![]() | . | EXHIBIT 99.2 | |||||||||||||||
To assist investors in assessing 2Q24 results, the following disclosures have been made available in this 8-K filing: | |||||||||||||||||
–Identified items of $0.00 per share assuming dilution, as noted on page 1 of the news release | |||||||||||||||||
–A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 7 of the news release |
2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4) | ||||||||||||||||||||
Earnings/(Loss), $M (unless noted) | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | |||||||||||||||
Upstream | United States | 2,430 | 1,054 | 84 | 1,566 | 920 | ||||||||||||||
Non-U.S. | 4,644 | 4,606 | 4,065 | 4,559 | 3,657 | |||||||||||||||
Total | 7,074 | 5,660 | 4,149 | 6,125 | 4,577 | |||||||||||||||
Energy Products | United States | 450 | 836 | 1,329 | 1,356 | 1,528 | ||||||||||||||
Non-U.S. | 496 | 540 | 1,878 | 1,086 | 782 | |||||||||||||||
Total | 946 | 1,376 | 3,207 | 2,442 | 2,310 | |||||||||||||||
Chemical Products | United States | 526 | 504 | 478 | 338 | 486 | ||||||||||||||
Non-U.S. | 253 | 281 | (289) | (89) | 342 | |||||||||||||||
Total | 779 | 785 | 189 | 249 | 828 | |||||||||||||||
Specialty Products | United States | 447 | 404 | 386 | 326 | 373 | ||||||||||||||
Non-U.S. | 304 | 357 | 264 | 293 | 298 | |||||||||||||||
Total | 751 | 761 | 650 | 619 | 671 | |||||||||||||||
Corporate and Financing | (310) | (362) | (565) | (365) | (506) | |||||||||||||||
Net income attributable to ExxonMobil (U.S. GAAP) | 9,240 | 8,220 | 7,630 | 9,070 | 7,880 | |||||||||||||||
Earnings/(Loss) per common share (U.S. GAAP) | 2.14 | 2.06 | 1.91 | 2.25 | 1.94 | |||||||||||||||
Earnings/(Loss) per common share - assuming dilution (U.S. GAAP) | 2.14 | 2.06 | 1.91 | 2.25 | 1.94 | |||||||||||||||
Effective Income Tax Rate, % | 34 | % | 36 | % | 30 | % | 34 | % | 33 | % | ||||||||||
Capital and Exploration Expenditures, $M | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | |||||||||||||||
Upstream | United States | 2,773 | 2,269 | 2,258 | 2,241 | 2,206 | ||||||||||||||
Non-U.S. | 2,974 | 2,313 | 3,512 | 2,560 | 2,403 | |||||||||||||||
Total | 5,747 | 4,582 | 5,770 | 4,801 | 4,609 | |||||||||||||||
Energy Products | United States | 185 | 179 | 227 | 261 | 349 | ||||||||||||||
Non-U.S. | 367 | 348 | 485 | 386 | 382 | |||||||||||||||
Total | 552 | 527 | 712 | 647 | 731 | |||||||||||||||
Chemical Products | United States | 157 | 152 | 211 | 103 | 152 | ||||||||||||||
Non-U.S. | 345 | 281 | 641 | 268 | 507 | |||||||||||||||
Total | 502 | 433 | 852 | 371 | 659 | |||||||||||||||
Specialty Products | United States | 21 | 8 | 22 | 16 | 14 | ||||||||||||||
Non-U.S. | 73 | 68 | 127 | 95 | 89 | |||||||||||||||
Total | 94 | 76 | 149 | 111 | 103 | |||||||||||||||
Other | 144 | 221 | 274 | 92 | 64 | |||||||||||||||
Total Capital and Exploration Expenditures | 7,039 | 5,839 | 7,757 | 6,022 | 6,166 | |||||||||||||||
Exploration expenses, including dry holes | 153 | 148 | 139 | 338 | 133 | |||||||||||||||
Cash Capital Expenditures, $M | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | |||||||||||||||
