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ExxonMobil Announces 2023 Results

2024-02-02 06:30 ET - News Release

  • Delivered industry-leading 2023 earnings of $36.0 billion1, generated $55.4 billion of cash flow from operating activities and distributed $32.4 billion to shareholders
  • Leading industry in compounded annual growth rate for earnings excl. identified items and cash flow since 2019 2
  • Increased Guyana and Permian production by 18% vs. 2022 and achieved record annual refinery throughput 3
  • Strengthened portfolio with $4.1 billion of non-core asset divestments, and two acquisitions; one that accelerates Low Carbon Solutions and one that will transform the Upstream business4
  • Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030


Company Website: https://corporate.exxonmobil.com/
SPRING, Texas -- (Business Wire)

Exxon Mobil Corporation (NYSE:XOM):

Results Summary

 

 

 

 

 

 

 

 

 

 

4Q23

3Q23

Change

vs

3Q23

4Q22

Change

vs

4Q22

Dollars in millions (except per share data)

2023

2022

Change

vs

2022

7,630

9,070

-1,440

12,750

-5,120

Earnings (U.S. GAAP)

36,010

55,740

-19,730

9,963

9,117

+846

14,035

-4,072

Earnings Excluding Identified Items (non-GAAP)

38,572

59,101

-20,529

 

 

 

 

 

 

 

 

 

1.91

2.25

-0.34

3.09

-1.18

Earnings Per Common Share

8.89

13.26

-4.37

2.48

2.27

+0.21

3.40

-0.92

Earnings Excl. Identified Items Per Common Share

(non-GAAP)

9.52

14.06

-4.54

 

 

 

 

 

 

 

 

 

7,757

6,022

+1,735

7,463

+294

Capital and Exploration Expenditures

26,325

22,704

+3,621

Exxon Mobil Corporation today announced fourth-quarter 2023 earnings of $7.6 billion, or $1.91 per share assuming dilution. Fourth-quarter results included unfavorable identified items of $2.3 billion including a $2.0 billion impairment as a result of regulatory obstacles in California that have prevented production and distribution assets from coming back online. Impairments were partly offset by favorable tax and divestment-related items. Earnings excluding identified items were $10.0 billion, or $2.48 per share assuming dilution. For the full year 2023, the company reported earnings of $36.0 billion, or $8.89 per share assuming dilution.

“Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” said Darren Woods, chairman and chief executive officer.

“These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished.”

1

Reported earnings, share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies.

2

Adjusted net income and cash flow from operations sourced from Bloomberg for the industry peer group. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using Bloomberg consensus as of February 1st. Industry peer group includes BP, Chevron, Shell and TotalEnergies.

3

Best-ever annual global refining throughput (2000 - 2023) since Exxon and Mobil merger in 1999, based on current refinery circuit.

4

Announced agreement to merge with Pioneer Natural Resources in October 2023. Transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval.

5

Assuming dilution.

Financial Highlights

  • Fourth-quarter earnings were $7.6 billion versus $9.1 billion in the third quarter. Identified items decreased earnings by $2.3 billion mainly from asset impairments, partly offset by favorable tax and divestment-related items. Earnings excluding identified items were $10.0 billion, an increase of $0.8 billion from the third-quarter. Results strengthened on favorable derivative mark-to-market impacts, improved volume and mix driven by advantaged Guyana and Permian assets, and stronger chemical margins. These factors were partly offset by lower industry refining margins and seasonally higher expenses.
  • Delivered full-year 2023 earnings of $36.0 billion and return on capital employed of 15%.
  • Achieved $9.7 billion of cumulative structural cost savings in 2023 versus 2019, exceeding the $9 billion plan with an additional $2.3 billion of savings during the year and $0.7 billion during the quarter. The company plans to deliver cumulative savings totaling $15 billion through the end of 2027.
  • Generated strong cash flow from operations of $13.7 billion and free cash flow of $8.0 billion in the fourth quarter. For the full year, cash increased $1.9 billion with free cash flow of $36.1 billion. Peer-leading1 2023 shareholder distributions of $32.4 billion included $14.9 billion of dividends, and $17.4 billion of share repurchases consistent with announced plans.
  • The Corporation declared a first-quarter dividend of $0.95 per share, payable on March 11, 2024, to shareholders of record of Common Stock at the close of business on February 14, 2024. Including the 4% increase in fourth-quarter dividend, the company has increased its annual dividend for a peer-leading1 41 consecutive years.
  • The debt-to-capital ratio was 16%, and the net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $31.6 billion.
  • The company continued to strengthen its portfolio with the closing of the East Texas upstream assets divestment in the fourth quarter. Total asset sales and divestments generated $4.1 billion of cash proceeds during the year.
  • Capital and exploration expenditures were $7.8 billion in the fourth quarter, bringing full-year 2023 expenditures to $26.3 billion, slightly above the top end of the guidance range, as the company opportunistically accelerated activities in the advantaged Permian and Guyana assets, and entered a new lithium business.

