New Jersey | 13-5409005 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol | Name of Each Exchange | ||||||||||||
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 March 31, | |||||||
Common stock, without par value |
PART I. FINANCIAL INFORMATION | ||||||
Item 1. Financial Statements | ||||||
Condensed Consolidated Statement of Income - Three months ended March 31, 2022 | ||||||
Condensed Consolidated Statement of Comprehensive Income - Three months ended March 31, 2022 | ||||||
Condensed Consolidated Balance Sheet - As of March 31, 2022 | ||||||
Condensed Consolidated Statement of Cash Flows - Three months ended March 31, 2022 | ||||||
Condensed Consolidated Statement of Changes in Equity - Three months ended March 31, 2022 | ||||||
Notes to Condensed Consolidated Financial Statements | ||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||||||
Item 4. Controls and Procedures | ||||||
PART II. OTHER INFORMATION | ||||||
Item 1. Legal Proceedings | ||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||
Item 6. Exhibits | ||||||
Index to Exhibits | ||||||
Signature | ||||||
ITEM 1. FINANCIAL STATEMENTS |
EXXON MOBIL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||
Sales and other operating revenue | 87,734 | 57,552 | ||||||||||||||||||||||||
Income from equity affiliates | 2,538 | 1,473 | ||||||||||||||||||||||||
Other income | 228 | 122 | ||||||||||||||||||||||||
Total revenues and other income | 90,500 | 59,147 | ||||||||||||||||||||||||
Costs and other deductions | ||||||||||||||||||||||||||
Crude oil and product purchases | 52,388 | 32,601 | ||||||||||||||||||||||||
Production and manufacturing expenses | 10,241 | 8,062 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 2,409 | 2,428 | ||||||||||||||||||||||||
Depreciation and depletion (including impairments) | 8,883 | 5,004 | ||||||||||||||||||||||||
Exploration expenses, including dry holes | 173 | 164 | ||||||||||||||||||||||||
Non-service pension and postretirement benefit expense | 108 | 378 | ||||||||||||||||||||||||
Interest expense | 188 | 258 | ||||||||||||||||||||||||
Other taxes and duties | 7,554 | 6,660 | ||||||||||||||||||||||||
Total costs and other deductions | 81,944 | 55,555 | ||||||||||||||||||||||||
Income (loss) before income taxes | 8,556 | 3,592 | ||||||||||||||||||||||||
Income taxes | 2,806 | 796 | ||||||||||||||||||||||||
Net income (loss) including noncontrolling interests | 5,750 | 2,796 | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 270 | 66 | ||||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil | 5,480 | 2,730 | ||||||||||||||||||||||||
Earnings (loss) per common share (dollars) | 1.28 | 0.64 | ||||||||||||||||||||||||
Earnings (loss) per common share - assuming dilution (dollars) | 1.28 | 0.64 |
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
(millions of dollars, unless noted) | Three Months Ended March 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Revenues and other income | ||||||||||||||||||||
Sales and other operating revenue | 83,644 | 87,734 | ||||||||||||||||||
Income from equity affiliates | 2,381 | 2,538 | ||||||||||||||||||
Other income | 539 | 228 | ||||||||||||||||||
Total revenues and other income | 86,564 | 90,500 | ||||||||||||||||||
Costs and other deductions | ||||||||||||||||||||
Crude oil and product purchases | 46,003 | 52,388 | ||||||||||||||||||
Production and manufacturing expenses | 9,436 | 10,241 | ||||||||||||||||||
Selling, general and administrative expenses | 2,390 | 2,409 | ||||||||||||||||||
Depreciation and depletion (includes impairments) | 4,244 | 8,883 | ||||||||||||||||||
Exploration expenses, including dry holes | 141 | 173 | ||||||||||||||||||
Non-service pension and postretirement benefit expense | 167 | 108 | ||||||||||||||||||
Interest expense | 159 | 188 | ||||||||||||||||||
Other taxes and duties | 7,221 | 7,554 | ||||||||||||||||||
Total costs and other deductions | 69,761 | 81,944 | ||||||||||||||||||
Income (loss) before income taxes | 16,803 | 8,556 | ||||||||||||||||||
Income tax expense (benefit) | 4,960 | 2,806 | ||||||||||||||||||
Net income (loss) including noncontrolling interests | 11,843 | 5,750 | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 413 | 270 | ||||||||||||||||||
Net income (loss) attributable to ExxonMobil | 11,430 | 5,480 | ||||||||||||||||||
Earnings (loss) per common share (dollars) | 2.79 | 1.28 | ||||||||||||||||||
Earnings (loss) per common share - assuming dilution (dollars) | 2.79 | 1.28 | ||||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
EXXON MOBIL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Net income (loss) including noncontrolling interests | 5,750 | 2,796 | ||||||||||||||||||||||||
Other comprehensive income (loss) (net of income taxes) | ||||||||||||||||||||||||||
Foreign exchange translation adjustment | 741 | 149 | ||||||||||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 105 | 168 | ||||||||||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 93 | 378 | ||||||||||||||||||||||||
Total other comprehensive income (loss) | 939 | 695 | ||||||||||||||||||||||||
Comprehensive income (loss) including noncontrolling interests | 6,689 | 3,491 | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 359 | 146 | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to ExxonMobil | 6,330 | 3,345 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
(millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Net income (loss) including noncontrolling interests | 11,843 | 5,750 | ||||||||||||||||||||||||
Other comprehensive income (loss) (net of income taxes) | ||||||||||||||||||||||||||
Foreign exchange translation adjustment | 173 | 741 | ||||||||||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 19 | 105 | ||||||||||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 6 | 93 | ||||||||||||||||||||||||
Total other comprehensive income (loss) | 198 | 939 | ||||||||||||||||||||||||
Comprehensive income (loss) including noncontrolling interests | 12,041 | 6,689 | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 436 | 359 | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to ExxonMobil | 11,605 | 6,330 | ||||||||||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
EXXON MOBIL CORPORATION | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||||||
(millions of dollars) | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | 11,074 | 6,802 | |||||||||
Notes and accounts receivable – net | 42,142 | 32,383 | |||||||||
Inventories | |||||||||||
Crude oil, products and merchandise | 18,074 | 14,519 | |||||||||
Materials and supplies | 4,103 | 4,261 | |||||||||
Other current assets | 1,862 | 1,189 | |||||||||
Total current assets | 77,255 | 59,154 | |||||||||
Investments, advances and long-term receivables | 46,329 | 45,195 | |||||||||
Property, plant and equipment – net | 212,773 | 216,552 | |||||||||
Other assets, including intangibles – net | 18,414 | 18,022 | |||||||||
Total Assets | 354,771 | 338,923 | |||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Notes and loans payable | 4,886 | 4,276 | |||||||||
Accounts payable and accrued liabilities | 63,501 | 50,766 | |||||||||
Income taxes payable | 3,672 | 1,601 | |||||||||
Total current liabilities | 72,059 | 56,643 | |||||||||
Long-term debt | 42,651 | 43,428 | |||||||||
Postretirement benefits reserves | 18,255 | 18,430 | |||||||||
