UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~June 30, ~~2022~~2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File Number 1-2256

Exxon Mobil Corporation

(Exact name of registrant as specified in its charter)


New Jersey						13-5409005
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

~~5959 Las Colinas Boulevard,~~22777 Springwoods Village Parkway, ~~Irving,~~Spring, Texas ~~75039-2298~~77389-1425

(Address of principal executive offices) (Zip Code)

(972) 940-6000

(Registrant's telephone number, including area code)

_______________________

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Class						Outstanding as of ~~September~~June 30, ~~2022~~2023
Common stock, without par value						~~4,118,293,421~~4,003,192,787

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED ~~SEPTEMBER~~JUNE 30, ~~2022~~2023

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Statement of Income - Three and ~~nine~~six months ended ~~September~~June 30, ~~2022~~2023 and ~~2021~~2022			3

Condensed Consolidated Statement of Comprehensive Income - Three and ~~nine~~six months ended ~~September~~June 30, ~~2022~~2023 and ~~2021~~2022			4

Condensed Consolidated Balance Sheet - As of ~~September~~June 30, ~~2022~~2023 and December 31, ~~2021~~2022			5

Condensed Consolidated Statement of Cash Flows - ~~Nine~~Six months ended ~~September~~June 30, ~~2022~~2023 and ~~2021~~2022			6

Condensed Consolidated Statement of Changes in Equity - Three months ended ~~September~~June 30, ~~2022~~2023 and ~~2021~~2022			7

Condensed Consolidated Statement of Changes in Equity - ~~Nine~~Six months ended ~~September~~June 30, ~~2022~~2023 and ~~2021~~2022			8



Notes to Condensed Consolidated Financial Statements			9

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			18

Item 3. Quantitative and Qualitative Disclosures About Market Risk			34

Item 4. Controls and Procedures			34


PART II. OTHER INFORMATION

Item 1. Legal Proceedings			35



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			36 35

Item 5. Other Information			35

Item 6. Exhibits			36 35

Index to Exhibits			37 36

Signature			38 37

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS



CONDENSED CONSOLIDATED STATEMENT OF INCOME

(millions of dollars, unless noted) Three Months Ended
September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Revenues and other income
Sales and other operating revenue 106,512 71,892 305,511 195,387
Income from equity affiliates 4,632 1,670 10,858 4,579
Other income 926 224 1,882 709
Total revenues and other income 112,070 73,786 318,251 200,675
Costs and other deductions
Crude oil and product purchases 60,197 39,745 178,198 109,675
Production and manufacturing expenses 11,317 8,719 32,244 25,252
Selling, general and administrative expenses 2,324 2,287 7,263 7,060
Depreciation and depletion (including impairments) 5,642 4,990 18,976 14,946
Exploration expenses, including dry holes (1)
218 190 677 530
Non-service pension and postretirement benefit expense 154 146 382 686
Interest expense 209 214 591 726
Other taxes and duties 6,587 7,889 21,009 22,295
Total costs and other deductions 86,648 64,180 259,340 181,170
Income (loss) before income taxes 25,422 9,606 58,911 19,505
Income taxes 5,224 2,664 14,389 4,986
Net income (loss) including noncontrolling interests 20,198 6,942 44,522 14,519
Net income (loss) attributable to noncontrolling interests 538 192 1,532 349
Net income (loss) attributable to ExxonMobil 19,660 6,750 42,990 14,170
Earnings (loss) per common share (dollars)
4.68 1.57 10.17 3.31
Earnings (loss) per common share - assuming dilution (dollars)
4.68 1.57 10.17 3.31

~~(1)~~

~~Includes $74 million related to the write-off of exploratory well costs in 2022 that were previously capitalized for greater than one year at December 31, 2021.~~

~~The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.~~


(millions of dollars, unless noted)	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Revenues and other income
Sales and other operating revenue	80,795	111,265	164,439	198,999
Income from equity affiliates	1,382	3,688	3,763	6,226
Other income	737	728	1,276	956
Total revenues and other income	82,914	115,681	169,478	206,181
Costs and other deductions
Crude oil and product purchases	47,598	65,613	93,601	118,001
Production and manufacturing expenses	8,860	10,686	18,296	20,927
Selling, general and administrative expenses	2,449	2,530	4,839	4,939
Depreciation and depletion (includes impairments)	4,242	4,451	8,486	13,334
Exploration expenses, including dry holes	133	286	274	459
Non-service pension and postretirement benefit expense	164	120	331	228
Interest expense	249	194	408	382
Other taxes and duties	7,563	6,868	14,784	14,422
Total costs and other deductions	71,258	90,748	141,019	172,692
Income (loss) before income taxes	11,656	24,933	28,459	33,489
Income tax expense (benefit)	3,503	6,359	8,463	9,165
Net income (loss) including noncontrolling interests	8,153	18,574	19,996	24,324
Net income (loss) attributable to noncontrolling interests	273	724	686	994
Net income (loss) attributable to ExxonMobil	7,880	17,850	19,310	23,330

Earnings (loss) per common share (dollars)	1.94	4.21	4.73	5.49

Earnings (loss) per common share - assuming dilution (dollars)	1.94	4.21	4.73	5.49

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(millions of dollars) Three Months Ended
September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Net income (loss) including noncontrolling interests 20,198 6,942 44,522 14,519
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment (3,361) (1,625) (5,157) (1,053)
Postretirement benefits reserves adjustment (excluding amortization) 108 184 368 305
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 128 196 323 789
Total other comprehensive income (loss) (3,125) (1,245) (4,466) 41
Comprehensive income (loss) including noncontrolling interests 17,073 5,697 40,056 14,560
Comprehensive income (loss) attributable to noncontrolling interests 199 57 1,105 381
Comprehensive income (loss) attributable to ExxonMobil 16,874 5,640 38,951 14,179
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022		2023	2022
Net income (loss) including noncontrolling interests	8,153	18,574		19,996	24,324

Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment	514	(2,537)		687	(1,796)

Postretirement benefits reserves adjustment (excluding amortization)	17	155		36	260
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	7	102		13	195
Total other comprehensive income (loss)	538	(2,280)		736	(1,341)
Comprehensive income (loss) including noncontrolling interests	8,691	16,294		20,732	22,983
Comprehensive income (loss) attributable to noncontrolling interests	373	547		809	906
Comprehensive income (loss) attributable to ExxonMobil	8,318	15,747		19,923	22,077

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



CONDENSED CONSOLIDATED BALANCE SHEET


(millions of dollars, unless noted)	(millions of dollars, unless noted)	September 30, 2022	December 31, 2021	(millions of dollars, unless noted)	June 30, 2023	December 31, 2022

ASSETS	ASSETS			ASSETS
Current assets	Current assets			Current assets
Cash and cash equivalents	Cash and cash equivalents	30,407	6,802	Cash and cash equivalents	29,528	29,640
Cash and cash equivalents – restricted	Cash and cash equivalents – restricted	57	—	Cash and cash equivalents – restricted	29	25
Notes and accounts receivable – net	Notes and accounts receivable – net	42,411	32,383	Notes and accounts receivable – net	35,915	41,749
Inventories	Inventories			Inventories
Crude oil, products and merchandise	Crude oil, products and merchandise	20,078	14,519	Crude oil, products and merchandise	20,006	20,434
Materials and supplies	Materials and supplies	4,018	4,261	Materials and supplies	4,243	4,001
Other current assets	Other current assets	2,318	1,189	Other current assets	2,039	1,782
Total current assets	Total current assets	99,289	59,154	Total current assets	91,760	97,631
Investments, advances and long-term receivables	Investments, advances and long-term receivables	50,235	45,195	Investments, advances and long-term receivables	47,273	49,793
Property, plant and equipment – net	Property, plant and equipment – net	203,102	216,552	Property, plant and equipment – net	206,736	204,692
Other assets, including intangibles – net	Other assets, including intangibles – net	17,526	18,022	Other assets, including intangibles – net	17,479	16,951
Total Assets	Total Assets	370,152	338,923	Total Assets	363,248	369,067

LIABILITIES	LIABILITIES			LIABILITIES
Current liabilities	Current liabilities			Current liabilities
Notes and loans payable	Notes and loans payable	6,182	4,276	Notes and loans payable	3,929	634
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities	62,550	50,766	Accounts payable and accrued liabilities	54,404	63,197
Income taxes payable	Income taxes payable	5,325	1,601	Income taxes payable	3,482	5,214
Total current liabilities	Total current liabilities	74,057	56,643	Total current liabilities	61,815	69,045
Long-term debt	Long-term debt	39,246	43,428	Long-term debt	37,567	40,559
Postretirement benefits reserves	Postretirement benefits reserves	16,799	18,430	Postretirement benefits reserves	10,278	10,045
Deferred income tax liabilities	Deferred income tax liabilities	21,274	20,165	Deferred income tax liabilities	23,460	22,874
Long-term obligations to equity companies	Long-term obligations to equity companies	2,647	2,857	Long-term obligations to equity companies	2,036	2,338
Other long-term obligations	Other long-term obligations	23,086	21,717	Other long-term obligations	21,095	21,733
Total Liabilities	Total Liabilities	177,109	163,240	Total Liabilities	156,251	166,594

Commitments and contingencies (Note 3)	Commitments and contingencies (Note 3)			Commitments and contingencies (Note 3)

EQUITY	EQUITY			EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)		16,106	15,746
Common stock without par value (9,000 million shares authorized, 8,019 million shares issued)				Common stock without par value (9,000 million shares authorized, 8,019 million shares issued)	16,029	15,752
Earnings reinvested	Earnings reinvested	423,877	392,059	Earnings reinvested	444,731	432,860
Accumulated other comprehensive income	Accumulated other comprehensive income	(17,803)	(13,764)	Accumulated other comprehensive income	(12,657)	(13,270)
Common stock held in treasury
(3,901 million shares at September 30, 2022 and 3,780 million shares at December 31, 2021)		(236,080)	(225,464)
Common stock held in treasury (4,016 million shares at June 30, 2023 and 3,937 million shares at December 31, 2022)				Common stock held in treasury (4,016 million shares at June 30, 2023 and 3,937 million shares at December 31, 2022)	(249,057)	(240,293)
ExxonMobil share of equity	ExxonMobil share of equity	186,100	168,577	ExxonMobil share of equity	199,046	195,049
Noncontrolling interests	Noncontrolling interests	6,943	7,106	Noncontrolling interests	7,951	7,424
Total Equity	Total Equity	193,043	175,683	Total Equity	206,997	202,473
Total Liabilities and Equity	Total Liabilities and Equity	370,152	338,923	Total Liabilities and Equity	363,248	369,067

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.			The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



CONDENSED CONSOLIDATED STATEMENT OF CASH ~~FLOW~~FLOWS

(millions of dollars) Nine Months Ended September 30,
2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests 44,522 14,519
Depreciation and depletion (including impairments) 18,976 14,946
Changes in operational working capital, excluding cash and debt 6 2,232
All other items – net (4,328) (692)
Net cash provided by operating activities 59,176 31,005
CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (12,624) (7,987)
Proceeds from asset sales and returns of investments 3,914 575
Additional investments and advances (915) (1,055)
Other investing activities including collection of advances 238 342
Net cash used in investing activities (9,387) (8,125)
CASH FLOW FROM FINANCING ACTIVITIES
Additions to long-term debt 55 46
Reductions in long-term debt — (4)
Additions to short-term debt
— 12,197
Reductions in short-term debt
(3,895) (24,066)
Additions/(reductions) in debt with three months or less maturity 1,638 997
Contingent consideration payments (58) (28)
Cash dividends to ExxonMobil shareholders (11,172) (11,161)
Cash dividends to noncontrolling interests (191) (166)
Changes in noncontrolling interests (1,074) (278)
Common stock acquired (10,480) (1)
Net cash used in financing activities (25,177) (22,464)
Effects of exchange rate changes on cash (950) (12)
Increase/(decrease) in cash and cash equivalents 23,662 404
Cash and cash equivalents at beginning of period 6,802 4,364
Cash and cash equivalents at end of period 30,464 4,768
SUPPLEMENTAL DISCLOSURES
Income taxes paid 10,172 3,516
Cash interest paid
Included in cash flows from operating activities 660 818
Capitalized, included in cash flows from investing activities 605 478
Total cash interest paid 1,265 1,296
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases 1,648 804
Finance leases 730 168
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


(millions of dollars)	Six Months Ended June 30,
	2023	2022

CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests	19,996	24,324
Depreciation and depletion (includes impairments)	8,486	13,334

Changes in operational working capital, excluding cash and debt	(3,885)	(1,661)
All other items – net	1,127	(1,246)
Net cash provided by operating activities	25,724	34,751

CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(10,771)	(7,748)
Proceeds from asset sales and returns of investments	2,141	1,232
Additional investments and advances	(834)	(643)
Other investing activities including collection of advances	183	150
Net cash used in investing activities	(9,281)	(7,009)

CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt	136	—
Reductions in long-term debt	(6)	—

Reductions in short-term debt	(172)	(2,336)
Additions/(reductions) in debt with three months or less maturity	(172)	1,303
Contingent consideration payments	(68)	(58)
Cash dividends to ExxonMobil shareholders	(7,439)	(7,487)
Cash dividends to noncontrolling interests	(293)	(123)
Changes in noncontrolling interests	11	(697)
Common stock acquired	(8,680)	(5,986)
Net cash used in financing activities	(16,683)	(15,384)

Effects of exchange rate changes on cash	132	(299)
Increase/(decrease) in cash and cash equivalents	(108)	12,059
Cash and cash equivalents at beginning of period	29,665	6,802
Cash and cash equivalents at end of period	29,557	18,861

SUPPLEMENTAL DISCLOSURES
Income taxes paid	8,841	5,545
Cash interest paid
Included in cash flows from operating activities	295	352
Capitalized, included in cash flows from investing activities	561	388
Total cash interest paid	856	740


Noncash right of use assets recorded in exchange for lease liabilities
Operating leases	1,036	1,039
Finance leases	438	656

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY


		ExxonMobil Share of Equity								ExxonMobil Share of Equity

(millions of dollars, unless noted)	(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	(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 June 30, 2021		16,006	383,922	(15,586)	(225,771)	158,571	6,985	165,556
Balance as of March 31, 2022									Balance as of March 31, 2022	15,879	393,779	(12,914)	(227,529)	169,215	7,311	176,526
Amortization of stock-based awards	Amortization of stock-based awards	99	—	—	—	99	—	99	Amortization of stock-based awards	143	—	—	—	143	—	143
Other	Other	(1)	—	—	—	(1)	4	3	Other	(4)	—	—	—	(4)	(15)	(19)
Net income (loss) for the period	Net income (loss) for the period	—	6,750	—	—	6,750	192	6,942	Net income (loss) for the period	—	17,850	—	—	17,850	724	18,574
Dividends - common shares	Dividends - common shares	—	(3,720)	—	—	(3,720)	(54)	(3,774)	Dividends - common shares	—	(3,727)	—	—	(3,727)	(63)	(3,790)
Other comprehensive income (loss)	Other comprehensive income (loss)	—	—	(1,110)	—	(1,110)	(135)	(1,245)	Other comprehensive income (loss)	—	—	(2,103)	—	(2,103)	(177)	(2,280)
Acquisitions, at cost	Acquisitions, at cost	—	—	—	—	—	(75)	(75)	Acquisitions, at cost	—	—	—	(4,059)	(4,059)	(588)	(4,647)
Dispositions	Dispositions	—	—	—	—	—	—	—	Dispositions	—	—	—	1	1	—	1
Balance as of September 30, 2021		16,104	386,952	(16,696)	(225,771)	160,589	6,917	167,506
Balance as of June 30, 2022									Balance as of June 30, 2022	16,018	407,902	(15,017)	(231,587)	177,316	7,192	184,508

Balance as of June 30, 2022		16,018	407,902	(15,017)	(231,587)	177,316	7,192	184,508
Balance as of March 31, 2023									Balance as of March 31, 2023	15,904	440,552	(13,095)	(244,676)	198,685	7,729	206,414
Amortization of stock-based awards	Amortization of stock-based awards	91	—	—	—	91	—	91	Amortization of stock-based awards	130	—	—	—	130	—	130
Other	Other	(3)	—	—	—	(3)	(29)	(32)	Other	(5)	—	—	—	(5)	27	22
Net income (loss) for the period	Net income (loss) for the period	—	19,660	—	—	19,660	538	20,198	Net income (loss) for the period	—	7,880	—	—	7,880	273	8,153
Dividends - common shares	Dividends - common shares	—	(3,685)	—	—	(3,685)	(68)	(3,753)	Dividends - common shares	—	(3,701)	—	—	(3,701)	(178)	(3,879)
Other comprehensive income (loss)	Other comprehensive income (loss)	—	—	(2,786)	—	(2,786)	(339)	(3,125)	Other comprehensive income (loss)	—	—	438	—	438	100	538
Acquisitions, at cost	Acquisitions, at cost	—	—	—	(4,494)	(4,494)	(351)	(4,845)	Acquisitions, at cost	—	—	—	(4,383)	(4,383)	—	(4,383)
Dispositions	Dispositions	—	—	—	1	1	—	1	Dispositions	—	—	—	2	2	—	2
Balance as of September 30, 2022		16,106	423,877	(17,803)	(236,080)	186,100	6,943	193,043
Balance as of June 30, 2023									Balance as of June 30, 2023	16,029	444,731	(12,657)	(249,057)	199,046	7,951	206,997


		Three Months Ended September 30, 2022			Three Months Ended September 30, 2021				Three Months Ended June 30, 2023			Three Months Ended June 30, 2022

Common Stock Share Activity (millions of shares)	Common Stock Share Activity (millions of shares)	Issued	Held in Treasury	Outstanding	Issued	Held in Treasury	Outstanding	Common Stock Share Activity (millions of shares)	Issued	Held in Treasury	Outstanding	Issued	Held in Treasury	Outstanding
Balance as of June 30		8,019	(3,851)	4,168	8,019	(3,785)	4,234
Balance as of March 31								Balance as of March 31	8,019	(3,976)	4,043	8,019	(3,806)	4,213
Acquisitions	Acquisitions	—	(50)	(50)	—	—	—	Acquisitions	—	(40)	(40)	—	(45)	(45)
Dispositions	Dispositions	—	—	—	—	—	—	Dispositions	—	—	—	—	—	—
Balance as of September 30		8,019	(3,901)	4,118	8,019	(3,785)	4,234
Balance as of June 30								Balance as of June 30	8,019	(4,016)	4,003	8,019	(3,851)	4,168

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.							The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY


		ExxonMobil Share of Equity								ExxonMobil Share of Equity

(millions of dollars, unless noted)	(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	(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, 2020		15,688	383,943	(16,705)	(225,776)	157,150	6,980	164,130
Amortization of stock-based awards		427	—	—	—	427	—	427
Other		(11)	—	—	—	(11)	90	79
Net income (loss) for the period		—	14,170	—	—	14,170	349	14,519
Dividends - common shares		—	(11,161)	—	—	(11,161)	(166)	(11,327)

Other comprehensive income (loss)		—	—	9	—	9	32	41
Acquisitions, at cost		—	—	—	(1)	(1)	(368)	(369)
Dispositions		—	—	—	6	6	—	6
Balance as of September 30, 2021		16,104	386,952	(16,696)	(225,771)	160,589	6,917	167,506

Balance as of December 31, 2021	Balance as of December 31, 2021	15,746	392,059	(13,764)	(225,464)	168,577	7,106	175,683	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	Amortization of stock-based awards	372	—	—	—	372	—	372	Amortization of stock-based awards	281	—	—	—	281	—	281
Other	Other	(12)	—	—	—	(12)	(30)	(42)	Other	(9)	—	—	—	(9)	(1)	(10)
Net income (loss) for the period	Net income (loss) for the period	—	42,990	—	—	42,990	1,532	44,522	Net income (loss) for the period	—	23,330	—	—	23,330	994	24,324
Dividends - common shares	Dividends - common shares	—	(11,172)	—	—	(11,172)	(191)	(11,363)	Dividends - common shares	—	(7,487)	—	—	(7,487)	(123)	(7,610)

Other comprehensive income (loss)	Other comprehensive income (loss)	—	—	(4,039)	—	(4,039)	(427)	(4,466)	Other comprehensive income (loss)	—	—	(1,253)	—	(1,253)	(88)	(1,341)
Acquisitions, at cost	Acquisitions, at cost	—	—	—	(10,620)	(10,620)	(1,047)	(11,667)	Acquisitions, at cost	—	—	—	(6,126)	(6,126)	(696)	(6,822)
Dispositions	Dispositions	—	—	—	4	4	—	4	Dispositions	—	—	—	3	3	—	3
Balance as of September 30, 2022		16,106	423,877	(17,803)	(236,080)	186,100	6,943	193,043
Balance as of June 30, 2022									Balance as of June 30, 2022	16,018	407,902	(15,017)	(231,587)	177,316	7,192	184,508

Balance as of December 31, 2022									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									Amortization of stock-based awards	288	—	—	—	288	—	288
Other									Other	(11)	—	—	—	(11)	11	—
Net income (loss) for the period									Net income (loss) for the period	—	19,310	—	—	19,310	686	19,996
Dividends - common shares									Dividends - common shares	—	(7,439)	—	—	(7,439)	(293)	(7,732)

Other comprehensive income (loss)									Other comprehensive income (loss)	—	—	613	—	613	123	736
Acquisitions, at cost									Acquisitions, at cost	—	—	—	(8,768)	(8,768)	—	(8,768)
Dispositions									Dispositions	—	—	—	4	4	—	4
Balance as of June 30, 2023									Balance as of June 30, 2023	16,029	444,731	(12,657)	(249,057)	199,046	7,951	206,997


		Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021				Six Months Ended June 30, 2023			Six Months Ended June 30, 2022

Common Stock Share Activity (millions of shares)	Common Stock Share Activity (millions of shares)	Issued	Held in Treasury	Outstanding	Issued	Held in Treasury	Outstanding	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	—	(121)	(121)	—	—	—	Acquisitions	—	(79)	(79)	—	(71)	(71)
Dispositions	Dispositions	—	—	—	—	1	1	Dispositions	—	—	—	—	—	—
Balance as of September 30		8,019	(3,901)	4,118	8,019	(3,785)	4,234
Balance as of June 30								Balance as of June 30	8,019	(4,016)	4,003	8,019	(3,851)	4,168

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.							The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Basis of Financial Statement Preparation

These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's ~~2021~~2022 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.

The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

Note 2. Russia

In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s ~~first quarter~~first-quarter 2022 earnings included after-tax charges of $3.4 billion largely representing the full impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion ~~(including~~(includes impairments)” on the Condensed Consolidated Statement of Income. Effective October 14, 2022 the Russian government unilaterally terminated the Corporation’s interests in ~~Sakhalin-1, and the project has been transferred~~Sakhalin, transferring operations to a Russian operator. The Corporation’s fourth-quarter 2022 results included an after-tax benefit of $1.1 billion largely reflecting the impact of the expropriation on the company’s various obligations related to Sakhalin. The Corporation's exit from the project ~~results~~resulted in ~~quantities estimated at~~approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves ~~which represents less than one percent of the Corporation's 18.5 billion oil-equivalent barrels of proved reserves~~ at year-end ~~2021.~~2022.

Note 3. Litigation and Other Contingencies

Litigation

A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed.

State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, ~~will continue~~requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to ~~defend itself vigorously~~climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these ~~matters. Based on~~proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change.

Local governments in Louisiana have filed unprecedented legal proceedings against a ~~consideration~~number of ~~all relevant facts~~oil and ~~circumstances,~~gas companies, including ExxonMobil, requesting compensation for the ~~Corporation does not~~restoration of coastal marshes in the state. We believe the ~~ultimate~~factual and legal theories set forth in these proceedings are meritless.

While the outcome of any ~~currently pending lawsuit against ExxonMobil~~litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect ~~upon~~on the ~~Corporation's~~Corporation’s operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims.

Other Contingencies

The Corporation and certain of its consolidated subsidiaries were contingently liable at ~~September~~June 30, ~~2022,~~2023, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

September 30, 2022
(millions of dollars)
Equity Company
Obligations (1)
Other Third-Party Obligations Total
Guarantees
Debt-related 1,239 154 1,393
Other 727 5,032 5,759
Total 1,966 5,186 7,152
(1) ExxonMobil share

Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition. In the third quarter, the Corporation entered into a long-term purchase agreement with minimum annual payments of approximately $0.4 billion from 2025 through 2045. As of September 30, undiscounted commitments for leases not yet commenced totaled $2.5 billion for operating leases and $4.3 billion for finance leases.


	June 30, 2023

(millions of dollars)	Equity Company Obligations (1)	Other Third-Party Obligations	Total
Guarantees
Debt-related	1,164	150	1,314
Other	716	5,725	6,441
Total	1,880	5,875	7,755

(1) ExxonMobil share

The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights; sanctions and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.