1

Share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies.

ADVANCING CLIMATE SOLUTIONS

Progress Toward Net Zero

  • In the Permian Basin, ExxonMobil made great progress on the plan to achieve net zero GHG emissions by 2030. In 2023, the company electrified all of its drilling fleet and replaced over 6,000 natural-gas-driven pneumatic devices in its unconventional operated assets. In addition, ExxonMobil also deployed its first electric fracturing units to further reduce emissions intensity, and signed additional long-term agreements enabling renewable power capacity to support operations. In the quarter, the company also launched a high-altitude monitoring balloon with advanced imaging technology and data processing platforms that has the potential to provide continuous, real-time methane detection. These efforts support ExxonMobil's industry-leading plans to achieve net-zero Scope 1 and 2 emissions from its unconventional operations in the Permian by 2030.

Lithium

  • In the fourth quarter, ExxonMobil announced its new MobilTM Lithium business with plans to become a leading producer and grow U.S.-based supplies of lithium for the global battery and EV markets. The company's advanced production approach has the potential to produce vast supplies of lithium with fewer environmental impacts than traditional mining operations1. Work is underway for the first phase of lithium production in southwest Arkansas, an area known to hold significant lithium deposits.
  • The company is planning first production for 2027. By 2030, ExxonMobil aims to produce enough MobilTM Lithium with the potential to supply approximately one million EVs per year.

Carbon Capture and Storage

  • In November, ExxonMobil completed the acquisition of Denbury, Inc. for $4.8 billion of ExxonMobil stock, based on the share price at closing2. The company now has the largest owned and operated carbon dioxide (CO2) pipeline network in the United States at 1,300 miles, including nearly 925 miles in Louisiana, Texas and Mississippi, one of the largest U.S. markets for CO2 emissions. The company also has access to more than 15 strategically located onshore CO2 storage sites.

1

Expected smaller footprint of lithium mining and expected lower carbon and water impacts: EM analysis of external sources and third party life-cycle analyses. 1) Vulcan Energy, 2022 https://v-er.eu/app/uploads/2023/11/LCA.pdf, Minviro publication. Grant, A., Deak, D., & Pell, R. (2020). 2) The CO2 Impact of the 2020s Battery Quality Lithium Hydroxide Supply Chain-Jade Cove Partners. https://www.jadecove.com/research/liohco2impact. Kelly, J. C., Wang, M., Dai, Q., & Winjobi, O. (2021). 3) Energy, greenhouse gas, and water life cycle analysis of lithium carbonate and lithium hydroxide monohydrate from brine and ore resources and their use in lithium ion battery cathodes and lithium ion batteries. Resources, Conservation and Recycling, 174, 105762.

2

Total consideration of $5.1 billion includes ExxonMobil stock of $4.8 billion and cash payments of $0.3 billion related to repayment of Denbury's credit facility and settlement of fractional shares.

EARNINGS AND VOLUME SUMMARY BY SEGMENT

Upstream

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

84

1,566

2,493

United States

4,202

11,728

4,065

4,559

5,708

Non-U.S.

17,106

24,751

4,149

6,125

8,201

Worldwide

21,308

36,479

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

1,573

1,566

2,493

United States

5,691

11,429

4,693

4,573

6,269

Non-U.S.

