Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
Document Transition Report | false |
Entity File Number | 1-2256 |
Entity Registrant Name | Exxon Mobil Corporation |
Entity Incorporation, State or Country Code | NJ |
Entity Tax Identification Number | 13-5409005 |
Entity Address, Address Line One | 22777 Springwoods Village Parkway |
Entity Address, City or Town | Spring |
Entity Address State or Province | TX |
Entity Address, Postal Zip Code | 77389-1425 |
City Area Code | 972 |
Local Phone Number | 940-6000 |
Document Information [Line Items] | |
Document Fiscal Year Focus | 2024 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 3,943,006,866 |
Amendment Flag | false |
Entity Central Index Key | 0000034088 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Common Stock, without par value [Member] | |
Document Information [Line Items] | |
Security 12(b) Title | Common Stock, without par value |
Trading Symbol | XOM |
Security Exchange Name | NYSE |
0.142% Notes Due 2024 [Member] | |
Document Information [Line Items] | |
Security 12(b) Title | 0.142% Notes due 2024 |
Trading Symbol | XOM24B |
Security Exchange Name | NYSE |
0.524% Notes Due 2028 [Member] | |
Document Information [Line Items] | |
Security 12(b) Title | 0.524% Notes due 2028 |
Trading Symbol | XOM28 |
Security Exchange Name | NYSE |
0.835% Notes Due 2032 [Member] | |
Document Information [Line Items] | |
Security 12(b) Title | 0.835% Notes due 2032 |
Trading Symbol | XOM32 |
Security Exchange Name | NYSE |
1.408% Notes Due 2039 [Member] | |
Document Information [Line Items] | |
Security 12(b) Title | 1.408% Notes due 2039 |
Trading Symbol | XOM39A |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statement Of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues and other income | ||
Revenues | $ 83,083 | $ 86,564 |
Costs and other deductions | ||
Crude oil and product purchases | 47,601 | 46,003 |
Production and manufacturing expenses | 9,091 | 9,436 |
Selling, general and administrative expenses | 2,495 | 2,390 |
Depreciation and depletion (includes impairments) | 4,812 | 4,244 |
Exploration expenses, including dry holes | 148 | 141 |
Non-service pension and postretirement benefit expense | 23 | 167 |
Interest expense | 221 | 159 |
Other taxes and duties | 6,323 | 7,221 |
Total costs and other deductions | 70,714 | 69,761 |
Income (loss) before income taxes | 12,369 | 16,803 |
Income tax expense (benefit) | 3,803 | 4,960 |
Net income (loss) including noncontrolling interests | 8,566 | 11,843 |
Net income (loss) attributable to noncontrolling interests | 346 | 413 |
Net income (loss) attributable to ExxonMobil | $ 8,220 | $ 11,430 |
Earnings (loss) per common share, basic (in dollars per share) | $ 2.06 | $ 2.79 |
Earnings (loss) per common share, diluted (in dollars per share) | $ 2.06 | $ 2.79 |
Sales and other operating revenue | ||
Revenues and other income | ||
Revenues | $ 80,411 | $ 83,644 |
Income from equity affiliates | ||
Revenues and other income | ||
Revenues | 1,842 | 2,381 |
Other income | ||
Revenues and other income | ||
Revenues | $ 830 | $ 539 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) including noncontrolling interests | $ 8,566 | $ 11,843 |
Other comprehensive income (net of income taxes) | ||
Foreign exchange translation adjustment | (1,267) | 173 |
Postretirement benefits reserves adjustment (excluding amortization) | (42) | 19 |
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 9 | 6 |
Total other comprehensive income (loss) | (1,300) | 198 |
Comprehensive income (loss) including noncontrolling interests | 7,266 | 12,041 |
Comprehensive income (loss) attributable to noncontrolling interests | 226 | 436 |
Comprehensive income (loss) attributable to ExxonMobil | $ 7,040 | $ 11,605 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 33,320 | $ 31,539 |
Cash and cash equivalents – restricted | 29 | 29 |
Notes and accounts receivable – net | 40,366 | 38,015 |
Inventories | ||
Crude oil, products and merchandise | 18,891 | 20,528 |
Materials and supplies | 4,600 | 4,592 |
Other current assets | 2,171 | 1,906 |
Total current assets | 99,377 | 96,609 |
Investments, advances and long-term receivables | 47,608 | 47,630 |
Property, plant and equipment – net | 213,723 | 214,940 |
Other assets, including intangibles – net | 17,210 | 17,138 |
Total Assets | 377,918 | 376,317 |
Current liabilities | ||
Notes and loans payable | 8,227 | 4,090 |
Accounts payable and accrued liabilities | 59,531 | 58,037 |
Income taxes payable | 4,163 | 3,189 |
Total current liabilities | 71,921 | 65,316 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt | 32,213 | 37,483 |
Postretirement benefits reserves | 10,475 | 10,496 |
Deferred income tax liabilities | 24,106 | 24,452 |
Total Liabilities | 164,866 | 163,779 |
Commitments and contingencies (Note 3) | ||
Equity | ||
Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) | 17,971 | 17,781 |
Earnings reinvested | 458,339 | 453,927 |
Accumulated other comprehensive income | (13,169) | (11,989) |
Common stock held in treasury (4,076 million shares at March 31, 2024 and 4,048 million shares at December 31, 2023) | (257,891) | (254,917) |
ExxonMobil share of equity | 205,250 | 204,802 |
Noncontrolling interests | 7,802 | 7,736 |
Total Equity | 213,052 | 212,538 |
Total Liabilities and Equity | 377,918 | 376,317 |
Related Party | ||
Liabilities, Noncurrent [Abstract] | ||
Long-term obligations | 1,909 | 1,804 |
Nonrelated Party | ||
Liabilities, Noncurrent [Abstract] | ||
Long-term obligations | $ 24,242 | $ 24,228 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, without par value | ||
Common stock, shares authorized | 9,000 | 9,000 |