Note 4. Other Comprehensive Income Information


ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars)	ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars)	Cumulative Foreign Exchange Translation Adjustment	Postretirement Benefits Reserves Adjustment	Total	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, 2020		(10,614)	(6,091)	(16,705)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)		(1,041)	289	(752)
Amounts reclassified from accumulated other comprehensive income		—	761	761
Total change in accumulated other comprehensive income		(1,041)	1,050	9
Balance as of September 30, 2021		(11,655)	(5,041)	(16,696)

Balance as of December 31, 2021	Balance as of December 31, 2021	(11,499)	(2,265)	(13,764)	Balance as of December 31, 2021	(11,499)	(2,265)	(13,764)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)	Current period change excluding amounts reclassified from accumulated other comprehensive income (1)	(4,680)	335	(4,345)	Current period change excluding amounts reclassified from accumulated other comprehensive income (1)	(1,682)	245	(1,437)
Amounts reclassified from accumulated other comprehensive income	Amounts reclassified from accumulated other comprehensive income	—	306	306	Amounts reclassified from accumulated other comprehensive income	—	184	184
Total change in accumulated other comprehensive income	Total change in accumulated other comprehensive income	(4,680)	641	(4,039)	Total change in accumulated other comprehensive income	(1,682)	429	(1,253)
Balance as of September 30, 2022		(16,179)	(1,624)	(17,803)
Balance as of June 30, 2022					Balance as of June 30, 2022	(13,181)	(1,836)	(15,017)

(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $551 million and $240 million in 2022 and 2021, respectively.
Balance as of December 31, 2022					Balance as of December 31, 2022	(14,591)	1,321	(13,270)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)					Current period change excluding amounts reclassified from accumulated other comprehensive income (1)	570	35	605
Amounts reclassified from accumulated other comprehensive income					Amounts reclassified from accumulated other comprehensive income	—	8	8
Total change in accumulated other comprehensive income					Total change in accumulated other comprehensive income	570	43	613
Balance as of June 30, 2023					Balance as of June 30, 2023	(14,021)	1,364	(12,657)

(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $(70) million and $327 million in 2023 and 2022, respectively.					(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $(70) million and $327 million in 2023 and 2022, respectively.


Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)	Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,	Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)			Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021	2022		2021	Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)		2023	2022		2023	2022

Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs							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)	(Statement of Income line: Non-service pension and postretirement benefit expense)	(163)	(256)	(415)	(1,020)		(Statement of Income line: Non-service pension and postretirement benefit expense)		(6)	(132)		(14)	(252)


Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars)	Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,	Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars)		Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021	2022				2023	2022		2023	2022

Foreign exchange translation adjustment	Foreign exchange translation adjustment	(61)	(26)	(151)	(60)	Foreign exchange translation adjustment		85	(68)		133	(90)
Postretirement benefits reserves adjustment (excluding amortization)	Postretirement benefits reserves adjustment (excluding amortization)	(82)	(76)	(205)	(109)	Postretirement benefits reserves adjustment (excluding amortization)		20	(83)		31	(123)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	(35)	(60)	(92)	(231)	Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs		1	(30)		(1)	(57)
Total	Total	(178)	(162)	(448)	(400)	Total		106	(181)		163	(270)

Note 5. Earnings Per Share

Three Months Ended
September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Earnings per common share
Net income (loss) attributable to ExxonMobil (millions of dollars)
19,660 6,750 42,990 14,170
Weighted average number of common shares outstanding (millions of shares)
4,185 4,276 4,227 4,275
Earnings (loss) per common share (dollars) (1)
4.68 1.57 10.17 3.31
Dividends paid per common share (dollars)
0.88 0.87 2.64 2.61
(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.


Earnings per common share	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Net income (loss) attributable to ExxonMobil (millions of dollars)	7,880	17,850	19,310	23,330
Weighted-average number of common shares outstanding (millions of shares) (1)	4,066	4,233	4,084	4,248
Earnings (loss) per common share (dollars) (2)	1.94	4.21	4.73	5.49
Dividends paid per common share (dollars)	0.91	0.88	1.82	1.76

(1) Includes restricted shares not vested.
(2) Earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

Note 6. Pension and Other Postretirement Benefits


(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,	(millions of dollars)		Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021	2022				2023	2022		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	173	228	529	661	Service cost		122	177		242	356
Interest cost	Interest cost	130	139	388	418	Interest cost		165	129		331	258
Expected return on plan assets	Expected return on plan assets	(140)	(181)	(420)	(542)	Expected return on plan assets		(133)	(140)		(266)	(280)
Amortization of actuarial loss/(gain)	Amortization of actuarial loss/(gain)	39	62	117	184	Amortization of actuarial loss/(gain)		21	39		42	78
Amortization of prior service cost	Amortization of prior service cost	(8)	(5)	(22)	(17)	Amortization of prior service cost		(7)	(7)		(14)	(14)
Net pension enhancement and curtailment/settlement cost	Net pension enhancement and curtailment/settlement cost	87	75	177	468	Net pension enhancement and curtailment/settlement cost		7	53		15	90
Net benefit cost	Net benefit cost	281	318	769	1,172	Net benefit cost		175	251		350	488

Pension Benefits - Non-U.S.	Pension Benefits - Non-U.S.					Pension Benefits - Non-U.S.
Service cost	Service cost	138	194	433	587	Service cost		81	145		163	295
Interest cost	Interest cost	149	131	466	396	Interest cost		232	157		466	317
Expected return on plan assets	Expected return on plan assets	(198)	(256)	(618)	(777)	Expected return on plan assets		(172)	(207)		(346)	(420)
Amortization of actuarial loss/(gain)	Amortization of actuarial loss/(gain)	44	104	138	319	Amortization of actuarial loss/(gain)		14	47		28	94
Amortization of prior service cost	Amortization of prior service cost	10	14	33	43	Amortization of prior service cost		13	11		25	23
Net pension enhancement and curtailment/settlement cost	Net pension enhancement and curtailment/settlement cost	—	4	(1)	16	Net pension enhancement and curtailment/settlement cost		—	(1)		—	(1)
Net benefit cost	Net benefit cost	143	191	451	584	Net benefit cost		168	152		336	308

Other Postretirement Benefits	Other Postretirement Benefits					Other Postretirement Benefits
Service cost	Service cost	30	44	108	139	Service cost		20	38		40	78
Interest cost	Interest cost	54	55	162	166	Interest cost		69	53		139	108
Expected return on plan assets	Expected return on plan assets	(4)	(5)	(11)	(14)	Expected return on plan assets		(3)	(4)		(7)	(7)
Amortization of actuarial loss/(gain)	Amortization of actuarial loss/(gain)	1	19	4	57	Amortization of actuarial loss/(gain)		(31)	—		(61)	3
Amortization of prior service cost	Amortization of prior service cost	(10)	(10)	(31)	(31)	Amortization of prior service cost		(11)	(10)		(21)	(21)
Net benefit cost	Net benefit cost	71	103	232	317	Net benefit cost		44	77		90	161

Note 7. Financial Instruments and Derivatives

The estimated fair value of financial instruments and derivatives at ~~September~~June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, and the related hierarchy level for the fair value measurement was as follows:


		September 30, 2022									June 30, 2023

		Fair 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	(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)	5,972	4,379	—	10,351	(8,398)	(519)	—	1,434	Derivative assets (1)	4,768	1,980	—	6,748	(5,477)	(807)	—	464

Advances to/receivables from equity companies (2)(6)	Advances to/receivables from equity companies (2)(6)	—	2,374	5,325	7,699	—	—	734	8,433	Advances to/receivables from equity companies (2)(6)	—	2,472	4,645	7,117	—	—	592	7,709

Other long-term financial assets (3)	Other long-term financial assets (3)	1,185	—	1,329	2,514	—	—	313	2,827	Other long-term financial assets (3)	1,255	—	864	2,119	—	—	283	2,402

Liabilities	Liabilities									Liabilities
Derivative liabilities (4)	Derivative liabilities (4)	5,638	5,112	—	10,750	(8,398)	(185)	—	2,167	Derivative liabilities (4)	4,031	2,136	—	6,167	(5,477)	(72)	—	618
Long-term debt (5)	Long-term debt (5)	32,236	90	6	32,332	—	—	4,638	36,970	Long-term debt (5)	30,891	1,099	9	31,999	—	—	3,790	35,789

Long-term obligations to equity companies (6)	Long-term obligations to equity companies (6)	—	—	2,711	2,711	—	—	(64)	2,647	Long-term obligations to equity companies (6)	—	—	2,161	2,161	—	—	(125)	2,036

Other long-term financial liabilities (7)	Other long-term financial liabilities (7)	—	—	773	773	—	—	56	829	Other long-term financial liabilities (7)	—	—	631	631	—	—	44	675


		December 31, 2021									December 31, 2022

		Fair 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	(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)	1,422	1,523	—	2,945	(1,930)	(28)	—	987	Derivative assets (1)	4,309	3,455	—	7,764	(5,778)	(969)	—	1,017

Advances to/receivables from equity companies (2)(6)	Advances to/receivables from equity companies (2)(6)	—	3,076	5,373	8,449	—	—	(123)	8,326	Advances to/receivables from equity companies (2)(6)	—	2,406	4,958	7,364	—	—	685	8,049

Other long-term financial assets (3)	Other long-term financial assets (3)	1,134	—	1,058	2,192	—	—	181	2,373	Other long-term financial assets (3)	1,208	—	1,413	2,621	—	—	346	2,967

Liabilities	Liabilities									Liabilities
Derivative liabilities (4)	Derivative liabilities (4)	1,701	2,594	—	4,295	(1,930)	(306)	—	2,059	Derivative liabilities (4)	3,417	3,264	—	6,681	(5,778)	(79)	—	824
Long-term debt (5)	Long-term debt (5)	44,454	88	3	44,545	—	—	(2,878)	41,667	Long-term debt (5)	33,112	1,880	6	34,998	—	—	4,173	39,171

Long-term obligations to equity companies (6)	Long-term obligations to equity companies (6)	—	—	3,084	3,084	—	—	(227)	2,857	Long-term obligations to equity companies (6)	—	—	2,467	2,467	—	—	(129)	2,338

Other long-term financial liabilities (7)	Other long-term financial liabilities (7)	—	—	902	902	—	—	58	960	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.

At ~~September~~June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, respectively, the Corporation had ~~$1,826~~$698 million and ~~$641~~$1,494 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements.

The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of ~~September~~June 30, ~~2022,~~2023, the Corporation has designated ~~$4.4~~$4.9 billion of its Euro-denominated ~~long-term~~ debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.

The Corporation had undrawn short-term committed lines of credit of ~~$549~~$545 million and undrawn long-term committed lines of credit of ~~$351~~$928 million as of ~~third~~second quarter ~~2022. Undrawn short-term committed lines of credit amounting to $10 billion expired in the third quarter of 2022.~~

2023.

Derivative Instruments

The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue". The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of ~~September~~June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, or results of operations for the periods ended ~~September~~June 30, ~~2022~~2023 and ~~2021.~~2022.

Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.

The net notional long/(short) position of derivative instruments at ~~September~~June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, was as follows:


(millions)	(millions)	September 30, 2022	December 31, 2021	(millions)	June 30, 2023	December 31, 2022
Crude oil (barrels)	Crude oil (barrels)	(15)	82	Crude oil (barrels)	34	4
Petroleum products (barrels)	Petroleum products (barrels)	(22)	(48)	Petroleum products (barrels)	(69)	(52)
Natural gas (MMBTUs)	Natural gas (MMBTUs)	(120)	(115)	Natural gas (MMBTUs)	(75)	(64)

Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis:


(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
		2022	2021	2022	2021		2023	2022	2023	2022
Sales and other operating revenue	Sales and other operating revenue	945	(1,596)	(3,003)	(3,196)	Sales and other operating revenue	332	(1,413)	983	(3,948)
Crude oil and product purchases	Crude oil and product purchases	(56)	(34)	(82)	(53)	Crude oil and product purchases	5	—	(20)	(26)
Total	Total	889	(1,630)	(3,085)	(3,249)	Total	337	(1,413)	963	(3,974)

Note 8. Disclosures about Segments and Related Information

Effective April 1, 2022, the Corporation streamlined its business structure by combining the Chemical and Downstream businesses into a single business, Product Solutions. Product Solutions consists of three operating segments:

•~~Energy Products: Fuels, aromatics, and catalysts and licensing~~

•~~Chemical Products: Olefins, polyethylene, polypropylene, and intermediates~~

•~~Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins~~

~~Information disclosed in this note has been recast for the new segmentation.~~

(millions of dollars) Three Months Ended
September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Earnings (Loss) After Income Tax
Upstream
United States 3,110 869 9,235 1,895
Non-U.S. 9,309 3,082 19,043 7,795
Energy Products
United States 3,008 479 6,152 (31)
Non-U.S. 2,811 50 4,744 (1,217)
Chemical Products
United States 635 1,121 2,030 2,923
Non-U.S. 177 907 1,263 2,695
Specialty Products
United States 306 247 784 689
Non-U.S. 456 592 871 1,454
Corporate and Financing (152) (596) (1,132) (2,033)
Corporate total 19,660 6,750 42,990 14,170
Sales and Other Operating Revenue
Upstream
United States 4,163 2,072 10,777 5,683
Non-U.S. 8,770 2,295 22,214 9,181
Energy Products
United States 31,324 20,988 90,650 55,292
Non-U.S. 50,215 34,305 144,734 91,120
Chemical Products
United States 2,499 3,474 8,773 9,007
Non-U.S. 4,213 4,215 13,207 12,200
Specialty Products
United States 1,615 1,227 4,659 3,606
Non-U.S. 3,709 3,309 10,478 9,382
Corporate and Financing 4 7 19 (84)
Corporate total (1)
106,512 71,892 305,511 195,387
Intersegment Revenue
Upstream
United States 6,536 4,374 19,907 11,524
Non-U.S. 11,723 9,371 36,091 23,935
Energy Products
United States 7,580 4,132 22,777 11,395
Non-U.S. 9,551 6,787 29,161 16,872
Chemical Products
United States 2,579 1,479 6,904 4,285
Non-U.S. 1,252 1,098 4,359 2,849
Specialty Products
United States 662 578 1,934 1,658
Non-U.S. 246 212 665 532
Corporate and Financing 59 57 175 166
(1) See footnote on the next page.


