.
|
|
| Pension Benefits |
| Other Postretirement | ||||||||
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||||||||||
Change in plan assets |
|
|
|
|
|
|
|
|
|
|
|
| |
| Fair value at January 1 |
| 11,134 |
| 12,782 |
| 19,486 |
| 21,461 |
| 386 |
| 427 |
| Actual return on plan assets |
| 2,521 |
| (710) |
| 3,210 |
| (15) |
| 54 |
| (13) |
| Foreign exchange rate changes |
| - |
| - |
| 513 |
| (1,320) |
| - |
| - |
| Company contribution |
| 1,022 |
| 491 |
| 602 |
| 438 |
| 41 |
| 30 |
| Benefits paid (1) |
| (1,041) |
| (1,429) |
| (883) |
| (903) |
| (56) |
| (58) |
| Other |
| - |
| - |
| (12) |
| (175) |
| - |
| - |
Fair value at December 31 |
| 13,636 |
| 11,134 |
| 22,916 |
| 19,486 |
| 425 |
| 386 |
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||||
Fair value at January 1 | 13,636 | 11,134 | 22,916 | 19,486 | 425 | 386 | |||||||||||||||||||||||||||||
Actual return on plan assets | 2,269 | 2,521 | 2,795 | 3,210 | 42 | 54 | |||||||||||||||||||||||||||||
Foreign exchange rate changes | — | — | 1,011 | 513 | — | — | |||||||||||||||||||||||||||||
Company contribution | 1,004 | 1,022 | 597 | 602 | 37 | 41 | |||||||||||||||||||||||||||||
Benefits paid (1) | (1,609) | (1,041) | (992) | (883) | (58) | (56) | |||||||||||||||||||||||||||||
Other | — | — | (111) | (12) | — | — | |||||||||||||||||||||||||||||
Fair value at December 31 | 15,300 | 13,636 | 26,216 | 22,916 | 446 | 425 |
94
The funding levels of all qualified pension plans are in compliance with standards set by applicable law or regulation. As shown in the table below, certain smaller U.S. pension plans and a number of non-U.S. pension plans are not funded because local applicable tax rules and regulatory practices do not encourage funding of these plans. All defined benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.
|
|
| Pension Benefits | ||||||
|
|
| U.S. |
| Non-U.S. | ||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||||||
Assets in excess of/(less than) benefit obligation |
|
|
|
|
|
|
|
| |
| Balance at December 31 |
|
|
|
|
|
|
|
|
| Funded plans |
| (4,656) |
| (4,604) |
| (1,728) |
| 439 |
| Unfunded plans |
| (2,667) |
| (2,436) |
| (5,274) |
| (6,331) |
Total |
| (7,323) |
| (7,040) |
| (7,002) |
| (5,892) |
Pension Benefits | |||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Assets in excess of/(less than) benefit obligation | |||||||||||||||||||||||
Balance at December 31 | |||||||||||||||||||||||
Funded plans | (4,156) | (4,656) | (1,223) | (1,728) | |||||||||||||||||||
Unfunded plans | (2,206) | (2,667) | (6,187) | (5,274) | |||||||||||||||||||
Total | (6,362) | (7,323) | (7,410) | (7,002) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||
Assets in excess of/(less than) benefit obligation | |||||||||||||||||||||||||||||||||||
Balance at December 31 (1) | (6,362) | (7,323) | (7,410) | (7,002) | (7,689) | (7,688) | |||||||||||||||||||||||||||||
Amounts recorded in the consolidated balance sheet consist of: | |||||||||||||||||||||||||||||||||||
Other assets | — | — | 1,931 | 1,151 | — | — | |||||||||||||||||||||||||||||
Current liabilities | (377) | (242) | (273) | (267) | (327) | (351) | |||||||||||||||||||||||||||||
Postretirement benefits reserves | (5,985) | (7,081) | (9,068) | (7,886) | (7,362) | (7,337) | |||||||||||||||||||||||||||||
Total recorded | (6,362) | (7,323) | (7,410) | (7,002) | (7,689) | (7,688) | |||||||||||||||||||||||||||||
Amounts recorded in accumulated other comprehensive income consist of: | |||||||||||||||||||||||||||||||||||
Net actuarial loss/(gain) | 3,102 | 3,971 | 5,904 | 5,662 | 1,164 | 1,339 | |||||||||||||||||||||||||||||
Prior service cost | (275) | 1 | 208 | 360 | (274) | (315) | |||||||||||||||||||||||||||||
Total recorded in accumulated other comprehensive income | 2,827 | 3,972 | 6,112 | 6,022 | 890 | 1,024 |
|
|
| Pension Benefits |
| Other Postretirement | ||||||||
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||||||||||
Assets in excess of/(less than) benefit obligation |
|
|
|
|
|
|
|
|
|
|
| ||
| Balance at December 31 (1) |
| (7,323) |
| (7,040) |
| (7,002) |
| (5,892) |
| (7,688) |
| (7,085) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recorded in the consolidated balance |
|
|
|
|
|
|
|
|
|
|
|
| |
| sheet consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
| - |
| - |
| 1,151 |
| 1,174 |
| - |
| - |
| Current liabilities |
| (242) |
| (243) |
| (267) |
| (314) |
| (351) |
| (362) |
| Postretirement benefits reserves |
| (7,081) |
| (6,797) |
| (7,886) |
| (6,752) |
| (7,337) |
| (6,723) |
Total recorded |
| (7,323) |
| (7,040) |
| (7,002) |
| (5,892) |
| (7,688) |
| (7,085) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recorded in accumulated other |
|
|
|
|
|
|
|
|
|
|
|
| |
| comprehensive income consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net actuarial loss/(gain) |
| 3,971 |
| 3,831 |
| 5,662 |
| 4,713 |
| 1,339 |
| 877 |
| Prior service cost |
| 1 |
| 6 |
| 360 |
| (93) |
| (315) |
| (357) |
Total recorded in accumulated other |
|
|
|
|
|
|
|
|
|
|
|
| |
| comprehensive income |
| 3,972 |
| 3,837 |
| 6,022 |
| 4,620 |
| 1,024 |
| 520 |
(1) Fair value of assets less benefit obligation shown on the preceding page.
The long-term expected rate of return on funded assets shown below is established for each benefit plan by developing a forward-looking, long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other | ||||
|
|
|
|
| Pension Benefits |
| Postretirement | ||||||||||||||
|
|
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||||||||
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
| 2019 |
| 2018 |
| 2017 |
| 2019 |
| 2018 |
| 2017 |
Weighted-average assumptions used to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| determine net periodic benefit cost for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| years ended December 31 | (percent) | |||||||||||||||||||
| Discount rate |
| 4.40 |
| 3.80 |
| 4.25 |
| 3.00 |
| 2.80 |
| 3.00 |
| 4.40 |
| 3.80 |
| 4.25 | ||
| Long-term rate of return on funded assets |
| 5.30 |
| 6.00 |
| 6.50 |
| 4.10 |
| 4.70 |
| 5.20 |
| 4.60 |
| 6.00 |
| 6.50 | ||
| Long-term rate of compensation increase |
| 5.75 |
| 5.75 |
| 5.75 |
| 4.30 |
| 4.30 |
| 4.00 |
| 5.75 |
| 5.75 |
| 5.75 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of net periodic benefit cost |
| (millions of dollars) | |||||||||||||||||||
| Service cost |
| 757 |
| 819 |
| 784 |
| 551 |
| 608 |
| 596 |
| 139 |
| 152 |
| 129 | ||
| Interest cost |
| 766 |
| 721 |
| 798 |
| 763 |
| 754 |
| 772 |
| 315 |
| 301 |
| 317 | ||
| Expected return on plan assets |
| (568) |
| (727) |
| (775) |
| (777) |
| (951) |
| (1,000) |
| (15) |
| (23) |
| (24) | ||
| Amortization of actuarial loss/(gain) |
| 305 |
| 362 |
| 438 |
| 306 |
| 409 |
| 476 |
| 55 |
| 116 |
| 96 | ||
| Amortization of prior service cost |
| 5 |
| 5 |
| 5 |
| 56 |
| 46 |
| 47 |
| (42) |
| (40) |
| (33) | ||
| Net pension enhancement and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| curtailment/settlement cost |
| 164 |
| 268 |
| 609 |
| (98) |
| 44 |
| 19 |
| - |
| - |
| - | ||
Net periodic benefit cost |
| 1,429 |
| 1,448 |
| 1,859 |
| 801 |
| 910 |
| 910 |
| 452 |
| 506 |
| 485 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in amounts recorded in accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Net actuarial loss/(gain) |
| 609 |
| 479 |
| (324) |
| 1,268 |
| (66) |
| (191) |
| 517 |
| (594) |
| 215 | ||
| Amortization of actuarial (loss)/gain |
| (469) |
| (630) |
| (1,047) |
| (208) |
| (453) |
| (495) |
| (55) |
| (116) |
| (96) | ||
| Prior service cost/(credit) |
| - |
| - |
| - |
| 379 |
| 98 |
| 111 |
| - |
| - |
| - | ||
| Amortization of prior service (cost)/credit |
| (5) |
| (5) |
| (5) |
| (56) |
| (46) |
| (47) |
| 42 |
| 40 |
| 33 | ||
| Foreign exchange rate changes |
| - |
| - |
| - |
| 19 |
| (356) |
| 559 |
| - |
| (8) |
| 8 | ||
Total recorded in other comprehensive income |
| 135 |
| (156) |
| (1,376) |
| 1,402 |
| (823) |
| (63) |
| 504 |
| (678) |
| 160 | |||
Total recorded in net periodic benefit cost and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| other comprehensive income, before tax |
| 1,564 |
| 1,292 |
| 483 |
| 2,203 |
| 87 |
| 847 |
| 956 |
| (172) |
| 645 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 | (percent) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.50 | 4.40 | 3.80 | 2.30 | 3.00 | 2.80 | 3.50 | 4.40 | 3.80 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term rate of return on funded assets | 5.30 | 5.30 | 6.00 | 4.10 | 4.10 | 4.70 | 4.60 | 4.60 | 6.00 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term rate of compensation increase | 5.75 | 5.75 | 5.75 | 4.80 | 4.30 | 4.30 | 5.75 | 5.75 | 5.75 | ||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | (millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | 965 | 757 | 819 | 707 | 551 | 608 | 181 | 139 | 152 | ||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 708 | 766 | 721 | 657 | 763 | 754 | 277 | 315 | 301 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (703) | (568) | (727) | (897) | (777) | (951) | (18) | (15) | (23) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss/(gain) | 310 | 305 | 362 | 416 | 306 | 409 | 95 | 55 | 116 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 5 | 5 | 5 | 68 | 56 | 46 | (42) | (42) | (40) | ||||||||||||||||||||||||||||||||||||||||||||
Net pension enhancement and curtailment/settlement cost | 280 | 164 | 268 | 49 | (98) | 44 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | 1,565 | 1,429 | 1,448 | 1,000 | 801 | 910 | 493 | 452 | 506 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in amounts recorded in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss/(gain) | (279) | 609 | 479 | 446 | 1,268 | (66) | (92) | 517 | (594) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial (loss)/gain | (590) | (469) | (630) | (442) | (208) | (453) | (95) | (55) | (116) | ||||||||||||||||||||||||||||||||||||||||||||
Prior service cost/(credit) | (271) | 0 | 0 | (82) | 379 | 98 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service (cost)/credit | (5) | (5) | (5) | (68) | (56) | (46) | 42 | 42 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange rate changes | — | — | — | 236 | 19 | (356) | 11 | 0 | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Total recorded in other comprehensive income | (1,145) | 135 | (156) | 90 | 1,402 | (823) | (134) | 504 | (678) | ||||||||||||||||||||||||||||||||||||||||||||
Total recorded in net periodic benefit cost and other comprehensive income, before tax | 420 | 1,564 | 1,292 | 1,090 | 2,203 | 87 | 359 | 956 | (172) |
A summary of the change in accumulated other comprehensive income is shown in the table below:
|
|
|
| Total Pension and | ||||
|
|
|
| Other Postretirement Benefits | ||||
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
| (millions of dollars) | |||||
(Charge)/credit to other comprehensive income, before tax |
|
|
|
|
|
|
| |
| U.S. pension |
|
| (135) |
| 156 |
| 1,376 |
| Non-U.S. pension |
|
| (1,402) |
| 823 |
| 63 |
| Other postretirement benefits |
|
| (504) |
| 678 |
| (160) |
Total (charge)/credit to other comprehensive income, before tax |
|
| (2,041) |
| 1,657 |
| 1,279 | |
(Charge)/credit to income tax (see Note 4) |
|
| 550 |
| (470) |
| (290) | |
(Charge)/credit to investment in equity companies |
|
| (19) |
| 24 |
| (43) | |
(Charge)/credit to other comprehensive income including noncontrolling |
|
|
|
|
|
| ||
| interests, after tax |
|
| (1,510) |
| 1,211 |
| 946 |
Charge/(credit) to equity of noncontrolling interests |
|
| 146 |
| (114) |
| 12 | |
(Charge)/credit to other comprehensive income attributable to ExxonMobil |
|
| (1,364) |
| 1,097 |
| 958 |
Total Pension and Other Postretirement Benefits | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
(Charge)/credit to other comprehensive income, before tax | |||||||||||||||||
U.S. pension | 1,145 | (135) | 156 | ||||||||||||||
Non-U.S. pension | (90) | (1,402) | 823 | ||||||||||||||
Other postretirement benefits | 134 | (504) | 678 | ||||||||||||||
Total (charge)/credit to other comprehensive income, before tax | 1,189 | (2,041) | 1,657 | ||||||||||||||
(Charge)/credit to income tax (see Note 4) | (153) | 550 | (470) | ||||||||||||||
(Charge)/credit to investment in equity companies | (110) | (19) | 24 | ||||||||||||||
(Charge)/credit to other comprehensive income including noncontrolling interests, after tax | 926 | (1,510) | 1,211 | ||||||||||||||
Charge/(credit) to equity of noncontrolling interests | 30 | 146 | (114) | ||||||||||||||
(Charge)/credit to other comprehensive income attributable to ExxonMobil | 956 | (1,364) | 1,097 |
The 20192020 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:
U.S. Pension | Non- U.S. Pension | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement at December 31, 2020, Using: | Fair Value Measurement at December 31, 2020, Using: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Net Asset Value | Total | Level 1 | Level 2 | Level 3 | Net Asset Value | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | — | — | — | 2,323 | 2,323 | — | — | — | 4,177 | 4,177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | — | — | — | 1,703 | 1,703 | 89 | (1) | — | — | 3,285 | 3,374 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity | — | — | — | 548 | 548 | — | — | — | 530 | 530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | — | 5,146 | (2) | — | 1 | 5,147 | — | 138 | (2) | — | 5,212 | 5,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | — | 5,261 | (2) | — | 2 | 5,263 | 250 | (3) | 116 | (2) | — | 11,993 | 12,359 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | — | — | — | 1 | 1 | — | 24 | (2) | — | 239 | 263 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | — | — | — | 308 | 308 | 69 | 21 | (4) | — | 50 | 140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total at fair value | — | 10,407 | — | 4,886 | 15,293 | 408 | 299 | — | 25,486 | 26,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts at contract value | 7 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total plan assets | 15,300 | 26,216 |
|
|
| U.S. Pension |
| Non-U.S. Pension | ||||||||||||||||||||
|
|
| Fair Value Measurement |
|
| Fair Value Measurement |
| ||||||||||||||||||
|
|
| at December 31, 2019, Using: |
|
| at December 31, 2019, Using: |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| Net |
|
|
|
|
|
|
|
|
|
| Net |
| ||
|
|
|
|
|
|
|
|
|
|
| Asset |
|
|
|
|
|
|
|
|
|
| Asset |
| ||
|
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total |
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total | ||
|
|
| (millions of dollars) | ||||||||||||||||||||||
Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| U.S. | - |
|
| - |
| - |
| 1,960 |
| 1,960 |
| - |
|
| - |
| - |
| 3,436 |
| 3,436 | ||
|
| Non-U.S. | - |
|
| - |
| - |
| 1,656 |
| 1,656 |
| 70 | (2) | - |
| - |
| 3,015 |
| 3,085 | |||
| Private equity | - |
|
| - |
|
| - |
| 499 |
| 499 |
| - |
|
| - |
|
| - |
| 489 |
| 489 | |
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Corporate | - |
|
| 4,932 | (3) | - |
| 1 |
| 4,933 |
| - |
|
| 129 | (3) | - |
| 4,486 |
| 4,615 | ||
|
| Government | - |
|
| 4,470 | (3) | - |
| 2 |
| 4,472 |
| 280 | (4) | 139 | (3) | - |
| 10,511 |
| 10,930 | |||
|
| Asset-backed | - |
|
| - |
| - |
| 1 |
| 1 |
| - |
|
| 21 | (3) | - |
| 212 |
| 233 | ||
| Cash | - |
|
| - |
| - |
| 107 |
| 107 |
| 33 |
|
| 12 | (5) | - |
| 61 |
| 106 | |||
Total at fair value | - |
|
| 9,402 |
|
| - |
| 4,226 |
| 13,628 |
| 383 |
|
| 301 |
|
| - |
| 22,210 |
| 22,894 | ||
| Insurance contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| at contract value |
|
|
|
|
|
|
|
|
|
| 8 |
|
|
|
|
|
|
|
|
|
|
| 22 |
Total plan assets |
|
|
|
|
|
|
|
|
|
| 13,636 |
|
|
|
|
|
|
|
|
|
|
| 22,916 |
(2)For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(3)(2)For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
(4)(3)For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
(5)(4)For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
98
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
|
| Other Postretirement | |||||||||||||||||||||||||||||||||||||||||||||
|
|
| Fair Value Measurement |
|
| |||||||||||||||||||||||||||||||||||||||||||
|
|
| at December 31, 2019, Using: |
|
| |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Net |
|
| Other Postretirement | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Asset |