Common stock, shares, issued | 8,019 | 8,019 |
Balance (in shares) - in treasury | 4,076 | 4,048 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income (loss) including noncontrolling interests | $ 8,566 | $ 11,843 |
Depreciation and depletion (includes impairments) | 4,812 | 4,244 |
Changes in operational working capital, excluding cash and debt | 2,008 | (302) |
All other items – net | (722) | 556 |
Net cash provided by operating activities | 14,664 | 16,341 |
Cash flows from investing activities | ||
Additions to property, plant and equipment | (5,074) | (5,412) |
Proceeds from asset sales and returns of investments | 703 | 854 |
Additional investments and advances | (421) | (445) |
Other investing activities including collection of advances | 215 | 78 |
Net cash used in investing activities | (4,577) | (4,925) |
Cash flows from financing activities | ||
Additions to long-term debt | 108 | 20 |
Reductions in short-term debt | (1,106) | (126) |
Additions/(reductions) in debt with three months or less maturity | (5) | (192) |
Cash dividends to ExxonMobil shareholders | (3,808) | (3,738) |
Cash dividends to noncontrolling interests | (166) | (115) |
Changes in noncontrolling interests | 6 | (16) |
Common stock acquired | (3,011) | (4,340) |
Net cash used in financing activities | (7,982) | (8,507) |
Effects of exchange rate changes on cash | (324) | 102 |
Increase/(decrease) in cash and cash equivalents | 1,781 | 3,011 |
Cash and cash equivalents at beginning of period | 31,568 | 29,665 |
Cash and cash equivalents at end of period | 33,349 | 32,676 |
Supplemental Disclosures | ||
Income taxes paid | 2,718 | 4,404 |
Cash interest paid | ||
Cash interest paid - Included in cash flows from operating activities | 301 | 256 |
Cash interest paid - Capitalized, included in cash flows from investing activities | 297 | 291 |
Total cash interest paid | 598 | 547 |
Noncash right of use assets recorded in exchange for lease liabilities | ||
Noncash right of use assets recorded in exchange for lease liabilities - Operating leases | 351 | 393 |
Noncash right of use assets recorded in exchange for lease liabilities - Finance leases | $ 0 | $ 438 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Changes In Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests |
Balance at Dec. 31, 2022 | $ 202,473 | $ 15,752 | $ 432,860 | $ (13,270) | $ (240,293) | $ 195,049 | $ 7,424 |
Balance (in shares) - issued at Dec. 31, 2022 | 8,019 | ||||||
Treasury Stock, Common, Shares at Dec. 31, 2022 | (3,937) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, at cost (in shares) | (39) | ||||||
Balance (in shares) - outstanding at Dec. 31, 2022 | 4,082 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Amortization of stock-based awards | $ 158 | 158 | 158 | ||||
Other | (22) | (6) | (6) | (16) | |||
Net income (loss) for the period | 11,843 | 11,430 | 11,430 | 413 | |||
Dividends - common shares (company) | (3,738) | (3,738) | |||||
Dividends - common shares (NCI) | (115) | ||||||
Dividends - common shares (total) | (3,853) | ||||||
Other comprehensive income (loss) | 198 | 175 | 175 | 23 | |||
Share repurchases, at cost (company) | (4,385) | (4,385) | |||||
Share repurchases, at cost (total) | (4,385) | ||||||
Dispositions | 2 | 2 | 2 | ||||
Balance at Mar. 31, 2023 | $ 206,414 | 15,904 | 440,552 | (13,095) | (244,676) | 198,685 | 7,729 |
Balance (in shares) - issued at Mar. 31, 2023 | 8,019 | ||||||
Balance (in shares) - in treasury at Mar. 31, 2023 | (3,976) | ||||||
Balance (in shares) - outstanding at Mar. 31, 2023 | 4,043 | ||||||
Balance at Dec. 31, 2023 | $ 212,538 | 17,781 | 453,927 | (11,989) | (254,917) | 204,802 | 7,736 |
Balance (in shares) - issued at Dec. 31, 2023 | 8,019 | ||||||
Treasury Stock, Common, Shares at Dec. 31, 2023 | (4,048) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, at cost (in shares) | (28) | ||||||
Balance (in shares) - outstanding at Dec. 31, 2023 | 3,971 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Amortization of stock-based awards | $ 197 | 197 | 197 | ||||
Other | (1) | (7) | (7) | 6 | |||
Net income (loss) for the period | 8,566 | 8,220 | 8,220 | 346 | |||
Dividends - common shares (company) | (3,808) | (3,808) | |||||
Dividends - common shares (NCI) | (166) | ||||||
Dividends - common shares (total) | (3,974) | ||||||
Other comprehensive income (loss) | (1,300) | (1,180) | (1,180) | (120) | |||
Share repurchases, at cost (company) | (2,978) | (2,978) | |||||
Share repurchases, at cost (total) | (2,978) | ||||||
Dispositions | 4 | 4 | 4 | ||||
Balance at Mar. 31, 2024 | $ 213,052 | $ 17,971 | $ 458,339 | $ (13,169) | $ (257,891) | $ 205,250 | $ 7,802 |
Balance (in shares) - issued at Mar. 31, 2024 | 8,019 | ||||||
Balance (in shares) - in treasury at Mar. 31, 2024 | (4,076) | ||||||
Balance (in shares) - outstanding at Mar. 31, 2024 | 3,943 |
Basis Of Financial Statement Pr
Basis Of Financial Statement Preparation | 3 Months Ended |
Mar. 31, 2024 | |
Basis Of Financial Statement Preparation [Abstract] | |
Basis Of Financial Statement Preparation | Basis of Financial Statement Preparation These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2023 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. The Corporation's exploration and production activities are accounted for under the "successful efforts" method. |
Pioneer Natural Resources Merge