(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Earnings (Loss) After Income Tax
Upstream
United States	920	3,749	2,552	6,125
Non-U.S. (1)	3,657	7,622	8,482	9,734
Energy Products
United States	1,528	2,655	3,438	3,144
Non-U.S.	782	2,617	3,055	1,933
Chemical Products
United States	486	625	810	1,395
Non-U.S.	342	450	389	1,086
Specialty Products
United States	373	232	824	478
Non-U.S.	298	185	621	415
Corporate and Financing (1)	(506)	(286)	(861)	(980)
Corporate total	7,880	17,850	19,310	23,330

Sales and Other Operating Revenue
Upstream
United States	1,673	3,958	4,443	6,614
Non-U.S.	3,739	7,101	9,126	13,444
Energy Products
United States	26,128	34,473	51,052	59,326
Non-U.S.	38,945	52,804	78,921	94,519
Chemical Products
United States	1,992	3,180	4,021	6,274
Non-U.S.	3,678	4,497	7,370	8,994
Specialty Products
United States	1,542	1,653	3,110	3,044
Non-U.S.	3,095	3,591	6,384	6,769
Corporate and Financing	3	8	12	15
Corporate total	80,795	111,265	164,439	198,999

Intersegment Revenue
Upstream
United States	5,044	7,180	10,000	13,371
Non-U.S.	8,412	13,533	17,811	24,368
Energy Products
United States	5,074	8,348	10,525	15,197
Non-U.S.	6,988	10,848	13,957	19,610
Chemical Products
United States	2,084	2,558	3,872	4,325
Non-U.S.	977	1,600	1,754	3,107
Specialty Products
United States	684	713	1,364	1,272
Non-U.S.	169	195	268	419
Corporate and Financing	64	59	128	116

(1) Results for first quarter 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 Sales and Other Operating Revenue	Geographic Sales and Other Operating Revenue					Geographic Sales and Other Operating Revenue
(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
		2022	2021	2022	2021		2023	2022	2023	2022
United States	United States	39,601	27,761	114,859	73,588	United States	31,335	43,264	62,626	75,258
Non-U.S.	Non-U.S.	66,911	44,131	190,652	121,799	Non-U.S.	49,460	68,001	101,813	123,741
Total ~~(1)~~	Total ~~(1)~~	106,512	71,892	305,511	195,387	Total ~~(1)~~	80,795	111,265	164,439	198,999

Significant Non-U.S. revenue sources include: ~~(2)~~(1)	Significant Non-U.S. revenue sources include: ~~(2)~~(1)					Significant Non-U.S. revenue sources include: ~~(2)~~(1)
Canada	Canada	8,468	5,837	25,105	15,378	Canada	6,825	9,642	13,546	16,638
United Kingdom	United Kingdom	8,845	3,379	24,699	10,137	United Kingdom	5,242	8,306	12,253	15,854
Singapore	Singapore	5,262	3,678	14,358	10,628	Singapore	3,758	4,774	7,489	9,096
France	France	4,449	3,513	14,071	9,541	France	3,494	5,265	6,978	9,622
Italy	Italy	2,990	2,808	8,888	7,139	Italy	2,527	3,063	5,063	5,898
Belgium	Belgium	2,755	2,409	8,632	6,590	Belgium	2,410	3,041	5,059	5,877
Australia	Australia	2,936	1,751	8,597	5,499	Australia	2,392	3,205	4,820	5,661

(1) Includes approximately 25% and 16% related to revenue outside the scope of ASC 606 "Revenue from Contracts with Customers" for the three months ended September 30, 2022 and September 30, 2021, respectively, and 23% and 16% for the nine months ended September 30, 2022 and September 30, 2021, respectively. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
(2) 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.						(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.

Revenue from Contracts with Customers

Sales and other operating revenue includes both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.


Sales and other operating revenue (millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022

Revenue from contracts with customers	63,322	85,851	127,626	154,667
Revenue outside the scope of ASC 606	17,473	25,414	36,813	44,332
Total	80,795	111,265	164,439	198,999

Note 9. Divestment Activities

Through June 30, 2023, the Corporation realized proceeds of approximately $2.1 billion from its divestment activities in 2023 with negligible impact on net after-tax earnings. This included the sale of the Aera Energy joint venture, the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments.

In January 2023, the Corporation executed an agreement with Bangchak Corporation to sell its interest in Esso Thailand Ltd. that includes the Sriracha Refinery, select distribution terminals, and a network of retail stations. The transaction is anticipated to close in third quarter 2023.

In 2022, the Corporation ~~sold~~realized proceeds of approximately $5 billion and recognized net after-tax earnings of approximately $0.4 billion from its divestment activities. This included the sale of certain ~~Upstream~~ unproved assets in Romania and ~~Upstream~~ unconventional assets in ~~Alberta,~~ Canada ~~which resulted in total gains on sales of approximately $600 million which are largely included in "Other income" in~~and the ~~Condensed Consolidated Statement of Income.~~United States, as well as other smaller divestments.

In ~~August~~November 2022, the Corporation executed an agreement for the sale of ~~Upstream unconventional shale interests~~the Santa Ynez Unit and associated assets in California. The agreement is subject to certain conditions precedent and government approvals and does not yet meet held-for-sale criteria under ASC 360. Should the ~~Arkoma basin (United States) to Flywheel, LLC. The~~conditions precedent be met and the potential transaction ~~is anticipated to~~ close, ~~in the fourth quarter.~~

~~In August 2022,~~ the Corporation ~~executed an agreement for the sale~~would expect to recognize a loss of ~~Mobil California Exploration and Producing Asset Company (United States), consisting of ExxonMobil's interest in the Aera Energy Joint Venture,~~up to ~~Green Gate Resources E, LLC. The transaction is anticipated to close in the fourth quarter.~~$2 billion.

In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In ~~early July,~~mid-2022, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of these matters.

~~After the end of the third quarter,~~

Note 10. Subsequent Events

On July 13, 2023, the Corporation ~~signed~~entered into an agreement to acquire Denbury Inc., a developer of carbon capture, utilization and storage solutions and enhanced oil recovery in exchange for ExxonMobil common stock. Based on the ~~sale~~July 12 closing price for ExxonMobil shares, and at a fixed exchange rate of 0.84 per Denbury share, the ~~Santa Ynez Unit and associated assets~~transaction value was $4.9 billion. The number of shares issuable in ~~California. The agreement is subject to certain conditions precedent and government approvals and does not yet meet held-for-sale criteria under ASC 360.~~connection with the transaction would have been approximately 45 million. The transaction ~~would be~~is currently expected to close in the fourth quarter of 2023. ~~The Corporation expects~~In addition to ~~recognize a loss~~carbon capture and storage assets, the acquisition includes Gulf Coast and Rocky Mountain oil and natural gas operations which consist of ~~up to $2 billion on the potential transaction.~~

proved reserves totaling over 200 million barrels of oil equivalent, with 47 thousand oil-equivalent barrels per day of current production.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

During the COVID-19 pandemic, industry investment to maintain and increase production capacity was restrained to preserve capital, resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. In addition, industry rationalizationfirst quarter of ~~refining assets resulted in more than 3 million barrels per day of capacity being taken offline. Across late 2021 and~~2023, the first half of 2022, this dynamic, along with supply chain constraints, and a continuation of demand recovery led to a steady increase in oil and natural gas prices and refining margins. In the first half of 2022, tightness in the oil and natural gas markets was further exacerbated by Russia’s invasion of Ukraine and subsequent sanctions imposed upon business and other activities in Russia. The price of ~~Brent~~ crude oil ~~and certain regional natural gas indicators increased to levels not seen for several years, and both natural gas realizations and industry refining margins improved to levels well above~~declined towards the ~~10-year range. In the third quarter, crude prices moved back within the upper-end~~average of the 10-year range as(2010-2019), impacted by higher ~~supply slightly exceeded demand.~~inventory levels. Crude oil prices were relatively flat in the second quarter after OPEC+ oil producers further reduced oil output, which helped offset concerns over potential market impacts from a weakening global economy. Natural gas prices ~~rose to record levels~~remained above the 10-year average despite declining significantly in the ~~third quarter, reflecting~~first half. Storage levels increased above historical averages in the United States and Europe on higher supply and lower demand. Refining margins declined on easing supply concerns ~~in Europe about the withdrawal~~with stabilization of Russian supply, ~~as well as efforts to build inventory ahead of winter. While natural gas prices recently moderated, they~~yet remain ~~well~~ above the 10-year ~~historical range. In the U.S., prices increased by about 15% driven by higher summer cooling demand and inventory concerns. Refining~~average. Chemical margins remained well ~~above~~below the 10-year range due to ~~inflated diesel crack spreads resulting from expensive natural gas and high demand for diesel. Higher refinery runs and flat demand for gasoline~~continued bottom-of-cycle conditions in Asia Pacific; however, global margins improved in the ~~U.S. resulted in refining margins declining from the~~ second quarter. In contrast, global chemical margins fell below the bottom of the 10-year range reflecting weakening global demand. Margins in North America and Europe have softened with regional pricing moving closer to global parity as demand and logistics constraints relaxed. Asia Pacific remained in bottom-of-cycle conditions as COVID-19 restrictions continue to suppress demand in China. Commodity and product prices are expected to remain volatile given the current global economic uncertainty and geopolitical events affecting supply and demand.quarter on lower feed costs.

~~Russia-Ukraine Conflict~~

In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. The Corporation’s first ~~quarter~~half results included after-tax charges of ~~$3.4~~$0.2 billion ~~largely representing the impairment of its operations~~ related to ~~Sakhalin (see Note 2 to Condensed Consolidated Financial Statements). While~~additional European taxes imposed on the Corporation’s affiliate was in force majeure due to the unprecedented impact of global sanctions, it continued to make concerted attempts to engage in good-faith discussions with the Russian government and all Sakhalin-1 partners. The Corporation remained focused on safety of people, protection of the environment, and integrity of operations. Effective October 14, with two decrees the Russian government unilaterally terminated the Corporation’s interests in Sakhalin-1, and the project has been transferred to a Russian operator. While the recent decrees violate the Corporation’s rights in Russia established by the production sharing agreement, and interrupted the exit process the Corporation was working, it did not prevent the safe winding down of operations.

~~The Corporation’s exit from the venture is expected to result in no future hydrocarbon sales and minimal cash flow impacts for the Corporation’s account~~energy sector, mainly reflected in the ~~fourth quarter. For reference, excluding the impact~~line “Income tax expense (benefit).” The enactment of ~~impairments~~regulations in late 2022 by European Member States and other charges, year-to-date after-tax earnings related to the Corporation’s interest in Sakhalin through the end of the third quarter of 2022 were approximately $0.2 billion, and combined oil and gas production was approximately 34 thousand oil-equivalent barrels per day. The Corporation's exit from the project results in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represents less than one percent of the Corporation's 18.5 billion oil-equivalent barrels of proved reserves at year-end 2021. The Corporation is complying with all applicable laws and sanctions.

The Corporation holds a 25% interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and holds a 16.8% working interest in the Kashagan field in Kazakhstan. Oil production from those operations is exported through the Caspian Pipeline Consortium (CPC), in which the Corporation holds a 7.5% interest. CPC traverses parts of Kazakhstan and Russia to tanker-loading facilities on the Russian coast of the Black Sea. In the event that Russia takes countermeasures in response to existing sanctions related to its military actions in Ukraine, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration. For reference, year-to-date after-tax earnings related to the Corporation’s interests in Kazakhstan through the end of the third quarter 2022 were approximately $2.0 billion, and its share of combined oil and gas production was approximately 240 thousand oil-equivalent barrels per day.