|
| Fair Value Measurement at December 31, 2020, Using: | ||||||||||||||||||||||||||||||||
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value (1) |
| Total | Level 1 | Level 2 | Level 3 | Net Asset Value | Total | |||||||||||||||||||||||||||||||
|
|
|
| (millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||
Asset category: | Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset category: | ||||||||||||||||||||||||||||||||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
|
| U.S. |
| - |
|
| - |
| - |
|
| 81 |
|
| 81 | |||||||||||||||||||||||||||||||||
|
| Non-U.S. |
| - |
|
| - |
| - |
|
| 49 |
|
| 49 | |||||||||||||||||||||||||||||||||
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
|
| Corporate |
| - |
|
| 92 | (2) | - |
|
| - |
|
| 92 | |||||||||||||||||||||||||||||||||
|
| Government |
| - |
|
| 200 | (2) | - |
|
| - |
|
| 200 | |||||||||||||||||||||||||||||||||
|
| Asset-backed |
| - |
|
| - |
| - |
|
| - |
|
| - | |||||||||||||||||||||||||||||||||
| Cash |
| - |
|
| - |
|
| - |
|
| 3 |
|
| 3 | |||||||||||||||||||||||||||||||||
Equity securities | Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 88 | (1) | — | — | 0 | 88 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 48 | (1) | — | — | 0 | 48 | |||||||||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 103 | (2) | — | — | 103 | |||||||||||||||||||||||||||||||||||||||||
Government | Government | — | 204 | (2) | — | — | 204 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed | Asset-backed | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Cash | Cash | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Total at fair value | Total at fair value |
| - |
|
| 292 |
|
| - |
|
| 133 |
|
| 425 | Total at fair value | 136 | 307 | — | 3 | 446 |
99
The 20182019 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:
|
|
| U.S. Pension |
| Non-U.S. Pension | ||||||||||||||||||||
|
|
| Fair Value Measurement |
|
| Fair Value Measurement |
| ||||||||||||||||||
|
|
| at December 31, 2018, Using: |
|
| at December 31, 2018, Using: |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| Net |
|
|
|
|
|
|
|
|
|
| Net |
| ||
|
|
|
|
|
|
|
|
|
|
| Asset |
|
|
|
|
|
|
|
|
|
| Asset |
| ||
|
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total |
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total | ||
|
|
| (millions of dollars) | ||||||||||||||||||||||
Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| U.S. | - |
|
| - |
| - |
| 1,397 |
| 1,397 |
| - |
|
| - |
| - |
| 2,648 |
| 2,648 | ||
|
| Non-U.S. | - |
|
| - |
| - |
| 1,218 |
| 1,218 |
| 57 | (2) | - |
| - |
| 2,436 |
| 2,493 | |||
| Private equity | - |
|
| - |
|
| - |
| 516 |
| 516 |
| - |
|
| - |
|
| - |
| 513 |
| 513 | |
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Corporate | - |
|
| 4,795 | (3) | - |
| 1 |
| 4,796 |
| - |
| 102 | (3) | - |
| 3,713 |
| 3,815 | |||
|
| Government | - |
|
| 3,085 | (3) | - |
| 2 |
| 3,087 |
| 243 | (4) | 97 | (3) | - |
| 9,326 |
| 9,666 | |||
|
| Asset-backed | - |
|
| - |
| - |
| 1 |
| 1 |
| - |
|
| 28 | (3) | - |
| 218 |
| 246 | ||
| Cash | - |
|
| - |
| - |
| 111 |
| 111 |
| 27 |
|
| 3 | (5) | - |
| 54 |
| 84 | |||
Total at fair value | - |
|
| 7,880 |
|
| - |
| 3,246 |
| 11,126 |
| 327 |
|
| 230 |
|
| - |
| 18,908 |
| 19,465 | ||
| Insurance contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| at contract value |
|
|
|
|
|
|
|
|
|
| 8 |
|
|
|
|
|
|
|
|
|
|
| 21 |
Total plan assets |
|
|
|
|
|
|
|
|
|
| 11,134 |
|
|
|
|
|
|
|
|
|
|
| 19,486 |
U.S. Pension | Non-U.S. Pension | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement at December 31, 2019, Using: | Fair Value Measurement at December 31, 2019, Using: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Net Asset Value | Total | Level 1 | Level 2 | Level 3 | Net Asset Value | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | — | — | — | 1,960 | 1,960 | — | — | — | 3,436 | 3,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | — | — | — | 1,656 | 1,656 | 70 | (1) | — | — | 3,015 | 3,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity | — | — | — | 499 | 499 | — | — | — | 489 | 489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | — | 4,932 | (2) | — | 1 | 4,933 | — | 129 | (2) | — | 4,486 | 4,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | — | 4,470 | (2) | — | 2 | 4,472 | 280 | (3) | 139 | (2) | — | 10,511 | 10,930 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | — | — | — | 1 | 1 | — | 21 | (2) | — | 212 | 233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | — | — | — | 107 | 107 | 33 | 12 | (4) | — | 61 | 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total at fair value | — | 9,402 | — | 4,226 | 13,628 | 383 | 301 | — | 22,210 | 22,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts at contract value | 8 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total plan assets | 13,636 | 22,916 |
(2)For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
100
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
|
| Other Postretirement | |||||||||||||||||||||||||||||||||||||||||||||
|
|
| Fair Value Measurement |
|
| |||||||||||||||||||||||||||||||||||||||||||
|
|
| at December 31, 2018, Using: |
|
| |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Net |
|
| Other Postretirement | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Asset |
|
| Fair Value Measurement at December 31, 2019, Using: | ||||||||||||||||||||||||||||||||
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value (1) |
| Total | Level 1 | Level 2 | Level 3 | Net Asset Value | Total | |||||||||||||||||||||||||||||||
|
|
| (millions of dollars) | (millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||
Asset category: | Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset category: | ||||||||||||||||||||||||||||||||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
|
| U.S. |
| - |
|
| - |
| - |
|
| 64 |
|
| 64 | |||||||||||||||||||||||||||||||||
|
| Non-U.S. |
| - |
|
| - |
| - |
|
| 41 |
|
| 41 | |||||||||||||||||||||||||||||||||
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
|
| Corporate |
| - |
|
| 88 | (2) | - |
|
| - |
|
| 88 | |||||||||||||||||||||||||||||||||
|
| Government |
| - |
|
| 189 | (2) | - |
|
| - |
|
| 189 | |||||||||||||||||||||||||||||||||
|
| Asset-backed |
| - |
|
| - |
| - |
|
| - |
|
| - | |||||||||||||||||||||||||||||||||
| Cash |
| - |
|
| - |
|
| - |
|
| 4 |
|
| 4 | |||||||||||||||||||||||||||||||||
Equity securities | Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | — | — | — | 81 | 81 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | — | — | — | 49 | 49 | ||||||||||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 92 | (1) | — | — | 92 | |||||||||||||||||||||||||||||||||||||||||
Government | Government | — | 200 | (1) | — | — | 200 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed | Asset-backed | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Cash | Cash | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Total at fair value | Total at fair value |
| - |
|
| 277 |
|
| - |
|
| 109 |
|
| 386 | Total at fair value | — | 292 | — | 133 | 425 |
(2)For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
101
A summary of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below:
|
| Pension Benefits | ||||||||
|
| U.S. |
| Non-U.S. | ||||||
|
|
| 2019 |
| 2018 |
|
| 2019 |
| 2018 |
|
| (millions of dollars) | ||||||||
For funded pension plans with an accumulated benefit obligation |
|
|
|
|
|
|
|
|
| |
| in excess of plan assets: |
|
|
|
|
|
|
|
|
|
| Projected benefit obligation |
| 18,292 |
| 15,738 |
|
| 3,616 |
| 4,037 |
| Accumulated benefit obligation |
| 14,940 |
| 13,208 |
|
| 3,026 |
| 3,671 |
| Fair value of plan assets |
| 13,636 |
| 11,134 |
|
| 1,381 |
| 3,499 |
|
|
|
|
|
|
|
|
|
|
|
For unfunded pension plans: |
|
|
|
|
|
|
|
|
| |
| Projected benefit obligation |
| 2,667 |
| 2,436 |
|
| 5,274 |
| 6,331 |
| Accumulated benefit obligation |
| 1,447 |
| 1,475 |
|
| 4,629 |
| 5,670 |
|
|
|
|
|
|
| Other | |
|
|
| Pension Benefits |
| Postretirement | |||
|
|
| U.S. |
| Non-U.S. |
| Benefits | |
|
| (millions of dollars) | ||||||
Estimated 2020 amortization from accumulated other comprehensive income: |
|
|
|
|
|
|
| |
| Net actuarial loss/(gain) (1) |
| 527 |
| 422 |
|
| 89 |
| Prior service cost (2) |
| 5 |
| 70 |
|
| (42) |
(1)The Corporation amortizes the net balance of actuarial losses/(gains) as a component of net periodic benefit cost over the average remaining service period of active plan participants.
(2)The Corporation amortizes prior service cost on a straight-line basis as permitted under authoritative guidance for defined benefit pension and
Pension Benefits | |||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
For funded pension plans with an accumulated benefit obligation | |||||||||||||||||||||||
in excess of plan assets: | |||||||||||||||||||||||
Accumulated benefit obligation | 16,129 | 14,940 | 4,602 | 3,026 | |||||||||||||||||||
Fair value of plan assets | 15,300 | 13,636 | 2,652 | 1,381 | |||||||||||||||||||
For funded pension plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||
Projected benefit obligation | 19,456 | 18,292 | 13,836 | 12,496 | |||||||||||||||||||
Fair value of plan assets | 15,300 | 13,636 | 10,681 | 9,616 | |||||||||||||||||||
For unfunded pension plans: | |||||||||||||||||||||||
Projected benefit obligation | 2,206 | 2,667 | 6,187 | 5,274 | |||||||||||||||||||
Accumulated benefit obligation | 1,373 | 1,447 | 5,469 | 4,629 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
U.S. | Non-U.S. | Gross | Medicare Subsidy Receipt | ||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Contributions expected in 2021 | 865 | 395 | — | — | |||||||||||||||||||
Benefit payments expected in: | |||||||||||||||||||||||
2021 | 2,434 | 1,310 | 424 | 22 | |||||||||||||||||||
2022 | 1,079 | 1,193 | 426 | 23 | |||||||||||||||||||
2023 | 1,105 | 1,214 | 420 | 25 | |||||||||||||||||||
2024 | 1,124 | 1,240 | 418 | 26 | |||||||||||||||||||
2025 | 1,142 | 1,186 | 415 | 27 | |||||||||||||||||||
2026 - 2030 | 5,971 | 6,274 | 2,058 | 143 |
|
|
| Pension Benefits |
| Other Postretirement Benefits | ||||||
|
|
|
|
|
|
|
|
| Medicare | ||
|
|
| U.S. |
| Non-U.S. |
| Gross |
| Subsidy Receipt | ||
|
|
| (millions of dollars) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Contributions expected in 2020 |
| 1,030 |
| 515 |
| - |
|
| - |
| |
Benefit payments expected in: |
|
|
|
|
|
|
|
|
|
| |
| 2020 |
| 1,440 |
| 1,171 |
| 444 |
|
| 20 |
|
| 2021 |
| 1,339 |
| 1,162 |
| 445 |
|
| 21 |
|
| 2022 |
| 1,330 |
| 1,177 |
| 443 |
|
| 22 |
|
| 2023 |
| 1,328 |
| 1,199 |
| 440 |
|
| 23 |
|
| 2024 |
| 1,327 |
| 1,221 |
| 438 |
|
| 24 |
|
| 2025 - 2029 |
| 6,512 |
| 6,125 |
| 2,196 |
|
| 132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
102
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In the Corporate and financing segment, interest revenue relates to interest earned on cash deposits and marketable securities. Interest expense includes non-debt-related interest expense of $148 million in 2020, $105 million in 2019 and $84 million in 2018 and $136 million in 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
| ||
| Upstream |
| Downstream |
| Chemical |
|
| and | Corporate | ||||||||||
| U.S. | Non-U.S. |
| U.S. | Non-U.S. |
| U.S. | Non-U.S. |
| Financing | Total | ||||||||
|
| (millions of dollars) | |||||||||||||||||
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings after income tax |
| 536 |
| 13,906 |
|
| 1,717 |
| 606 |
|
| 206 |
| 386 |
|
| (3,017) |
| 14,340 |
Earnings of equity companies included above |
| 282 |
| 4,534 |
|
| 196 |
| 19 |
|
| (4) |
| 818 |
|
| (404) |
| 5,441 |
Sales and other operating revenue |
| 9,364 |
| 13,779 |
|
| 70,523 |
| 134,460 |
|
| 9,723 |
| 17,693 |
|
| 41 |
| 255,583 |
Intersegment revenue |
| 10,893 |
| 30,864 |
|
| 22,416 |
| 24,775 |
|
| 7,864 |
| 5,905 |
|
| 224 |
| - |
Depreciation and depletion expense |
| 6,162 |
| 9,305 |
|
| 674 |
| 832 |
|
| 555 |
| 621 |
|
| 849 |
| 18,998 |
Interest revenue |
| - |
| - |
|
| - |
| - |
|
| - |
| - |
|
| 84 |
| 84 |
Interest expense |
| 54 |
| 34 |
|
| 1 |
| 9 |
|
| - |
| 1 |
|
| 731 |
| 830 |
Income tax expense (benefit) |
| (151) |
| 5,509 |
|
| 465 |
| 361 |
|
| 58 |
| 305 |
|
| (1,265) |
| 5,282 |
Additions to property, plant and equipment |
| 10,404 |
| 7,347 |
|
| 2,685 |
| 1,777 |
|
| 1,344 |
| 589 |
|
| 758 |
| 24,904 |
Investments in equity companies |
| 5,313 |
| 17,736 |
|
| 319 |
| 1,062 |
|
| 1,835 |
| 3,335 |
|
| (309) |
| 29,291 |
Total assets |
| 95,750 |
| 151,181 |
|
| 23,442 |
| 37,133 |
|
| 16,544 |
| 20,376 |
|
| 18,171 |
| 362,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings after income tax |
| 1,739 |
| 12,340 |
|
| 2,962 |
| 3,048 |
|
| 1,642 |
| 1,709 |
|
| (2,600) |
| 20,840 |
Earnings of equity companies included above |
| 608 |
| 5,816 |
|
| 156 |
| (6) |
|
| 48 |
| 1,113 |
|
| (380) |
| 7,355 |
Sales and other operating revenue |
| 10,359 |
| 15,158 |
|
| 74,327 |
| 147,007 |
|
| 12,239 |
| 20,204 |
|
| 38 |
| 279,332 |
Intersegment revenue |
| 8,683 |
| 29,659 |
|
| 21,954 |
| 29,888 |
|
| 9,044 |
| 7,217 |
|
| 205 |
| - |
Depreciation and depletion expense |
| 6,024 |
| 9,257 |
|
| 684 |
| 890 |
|
| 405 |
| 606 |
|
| 879 |
| 18,745 |
Interest revenue |
| - |
| - |
|
| - |
| - |
|
| - |
| - |
|
| 64 |
| 64 |
Interest expense |
| 77 |
| 31 |
|
| 2 |
| 12 |
|
| - |
| 1 |
|
| 643 |
| 766 |
Income tax expense (benefit) |
| 104 |
| 8,149 |
|
| 946 |
| 1,008 |
|
| 566 |
| 245 |
|
| (1,486) |
| 9,532 |
Additions to property, plant and equipment |
| 7,119 |
| 7,974 |
|
| 1,152 |
| 1,595 |
|
| 1,146 |
| 348 |
|
| 717 |
| 20,051 |
Investments in equity companies |
| 4,566 |
| 16,337 |
|
| 293 |
| 1,162 |
|
| 870 |
| 3,431 |
|
| (277) |
| 26,382 |
Total assets |
| 90,310 |
| 148,914 |
|
| 17,898 |
| 34,024 |
|
| 14,904 |
| 21,131 |
|
| 19,015 |
| 346,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings after income tax |
| 6,622 |
| 6,733 |
|
| 1,948 |
| 3,649 |
|
| 2,190 |
| 2,328 |
|
| (3,760) |
| 19,710 |
Earnings of equity companies included above |
| 216 |
| 3,618 |
|
| 118 |
| 490 |
|
| 90 |
| 1,217 |
|
| (369) |
| 5,380 |
Sales and other operating revenue |
| 9,349 |
| 14,508 |
|
| 61,695 |
| 122,881 |
|
| 11,035 |
| 17,659 |
|
| 35 |
| 237,162 |
Intersegment revenue |
| 5,729 |
| 22,935 |
|
| 14,857 |
| 22,263 |
|
| 7,270 |
| 5,550 |
|
| 208 |
| - |
Depreciation and depletion expense |
| 6,963 |
| 9,741 |
|
| 658 |
| 883 |
|
| 299 |
| 504 |
|
| 845 |
| 19,893 |
Interest revenue |
| - |
| - |
|
| - |
| - |
|
| - |
| - |
|
| 36 |
| 36 |
Interest expense |
| 87 |
| 29 |
|
| 1 |
| 6 |
|
| - |
| - |
|
| 478 |
| 601 |
Income tax expense (benefit) |
| (8,552) |
| 5,463 |
|
| (61) |
| 934 |
|
| 362 |
| 664 |
|
| 16 |
| (1,174) |
Effect of U.S. tax reform - noncash |
| (7,602) |
| 480 |
|
| (618) |
| - |
|
| (335) |
| - |
|
| 2,133 |
| (5,942) |
Additions to property, plant and equipment |
| 9,761 |
| 8,617 |
|
| 769 |
| 1,551 |
|
| 1,330 |
| 2,019 |
|
| 854 |
| 24,901 |
Investments in equity companies |
| 4,680 |
| 14,494 |
|
| 276 |
| 1,462 |
|
| 341 |
| 3,387 |
|
| (286) |
| 24,354 |
Total assets |
| 89,048 |
| 155,822 |
|
| 18,172 |
| 34,294 |
|
| 13,363 |
| 21,133 |
|
| 16,859 |
| 348,691 |
103
Geographic |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Sales and other operating revenue |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
United States |
| 89,612 |
| 96,930 |
| 82,079 | |
Non-U.S. |
| 165,971 |
| 182,402 |
| 155,083 | |
| Total |
| 255,583 |
| 279,332 |
| 237,162 |
|
|
|
|
|
|
|
|
Significant non-U.S. revenue sources include: (1) |
|
|
|
|
|
| |
| Canada |
| 19,735 |
| 22,672 |
| 20,116 |
| United Kingdom |
| 17,479 |
| 18,702 |
| 16,611 |
| France |
| 12,740 |
| 13,637 |
| 11,235 |
| Singapore |
| 12,128 |
| 13,689 |
| 11,589 |
| Belgium |
| 11,644 |
| 15,664 |
| 13,633 |
| Italy |
| 10,459 |
| 13,396 |
| 11,476 |
|
|
|
|
|
|
|
|