17,918

27,989

6,266

6,139

8,762

Worldwide

23,609

39,418

 

 

 

 

 

 

3,824

3,688

3,822

Production (koebd)

3,738

3,737

  • Upstream fourth-quarter earnings were $4.1 billion, a decrease of $2.0 billion from the third quarter. Identified items reduced earnings by $2.1 billion this quarter, mainly from the impairment of the idled Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution. Earnings excluding identified items were $6.3 billion, an increase of $127 million. Higher volumes and improved mix, mainly from Guyana and Permian growth, and stronger gas realizations more than offset lower crude realizations, unfavorable tax impacts, and year-end inventory effects.
  • Net production in the fourth quarter was 3.8 million oil-equivalent barrels per day, an increase of 136,000 oil-equivalent barrels per day compared to the prior quarter on favorable entitlement effects and growth in Permian and Guyana. Payara, the third Guyana development, started up in November ahead of schedule with production reaching nameplate capacity of 220,000 barrels per day in mid-January.
  • Compared to the same quarter last year, earnings decreased $4.1 billion. Identified items reduced earnings by $2.1 billion this quarter, compared to a reduction of $0.6 billion in the fourth quarter of 2022. Earnings excluding identified items were $6.3 billion, a decrease of $2.5 billion, primarily due to lower natural gas prices. Higher Permian and Guyana volumes and less unfavorable year-end inventory effects provided a partial offset. Net production was flat compared to the same quarter last year. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew about 70,000 oil-equivalent barrels per day.
  • Full-year earnings were $21.3 billion, $15.2 billion less than 2022. Identified items for the year reduced earnings by $2.3 billion, compared to an unfavorable $2.9 billion impact last year. Excluding identified items, earnings decreased $15.8 billion on lower liquids and natural gas realizations, and unfavorable unsettled derivatives mark-to-market effects of $2.4 billion, primarily from the absence of favorable impacts in the prior year. Higher volume contributions from improved portfolio mix added nearly $1 billion, as growth from Guyana and Permian more than offset divestments. Net production in 2023 was 3.7 million oil-equivalent barrels per day, in line with prior year. Production increased 111,000 oil-equivalent barrels per day, excluding impacts from divestments, entitlements, and government-mandated curtailments. Permian and Guyana combined production grew 18% versus 2022.
  • In October, ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a $59.5 billion all-stock transaction1. The combination is expected to generate double-digit returns by recovering more resources, more efficiently, while accelerating emissions reductions2. The transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval.

1

Based on the October 5, 2023 closing price for ExxonMobil shares and the fixed exchange rate of 2.3234 per Pioneer share.

2

Expected to leverage Permian GHG reduction plans to accelerate Pioneer's net-zero emissions plan to 2035 from 2050; plan to lower both companies' Permian methane emissions through new technology application.

Energy Products

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

1,329

1,356

2,188

United States

6,123

8,340

1,878

1,086

1,882

Non-U.S.

6,019

6,626

3,207

2,442

4,070

Worldwide

12,142

14,966

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

1,137

1,356

2,246

United States

5,931

8,398

1,881

1,119

2,508

Non-U.S.

6,067

7,252

3,018

2,475

4,754

Worldwide

11,998

15,650

 

 

 

 

 

 

5,357

5,551

5,423

Energy Products Sales (kbd)

