New Jersey | 13-5409005 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, without par value | XOM | New York Stock Exchange | ||||||||||||
0.142% Notes due 2024 | XOM24B | New York Stock Exchange | ||||||||||||
0.524% Notes due 2028 | XOM28 | New York Stock Exchange | ||||||||||||
0.835% Notes due 2032 | XOM32 | New York Stock Exchange | ||||||||||||
1.408% Notes due 2039 | XOM39A | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Class | Outstanding as of | |||||||
Common stock, without par value |
PART I. FINANCIAL INFORMATION | ||||||
Item 1. Financial Statements | ||||||
Condensed Consolidated Statement of Income - Three and | ||||||
Condensed Consolidated Statement of Comprehensive Income - Three and | ||||||
Condensed Consolidated Balance Sheet - As of | ||||||
Condensed Consolidated Statement of Cash Flows - | ||||||
Condensed Consolidated Statement of Changes in Equity - Three months ended | ||||||
Condensed Consolidated Statement of Changes in Equity - | ||||||
Notes to Condensed Consolidated Financial Statements | ||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||||||
Item 4. Controls and Procedures | ||||||
PART II. OTHER INFORMATION | ||||||
Item 1. Legal Proceedings | ||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||
Item 5. Other Information | ||||||
Item 6. Exhibits | ||||||
Index to Exhibits | ||||||
Signature | ||||||
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 | |||||||||||||||||||
(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 |
(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 |
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 |
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 |
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) |
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. |
(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 |
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. |
(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) |
(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) |
(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 | Total | 106,512 | 71,892 | 305,511 | 195,387 | Total | 80,795 | 111,265 | 164,439 | 198,999 | ||||||||||||||||||||||||||||||
Significant Non-U.S. revenue sources include: | Significant Non-U.S. revenue sources include: | Significant Non-U.S. revenue sources include: | ||||||||||||||||||||||||||||||||||||||
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. |
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 |
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 |
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 | ||||||||||||||
(millions of dollars) |
Upstream Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
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. |
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. |
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 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 | ||||||||||||||
(millions of dollars) |
Energy Products Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
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 | Energy Products sales | Energy Products sales | ||||||||||||||||||||||||||||||||||||||
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. |
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 | ||||||||||||||
(millions of dollars) |
Chemical Products Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
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. |
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 | ||||||||||||||
(millions of dollars) |
Specialty Products Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
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 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. |
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 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. |
(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. |
(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”. |
(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 |
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. | ||||||||||||||||||||||||||
Exhibit | Description | |||||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer. | ||||||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer. | ||||||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer. | ||||||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer. | ||||||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer. | ||||||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer. | ||||||||
101 | Interactive Data Files (formatted as Inline XBRL). | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
EXXON MOBIL CORPORATION | ||||||||
Date: | By: | /s/ LEN M. FOX | ||||||
Len M. Fox | ||||||||
Vice President, Controller and | ||||||||
Principal Accounting Officer |