Deferred income tax liabilities | 19,533 | 20,165 | |||||||||
Long-term obligations to equity companies | 2,875 | 2,857 | |||||||||
Other long-term obligations | 22,872 | 21,717 | |||||||||
Total Liabilities | 178,245 | 163,240 | |||||||||
Commitments and contingencies (Note 3) | 0 | 0 | |||||||||
Equity | |||||||||||
Common stock without par value | |||||||||||
(9,000 million shares authorized, 8,019 million shares issued) | 15,879 | 15,746 | |||||||||
Earnings reinvested | 393,779 | 392,059 | |||||||||
Accumulated other comprehensive income | (12,914) | (13,764) | |||||||||
Common stock held in treasury | |||||||||||
(3,806 million shares at March 31, 2022 and 3,780 million shares at December 31, 2021) | (227,529) | (225,464) | |||||||||
ExxonMobil share of equity | 169,215 | 168,577 | |||||||||
Noncontrolling interests | 7,311 | 7,106 | |||||||||
Total Equity | 176,526 | 175,683 | |||||||||
Total Liabilities and Equity | 354,771 | 338,923 |
CONDENSED CONSOLIDATED BALANCE SHEET |
(millions of dollars, unless noted) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash and cash equivalents | 32,651 | 29,640 | |||||||||||||||||||||
Cash and cash equivalents – restricted | 25 | 25 | |||||||||||||||||||||
Notes and accounts receivable – net | 38,808 | 41,749 | |||||||||||||||||||||
Inventories | |||||||||||||||||||||||
Crude oil, products and merchandise | 19,458 | 20,434 | |||||||||||||||||||||
Materials and supplies | 4,184 | 4,001 | |||||||||||||||||||||
Other current assets | 2,098 | 1,782 | |||||||||||||||||||||
Total current assets | 97,224 | 97,631 | |||||||||||||||||||||
Investments, advances and long-term receivables | 49,044 | 49,793 | |||||||||||||||||||||
Property, plant and equipment – net | 206,023 | 204,692 | |||||||||||||||||||||
Other assets, including intangibles – net | 17,080 | 16,951 | |||||||||||||||||||||
Total Assets | 369,371 | 369,067 | |||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Notes and loans payable | 2,296 | 634 | |||||||||||||||||||||
Accounts payable and accrued liabilities | 59,935 | 63,197 | |||||||||||||||||||||
Income taxes payable | 4,435 | 5,214 | |||||||||||||||||||||
Total current liabilities | 66,666 | 69,045 | |||||||||||||||||||||
Long-term debt | 39,150 | 40,559 | |||||||||||||||||||||
Postretirement benefits reserves | 10,183 | 10,045 | |||||||||||||||||||||
Deferred income tax liabilities | 23,195 | 22,874 | |||||||||||||||||||||
Long-term obligations to equity companies | 2,376 | 2,338 | |||||||||||||||||||||
Other long-term obligations | 21,387 | 21,733 | |||||||||||||||||||||
Total Liabilities | 162,957 | 166,594 | |||||||||||||||||||||
Commitments and contingencies (Note 3) | |||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||
Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) | 15,904 | 15,752 | |||||||||||||||||||||
Earnings reinvested | 440,552 | 432,860 | |||||||||||||||||||||
Accumulated other comprehensive income | (13,095) | (13,270) | |||||||||||||||||||||
Common stock held in treasury (3,976 million shares at March 31, 2023 and 3,937 million shares at December 31, 2022) | (244,676) | (240,293) | |||||||||||||||||||||
ExxonMobil share of equity | 198,685 | 195,049 | |||||||||||||||||||||
Noncontrolling interests | 7,729 | 7,424 | |||||||||||||||||||||
Total Equity | 206,414 | 202,473 | |||||||||||||||||||||
Total Liabilities and Equity | 369,371 | 369,067 | |||||||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
EXXON MOBIL CORPORATION | |||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||
(millions of dollars) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) including noncontrolling interests | 5,750 | 2,796 | |||||||||
Depreciation and depletion (including impairments) | 8,883 | 5,004 | |||||||||
Changes in operational working capital, excluding cash and debt | 1,086 | 1,953 | |||||||||
All other items – net | (931) | (489) | |||||||||
Net cash provided by operating activities | 14,788 | 9,264 | |||||||||
Cash flows from investing activities | |||||||||||
Additions to property, plant and equipment | (3,911) | (2,400) | |||||||||
Proceeds from asset sales and returns of investments | 293 | 307 | |||||||||
Additional investments and advances | (417) | (349) | |||||||||
Other investing activities including collection of advances | 90 | 87 | |||||||||
Net cash used in investing activities | (3,945) | (2,355) | |||||||||
Cash flows from financing activities | |||||||||||
Additions to short-term debt | — | 5,781 | |||||||||
Reductions in short-term debt | (2,098) | (10,849) | |||||||||
Additions/(reductions) in debt with three months or less maturity | 1,366 | 1,003 | |||||||||
Cash dividends to ExxonMobil shareholders | (3,760) | (3,720) | |||||||||
Cash dividends to noncontrolling interests | (60) | (52) | |||||||||
Changes in noncontrolling interests | (94) | 53 | |||||||||
Common stock acquired | (2,067) | (1) | |||||||||
Net cash used in financing activities | (6,713) | (7,785) | |||||||||
Effects of exchange rate changes on cash | 142 | 27 | |||||||||
Increase/(decrease) in cash and cash equivalents | 4,272 | (849) | |||||||||
Cash and cash equivalents at beginning of period | 6,802 | 4,364 | |||||||||
Cash and cash equivalents at end of period | 11,074 | 3,515 | |||||||||
Supplemental Disclosures | |||||||||||
Income taxes paid | 1,798 | 855 | |||||||||
Cash interest paid | |||||||||||
Included in cash flows from operating activities | 319 | 405 | |||||||||
Capitalized, included in cash flows from investing activities | 187 | 151 | |||||||||
Total cash interest paid | 506 | 556 | |||||||||
Noncash right of use assets recorded in exchange for lease liabilities | |||||||||||
Operating leases | 240 | 265 | |||||||||
Finance leases | 656 | — |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
(millions of dollars) | Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) including noncontrolling interests | 11,843 | 5,750 | |||||||||
Depreciation and depletion (includes impairments) | 4,244 | 8,883 | |||||||||
Changes in operational working capital, excluding cash and debt | (302) | 1,086 | |||||||||
All other items – net | 556 | (931) | |||||||||
Net cash provided by operating activities | 16,341 | 14,788 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Additions to property, plant and equipment | (5,412) | (3,911) | |||||||||
Proceeds from asset sales and returns of investments | 854 | 293 | |||||||||
Additional investments and advances | (445) | (417) | |||||||||
Other investing activities including collection of advances | 78 | 90 | |||||||||
Net cash used in investing activities | (4,925) | (3,945) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Additions to long-term debt | 20 | — | |||||||||
Reductions in short-term debt | (126) | (2,098) | |||||||||
Additions/(reductions) in debt with three months or less maturity | (192) | 1,366 | |||||||||
Cash dividends to ExxonMobil shareholders | (3,738) | (3,760) | |||||||||
Cash dividends to noncontrolling interests | (115) | (60) | |||||||||
Changes in noncontrolling interests | (16) | (94) | |||||||||
Common stock acquired | (4,340) | (2,067) | |||||||||
Net cash used in financing activities | (8,507) | (6,713) | |||||||||
Effects of exchange rate changes on cash | 102 | 142 | |||||||||
Increase/(decrease) in cash and cash equivalents | 3,011 | 4,272 | |||||||||
Cash and cash equivalents at beginning of period | 29,665 | 6,802 | |||||||||