Additions to property, plant and equipment | 6,235 | 5,074 | 6,228 | 4,920 | 5,359 | |||||||||||||||
Net investments and advances | 314 | 206 | 506 | 276 | 284 | |||||||||||||||
Total Cash Capital Expenditures | 6,549 | 5,280 | 6,734 | 5,196 | 5,643 | |||||||||||||||
Total Cash and Cash Equivalents, $G | 26.5 | 33.3 | 31.6 | 33.0 | 29.6 | |||||||||||||||
Total Debt, $G | 43.2 | 40.4 | 41.6 | 41.3 | 41.5 | |||||||||||||||
Cash Flow from Operations and Asset Sales excluding working capital (non-GAAP), $M | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | |||||||||||||||
Net cash provided by operating activities (GAAP) | 10,560 | 14,664 | 13,682 | 15,963 | 9,383 | |||||||||||||||
Proceeds associated with asset sales | 926 | 703 | 1,020 | 917 | 1,287 | |||||||||||||||
Cash flow from operations and asset sales (non-GAAP) | 11,486 | 15,367 | 14,702 | 16,880 | 10,670 | |||||||||||||||
Changes in operational working capital | 4,616 | (2,008) | 2,191 | (1,821) | 3,583 | |||||||||||||||
Cash flow from operations and asset sales excluding working capital (non-GAAP) | 16,102 | 13,359 | 16,893 | 15,059 | 14,253 | |||||||||||||||
Common Shares Outstanding, millions | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | |||||||||||||||
At quarter end | 4,443 | 3,943 | 3,971 | 3,963 | 4,003 | |||||||||||||||
Weighted-average - assuming dilution¹ | 4,317 | 3,998 | 4,010 | 4,025 | 4,066 | |||||||||||||||
¹ Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024. |
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2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4) | ||||||||||||||||||||
Upstream Volumes | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | |||||||||||||||
Liquids production (kbd) ¹ | ||||||||||||||||||||
United States | 1,261 | 816 | 851 | 756 | 785 | |||||||||||||||
Canada/Other Americas | 760 | 772 | 709 | 655 | 618 | |||||||||||||||
Europe | 4 | 4 | 3 | 4 | 4 | |||||||||||||||
Africa | 215 | 224 | 231 | 229 | 206 | |||||||||||||||
Asia | 714 | 711 | 722 | 713 | 702 | |||||||||||||||
Australia/Oceania | 30 | 30 | 34 | 40 | 38 | |||||||||||||||
Worldwide liquids production | 2,984 | 2,557 | 2,550 | 2,397 | 2,353 | |||||||||||||||
¹ Net production of crude oil, natural gas liquids, bitumen and synthetic oil, kbd. | ||||||||||||||||||||
Natural gas production available for sale (mcfd) | ||||||||||||||||||||
United States | 2,900 | 2,241 | 2,262 | 2,271 | 2,346 | |||||||||||||||
Canada/Other Americas | 114 | 94 | 98 | 94 | 97 | |||||||||||||||
Europe | 331 | 377 | 367 | 368 | 375 | |||||||||||||||
Africa | 167 | 150 | 149 | 129 | 86 | |||||||||||||||
Asia | 3,486 | 3,274 | 3,486 | 3,528 | 3,350 | |||||||||||||||
Australia/Oceania | 1,245 | 1,226 | 1,283 | 1,358 | 1,275 | |||||||||||||||
Worldwide natural gas production available for sale | 8,243 | 7,362 | 7,645 | 7,748 | 7,529 | |||||||||||||||
Oil-equivalent production, koebd ² | 4,358 | 3,784 | 3,824 | 3,688 | 3,608 | |||||||||||||||
² Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | ||||||||||||||||||||