~~European Union Solidarity Contribution~~

On October 6, European Union (“EU”) Member States formally adopted a European Union Council Regulation for a new tax described as an emergency intervention to address high energy prices. This regulation imposes acountries imposed mandatory ~~tax~~taxes on certain companies active in the crude petroleum, coal, natural gas, and refinery sectors.

Denbury Acquisition

On July 13, 2023, the Corporation announced that it had entered into a definitive agreement to acquire Denbury Inc. The regulation requires Member States to levy a minimum 33% tax on in-scope companies’ 2022 and/or 2023 “surplus profits”, defined in the regulation as taxable profits exceeding 120% of the annual average during the 2018-2021 period. EU Member States are required to implement the tax, or an equivalent national measure, by December 31, 2022. Depending on the national measures to be adopted by the EU Member States, and the financial years for which these measures would be applicable,acquisition further accelerates the Corporation’s ~~liability, based on currently available public information, could be in excess~~Low Carbon Solutions opportunities. See Note 10 of ~~$2 billion through the end of 2023. The actual impact and timing of recognition in the financial statements will depend on the specific provisions of the EU Member States’ measures.~~

~~ExxonMobil Product Solutions Reorganization~~

Effective April 1, 2022, the Corporation streamlined its business structure by combining the Chemical and Downstream businesses into a single business, Product Solutions. The new business is focused on growing high-value products, improving competitiveness and leading in sustainability. Product Solutions consists of three operating segments:

•~~Energy Products: Fuels, aromatics, and catalysts and licensing~~

•~~Chemical Products: Olefins, polyethylene, polypropylene, and intermediates~~

•~~Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins~~

~~Further information on financial performance related to the new segments is disclosed in Management's Discussion and Analysis and Note 8 to~~ the Condensed Consolidated Financial ~~Statements.~~Statements for additional information.

FUNCTIONAL EARNINGS SUMMARY

Earnings (loss) excluding Identified Items (non-GAAP) are earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an ~~Identified Item~~identified item for an individual segment ~~in a given quarter~~ may be less than $250 million when the item impacts several ~~segments~~periods or several ~~periods.~~segments. Earnings (loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for Identified Items. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.

Three Months Ended
September 30, 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) 3,110 9,309 3,008 2,811 635 177 306 456 (152) 19,660
Identified Items
Impairments — (697) — — — — — — — (697)
Gain/(loss) on sale of assets — 587 — — — — — — — 587
Tax-related items — — — — — — — — 324 324
Other — 688 — — — — — — 76 764
Earnings (loss) excluding Identified Items 3,110 8,731 3,008 2,811 635 177 306 456 (552) 18,682
Three Months Ended
September 30, 2021 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) 869 3,082 479 50 1,121 907 247 592 (596) 6,750
Identified Items
Severance charges — — — — — — — — (5) (5)
Earnings (loss) excluding Identified Items 869 3,082 479 50 1,121 907 247 592 (591) 6,755


Nine Months Ended September 30, 2022		Upstream		Energy Products		Chemical Products		Specialty Products		Corporate and Financing			Total
Three Months Ended June 30, 2023											Three Months Ended June 30, 2023	Upstream							Energy Products						Chemical Products			Specialty Products							Corporate and Financing			Total
(millions of dollars)															(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)															Earnings (loss) (U.S. GAAP)	920			3,657				1,528		782			486		342		373		298					(506)			7,880
Identified Items															Identified Items

Tax-related items															Tax-related items	—			(12)				—		18			—		—		—		—				—			6

Earnings (loss) excluding Identified Items (Non-GAAP)															Earnings (loss) excluding Identified Items (Non-GAAP)	920			3,669				1,528		764			486		342		373		298				(506)			7,874

Three Months Ended June 30, 2022															Three Months Ended June 30, 2022	Upstream							Energy Products					Chemical Products				Specialty Products						Corporate and Financing			Total
(millions of dollars)															(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)															Earnings (loss) (U.S. GAAP)	3,749			7,622				2,655		2,617			625		450		232		185					(286)			17,850
Identified Items															Identified Items

Gain/(loss) on sale of assets															Gain/(loss) on sale of assets	299			—				—		—			—		—		—		—				—			299

Earnings (loss) excluding Identified Items (Non-GAAP)															Earnings (loss) excluding Identified Items (Non-GAAP)	3,450			7,622				2,655		2,617			625		450		232		185				(286)			17,551

Six Months Ended June 30, 2023															Six Months Ended June 30, 2023	Upstream							Energy Products					Chemical Products				Specialty Products						Corporate and Financing			Total
(millions of dollars)															(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)															Earnings (loss) (U.S. GAAP)	2,552			8,482				3,438		3,055			810		389		824		621					(861)			19,310
Identified Items															Identified Items

Tax-related items															Tax-related items	—			(170)				—		(12)			—		—		—		—				—			(182)

Earnings (loss) excluding Identified Items (Non-GAAP)															Earnings (loss) excluding Identified Items (Non-GAAP)	2,552			8,652				3,438		3,067			810		389		824		621				(861)			19,492

Six Months Ended June 30, 2022															Six Months Ended June 30, 2022	Upstream							Energy Products					Chemical Products				Specialty Products						Corporate and Financing			Total
(millions of dollars)	(millions of dollars)	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.		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)	Earnings (loss) (U.S. GAAP)	9,235	19,043	6,152	4,744	2,030	1,263	784	871				Earnings (loss) (U.S. GAAP)	6,125		9,734						3,144		1,933			1,395		1,086		478		415				(980)			23,330
Identified Items	Identified Items														Identified Items
Impairments	Impairments	—	(3,574)	—	—	—	—	—	—	(98)			(3,672)		Impairments	—			(2,877)				—		—			—		—		—		—				(98)			(2,975)
Gain/(loss) on sale of assets	Gain/(loss) on sale of assets	299	587	—	—	—	—	—	—	—			886		Gain/(loss) on sale of assets	299			—				—		—			—		—		—		—				—			299

Tax-related items		—	—	—	—	—	—	—	—	324			324

Other	Other	—	310	—	—	—	—	—	—	76			386		Other	—			(378)				—		—			—		—		—		—				—			(378)

Earnings (loss) excluding Identified Items		8,936	21,720	6,152	4,744	2,030	1,263	784	871	(1,434)			45,066

Nine Months Ended September 30, 2021		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)		1,895	7,795	(31)	(1,217)	2,923	2,695	689	1,454		(2,033)							14,170
Identified Items

Severance charges		—	—	—	—	—	—	—	—	(48)			(48)

Earnings (loss) excluding Identified Items		1,895	7,795	(31)	(1,217)	2,923	2,695	689	1,454	(1,985)			14,218
Earnings (loss) excluding Identified Items (Non-GAAP)															Earnings (loss) excluding Identified Items (Non-GAAP)	5,826			12,989				3,144		1,933			1,395		1,086		478		415				(882)			26,384

References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S. GAAP) from the Condensed Consolidated Statement of Income. Unless otherwise indicated, references to earnings (loss); Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing ~~segment~~ earnings (loss); and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

Due to rounding, numbers presented may not add up precisely to the totals indicated.

2019

REVIEW OF ~~THIRD~~SECOND QUARTER ~~2022~~2023 RESULTS

ExxonMobil’s ~~third quarter 2022~~second-quarter 2023 earnings were ~~$19.7~~$7.9 billion, or ~~$4.68~~$1.94 per ~~diluted~~ share assuming dilution, compared with earnings of ~~$6.8~~$17.9 billion a year earlier. The ~~increase~~decrease in earnings was driven by ~~higher Upstream realizations~~lower crude and ~~Energy Products margins as well as increased volume~~natural gas prices, and ~~improved mix.~~declining industry refining margins. Capital and exploration expenditures were ~~$5.7~~$6.2 billion, up ~~$1.9~~$1.6 billion from ~~third~~second quarter ~~2021.~~2022.

Earnings for the first ~~nine~~six months of ~~2022~~2023 were ~~$43.0~~$19.3 billion, or ~~$10.17~~$4.73 per diluted share, compared with ~~$14.2~~$23.3 billion a year earlier. Capital and exploration expenditures were ~~$15.2~~$12.5 billion, up ~~$4.5~~$3.0 billion from ~~2021.~~2022. The Corporation distributed ~~$11.2~~$7.4 billion in dividends to shareholders and repurchased ~~$10.5~~$8.7 billion of common stock.

UPSTREAM


Upstream Financial Results	Upstream Financial Results					Upstream Financial Results

(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
		2022	2021	2022	2021		2023	2022	2023	2022
Earnings (loss) (U.S. GAAP)	Earnings (loss) (U.S. GAAP)					Earnings (loss) (U.S. GAAP)
United States	United States	3,110	869	9,235	1,895	United States	920	3,749	2,552	6,125
Non-U.S.	Non-U.S.	9,309	3,082	19,043	7,795	Non-U.S.	3,657	7,622	8,482	9,734
Total	Total	12,419	3,951	28,278	9,690	Total	4,577	11,371	11,034	15,859

Identified Items (1)	Identified Items (1)					Identified Items (1)
United States	United States	—	—	299	—	United States	—	299	—	299
Non-U.S.	Non-U.S.	578	—	(2,677)	—	Non-U.S.	(12)	—	(170)	(3,255)
Total	Total	578	—	(2,378)	—	Total	(12)	299	(170)	(2,956)

Earnings (loss) excluding Identified Items (1)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)						Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States	United States	3,110	869	8,936	1,895	United States	920	3,450	2,552	5,826
Non-U.S.	Non-U.S.	8,731	3,082	21,720	7,795	Non-U.S.	3,669	7,622	8,652	12,989
Total	Total	11,841	3,951	30,656	9,690	Total	4,589	11,072	11,204	18,815

Upstream ~~Third~~Second Quarter Earnings Factor Analysis

(millions of dollars)

Price – ~~Higher realizations increased~~Price impacts decreased earnings by ~~$7,330~~$6,300 million, asdriven by a 33% decrease in average crude realizations and 51% decrease in average natural gas ~~realizations increased 172%, while realizations for crude oil increased 39%.~~realizations.

Volume/Mix – ~~Higher~~Lower volumes ~~increased~~decreased earnings by ~~$610~~$150 million, ~~reflecting~~mainly driven by natural gas, partly offset by liquids growth in Guyana and ~~Permian and eased curtailments, partly offset by planned and unplanned downtime and divestments.~~the Permian.

Other – All other items decreased earnings by ~~$50~~$30 million.

Identified Items (1) – 3Q 2Q2022 ~~$580~~$299 million gain on the sale of ~~Romania and XTO Energy Canada assets and one-time benefits from tax and other reserve adjustments, partly offset~~U.S. Barnett Shale assets. 2Q 2023 $(12) million loss driven by ~~impairments.~~additional European taxes.

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

2120

Upstream Year-to-Date Earnings Factor Analysis

(millions of dollars)

Price – ~~Higher realizations increased~~Price impacts decreased earnings by ~~$21,470~~$8,110 million, asdriven by a 28% decrease in average realizations for crude oil ~~increased 58%~~ and a 27% decrease in average natural gas ~~realizations increased 167%.~~realizations.

Volume/Mix – ~~Unfavorable~~Favorable volume and mix effects ~~decreased~~increased earnings by ~~$90~~$520 million, ~~as growth~~driven by higher production from our advantaged projects in Guyana and ~~Permian and eased curtailments nearly offset~~ the impacts from the reduced Groningen gas production limit in Netherlands, Russia curtailments, higher downtime including the effects of weather in the first quarter, and lower entitlements due to higher prices.Permian.

Other – All other items decreased earnings by ~~$410 million largely due to divestment-related impairments and the absence of prior year one-time tax impacts.~~$20 million.

Identified Items (1) – 2022 ~~$(2,380)~~$(2,956) million loss ~~mainly driven by the first quarter impairment~~as a result of the Russia ~~Sakhalin-1 project,~~expropriation, partly offset by ~~gains~~a gain on the sale of ~~the~~ U.S. Barnett Shale ~~Romania, and XTO Energy Canada assets and one-time benefits from tax and other reserve adjustments.~~assets. 2023 $(170) million loss driven by additional European taxes.

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.


Upstream Operational Results

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022		2023	2022
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily)
United States	785	777		802	765
Canada/Other Americas	618	556		645	516
Europe	4	4		4	4
Africa	206	224		213	240
Asia	702	691		725	714
Australia/Oceania	38	46		35	43
Worldwide	2,353	2,298		2,424	2,282

Net natural gas production available for sale (millions of cubic feet daily)
United States	2,346	2,699		2,357	2,738
Canada/Other Americas	97	180		94	180
Europe	375	825		461	798
Africa	86	67		110	63
Asia	3,350	3,320		3,473	3,330
Australia/Oceania	1,275	1,515		1,276	1,421
Worldwide	7,529	8,606		7,771	8,530


Oil-equivalent production (1) (thousands of oil-equivalent barrels daily)	3,608	3,732		3,719	3,704

(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.