Cash and cash equivalents at end of period | 32,676 | 11,074 | |||||||||
SUPPLEMENTAL DISCLOSURES | |||||||||||
Income taxes paid | 4,404 | 1,798 | |||||||||
Cash interest paid | |||||||||||
Included in cash flows from operating activities | 256 | 319 | |||||||||
Capitalized, included in cash flows from investing activities | 291 | 187 | |||||||||
Total cash interest paid | 547 | 506 | |||||||||
Noncash right of use assets recorded in exchange for lease liabilities | |||||||||||
Operating leases | 393 | 240 | |||||||||
Finance leases | 438 | 656 | |||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
EXXON MOBIL CORPORATION | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 15,688 | 383,943 | (16,705) | (225,776) | 157,150 | 6,980 | 164,130 | ||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | 202 | — | — | — | 202 | — | 202 | ||||||||||||||||||||||||||||||||||
Other | (6) | — | — | — | (6) | 53 | 47 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the period | — | 2,730 | — | — | 2,730 | 66 | 2,796 | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (3,720) | — | — | (3,720) | (52) | (3,772) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | 615 | — | 615 | 80 | 695 | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | (1) | (1) | — | (1) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | 4 | 4 | — | 4 | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 15,884 | 382,953 | (16,090) | (225,773) | 156,974 | 7,127 | 164,101 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 15,746 | 392,059 | (13,764) | (225,464) | 168,577 | 7,106 | 175,683 | ||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | 138 | — | — | — | 138 | — | 138 | ||||||||||||||||||||||||||||||||||
Other | (5) | — | — | — | (5) | 14 | 9 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the period | — | 5,480 | — | — | 5,480 | 270 | 5,750 | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (3,760) | — | — | (3,760) | (60) | (3,820) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | 850 | — | 850 | 89 | 939 | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | (2,067) | (2,067) | (108) | (2,175) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | 2 | 2 | — | 2 | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 15,879 | 393,779 | (12,914) | (227,529) | 169,215 | 7,311 | 176,526 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY |
ExxonMobil Share of Equity | ||||||||||||||||||||||||||
(millions of dollars, unless noted) | Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity | |||||||||||||||||||
Balance as of December 31, 2021 | 15,746 | 392,059 | (13,764) | (225,464) | 168,577 | 7,106 | 175,683 | |||||||||||||||||||
Amortization of stock-based awards | 138 | — | — | — | 138 | — | 138 | |||||||||||||||||||
Other | (5) | — | — | — | (5) | 14 | 9 | |||||||||||||||||||
Net income (loss) for the period | — | 5,480 | — | — | 5,480 | 270 | 5,750 | |||||||||||||||||||
Dividends - common shares | — | (3,760) | — | — | (3,760) | (60) | (3,820) | |||||||||||||||||||
Other comprehensive income (loss) | — | — | 850 | — | 850 | 89 | 939 | |||||||||||||||||||
Acquisitions, at cost | — | — | — | (2,067) | (2,067) | (108) | (2,175) | |||||||||||||||||||
Dispositions | — | — | — | 2 | 2 | — | 2 | |||||||||||||||||||
Balance as of March 31, 2022 | 15,879 | 393,779 | (12,914) | (227,529) | 169,215 | 7,311 | 176,526 | |||||||||||||||||||
Balance as of December 31, 2022 | 15,752 | 432,860 | (13,270) | (240,293) | 195,049 | 7,424 | 202,473 | |||||||||||||||||||
Amortization of stock-based awards | 158 | — | — | — | 158 | — | 158 | |||||||||||||||||||
Other | (6) | — | — | — | (6) | (16) | (22) | |||||||||||||||||||
Net income (loss) for the period | — | 11,430 | — | — | 11,430 | 413 | 11,843 | |||||||||||||||||||
Dividends - common shares | — | (3,738) | — | — | (3,738) | (115) | (3,853) | |||||||||||||||||||
Other comprehensive income (loss) | — | — | 175 | — | 175 | 23 | 198 | |||||||||||||||||||
Acquisitions, at cost | — | — | — | (4,385) | (4,385) | — | (4,385) | |||||||||||||||||||
Dispositions | — | — | — | 2 | 2 | — | 2 | |||||||||||||||||||
Balance as of March 31, 2023 | 15,904 | 440,552 | (13,095) | (244,676) | 198,685 | 7,729 | 206,414 |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Share Activity | Issued | Held in Treasury | Outstanding | Issued | Held in Treasury | Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of shares) | (millions of shares) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Share Activity (millions of shares) | Common Stock Share Activity (millions of shares) | Issued | Held in Treasury | Outstanding | Issued | Held in Treasury | Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31 | Balance as of December 31 | 8,019 | (3,780) | 4,239 | 8,019 | (3,786) | 4,233 | Balance as of December 31 | 8,019 | (3,937) | 4,082 | 8,019 | (3,780) | 4,239 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions | — | (26) | (26) | — | — | — | Acquisitions | — | (39) | (39) | — | (26) | (26) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | — | — | — | — | 1 | 1 | Dispositions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31 | Balance as of March 31 | 8,019 | (3,806) | 4,213 | 8,019 | (3,785) | 4,234 | Balance as of March 31 | 8,019 | (3,976) | 4,043 | 8,019 | (3,806) | 4,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. | The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
March 31, 2022 | |||||||||||||||||||||||
Equity Company Obligations (1) | Other Third-Party Obligations | Total | |||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Guarantees | |||||||||||||||||||||||
Debt-related | 1,152 | 145 | 1,297 | ||||||||||||||||||||
Other | 830 | 6,379 | 7,209 | ||||||||||||||||||||
Total | 1,982 | 6,524 | 8,506 |
March 31, 2023 | |||||||||||
(millions of dollars) | Equity Company Obligations (1) | Other Third-Party Obligations | Total | ||||||||
Guarantees | |||||||||||
Debt-related | 1,229 | 155 | 1,384 | ||||||||
Other | 739 | 5,385 | 6,124 | ||||||||
Total | 1,968 | 5,540 | 7,508 | ||||||||
(1) ExxonMobil share |
ExxonMobil Share of Accumulated Other Comprehensive Income | Cumulative Foreign Exchange Translation Adjustment | Postretirement Benefits Reserves Adjustment | Total | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Balance as of December 31, 2020 | (10,614) | (6,091) | (16,705) | ||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | 88 | 158 | 246 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 369 | 369 | ||||||||||||||
Total change in accumulated other comprehensive income | 88 | 527 | 615 | ||||||||||||||
Balance as of March 31, 2021 | (10,526) | (5,564) | (16,090) | ||||||||||||||
Balance as of December 31, 2021 | (11,499) | (2,265) | (13,764) | ||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | 661 | 102 | 763 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 87 | 87 | ||||||||||||||
Total change in accumulated other comprehensive income | 661 | 189 | 850 | ||||||||||||||
Balance as of March 31, 2022 | (10,838) | (2,076) | (12,914) |
ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars) | Cumulative Foreign Exchange Translation Adjustment | Postretirement Benefits Reserves Adjustment | Total | ||||||||
Balance as of December 31, 2021 | (11,499) | (2,265) | (13,764) | ||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | 661 | 102 | 763 | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 87 | 87 | ||||||||