Pioneer Natural Resources Merger | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Pioneer Natural Resources Merger | Pioneer Natural Resources Merger On October 11, 2023, the Corporation entered into a merger agreement with Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company, in exchange for ExxonMobil common stock. Based on the Octob er 5 closing price for ExxonMobil shares, the fixed exchange rate of 2.3234 per Pioneer share, and Pioneer's outstanding net debt, the implied enterprise value of the transaction was approximately $65 billion. We expect that the number of shares issuable in connection with the transaction to be approximately 545 million. The transaction is expected to close in the second quarter of 2024, subject to regulatory approvals. Pioneer holds over 850,000 net acres in the Midland Basin of West Texas, which consist of proved reserves totaling over 2.4 billion barrels of oil equivalent (as of December 31, 2023) and over 700 thousand oil-equivalent barrels per day of production for the three months ended December 31, 2023. |
Litigation And Other Contingenc
Litigation And Other Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Loss Contingency [Abstract] | |
Litigation And Other Contingencies | Litigation and Other Contingencies Litigation A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change. Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies, including ExxonMobil, requesting compensation for the restoration of coastal marsh erosion in the state. We believe the factual and legal theories set forth in these proceedings are meritless. While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect on the Corporation’s operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims. Other Contingencies The Corporation and certain of its consolidated subsidiaries were contingently liable at March 31, 2024, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence. March 31, 2024 (millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total Guarantees Debt-related 1,130 146 1,276 Other 681 5,820 6,501 Total 1,811 5,966 7,777 (1) ExxonMobil share |
Other Comprehensive Income Info
Other Comprehensive Income Information | 3 Months Ended |
Mar. 31, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Other Comprehensive Income Information | Other Comprehensive Income Information ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars) Cumulative Foreign Postretirement Total Balance as of December 31, 2022 (14,591) 1,321 (13,270) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 157 14 171 Amounts reclassified from accumulated other comprehensive income — 4 4 Total change in accumulated other comprehensive income 157 18 175 Balance as of March 31, 2023 (14,434) 1,339 (13,095) Balance as of December 31, 2023 (13,056) 1,067 (11,989) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) (1,138) (48) (1,186) Amounts reclassified from accumulated other comprehensive income — 6 6 Total change in accumulated other comprehensive income (1,138) (42) (1,180) Balance as of March 31, 2024 (14,194) 1,025 (13,169) (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $84 million and $(74) million in 2024 and 2023, respectively. Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) Three Months Ended 2024 2023 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) (12) (8) Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) Three Months Ended 2024 2023 Foreign exchange translation adjustment (75) 48 Postretirement benefits reserves adjustment (excluding amortization) 4 11 Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (3) (2) Total (74) 57 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share Three Months Ended 2024 2023 Net income (loss) attributable to ExxonMobil (millions of dollars) 8,220 11,430 Weighted-average number of common shares outstanding (millions of shares) (1) 3,998 4,102 Earnings (loss) per common share (dollars) (2) 2.06 2.79 Dividends paid per common share (dollars) 0.95 0.91 (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. |
Pension And Other Postretiremen
Pension And Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits | Pension and Other Postretirement Benefits (millions of dollars) Three Months Ended 2024 2023 Components of net benefit cost Pension Benefits - U.S. Service cost 113 120 Interest cost 168 166 Expected return on plan assets (181) (133) Amortization of actuarial loss/(gain) 21 21 Amortization of prior service cost (8) (7) Net pension enhancement and curtailment/settlement cost 3 8 Net benefit cost 116 175 Pension Benefits - Non-U.S. Service cost 83 82 Interest cost 227 234 Expected return on plan assets (261) (174) Amortization of actuarial loss/(gain) 25 14 Amortization of prior service cost 13 12 Net benefit cost 87 168 Other Postretirement Benefits Service cost 18 20 Interest cost 63 70 Expected return on plan assets (5) (4) Amortization of actuarial loss/(gain) (26) (30) Amortization of prior service cost (16) (10) Net benefit cost 34 46 |
Financial Instruments and Deriv
Financial Instruments and Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments And Derivatives [Abstract] | |