Upstream Downstream Chemical Corporate and Corporate U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Financing Total (millions of dollars) As of December 31, 2020 Earnings (Loss) after income tax (19,385) (645) (852) (225) 1,277 686 (3,296) (22,440) (17,138) (2,287) (15) (609) (100) (69) (35) (20,253) Earnings of equity companies included above (559) 2,101 134 (190) (21) 651 (384) 1,732 Sales and other operating revenue 5,876 8,673 48,256 92,640 8,529 14,562 38 178,574 Intersegment revenue 8,508 19,642 12,258 15,162 6,099 3,881 221 — Depreciation and depletion expense 28,627 12,723 716 1,672 685 694 892 46,009 Interest revenue — — — — — — 49 49 Interest expense 52 93 1 21 — 0 991 1,158 Income tax expense (benefit) (5,958) 742 (324) 393 440 272 (1,197) (5,632) Additions to property, plant and equipment 5,726 4,418 2,983 1,731 1,221 592 671 17,342 Investments in equity companies 4,792 18,135 352 879 2,543 3,514 (443) 29,772 Total assets 71,287 144,730 23,754 34,848 17,839 20,220 20,072 332,750 As of December 31, 2019 Earnings after income tax 536 13,906 1,717 606 206 386 (3,017) 14,340 Earnings of equity companies included above 282 4,534 196 19 (4) 818 (404) 5,441 Sales and other operating revenue 9,364 13,779 70,523 134,460 9,723 17,693 41 255,583 Intersegment revenue 10,893 30,864 22,416 24,775 7,864 5,905 224 — Depreciation and depletion expense 6,162 9,305 674 832 555 621 849 18,998 Interest revenue — — — — — — 84 84 Interest expense 54 34 1 9 — 1 731 830 Income tax expense (benefit) (151) 5,509 465 361 58 305 (1,265) 5,282 Additions to property, plant and equipment 10,404 7,347 2,685 1,777 1,344 589 758 24,904 Investments in equity companies 5,313 17,736 319 1,062 1,835 3,335 (309) 29,291 Total assets 95,750 151,181 23,442 37,133 16,544 20,376 18,171 362,597 As of December 31, 2018 Earnings after income tax 1,739 12,340 2,962 3,048 1,642 1,709 (2,600) 20,840 Earnings of equity companies included above 608 5,816 156 (6) 48 1,113 (380) 7,355 Sales and other operating revenue 10,359 15,158 74,327 147,007 12,239 20,204 38 279,332 Intersegment revenue 8,683 29,659 21,954 29,888 9,044 7,217 205 — Depreciation and depletion expense 6,024 9,257 684 890 405 606 879 18,745 Interest revenue — — — — — — 64 64 Interest expense 77 31 2 12 — 1 643 766 Income tax expense (benefit) 104 8,149 946 1,008 566 245 (1,486) 9,532 Additions to property, plant and equipment 7,119 7,974 1,152 1,595 1,146 348 717 20,051 Investments in equity companies 4,566 16,337 293 1,162 870 3,431 (277) 26,382 Total assets 90,310 148,914 17,898 34,024 14,904 21,131 19,015 346,196
Sales and other operating revenue | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars) | |||||||||||||||||
United States | 62,663 | 89,612 | 96,930 | ||||||||||||||
Non-U.S. | 115,911 | 165,971 | 182,402 | ||||||||||||||
Total | 178,574 | 255,583 | 279,332 | ||||||||||||||
Significant non-U.S. revenue sources include: (1) | |||||||||||||||||
Canada | 13,093 | 19,735 | 22,672 | ||||||||||||||
United Kingdom | 11,055 | 17,479 | 18,702 | ||||||||||||||
Singapore | 9,442 | 12,128 | 13,689 | ||||||||||||||
France | 8,676 | 12,740 | 13,637 | ||||||||||||||
Italy | 7,091 | 10,459 | 13,396 | ||||||||||||||
Belgium | 6,231 | 11,644 | 15,664 | ||||||||||||||
Australia | 5,839 | 7,941 | 8,780 |
Long-lived assets |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
United States |
| 114,372 |
| 108,147 |
| 105,101 | |
Non-U.S. |
| 138,646 |
| 138,954 |
| 147,529 | |
| Total |
| 253,018 |
| 247,101 |
| 252,630 |
|
|
|
|
|
|
|
|
Significant non-U.S. long-lived assets include: |
|
|
|
|
|
| |
| Canada |
| 39,130 |
| 37,433 |
| 41,138 |
| Australia |
| 13,933 |
| 14,548 |
| 16,908 |
| Singapore |
| 11,645 |
| 11,148 |
| 11,292 |
| Kazakhstan |
| 9,315 |
| 9,726 |
| 10,121 |
| Papua New Guinea |
| 8,057 |
| 8,269 |
| 8,463 |
| Nigeria |
| 7,640 |
| 8,421 |
| 9,734 |
| Angola |
| 5,784 |
| 7,021 |
| 7,689 |
| United Arab Emirates |
| 5,262 |
| 4,859 |
| 4,304 |
| Russia |
| 5,135 |
| 5,456 |
| 5,702 |
December 31, Long-lived assets 2020 2019 2018 (millions of dollars) United States 94,732 114,372 108,147 Non-U.S. 132,821 138,646 138,954 Total 227,553 253,018 247,101 Significant non-U.S. long-lived assets include: Canada 36,232 39,130 37,433 Australia 14,792 13,933 14,548 Singapore 12,129 11,645 11,148 Kazakhstan 8,882 9,315 9,726 Papua New Guinea 7,803 8,057 8,269 Nigeria 6,345 7,640 8,421 United Arab Emirates 5,381 5,262 4,859 Russia 4,616 5,135 5,456 Angola 4,405 5,784 7,021
19. Income and Other Taxes
|
|
|
|
|
|
| 2019 |
|
|
|
|
| 2018 |
|
|
|
|
| 2017 |
|
|
|
|
|
|
| U.S. | Non-U.S. | Total |
| U.S. | Non-U.S. | Total |
| U.S. | Non-U.S. | Total | ||||||
|
|
|
|
|
|
|
|
|
|
| (millions of dollars) |
|
|
|
|
|
| ||||
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Federal and non-U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Current |
| (121) |
| 6,171 |
| 6,050 |
| 459 |
| 9,001 |
| 9,460 |
| 577 |
| 6,633 |
| 7,210 | |
|
| Deferred - net |
| (255) |
| (420) |
| (675) |
| 518 |
| (614) |
| (96) |
| (9,075) |
| 754 |
| (8,321) | |
| U.S. tax on non-U.S. operations |
| 89 |
| - |
| 89 |
| 42 |
| - |
| 42 |
| 17 |
| - |
| 17 | ||
|
|
| Total federal and non-U.S. |
| (287) |
| 5,751 |
| 5,464 |
| 1,019 |
| 8,387 |
| 9,406 |
| (8,481) |
| 7,387 |
| (1,094) |
| State |
| (182) |
| - |
| (182) |
| 126 |
| - |
| 126 |
| (80) |
| - |
| (80) | ||
|
|
| Total income tax expense |
| (469) |
| 5,751 |
| 5,282 |
| 1,145 |
| 8,387 |
| 9,532 |
| (8,561) |
| 7,387 |
| (1,174) |
All other taxes and duties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Other taxes and duties |
| 3,566 |
| 26,959 |
| 30,525 |
| 3,498 |
| 29,165 |
| 32,663 |
| 3,330 |
| 26,774 |
| 30,104 | ||
| Included in production and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| manufacturing expenses |
| 1,385 |
| 811 |
| 2,196 |
| 1,245 |
| 857 |
| 2,102 |
| 1,107 |
| 747 |
| 1,854 | |
| Included in SG&A expenses |
| 160 |
| 305 |
| 465 |
| 153 |
| 312 |
| 465 |
| 147 |
| 354 |
| 501 | ||
|
| Total other taxes and duties |
| 5,111 |
| 28,075 |
| 33,186 |
| 4,896 |
| 30,334 |
| 35,230 |
| 4,584 |
| 27,875 |
| 32,459 | |
|
|
| Total |
| 4,642 |
| 33,826 |
| 38,468 |
| 6,041 |
| 38,721 |
| 44,762 |
| (3,977) |
| 35,262 |
| 31,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal and non-U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 262 | 2,908 | 3,170 | (121) | 6,171 | 6,050 | 459 | 9,001 | 9,460 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred - net | (6,045) | (2,007) | (8,052) | (255) | (420) | (675) | 518 | (614) | (96) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. tax on non-U.S. operations | 13 | — | 13 | 89 | — | 89 | 42 | — | 42 | ||||||||||||||||||||||||||||||||||||||||||||
Total federal and non-U.S. | (5,770) | 901 | (4,869) | (287) | 5,751 | 5,464 | 1,019 | 8,387 | 9,406 | ||||||||||||||||||||||||||||||||||||||||||||
State | (763) | — | (763) | (182) | — | (182) | 126 | — | 126 | ||||||||||||||||||||||||||||||||||||||||||||
Total income tax expense (benefit) | (6,533) | 901 | (5,632) | (469) | 5,751 | 5,282 | 1,145 | 8,387 | 9,532 | ||||||||||||||||||||||||||||||||||||||||||||
All other taxes and duties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other taxes and duties | 3,108 | 23,014 | 26,122 | 3,566 | 26,959 | 30,525 | 3,498 | 29,165 | 32,663 | ||||||||||||||||||||||||||||||||||||||||||||
Included in production and manufacturing expenses | 1,148 | 663 | 1,811 | 1,385 | 811 | 2,196 | 1,245 | 857 | 2,102 | ||||||||||||||||||||||||||||||||||||||||||||
Included in SG&A expenses | 164 | 328 | 492 | 160 | 305 | 465 | 153 | 312 | 465 | ||||||||||||||||||||||||||||||||||||||||||||
Total other taxes and duties | 4,420 | 24,005 | 28,425 | 5,111 | 28,075 | 33,186 | 4,896 | 30,334 | 35,230 | ||||||||||||||||||||||||||||||||||||||||||||
Total | (2,113) | 24,906 | 22,793 | 4,642 | 33,826 | 38,468 | 6,041 | 38,721 | 44,762 |
Following the December 22, 2017, enactment of the U.S. Tax Cuts and Jobs Act, in accordance with Accounting Standard Codification Topic 740 (Income Taxes) and following the guidance outlined in the SEC Staff Accounting Bulletin No. 118, the Corporation included a $5,942 million credit in its 2017 results, representing a reasonable estimate of the income tax effects of the changes in tax law and tax rate. The Corporation’s results for 2018 include a $291 million tax credit, mainly in the Non-U.S. Upstream, reflecting an updated estimate of the impact of U.S. tax reform including clarifications provided in tax regulations issued by the U.S. Treasury. The Corporation completed its accounting for the enactment-date income tax effects of the U.S. Tax Cuts and Jobs Act in accordance with Accounting Standard Codification Topic 740 (Income Taxes) during 2018.
105
The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2020, 2019 and 2018 and 35 percent for 2017 is as follows:
2020 | 2019 | 2018 | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Income (Loss) before income taxes | |||||||||||||||||
United States | (27,704) | (53) | 5,200 | ||||||||||||||
Non-U.S. | (1,179) | 20,109 | 25,753 | ||||||||||||||
Total | (28,883) | 20,056 | 30,953 | ||||||||||||||
Theoretical tax | (6,065) | 4,212 | 6,500 | ||||||||||||||
Effect of equity method of accounting | (364) | (1,143) | (1,545) | ||||||||||||||
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1)(2) | 1,606 | 2,573 | 4,626 | ||||||||||||||
State taxes, net of federal tax benefit (1) | (603) | (144) | 100 | ||||||||||||||
Enactment-date effects of U.S. tax reform | 0 | 0 | (291) | ||||||||||||||
Other | (206) | (216) | 142 | ||||||||||||||
Total income tax expense (credit) | (5,632) | 5,282 | 9,532 | ||||||||||||||
Effective tax rate calculation | |||||||||||||||||
Income tax expense (credit) | (5,632) | 5,282 | 9,532 | ||||||||||||||
ExxonMobil share of equity company income taxes | 861 | 2,490 | 3,142 | ||||||||||||||
Total income tax expense (credit) | (4,771) | 7,772 | 12,674 | ||||||||||||||
Net income (loss) including noncontrolling interests | (23,251) | 14,774 | 21,421 | ||||||||||||||
Total income (loss) before taxes | (28,022) | 22,546 | 34,095 | ||||||||||||||
Effective income tax rate | 17 | % | 34 | % | 37 | % |
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
Income before income taxes |
|
|
|
|
|
| ||
| United States |
| (53) |
| 5,200 |
| (754) | |
| Non-U.S. |
| 20,109 |
| 25,753 |
| 19,428 | |
|
| Total |
| 20,056 |
| 30,953 |
| 18,674 |
Theoretical tax |
| 4,212 |
| 6,500 |
| 6,536 | ||
Effect of equity method of accounting |
| (1,143) |
| (1,545) |
| (1,883) | ||
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1) |
| 2,573 |
| 4,626 |
| 1,848 | ||
Enactment-date effects of U.S. tax reform |
| - |
| (291) |
| (5,942) | ||
Other (2) |
| (360) |
| 242 |
| (1,733) | ||
|
| Total income tax expense |
| 5,282 |
| 9,532 |
| (1,174) |
|
|
|
|
|
|
|
|
|
Effective tax rate calculation |
|
|
|
|
|
| ||
Income taxes |
| 5,282 |
| 9,532 |
| (1,174) | ||
ExxonMobil share of equity company income taxes |
| 2,490 |
| 3,142 |
| 2,228 | ||
|
| Total income taxes |
| 7,772 |
| 12,674 |
| 1,054 |
Net income including noncontrolling interests |
| 14,774 |
| 21,421 |
| 19,848 | ||
|
| Total income before taxes |
| 22,546 |
| 34,095 |
| 20,902 |
|
|
|
|
|
|
|
|
|
Effective income tax rate |
| 34% |
| 37% |
| 5% |
(2) 2017 includes taxes less than the theoretical U.S. tax of $708 million from an exploration tax benefit.
106
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.
Tax effects of temporary differences for: |
| 2019 |
| 2018 | |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Property, plant and equipment |
| 36,029 |
| 35,745 | |
Other liabilities |
| 7,653 |
| 6,516 | |
| Total deferred tax liabilities |
| 43,682 |
| 42,261 |
|
|
|
|
|
|
Pension and other postretirement benefits |
| (4,712) |
| (4,115) | |
Asset retirement obligations |
| (3,403) |
| (4,118) | |
Tax loss carryforwards |
| (7,404) |
| (6,321) | |
Other assets |
| (7,735) |
| (5,498) | |
| Total deferred tax assets |
| (23,254) |
| (20,052) |
|
|
|
|
|
|
Asset valuation allowances |
| 1,924 |
| 1,826 | |
| Net deferred tax liabilities |
| 22,352 |
| 24,035 |
Tax effects of temporary differences for: | 2020 | 2019 | |||||||||
(millions of dollars) | |||||||||||
Property, plant and equipment | 28,778 | 36,029 | |||||||||
Other liabilities | 6,427 | 7,653 | |||||||||
Total deferred tax liabilities | 35,205 | 43,682 | |||||||||
Pension and other postretirement benefits | (4,703) | (4,712) | |||||||||
Asset retirement obligations | (3,150) | (3,403) | |||||||||
Tax loss carryforwards | (8,982) | (7,404) | |||||||||
Other assets | (7,095) | (7,735) | |||||||||
Total deferred tax assets | (23,930) | (23,254) | |||||||||
Asset valuation allowances | 2,731 | 1,924 | |||||||||
Net deferred tax liabilities | 14,006 | 22,352 |
Balance sheet classification |
| 2019 |
| 2018 | |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Other assets, including intangibles, net |
| (3,268) |
| (3,209) | |
Deferred income tax liabilities |
| 25,620 |
| 27,244 | |
| Net deferred tax liabilities |
| 22,352 |
| 24,035 |
Balance sheet classification | 2020 | 2019 | |||||||||
(millions of dollars) | |||||||||||
Other assets, including intangibles, net | (4,159) | (3,268) | |||||||||
Deferred income tax liabilities | 18,165 | 25,620 | |||||||||
Net deferred tax liabilities | 14,006 | 22,352 |
107
Unrecognized Tax Benefits.The Corporation is subject to income taxation in many jurisdictions around the world. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. The following table summarizes the movement in unrecognized tax benefits:
Gross unrecognized tax benefits | 2019 |
| 2018 |
| 2017 | |
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
Balance at January 1 | 9,174 |
| 8,783 |
| 9,468 | |
| Additions based on current year's tax positions | 287 |
| 375 |
| 522 |
| Additions for prior years' tax positions | 120 |
| 240 |
| 523 |
| Reductions for prior years' tax positions | (97) |
| (125) |
| (865) |
| Reductions due to lapse of the statute of limitations | (279) |
| (5) |
| (113) |
| Settlements with tax authorities | (538) |
| (68) |
| (782) |
| Foreign exchange effects/other | 177 |
| (26) |
| 30 |
Balance at December 31 | 8,844 |
| 9,174 |
| 8,783 |
Gross unrecognized tax benefits | 2020 | 2019 | 2018 | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Balance at January 1 | 8,844 | 9,174 | 8,783 | ||||||||||||||
Additions based on current year's tax positions | 253 | 287 | 375 | ||||||||||||||
Additions for prior years' tax positions | 218 | 120 | 240 | ||||||||||||||
Reductions for prior years' tax positions | (201) | (97) | (125) | ||||||||||||||
Reductions due to lapse of the statute of limitations | (237) | (279) | (5) | ||||||||||||||
Settlements with tax authorities | (113) | (538) | (68) | ||||||||||||||
Foreign exchange effects/other | 0 | 177 | (26) | ||||||||||||||
Balance at December 31 | 8,764 | 8,844 | 9,174 |
On January 13, 2021, the District Court ruled that no penalties apply to the Corporation's positions in this suit. Proceedings in the District Court are continuing. Unfavorable resolution of all positions at issue with the IRS would not have a material adverse effect on the Corporation’s operations or financial condition.
months.
| Country of Operation | Open Tax Years |
| ||||
| Abu Dhabi |
|
| 2018 | - | 2019 |
|
| Angola |
|
| 2018 | - | 2019 |
|
| Australia |
|
| 2010 | - | 2019 |
|
| Belgium |
|
| 2017 | - | 2019 |
|
| Canada |
|
| 2000 | - | 2019 |
|
| Equatorial Guinea |
|
| 2007 | - | 2019 |
|
| Indonesia |
|
| 2007 | - | 2019 |
|
| Iraq |
|
| 2014 | - | 2019 |
|
| Malaysia |
|
| 2011 | - | 2019 |
|
| Nigeria |
|
| 2006 | - | 2019 |
|
| Norway |
|
| 2007 | - | 2019 |
|
| Papua New Guinea |
|
| 2008 | - | 2019 |
|
| Russia |
|
| 2017 | - | 2019 |
|
| United Kingdom |
|
| 2015 | - | 2019 |
|
| United States |
|
| 2006 | - | 2019 |
|
Country of Operation | Open Tax Years | ||||||||||
Abu Dhabi | 2018 | — | 2020 | ||||||||
Angola | 2018 | — | 2020 | ||||||||
Australia | 2010 | — | 2020 | ||||||||
Belgium | 2017 | — | 2020 | ||||||||
Canada | 2001 | — | 2020 | ||||||||
Equatorial Guinea | 2007 | — | 2020 | ||||||||
Indonesia | 2007 | — | 2020 | ||||||||
Iraq | 2015 | — | 2020 | ||||||||
Malaysia | 2011 | — | 2020 | ||||||||
Nigeria | 2006 | — | 2020 | ||||||||
Norway | 2010 | — | 2020 | ||||||||
Papua New Guinea | 2008 | — | 2020 | ||||||||
Russia | 2018 | — | 2020 | ||||||||
United Kingdom | 2015 | — | 2020 | ||||||||
United States | 2006 | — | 2020 |
108
20. SaleRestructuring Activities
On December 10, 2019,staffing levels and subsequently commenced targeted workforce reductions within a number of countries to improve efficiency and reduce costs. The programs, which are expected to be substantially completed by the end of 2021, include both voluntary and involuntary employee separations and reductions in contractors.
accrued liabilities.”