Total change in accumulated other comprehensive income | 661 | 189 | 850 | ||||||||
Balance as of March 31, 2022 | (10,838) | (2,076) | (12,914) | ||||||||
Balance as of December 31, 2022 | (14,591) | 1,321 | (13,270) | ||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | 157 | 14 | 171 | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 4 | 4 | ||||||||
Total change in accumulated other comprehensive income | 157 | 18 | 175 | ||||||||
Balance as of March 31, 2023 | (14,434) | 1,339 | (13,095) | ||||||||
(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $(74) million and $79 million in 2023 and 2022, respectively. |
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
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) | (120) | (484) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
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) | (8) | (120) |
Income Tax (Expense)/Credit For Components of Other Comprehensive Income | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
Foreign exchange translation adjustment | (22) | (53) | ||||||||||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | (40) | (58) | ||||||||||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (27) | (106) | ||||||||||||||||||||||||
Total | (89) | (217) |
Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Foreign exchange translation adjustment | 48 | (22) | |||||||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 11 | (40) | |||||||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (2) | (27) | |||||||||||||||||||||
Total | 57 | (89) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Earnings per common share | ||||||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil (millions of dollars) | 5,480 | 2,730 | ||||||||||||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 4,266 | 4,272 | ||||||||||||||||||||||||
Earnings (loss) per common share (dollars) (1) | 1.28 | 0.64 | ||||||||||||||||||||||||
Dividends paid per common share (dollars) | 0.88 | 0.87 |
Earnings per common share | Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil (millions of dollars) | 11,430 | 5,480 | |||||||||||||||||||||
Weighted-average number of common shares outstanding (millions of shares) | 4,102 | 4,266 | |||||||||||||||||||||
Earnings (loss) per common share (dollars) (1) | 2.79 | 1.28 | |||||||||||||||||||||
Dividends paid per common share (dollars) | 0.91 | 0.88 | |||||||||||||||||||||
(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown. |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Components of net benefit cost | Components of net benefit cost | Components of net benefit cost | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits - U.S. | Pension Benefits - U.S. | Pension Benefits - U.S. | |||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | 179 | 225 | Service cost | 120 | 179 | |||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 129 | 139 | Interest cost | 166 | 129 | |||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (140) | (180) | Expected return on plan assets | (133) | (140) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss/(gain) | Amortization of actuarial loss/(gain) | 39 | 61 | Amortization of actuarial loss/(gain) | 21 | 39 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (7) | (6) | Amortization of prior service cost | (7) | (7) | |||||||||||||||||||||||||||||||||||||||||||
Net pension enhancement and curtailment/settlement cost | Net pension enhancement and curtailment/settlement cost | 37 | 298 | Net pension enhancement and curtailment/settlement cost | 8 | 37 | |||||||||||||||||||||||||||||||||||||||||||
Net benefit cost | Net benefit cost | 237 | 537 | Net benefit cost | 175 | 237 | |||||||||||||||||||||||||||||||||||||||||||
Pension Benefits - Non-U.S. | Pension Benefits - Non-U.S. | Pension Benefits - Non-U.S. | |||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | 150 | 195 | Service cost | 82 | 150 | |||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 160 | 130 | Interest cost | 234 | 160 | |||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (213) | (258) | Expected return on plan assets | (174) | (213) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss/(gain) | Amortization of actuarial loss/(gain) | 47 | 108 | Amortization of actuarial loss/(gain) | 14 | 47 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | 12 | 15 | Amortization of prior service cost | 12 | 12 | |||||||||||||||||||||||||||||||||||||||||||
Net pension enhancement and curtailment/settlement cost | — | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
Net benefit cost | Net benefit cost | 156 | 202 | Net benefit cost | 168 | 156 | |||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | Other Postretirement Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | 40 | 49 | Service cost | 20 | 40 | |||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 55 | 56 | Interest cost | 70 | 55 | |||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (3) | (5) | Expected return on plan assets | (4) | (3) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss/(gain) | Amortization of actuarial loss/(gain) | 3 | 19 | Amortization of actuarial loss/(gain) | (30) | 3 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (11) | (11) | Amortization of prior service cost | (10) | (11) | |||||||||||||||||||||||||||||||||||||||||||
Net benefit cost | Net benefit cost | 84 | 108 | Net benefit cost | 46 | 84 |
March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(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) | 6,886 | 2,890 | — | 9,776 | (7,888) | (60) | — | 1,828 | ||||||||||||||||||||||||||||||||||||||||||
Advances to/receivables | ||||||||||||||||||||||||||||||||||||||||||||||||||
from equity companies (2)(6) | — | 2,631 | 5,491 | 8,122 | — | — | 435 | 8,557 | ||||||||||||||||||||||||||||||||||||||||||
Other long-term | ||||||||||||||||||||||||||||||||||||||||||||||||||
financial assets (3) | 1,152 | — | 1,049 | 2,201 | — | — | 165 | 2,366 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | 7,459 | 3,940 | — | 11,399 | (7,888) | (632) | — | 2,879 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | 40,367 | 76 | 2 | 40,445 | — | — | (140) | 40,305 | ||||||||||||||||||||||||||||||||||||||||||
Long-term obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||
to equity companies (6) | — | — | 2,969 | 2,969 | — | — | (94) | 2,875 | ||||||||||||||||||||||||||||||||||||||||||
Other long-term | ||||||||||||||||||||||||||||||||||||||||||||||||||
financial liabilities (7) | — | — | 886 | 886 | — | — | 53 | 939 |
December 31, 2021 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | 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 | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets (1) | Derivative assets (1) | 5,122 | 2,372 | — | 7,494 | (5,761) | (943) | — | 790 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets (1) | 1,422 | 1,523 | — | 2,945 | (1,930) | (28) | — | 987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | Advances to/receivables from equity companies (2)(6) | — | 2,440 | 5,165 | 7,605 | — | — | 614 | 8,219 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances to/receivables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from equity companies (2)(6) | — | 3,076 | 5,373 | 8,449 | — | — | (123) | 8,326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term financial assets (3) | Other long-term financial assets (3) | 1,243 | — | 1,506 | 2,749 | — | — | 313 | 3,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