5,461

5,347

  • Energy Products fourth-quarter earnings totaled $3.2 billion compared to $2.4 billion in the third quarter, an increase of $765 million. A favorable derivatives mark-to-market impact of $1.2 billion and the unwinding of prior quarter unfavorable timing effects more than offset weaker seasonal industry refining margins. Results also improved from favorable tax, year-end inventory impacts, and foreign exchange effects. These factors were partly offset by higher seasonal expenses and lower volumes from higher scheduled maintenance and divestments. Identified items increased earnings by $222 million versus the third quarter. Earnings excluding these items were $3.0 billion for the quarter, an increase of $543 million from the third quarter.
  • Compared to the fourth quarter last year, earnings decreased $863 million on weaker industry refining margins and higher project-related expenses, partly offset by favorable derivatives mark-to-market effects. Identified items improved earnings by $873 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding these identified items were $3.0 billion, $1.7 billion lower than the fourth quarter last year.
  • Full-year 2023 earnings were $12.1 billion, a decrease of $2.8 billion versus 2022 due to the decline in industry refining margins, higher planned maintenance activities and divestments. These factors were partly offset by stronger trading and marketing margins and higher sales volumes from strong reliability and the start-up of the Beaumont refinery expansion. Identified items improved earnings by $828 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding identified items were $12.0 billion, a decrease of $3.7 billion from last year.
  • Refining throughput for the year was 4.1 million barrels per day, up 38,000 barrels per day from 2022. The record throughput on a current refinery circuit basis was supported by strong reliability and the completion of the 250,000 barrels per day Beaumont refinery expansion in the first quarter of 2023. In addition, with the December completion of the 1.5 million barrels per day strategic Permian crude venture project, both the Beaumont and Baytown refineries have expanded access to advantaged Permian feedstocks.

Chemical Products

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

478

338

298

United States

1,626

2,328

(289)

(89)

(48)

Non-U.S.

11

1,215

189

249

250

Worldwide

1,637

3,543

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

446

338

298

United States

1,594

2,328

131

(89)

(48)

Non-U.S.

431

1,215

577

249

250

Worldwide

2,025

3,543

 

 

 

 

 

 

4,776

5,108

4,658

Chemical Products Sales (kt)

19,382

19,167

  • Chemical Products fourth-quarter earnings were $189 million compared to $249 million in the third quarter. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by $388 million. Earnings excluding identified items were $577 million for the quarter, an increase of $328 million from the third quarter. Margins improved from lower U.S. feed costs and strong performance product sales. Lower overall seasonal sales were partly offset by new volumes from the recently completed Baytown expansion.
  • Current quarter earnings were $61 million lower compared to fourth-quarter 2022. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by $388 million. Earnings excluding identified items were $577 million, $327 million higher on improved margins from lower feed costs.
  • Full-year earnings were $1.6 billion, a decrease of $1.9 billion versus 2022. Lower earnings reflect the overall weaker margin environment from bottom-of-cycle market conditions, higher planned maintenance, and unfavorable sales mix effects. Identified items reduced earnings by $388 million. Earnings excluding identified items were $2.0 billion, a decrease of $1.5 billion from 2022.

Specialty Products

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

386

326

406

United States

1,536

1,190

264

293

354

Non-U.S.

1,178

1,225

650

619

760

Worldwide

2,714

2,415

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

374

326

406

United States

1,524

1,190

369

293

394

Non-U.S.

1,283

1,265

743

619

800

Worldwide

2,807

2,455

 

 

 

 

 

 

1,839

1,912

1,787

Specialty Products Sales (kt)

7,597

7,810

  • Specialty Products continued to deliver strong earnings from high-value products. Fourth-quarter earnings were $650 million, compared to $619 million in the third quarter. Higher margins from improved realizations and lower feed costs, and positive year-end inventory impacts were partly offset by higher seasonal expenses and lower sales volumes. Identified items reduced earnings by $93 million in the quarter.
  • Compared to the same quarter last year, earnings decreased by $110 million. Weaker basestock margins were mostly offset by favorable year-end inventory impacts, improved reliability and stronger finished lubes margins.
  • Full-year earnings were $2.7 billion, an increase of $299 million compared with 2022 as product differentiation and brand strength drove sustained business performance. Improved finished lubes margins more than offset lower basestock margins and specialty products sales volumes due to weaker global demand.

Corporate and Financing

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

(565)

(365)

(531)

Earnings/(Loss) (U.S. GAAP)

(1,791)

(1,663)

(641)

(365)

(531)

Earnings/(Loss) Excluding Identified Items (non-GAAP)

(1,867)

(1,965)

  • Corporate and Financing fourth-quarter net charges of $565 million increased $200 million versus the third quarter driven by unfavorable foreign exchange impacts, partly offset by tax-related identified items.
  • Net charges of $565 million in the fourth quarter of 2023 increased $34 million from the same quarter of 2022.
  • Full-year net charges of $1.8 billion increased $128 million from 2022 mainly due to the absence of prior year favorable tax-related and other identified items, partly offset by lower financing costs.

CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

8,012

9,346

13,055

Net income/(loss) including noncontrolling interests

37,354

57,577

7,740

4,415

5,064

Depreciation and depletion (includes impairments)

20,641

24,040

(2,191)

1,821

(200)

Changes in operational working capital, excluding cash and debt

(4,255)

(194)

121

381

(298)

Other

1,629

(4,626)

13,682

15,963

17,621

Cash Flow from Operating Activities (U.S. GAAP)

55,369

76,797

 

 

 

 

 

 

1,020

917

1,333

Proceeds from asset sales and returns of investments

4,078

5,247

14,702

16,880

18,954

Cash Flow from Operations and Asset Sales (non-GAAP)

59,447

82,044

 

 

 

 

 

 

2,191

(1,821)

200

Less: Changes in operational working capital, excluding cash and debt

4,255

194

16,893

15,059

19,154

Cash Flow from Operations and Asset Sales excluding Working Capital

(non-GAAP)

63,702

82,238

FREE CASH FLOW

 

 

 

 

 

 

 

 

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

13,682

15,963

17,621

Cash Flow from Operating Activities (U.S. GAAP)

55,369

76,797

(6,228)

(4,920)

(5,783)

Additions to property, plant and equipment

(21,919)

(18,407)

(1,854)

(307)

(2,175)

Additional investments and advances

(2,995)

(3,090)

1,348

31

1,270

Other investing activities including collection of advances

1,562

1,508

1,020

917

1,333

Proceeds from asset sales and returns of investments

4,078

5,247

7,968

11,684

12,266

Free Cash Flow (non-GAAP)

36,095

62,055

RETURN ON AVERAGE CAPITAL EMPLOYED

 

 

 

 

Dollars in millions (unless otherwise noted)

2023

2022

Net income/(loss) attributable to ExxonMobil (U.S. GAAP)

36,010

55,740

Financing costs (after-tax)

 

 

Gross third-party debt

(1,175)

(1,213)

ExxonMobil share of equity companies

(307)

(198)

All other financing costs – net

931

276

Total financing costs

(551)

(1,135)

Earnings/(loss) excluding financing costs (non-GAAP)

36,561

56,875

 

 

 

Total assets (U.S. GAAP)

376,317

369,067

Less liabilities and noncontrolling interests share of assets and liabilities

 

 

Total current liabilities excluding notes and loans payable

(61,226)

(68,411)

Total long-term liabilities excluding long-term debt

(60,980)

(56,990)

Noncontrolling interests share of assets and liabilities

(8,878)

(9,205)

Add ExxonMobil share of debt-financed equity company net assets

3,481

3,705

Total capital employed (non-GAAP)

248,714

238,166

 

 

 

Average capital employed (non-GAAP)

243,440

228,404

 

 

 

Return on average capital employed – corporate total (non-GAAP)

15.0%

24.9%

CALCULATION OF STRUCTURAL COST SAVINGS

 

 

 

 

 

 

 

Dollars in billions

2019

 

 

 

2023

Components of Operating Costs

 

 

 

 

 

From ExxonMobil’s Consolidated Statement of Income

(U.S. GAAP)

 

 

 

 

 

Production and manufacturing expenses

36.8

 

 

 

36.9

Selling, general and administrative expenses

11.4

 

 

 

9.9

Depreciation and depletion (includes impairments)

19.0

 

 

 

20.6

Exploration expenses, including dry holes

1.3

 

 

 

0.8

Non-service pension and postretirement benefit expense

1.2

 

 

 

0.7

Subtotal

69.7

 

 

 

68.9

ExxonMobil’s share of equity company expenses (non-GAAP)

9.1

 

 

 

10.5

Total Adjusted Operating Costs (non-GAAP)

78.8

 

 

 

79.4

 

 

 

 

 

 

Total Adjusted Operating Costs (non-GAAP)

78.8

 

 

 

79.4

Less:

 

 

 

 

 

Depreciation and depletion (includes impairments)

19.0

 

 

 

20.6

Non-service pension and postretirement benefit expense

1.2

 

 

 

0.7

Other adjustments (includes equity company depreciation

and depletion)