Financial Instruments and Derivatives | Financial Instruments and Derivatives The estimated fair value of financial instruments and derivatives at March 31, 2024 and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows: March 31, 2024 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets Effect of Effect of Difference in Carrying Value and Fair Value Net Assets Derivative assets (1) 5,813 1,304 — 7,117 (6,492) (88) — 537 Advances to/receivables from equity companies (2)(6) — 2,458 4,657 7,115 — — 498 7,613 Other long-term financial assets (3) 1,372 — 1,042 2,414 — — 174 2,588 Liabilities Derivative liabilities (4) 5,944 1,376 — 7,320 (6,492) (218) — 610 Long-term debt (5) 25,558 1,378 — 26,936 — — 3,494 30,430 Long-term obligations to equity companies (6) — — 2,039 2,039 — — (130) 1,909 Other long-term financial liabilities (7) — — 694 694 — — 48 742 December 31, 2023 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets Effect of Effect of Difference in Carrying Value and Fair Value Net Assets Derivative assets (1) 4,544 1,731 — 6,275 (5,177) (528) — 570 Advances to/receivables from equity companies (2)(6) — 2,517 4,491 7,008 — — 519 7,527 Other long-term financial assets (3) 1,389 — 944 2,333 — — 202 2,535 Liabilities Derivative liabilities (4) 4,056 1,608 — 5,664 (5,177) (40) — 447 Long-term debt (5) 30,556 2,004 — 32,560 — — 3,102 35,662 Long-term obligations to equity companies (6) — — 1,896 1,896 — — (92) 1,804 Other long-term financial liabilities (7) — — 697 697 — — 45 742 (1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net. (2) Included in the Balance Sheet line: Investments, advances and long-term receivables. (3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net. (4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations. (5) Excluding finance lease obligations. (6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company. (7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates. At March 31, 2024 and December 31, 2023, respectively, the Corporation had $736 million and $800 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements. The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of March 31, 2024, the Corporation has designated $4.9 billion of its Euro-denominated debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective. The Corporation had undrawn short-term committed lines of credit of $323 million and undrawn long-term committed lines of credit of $1,914 million as of first quarter 2024. Derivative Instruments The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue" and in the Consolidated Statement of Cash Flows in “Cash Flows from Operating Activities”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of March 31, 2024 and December 31, 2023, or results of operations for the periods ended March 31, 2024 and 2023. Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity. The net notional long/(short) position of derivative instruments at March 31, 2024 and December 31, 2023, was as follows: (millions) March 31, 2024 December 31, 2023 Crude oil (barrels) 15 (7) Petroleum products (barrels) (39) (43) Natural gas (MMBTUs) (577) (560) Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis: (millions of dollars) Three Months Ended 2024 2023 Sales and other operating revenue (792) 651 Crude oil and product purchases 3 (25) Total (789) 626 |
Disclosures About Segments And
Disclosures About Segments And Related Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Disclosures About Segments And Related Information | Disclosures about Segments and Related Information (millions of dollars) Three Months Ended 2024 2023 Earnings (Loss) After Income Tax Upstream United States 1,054 1,632 Non-U.S. 4,606 4,825 Energy Products United States 836 1,910 Non-U.S. 540 2,273 Chemical Products United States 504 324 Non-U.S. 281 47 Specialty Products United States 404 451 Non-U.S. 357 323 Corporate and Financing (362) (355) Corporate total 8,220 11,430 Sales and Other Operating Revenue Upstream United States 2,190 2,770 Non-U.S. 3,526 5,387 Energy Products United States 24,803 24,924 Non-U.S. 39,409 39,976 Chemical Products United States 2,194 2,029 Non-U.S. 3,646 3,692 Specialty Products United States 1,469 1,568 Non-U.S. 3,150 3,289 Corporate and Financing 24 9 Corporate total 80,411 83,644 Intersegment Revenue Upstream United States 5,988 4,956 Non-U.S. 9,980 9,399 Energy Products United States 6,558 5,451 Non-U.S. 6,752 6,969 Chemical Products United States 1,865 1,788 Non-U.S. 1,025 777 Specialty Products United States 655 680 Non-U.S. 164 99 Corporate and Financing 79 64 Geographic Sales and Other Operating Revenue (millions of dollars) Three Months Ended 2024 2023 United States 30,656 31,291 Non-U.S. 49,755 52,353 Total 80,411 83,644 Significant Non-U.S. revenue sources include: (1) Canada 7,055 6,721 United Kingdom 5,160 7,011 Singapore 4,018 3,731 France 3,473 3,484 Australia 2,425 2,428 Belgium 2,407 2,649 Germany 2,347 2,293 (1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in non-U.S. operations where attribution to a specific country is not practicable. Revenue from Contracts with Customers Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Sales and other operating revenue (millions of dollars) Three Months Ended 2024 2023 Revenue from contracts with customers 58,419 64,304 Revenue outside the scope of ASC 606 21,992 19,340 Total 80,411 83,644 |
Divestment Activities
Divestment Activities | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestment Activities | Divestment Activities Through March 31, 2024, the Corporation realized proceeds of approximately $0.7 billion from its divestment activities with negligible impact on net after-tax earnings. This included the sale of the Santa Ynez Unit and associated facilities in California, as well as other smaller divestments. In 2023, the Corporation realized proceeds of approximately $4.1 billion and recognized net after-tax earnings of approximately $0.6 billion from its divestment activities. This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments. In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In mid-2022, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of these matters. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Earnings (Loss) After Income Tax | $ 8,220 | $ 11,430 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Financial Statement _2
Basis of Financial Statement Preparation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Basis Of Financial Statement Preparation [Abstract] | |