financial assets (3) | 1,134 | — | 1,058 | 2,192 | — | — | 181 | 2,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | Derivative liabilities (4) | 4,233 | 2,720 | — | 6,953 | (5,761) | (60) | — | 1,132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | Long-term debt (5) | 32,905 | 1,036 | 6 | 33,947 | — | — | 3,415 | 37,362 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | 1,701 | 2,594 | — | 4,295 | (1,930) | (306) | — | 2,059 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term obligations to equity companies (6) | Long-term obligations to equity companies (6) | — | — | 2,502 | 2,502 | — | — | (126) | 2,376 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | 44,454 | 88 | 3 | 44,545 | — | — | (2,878) | 41,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to equity companies (6) | — | — | 3,084 | 3,084 | — | — | (227) | 2,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
financial liabilities (7) | — | — | 902 | 902 | — | — | 58 | 960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term financial liabilities (7) | Other long-term financial liabilities (7) | — | — | 713 | 713 | — | — | 40 | 753 |
December 31, 2022 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
(millions of dollars) | 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) | 4,309 | 3,455 | — | 7,764 | (5,778) | (969) | — | 1,017 | |||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | 2,406 | 4,958 | 7,364 | — | — | 685 | 8,049 | |||||||||||||||||||||
Other long-term financial assets (3) | 1,208 | — | 1,413 | 2,621 | — | — | 346 | 2,967 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative liabilities (4) | 3,417 | 3,264 | — | 6,681 | (5,778) | (79) | — | 824 | |||||||||||||||||||||
Long-term debt (5) | 33,112 | 1,880 | 6 | 34,998 | — | — | 4,173 | 39,171 | |||||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | 2,467 | 2,467 | — | — | (129) | 2,338 | |||||||||||||||||||||
Other long-term financial liabilities (7) | — | — | 679 | 679 | — | — | 38 | 717 |
(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net | ||
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables | ||
(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net | ||
(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations | ||
(5)Excluding finance lease obligations | ||
(6)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. | ||
(7)Included 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. |
March 31, | December 31, | ||||||||||||||||||
2022 | 2021 | ||||||||||||||||||
(millions) | |||||||||||||||||||
(millions) | (millions) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Crude oil (barrels) | Crude oil (barrels) | 91 | 82 | Crude oil (barrels) | 15 | 4 | |||||||||||||
Petroleum products (barrels) | Petroleum products (barrels) | (37) | (48) | Petroleum products (barrels) | (48) | (52) | |||||||||||||
Natural gas (MMBTUs) | Natural gas (MMBTUs) | (101) | (115) | Natural gas (MMBTUs) | (29) | (64) |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Sales and other operating revenue | Sales and other operating revenue | (2,535) | (512) | Sales and other operating revenue | 651 | (2,535) | ||||||||||||||||||||||||||||||||||||||||
Crude oil and product purchases | Crude oil and product purchases | (26) | 1 | Crude oil and product purchases | (25) | (26) | ||||||||||||||||||||||||||||||||||||||||
Total | Total | (2,561) | (511) | Total | 626 | (2,561) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Earnings (Loss) After Income Tax | (millions of dollars) | |||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||
United States | 2,376 | 363 | ||||||||||||||||||||||||
Non-U.S. (1) | 2,112 | 2,191 | ||||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||
United States | 685 | (113) | ||||||||||||||||||||||||
Non-U.S. | (353) | (277) | ||||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||
United States | 819 | 715 | ||||||||||||||||||||||||
Non-U.S. | 535 | 700 | ||||||||||||||||||||||||
Corporate and Financing (1) | (694) | (849) | ||||||||||||||||||||||||
Corporate total | 5,480 | 2,730 | ||||||||||||||||||||||||
(1) Results for 2022 include charges of $3.3 billion in non-U.S. Upstream and $0.1 billion in Corporate and Financing associated with the Corporation's interest in Sakhalin-1. (See Note 2 to Condensed Consolidated Financial Statements) | ||||||||||||||||||||||||||
Sales and Other Operating Revenue | ||||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||
United States | 2,656 | 1,885 | ||||||||||||||||||||||||
Non-U.S. | 6,343 | 3,094 | ||||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||
United States | 25,356 | 16,078 | ||||||||||||||||||||||||
Non-U.S. | 43,609 | 28,613 | ||||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||
United States | 3,982 | 3,091 | ||||||||||||||||||||||||
Non-U.S. | 5,781 | 4,887 | ||||||||||||||||||||||||
Corporate and Financing | 7 | (96) | ||||||||||||||||||||||||
Corporate total | 87,734 | 57,552 | ||||||||||||||||||||||||
Intersegment Revenue | ||||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||
United States | 6,191 | 3,323 | ||||||||||||||||||||||||
Non-U.S. | 10,835 | 6,817 | ||||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||
United States | 8,261 | 3,953 | ||||||||||||||||||||||||
Non-U.S. | 9,503 | 5,381 | ||||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||
United States | 2,863 | 1,950 | ||||||||||||||||||||||||
Non-U.S. | 2,213 | 1,231 | ||||||||||||||||||||||||
Corporate and Financing | 57 | 57 |
(millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Earnings (Loss) After Income Tax | ||||||||||||||||||||
Upstream | ||||||||||||||||||||
United States | 1,632 | 2,376 | ||||||||||||||||||
Non-U.S. (1) | 4,825 | 2,112 | ||||||||||||||||||
Energy Products | ||||||||||||||||||||
United States | 1,910 | 489 | ||||||||||||||||||
Non-U.S. | 2,273 | (684) | ||||||||||||||||||
Chemical Products | ||||||||||||||||||||
United States | 324 | 770 | ||||||||||||||||||
Non-U.S. | 47 | 636 | ||||||||||||||||||
Specialty Products | ||||||||||||||||||||
United States | 451 | 246 | ||||||||||||||||||
Non-U.S. | 323 | 230 | ||||||||||||||||||
Corporate and Financing (1) | (355) | (694) | ||||||||||||||||||
Corporate total | 11,430 | 5,480 | ||||||||||||||||||
Sales and Other Operating Revenue | ||||||||||||||||||||
Upstream | ||||||||||||||||||||
United States | 2,770 | 2,656 | ||||||||||||||||||
Non-U.S. | 5,387 | 6,343 | ||||||||||||||||||
Energy Products | ||||||||||||||||||||
United States | 24,924 | 24,853 | ||||||||||||||||||
Non-U.S. | 39,976 | 41,715 | ||||||||||||||||||
Chemical Products | ||||||||||||||||||||
United States | 2,029 | 3,094 | ||||||||||||||||||
Non-U.S. | 3,692 | 4,497 | ||||||||||||||||||
Specialty Products | ||||||||||||||||||||
United States | 1,568 | 1,391 | ||||||||||||||||||
Non-U.S. | 3,289 | 3,178 | ||||||||||||||||||
Corporate and Financing | 9 | 7 | ||||||||||||||||||
Corporate total | 83,644 | 87,734 | ||||||||||||||||||
Intersegment Revenue | ||||||||||||||||||||
Upstream | ||||||||||||||||||||
United States | 4,956 | 6,191 | ||||||||||||||||||