Manufacturing Throughput and Sales | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | |||||||||||||||
Refinery throughput, kbd | ||||||||||||||||||||
United States | 1,746 | 1,900 | 1,933 | 1,868 | 1,944 | |||||||||||||||
Canada | 387 | 407 | 407 | 415 | 388 | |||||||||||||||
Europe | 987 | 954 | 1,014 | 1,251 | 1,209 | |||||||||||||||
Asia Pacific | 446 | 402 | 450 | 517 | 463 | |||||||||||||||
Other | 174 | 180 | 82 | 164 | 169 | |||||||||||||||
Worldwide refinery throughput | 3,740 | 3,843 | 3,886 | 4,215 | 4,173 | |||||||||||||||
Energy Products sales, kbd | ||||||||||||||||||||
United States | 2,639 | 2,576 | 2,704 | 2,626 | 2,743 | |||||||||||||||
Non-U.S. | 2,681 | 2,656 | 2,653 | 2,925 | 2,916 | |||||||||||||||
Worldwide Energy Products sales | 5,320 | 5,232 | 5,357 | 5,551 | 5,658 | |||||||||||||||
Gasolines, naphthas | 2,243 | 2,178 | 2,255 | 2,316 | 2,401 | |||||||||||||||
Heating oils, kerosene, diesel | 1,718 | 1,742 | 1,735 | 1,834 | 1,842 | |||||||||||||||
Aviation fuels | 344 | 339 | 328 | 358 | 344 | |||||||||||||||
Heavy fuels | 181 | 214 | 185 | 229 | 228 | |||||||||||||||
Other energy products | 834 | 759 | 854 | 814 | 844 | |||||||||||||||
Worldwide Energy Products sales | 5,320 | 5,232 | 5,357 | 5,551 | 5,658 | |||||||||||||||
Chemical Products sales, kt | ||||||||||||||||||||
United States | 1,802 | 1,847 | 1,743 | 1,750 | 1,725 | |||||||||||||||
Non-U.S. | 3,071 | 3,207 | 3,033 | 3,358 | 3,124 | |||||||||||||||
Worldwide Chemical Products sales | 4,873 | 5,054 | 4,776 | 5,108 | 4,849 | |||||||||||||||
Specialty Products sales, kt | ||||||||||||||||||||
United States | 506 | 495 | 473 | 498 | 514 | |||||||||||||||
Non-U.S. | 1,428 | 1,464 | 1,367 | 1,414 | 1,391 | |||||||||||||||
Worldwide Specialty Products sales | 1,933 | 1,959 | 1,839 | 1,912 | 1,905 |
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2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4) | |||||||||||
Earnings Factor Analysis, $M | 2Q24 vs 1Q24 | 2024 vs. 2023 (YTD) | |||||||||
Upstream | |||||||||||
Prior Period | 5,660 | 11,034 | |||||||||
Price | 200 | 570 | |||||||||
Advantaged Volume Growth (Advantaged assets) | 830 | 1,680 | |||||||||
Base Volume | (20) | (400) | |||||||||
Structural Cost Savings | 110 | 320 | |||||||||
Expenses | (150) | (510) | |||||||||
Identified Items | — | 170 | |||||||||
Other | 340 | (340) | |||||||||
Timing Effects | 100 | 210 | |||||||||
Current Period | 7,074 | 12,734 | |||||||||
Energy Products | |||||||||||
Prior Period | 1,376 | 6,493 | |||||||||
Margin | (1,090) | (2,880) | |||||||||
Advantaged Volume Growth (Strategic projects) | — | 130 | |||||||||
Base Volume | (120) | (650) | |||||||||
Structural Cost Savings | 60 | 320 | |||||||||
Expenses | 10 | (550) | |||||||||
Identified Items | — | 10 | |||||||||
Other | 140 | 20 | |||||||||
Timing Effects | 570 | (570) | |||||||||
Current Period | 946 | 2,322 | |||||||||
Chemical Products | |||||||||||
Prior Period | 785 | 1,199 | |||||||||
Margin | 180 | 100 | |||||||||