Commitments and Contingencies | The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. |
Net Investment Hedge Risk Management Policy | The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. |
Litigation And Other Continge_2
Litigation And Other Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loss Contingency [Abstract] | |
Schedule Of Guarantees | March 31, 2024 (millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total Guarantees Debt-related 1,130 146 1,276 Other 681 5,820 6,501 Total 1,811 5,966 7,777 (1) ExxonMobil share |
Other Comprehensive Income In_2
Other Comprehensive Income Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income Information | ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars) Cumulative Foreign Postretirement Total Balance as of December 31, 2022 (14,591) 1,321 (13,270) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 157 14 171 Amounts reclassified from accumulated other comprehensive income — 4 4 Total change in accumulated other comprehensive income 157 18 175 Balance as of March 31, 2023 (14,434) 1,339 (13,095) Balance as of December 31, 2023 (13,056) 1,067 (11,989) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) (1,138) (48) (1,186) Amounts reclassified from accumulated other comprehensive income — 6 6 Total change in accumulated other comprehensive income (1,138) (42) (1,180) Balance as of March 31, 2024 (14,194) 1,025 (13,169) (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $84 million and $(74) million in 2024 and 2023, respectively. |
Reclassification Out Of Accumulated Other Comprehensive Income | Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) Three Months Ended 2024 2023 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) (12) (8) |
Schedule Of Income Tax (Expense)/Credit For Components Of Other Comprehensive Income | Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) Three Months Ended 2024 2023 Foreign exchange translation adjustment (75) 48 Postretirement benefits reserves adjustment (excluding amortization) 4 11 Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (3) (2) Total (74) 57 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | Earnings per common share Three Months Ended 2024 2023 Net income (loss) attributable to ExxonMobil (millions of dollars) 8,220 11,430 Weighted-average number of common shares outstanding (millions of shares) (1) 3,998 4,102 Earnings (loss) per common share (dollars) (2) 2.06 2.79 Dividends paid per common share (dollars) 0.95 0.91 (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. |
Pension And Other Postretirem_2
Pension And Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits | (millions of dollars) Three Months Ended 2024 2023 Components of net benefit cost Pension Benefits - U.S. Service cost 113 120 Interest cost 168 166 Expected return on plan assets (181) (133) Amortization of actuarial loss/(gain) 21 21 Amortization of prior service cost (8) (7) Net pension enhancement and curtailment/settlement cost 3 8 Net benefit cost 116 175 Pension Benefits - Non-U.S. Service cost 83 82 Interest cost 227 234 Expected return on plan assets (261) (174) Amortization of actuarial loss/(gain) 25 14 Amortization of prior service cost 13 12 Net benefit cost 87 168 Other Postretirement Benefits Service cost 18 20 Interest cost 63 70 Expected return on plan assets (5) (4) Amortization of actuarial loss/(gain) (26) (30) Amortization of prior service cost (16) (10) Net benefit cost 34 46 |
Financial Instruments and Der_2
Financial Instruments and Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments And Derivatives [Abstract] | |
Financial Instruments | The estimated fair value of financial instruments and derivatives at March 31, 2024 and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows: March 31, 2024 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets Effect of Effect of Difference in Carrying Value and Fair Value Net Assets Derivative assets (1) 5,813 1,304 — 7,117 (6,492) (88) — 537 Advances to/receivables from equity companies (2)(6) — 2,458 4,657 7,115 — — 498 7,613 Other long-term financial assets (3) 1,372 — 1,042 2,414 — — 174 2,588 Liabilities Derivative liabilities (4) 5,944 1,376 — 7,320 (6,492) (218) — 610 Long-term debt (5) 25,558 1,378 — 26,936 — — 3,494 30,430 Long-term obligations to equity companies (6) — — 2,039 2,039 — — (130) 1,909 Other long-term financial liabilities (7) — — 694 694 — — 48 742 December 31, 2023 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets Effect of Effect of Difference in Carrying Value and Fair Value Net Assets Derivative assets (1) 4,544 1,731 — 6,275 (5,177) (528) — 570 Advances to/receivables from equity companies (2)(6) — 2,517 4,491 7,008 — — 519 7,527 Other long-term financial assets (3) 1,389 — 944 2,333 — — 202 2,535 Liabilities Derivative liabilities (4) 4,056 1,608 — 5,664 (5,177) (40) — 447 Long-term debt (5) 30,556 2,004 — 32,560 — — 3,102 35,662 Long-term obligations to equity companies (6) — — 1,896 1,896 — — (92) 1,804 Other long-term financial liabilities (7) — — 697 697 — — 45 742 (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. |
Schedule of Notional Amounts of Outstanding Derivative Positions | The net notional long/(short) position of derivative instruments at March 31, 2024 and December 31, 2023, was as follows: (millions) March 31, 2024 December 31, 2023 Crude oil (barrels) 15 (7) Petroleum products (barrels) (39) (43) Natural gas (MMBTUs) (577) (560) |
Derivative Instruments - Before-Tax Realized and Unrealized Gains / (Losses) | Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis: (millions of dollars) Three Months Ended 2024 2023 Sales and other operating revenue (792) 651 Crude oil and product purchases 3 (25) Total (789) 626 |