Non-U.S. | 9,399 | 10,835 | ||||||||||||||||||
Energy Products | ||||||||||||||||||||
United States | 5,451 | 6,849 | ||||||||||||||||||
Non-U.S. | 6,969 | 8,762 | ||||||||||||||||||
Chemical Products | ||||||||||||||||||||
United States | 1,788 | 1,767 | ||||||||||||||||||
Non-U.S. | 777 | 1,507 | ||||||||||||||||||
Specialty Products | ||||||||||||||||||||
United States | 680 | 559 | ||||||||||||||||||
Non-U.S. | 99 | 224 | ||||||||||||||||||
Corporate and Financing | 64 | 57 | ||||||||||||||||||
(1) Results for 2022 include charges of $3.3 billion in non-U.S. Upstream and $0.1 billion in Corporate and Financing associated with the expropriation of the Corporation's interest in Sakhalin-1. | ||||||||||||||||||||
Geographic | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
Sales and Other Operating Revenue | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Geographic Sales and Other Operating Revenue | Geographic Sales and Other Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
United States | United States | 31,994 | 21,054 | United States | 31,291 | 31,994 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 55,740 | 36,498 | Non-U.S. | 52,353 | 55,740 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | 87,734 | 57,552 | Total | 83,644 | 87,734 | ||||||||||||||||||||||||||||||||||||||||
Significant Non-U.S. revenue sources include: (1) | Significant Non-U.S. revenue sources include: (1) | Significant Non-U.S. revenue sources include: (1) | ||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | United Kingdom | 7,548 | 2,943 | United Kingdom | 7,011 | 7,548 | ||||||||||||||||||||||||||||||||||||||||
Canada | Canada | 6,995 | 4,258 | Canada | 6,721 | 6,995 | ||||||||||||||||||||||||||||||||||||||||
Singapore | Singapore | 3,731 | 4,322 | |||||||||||||||||||||||||||||||||||||||||||
France | France | 4,356 | 2,782 | France | 3,484 | 4,356 | ||||||||||||||||||||||||||||||||||||||||
Singapore | 4,322 | 3,435 | ||||||||||||||||||||||||||||||||||||||||||||
Belgium | Belgium | 2,836 | 1,989 | Belgium | 2,649 | 2,836 | ||||||||||||||||||||||||||||||||||||||||
Italy | Italy | 2,836 | 1,865 | Italy | 2,536 | 2,836 | ||||||||||||||||||||||||||||||||||||||||
Australia | Australia | 2,428 | 2,456 | |||||||||||||||||||||||||||||||||||||||||||
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in non-U.S. operations where attribution to a specific country is not practicable. | (1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in non-U.S. operations where attribution to a specific country is not practicable. |
Sales and other operating revenue (millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Revenue from contracts with customers | 64,304 | 68,816 | ||||||||||||||||||
Revenue outside the scope of ASC 606 | 19,340 | 18,918 | ||||||||||||||||||
Total | 83,644 | 87,734 |
Three Months Ended March 31, 2022 | Upstream | Downstream | Chemical | Corporate and Financing | Total | |||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 2,376 | 2,112 | 685 | (353) | 819 | 535 | (694) | 5,480 | ||||||||||||||||||||||||||||||
Identified Items | ||||||||||||||||||||||||||||||||||||||
Impairments | — | (2,877) | — | — | — | — | (98) | (2,975) | ||||||||||||||||||||||||||||||
Other - Russia impacts | — | (378) | — | — | — | — | — | (378) | ||||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items | 2,376 | 5,367 | 685 | (353) | 819 | 535 | (596) | 8,833 |
Three Months Ended March 31, 2021 | Upstream | Downstream | Chemical | Corporate and Financing | Total | |||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 363 | 2,191 | (113) | (277) | 715 | 700 | (849) | 2,730 | ||||||||||||||||||||||||||||||
Identified Items | ||||||||||||||||||||||||||||||||||||||
Severance charges | — | — | — | — | — | — | (31) | (31) | ||||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items | 363 | 2,191 | (113) | (277) | 715 | 700 | (818) | 2,761 |
Three Months Ended March 31, 2023 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | |||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 1,632 | 4,825 | 1,910 | 2,273 | 324 | 47 | 451 | 323 | (355) | 11,430 | |||||||||||||||||||||||||||||||||||||
Identified Items | |||||||||||||||||||||||||||||||||||||||||||||||
Tax-related items | — | (158) | — | (30) | — | — | — | — | — | (188) | |||||||||||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 1,632 | 4,983 | 1,910 | 2,303 | 324 | 47 | 451 | 323 | (355) | 11,618 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | |||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 2,376 | 2,112 | 489 | (684) | 770 | 636 | 246 | 230 | (694) | 5,480 | |||||||||||||||||||||||||||||||||||||
Identified Items | |||||||||||||||||||||||||||||||||||||||||||||||
Impairments | — | (2,877) | — | — | — | — | — | — | (98) | (2,975) | |||||||||||||||||||||||||||||||||||||
Other | — | (378) | — | — | — | — | — | — | — | (378) | |||||||||||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 2,376 | 5,367 | 489 | (684) | 770 | 636 | 246 | 230 | (596) | 8,833 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | (millions of dollars) | |||||||||||||||||||||||||
United States | 2,376 | 363 | ||||||||||||||||||||||||
Non-U.S. | 2,112 | 2,191 | ||||||||||||||||||||||||
Total | 4,488 | 2,554 | ||||||||||||||||||||||||
Identified Items (1) | ||||||||||||||||||||||||||
United States | — | — | ||||||||||||||||||||||||
Non-U.S. | (3,255) | — | ||||||||||||||||||||||||
Total | (3,255) | — | ||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (1) | ||||||||||||||||||||||||||
United States | 2,376 | 363 | ||||||||||||||||||||||||
Non-U.S. | 5,367 | 2,191 | ||||||||||||||||||||||||
Total | 7,743 | 2,554 |
Upstream Financial Results | ||||||||||||||||||||
(millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||
United States | 1,632 | 2,376 | ||||||||||||||||||
Non-U.S. | 4,825 | 2,112 | ||||||||||||||||||
Total | 6,457 | 4,488 | ||||||||||||||||||
Identified Items (1) | ||||||||||||||||||||
United States | — | — | ||||||||||||||||||
Non-U.S. | (158) | (3,255) | ||||||||||||||||||
Total | (158) | (3,255) | ||||||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | ||||||||||||||||||||
United States | 1,632 | 2,376 | ||||||||||||||||||
Non-U.S. | 4,983 | 5,367 | ||||||||||||||||||
Total | 6,615 | 7,743 |
Upstream First Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Production of crude oil, natural gas liquids, bitumen and synthetic oil | ||||||||||||||||||||||||||
Net production | (thousands of barrels daily) | |||||||||||||||||||||||||
United States | 753 | 665 | ||||||||||||||||||||||||
Canada/Other Americas | 474 | 575 | ||||||||||||||||||||||||
Europe | 4 | 35 | ||||||||||||||||||||||||
Africa | 257 | 253 | ||||||||||||||||||||||||
Asia | 738 | 691 | ||||||||||||||||||||||||
Australia/Oceania | 40 | 39 | ||||||||||||||||||||||||
Worldwide | 2,266 | 2,258 | ||||||||||||||||||||||||
Natural gas production available for sale | ||||||||||||||||||||||||||
Net production | (millions of cubic feet daily) | |||||||||||||||||||||||||
United States | 2,777 | 2,767 | ||||||||||||||||||||||||
Canada/Other Americas | 182 | 216 | ||||||||||||||||||||||||
Europe | 770 | 1,403 | ||||||||||||||||||||||||
Africa | 58 | 24 | ||||||||||||||||||||||||
Asia | 3,340 | 3,599 | ||||||||||||||||||||||||
Australia/Oceania | 1,325 | 1,164 | ||||||||||||||||||||||||
Worldwide | 8,452 | 9,173 | ||||||||||||||||||||||||