3.6

 

 

 

3.7

Total Cash Operating Expenses (Cash Opex) (non-GAAP)

55.0

 

 

 

54.4

 

 

 

 

 

 

Energy and production taxes (non-GAAP)

11.0

 

 

 

14.9

 

 

 

 

 

 

 

 

Market

Activity /

Other

Structural

Savings

 

Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)

44.0

+3.6

+1.6

-9.7

39.5

This press release also references structural cost savings. Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, and other cost-saving measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled $9.7 billion, which included an additional $2.3 billion in 2023. The total change between periods in expenses above will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on February 2, 2024. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Important Information about the Pioneer Transaction and Where to Find It

In connection with the proposed transaction between Exxon Mobil Corporation (“ExxonMobil”) and Pioneer Natural Resources Company (“Pioneer”), ExxonMobil and Pioneer have filed and will file relevant materials with the Securities and Exchange Commission (the “SEC”). On November 21, 2023, ExxonMobil filed with the SEC a registration statement on Form S-4 (the “Form S-4”) to register the shares of ExxonMobil common stock to be issued in connection with the proposed transaction. The Form S-4 includes a proxy statement of Pioneer that also constitutes a prospectus of ExxonMobil. The information in the Form S-4 is not complete and may be changed. After the Form S-4 is declared effective, a definitive proxy statement/prospectus will be mailed to stockholders of Pioneer.

This communication is not a substitute for the Form S-4, proxy statement or prospectus or any other document that ExxonMobil or Pioneer (as applicable) has filed or may file with the SEC in connection with the proposed transaction.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EXXONMOBIL AND PIONEER ARE URGED TO READ THE FORM S-4, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

Investors and security holders may obtain free copies of the Form S-4 and the proxy statement/prospectus (when they become available), as well as other filings containing important information about ExxonMobil or Pioneer, without charge at the SEC’s Internet website (http://www.sec.gov). Copies of the documents filed with the SEC by ExxonMobil are and will be available free of charge on ExxonMobil’s internet website at www.exxonmobil.com under the tab “investors” and then under the tab “SEC Filings” or by contacting ExxonMobil’s Investor Relations Department at investor.relations@exxonmobil.com. Copies of the documents filed with the SEC by Pioneer will be available free of charge on Pioneer’s internet website at https://investors.pxd.com/investors/financials/sec-filings/. The information included on, or accessible through, ExxonMobil’s or Pioneer’s website is not incorporated by reference into this communication.

Participants in the Solicitation

ExxonMobil, Pioneer, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Pioneer and a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the Form S-4, including the documents incorporated by reference therein. Information about the directors and executive officers of ExxonMobil is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 13, 2023, in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 22, 2023, in its Form 8-K filed on June 6, 2023 and in its Form 8-K filed on February 24, 2023. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, are contained in the proxy statement/prospectus and will be contained in other relevant materials filed with the SEC when they become available.

No Offer or Solicitation

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

Cautionary Statement

Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen and other plans to reduce emissions of ExxonMobil, its affiliates or companies it is seeking to acquire, are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen, produce biofuels, produce lithium and use plastic waste as feedstock for advanced recycling; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2022 Form 10-K.

Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. However, the Global Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.

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

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 8.

This press release also includes cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 8.

This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for 2023 and 2022 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.

This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 8.

References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.

The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.

Government mandates are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.

Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year.

Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet, along with total equity.

Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is net of cash and cash equivalents, excluding restricted cash.

This press release also references structural cost savings, for more details see page 9.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.

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.

ATTACHMENT I-a

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(Preliminary)

 

Dollars in millions (unless otherwise noted)

Three Months Ended December 31,

Twelve Months Ended

December 31,

2023

2022

2023

2022

Revenues and other income

 

 

 

 

Sales and other operating revenue

81,688

93,164

334,697

398,675

Income from equity affiliates

1,165

605

6,385

11,463

Other income

1,491

1,660

3,500

3,542

Total revenues and other income

84,344

95,429

344,582

413,680

Costs and other deductions

 

 

 

 