109
2020 | |||||
(millions of dollars) | |||||
Balance at January 1 | 0 | ||||
Additions/adjustments | 450 | ||||
Payments made | (47) | ||||
Balance at December 31 | 403 |
The results of operations for producing activities shown below do not include earnings from other activities that ExxonMobil includes in the Upstream function, such as oil and gas transportation operations, LNG liquefaction and transportation operations, coal and power operations, technical service agreements, other nonoperating activities and adjustments for noncontrolling interests. These excluded amounts for both consolidated and equity companies totaled $274 million in 2020, $3,502 million in 2019 and $1,484 million in 2018 and $1,402 million in 2017.2018. Oil sands mining operations are included in the results of operations in accordance with Securities and Exchange Commission and Financial Accounting Standards Board rules.
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
| ||
|
|
|
| United |
| Other |
|
|
|
|
|
|
| Australia/ |
|
|
Results of Operations |
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | ||
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2019 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 5,070 |
| 1,452 |
| 2,141 |
| 802 |
| 2,393 |
| 3,132 |
| 14,990 |
|
| Transfers |
| 6,544 |
| 5,979 |
| 1,345 |
| 7,892 |
| 8,706 |
| 628 |
| 31,094 |
|
|
|
| 11,614 |
| 7,431 |
| 3,486 |
| 8,694 |
| 11,099 |
| 3,760 |
| 46,084 |
| Production costs excluding taxes |
| 4,697 |
| 4,366 |
| 1,196 |
| 2,387 |
| 1,597 |
| 637 |
| 14,880 | |
| Exploration expenses |
| 120 |
| 498 |
| 118 |
| 234 |
| 119 |
| 180 |
| 1,269 | |
| Depreciation and depletion |
| 5,916 |
| 1,975 |
| 601 |
| 3,019 |
| 2,264 |
| 703 |
| 14,478 | |
| Taxes other than income |
| 998 |
| 122 |
| 113 |
| 682 |
| 1,182 |
| 250 |
| 3,347 | |
| Related income tax |
| (29) |
| (423) |
| (20) |
| 1,188 |
| 4,238 |
| 599 |
| 5,553 | |
| Results of producing activities for consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| subsidiaries |
| (88) |
| 893 |
| 1,478 |
| 1,184 |
| 1,699 |
| 1,391 |
| 6,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2019 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 664 |
| - |
| 1,248 |
| - |
| 10,536 |
| - |
| 12,448 |
|
| Transfers |
| 530 |
| - |
| 6 |
| - |
| 464 |
| - |
| 1,000 |
|
|
|
| 1,194 |
| - |
| 1,254 |
| - |
| 11,000 |
| - |
| 13,448 |
| Production costs excluding taxes |
| 595 |
| - |
| 570 |
| 6 |
| 555 |
| - |
| 1,726 | |
| Exploration expenses |
| 1 |
| - |
| 4 |
| - |
| - |
| - |
| 5 | |
| Depreciation and depletion |
| 379 |
| - |
| 231 |
| - |
| 528 |
| - |
| 1,138 | |
| Taxes other than income |
| 33 |
| - |
| 75 |
| - |
| 3,634 |
| - |
| 3,742 | |
| Related income tax |
| - |
| - |
| 180 |
| (1) |
| 2,275 |
| - |
| 2,454 | |
| Results of producing activities for equity companies |
| 186 |
| - |
| 194 |
| (5) |
| 4,008 |
| - |
| 4,383 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total results of operations |
| 98 |
| 893 |
| 1,672 |
| 1,179 |
| 5,707 |
| 1,391 |
| 10,940 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Operations | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
2020 - Revenue | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 2,933 | 1,034 | 536 | 262 | 1,632 | 1,983 | 8,380 | ||||||||||||||||||||||||||||||||||
Transfers | 4,943 | 3,938 | 362 | 4,603 | 5,584 | 509 | 19,939 | ||||||||||||||||||||||||||||||||||
7,876 | 4,972 | 898 | 4,865 | 7,216 | 2,492 | 28,319 | |||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 3,877 | 3,928 | 786 | 1,911 | 1,471 | 483 | 12,456 | ||||||||||||||||||||||||||||||||||
Exploration expenses | 51 | 573 | 33 | 371 | 112 | 145 | 1,285 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 27,489 | 5,118 | 828 | 2,788 | 2,171 | 733 | 39,127 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 615 | 106 | 32 | 390 | 692 | 152 | 1,987 | ||||||||||||||||||||||||||||||||||
Related income tax | (5,650) | (944) | (343) | (258) | 2,130 | 241 | (4,824) | ||||||||||||||||||||||||||||||||||
Results of producing activities for consolidated subsidiaries | (18,506) | (3,809) | (438) | (337) | 640 | 738 | (21,712) | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
2020 - Revenue | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 410 | — | 513 | — | 6,289 | — | 7,212 | ||||||||||||||||||||||||||||||||||
Transfers | 308 | — | 12 | — | 60 | — | 380 | ||||||||||||||||||||||||||||||||||
718 | — | 525 | — | 6,349 | — | 7,592 | |||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 545 | — | 674 | 6 | 421 | — | 1,646 | ||||||||||||||||||||||||||||||||||
Exploration expenses | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 560 | — | 224 | — | 543 | — | 1,327 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 34 | — | 22 | — | 2,274 | — | 2,330 | ||||||||||||||||||||||||||||||||||
Related income tax | — | — | (246) | (1) | 1,126 | — | 879 | ||||||||||||||||||||||||||||||||||
Results of producing activities for equity companies | (421) | — | (151) | (5) | 1,985 | — | 1,408 | ||||||||||||||||||||||||||||||||||
Total results of operations | (18,927) | (3,809) | (589) | (342) | 2,625 | 738 | (20,304) |
110
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
|
|
|
| United |
| Other |
|
|
|
|
|
| Australia/ |
| |||||||||||||||||||||||||||||||||||||||||||
Results of Operations | Results of Operations |
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | Results of Operations | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
|
|
|
| (millions of dollars) | (millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
2018 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
2019 - Revenue | 2019 - Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales to third parties | Sales to third parties | 5,070 | 1,452 | 2,141 | 802 | 2,393 | 3,132 | 14,990 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transfers | Transfers | 6,544 | 5,979 | 1,345 | 7,892 | 8,706 | 628 | 31,094 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
| Sales to third parties |
| 5,914 |
| 1,491 |
| 3,680 |
| 1,136 |
| 2,431 |
| 3,256 |
| 17,908 | 11,614 | 7,431 | 3,486 | 8,694 | 11,099 | 3,760 | 46,084 | ||||||||||||||||||||||||||||||||||
|
| Transfers |
| 5,822 |
| 4,633 |
| 1,573 |
| 8,844 |
| 8,461 |
| 873 |
| 30,206 | |||||||||||||||||||||||||||||||||||||||||
|
|
|
| 11,736 |
| 6,124 |
| 5,253 |
| 9,980 |
| 10,892 |
| 4,129 |
| 48,114 | |||||||||||||||||||||||||||||||||||||||||
| Production costs excluding taxes |
| 3,915 |
| 4,211 |
| 1,348 |
| 2,454 |
| 1,501 |
| 680 |
| 14,109 | ||||||||||||||||||||||||||||||||||||||||||
| Exploration expenses |
| 237 |
| 434 |
| 140 |
| 318 |
| 209 |
| 128 |
| 1,466 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and depletion |
| 5,775 |
| 1,803 |
| 665 |
| 2,788 |
| 2,088 |
| 809 |
| 13,928 | ||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income |
| 953 |
| 133 |
| 128 |
| 799 |
| 1,155 |
| 335 |
| 3,503 | ||||||||||||||||||||||||||||||||||||||||||
| Related income tax |
| 250 |
| (121) |
| 1,934 |
| 1,766 |
| 4,008 |
| 622 |
| 8,459 | ||||||||||||||||||||||||||||||||||||||||||
| Results of producing activities for consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||
|
| subsidiaries |
| 606 |
| (336) |
| 1,038 |
| 1,855 |
| 1,931 |
| 1,555 |
| 6,649 | |||||||||||||||||||||||||||||||||||||||||
Production costs excluding taxes | Production costs excluding taxes | 4,697 | 4,366 | 1,196 | 2,387 | 1,597 | 637 | 14,880 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenses | Exploration expenses | 120 | 498 | 118 | 234 | 119 | 180 | 1,269 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 5,916 | 1,975 | 601 | 3,019 | 2,264 | 703 | 14,478 | |||||||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income | Taxes other than income | 998 | 122 | 113 | 682 | 1,182 | 250 | 3,347 | |||||||||||||||||||||||||||||||||||||||||||||||||
Related income tax | Related income tax | (29) | (423) | (20) | 1,188 | 4,238 | 599 | 5,553 | |||||||||||||||||||||||||||||||||||||||||||||||||
Results of producing activities for consolidated subsidiaries | Results of producing activities for consolidated subsidiaries | (88) | 893 | 1,478 | 1,184 | 1,699 | 1,391 | 6,557 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Equity Companies | Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies | |||||||||||||||||||||||||||||||||||||||||
2018 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
2019 - Revenue | 2019 - Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales to third parties | Sales to third parties | 664 | — | 1,248 | — | 10,536 | — | 12,448 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transfers | Transfers | 530 | — | 6 | — | 464 | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
| Sales to third parties |
| 747 |
| - |
| 1,420 |
| - |
| 12,028 |
| - |
| 14,195 | 1,194 | — | 1,254 | — | 11,000 | — | 13,448 | ||||||||||||||||||||||||||||||||||
|
| Transfers |
| 588 |
| - |
| 8 |
| - |
| 935 |
| - |
| 1,531 | |||||||||||||||||||||||||||||||||||||||||
|
|
|
| 1,335 |
| - |
| 1,428 |
| - |
| 12,963 |
| - |
| 15,726 | |||||||||||||||||||||||||||||||||||||||||
| Production costs excluding taxes |
| 535 |
| - |
| 745 |
| 5 |
| 409 |
| - |
| 1,694 | ||||||||||||||||||||||||||||||||||||||||||
| Exploration expenses |
| 1 |
| - |
| 4 |
| - |
| 5 |
| - |
| 10 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and depletion |
| 248 |
| - |
| 172 |
| - |
| 462 |
| - |
| 882 | ||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income |
| 33 |
| - |
| 61 |
| - |
| 4,104 |
| - |
| 4,198 | ||||||||||||||||||||||||||||||||||||||||||
| Related income tax |
| - |
| - |
| 271 |
| (1) |
| 2,726 |
| - |
| 2,996 | ||||||||||||||||||||||||||||||||||||||||||
| Results of producing activities for equity companies |
| 518 |
| - |
| 175 |
| (4) |
| 5,257 |
| - |
| 5,946 | ||||||||||||||||||||||||||||||||||||||||||
Production costs excluding taxes | Production costs excluding taxes | 595 | — | 570 | 6 | 555 | — | 1,726 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenses | Exploration expenses | 1 | — | 4 | — | — | — | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 379 | — | 231 | — | 528 | — | 1,138 | |||||||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income | Taxes other than income | 33 | — | 75 | — | 3,634 | — | 3,742 | |||||||||||||||||||||||||||||||||||||||||||||||||
Related income tax | Related income tax | — | — | 180 | (1) | 2,275 | — | 2,454 | |||||||||||||||||||||||||||||||||||||||||||||||||
Results of producing activities for equity companies | Results of producing activities for equity companies | 186 | — | 194 | (5) | 4,008 | — | 4,383 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Total results of operations | Total results of operations |
| 1,124 |
| (336) |
| 1,213 |
| 1,851 |
| 7,188 |
| 1,555 |
| 12,595 | Total results of operations | 98 | 893 | 1,672 | 1,179 | 5,707 | 1,391 | 10,940 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
2017 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
2018 - Revenue | 2018 - Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales to third parties | Sales to third parties | 5,914 | 1,491 | 3,680 | 1,136 | 2,431 | 3,256 | 17,908 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transfers | Transfers | 5,822 | 4,633 | 1,573 | 8,844 | 8,461 | 873 | 30,206 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
| Sales to third parties |
| 5,223 |
| 1,911 |
| 3,652 |
| 993 |
| 2,239 |
| 2,244 |
| 16,262 | 11,736 | 6,124 | 5,253 | 9,980 | 10,892 | 4,129 | 48,114 | ||||||||||||||||||||||||||||||||||
|
| Transfers |
| 3,852 |
| 3,462 |
| 1,631 |
| 7,771 |
| 6,035 |
| 689 |
| 23,440 | |||||||||||||||||||||||||||||||||||||||||
|
|
|
| 9,075 |
| 5,373 |
| 5,283 |
| 8,764 |
| 8,274 |
| 2,933 |
| 39,702 | |||||||||||||||||||||||||||||||||||||||||
| Production costs excluding taxes |
| 3,730 |
| 3,833 |
| 1,576 |
| 2,064 |
| 1,618 |
| 626 |
| 13,447 | ||||||||||||||||||||||||||||||||||||||||||
| Exploration expenses |
| 162 |
| 647 |
| 94 |
| 311 |
| 494 |
| 82 |
| 1,790 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and depletion |
| 6,689 |
| 2,005 |
| 1,055 |
| 2,957 |
| 1,782 |
| 913 |
| 15,401 | ||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income |
| 684 |
| 97 |
| 146 |
| 559 |
| 811 |
| 311 |
| 2,608 | ||||||||||||||||||||||||||||||||||||||||||
| Related income tax |
| (8,066) |
| (180) |
| 1,717 |
| 1,911 |
| 2,148 |
| 316 |
| (2,154) | ||||||||||||||||||||||||||||||||||||||||||
| Results of producing activities for consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||
|
| subsidiaries |
| 5,876 |
| (1,029) |
| 695 |
| 962 |
| 1,421 |
| 685 |
| 8,610 | |||||||||||||||||||||||||||||||||||||||||
Production costs excluding taxes | Production costs excluding taxes | 3,915 | 4,211 | 1,348 | 2,454 | 1,501 | 680 | 14,109 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenses | Exploration expenses | 237 | 434 | 140 | 318 | 209 | 128 | 1,466 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 5,775 | 1,803 | 665 | 2,788 | 2,088 | 809 | 13,928 | |||||||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income | Taxes other than income | 953 | 133 | 128 | 799 | 1,155 | 335 | 3,503 | |||||||||||||||||||||||||||||||||||||||||||||||||
Related income tax | Related income tax | 250 | (121) | 1,934 | 1,766 | 4,008 | 622 | 8,459 | |||||||||||||||||||||||||||||||||||||||||||||||||
Results of producing activities for consolidated subsidiaries | Results of producing activities for consolidated subsidiaries | 606 | (336) | 1,038 | 1,855 | 1,931 | 1,555 | 6,649 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Equity Companies | Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies | |||||||||||||||||||||||||||||||||||||||||
2017 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
2018 - Revenue | 2018 - Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales to third parties | Sales to third parties | 747 | — | 1,420 | — | 12,028 | — | 14,195 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transfers | Transfers | 588 | — | 8 | — | 935 | — | 1,531 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
| Sales to third parties |
| 585 |
| - |
| 1,636 |
| - |
| 8,926 |
| - |
| 11,147 | 1,335 | — | 1,428 | — | 12,963 | — | 15,726 | ||||||||||||||||||||||||||||||||||
|
| Transfers |
| 443 |
| - |
| 10 |
| - |
| 638 |
| - |
| 1,091 | |||||||||||||||||||||||||||||||||||||||||
|
|
|
| 1,028 |
| - |
| 1,646 |
| - |
| 9,564 |
| - |
| 12,238 | |||||||||||||||||||||||||||||||||||||||||
| Production costs excluding taxes |
| 523 |
| - |
| 418 |
| - |
| 336 |
| - |
| 1,277 | ||||||||||||||||||||||||||||||||||||||||||
| Exploration expenses |
| 1 |
| - |
| 13 |
| - |
| 878 |
| - |
| 892 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and depletion |
| 320 |
| - |
| 166 |
| - |
| 477 |
| - |
| 963 | ||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income |
| 33 |
| - |
| 679 |
| - |
| 2,997 |
| - |
| 3,709 | ||||||||||||||||||||||||||||||||||||||||||
| Related income tax |
| - |
| - |
| 130 |
| - |
| 1,924 |
| - |
| 2,054 | ||||||||||||||||||||||||||||||||||||||||||
| Results of producing activities for equity companies |
| 151 |
| - |
| 240 |
| - |
| 2,952 |
| - |
| 3,343 | ||||||||||||||||||||||||||||||||||||||||||
Production costs excluding taxes | Production costs excluding taxes | 535 | — | 745 | 5 | 409 | — | 1,694 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenses | Exploration expenses | 1 | — | 4 | — | 5 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 248 | — | 172 | — | 462 | — | 882 | |||||||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income | Taxes other than income | 33 | — | 61 | — | 4,104 | — | 4,198 | |||||||||||||||||||||||||||||||||||||||||||||||||
Related income tax | Related income tax | — | — | 271 | (1) | 2,726 | — | 2,996 | |||||||||||||||||||||||||||||||||||||||||||||||||
Results of producing activities for equity companies | Results of producing activities for equity companies | 518 | — | 175 | (4) | 5,257 | — | 5,946 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Total results of operations | Total results of operations |
| 6,027 |
| (1,029) |
| 935 |
| 962 |
| 4,373 |
| 685 |