Upstream Operational Results
Upstream Additional Information					Upstream Additional Information

(thousands of barrels daily)	(thousands of barrels daily)	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022	(thousands of barrels daily)	Three Months Ended June 30	Six Months Ended June 30
Volumes reconciliation (Oil-equivalent production) (1)	Volumes reconciliation (Oil-equivalent production) (1)				Volumes reconciliation (Oil-equivalent production) (1)
2021		3,665		3,677
2022					2022	3,732	3,704
Entitlements - Net Interest	Entitlements - Net Interest	(27)		(28)	Entitlements - Net Interest	(26)	(46)
Entitlements - Price / Spend / Other	Entitlements - Price / Spend / Other	(52)		(53)	Entitlements - Price / Spend / Other	77	64
Government Mandates	Government Mandates	85		97	Government Mandates	(47)	(25)
Divestments	Divestments	(75)		(58)	Divestments	(152)	(141)
Growth / Demand / Other		120		73
2022		3,716		3,708
Growth / Other					Growth / Other	24	163
2023					2023	3,608	3,719

(1)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.	(1)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.		(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

~~3Q 2022 versus 3Q 2021 -~~ ~~3.7 million~~oil-equivalent barrels per day in 3Q 2022 increased 51 thousand oil-equivalent barrels per day from 3Q 2021 reflecting growth in Guyana and Permian, and easing government-mandated curtailments, partly offset by divestments and lower entitlements due to higher prices.

~~YTD 2022 versus YTD 2021~~ - 2022 year-to-date production of 3.7 million oil-equivalent barrels per day increased 31 thousand oil-equivalent barrels per day from year-to-date 2021 reflecting growth in Permian and Guyana and easing government-mandated curtailments, partly offset by divestments, lower entitlements due to higher prices, and higher downtime including the effects of weather in the first quarter of 2022.

~~Definitions~~

2Q 2023

versus

2Q 2022

3.6 million oil-equivalent barrels per day in 2Q 2023 decreased 124 thousand oil-equivalent barrels per day from 2Q 2022. Net production increased 24 thousand oil-equivalent barrels per day, excluding the impacts from entitlements, divestments, the Russia expropriation, and higher government-mandated curtailments.

YTD 2023

versus

YTD 2022

3.7 million oil-equivalent barrels per day in 2023 increased 15 thousand oil-equivalent barrels per day from 2022. Net production increased 163 thousand oil-equivalent barrels per day driven by growth in Guyana and Permian, excluding the impacts from entitlements, divestments, the Russia expropriation, and higher government-mandated curtailments.

Listed below are descriptions of ExxonMobil’s volumes reconciliation factors which are provided to facilitate understanding of the terms.

Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining factors. These factors consist of net interest changes specified in Production Sharing Contracts (PSCs), which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices.

Entitlements - Price, Spend and Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining factors. These factors include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such factors can also include other temporary changes in net interest as dictated by specific provisions in production agreements.

Government Mandates are changes to ExxonMobil's sustainable production levels as a result of ~~temporary non-operational~~ production limits or sanctions imposed by ~~governments, generally upon a country, sector, type or method of production.~~ governments.

Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration.

Growth ~~Demand~~ and Other comprise all other operational and non-operational factors not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such factors include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.

Three Months Ended
September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily)

United States 783 758 771 704
Canada/Other Americas 641 569 558 557
Europe 4 21 4 24
Africa 249 248 243 252
Asia 666 668 698 676
Australia/Oceania 46 49 44 44
Worldwide 2,389 2,313 2,318 2,257
Net natural gas production available for sale
(millions of cubic feet daily)
United States 2,351 2,701 2,607 2,757
Canada/Other Americas 158 184 175 197
Europe 541 343 711 796
Africa 70 53 65 41
Asia 3,304 3,365 3,321 3,465
Australia/Oceania 1,539 1,464 1,460 1,266
Worldwide 7,963 8,110 8,339 8,522

Oil-equivalent production (1)
(thousands of oil-equivalent barrels daily)
3,716 3,665 3,708 3,677
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

ENERGY PRODUCTS


Energy Products Financial Results	Energy Products Financial Results								Energy Products Financial Results

(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)		Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021		2022		2021		(millions of dollars)	2023		2022	2023	2022
Earnings (loss) (U.S. GAAP)	Earnings (loss) (U.S. GAAP)
United States	United States	3,008	479		6,152		(31)		United States	1,528		2,655	3,438	3,144
Non-U.S.	Non-U.S.	2,811	50		4,744		(1,217)		Non-U.S.	782		2,617	3,055	1,933
Total	Total	5,819	529		10,896		(1,248)		Total	2,310		5,273	6,493	5,077

Earnings (loss) excluding Identified Items (1)
Identified Items (1)									Identified Items (1)
United States	United States	3,008	479		6,152		(31)		United States	—		—	—	—
Non-U.S.	Non-U.S.	2,811	50		4,744		(1,217)		Non-U.S.	18		—	(12)	—
Total	Total	5,819	529		10,896		(1,248)		Total	18		—	(12)	—

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.
Earnings (loss) excluding Identified Items (1) (Non-GAAP)									Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States									United States	1,528		2,655	3,438	3,144
Non-U.S.									Non-U.S.	764		2,617	3,067	1,933
Total									Total	2,292		5,273	6,505	5,077

Due to rounding, numbers presented may not add up precisely to the totals indicated.									Due to rounding, numbers presented may not add up precisely to the totals indicated.

Energy Products ~~Third~~Second Quarter Earnings Factor Analysis

(millions of dollars)

Margins – ~~Higher~~Lower margins ~~increased~~decreased earnings by ~~$5,050~~$3,100 million due to ~~improved~~lower industry refining margins, partly offset by increased marketing and ~~positive derivative mark-to-market effects.~~trading contributions.

Volume/Mix – Favorable volume and mix ~~effects~~ increased earnings by ~~$390~~$90 million, driven by ~~increased throughput on strong reliability, improved product yields and lower turnaround activity.~~the Beaumont refinery expansion.

Other – All other items ~~decreased~~increased earnings by ~~$150~~$30 million.

Identified Items (1) – 2Q 2023 $18 million gain related to European taxes.

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

2524

Energy Products Year-to-Date Earnings Factor Analysis

(millions of dollars)

Margins – ~~Higher margins~~Margins increased earnings by ~~$10,870~~$1,370 million ~~driven by stronger~~as higher marketing and trading contributions more than offset declining industry refining ~~margins and favorable derivative mark-to-market effects.~~margins.

Volume/Mix – Favorable volume and mix effects increased earnings by ~~$1,090~~$290 million, ~~mainly as a result~~including start-up of ~~strong reliability and lower scheduled maintenance.~~the Beaumont refinery expansion.

Other – All other items ~~increased~~decreased earnings by ~~$180~~$230 million, primarily due to ~~the absence~~higher project and maintenance expenses.

Identified Items (1) – 2023 $(12) million loss from additional European taxes.

(1) Refer to Functional Earnings Summary for definition of ~~terminal conversion impacts in the prior year.~~

Identified Items and earnings (loss) excluding Identified Items.


Energy Products Operational Results	Energy Products Operational Results					Energy Products Operational Results

(thousands of barrels daily)	(thousands of barrels daily)	Three Months Ended September 30,		Nine Months Ended September 30,		(thousands of barrels daily)	Three Months Ended June 30,		Six Months Ended June 30,
		2022	2021	2022	2021		2023	2022	2023	2022
Refinery throughput	Refinery throughput					Refinery throughput
United States	United States	1,742	1,684	1,705	1,583	United States	1,944	1,686	1,794	1,686
Canada	Canada	426	404	413	367	Canada	388	413	403	406
Europe	Europe	1,253	1,215	1,204	1,197	Europe	1,209	1,164	1,199	1,179
Asia Pacific	Asia Pacific	557	585	542	579	Asia Pacific	463	532	514	534
Other	Other	187	163	182	162	Other	169	193	176	180
Worldwide	Worldwide	4,165	4,051	4,046	3,888	Worldwide	4,173	3,988	4,086	3,985

Energy Products sales ~~(1)~~(2)	Energy Products sales ~~(1)~~(2)					Energy Products sales ~~(1)~~(2)
United States	United States	2,479	2,361	2,399	2,223	United States	2,743	2,452	2,601	2,358
Non-U.S.	Non-U.S.	3,058	2,941	2,922	2,825	Non-U.S.	2,916	2,858	2,867	2,853
Worldwide	Worldwide	5,537	5,302	5,321	5,049	Worldwide	5,658	5,310	5,469	5,211

Gasoline, naphthas	Gasoline, naphthas	2,335	2,191	2,220	2,102	Gasoline, naphthas	2,401	2,208	2,290	2,161
Heating oils, kerosene, diesel	Heating oils, kerosene, diesel	1,818	1,796	1,766	1,731	Heating oils, kerosene, diesel	1,842	1,755	1,806	1,739
Aviation fuels	Aviation fuels	365	228	335	204	Aviation fuels	344	350	328	319
Heavy fuels	Heavy fuels	252	276	243	269	Heavy fuels	228	228	221	238
Other energy products	Other energy products	767	811	758	742	Other energy products	844	769	823	753

(1) Data reported net of purchases/sales contracts with the same counterparty.
(2) Data reported net of purchases/sales contracts with the same counterparty.						(2) 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.						Due to rounding, numbers presented may not add up precisely to the totals indicated.

2625

CHEMICAL PRODUCTS


Chemical Products Financial Results	Chemical Products Financial Results								Chemical Products Financial Results

(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)		Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021		2022		2021		(millions of dollars)	2023		2022	2023	2022
Earnings (loss) (U.S. GAAP)	Earnings (loss) (U.S. GAAP)
United States	United States	635	1,121		2,030		2,923		United States	486		625	810	1,395
Non-U.S.	Non-U.S.	177	907		1,263		2,695		Non-U.S.	342		450	389	1,086
Total	Total	812	2,027		3,293		5,618		Total	828		1,076	1,199	2,481

Earnings (loss) excluding Identified Items (1)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)									Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States	United States	635	1,121		2,030		2,923		United States	486		625	810	1,395
Non-U.S.	Non-U.S.	177	907		1,263		2,695		Non-U.S.	342		450	389	1,086
Total	Total	812	2,027		3,293		5,618		Total	828		1,076	1,199	2,481

(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.					(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.									Due to rounding, numbers presented may not add up precisely to the totals indicated.

Chemical Products ~~Third~~Second Quarter Earnings Factor Analysis

(millions of dollars)

Margins – ~~Lower~~Weaker industry margins decreased earnings by ~~$1,090 million, reflecting lower prices and higher feed and energy costs.~~$150 million.

Volume/Mix – Lower ~~volumes~~sales decreased earnings by ~~$190 million, reflecting softening market conditions.~~

~~Other – All other items increased earnings by $60 million, driven by lower expenses and net favorable one-time items, partly offset by unfavorable foreign exchange effects.~~$100 million.

2726

Chemical Products Year-to-Date Earnings Factor Analysis

(millions of dollars)

Margins – ~~Lower~~Weaker industry margins decreased earnings by ~~$2,050 million, reflecting higher feed and energy costs.~~$730 million.

Volume/Mix – ~~Flat.~~Lower sales decreased earnings by $350 million, reflecting weaker market fundamentals.

Other – All other items decreased earnings by ~~$280~~$200 million, primarily driven by higher project and planned maintenance ~~expenses, and unfavorable foreign exchange effects.~~expenses.


Chemical Products Operational Results	Chemical Products Operational Results								Chemical Products Operational Results

(thousands of metric tons)	(thousands of metric tons)	Three Months Ended September 30,		Nine Months Ended September 30,		(thousands of metric tons)		Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021		2022		2021		(thousands of metric tons)	2023		2022	2023	2022
Chemical Products sales (1)	Chemical Products sales (1)
United States	United States	1,658	1,807		5,688		5,210		United States	1,725		1,998	3,286	4,030
Non-U.S.	Non-U.S.	3,023	3,007		8,821		9,100		Non-U.S.	3,124		2,812	6,212	5,798
Worldwide	Worldwide	4,680	4,814		14,509		14,309		Worldwide	4,849		4,811	9,498	9,829

(1) Data reported net of purchases/sales contracts with the same counterparty.	(1) Data reported net of purchases/sales contracts with the same counterparty.					(1) Data reported net of purchases/sales contracts with the same counterparty.