Crude oil and product purchases

46,352

50,761

193,029

228,959

Production and manufacturing expenses

9,893

10,365

36,885

42,609

Selling, general and administrative expenses

2,591

2,832

9,919

10,095

Depreciation and depletion (includes impairments)

7,740

5,064

20,641

24,040

Exploration expenses, including dry holes

139

348

751

1,025

Non-service pension and postretirement benefit expense

217

100

714

482

Interest expense

272

207

849

798

Other taxes and duties

6,515

6,910

29,011

27,919

Total costs and other deductions

73,719

76,587

291,799

335,927

Income/(Loss) before income taxes

10,625

18,842

52,783

77,753

Income tax expense/(benefit)

2,613

5,787

15,429

20,176

Net income/(loss) including noncontrolling interests

8,012

13,055

37,354

57,577

Net income/(loss) attributable to noncontrolling interests

382

305

1,344

1,837

Net income/(loss) attributable to ExxonMobil

7,630

12,750

36,010

55,740

 

 

 

 

 

OTHER FINANCIAL DATA

 

 

 

 

Dollars in millions (unless otherwise noted)

Three Months Ended December 31,

Twelve Months Ended

December 31,

2023

2022

2023

2022

Earnings per common share (U.S. dollars)

1.91

3.09

8.89

13.26

Earnings per common share - assuming dilution (U.S. dollars)

1.91

3.09

8.89

13.26

 

 

 

 

 

Dividends on common stock

 

 

 

 

Total

3,839

3,767

14,941

14,939

Per common share (U.S. dollars)

0.95

0.91

3.68

3.55

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

Average - assuming dilution

4,010

4,138

4,052

4,205

 

 

 

 

 

Taxes

 

 

 

 

Income taxes

2,613

5,787

15,429

20,176

Total other taxes and duties

7,308

7,754

32,191

31,455

Total taxes

9,921

13,541

47,620

51,631

Sales-based taxes

5,792

6,113

24,693

25,434

Total taxes including sales-based taxes

15,713

19,654

72,313

77,065

 

 

 

 

 

ExxonMobil share of income taxes of equity companies (non-GAAP)

843

1,512

3,058

7,594

ATTACHMENT I-b

CONDENSED CONSOLIDATED BALANCE SHEET

(Preliminary)

 

Dollars in millions (unless otherwise noted)

December 31,
2023

December 31,
2022

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

31,539

29,640

Cash and cash equivalents – restricted

29

25

Notes and accounts receivable – net

38,015

41,749

Inventories

 

 

Crude oil, products and merchandise

20,528

20,434

Materials and supplies

4,592

4,001

Other current assets

1,906

1,782

Total current assets

96,609

97,631

Investments, advances and long-term receivables

47,630

49,793

Property, plant and equipment – net

214,940

204,692

Other assets, including intangibles – net

17,138

16,951

Total Assets

376,317

369,067

 

 

 

LIABILITIES

 

 

Current liabilities

 

 

Notes and loans payable

4,090

634

Accounts payable and accrued liabilities

58,037

63,197

Income taxes payable

3,189

5,214

Total current liabilities

65,316

69,045

Long-term debt

37,483

40,559

Postretirement benefits reserves

10,496

10,045

Deferred income tax liabilities

24,452

22,874

Long-term obligations to equity companies

1,804

2,338

Other long-term obligations

24,228

21,733

Total Liabilities

163,779

166,594

 

 

 

EQUITY

 

 

Common stock without par value

 

 

(9,000 million shares authorized, 8,019 million shares issued)

17,781

15,752

Earnings reinvested

453,927

432,860

Accumulated other comprehensive income

(11,989)

(13,270)

Common stock held in treasury

 

 

(4,048 million shares at December 31, 2023, and 3,937 million shares at December 31, 2022)

(254,917)

(240,293)

ExxonMobil share of equity

204,802

195,049

Noncontrolling interests

7,736

7,424

Total Equity

212,538

202,473

Total Liabilities and Equity

376,317

369,067

ATTACHMENT I-c

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Preliminary)

 

Dollars in millions (unless otherwise noted)

Twelve Months Ended

December 31,

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

Net income/(loss) including noncontrolling interests

37,354

57,577

Depreciation and depletion (includes impairments)