| 11,953 | Total results of operations | 1,124 | (336) | 1,213 | 1,851 | 7,188 | 1,555 | 12,595 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| United |
| Other |
|
|
|
|
|
| Australia/ |
| ||
Capitalized Costs |
|
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | ||
|
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 19,046 |
| 2,579 |
| 49 |
| 988 |
| 2,971 |
| 719 |
| 26,352 | |
|
| - Unproved |
| 23,725 |
| 7,113 |
| 37 |
| 166 |
| 181 |
| 2,638 |
| 33,860 | |
|
| Total property costs |
|
| 42,771 |
| 9,692 |
| 86 |
| 1,154 |
| 3,152 |
| 3,357 |
| 60,212 |
| Producing assets |
|
| 99,405 |
| 49,942 |
| 18,982 |
| 55,436 |
| 41,181 |
| 13,670 |
| 278,616 | |
| Incomplete construction |
|
| 6,086 |
| 4,315 |
| 1,514 |
| 2,717 |
| 4,299 |
| 1,811 |
| 20,742 | |
|
| Total capitalized costs |
|
| 148,262 |
| 63,949 |
| 20,582 |
| 59,307 |
| 48,632 |
| 18,838 |
| 359,570 |
| Accumulated depreciation and depletion |
| 63,333 |
| 21,533 |
| 17,544 |
| 43,743 |
| 22,497 |
| 7,235 |
| 175,885 | ||
| Net capitalized costs for consolidated subsidiaries |
| 84,929 |
| 42,416 |
| 3,038 |
| 15,564 |
| 26,135 |
| 11,603 |
| 183,685 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 99 |
| - |
| 4 |
| 308 |
| - |
| - |
| 411 | |
|
| - Unproved |
| 6 |
| - |
| - |
| 3,112 |
| - |
| - |
| 3,118 | |
|
| Total property costs |
|
| 105 |
| - |
| 4 |
| 3,420 |
| - |
| - |
| 3,529 |
| Producing assets |
|
| 6,825 |
| - |
| 5,413 |
| - |
| 7,731 |
| - |
| 19,969 | |
| Incomplete construction |
|
| 212 |
| - |
| 19 |
| 650 |
| 9,581 |
| - |
| 10,462 | |
|
| Total capitalized costs |
|
| 7,142 |
| - |
| 5,436 |
| 4,070 |
| 17,312 |
| - |
| 33,960 |
| Accumulated depreciation and depletion |
| 3,288 |
| - |
| 4,778 |
| - |
| 5,380 |
| - |
| 13,446 | ||
| Net capitalized costs for equity companies |
| 3,854 |
| - |
| 658 |
| 4,070 |
| 11,932 |
| - |
| 20,514 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 17,996 |
| 2,482 |
| 147 |
| 982 |
| 2,944 |
| 722 |
| 25,273 | |
|
| - Unproved |
| 26,357 |
| 6,872 |
| 45 |
| 155 |
| 179 |
| 2,692 |
| 36,300 | |
|
| Total property costs |
|
| 44,353 |
| 9,354 |
| 192 |
| 1,137 |
| 3,123 |
| 3,414 |
| 61,573 |
| Producing assets |
|
| 95,532 |
| 45,874 |
| 28,564 |
| 53,722 |
| 39,173 |
| 13,587 |
| 276,452 | |
| Incomplete construction |
|
| 4,174 |
| 2,873 |
| 1,475 |
| 3,368 |
| 4,985 |
| 1,525 |
| 18,400 | |
|
| Total capitalized costs |
|
| 144,059 |
| 58,101 |
| 30,231 |
| 58,227 |
| 47,281 |
| 18,526 |
| 356,425 |
| Accumulated depreciation and depletion |
| 62,950 |
| 18,994 |
| 25,803 |
| 40,710 |
| 20,206 |
| 6,574 |
| 175,237 | ||
| Net capitalized costs for consolidated subsidiaries |
| 81,109 |
| 39,107 |
| 4,428 |
| 17,517 |
| 27,075 |
| 11,952 |
| 181,188 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 98 |
| - |
| 4 |
| 309 |
| - |
| - |
| 411 | |
|
| - Unproved |
| 10 |
| - |
| - |
| 3,111 |
| - |
| - |
| 3,121 | |
|
| Total property costs |
|
| 108 |
| - |
| 4 |
| 3,420 |
| - |
| - |
| 3,532 |
| Producing assets |
|
| 6,766 |
| - |
| 5,547 |
| - |
| 7,719 |
| - |
| 20,032 | |
| Incomplete construction |
|
| 148 |
| - |
| 12 |
| 581 |
| 7,044 |
| - |
| 7,785 | |
|
| Total capitalized costs |
|
| 7,022 |
| - |
| 5,563 |
| 4,001 |
| 14,763 | �� | - |
| 31,349 |
| Accumulated depreciation and depletion |
| 2,968 |
| - |
| 4,653 |
| - |
| 4,843 |
| - |
| 12,464 | ||
| Net capitalized costs for equity companies |
| 4,054 |
| - |
| 910 |
| 4,001 |
| 9,920 |
| - |
| 18,885 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112
Capitalized Costs | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 18,059 | 2,151 | 51 | 1,332 | 2,979 | 771 | 25,343 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 23,255 | 7,352 | 37 | 213 | 181 | 2,642 | 33,680 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 41,314 | 9,503 | 88 | 1,545 | 3,160 | 3,413 | 59,023 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 104,650 | 52,552 | 20,286 | 55,556 | 43,394 | 15,348 | 291,786 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 5,549 | 4,590 | 1,446 | 1,975 | 3,050 | 1,972 | 18,582 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 151,513 | 66,645 | 21,820 | 59,076 | 49,604 | 20,733 | 369,391 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 89,401 | 26,635 | 19,193 | 46,567 | 24,701 | 8,628 | 215,125 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for consolidated subsidiaries | 62,112 | 40,010 | 2,627 | 12,509 | 24,903 | 12,105 | 154,266 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 98 | — | 4 | 286 | — | — | 388 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 4 | — | — | 3,134 | — | — | 3,138 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 102 | — | 4 | 3,420 | — | — | 3,526 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 6,975 | — | 5,932 | — | 8,547 | — | 21,454 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 138 | — | 34 | 721 | 10,527 | — | 11,420 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 7,215 | — | 5,970 | 4,141 | 19,074 | — | 36,400 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 3,854 | — | 5,462 | — | 5,911 | — | 15,227 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for equity companies | 3,361 | — | 508 | 4,141 | 13,163 | — | 21,173 | ||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 19,046 | 2,579 | 49 | 988 | 2,971 | 719 | 26,352 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 23,725 | 7,113 | 37 | 166 | 181 | 2,638 | 33,860 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 42,771 | 9,692 | 86 | 1,154 | 3,152 | 3,357 | 60,212 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 99,405 | 49,942 | 18,982 | 55,436 | 41,181 | 13,670 | 278,616 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 6,086 | 4,315 | 1,514 | 2,717 | 4,299 | 1,811 | 20,742 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 148,262 | 63,949 | 20,582 | 59,307 | 48,632 | 18,838 | 359,570 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 63,333 | 21,533 | 17,544 | 43,743 | 22,497 | 7,235 | 175,885 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for consolidated subsidiaries | 84,929 | 42,416 | 3,038 | 15,564 | 26,135 | 11,603 | 183,685 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 99 | — | 4 | 308 | — | — | 411 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 6 | — | — | 3,112 | — | — | 3,118 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 105 | — | 4 | 3,420 | — | — | 3,529 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 6,825 | — | 5,413 | — | 7,731 | — | 19,969 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 212 | — | 19 | 650 | 9,581 | — | 10,462 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 7,142 | — | 5,436 | 4,070 | 17,312 | — | 33,960 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 3,288 | — | 4,778 | — | 5,380 | — | 13,446 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for equity companies | 3,854 | — | 658 | 4,070 | 11,932 | — | 20,514 |
Oil and Gas Exploration and Production Costs (continued)
Costs Incurred in Property Acquisitions, Exploration and Development Activities | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
During 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | 1 | 30 | — | 344 | 7 | — | 382 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 80 | 3 | — | 47 | — | — | 130 | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 60 | 702 | 40 | 232 | 110 | 83 | 1,227 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 5,675 | 2,059 | 316 | (239) | 974 | 730 | 9,515 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for consolidated subsidiaries | 5,816 | 2,794 | 356 | 384 | 1,091 | 813 | 11,254 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
– Unproved | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 135 | — | 20 | 71 | 1,784 | — | 2,010 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for equity companies | 135 | — | 22 | 71 | 1,784 | — | 2,012 | ||||||||||||||||||||||||||||||||||||||||
During 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | 12 | — | — | — | 26 | — | 38 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 226 | 105 | 1 | 20 | — | — | 352 | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 134 | 1,107 | 155 | 252 | 111 | 194 | 1,953 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 10,275 | 2,946 | 809 | 1,066 | 1,317 | 484 | 16,897 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for consolidated subsidiaries | 10,647 | 4,158 | 965 | 1,338 | 1,454 | 678 | 19,240 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
– Unproved | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 1 | — | 5 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 241 | — | 15 | 69 | 2,585 | — | 2,910 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for equity companies | 242 | — | 20 | 69 | 2,585 | — | 2,916 | ||||||||||||||||||||||||||||||||||||||||
During 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | 7 | 3 | — | — | 321 | — | 331 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 238 | 2,109 | — | 1 | — | — | 2,348 | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 235 | 1,113 | 147 | 342 | 217 | 174 | 2,228 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 7,440 | 1,734 | 96 | 791 | 1,104 | 256 | 11,421 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for consolidated subsidiaries | 7,920 | 4,959 | 243 | 1,134 | 1,642 | 430 | 16,328 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | 21 | — | — | — | — | — | 21 | |||||||||||||||||||||||||||||||||||||||
– Unproved | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 1 | — | 4 | — | 5 | — | 10 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 442 | — | 40 | 66 | 2,452 | — | 3,000 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for equity companies | 464 | — | 44 | 66 | 2,457 | — | 3,031 |
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
Costs Incurred in Property Acquisitions, |
| United |
| Other |
|
|
|
|
|
| Australia/ |
| |||||
Exploration and Development Activities |
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | |||
|
|
|
| (millions of dollars) | |||||||||||||
During 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Property acquisition costs | - Proved |
| 12 |
| - |
| - |
| - |
| 26 |
| - |
| 38 |
|
|
| - Unproved |
| 226 |
| 105 |
| 1 |
| 20 |
| - |
| - |
| 352 |
|
| Exploration costs |
|
| 134 |
| 1,107 |
| 155 |
| 252 |
| 111 |
| 194 |
| 1,953 |
|
| Development costs |
|
| 10,275 |
| 2,946 |
| 809 |
| 1,066 |
| 1,317 |
| 484 |
| 16,897 |
|
| Total costs incurred for consolidated subsidiaries |
| 10,647 |
| 4,158 |
| 965 |
| 1,338 |
| 1,454 |
| 678 |
| 19,240 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Property acquisition costs | - Proved |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
|
|
| - Unproved |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
|
| Exploration costs |
|
| 1 |
| - |
| 5 |
| - |
| - |
| - |
| 6 |
|
| Development costs |
|
| 241 |
| - |
| 15 |
| 69 |
| 2,585 |
| - |
| 2,910 |
|
| Total costs incurred for equity companies |
| 242 |
| - |
| 20 |
| 69 |
| 2,585 |
| - |
| 2,916 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Property acquisition costs | - Proved |
| 7 |
| 3 |
| - |
| - |
| 321 |
| - |
| 331 |
|
|
| - Unproved |
| 238 |
| 2,109 |
| - |
| 1 |
| - |
| - |
| 2,348 |
|
| Exploration costs |
|
| 235 |
| 1,113 |
| 147 |
| 342 |
| 217 |
| 174 |
| 2,228 |
|
| Development costs |
|
| 7,440 |
| 1,734 |
| 96 |
| 791 |
| 1,104 |
| 256 |
| 11,421 |
|
| Total costs incurred for consolidated subsidiaries |
| 7,920 |
| 4,959 |
| 243 |
| 1,134 |
| 1,642 |
| 430 |
| 16,328 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Property acquisition costs | - Proved |
| 21 |
| - |
| - |
| - |
| - |
| - |
| 21 |
|
|
| - Unproved |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
|
| Exploration costs |
|
| 1 |
| - |
| 4 |
| - |
| 5 |
| - |
| 10 |
|
| Development costs |
|
| 442 |
| - |
| 40 |
| 66 |
| 2,452 |
| - |
| 3,000 |
|
| Total costs incurred for equity companies |
| 464 |
| - |
| 44 |
| 66 |
| 2,457 |
| - |
| 3,031 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Property acquisition costs | - Proved |
| 88 |
| 5 |
| - |
| 50 |
| 583 |
| - |
| 726 |
|
|
| - Unproved |
| 6,167 |
| 1,004 |
| 35 |
| 70 |
| - |
| 2,601 |
| 9,877 |
|
| Exploration costs |
|
| 190 |
| 702 |
| 109 |
| 373 |
| 224 |
| 509 |
| 2,107 |
|
| Development costs |
|
| 3,752 |
| 877 |
| (39) |
| 628 |
| 1,450 |
| 266 |
| 6,934 |
|
| Total costs incurred for consolidated subsidiaries |
| 10,197 |
| 2,588 |
| 105 |
| 1,121 |
| 2,257 |
| 3,376 |
| 19,644 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Property acquisition costs | - Proved |
| - |
| - |
| - |
| 309 |
| - |
| - |
| 309 |
|
|
| - Unproved |
| - |
| - |
| - |
| 3,111 |
| - |
| - |
| 3,111 |
|
| Exploration costs |
|
| 1 |
| - |
| 3 |
| 323 |
| 90 |
| - |
| 417 |
|
| Development costs |
|
| 137 |
| - |
| 41 |
| 192 |
| 1,801 |
| - |
| 2,171 |
|
| Total costs incurred for equity companies |
| 138 |
| - |
| 44 |
| 3,935 |
| 1,891 |
| - |
| 6,008 |
113
Oil and Gas Reserves
2020.
and increases in planned capital spending.
The changes between 2019 year-end proved reserves and 2018 year-end proved reserves include worldwide production of 1.5 billion oil-equivalent barrels (GOEB), a reduction of 0.2 GOEB due to the sale of non-operated assets in Norway, and other net reductions of 0.4 GOEB in the United States and Canada. Additions to proved reserves resulted from revisions in Asia of 0.3 GOEB and extensions/discoveries of 0.1 GOEB in Guyana.
The changes between 2018 year-end proved reserves and 2017 year-end proved reserves include upward revisions of 3.4 billion barrels of bitumen at Kearl as a result of improved prices; downward natural gas revisions for the Groningen field in the Netherlands; and extensions/discoveries primarily in the United States. In 2018, the Dutch Cabinet notified Parliament of its intention to further reduce previously legislated Groningen gas extraction in response to seismic events over the last several years. In anticipation of a lower production outlook, the Corporation reduced its estimate of proved reserves by 0.8 billion oil-equivalent barrels for the Groningen gas field.
114
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
| Natural Gas |
|
|
|
|
|
| ||
|
| Crude Oil |
| Liquids |
| Bitumen |
| Synthetic Oil |
| ||||||||
|
|
| Canada/ |
|
|
|
|
|
| Canada/ |
|
| Canada/ |
|
| ||
|
| United | Other |
|
| Australia/ |
|
|
| Other |
|
| Other |
|
| ||
|
| States | Americas | Europe | Africa | Asia | Oceania | Total | Worldwide | Americas |
|
| Americas |
| Total | ||
|
| (millions of barrels) | |||||||||||||||
Net proved developed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| undeveloped reserves of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 2,181 | 241 | 173 | 844 | 2,758 | 121 | 6,318 |
| 1,154 |
| 701 |
|
| 564 |
| 8,737 | |
| Revisions | 70 | 19 | 43 | 30 | 490 | 2 | 654 |
| (49) |
| 416 |
|
| (70) |
| 951 |
| Improved recovery | - | - | - | 2 | - | - | 2 |
| - |
| 6 |
|
| - |
| 8 |
| Purchases | 428 | 5 | - | - | - | - | 433 |
| 164 |
| - |
|
| - |
| 597 |
| Sales | (10) | - | (43) | - | - | - | (53) |
| (2) |
| - |
|
| - |
| (55) |
| Extensions/discoveries | 158 | 161 | - | 3 | 384 | - | 706 |
| 58 |
| - |
|
| - |
| 764 |
| Production | (132) | (16) | (54) | (150) | (136) | (13) | (501) |
| (67) |
| (111) |
|
| (21) |
| (700) |
December 31, 2017 | 2,695 | 410 | 119 | 729 | 3,496 | 110 | 7,559 |
| 1,258 |
| 1,012 |
|
| 473 |
| 10,302 | |
Attributable to noncontrolling interests | 10 |
|
|
|
|
|
| 3 |
| 288 |
|
| 144 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| reserves of equity companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 236 | - | 17 | - | 1,183 | - | 1,436 |
| 384 |
| - |
|
| - |
| 1,820 | |
| Revisions | 29 | - | (1) | - | - | - | 28 |
| 4 |
| - |
|
| - |
| 32 |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | - | - | - | 6 | - | - | 6 |
| - |
| - |
|
| - |
| 6 |
| Sales | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Extensions/discoveries | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Production | (20) | - | (1) | - | (86) | - | (107) |
| (24) |
| - |
|
| - |
| (131) |
December 31, 2017 | 245 | - | 15 | 6 | 1,097 | - | 1,363 |