Advantaged Volume Growth (High-value products) | 40 | 260 | |||||||||
Base Volume | (120) | 120 | |||||||||
Structural Cost Savings | 30 | 50 | |||||||||
Expenses | (100) | (150) | |||||||||
Other | (40) | (20) | |||||||||
Current Period | 779 | 1,564 | |||||||||
Specialty Products | |||||||||||
Prior Period | 761 | 1,445 | |||||||||
Margin | (10) | 100 | |||||||||
Advantaged Volume Growth (High-value products) | 10 | 20 | |||||||||
Base Volume | (20) | 30 | |||||||||
Structural Cost Savings | 20 | 50 | |||||||||
Expenses | (50) | (80) | |||||||||
Other | 40 | (50) | |||||||||
Current Period | 751 | 1,512 |
Upstream Volume Factor Analysis, koebd | 2Q24 vs 1Q24 | 2024 vs. 2023 (YTD) | |||||||||
Prior Period | 3,784 | 3,719 | |||||||||
Entitlements - Price / Spend / Other | 6 | (21) | |||||||||
Government Mandates | — | 5 | |||||||||
Divestments | (12) | (56) | |||||||||
Growth / Other | 580 | 424 | |||||||||
Current Period | 4,358 | 4,071 |
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2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 OF 4) | |||||||||||||||||
Average Realization Data | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | ||||||||||||
United States | |||||||||||||||||
ExxonMobil | |||||||||||||||||
Crude ($/b) | 79.00 | 74.96 | 76.64 | 80.45 | 71.36 | ||||||||||||
Natural Gas ($/kcf) | 1.04 | 2.22 | 2.55 | 2.30 | 1.45 | ||||||||||||
Benchmarks | |||||||||||||||||
WTI ($/b) | 80.73 | 77.06 | 78.37 | 82.50 | 73.78 | ||||||||||||
ANS-WC ($/b) | 86.31 | 81.37 | 84.02 | 87.90 | 78.43 | ||||||||||||
Henry Hub ($/mbtu) | 1.89 | 2.25 | 2.88 | 2.54 | 2.09 | ||||||||||||
Non-U.S. | |||||||||||||||||
ExxonMobil | |||||||||||||||||
Crude ($/b) | 77.60 | 72.00 | 74.23 | 77.48 | 70.08 | ||||||||||||
Natural Gas ($/kcf) | 9.73 | 11.37 | 12.58 | 10.50 | 11.44 | ||||||||||||
European NG ($/kcf) | 11.30 | 14.04 | 17.34 | 13.71 | 14.61 | ||||||||||||
Benchmarks | |||||||||||||||||
Brent ($/b) | 84.94 | 83.24 | 84.05 | 86.76 | 78.40 |
The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the second quarter of 2024. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates. |
Sources and Uses of Funds, $M | 2Q24 | YTD 2024 | |||||||||||||||
Beginning Cash | 33,349 | 31,568 | |||||||||||||||
Earnings | 9,240 | 17,460 | |||||||||||||||
Depreciation | 5,787 | 10,599 | |||||||||||||||
Working Capital / Other | (4,467) | (2,835) | |||||||||||||||
Proceeds Associated with Asset Sales | 926 | 1,629 | |||||||||||||||
Cash Capital Expenditures ¹ | (6,549) | (11,829) | |||||||||||||||
Shareholder Distributions | (9,531) | (16,347) | |||||||||||||||
Debt / Other Financing | (3,021) | (4,511) | |||||||||||||||
Cash acquired from mergers and acquisitions | 754 | 754 | |||||||||||||||
Ending Cash | 26,488 | 26,488 | |||||||||||||||
¹ 2Q24 Cash Capital Expenditures includes PP&E adds of $(6.2)B and net investments and advances of $(0.3)B. YTD 2024 Cash Capital Expenditures includes PP&E adds of $(11.3)B and net investments and advances of $(0.5)B. |
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated. |