(thousands of oil-equivalent barrels daily) | ||||||||||||||||||||||||||
Oil-equivalent production (1) | 3,675 | 3,787 | ||||||||||||||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
Three Months Ended March 31 | ||||||||||||||
(thousands of barrels daily) | ||||||||||||||
Volumes reconciliation (Oil-equivalent production) (1) | ||||||||||||||
2021 | 3,787 | |||||||||||||
Entitlements - Net Interest | (30) | |||||||||||||
Entitlements - Price / Spend / Other | (44) | |||||||||||||
Government Mandates | 113 | |||||||||||||
Divestments | (62) | |||||||||||||
Other | (89) | |||||||||||||
2022 | 3,675 |
Upstream Operational Results | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily) | ||||||||||||||||||||||||||
United States | 820 | 753 | ||||||||||||||||||||||||
Canada/Other Americas | 670 | 474 | ||||||||||||||||||||||||
Europe | 4 | 4 | ||||||||||||||||||||||||
Africa | 220 | 257 | ||||||||||||||||||||||||
Asia | 749 | 738 | ||||||||||||||||||||||||
Australia/Oceania | 32 | 40 | ||||||||||||||||||||||||
Worldwide | 2,495 | 2,266 | ||||||||||||||||||||||||
Net natural gas production available for sale (millions of cubic feet daily) | ||||||||||||||||||||||||||
United States | 2,367 | 2,777 | ||||||||||||||||||||||||
Canada/Other Americas | 94 | 182 | ||||||||||||||||||||||||
Europe | 548 | 770 | ||||||||||||||||||||||||
Africa | 134 | 58 | ||||||||||||||||||||||||
Asia | 3,597 | 3,340 | ||||||||||||||||||||||||
Australia/Oceania | 1,276 | 1,325 | ||||||||||||||||||||||||
Worldwide | 8,016 | 8,452 | ||||||||||||||||||||||||
Oil-equivalent production (1) (thousands of oil-equivalent barrels daily) | 3,831 | 3,675 | ||||||||||||||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
Upstream Additional Information | ||||||||||||||||||||
(thousands of barrels daily) | Three Months Ended March 31, 2023 | |||||||||||||||||||
Volumes reconciliation (Oil-equivalent production) (1) | ||||||||||||||||||||
2022 | 3,675 | |||||||||||||||||||
Entitlements - Net Interest | (65) | |||||||||||||||||||
Entitlements - Price / Spend / Other | 55 | |||||||||||||||||||
Government Mandates | 4 | |||||||||||||||||||
Divestments | (133) | |||||||||||||||||||
Growth / Other | 295 | |||||||||||||||||||
2023 | 3,831 | |||||||||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
1Q 2023 versus 1Q 2022 | 3.8 million oil-equivalent barrels per day in 1Q 2023 increased 156 thousand oil-equivalent barrels per day from 1Q 2022. Growth in Guyana and the Permian more than offset the impacts from divestments and the Russia expropriation. 1Q 2023 production also benefited from lower downtime and higher entitlements due to lower prices. |
Energy Products Financial Results | ||||||||||||||||||||||||||
(millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||||||||
United States | 1,910 | 489 | ||||||||||||||||||||||||
Non-U.S. | 2,273 | (684) | ||||||||||||||||||||||||
Total | 4,183 | (196) | ||||||||||||||||||||||||
Identified Items (1) | ||||||||||||||||||||||||||
United States | — | — | ||||||||||||||||||||||||
Non-U.S. | (30) | — | ||||||||||||||||||||||||
Total | (30) | — | ||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | ||||||||||||||||||||||||||
United States | 1,910 | 489 | ||||||||||||||||||||||||
Non-U.S. | 2,303 | (684) | ||||||||||||||||||||||||
Total | 4,213 | (196) | ||||||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | (millions of dollars) | |||||||||||||||||||||||||
United States | 685 | (113) | ||||||||||||||||||||||||
Non-U.S. | (353) | (277) | ||||||||||||||||||||||||
Total | 332 | (390) | ||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (1) | ||||||||||||||||||||||||||
United States | 685 | (113) | ||||||||||||||||||||||||
Non-U.S. | (353) | (277) | ||||||||||||||||||||||||
Total | 332 | (390) |
Energy Products First Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Refinery throughput | (thousands of barrels daily) | |||||||||||||||||||||||||
United States | 1,685 | 1,532 | ||||||||||||||||||||||||
Canada | 399 | 364 | ||||||||||||||||||||||||
Europe | 1,193 | 1,153 | ||||||||||||||||||||||||
Asia Pacific | 537 | 545 | ||||||||||||||||||||||||
Other | 169 | 157 | ||||||||||||||||||||||||
Worldwide | 3,983 | 3,751 | ||||||||||||||||||||||||
Petroleum product sales (1) | ||||||||||||||||||||||||||
United States | 2,256 | 2,077 | ||||||||||||||||||||||||
Canada | 442 | 409 | ||||||||||||||||||||||||
Europe | 1,345 | 1,272 | ||||||||||||||||||||||||
Asia Pacific | 644 | 665 | ||||||||||||||||||||||||
Other | 471 | 458 | ||||||||||||||||||||||||
Worldwide | 5,158 | 4,881 | ||||||||||||||||||||||||
Gasoline, naphthas | 2,114 | 1,996 | ||||||||||||||||||||||||
Heating oils, kerosene, diesel oils | 1,722 | 1,692 | ||||||||||||||||||||||||
Aviation fuels | 289 | 183 | ||||||||||||||||||||||||
Heavy fuels | 249 | 257 | ||||||||||||||||||||||||
Specialty petroleum products | 784 | 753 | ||||||||||||||||||||||||
Worldwide | 5,158 | 4,881 | ||||||||||||||||||||||||
(1) Data reported net of purchases/sales contracts with the same counterparty. |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | (millions of dollars) | |||||||||||||||||||||||||
United States | 819 | 715 | ||||||||||||||||||||||||
Non-U.S. | 535 | 700 | ||||||||||||||||||||||||
Total | 1,354 | 1,415 | ||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (2) | ||||||||||||||||||||||||||
United States | 819 | 715 | ||||||||||||||||||||||||
Non-U.S. | 535 | 700 | ||||||||||||||||||||||||
Total | 1,354 | 1,415 |
Energy Products Operational Results | ||||||||||||||||||||
(thousands of barrels daily) | Three Months Ended March 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Refinery throughput | ||||||||||||||||||||
United States | 1,643 | 1,685 | ||||||||||||||||||
Canada | 417 | 399 | ||||||||||||||||||
Europe | 1,189 | 1,193 | ||||||||||||||||||
Asia Pacific | 565 | 537 | ||||||||||||||||||
Other | 184 | 169 | ||||||||||||||||||
Worldwide | 3,998 | 3,983 | ||||||||||||||||||
Energy Products sales (1) | ||||||||||||||||||||
United States | 2,459 | 2,262 | ||||||||||||||||||
Non-U.S. | 2,818 | 2,849 | ||||||||||||||||||
Worldwide | 5,277 | 5,111 | ||||||||||||||||||
Gasoline, naphthas | 2,177 | 2,114 | ||||||||||||||||||
Heating oils, kerosene, diesel | 1,770 | 1,722 | ||||||||||||||||||
Aviation fuels | 312 | 289 | ||||||||||||||||||
Heavy fuels | 215 | 249 | ||||||||||||||||||
Other energy products | 803 | 737 | ||||||||||||||||||
(1) Data reported net of purchases/sales contracts with the same counterparty. | ||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
Chemical Products Financial Results | ||||||||||||||||||||||||||
(millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||||||||
United States | 324 | 770 | ||||||||||||||||||||||||
Non-U.S. | 47 | 636 | ||||||||||||||||||||||||
Total | 371 | 1,405 | ||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | ||||||||||||||||||||||||||
United States | 324 | 770 | ||||||||||||||||||||||||
Non-U.S. | 47 | 636 | ||||||||||||||||||||||||
Total | 371 | 1,405 | ||||||||||||||||||||||||
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. | ||||||||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
Chemical Products First Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Chemical prime product sales (1) | (thousands of metric tons) | |||||||||||||||||||||||||
United States | 2,704 | 2,190 | ||||||||||||||||||||||||