| 364 |
| - |
|
| - |
| 1,727 | |
Total liquids proved reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| at December 31, 2017 | 2,940 | 410 | 134 | 735 | 4,593 | 110 | 8,922 |
| 1,622 |
| 1,012 |
|
| 473 |
| 12,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proved developed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| undeveloped reserves of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 2,695 | 410 | 119 | 729 | 3,496 | 110 | 7,559 |
| 1,258 |
| 1,012 |
|
| 473 |
| 10,302 | |
| Revisions | 61 | 28 | 63 | (9) | 4 | 6 | 153 |
| (16) |
| 3,286 |
|
| 15 |
| 3,438 |
| Improved recovery | - | - | 23 | 13 | - | - | 36 |
| - |
| - |
|
| - |
| 36 |
| Purchases | 8 | - | - | - | - | - | 8 |
| 2 |
| - |
|
| - |
| 10 |
| Sales | (11) | - | (2) | - | - | - | (13) |
| (13) |
| - |
|
| - |
| (26) |
| Extensions/discoveries | 595 | 113 | - | 9 | 3 | - | 720 |
| 238 |
| - |
|
| - |
| 958 |
| Production | (144) | (22) | (37) | (138) | (146) | (11) | (498) |
| (65) |
| (113) |
|
| (22) |
| (698) |
December 31, 2018 | 3,204 | 529 | 166 | 604 | 3,357 | 105 | 7,965 |
| 1,404 |
| 4,185 |
|
| 466 |
| 14,020 | |
Attributable to noncontrolling interests | 44 |
|
|
|
|
|
| 4 |
| 962 |
|
| 142 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| reserves of equity companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 245 | - | 15 | 6 | 1,097 | - | 1,363 |
| 364 |
| - |
|
| - |
| 1,727 | |
| Revisions | 28 | - | 1 | - | 6 | - | 35 |
| 1 |
| - |
|
| - |
| 36 |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Sales | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Extensions/discoveries | 1 | - | - | - | - | - | 1 |
| - |
| - |
|
| - |
| 1 |
| Production | (20) | - | (1) | - | (83) | - | (104) |
| (23) |
| - |
|
| - |
| (127) |
December 31, 2018 | 254 | - | 15 | 6 | 1,020 | - | 1,295 |
| 342 |
| - |
|
| - |
| 1,637 | |
Total liquids proved reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| at December 31, 2018 | 3,458 | 529 | 181 | 610 | 4,377 | 105 | 9,260 |
| 1,746 |
| 4,185 |
|
| 466 |
| 15,657 |
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas Liquids | Bitumen | Synthetic Oil | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | Worldwide | Canada/ Other Americas | Canada/ Other Americas | ||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of barrels) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2018 | 2,695 | 410 | 119 | 729 | 3,496 | 110 | 7,559 | 1,258 | 1,012 | 473 | 10,302 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | 61 | 28 | 63 | (9) | 4 | 6 | 153 | (16) | 3,286 | 15 | 3,438 | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | 23 | 13 | — | — | 36 | — | — | — | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 8 | — | — | — | — | — | 8 | 2 | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (11) | — | (2) | — | — | — | (13) | (13) | — | — | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 595 | 113 | — | 9 | 3 | — | 720 | 238 | — | — | 958 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (144) | (22) | (37) | (138) | (146) | (11) | (498) | (65) | (113) | (22) | (698) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 3,204 | 529 | 166 | 604 | 3,357 | 105 | 7,965 | 1,404 | 4,185 | 466 | 14,020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 44 | 4 | 962 | 142 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2018 | 245 | — | 15 | 6 | 1,097 | — | 1,363 | 364 | — | — | 1,727 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | 28 | — | 1 | — | 6 | — | 35 | 1 | — | — | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 1 | — | — | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (20) | — | (1) | — | (83) | — | (104) | (23) | — | — | (127) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 254 | — | 15 | 6 | 1,020 | — | 1,295 | 342 | — | — | 1,637 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2018 | 3,458 | 529 | 181 | 610 | 4,377 | 105 | 9,260 | 1,746 | 4,185 | 466 | 15,657 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2019 | 3,204 | 529 | 166 | 604 | 3,357 | 105 | 7,965 | 1,404 | 4,185 | 466 | 14,020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | (677) | (66) | 20 | (25) | 136 | — | (612) | (305) | (213) | (27) | (1,157) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 20 | — | — | — | — | — | 20 | 12 | — | — | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (1) | — | (117) | — | — | — | (118) | (27) | — | — | (145) | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 710 | 125 | — | — | — | — | 835 | 263 | — | — | 1,098 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (168) | (31) | (30) | (132) | (158) | (11) | (530) | (72) | (114) | (24) | (740) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 3,088 | 557 | 39 | 447 | 3,335 | 94 | 7,560 | 1,275 | 3,858 | 415 | 13,108 | ||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 21 | 3 | 894 | 126 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2019 | 254 | — | 15 | 6 | 1,020 | — | 1,295 | 342 | — | — | 1,637 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | 15 | — | — | — | (38) | — | (23) | 3 | — | — | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 1 | — | — | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (19) | — | (1) | — | (85) | — | (105) | (23) | — | — | (128) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 251 | — | 14 | 6 | 897 | — | 1,168 | 322 | — | — | 1,490 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2019 | 3,339 | 557 | 53 | 453 | 4,232 | 94 | 8,728 | 1,597 | 3,858 | 415 | 14,598 |
115
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
| Natural Gas |
|
|
|
|
|
| ||
|
| Crude Oil |
| Liquids |
| Bitumen |
| Synthetic Oil |
| ||||||||
|
|
| Canada/ |
|
|
|
|
|
| Canada/ |
|
| Canada/ |
|
| ||
|
| United | Other |
|
| Australia/ |
|
|
| Other |
|
| Other |
|
| ||
|
| States | Americas | Europe | Africa | Asia | Oceania | Total | Worldwide | Americas |
|
| Americas |
| Total | ||
|
| (millions of barrels) | |||||||||||||||
Net proved developed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| undeveloped reserves of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 3,204 | 529 | 166 | 604 | 3,357 | 105 | 7,965 |
| 1,404 |
| 4,185 |
|
| 466 |
| 14,020 | |
| Revisions | (677) | (66) | 20 | (25) | 136 | - | (612) |
| (305) |
| (213) |
|
| (27) |
| (1,157) |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | 20 | - | - | - | - | - | 20 |
| 12 |
| - |
|
| - |
| 32 |
| Sales | (1) | - | (117) | - | - | - | (118) |
| (27) |
| - |
|
| - |
| (145) |
| Extensions/discoveries | 710 | 125 | - | - | - | - | 835 |
| 263 |
| - |
|
| - |
| 1,098 |
| Production | (168) | (31) | (30) | (132) | (158) | (11) | (530) |
| (72) |
| (114) |
|
| (24) |
| (740) |
December 31, 2019 | 3,088 | 557 | 39 | 447 | 3,335 | 94 | 7,560 |
| 1,275 |
| 3,858 |
|
| 415 |
| 13,108 | |
Attributable to noncontrolling interests | 21 |
|
|
|
|
|
| 3 |
| 894 |
|
| 126 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| reserves of equity companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 254 | - | 15 | 6 | 1,020 | - | 1,295 |
| 342 |
| - |
|
| - |
| 1,637 | |
| Revisions | 15 | - | - | - | (38) | - | (23) |
| 3 |
| - |
|
| - |
| (20) |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Sales | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Extensions/discoveries | 1 | - | - | - | - | - | 1 |
| - |
| - |
|
| - |
| 1 |
| Production | (19) | - | (1) | - | (85) | - | (105) |
| (23) |
| - |
|
| - |
| (128) |
December 31, 2019 | 251 | - | 14 | 6 | 897 | - | 1,168 |
| 322 |
| - |
|
| - |
| 1,490 | |
Total liquids proved reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| at December 31, 2019 | 3,339 | 557 | 53 | 453 | 4,232 | 94 | 8,728 |
| 1,597 |
| 3,858 |
|
| 415 |
| 14,598 |
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas Liquids | Bitumen | Synthetic Oil | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | Worldwide | Canada/ Other Americas | Canada/ Other Americas | ||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of barrels) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 3,088 | 557 | 39 | 447 | 3,335 | 94 | 7,560 | 1,275 | 3,858 | 415 | 13,108 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | (1,139) | (14) | (9) | 19 | (20) | (10) | (1,173) | (209) | (3,653) | (79) | (5,114) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (1) | (2) | — | — | — | — | (3) | (3) | — | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 187 | 1 | — | — | — | — | 188 | 65 | 1 | 133 | 387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (176) | (45) | (8) | (110) | (165) | (10) | (514) | (74) | (125) | (25) | (738) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 1,959 | 497 | 22 | 356 | 3,150 | 74 | 6,058 | 1,054 | 81 | 444 | 7,637 | ||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 7 | 1 | 25 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 251 | — | 14 | 6 | 897 | — | 1,168 | 322 | — | — | 1,490 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | (102) | — | (4) | — | 4 | — | (102) | (22) | — | — | (124) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (18) | — | (1) | — | (76) | — | (95) | (23) | — | — | (118) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 131 | — | 9 | 6 | 825 | — | 971 | 277 | — | — | 1,248 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2020 | 2,090 | 497 | 31 | 362 | 3,975 | 74 | 7,029 | 1,331 | 81 | 444 | 8,885 |
116
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Synthetic |
|
|
|
|
| Crude Oil and Natural Gas Liquids |
| Bitumen |
| Oil |
|
| ||||||
|
|
|
| Canada/ |
|
|
|
|
|
| Canada/ |
| Canada/ |
|
|
|
|
| United | Other |
|
|
| Australia/ |
|
| Other |
| Other |
|
|
|
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| Americas |
| Americas |
| Total |
|
|
| (millions of barrels) | ||||||||||||
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 1,489 | 92 | 119 | 676 | 2,182 | 131 | 4,689 |
| 657 |
| 473 |
| 5,819 |
|
| Equity companies | 208 | - | 14 | - | 1,019 | - | 1,241 |
| - |
| - |
| 1,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 2,167 | 337 | 30 | 137 | 1,426 | 31 | 4,128 |
| 355 |
| - |
| 4,483 |
|
| Equity companies | 48 | - | 1 | 6 | 431 | - | 486 |
| - |
| - |
| 486 |
Total liquids proved reserves at |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 | 3,912 | 429 | 164 | 819 | 5,058 | 162 | 10,544 |
| 1,012 |
| 473 |
| 12,029 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 1,696 | 153 | 123 | 578 | 2,285 | 118 | 4,953 |
| 3,880 |
| 466 |
| 9,299 |
|
| Equity companies | 208 | - | 15 | - | 919 | - | 1,142 |
| - |
| - |
| 1,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 2,616 | 403 | 78 | 111 | 1,173 | 35 | 4,416 |
| 305 |
| - |
| 4,721 |
|
| Equity companies | 56 | - | - | 6 | 433 | - | 495 |
| - |
| - |
| 495 |
Total liquids proved reserves at |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 | 4,576 | 556 | 216 | 695 | 4,810 | 153 | 11,006 |
| 4,185 |
| 466 |
| 15,657 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 1,655 | 195 | 23 | 419 | 2,309 | 90 | 4,691 |
| 3,528 |
| 415 |
| 8,634 |
|
| Equity companies | 200 | - | 13 | - | 727 | - | 940 |
| - |
| - |
| 940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 2,474 | 381 | 29 | 68 | 1,157 | 35 | 4,144 |
| 330 |
| - |
| 4,474 |
|
| Equity companies | 60 | - | 1 | 6 | 483 | - | 550 |
| - |
| - |
| 550 |
Total liquids proved reserves at |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 | 4,389 | 576 | 66 | 493 | 4,676 | 125 | 10,325 | (1) | 3,858 |
| 415 |
| 14,598 |
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) Crude Oil and Natural Gas Liquids Bitumen Synthetic
OilTotal United
StatesCanada/
Other
AmericasEurope Africa Asia Australia/
OceaniaTotal Canada/
Other
AmericasCanada/
Other
Americas (millions of barrels) Consolidated subsidiaries 1,696 153 123 578 2,285 118 4,953 3,880 466 9,299 Equity companies 208 — 15 — 919 — 1,142 — — 1,142 Consolidated subsidiaries 2,616 403 78 111 1,173 35 4,416 305 — 4,721 Equity companies 56 — — 6 433 — 495 — — 495 4,576 556 216 695 4,810 153 11,006 4,185 466 15,657 Consolidated subsidiaries 1,655 195 23 419 2,309 90 4,691 3,528 415 8,634 Equity companies 200 — 13 — 727 — 940 — — 940 Consolidated subsidiaries 2,474 381 29 68 1,157 35 4,144 330 — 4,474 Equity companies 60 — 1 6 483 — 550 — — 550 4,389 576 66 493 4,676 125 10,325 3,858 415 14,598 Consolidated subsidiaries 1,473 293 13 345 2,299 67 4,490 76 311 4,877 Equity companies 111 — 8 — 646 — 765 — — 765 Consolidated subsidiaries 1,342 209 16 42 975 38 2,622 5 133 2,760 Equity companies 24 — 1 6 452 — 483 — — 483 2,950 502 38 393 4,372 105 8,360 (1) 81 444 8,885
117
Natural Gas and Oil-Equivalent Proved Reserves |
|
|
|
|
|
|
|
| |||
|
| Natural Gas |
|
|
| ||||||
|
|
| Canada/ |
|
|
|
|
|
| Oil-Equivalent | |
|
| United | Other |
|
|
| Australia/ |
|
| Total | |
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| All Products (1) | |
|
| (billions of cubic feet) |
| (millions of oil- | |||||||
|
|
|
| equivalent barrels) | |||||||
Net proved developed and undeveloped |
|
|
|
|
|
|
|
|
|
| |
| reserves of consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 17,786 | 940 | 1,659 | 771 | 4,921 | 7,357 | 33,434 |
| 14,309 |
| |
| Revisions | 649 | 206 | 134 | (135) | (214) | 33 | 673 |
| 1,063 |
|
| Improved recovery | - | 1 | - | - | - | - | 1 |
| 8 |
|
| Purchases | 982 | 56 | - | - | - | - | 1,038 |
| 771 |
|
| Sales | (172) | (1) | (17) | - | - | - | (190) |
| (87) |
|
| Extensions/discoveries | 956 | 269 | - | - | 13 | - | 1,238 |
| 970 |
|
| Production | (1,168) | (99) | (408) | (41) | (380) | (496) | (2,592) |
| (1,131) |
|
December 31, 2017 | 19,033 | 1,372 | 1,368 | 595 | 4,340 | 6,894 | 33,602 |
| 15,903 |
| |
Attributable to noncontrolling interests |
| 195 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved reserves |
|
|
|
|
|
|
|
|
|
| |
| of equity companies |
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 211 | - | 7,624 | - | 15,234 | - | 23,069 |
| 5,665 |
| |
| Revisions | 25 | - | (1,129) | - | 86 | - | (1,018) |
| (138) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | - | - | - | 914 | - | - | 914 |
| 158 |
|
| Sales | - | - | - | - | - | - | - |
| - |
|
| Extensions/discoveries | - | - | - | - | - | - | - |
| - |
|
| Production | (13) | - | (331) | - | (1,072) | - | (1,416) |
| (367) |
|
December 31, 2017 | 223 | - | 6,164 | 914 | 14,248 | - | 21,549 |
| 5,318 |
| |
Total proved reserves at December 31, 2017 | 19,256 | 1,372 | 7,532 | 1,509 | 18,588 | 6,894 | 55,151 |
| 21,221 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net proved developed and undeveloped |
|
|
|
|
|
|
|
|
|
| |
| reserves of consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 19,033 | 1,372 | 1,368 | 595 | 4,340 | 6,894 | 33,602 |
| 15,903 |
| |
| Revisions | (98) | (29) | 306 | 38 | (147) | 1,065 | 1,135 |
| 3,626 |
|
| Improved recovery | - | - | - | - | - | - | - |
| 36 |
|
| Purchases | 104 | - | - | - | - | - | 104 |
| 27 |
|
| Sales | (264) | (3) | (4) | - | - | - | (271) |
| (71) |
|
| Extensions/discoveries | 3,658 | 506 | 3 | - | 1 | 7 | 4,175 |
| 1,654 |
|
| Production | (1,030) | (102) | (361) | (45) | (353) | (504) | (2,395) |
| (1,097) |
|
December 31, 2018 | 21,403 | 1,744 | 1,312 | 588 | 3,841 | 7,462 | 36,350 |
| 20,078 |
| |
Attributable to noncontrolling interests |
| 334 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved reserves |
|
|
|
|
|
|
|
|
|
| |
| of equity companies |
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 223 | - | 6,164 | 914 | 14,248 | - | 21,549 |
| 5,318 |
| |
| Revisions | 12 | - | (4,801) | (51) | 102 | - | (4,738) |
| (753) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | - | - | - | - | - | - | - |
| - |
|
| Sales | - | - | (38) | - | - | - | (38) |
| (6) |
|
| Extensions/discoveries | 2 | - | - | - | - | - | 2 |
| 1 |
|
| Production | (12) | - | (268) | - | (1,029) | - | (1,309) |
| (345) |
|
December 31, 2018 | 225 | - | 1,057 | 863 | 13,321 | - | 15,466 |
| 4,215 |
| |
Total proved reserves at December 31, 2018 | 21,628 | 1,744 | 2,369 | 1,451 | 17,162 | 7,462 | 51,816 |
| 24,293 |
|
Natural Gas and Oil-Equivalent Proved Reserves Natural Gas United
StatesCanada/
Other
AmericasEurope Africa Asia Australia/
OceaniaTotal (billions of cubic feet) (millions of oil-equivalent barrels) Net proved developed and undeveloped