Disclosures About Segments An_2
Disclosures About Segments And Related Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Disclosures About Segments And Related Information | (millions of dollars) Three Months Ended 2024 2023 Earnings (Loss) After Income Tax Upstream United States 1,054 1,632 Non-U.S. 4,606 4,825 Energy Products United States 836 1,910 Non-U.S. 540 2,273 Chemical Products United States 504 324 Non-U.S. 281 47 Specialty Products United States 404 451 Non-U.S. 357 323 Corporate and Financing (362) (355) Corporate total 8,220 11,430 Sales and Other Operating Revenue Upstream United States 2,190 2,770 Non-U.S. 3,526 5,387 Energy Products United States 24,803 24,924 Non-U.S. 39,409 39,976 Chemical Products United States 2,194 2,029 Non-U.S. 3,646 3,692 Specialty Products United States 1,469 1,568 Non-U.S. 3,150 3,289 Corporate and Financing 24 9 Corporate total 80,411 83,644 Intersegment Revenue Upstream United States 5,988 4,956 Non-U.S. 9,980 9,399 Energy Products United States 6,558 5,451 Non-U.S. 6,752 6,969 Chemical Products United States 1,865 1,788 Non-U.S. 1,025 777 Specialty Products United States 655 680 Non-U.S. 164 99 Corporate and Financing 79 64 |
Geographic Sales And Other Operating Revenue | Geographic Sales and Other Operating Revenue (millions of dollars) Three Months Ended 2024 2023 United States 30,656 31,291 Non-U.S. 49,755 52,353 Total 80,411 83,644 Significant Non-U.S. revenue sources include: (1) Canada 7,055 6,721 United Kingdom 5,160 7,011 Singapore 4,018 3,731 France 3,473 3,484 Australia 2,425 2,428 Belgium 2,407 2,649 Germany 2,347 2,293 (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. |
Disaggregation of Revenue | Sales and other operating revenue (millions of dollars) Three Months Ended 2024 2023 Revenue from contracts with customers 58,419 64,304 Revenue outside the scope of ASC 606 21,992 19,340 Total 80,411 83,644 |
Pioneer Natural Resources Mer_2
Pioneer Natural Resources Merger (Details) - Pioneer Natural Resources Merger a in Thousands, Boe in Thousands, shares in Millions, $ in Billions | 3 Months Ended | |
Jun. 30, 2024 USD ($) shares | Dec. 31, 2023 a Boe | |
Pioneer Natural Resources Merger [Line Items] | ||
Area of land | a | 850 | |
Proved developed and undeveloped reserve, net (energy) | 2,400,000 | |
Proved developed and undeveloped reserve, net (energy) per day | 700 | |
Forecast | ||
Pioneer Natural Resources Merger [Line Items] | ||
Business combination number of shares of acquirer stock issued in exchange for each share of acquiree stock | 2.3234 | |
Consideration transferred | $ | $ 65 | |
Business acquisition, equity interest issued or issuable, number of shares | shares | 545 |
Litigation And Other Continge_3
Litigation And Other Contingencies (Schedule Of Guarantees) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Litigation And Other Contingencies [Line Items] | |
Guarantees | $ 7,777 |
Equity Company Obligations [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | 1,811 |
Other Third Party Obligations [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | 5,966 |
Debt Related Guarantees [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | 1,276 |
Debt Related Guarantees [Member] | Equity Company Obligations [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | 1,130 |
Debt Related Guarantees [Member] | Other Third Party Obligations [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | 146 |
Other Guarantees [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | 6,501 |
Other Guarantees [Member] | Equity Company Obligations [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | 681 |
Other Guarantees [Member] | Other Third Party Obligations [Member] | |
Litigation And Other Contingencies [Line Items] | |
Guarantees | $ 5,820 |
Other Comprehensive Income In_3
Other Comprehensive Income Information (Schedule Of Accumulated Other Comprehensive Income Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cumulative Translation Adjustment Summary [Roll Forward] | ||
Current period change excluding amounts reclassified from accumulated other comprehensive income | $ (1,267) | $ 173 |
Postretirement Benefits Reserves Adjustment [Roll Forward] | ||
Current period change excluding amounts reclassified from accumulated other comprehensive income, Postretirement Benefits Reserves Adjustment | (42) | 19 |
Amounts reclassified from accumulated other comprehensive income | 9 | 6 |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | (11,989) | |
Balance at end of period | (13,169) | |
Exxon Mobil Corporation Share After Noncontrolling Interest [Member] | ||
Cumulative Translation Adjustment Summary [Roll Forward] | ||
Beginning Balance, Cumulative Foreign Exchange Translation Adjustment | (13,056) | (14,591) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | (1,138) | 157 |
Adjustment for foreign exchange translation (gain)/loss included in net income | 0 | 0 |
Total change in accumulated other comprehensive income | (1,138) | 157 |
Ending Balance, Cumulative Foreign Exchange Translation Adjustment | (14,194) | (14,434) |
Net investment hedge gain/(loss), net of taxes | 84 | (74) |
Postretirement Benefits Reserves Adjustment [Roll Forward] | ||
Beginning Balance, Postretirement Benefits Reserves Adjustment | 1,067 | 1,321 |
Current period change excluding amounts reclassified from accumulated other comprehensive income, Postretirement Benefits Reserves Adjustment | (48) | 14 |
Amounts reclassified from accumulated other comprehensive income | 6 | 4 |
Total change in accumulated other comprehensive income | (42) | 18 |