Non-U.S. | 4,033 | 4,256 | ||||||||||||||||||||||||
Worldwide | 6,737 | 6,446 | ||||||||||||||||||||||||
Chemical Products Operational Results | ||||||||||||||||||||||||||
(thousands of metric tons) | Three Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Chemical Products sales (1) | ||||||||||||||||||||||||||
United States | 1,561 | 2,032 | ||||||||||||||||||||||||
Non-U.S. | 3,088 | 2,986 | ||||||||||||||||||||||||
Worldwide | 4,649 | 5,018 | ||||||||||||||||||||||||
(1) Data reported net of purchases/sales contracts with the same counterparty. |
Specialty Products Financial Results | ||||||||||||||||||||||||||
(millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||||||||
United States | 451 | 246 | ||||||||||||||||||||||||
Non-U.S. | 323 | 230 | ||||||||||||||||||||||||
Total | 774 | 476 | ||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | ||||||||||||||||||||||||||
United States | 451 | 246 | ||||||||||||||||||||||||
Non-U.S. | 323 | 230 | ||||||||||||||||||||||||
Total | 774 | 476 | ||||||||||||||||||||||||
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. |
Specialty Products First Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Specialty Products Operational Results | ||||||||||||||||||||||||||
(thousands of metric tons) | Three Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Specialty Products sales (1) | ||||||||||||||||||||||||||
United States | 476 | 522 | ||||||||||||||||||||||||
Non-U.S. | 1,464 | 1,484 | ||||||||||||||||||||||||
Worldwide | 1,940 | 2,006 | ||||||||||||||||||||||||
(1) Data reported net of purchases/sales contracts with the same counterparty. |
Corporate and Financing Financial Results | Corporate and Financing Financial Results | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | Earnings (loss) (U.S. GAAP) | (694) | (849) | Earnings (loss) (U.S. GAAP) | (355) | (694) | ||||||||||||||||||||||||||||||||||||||||||||||
Identified Items (1) | Identified Items (1) | (98) | (31) | Identified Items (1) | — | (98) | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (1) | (596) | (818) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | Earnings (loss) excluding Identified Items (1) (Non-GAAP) | (355) | (596) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. | (1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
Net cash provided by/(used in) | ||||||||||||||||||||||||||
Operating activities | 14,788 | 9,264 | ||||||||||||||||||||||||
Investing activities | (3,945) | (2,355) | ||||||||||||||||||||||||
Financing activities | (6,713) | (7,785) | ||||||||||||||||||||||||
Effect of exchange rate changes | 142 | 27 | ||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | 4,272 | (849) | ||||||||||||||||||||||||
Cash and cash equivalents (at end of period) | 11,074 | 3,515 | ||||||||||||||||||||||||
Cash flow from operations and asset sales | ||||||||||||||||||||||||||
Net cash provided by operating activities (U.S. GAAP) | 14,788 | 9,264 | ||||||||||||||||||||||||
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments | 293 | 307 | ||||||||||||||||||||||||
Cash flow from operations and asset sales | 15,081 | 9,571 |
(millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Net cash provided by/(used in) | |||||||||||||||||||||||||||||
Operating activities | 16,341 | 14,788 | |||||||||||||||||||||||||||
Investing activities | (4,925) | (3,945) | |||||||||||||||||||||||||||
Financing activities | (8,507) | (6,713) | |||||||||||||||||||||||||||
Effect of exchange rate changes | 102 | 142 | |||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | 3,011 | 4,272 | |||||||||||||||||||||||||||
Cash and cash equivalents (at end of period) | 32,676 | 11,074 | |||||||||||||||||||||||||||
Cash flow from operations and asset sales | |||||||||||||||||||||||||||||
Net cash provided by operating activities (U.S. GAAP) | 16,341 | 14,788 | |||||||||||||||||||||||||||
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments | 854 | 293 | |||||||||||||||||||||||||||
Cash flow from operations and asset sales (Non-GAAP) | 17,195 | 15,081 | |||||||||||||||||||||||||||
Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions. |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
Income taxes | 2,806 | 796 | ||||||||||||||||||||||||
Effective income tax rate | 40 | % | 33 | % | ||||||||||||||||||||||
Total other taxes and duties (1) | 8,449 | 7,283 | ||||||||||||||||||||||||
Total | 11,255 | 8,079 |
(millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Income taxes | 4,960 | 2,806 | |||||||||||||||||||||||||||
Effective income tax rate | 34 | % | 40 | % | |||||||||||||||||||||||||
Total other taxes and duties (1) | 8,095 | 8,449 | |||||||||||||||||||||||||||
Total | 13,055 | 11,255 | |||||||||||||||||||||||||||
(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses”. |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Upstream (including exploration expenses) | Upstream (including exploration expenses) | 3,879 | 2,357 | Upstream (including exploration expenses) | 4,581 | 3,879 | ||||||||||||||||||||||||||||||||||||||||||||||
Downstream | 577 | 470 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Chemical | 448 | 306 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Products | Energy Products | 685 | 566 | |||||||||||||||||||||||||||||||||||||||||||||||||
Chemical Products | Chemical Products | 831 | 436 | |||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Products | Specialty Products | 91 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | Other | 192 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 4,904 | 3,133 | Total | 6,380 | 4,904 |
Issuer Purchase of Equity Securities for Quarter Ended March 31, 2022 | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars) | ||||||||||||||||||||||
January 2022 | 5,764,362 | $70.75 | 5,639,871 | $29.6 | ||||||||||||||||||||||
February 2022 | 8,320,607 | $78.69 | 8,320,607 | $28.9 | ||||||||||||||||||||||
March 2022 | 12,197,886 | $82.32 | 12,197,886 | $27.9 | ||||||||||||||||||||||
Total | 26,282,855 | $78.63 | 26,158,364 |
Issuer Purchases of Equity Securities for Quarter Ended March 31, 2023 | ||||||||||||||||||||||||||
Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars) | |||||||||||||||||||||||
January 2023 | 12,526,472 | $111.81 | 12,517,807 | $33.6 | ||||||||||||||||||||||
February 2023 | 11,737,763 | $113.24 | 11,737,763 | $32.3 | ||||||||||||||||||||||
March 2023 | 15,039,938 | $107.07 | 15,039,938 | $30.7 | ||||||||||||||||||||||
Total | 39,304,173 | $110.42 | 39,295,508 | |||||||||||||||||||||||
(1) Includes shares withheld from participants in the company's incentive program for personal income taxes. | ||||||||||||||||||||||||||
(2) Excludes 1% excise tax on stock repurchases of $45M. | ||||||||||||||||||||||||||
(3) In its 2022 Corporate Plan Update released December 8, 2022, the Corporation stated that the company expanded its share repurchase program to up to $50 billion through 2024. | ||||||||||||||||||||||||||
Exhibit | Description | |||||||
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 Chief 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 Chief 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). |
EXXON MOBIL CORPORATION | ||||||||
Date: May | By: | /s/ LEN M. FOX | ||||||
Len M. Fox | ||||||||
Vice President, Controller and | ||||||||
Principal Accounting Officer |