reserves of consolidated subsidiaries January 1, 2018 19,033 1,372 1,368 595 4,340 6,894 33,602 15,903 Revisions (98) (29) 306 38 (147) 1,065 1,135 3,626 Improved recovery — — — — — — — 36 Purchases 104 — — — — — 104 27 Sales (264) (3) (4) — — — (271) (71) Extensions/discoveries 3,658 506 3 — 1 7 4,175 1,654 Production (1,030) (102) (361) (45) (353) (504) (2,395) (1,097) December 31, 2018 21,403 1,744 1,312 588 3,841 7,462 36,350 20,078 Attributable to noncontrolling interests 334 Proportional interest in proved reserves
of equity companies January 1, 2018 223 — 6,164 914 14,248 — 21,549 5,318 Revisions 12 — (4,801) (51) 102 — (4,738) (753) Improved recovery — — — — — — — — Purchases — — — — — — — — Sales — — (38) — — — (38) (6) Extensions/discoveries 2 — — — — — 2 1 Production (12) — (268) — (1,029) — (1,309) (345) December 31, 2018 225 — 1,057 863 13,321 — 15,466 4,215 Total proved reserves at December 31, 2018 21,628 1,744 2,369 1,451 17,162 7,462 51,816 24,293 Net proved developed and undeveloped
reserves of consolidated subsidiaries January 1, 2019 21,403 1,744 1,312 588 3,841 7,462 36,350 20,078 Revisions (3,213) (301) 41 (171) 953 39 (2,652) (1,599) Improved recovery — — — — — — — — Purchases 85 — — — — — 85 47 Sales (297) (29) (416) — — — (742) (269) Extensions/discoveries 2,151 166 — — — — 2,317 1,484 Production (1,103) (114) (316) (40) (361) (500) (2,434) (1,145) December 31, 2019 19,026 1,466 621 377 4,433 7,001 32,924 18,596 Attributable to noncontrolling interests 256 Proportional interest in proved reserves
of equity companies January 1, 2019 225 — 1,057 863 13,321 — 15,466 4,215 Revisions (1) — (238) 45 142 — (52) (29) Improved recovery — — — — — — — — Purchases — — — — — — — — Sales — — — — — — — — Extensions/discoveries 1 — — — — — 1 1 Production (12) — (238) — (1,009) — (1,259) (338) December 31, 2019 213 — 581 908 12,454 — 14,156 3,849 Total proved reserves at December 31, 2019 19,239 1,466 1,202 1,285 16,887 7,001 47,080 22,445
118
Natural Gas and Oil-Equivalent Proved Reserves (continued) |
|
|
|
|
|
|
| ||||
|
| Natural Gas |
|
|
| ||||||
|
|
| Canada/ |
|
|
|
|
|
| Oil-Equivalent | |
|
| United | Other |
|
|
| Australia/ |
|
| Total | |
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| All Products (1) | |
|
| (billions of cubic feet) |
| (millions of oil- | |||||||
|
|
|
| equivalent barrels) | |||||||
Net proved developed and undeveloped |
|
|
|
|
|
|
|
|
|
| |
| reserves of consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 21,403 | 1,744 | 1,312 | 588 | 3,841 | 7,462 | 36,350 |
| 20,078 |
| |
| Revisions | (3,213) | (301) | 41 | (171) | 953 | 39 | (2,652) |
| (1,599) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | 85 | - | - | - | - | - | 85 |
| 47 |
|
| Sales | (297) | (29) | (416) | - | - | - | (742) |
| (269) |
|
| Extensions/discoveries | 2,151 | 166 | - | - | - | - | 2,317 |
| 1,484 |
|
| Production | (1,103) | (114) | (316) | (40) | (361) | (500) | (2,434) |
| (1,145) |
|
December 31, 2019 | 19,026 | 1,466 | 621 | 377 | 4,433 | 7,001 | 32,924 |
| 18,596 |
| |
Attributable to noncontrolling interests |
| 256 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved reserves |
|
|
|
|
|
|
|
|
|
| |
| of equity companies |
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 225 | - | 1,057 | 863 | 13,321 | - | 15,466 |
| 4,215 |
| |
| Revisions | (1) | - | (238) | 45 | 142 | - | (52) |
| (29) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | - | - | - | - | - | - | - |
| - |
|
| Sales | - | - | - | - | - | - | - |
| - |
|
| Extensions/discoveries | 1 | - | - | - | - | - | 1 |
| 1 |
|
| Production | (12) | - | (238) | - | (1,009) | - | (1,259) |
| (338) |
|
December 31, 2019 | 213 | - | 581 | 908 | 12,454 | - | 14,156 |
| 3,849 |
| |
Total proved reserves at December 31, 2019 | 19,239 | 1,466 | 1,202 | 1,285 | 16,887 | 7,001 | 47,080 |
| 22,445 |
|
Natural Gas and Oil-Equivalent Proved Reserves (continued) Natural Gas United States Canada/
Other
AmericasEurope Africa Asia Australia/
OceaniaTotal (billions of cubic feet) (millions of oil-equivalent barrels) Net proved developed and undeveloped
reserves of consolidated subsidiaries January 1, 2020 19,026 1,466 621 377 4,433 7,001 32,924 18,596 Revisions (4,904) (753) (4) (23) 245 (405) (5,844) (6,088) Improved recovery — — — — — — — — Purchases — — — — — — — — Sales (35) (30) — — — — (65) (17) Extensions/discoveries 433 1 1 — — — 435 459 Production (1,081) (123) (177) (34) (369) (462) (2,246) (1,113) December 31, 2020 13,439 561 441 320 4,309 6,134 25,204 11,837 Attributable to noncontrolling interests 84 Proportional interest in proved reserves
of equity companies January 1, 2020 213 — 581 908 12,454 — 14,156 3,849 Revisions (99) — (95) 9 (106) — (291) (172) Improved recovery — — — — — — — — Purchases — — — — — — — — Sales — — — — — — — — Extensions/discoveries — — — — — — — — Production (12) — (126) — (971) — (1,109) (303) December 31, 2020 102 — 360 917 11,377 — 12,756 3,374 Total proved reserves at December 31, 2020 13,541 561 801 1,237 15,686 6,134 37,960 15,211
119
Natural Gas and Oil-Equivalent Proved Reserves (continued) |
|
|
|
|
|
|
| |||||
|
|
| Natural Gas |
|
|
| ||||||
|
|
|
| Canada/ |
|
|
|
|
|
| Oil-Equivalent | |
|
|
| United | Other |
|
|
| Australia/ |
|
| Total | |
|
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| All Products (1) | |
|
|
| (billions of cubic feet) |
| (millions of oil- | |||||||
|
|
|
|
| equivalent barrels) | |||||||
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 12,649 | 512 | 1,231 | 584 | 4,030 | 4,420 | 23,426 |
| 9,724 |
|
|
| Equity companies | 154 | - | 4,899 | - | 12,898 | - | 17,951 |
| 4,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 6,384 | 860 | 137 | 11 | 310 | 2,474 | 10,176 |
| 6,179 |
|
|
| Equity companies | 69 | - | 1,265 | 914 | 1,350 | - | 3,598 |
| 1,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved reserves at December 31, 2017 | 19,256 | 1,372 | 7,532 | 1,509 | 18,588 | 6,894 | 55,151 |
| 21,221 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 12,538 | 605 | 1,116 | 581 | 3,618 | 4,336 | 22,794 |
| 13,098 |
|
|
| Equity companies | 152 | - | 988 | - | 11,951 | - | 13,091 |
| 3,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 8,865 | 1,139 | 196 | 7 | 223 | 3,126 | 13,556 |
| 6,980 |
|
|
| Equity companies | 73 | - | 69 | 863 | 1,370 | - | 2,375 |
| 891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved reserves at December 31, 2018 | 21,628 | 1,744 | 2,369 | 1,451 | 17,162 | 7,462 | 51,816 |
| 24,293 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 11,882 | 613 | 502 | 377 | 3,508 | 3,765 | 20,647 |
| 12,075 |
|
|
| Equity companies | 143 | - | 505 | - | 9,859 | - | 10,507 |
| 2,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 7,144 | 853 | 119 | - | 925 | 3,236 | 12,277 |
| 6,521 |
|
|
| Equity companies | 70 | - | 76 | 908 | 2,595 | - | 3,649 |
| 1,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved reserves at December 31, 2019 | 19,239 | 1,466 | 1,202 | 1,285 | 16,887 | 7,001 | 47,080 |
| 22,445 |
|
Natural Gas and Oil-Equivalent Proved Reserves (continued) Natural Gas United
StatesCanada/
Other
AmericasEurope Africa Asia Australia/
OceaniaTotal (billions of cubic feet) (millions of oil-equivalent barrels) Consolidated subsidiaries 12,538 605 1,116 581 3,618 4,336 22,794 13,098 Equity companies 152 — 988 — 11,951 — 13,091 3,324 Consolidated subsidiaries 8,865 1,139 196 7 223 3,126 13,556 6,980 Equity companies 73 — 69 863 1,370 — 2,375 891 Total proved reserves at December 31, 2018 21,628 1,744 2,369 1,451 17,162 7,462 51,816 24,293 Consolidated subsidiaries 11,882 613 502 377 3,508 3,765 20,647 12,075 Equity companies 143 — 505 — 9,859 — 10,507 2,691 Consolidated subsidiaries 7,144 853 119 — 925 3,236 12,277 6,521 Equity companies 70 — 76 908 2,595 — 3,649 1,158 Total proved reserves at December 31, 2019 19,239 1,466 1,202 1,285 16,887 7,001 47,080 22,445 Consolidated subsidiaries 10,375 472 399 318 3,323 3,344 18,231 7,915 Equity companies 83 — 293 — 8,992 — 9,368 2,326 Consolidated subsidiaries 3,064 89 42 2 986 2,790 6,973 3,922 Equity companies 19 — 67 917 2,385 — 3,388 1,048 Total proved reserves at December 31, 2020 13,541 561 801 1,237 15,686 6,134 37,960 15,211
120
Standardized Measure of Discounted Future Cash Flows
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
Standardized Measure of Discounted |
| United |
| Other |
|
|
|
|
|
|
| Australia/ |
|
| |||
Future Cash Flows |
| States | Americas (1) | Europe |
| Africa |
| Asia |
| Oceania |
| Total | |||||
|
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 186,126 |
| 78,870 |
| 14,794 |
| 43,223 |
| 191,254 |
| 40,814 |
| 555,081 | |
|
| Future production costs |
| 78,980 |
| 42,280 |
| 4,424 |
| 14,049 |
| 53,723 |
| 8,424 |
| 201,880 | |
|
| Future development costs |
| 39,996 |
| 18,150 |
| 7,480 |
| 8,897 |
| 15,156 |
| 7,951 |
| 97,630 | |
|
| Future income tax expenses |
| 12,879 |
| 4,527 |
| 2,790 |
| 8,818 |
| 90,614 |
| 6,017 |
| 125,645 | |
|
| Future net cash flows |
| 54,271 |
| 13,913 |
| 100 |
| 11,459 |
| 31,761 |
| 18,422 |
| 129,926 | |
|
| Effect of discounting net cash flows at 10% |
| 30,574 |
| 6,158 |
| (1,255) |
| 2,996 |
| 17,511 |
| 8,741 |
| 64,725 | |
|
| Discounted future net cash flows |
| 23,697 |
| 7,755 |
| 1,355 |
| 8,463 |
| 14,250 |
| 9,681 |
| 65,201 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 12,643 |
| - |
| 28,557 |
| 2,366 |
| 127,364 |
| - |
| 170,930 | |
|
| Future production costs |
| 5,927 |
| - |
| 21,120 |
| 247 |
| 48,300 |
| - |
| 75,594 | |
|
| Future development costs |
| 3,012 |
| - |
| 1,913 |
| 417 |
| 11,825 |
| - |
| 17,167 | |
|
| Future income tax expenses |
| - |
| - |
| 1,683 |
| 514 |
| 22,396 |
| - |
| 24,593 | |
|
| Future net cash flows |
| 3,704 |
| - |
| 3,841 |
| 1,188 |
| 44,843 |
| - |
| 53,576 | |
|
| Effect of discounting net cash flows at 10% |
| 1,668 |
| - |
| 2,116 |
| 1,045 |
| 23,744 |
| - |
| 28,573 | |
|
| Discounted future net cash flows |
| 2,036 |
| - |
| 1,725 |
| 143 |
| 21,099 |
| - |
| 25,003 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated and equity interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| standardized measure of discounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| future net cash flows |
| 25,733 |
| 7,755 |
| 3,080 |
| 8,606 |
| 35,349 |
| 9,681 |
| 90,204 |
Standardized Measure of Discounted Future Cash Flows | United States | Canada/Other Americas (1) | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 265,527 | 204,596 | 23,263 | 47,557 | 241,410 | 67,041 | 849,394 | ||||||||||||||||||||||||||||||||||
Future production costs | 96,489 | 125,469 | 5,023 | 16,019 | 61,674 | 18,081 | 322,755 | ||||||||||||||||||||||||||||||||||
Future development costs | 54,457 | 29,759 | 7,351 | 8,356 | 13,907 | 8,047 | 121,877 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | 25,365 | 9,024 | 8,255 | 10,491 | 124,043 | 10,499 | 187,677 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 89,216 | 40,344 | 2,634 | 12,691 | 41,786 | 30,414 | 217,085 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 49,176 | 22,315 | (6) | 2,957 | 21,509 | 15,030 | 110,981 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 40,040 | 18,029 | 2,640 | 9,734 | 20,277 | 15,384 | 106,104 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 17,730 | — | 7,264 | 3,777 | 165,471 | — | 194,242 | ||||||||||||||||||||||||||||||||||
Future production costs | 6,474 | — | 2,157 | 249 | 61,331 | — | 70,211 | ||||||||||||||||||||||||||||||||||
Future development costs | 3,359 | — | 1,165 | 370 | 10,295 | — | 15,189 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | — | — | 1,612 | 964 | 30,662 | — | 33,238 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 7,897 | — | 2,330 | 2,194 | 63,183 | — | 75,604 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 4,104 | — | 713 | 1,712 | 31,503 | — | 38,032 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 3,793 | — | 1,617 | 482 | 31,680 | — | 37,572 | ||||||||||||||||||||||||||||||||||
Total consolidated and equity interests in standardized measure of discounted future net cash flows | 43,833 | 18,029 | 4,257 | 10,216 | 51,957 | 15,384 | 143,676 |
121
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
Standardized Measure of Discounted |
| United |
| Other |
|
|
|
|
|
|
| Australia/ |
|
| |||
Future Cash Flows (continued) |
| States | Americas (1) | Europe |
| Africa |
| Asia |
| Oceania |
| Total | |||||
|
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 265,527 |
| 204,596 |
| 23,263 |
| 47,557 |
| 241,410 |
| 67,041 |
| 849,394 | |
|
| Future production costs |
| 96,489 |
| 125,469 |
| 5,023 |
| 16,019 |
| 61,674 |
| 18,081 |
| 322,755 | |
|
| Future development costs |
| 54,457 |
| 29,759 |
| 7,351 |
| 8,356 |
| 13,907 |
| 8,047 |
| 121,877 | |
|
| Future income tax expenses |
| 25,365 |
| 9,024 |
| 8,255 |
| 10,491 |
| 124,043 |
| 10,499 |
| 187,677 | |
|
| Future net cash flows |
| 89,216 |
| 40,344 |
| 2,634 |
| 12,691 |
| 41,786 |
| 30,414 |
| 217,085 | |
|
| Effect of discounting net cash flows at 10% |
| 49,176 |
| 22,315 |
| (6) |
| 2,957 |
| 21,509 |
| 15,030 |
| 110,981 | |
|
| Discounted future net cash flows |
| 40,040 |
| 18,029 |
| 2,640 |
| 9,734 |
| 20,277 |
| 15,384 |
| 106,104 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 17,730 |
| - |
| 7,264 |
| 3,777 |
| 165,471 |
| - |
| 194,242 | |
|
| Future production costs |
| 6,474 |
| - |
| 2,157 |
| 249 |
| 61,331 |
| - |
| 70,211 | |
|
| Future development costs |
| 3,359 |
| - |
| 1,165 |
| 370 |
| 10,295 |
| - |
| 15,189 | |
|
| Future income tax expenses |
| - |
| - |
| 1,612 |
| 964 |
| 30,662 |
| - |
| 33,238 | |
|
| Future net cash flows |
| 7,897 |
| - |
| 2,330 |
| 2,194 |
| 63,183 |
| - |
| 75,604 | |
|
| Effect of discounting net cash flows at 10% |
| 4,104 |
| - |
| 713 |
| 1,712 |
| 31,503 |
| - |
| 38,032 | |
|
| Discounted future net cash flows |
| 3,793 |
| - |
| 1,617 |
| 482 |
| 31,680 |
| - |
| 37,572 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated and equity interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| standardized measure of discounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| future net cash flows |
| 43,833 |
| 18,029 |
| 4,257 |
| 10,216 |
| 51,957 |
| 15,384 |
| 143,676 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 208,981 |
| 190,604 |
| 5,789 |
| 30,194 |
| 215,837 |
| 43,599 |
| 695,004 | |
|
| Future production costs |
| 90,448 |
| 133,606 |
| 3,209 |
| 10,177 |
| 58,255 |
| 12,980 |
| 308,675 | |
|
| Future development costs |
| 53,641 |
| 31,158 |
| 4,397 |
| 6,756 |
| 14,113 |
| 8,109 |
| 118,174 | |
|
| Future income tax expenses |
| 12,530 |
| 5,888 |
| (594) |
| 5,374 |
| 108,316 |
| 5,158 |
| 136,672 | |
|
| Future net cash flows |
| 52,362 |
| 19,952 |
| (1,223) |
| 7,887 |
| 35,153 |
| 17,352 |
| 131,483 | |
|
| Effect of discounting net cash flows at 10% |
| 30,499 |
| 7,728 |
| (1,265) |
| 872 |
| 18,658 |
| 7,491 |
| 63,983 | |
|
| Discounted future net cash flows |
| 21,863 |
| 12,224 |
| 42 |
| 7,015 |
| 16,495 |
| 9,861 |
| 67,500 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 15,729 |
| - |
| 3,194 |
| 2,509 |
| 115,451 |
| - |
| 136,883 | |
|
| Future production costs |
| 6,848 |
| - |
| 1,302 |
| 246 |
| 48,259 |
| - |
| 56,655 | |
|
| Future development costs |
| 3,681 |
| - |
| 1,182 |
| 247 |
| 11,463 |
| - |
| 16,573 | |
|
| Future income tax expenses |
| - |
| - |
| 346 |
| 555 |
| 17,891 |
| - |
| 18,792 | |
|
| Future net cash flows |
| 5,200 |
| - |
| 364 |
| 1,461 |
| 37,838 |
| - |
| 44,863 | |
|
| Effect of discounting net cash flows at 10% |
| 2,721 |
| - |
| 41 |
| 1,112 |
| 18,573 |
| - |
| 22,447 | |
|
| Discounted future net cash flows |
| 2,479 |
| - |
| 323 |
| 349 |
| 19,265 |
| - |
| 22,416 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated and equity interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| standardized measure of discounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| future net cash flows |
| 24,342 |
| 12,224 |
| 365 |
| 7,364 |
| 35,760 |
| 9,861 |
| 89,916 |
(1)Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $2,823 million in 2018 and2018.