2827

SPECIALTY PRODUCTS


Specialty Products Financial Results	Specialty Products Financial Results								Specialty Products Financial Results

(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)		Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021		2022		2021		(millions of dollars)	2023		2022	2023	2022
Earnings (loss) (U.S. GAAP)	Earnings (loss) (U.S. GAAP)
United States	United States	306	247		784		689		United States	373		232	824	478
Non-U.S.	Non-U.S.	456	592		871		1,454		Non-U.S.	298		185	621	415
Total	Total	762	839		1,655		2,143		Total	671		417	1,445	893

Earnings (loss) excluding Identified Items (1)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)									Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States	United States	306	247		784		689		United States	373		232	824	478
Non-U.S.	Non-U.S.	456	592		871		1,454		Non-U.S.	298		185	621	415
Total	Total	762	839		1,655		2,143		Total	671		417	1,445	893

(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.					(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

Specialty Products ~~Third~~Second Quarter Earnings Factor Analysis

(millions of dollars)

Margins – ~~Lower~~Stronger finished lubes and basestock margins ~~decreased~~increased earnings by ~~$60 million, primarily related to higher feed and energy expenses.~~$320 million.

Volume/Mix – ~~Favorable volume mix effects increased~~Lower basestock sales decreased earnings by ~~$20 million, mainly from higher finished lubes sales.~~$90 million.

Other – All other items ~~decreased~~increased earnings by ~~$40~~$20 million.

2928

Specialty Products Year-to-Date Earnings Factor Analysis

(millions of dollars)

Margins – ~~Lower~~Improved margins ~~decreased~~increased earnings by ~~$570~~$690 million, primarily related to lower ~~industry basestock margins as a result of increased~~ feed ~~costs and energy prices.~~costs.

Volume/Mix – ~~Higher volume and favorable mix effects increased~~Lower volumes decreased earnings by ~~$110~~$80 million.

Other – All other items decreased earnings by ~~$30~~$60 million.

Specialty Products Operational Results
(thousands of metric tons) Three Months Ended
September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Specialty Products sales (1)
United States 483 471 1,594 1,476
Non-U.S. 1,434 1,424 4,430 4,356
Worldwide 1,917 1,896 6,024 5,832
(1) Data reported net of purchases/sales contracts with the same counterparty.

~~CORPORATE AND FINANCING~~

Corporate and Financing Financial Results
(millions of dollars) Three Months Ended
September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Earnings (loss) (U.S. GAAP) (152) (596) (1,132) (2,033)
Identified Items (1)
400 (5) 302 (48)
Earnings (loss) excluding Identified Items (1)
(552) (591) (1,434) (1,985)
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

~~Corporate and Financing expenses were $152 million for the third quarter of 2022, $444 million lower than the third quarter of 2021, reflecting favorable one-time tax impacts.~~

Corporate and Financing expenses were $1,132 million for the first nine months of 2022, $901 million lower than 2021, primarily due to favorable one-time tax impacts, lower pension-related expenses and lower financing costs.


Specialty Products Operational Results

(thousands of metric tons)	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022		2023	2022
Specialty Products sales (1)
United States	514	590		991	1,111
Non-U.S.	1,391	1,511		2,855	2,995
Worldwide	1,905	2,100		3,845	4,107

(1) Data reported net of purchases/sales contracts with the same counterparty.

CORPORATE AND FINANCING


Corporate and Financing Financial Results

(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022		2023	2022

Earnings (loss) (U.S. GAAP)	(506)	(286)		(861)	(980)
Identified Items (2)	—	—		—	(98)
Earnings (loss) excluding Identified Items (2) (Non-GAAP)	(506)	(286)		(861)	(882)

(2) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

Corporate and Financing expenses were $506 million for the second quarter of 2023, $220 million higher than the second quarter of 2022, reflecting unfavorable tax items and foreign exchange impacts, partly offset by lower financing costs.

Corporate and Financing expenses were $861 million for the first six months of 2023, $119 million lower than 2022, primarily reflecting the absence of an identified item associated with the Sakhalin-1 expropriation.

3029

LIQUIDITY AND CAPITAL RESOURCES


(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)			Three Months Ended June 30,		Six Months Ended June 30,
		2022	2021		2022		2021	(millions of dollars)		2023		2022	2023	2022
Net cash provided by/(used in)	Net cash provided by/(used in)
Operating activities	Operating activities				59,176		31,005	Operating activities					25,724	34,751
Investing activities	Investing activities				(9,387)		(8,125)	Investing activities					(9,281)	(7,009)
Financing activities	Financing activities				(25,177)		(22,464)	Financing activities					(16,683)	(15,384)
Effect of exchange rate changes	Effect of exchange rate changes				(950)		(12)	Effect of exchange rate changes					132	(299)
Increase/(decrease) in cash and cash equivalents	Increase/(decrease) in cash and cash equivalents				23,662		404	Increase/(decrease) in cash and cash equivalents					(108)	12,059

Cash and cash equivalents (at end of period)	Cash and cash equivalents (at end of period)				30,464		4,768	Cash and cash equivalents (at end of period)					29,557	18,861

Cash flow from operations and asset sales	Cash flow from operations and asset sales							Cash flow from operations and asset sales
Net cash provided by operating activities (U.S. GAAP)	Net cash provided by operating activities (U.S. GAAP)	24,425	12,091		59,176		31,005	Net cash provided by operating activities (U.S. GAAP)		9,383		19,963	25,724	34,751
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments	Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments	2,682	18		3,914		575	Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments		1,287		939	2,141	1,232
Cash flow from operations and asset sales		27,107	12,109		63,090		31,580
Cash flow from operations and asset sales (Non-GAAP)								Cash flow from operations and asset sales (Non-GAAP)		10,670		20,902	27,865	35,983

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.	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.			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.

Cash flow from operations and asset sales in the ~~third~~second quarter of ~~2022~~2023 was ~~$27.1~~$10.7 billion, ~~an increase~~a decrease of ~~$15.0~~$10.2 billion from the comparable ~~2021~~2022 period primarily reflecting ~~higher~~lower earnings.

Cash provided by operating activities totaled ~~$59.2~~$25.7 billion for the first ~~nine~~six months of ~~2022, $28.2~~2023, $9.0 billion ~~higher~~lower than ~~2021.~~2022. Net income including noncontrolling interests was ~~$44.5~~$20.0 billion, ~~an increase~~a decrease of ~~$30.0~~$4.3 billion from the prior year period. The adjustment for the noncash provision of ~~$19.0~~$8.5 billion for depreciation and depletion was ~~up $4.0~~down $4.8 billion from ~~2021.~~2022. Changes in operational working capital were ~~immaterial,~~a reduction of $3.9 billion, compared to a ~~contribution~~reduction of ~~$2.2~~$1.7 billion in the prior year period. All other items net ~~decreased~~increased cash flows by ~~$4.3~~$1.1 billion in ~~2022~~2023 versus a reduction of ~~$0.7~~$1.2 billion in ~~2021.~~2022. See the Condensed Consolidated Statement of Cash Flows for additional details.

Investing activities for the first ~~nine~~six months of ~~2022~~2023 used net cash of ~~$9.4~~$9.3 billion, an increase of ~~$1.3~~$2.3 billion compared to the prior year. Spending for additions to property, plant and equipment of ~~$12.6~~$10.8 billion was ~~$4.6~~$3.0 billion higher than ~~2021.~~2022. Proceeds from asset sales were ~~$3.9 billion, which included the recent sale of our Romania Upstream affiliate as well as the sale of XTO Energy Canada.~~$2.1 billion. Net investments and advances ~~were essentially flat with prior year.~~increased $0.2 billion to $0.7 billion.

Net cash used in financing activities was ~~$25.2~~$16.7 billion in the first ~~nine~~six months of ~~2022,~~2023, including ~~$10.5~~$8.7 billion for the purchase of ~~120.4~~79.1 million shares of ExxonMobil stock, as part of the previously announced buyback program.This compares to net cash used in financing activities of ~~$22.5~~$15.4 billion in the prior ~~year, reflecting net debt repayments of $10.8 billion during the first nine months of 2021.~~year. Total debt at the end of the ~~third~~second quarter of ~~2022~~2023 was ~~$45.4~~$41.5 billion compared to ~~$47.7~~$41.2 billion at year-end ~~2021.~~2022. The Corporation's debt to total capital ratio was ~~19.0~~16.7 percent at the end of the ~~third~~second quarter of ~~2022~~2023 compared to ~~21.4~~16.9 percent at year-end ~~2021.~~2022. The net debt to capital ratio was ~~7.2~~5.5 percent at the end of the ~~third~~second quarter, ~~a decrease~~an increase of ~~11.7~~0.1 percentage points from year-end ~~2021.~~2022. The Corporation's capital allocation priorities ~~continue to be~~are investing in competitively advantaged, ~~projects, strengthening~~high-return projects; maintaining a strong balance sheet; and sharing our success with our shareholders through more consistent share repurchases and a growing dividend. The Corporation distributed a total of $7.4 billion to shareholders in the ~~balance sheet and paying a reliable dividend.~~first six months of 2023 through dividends.

The Corporation has access to significant capacity of long-term and short-term liquidity. ~~In addition~~Internally generated funds are expected to ~~cash balances, commercial paper continues to provide~~cover the majority of financial requirements, supplemented by long-term and short-term ~~liquidity, and is reflected in "Notes and loans payable" on the Consolidated Balance Sheet. Cash and cash equivalents was $30.5 billion at the end of the third quarter of 2022.~~debt. The Corporation had undrawn short-term committed lines of credit of $0.5 billion and undrawn long-term committed lines of credit of ~~$0.4~~$0.9 billion as of ~~third~~second quarter ~~2022.~~

~~The Corporation distributed a total of $11.2 billion to shareholders in the first nine months of 2022 through dividends.~~2023.

The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include strategic fit, cost synergies, potential for future growth, and attractive current valuations. Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.

Litigation and other contingencies ~~and contractual obligations~~ are discussed in Note 3 to the unaudited condensed consolidated financial statements.

3130

Contractual Obligations

The Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition. Through July 2023, the Corporation has entered into various long-term agreements with an estimated total obligation of approximately $6.9 billion. As of June 30, undiscounted commitments for leases not yet commenced totaled $4.1 billion for operating leases and $2.2 billion for finance leases.

TAXES


(millions of dollars)	(millions of dollars)	Three Months Ended September 30,				Nine Months Ended September 30,			(millions of dollars)				Three Months Ended June 30,			Six Months Ended June 30,
		2022		2021			2022			2021		(millions of dollars)		2023			2022		2023		2022
Income taxes	Income taxes	5,224		2,664			14,389			4,986				3,503			6,359		8,463		9,165
Effective income tax rate	Effective income tax rate	29	%	33	%		31	%		32	%	Effective income tax rate		33	%		31	%	34	%	34	%
Total other taxes and duties (1)	Total other taxes and duties (1)	7,473		8,572			23,701			24,296		Total other taxes and duties (1)		8,328			7,779		16,423		16,228
Total	Total	12,697		11,236			38,090			29,282		Total		11,831			14,138		24,886		25,393

(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses”.	(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses”.					(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses”.

Total taxes were ~~$12.7~~$11.8 billion for the ~~third~~second quarter of ~~2022, an increase~~2023, a decrease of ~~$1.5~~$2.3 billion from ~~2021.~~2022. Income tax expense was ~~$5.2~~$3.5 billion compared to ~~$2.7~~$6.4 billion in the prior year reflecting ~~higher~~lower commodity prices. The effective income tax rate of 2933 percent ~~compared to 33~~increased from the 31 percent rate in the prior year period due primarily ~~due~~ to a change in mix of results in jurisdictions with varying tax rates. Total other taxes and duties ~~decreased~~increased by ~~$1.1~~$0.5 billion to ~~$7.5~~$8.3 billion.

Total taxes were ~~$38.1~~$24.9 billion for the first ~~nine~~six months of ~~2022, an increase~~2023, a decrease of ~~$8.8~~$0.5 billion from ~~2021.~~2022. Income tax expense ~~increased~~decreased by ~~$9.4~~$0.7 billion to ~~$14.4~~$8.5 billion reflecting ~~higher~~lower commodity prices. The effective income tax rate of 3134 percent was flat compared to ~~32 percent in~~ the prior year period. Total other taxes and duties ~~decreased~~increased by ~~$0.6~~$0.2 billion to ~~$23.7~~$16.4 billion.

In the United States, the Corporation has various ongoing U.S. federal income tax positions at issue with the Internal Revenue Service (IRS) for tax years beginning in 2006. The Corporation filed a refund suit for tax years 2006-2009 in U.S. federal district court (District Court) with respect to the positions at issue for those years. On February 24, 2020, the Corporation received an adverse ruling on this suit. The IRS has asserted penalties associated with several of those positions. The Corporation has not recognized the penalties as an expense because the Corporation does not expect the penalties to be sustained under applicable law. On January 13, 2021, the District Court ruled that no penalties apply to the Corporation's positions in this suit. The Corporation and the government have appealed the District Court's rulings to the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit). On August 3, 2022, the Fifth Circuit ruled adversely to the Corporation on its positions, but confirmed that no penalties apply. On September 30, 2022, the Fifth Circuit denied the Corporation’s request that the Fifth Circuit reconsider its opinion on one position. The Corporation and the government now have the right to request that the U.S. Supreme Court review the Fifth Circuit’s decision.