Ending Balance, Postretirement Benefits Reserves Adjustment | 1,025 | 1,339 |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | (11,989) | (13,270) |
Current period change excluding amounts reclassified from accumulated other comprehensive income, Total | (1,186) | 171 |
Amounts reclassified from accumulated other comprehensive income | 6 | 4 |
Total change in accumulated other comprehensive income | (1,180) | 175 |
Balance at end of period | $ (13,169) | $ (13,095) |
Other Comprehensive Income In_4
Other Comprehensive Income Information (Amounts Reclassified Out Of Acc Other Comp Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Comprehensive Income Information Before Tax [Abstract] | ||
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) | $ (12) | $ (8) |
Other Comprehensive Income In_5
Other Comprehensive Income Information (Schedule Of Income Tax (Expense)/Credit For Components Of Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Comprehensive Income Information Tax [Abstract] | ||
Foreign exchange translation adjustment | $ (75) | $ 48 |
Postretirement benefits reserves adjustment (excluding amortization) | 4 | 11 |
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (3) | (2) |
Total | $ (74) | $ 57 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to ExxonMobil | $ 8,220 | $ 11,430 |
Weighted average number of common shares outstanding (in shares) | 3,998 | 4,102 |
Earnings (loss) per common share, basic (in dollars per share) | $ 2.06 | $ 2.79 |
Earnings (loss) per common share, diluted (in dollars per share) | 2.06 | 2.79 |
Dividends paid per common share (in dollars per share) | $ 0.95 | $ 0.91 |
Pension And Other Postretirem_3
Pension And Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Postretirement Benefits [Member] | ||
Service cost | $ 18 | $ 20 |
Interest cost | 63 | 70 |
Expected return on plan assets | (5) | (4) |
Amortization of actuarial loss/(gain) | (26) | (30) |
Amortization of prior service cost | (16) | (10) |
Net benefit cost | 34 | 46 |
Pension Benefits - U.S. | Pension Plan | ||
Service cost | 113 | 120 |
Interest cost | 168 | 166 |
Expected return on plan assets | (181) | (133) |
Amortization of actuarial loss/(gain) | 21 | 21 |
Amortization of prior service cost | (8) | (7) |
Net pension enhancement and curtailment/settlement cost | 3 | 8 |
Net benefit cost | 116 | 175 |
Pension Benefits - Non-U.S. [Member] | Pension Plan | ||
Service cost | 83 | 82 |
Interest cost | 227 | 234 |
Expected return on plan assets | (261) | (174) |
Amortization of actuarial loss/(gain) | 25 | 14 |
Amortization of prior service cost | 13 | 12 |
Net benefit cost | $ 87 | $ 168 |
Financial Instruments and Der_3
Financial Instruments and Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Total Gross Assets & Liabilities [Domain] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | $ 7,117 | $ 6,275 |
Advances to/receivables from equity companies | 7,115 | 7,008 |
Other long-term financial assets | 2,414 | 2,333 |
Derivative liabilities | 7,320 | 5,664 |
Long-term debt | 26,936 | 32,560 |
Long-term obligations to equity companies | 2,039 | 1,896 |
Other long-term financial liabilities | 694 | 697 |
Net Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | 537 | 570 |
Advances to/receivables from equity companies | 7,613 | 7,527 |
Other long-term financial assets | 2,588 | 2,535 |
Derivative liabilities | 610 | 447 |
Long-term debt | 30,430 | 35,662 |
Long-term obligations to equity companies | 1,909 | 1,804 |
Other long-term financial liabilities | $ 742 | $ 742 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other assets, including intangibles – net, Notes and accounts receivable – net | Other assets, including intangibles – net, Notes and accounts receivable – net |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued liabilities, Long-term obligations | Accounts payable and accrued liabilities, Long-term obligations |
Effect Of Counterparty Netting [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | $ (6,492) | $ (5,177) |
Derivative liabilities | (6,492) | (5,177) |
Effect Of Collateral Netting [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | (88) | (528) |
Derivative liabilities | (218) | (40) |
Difference In Carrying Value And Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Advances to/receivables from equity companies | 498 | 519 |
Other long-term financial assets | 174 | 202 |
Long-term debt | 3,494 | 3,102 |
Long-term obligations to equity companies | (130) | (92) |
Other long-term financial liabilities | 48 | 45 |
Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | 5,813 | 4,544 |
Other long-term financial assets | 1,372 | 1,389 |
Derivative liabilities | 5,944 | 4,056 |
Long-term debt | 25,558 | 30,556 |
Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | 1,304 | 1,731 |
Advances to/receivables from equity companies | 2,458 | 2,517 |
Derivative liabilities | 1,376 | 1,608 |
Long-term debt | 1,378 | 2,004 |
Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Advances to/receivables from equity companies | 4,657 | 4,491 |
Other long-term financial assets | 1,042 | 944 |
Long-term obligations to equity companies | 2,039 | 1,896 |
Other long-term financial liabilities | $ 694 | $ 697 |
Financial Instruments and Der_4
Financial Instruments and Derivatives (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Initial margin collateral receivable | $ 736 | $ 800 |
Net investment hedge, European business - long-term debt principal | 4,900 | |
Short Term Financing [Member] | ||
Debt Instrument [Line Items] | ||
Unused credit line | 323 | |
Long Term Financing [Member] | ||
Debt Instrument [Line Items] | ||
Unused credit line | $ 1,914 |