Standardized Measure of Discounted Future Cash Flows (continued) | United States | Canada/Other Americas (1) | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 208,981 | 190,604 | 5,789 | 30,194 | 215,837 | 43,599 | 695,004 | ||||||||||||||||||||||||||||||||||
Future production costs | 90,448 | 133,606 | 3,209 | 10,177 | 58,255 | 12,980 | 308,675 | ||||||||||||||||||||||||||||||||||
Future development costs | 53,641 | 31,158 | 4,397 | 6,756 | 14,113 | 8,109 | 118,174 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | 12,530 | 5,888 | (594) | 5,374 | 108,316 | 5,158 | 136,672 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 52,362 | 19,952 | (1,223) | 7,887 | 35,153 | 17,352 | 131,483 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 30,499 | 7,728 | (1,265) | 872 | 18,658 | 7,491 | 63,983 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 21,863 | 12,224 | 42 | 7,015 | 16,495 | 9,861 | 67,500 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 15,729 | — | 3,194 | 2,509 | 115,451 | — | 136,883 | ||||||||||||||||||||||||||||||||||
Future production costs | 6,848 | — | 1,302 | 246 | 48,259 | — | 56,655 | ||||||||||||||||||||||||||||||||||
Future development costs | 3,681 | — | 1,182 | 247 | 11,463 | — | 16,573 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | — | — | 346 | 555 | 17,891 | — | 18,792 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 5,200 | — | 364 | 1,461 | 37,838 | — | 44,863 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 2,721 | — | 41 | 1,112 | 18,573 | — | 22,447 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 2,479 | — | 323 | 349 | 19,265 | — | 22,416 | ||||||||||||||||||||||||||||||||||
Total consolidated and equity interests in standardized measure of discounted future net cash flows | 24,342 | 12,224 | 365 | 7,364 | 35,760 | 9,861 | 89,916 | ||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 93,520 | 38,193 | 2,734 | 15,411 | 138,080 | 19,794 | 307,732 | ||||||||||||||||||||||||||||||||||
Future production costs | 53,635 | 19,971 | 1,815 | 6,527 | 42,378 | 3,188 | 127,514 | ||||||||||||||||||||||||||||||||||
Future development costs | 27,668 | 10,991 | 4,244 | 6,223 | 13,432 | 7,580 | 70,138 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | (2,509) | 851 | (1,121) | 916 | 62,223 | 1,381 | 61,741 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 14,726 | 6,380 | (2,204) | 1,745 | 20,047 | 7,645 | 48,339 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 8,564 | 1,116 | (1,565) | (511) | 10,557 | 3,624 | 21,785 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 6,162 | 5,264 | (639) | 2,256 | 9,490 | 4,021 | 26,554 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 5,304 | — | 1,511 | 740 | 63,105 | — | 70,660 | ||||||||||||||||||||||||||||||||||
Future production costs | 3,467 | — | 694 | 247 | 29,170 | — | 33,578 | ||||||||||||||||||||||||||||||||||
Future development costs | 2,243 | — | 1,054 | 163 | 9,929 | — | 13,389 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | — | — | (115) | 42 | 8,088 | — | 8,015 | ||||||||||||||||||||||||||||||||||
Future net cash flows | (406) | — | (122) | 288 | 15,918 | — | 15,678 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | (378) | — | (86) | 258 | 7,443 | — | 7,237 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | (28) | — | (36) | 30 | 8,475 | — | 8,441 | ||||||||||||||||||||||||||||||||||
Total consolidated and equity interests in standardized measure of discounted future net cash flows | 6,134 | 5,264 | (675) | 2,286 | 17,965 | 4,021 | 34,995 |
122
Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Consolidated and Equity Interests |
|
|
|
| 2017 |
|
|
| |||
|
|
|
|
|
|
|
|
|
| Total | |
|
|
|
|
|
|
| Share of |
| Consolidated | ||
|
|
|
| Consolidated |
| Equity Method |
| and Equity | |||
|
|
|
| Subsidiaries |
| Investees |
| Interests | |||
|
|
|
| (millions of dollars) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2016 |
| 35,150 |
|
| 18,201 |
|
| 53,351 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Value of reserves added during the year due to extensions, discoveries, |
|
|
|
|
|
|
|
|
| ||
| improved recovery and net purchases less related costs |
| 10,375 |
|
| 255 |
|
| 10,630 |
| |
Changes in value of previous-year reserves due to: |
|
|
|
|
|
|
|
|
| ||
| Sales and transfers of oil and gas produced during the year, net of |
|
|
|
|
|
|
|
|
| |
|
| production (lifting) costs |
| (24,911) |
|
| (7,358) |
|
| (32,269) |
|
| Development costs incurred during the year |
| 7,066 |
|
| 2,020 |
|
| 9,086 |
| |
| Net change in prices, lifting and development costs |
| 51,703 |
|
| 12,782 |
|
| 64,485 |
| |
| Revisions of previous reserves estimates |
| 6,580 |
|
| 1,193 |
|
| 7,773 |
| |
| Accretion of discount |
| 4,951 |
|
| 2,124 |
|
| 7,075 |
| |
Net change in income taxes |
| (25,713) |
|
| (4,214) |
|
| (29,927) |
| ||
|
| Total change in the standardized measure during the year |
| 30,051 |
|
| 6,802 |
|
| 36,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2017 |
| 65,201 |
|
| 25,003 |
|
| 90,204 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated and Equity Interests |
|
|
|
| 2018 |
|
|
| |||
|
|
|
|
|
|
|
|
|
| Total | |
|
|
|
|
|
|
| Share of |
| Consolidated | ||
|
|
|
| Consolidated |
| Equity Method |
| and Equity | |||
|
|
|
| Subsidiaries |
| Investees |
| Interests | |||
|
|
|
| (millions of dollars) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2017 |
| 65,201 |
|
| 25,003 |
|
| 90,204 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Value of reserves added during the year due to extensions, discoveries, |
|
|
|
|
|
|
|
|
| ||
| improved recovery and net purchases less related costs |
| 9,472 |
|
| (134) |
|
| 9,338 |
| |
Changes in value of previous-year reserves due to: |
|
|
|
|
|
|
|
|
| ||
| Sales and transfers of oil and gas produced during the year, net of |
|
|
|
|
|
|
|
|
| |
|
| production (lifting) costs |
| (31,706) |
|
| (9,956) |
|
| (41,662) |
|
| Development costs incurred during the year |
| 11,500 |
|
| 2,762 |
|
| 14,262 |
| |
| Net change in prices, lifting and development costs |
| 56,798 |
|
| 23,582 |
|
| 80,380 |
| |
| Revisions of previous reserves estimates |
| 14,515 |
|
| (2,091) |
|
| 12,424 |
| |
| Accretion of discount |
| 8,793 |
|
| 3,043 |
|
| 11,836 |
| |
Net change in income taxes |
| (28,469) |
|
| (4,637) |
|
| (33,106) |
| ||
|
| Total change in the standardized measure during the year |
| 40,903 |
|
| 12,569 |
|
| 53,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2018 |
| 106,104 |
|
| 37,572 |
|
| 143,676 |
|
123
Consolidated and Equity Interests | 2018 | ||||||||||||||||
Consolidated Subsidiaries | Share of Equity Method Investees | Total Consolidated and Equity Interests | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Discounted future net cash flows as of December 31, 2017 | 65,201 | 25,003 | 90,204 | ||||||||||||||
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs | 9,472 | (134) | 9,338 | ||||||||||||||
Changes in value of previous-year reserves due to: | |||||||||||||||||
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs | (31,706) | (9,956) | (41,662) | ||||||||||||||
Development costs incurred during the year | 11,500 | 2,762 | 14,262 | ||||||||||||||
Net change in prices, lifting and development costs | 56,798 | 23,582 | 80,380 | ||||||||||||||
Revisions of previous reserves estimates | 14,515 | (2,091) | 12,424 | ||||||||||||||
Accretion of discount | 8,793 | 3,043 | 11,836 | ||||||||||||||
Net change in income taxes | (28,469) | (4,637) | (33,106) | ||||||||||||||
Total change in the standardized measure during the year | 40,903 | 12,569 | 53,472 | ||||||||||||||
Discounted future net cash flows as of December 31, 2018 | 106,104 | 37,572 | 143,676 |
Consolidated and Equity Interests | 2019 | ||||||||||||||||
Consolidated Subsidiaries | Share of Equity Method Investees | Total Consolidated and Equity Interests | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Discounted future net cash flows as of December 31, 2018 | 106,104 | 37,572 | 143,676 | ||||||||||||||
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs | (1,252) | 4 | (1,248) | ||||||||||||||
Changes in value of previous-year reserves due to: | |||||||||||||||||
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs | (29,159) | (8,202) | (37,361) | ||||||||||||||
Development costs incurred during the year | 16,544 | 2,927 | 19,471 | ||||||||||||||
Net change in prices, lifting and development costs | (66,455) | (21,046) | (87,501) | ||||||||||||||
Revisions of previous reserves estimates | 4,906 | 657 | 5,563 | ||||||||||||||
Accretion of discount | 11,433 | 3,956 | 15,389 | ||||||||||||||
Net change in income taxes | 25,379 | 6,548 | 31,927 | ||||||||||||||
Total change in the standardized measure during the year | (38,604) | (15,156) | (53,760) | ||||||||||||||
Discounted future net cash flows as of December 31, 2019 | 67,500 | 22,416 | 89,916 |
Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Consolidated and Equity Interests (continued) |
|
|
|
| 2019 |
|
|
| |||
|
|
|
|
|
|
|
|
|
| Total | |
|
|
|
|
|
|
| Share of |
| Consolidated | ||
|
|
|
| Consolidated |
| Equity Method |
| and Equity | |||
|
|
|
| Subsidiaries |
| Investees |
| Interests | |||
|
|
|
| (millions of dollars) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2018 |
| 106,104 |
|
| 37,572 |
|
| 143,676 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Value of reserves added during the year due to extensions, discoveries, |
|
|
|
|
|
|
|
|
| ||
| improved recovery and net purchases/sales less related costs |
| (1,252) |
|
| 4 |
|
| (1,248) |
| |
Changes in value of previous-year reserves due to: |
|
|
|
|
|
|
|
|
| ||
| Sales and transfers of oil and gas produced during the year, net of |
|
|
|
|
|
|
|
|
| |
|
| production (lifting) costs |
| (29,159) |
|
| (8,202) |
|
| (37,361) |
|
| Development costs incurred during the year |
| 16,544 |
|
| 2,927 |
|
| 19,471 |
| |
| Net change in prices, lifting and development costs |
| (66,455) |
|
| (21,046) |
|
| (87,501) |
| |
| Revisions of previous reserves estimates |
| 4,906 |
|
| 657 |
|
| 5,563 |
| |
| Accretion of discount |
| 11,433 |
|
| 3,956 |
|
| 15,389 |
| |
Net change in income taxes |
| 25,379 |
|
| 6,548 |
|
| 31,927 |
| ||
|
| Total change in the standardized measure during the year |
| (38,604) |
|
| (15,156) |
|
| (53,760) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2019 |
| 67,500 |
|
| 22,416 |
|
| 89,916 |
|
Consolidated and Equity Interests (continued) | 2020 | ||||||||||||||||
Consolidated Subsidiaries | Share of Equity Method Investees | Total Consolidated and Equity Interests | |||||||||||||||
(millions of dollars) | |||||||||||||||||
Discounted future net cash flows as of December 31, 2019 | 67,500 | 22,416 | 89,916 | ||||||||||||||
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs | 169 | — | 169 | ||||||||||||||
Changes in value of previous-year reserves due to: | |||||||||||||||||
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs | (15,048) | (3,818) | (18,866) | ||||||||||||||
Development costs incurred during the year | 9,969 | 1,760 | 11,729 | ||||||||||||||
Net change in prices, lifting and development costs | (80,444) | (21,739) | (102,183) | ||||||||||||||
Revisions of previous reserves estimates | 2,614 | 680 | 3,294 | ||||||||||||||
Accretion of discount | 10,786 | 3,011 | 13,797 | ||||||||||||||
Net change in income taxes | 31,008 | 6,131 | 37,139 | ||||||||||||||
Total change in the standardized measure during the year | (40,946) | (13,975) | (54,921) | ||||||||||||||
Discounted future net cash flows as of December 31, 2020 | 26,554 | 8,441 | 34,995 |
OPERATING INFORMATION (unaudited)
|
|
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
Production of crude oil, natural gas liquids, bitumen and synthetic oil |
|
|
|
|
|
|
|
|
| ||
| Net production | (thousands of barrels daily) | |||||||||
|
| United States | 646 |
| 551 |
| 514 |
| 494 |
| 476 |
|
| Canada/Other Americas | 467 |
| 438 |
| 412 |
| 430 |
| 402 |
|
| Europe | 108 |
| 132 |
| 182 |
| 204 |
| 204 |
|
| Africa | 372 |
| 387 |
| 423 |
| 474 |
| 529 |
|
| Asia | 748 |
| 711 |
| 698 |
| 707 |
| 684 |
|
| Australia/Oceania | 45 |
| 47 |
| 54 |
| 56 |
| 50 |
| Worldwide | 2,386 |
| 2,266 |
| 2,283 |
| 2,365 |
| 2,345 | |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas production available for sale |
|
|
|
|
|
|
|
|
| ||
| Net production | (millions of cubic feet daily) | |||||||||
|
| United States | 2,778 |
| 2,574 |
| 2,936 |
| 3,078 |
| 3,147 |
|
| Canada/Other Americas | 258 |
| 227 |
| 218 |
| 239 |
| 261 |
|
| Europe | 1,457 |
| 1,653 |
| 1,948 |
| 2,173 |
| 2,286 |
|
| Africa | 7 |
| 13 |
| 5 |
| 7 |
| 5 |
|
| Asia | 3,575 |
| 3,613 |
| 3,794 |
| 3,743 |
| 4,139 |
|
| Australia/Oceania | 1,319 |
| 1,325 |
| 1,310 |
| 887 |
| 677 |
| Worldwide | 9,394 |
| 9,405 |
| 10,211 |
| 10,127 |
| 10,515 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) | ||||||||
Oil-equivalent production (1) | 3,952 |
| 3,833 |
| 3,985 |
| 4,053 |
| 4,097 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Refinery throughput | (thousands of barrels daily) | ||||||||||
|
| United States | 1,532 |
| 1,588 |
| 1,508 |
| 1,591 |
| 1,709 |
|
| Canada | 353 |
| 392 |
| 383 |
| 363 |
| 386 |
|
| Europe | 1,317 |
| 1,422 |
| 1,510 |
| 1,417 |
| 1,496 |
|
| Asia Pacific | 598 |
| 706 |
| 690 |
| 708 |
| 647 |
|
| Other Non-U.S. | 181 |
| 164 |
| 200 |
| 190 |
| 194 |
| Worldwide | 3,981 |
| 4,272 |
| 4,291 |
| 4,269 |
| 4,432 | |
Petroleum product sales (2) |
|
|
|
|
|
|
|
|
| ||
|
| United States | 2,292 |
| 2,210 |
| 2,190 |
| 2,250 |
| 2,521 |
|
| Canada | 476 |
| 510 |
| 499 |
| 491 |
| 488 |
|
| Europe | 1,479 |
| 1,556 |
| 1,597 |
| 1,519 |
| 1,542 |
|
| Asia Pacific and other Eastern Hemisphere | 1,156 |
| 1,200 |
| 1,164 |
| 1,140 |
| 1,124 |
|
| Latin America | 49 |
| 36 |
| 80 |
| 82 |
| 79 |
| Worldwide | 5,452 |
| 5,512 |
| 5,530 |
| 5,482 |
| 5,754 | |
|
| Gasoline, naphthas | 2,220 |
| 2,217 |
| 2,262 |
| 2,270 |
| 2,363 |
|
| Heating oils, kerosene, diesel oils | 1,867 |
| 1,840 |
| 1,850 |
| 1,772 |
| 1,924 |
|
| Aviation fuels | 406 |
| 402 |
| 382 |
| 399 |
| 413 |
|
| Heavy fuels | 270 |
| 395 |
| 371 |
| 370 |
| 377 |
|
| Specialty petroleum products | 689 |
| 658 |
| 665 |
| 671 |
| 677 |
| Worldwide | 5,452 |
| 5,512 |
| 5,530 |
| 5,482 |
| 5,754 | |
|
|
|
|
|
|
|
|
|
|
|
|
Chemical prime product sales (2) | (thousands of metric tons) | ||||||||||
|
| United States | 9,127 |
| 9,824 |
| 9,307 |
| 9,576 |
| 9,664 |
|
| Non-U.S. | 17,389 |
| 17,045 |
| 16,113 |
| 15,349 |
| 15,049 |
| Worldwide | 26,516 |
| 26,869 |
| 25,420 |
| 24,925 |
| 24,713 |
2020 2019 2018 Production of crude oil, natural gas liquids, bitumen and synthetic oil Net production (thousands of barrels daily) United States 685 646 551 Canada/Other Americas 536 467 438 Europe 30 108 132 Africa 312 372 387 Asia 742 748 711 Australia/Oceania 44 45 47 Worldwide 2,349 2,386 2,266 Natural gas production available for sale Net production (millions of cubic feet daily) United States 2,691 2,778 2,574 Canada/Other Americas 277 258 227 Europe 789 1,457 1,653 Africa 9 7 13 Asia 3,486 3,575 3,613 Australia/Oceania 1,219 1,319 1,325 Worldwide 8,471 9,394 9,405 (thousands of oil-equivalent barrels daily) 3,761 3,952 3,833 Refinery throughput (thousands of barrels daily) United States 1,549 1,532 1,588 Canada 340 353 392 Europe 1,173 1,317 1,422 Asia Pacific 553 598 706 Other Non-U.S. 158 181 164 Worldwide 3,773 3,981 4,272 United States 2,154 2,292 2,210 Canada 418 476 510 Europe 1,253 1,479 1,556 Asia Pacific and other Eastern Hemisphere 1,014 1,156 1,200 Latin America 56 49 36 Worldwide 4,895 5,452 5,512 Gasoline, naphthas 1,994 2,220 2,217 Heating oils, kerosene, diesel oils 1,751 1,867 1,840 Aviation fuels 213 406 402 Heavy fuels 249 270 395 Specialty petroleum products 688 689 658 Worldwide 4,895 5,452 5,512 (thousands of metric tons) United States 9,010 9,127 9,824 Non-U.S. 16,439 17,389 17,045 Worldwide 25,449 26,516 26,869
INDEX TO EXHIBITS
|
| ||||
Exhibit | Description | ||||
Restated Certificate of Incorporation, as restated November 30, 1999, and as further amended effective June 20, 2001 (incorporated by reference to Exhibit 3(i) to the Registrant’s Annual Report on Form 10-K for 2015). | |||||
|
| ||||
By-Laws, as revised effective | |||||
|
| ||||
Description of ExxonMobil Capital | |||||
|
| ||||
2003 Incentive Program, as approved by shareholders May 28, 2003 (incorporated by reference to Exhibit 10(iii)(a.1) to the Registrant’s Annual Report on Form 10-K for 2017).* | |||||
|
| ||||
Extended Provisions for Restricted Stock Agreements (incorporated by reference to Exhibit 10(iii)(a.2) to the Registrant’s Annual Report on Form 10-K for 2016).* | |||||
|
| ||||
Extended Provisions for Restricted Stock Unit Agreements – Settlement in | |||||
|
| ||||
Short Term Incentive Program, as amended (incorporated by reference to Exhibit 10(iii)(b.1) to the Registrant’s Annual Report on Form 10-K for 2018).* | |||||
|
| ||||
Earnings Bonus Unit | |||||
|
| ||||
ExxonMobil Supplemental Savings Plan (incorporated by reference to Exhibit 10(iii)(c.1) to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017).* | |||||
|
| ||||
ExxonMobil Supplemental Pension Plan (incorporated by reference to Exhibit 10(iii)(c.2) to the Registrant’s Annual Report on Form 10-K for 2014).* | |||||
|
| ||||
ExxonMobil Additional Payments Plan (incorporated by reference to Exhibit 10(iii)(c.3) to the Registrant’s Annual Report on Form 10-K for 2018).* | |||||
|
| ||||
ExxonMobil Executive Life Insurance and Death Benefit Plan (incorporated by reference to Exhibit 10(iii)(d) to the Registrant’s Annual Report on Form 10-K for 2016).* | |||||
|
| ||||
2004 Non-Employee Director Restricted Stock Plan (incorporated by reference to Exhibit 10(iii)(f.1) to the Registrant’s Annual Report on Form 10-K for 2018).* | |||||
|
| ||||
Standing resolution for non-employee director restricted grants dated September 26, 2007 (incorporated by reference to Exhibit 10(iii)(f.2) to the Registrant’s Annual Report on Form 10-K for 2016).* | |||||
|
| ||||
Form of restricted stock grant letter for non-employee directors.* | |||||
|
| ||||
Standing resolution for non-employee director cash fees dated | |||||
|
| ||||
Code of Ethics and Business Conduct (incorporated by reference to Exhibit 14 to the Registrant’s Annual Report on Form 10-K for 2017). | |||||
|
| ||||
Subsidiaries of the registrant. | |||||
|
| ||||
Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. | |||||
|
| ||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer. | |||||
|
| ||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer. | |||||
|
| ||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer. | |||||
|
| ||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer. | |||||
|
| ||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer. | |||||
|
| ||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer. | |||||
|
| ||||
101 | Interactive data files (formatted as Inline XBRL). | ||||
|
| ||||
104 | Cover page interactive data file (formatted as Inline XBRL and contained in Exhibit 101). | ||||
_____________________ |
|
126
SIGNATURES
| |||||||||||
EXXON MOBIL CORPORATION | |||||||||||
|
|
| |||||||||
| By: | /s/ DARREN W. WOODS | |||||||||
|
| (Darren W. Woods,
|
|
|
| ||||||
/s/ DARREN W. WOODS |
| Chairman of the Board | ||||||
(Darren W. Woods) |
| (Principal Executive Officer) | ||||||
|
|
| ||||||
/s/ SUSAN K. AVERY |
| Director | ||||||
(Susan K. Avery) |
|
| ||||||
|
|
| ||||||
/s/ ANGELA F. BRALY |
| Director | ||||||
(Angela F. Braly) |
|
| ||||||
|
|
| ||||||
/s/ URSULA M. BURNS |
| Director | ||||||
(Ursula M. Burns) |
|
| ||||||
|
|
|
127
/s/ KENNETH C. FRAZIER |
| Director | ||||||
(Kenneth C. Frazier) |
|
| ||||||
|
|
| ||||||
/s/ JOSEPH L. HOOLEY |
| Director | ||||||
(Joseph L. Hooley) |
|
| ||||||
|
|
| ||||||
/s/ STEVEN A. KANDARIAN |
| Director | ||||||
(Steven A. Kandarian) |
|
| ||||||
|
|
| ||||||
/s/ DOUGLAS R. OBERHELMAN |
| Director | ||||||
(Douglas R. Oberhelman) |
|
| ||||||
|
|
| ||||||
/s/ SAMUEL J. PALMISANO |
| Director | ||||||
(Samuel J. Palmisano) |
|
| ||||||
|
| |||||||
| ||||||||
/s/ WILLIAM C. WELDON |
| Director | ||||||
(William C. Weldon) |
|
| ||||||
|
|
| ||||||
/s/ WAN ZULKIFLEE | Director | |||||||
(Wan Zulkiflee) | ||||||||
/s/ ANDREW P. SWIGER |
| Senior Vice President | ||||||
(Andrew P. Swiger) |
| (Principal Financial Officer) | ||||||
|
|
| ||||||
/s/ DAVID S. ROSENTHAL |
| Vice President and Controller | ||||||
(David S. Rosenthal) |
| (Principal Accounting Officer) | ||||||
|
|
|
128