On March 4, 2022, the Corporation also filed a refund suit for tax years 2010-2011 in District Court with respect to the positions at issue for those years. The Corporation has not recognized asserted penalties for 2010-2011 as an expense because the Corporation does not expect the penalties to be sustained under applicable law. 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.

CAPITAL AND EXPLORATION EXPENDITURES


(millions of dollars)	(millions of dollars)	Three Months Ended September 30,		Nine Months Ended September 30,		(millions of dollars)		Three Months Ended June 30,			Six Months Ended June 30,
		2022	2021		2022		2021		(millions of dollars)	2023		2022	2023	2022
Upstream (including exploration expenses)	Upstream (including exploration expenses)	4,081	2,839		11,587		8,013			4,609		3,627	9,190	7,506
Energy Products	Energy Products	590	434		1,662		1,312		Energy Products	731		506	1,416	1,072
Chemical Products	Chemical Products	954	534		1,809		1,345		Chemical Products	659		419	1,490	855
Specialty Products	Specialty Products	87	43		166		115		Specialty Products	103		56	194	79
Other	Other	16	1		17		2		Other	64		1	256	1
Total	Total	5,728	3,851		15,241		10,787		Total	6,166		4,609	12,546	9,513

Capital and exploration expenditures in the ~~third~~second quarter of ~~2022~~2023 were ~~$5.7~~$6.2 billion, up ~~49 percent~~34% from the ~~third~~second quarter of ~~2021.~~2022.

Capital and exploration expenditures in the first ~~nine~~six months of ~~2022~~2023 were ~~$15.2~~$12.5 billion, up ~~41 percent~~32% from the first ~~nine~~six months of ~~2021.~~2022. The Corporation plans to invest in the range of ~~$21~~$23 billion to ~~$24~~$25 billion in ~~2022.~~2023. Actual spending could vary depending on the progress of individual projects and property acquisitions.

3231

IMPORTANT INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT

In connection with the proposed transaction between Exxon Mobil Corporation (“ExxonMobil”) and Denbury Inc. (“Denbury”), ExxonMobil and Denbury will file relevant materials with the Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 filed by ExxonMobil that will include a proxy statement of Denbury that also constitutes a prospectus of ExxonMobil. A definitive proxy statement/prospectus will be mailed to stockholders of Denbury. This communication is not a substitute for the registration statement, proxy statement or prospectus or any other document that ExxonMobil or Denbury (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EXXONMOBIL AND DENBURY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus (when they become available), as well as other filings containing important information about ExxonMobil or Denbury, without charge at the SEC’s Internet website (http://www.sec.gov). Copies of the documents filed with the SEC by ExxonMobil will be available free of charge on ExxonMobil’s internet website at www.exxonmobil.com under the tab “investors” and then under the tab “SEC Filings” or by contacting ExxonMobil’s Investor Relations Department at investor.relations@exxonmobil.com. Copies of the documents filed with the SEC by Denbury will be available free of charge on Denbury’s internet website at https://investors.denbury.com/investors/financial-information/sec-filings/ or by directing a request to Denbury Inc., ATTN: Investor Relations, 5851 Legacy Circle, Suite 1200, Plano, TX 75024, Tel. No. (972) 673-2000. The information included on, or accessible through, ExxonMobil’s or Denbury’s website is not incorporated by reference into this communication.

Participants in the Solicitation

ExxonMobil, Denbury, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Denbury is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 18, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 23, 2023. Information about the directors and executive officers of ExxonMobil is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 13, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 22, 2023. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC when they become available.

No Offer or Solicitation

This communication is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

FORWARD-LOOKING STATEMENTS

Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuel, hydrogen, and ~~hydrogen~~other plans to ~~drive towards net zero~~reduce emissions are dependent on future market factors, such as continued technological progress, ~~and~~ policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; structural earnings improvement and structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, plans to reach net zero Scope 1 and 2 emissions in Upstream Permian Basin unconventional operated assets by 2030, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions from its operations, meeting ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology efforts, timing and outcome of projects related to the capture, transportation and ~~store~~storage of CO2, and produced ~~biofuels;~~biofuels, including completion of the Denbury acquisition; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications; timing and outcome of hydrogen projects; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; ~~the ultimate outcome of contingencies and other estimates of future costs or savings;~~ future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; and resource recoveries and production rates could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions, and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European ~~Solidarity Tax;~~taxes on the energy sector; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of COVID-19 or other public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; ~~changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications;~~ government policies and support and market demand for low carbon technologies; war, civil unrest, attacks against the company or industry, and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s ~~2021~~2022 Form 10-K.

Forward-looking and other statements regarding our environmental, social and other sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making.

The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information about market risks for the ~~nine~~six months ended ~~September~~June 30, ~~2022,~~2023, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for ~~2021.~~2022.

ITEM 4. CONTROLS AND PROCEDURES

As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of ~~September~~June 30, ~~2022.~~2023. Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.

As reported in the Corporation’s Form 10-Q for the first quarter of 2021, ExxonMobil appealed to the U.S. Court of Appeals for the Fifth Circuit a judgment of the United States District Court for the Southern District of Texas entered on April 26, 2017, in a citizen suit captioned Environment Texas Citizen Lobby, Inc. et al. v. Exxon Mobil Corporation. The U.S. District Court had awarded approximately $20 million in civil penalties, payable to the United States Treasury. The suit, originally filed in December 2010, related to alleged violations by ExxonMobil of air operating permits, the Texas State Implementation Plan and the Clean Air Act at the Baytown Refinery in Texas, and claims related to alleged delay in the implementation of certain environmental improvement projects. On July 29, 2020, the Fifth Circuit vacated the U.S. District Court’s penalty award and remanded the case back to the District Court for further proceedings. On March 2, 2021, the U.S. District Court awarded $14.25 million in civil penalties, payable to the United States Treasury. ExxonMobil filed its appeal of the judgment in the U.S. Court of Appeals for the Fifth Circuit on April 12, 2021. On August 30, 2022, the Fifth Circuit affirmed the U.S. District Court’s revised penalty award of $14.25 million. On October 13, 2022, ExxonMobil filed a motion for rehearing en banc.

As reported in the Corporation’s Form 10-Q for the first quarter of 2022, on February 22, 2022, the Oil Conservation Division of the New Mexico Department of Energy, Minerals and Natural Resources (the “Department”) announced that it issued notices of violation and cumulative associated administrative civil penalties of $2.25 million to XTO Permian Operating, LLC (“XTO”) alleging XTO failed to comply with certain operational and reporting requirements relating to four salt water disposal wells. Effective August 15, 2022, XTO and the Department settled the notices of violation and additional self-reported potential violations for an administrative civil penalty of $1.77 million.

As reported in the Corporation’s Form 10-Q for the third quarter of 2020, the State of Texas filed a lawsuit against ExxonMobil Oil Corporation (EMOC) on August 19, 2020, seeking penalties and injunctive relief in connection with alleged unauthorized emissions events at EMOC’s Beaumont Refinery in Texas from 2017 to 2020. The lawsuit, captioned State of Texas v. ExxonMobil Oil Corporation, was filed in the 98th Judicial District Court of Travis County, Texas. At the time of the previous report, the State had not quantified the amount of the penalty sought. In October 2022, the State amended its petition to seek additional penalties for additional alleged violations and for an aggregate demand in excess of $1 million.

On January 3, 2022, the State of Texas, acting by and through its Attorney General, on behalf of the Texas Commission on Environmental Quality, (“State”), filed a lawsuit against the Corporation (captioned State of Texas v. Exxon Mobil Corporation) in Travis County, 126th Judicial District Court for alleged violations of the Texas Clean Air Act, ExxonMobil’s permits and promulgated regulations. The original complaint alleged that from December 21-23, 2021, a pipeline containing vaporized naphtha at the Baytown Refinery leaked, and that a spark in the course of repairs caused an explosion. In August 2022, the State amended its petition to seek additional penalties for additional alleged permit and regulatory violations in connection with unrelated subsequent emission events at the refinery, for an aggregate amount in excess of $1 million.

Refer to the relevant portions of Note 3 of this Quarterly Report on Form 10-Q for further information on legal proceedings.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchase of Equity Securities for Quarter Ended September 30, 2022
Period
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)
July 2022 16,157,299 $86.97 16,157,219 $22.5
August 2022 17,193,196 $93.80 17,193,188 $20.9
September 2022 16,006,749 $92.18 16,006,703 $19.4
Total 49,357,244 $91.04 49,357,110
(1) Includes shares withheld from participants in the company's incentive program for personal income taxes.
(2) The full-year average price paid per share is $88.08.
(3) In its earnings release dated April 29, 2022, the Corporation stated that the company increased its share repurchase program from up to $10 billion to a total of up to $30 billion through 2023. Purchases in the third quarter of 2022 were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1.


Issuer Purchases of Equity Securities for Quarter Ended June 30, 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)
April 2023	11,468,654	$115.97	11,467,390	$29.3
May 2023	14,417,519	$106.81	14,416,979	$27.8
June 2023	13,945,206	$105.42	13,945,174	$26.3
Total	39,831,379	$108.96	39,829,543

(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 $43M.
(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, including $15 billion of repurchases in 2022. Purchases were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1. The Corporation will temporarily pause repurchases due to trading restrictions during the proxy solicitation period for the Denbury acquisition, which we expect to occur during the second half of 2023.

During the ~~third~~second quarter, the Corporation did not issue or sell any unregistered equity securities.

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2023, none of the Company’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

See Index to Exhibits of this report.

3635

INDEX TO EXHIBITS


Exhibit						Description

~~3(ii)~~						~~By-Laws, as amended effective October 25, 2022 (incorporated by reference to Exhibit 3(ii) to the Registrant’s Report on Form 8-K of October 31, 2022).~~




31.1						Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
31.2						Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer.
31.3						Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
32.1						Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.
32.2						Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer.
32.3						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).

3736

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	EXXON MOBIL CORPORATION
Date: ~~November 2, 2022~~August 1, 2023	By:	/s/ LEN M. FOX
		Len M. Fox
		Vice President, Controller and
		Principal Accounting Officer

3837


(millions of dollars)	Nine Months Ended September 30,
	2022	2021

CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests	44,522	14,519
Depreciation and depletion (including impairments)	18,976	14,946

Changes in operational working capital, excluding cash and debt	6	2,232
All other items – net	(4,328)	(692)
Net cash provided by operating activities	59,176	31,005

CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(12,624)	(7,987)
Proceeds from asset sales and returns of investments	3,914	575
Additional investments and advances	(915)	(1,055)
Other investing activities including collection of advances	238	342
Net cash used in investing activities	(9,387)	(8,125)

CASH FLOW FROM FINANCING ACTIVITIES
Additions to long-term debt	55	46
Reductions in long-term debt	—	(4)
Additions to short-term debt	—	12,197
Reductions in short-term debt	(3,895)	(24,066)
Additions/(reductions) in debt with three months or less maturity	1,638	997
Contingent consideration payments	(58)	(28)
Cash dividends to ExxonMobil shareholders	(11,172)	(11,161)
Cash dividends to noncontrolling interests	(191)	(166)
Changes in noncontrolling interests	(1,074)	(278)
Common stock acquired	(10,480)	(1)
Net cash used in financing activities	(25,177)	(22,464)

Effects of exchange rate changes on cash	(950)	(12)
Increase/(decrease) in cash and cash equivalents	23,662	404
Cash and cash equivalents at beginning of period	6,802	4,364
Cash and cash equivalents at end of period	30,464	4,768

SUPPLEMENTAL DISCLOSURES
Income taxes paid	10,172	3,516
Cash interest paid
Included in cash flows from operating activities	660	818
Capitalized, included in cash flows from investing activities	605	478
Total cash interest paid	1,265	1,296


Noncash right of use assets recorded in exchange for lease liabilities
Operating leases	1,648	804
Finance leases	730	168

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


Issuer Purchase of Equity Securities for Quarter Ended September 30, 2022

Period	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)
July 2022	16,157,299	$86.97	16,157,219	$22.5
August 2022	17,193,196	$93.80	17,193,188	$20.9
September 2022	16,006,749	$92.18	16,006,703	$19.4
Total	49,357,244	$91.04	49,357,110

(1) Includes shares withheld from participants in the company's incentive program for personal income taxes.
(2) The full-year average price paid per share is $88.08.
(3) In its earnings release dated April 29, 2022, the Corporation stated that the company increased its share repurchase program from up to $10 billion to a total of up to $30 billion through 2023. Purchases in the third quarter of 2022 were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1.