Financial Instruments and Der_5
Financial Instruments and Derivatives (Balance Sheet) (Details) bbl in Millions, MMBTU in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 MMBTU bbl | Dec. 31, 2023 MMBTU bbl | |
Crude oil [Member] | Long [Member] | ||
Net notional long / short position of derivative instruments bbl | 15 | |
Crude oil [Member] | Short [Member] | ||
Net notional long / short position of derivative instruments bbl | 7 | |
Petroleum products [Member] | Short [Member] | ||
Net notional long / short position of derivative instruments bbl | 39 | 43 |
Natural gas [Member] | Short [Member] | ||
Net notional long / short position of derivative instruments MMBtus | MMBTU | 577 | 560 |
Financial Instruments and Der_6
Financial Instruments and Derivatives (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Realized and Unrealized Before-Tax Gain / (Loss) on Derivative Instruments Recognized in the Consolidated Statement of Income | ||
Revenues | $ 83,083 | $ 86,564 |
Crude oil and product purchases | (47,601) | (46,003) |
Not Designated as Hedging Instrument [Member] | ||
Realized and Unrealized Before-Tax Gain / (Loss) on Derivative Instruments Recognized in the Consolidated Statement of Income | ||
Revenues | (792) | 651 |
Crude oil and product purchases | 3 | (25) |
Total | $ (789) | $ 626 |
Disclosures About Segments An_3
Disclosures About Segments And Related Information (Schedule of Segments and Related Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | $ 8,220 | $ 11,430 |
Revenues | 83,083 | 86,564 |
Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 80,411 | 83,644 |
United States | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 30,656 | 31,291 |
Non-U.S. | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 49,755 | 52,353 |
Upstream | United States | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 1,054 | 1,632 |
Intersegment Revenue | 5,988 | 4,956 |
Upstream | United States | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,190 | 2,770 |
Upstream | Non-U.S. | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 4,606 | 4,825 |
Intersegment Revenue | 9,980 | 9,399 |
Upstream | Non-U.S. | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,526 | 5,387 |
Energy Products | United States | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 836 | 1,910 |
Intersegment Revenue | 6,558 | 5,451 |
Energy Products | United States | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 24,803 | 24,924 |
Energy Products | Non-U.S. | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 540 | 2,273 |
Intersegment Revenue | 6,752 | 6,969 |
Energy Products | Non-U.S. | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 39,409 | 39,976 |
Chemical Products | United States | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 504 | 324 |
Intersegment Revenue | 1,865 | 1,788 |
Chemical Products | United States | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,194 | 2,029 |
Chemical Products | Non-U.S. | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 281 | 47 |
Intersegment Revenue | 1,025 | 777 |
Chemical Products | Non-U.S. | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,646 | 3,692 |
Specialty Products | United States | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 404 | 451 |
Intersegment Revenue | 655 | 680 |
Specialty Products | United States | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,469 | 1,568 |
Specialty Products | Non-U.S. | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | 357 | 323 |
Intersegment Revenue | 164 | 99 |
Specialty Products | Non-U.S. | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,150 | 3,289 |
Corporate And Financing | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) After Income Tax | (362) | (355) |
Intersegment Revenue | 79 | 64 |
Corporate And Financing | Sales and other operating revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 24 | $ 9 |
Disclosures About Segments An_4
Disclosures About Segments And Related Information (Schedule of Geographic Sales And Other Operating Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | $ 83,083 | $ 86,564 |
Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 80,411 | 83,644 |
United States | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 30,656 | 31,291 |
Non-U.S. | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 49,755 | 52,353 |
Canada | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 7,055 | 6,721 |
United Kingdom | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 5,160 | 7,011 |
Singapore | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 4,018 | 3,731 |
France | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 3,473 | 3,484 |
Australia | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 2,425 | 2,428 |
Belgium | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | 2,407 | 2,649 |
Germany | Sales and other operating revenue | ||
Segment Reporting Revenue Reconciling Item [Line Items] | ||
Revenues | $ 2,347 | $ 2,293 |
Disclosures About Segments An_5
Disclosures About Segments And Related Information (Sales and Other Operating Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 83,083 | $ 86,564 |
Sales and other operating revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 58,419 | 64,304 |
Revenue outside the scope of ASC 606 | 21,992 | 19,340 |
Revenues | $ 80,411 | $ 83,644 |
Divestment Activities (Narrativ
Divestment Activities (Narrative) (Details) - Disposal Group, Disposed of by Sale - USD ($) $ in Billions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from Sale of Productive Assets | $ 0.7 | $ 4.1 |
Disposal Group Not Discontinued Operation Gain Loss On Disposal, After Tax | $ 0.6 |