20,641

24,040

Changes in operational working capital, excluding cash and debt

(4,255)

(194)

All other items – net

1,629

(4,626)

Net cash provided by operating activities

55,369

76,797

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

Additions to property, plant and equipment

(21,919)

(18,407)

Proceeds from asset sales and returns of investments

4,078

5,247

Additional investments and advances

(2,995)

(3,090)

Other investing activities including collection of advances

1,562

1,508

Net cash used in investing activities

(19,274)

(14,742)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

Additions to long-term debt ¹

939

637

Reductions in long-term debt

(15)

(5)

Additions to short-term debt

198

Reductions in short-term debt

(879)

(8,075)

Additions/(Reductions) in debt with three months or less maturity

(284)

25

Contingent consideration payments

(68)

(58)

Cash dividends to ExxonMobil shareholders

(14,941)

(14,939)

Cash dividends to noncontrolling interests

(531)

(267)

Changes in noncontrolling interests

(770)

(1,475)

Common stock acquired

(17,748)

(15,155)

Net cash provided by (used in) financing activities

(34,297)

(39,114)

Effects of exchange rate changes on cash

105

(78)

Increase/(Decrease) in cash and cash equivalents

1,903

22,863

Cash and cash equivalents at beginning of period

29,665

6,802

Cash and cash equivalents at end of period

31,568

29,665

 

 

 

1 Includes $568 million issued to facilitate the sale of an entity where the buyer assumed the debt upon closing; no longer on the Condensed Consolidated Balance Sheet at the end of 2023.

ATTACHMENT II-a

KEY FIGURES: IDENTIFIED ITEMS

 

4Q23

3Q23

4Q22

Dollars in millions (unless otherwise noted)

2023

2022

7,630

9,070

12,750

Earnings/(Loss) (U.S. GAAP)

36,010

55,740

 

 

 

 

 

 

 

 

 

Identified Items

 

 

(3,040)

(530)

Impairments

(3,040)

(4,202)

305

Gain/(Loss) on sale of assets

305

886

577

(47)

(1,825)

Tax-related items

348

(1,501)

(175)

1,070

Other

(175)

1,456

(2,333)

(47)

(1,285)

Total Identified Items

(2,562)

(3,361)

 

 

 

 

 

 

9,963

9,117

14,035

Earnings/(Loss) Excluding Identified Items (non-GAAP)

38,572

59,101

 

 

 

 

 

 

 

 

 

 

 

 

4Q23

3Q23

4Q22

Dollars per common share

2023

2022

1.91

2.25

3.09

Earnings/(Loss) Per Common Share ¹ (U.S. GAAP)

8.89

13.26

 

 

 

 

 

 

 

 

 

Identified Items Per Common Share ¹

 

 

(0.75)

(0.13)

Impairments

(0.75)

(1.00)

0.08

Gain/(Loss) on sale of assets

0.08

0.21

0.14

(0.01)

(0.44)

Tax-related items

0.08

(0.36)

(0.04)

0.26

Other

(0.04)

0.35

(0.57)

(0.01)

(0.31)

Total Identified Items Per Common Share ¹

(0.63)

(0.80)

 

 

 

 

 

 

2.48

2.27

3.40

Earnings/(Loss) Excl. Identified Items Per Common Share ¹ (non-GAAP)

9.52

14.06

 

 

 

 

 

 

1 Assuming dilution.

ATTACHMENT II-b

KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT

 
Fourth Quarter 2023

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate
&
Financing

Total

Dollars in millions (unless otherwise noted)

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)

84

4,065

1,329

1,878

478

(289)

386

264

(565)

7,630

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

(1,978)

(686)

(21)

(273)

(82)

(3,040)

Gain/(Loss) on sale of assets

305

305

Tax-related items

184

58

192

(3)

53

12

5

76

577

Other

(147)

(28)

(175)

Total Identified Items

(1,489)

(628)

192

(3)

32

(420)

12

(105)

76

(2,333)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

1,573

4,693

1,137

1,881

446

131

374

369

(641)

9,963

Third Quarter 2023

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate
&
Financing

Total

Dollars in millions (unless otherwise noted)

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)

1,566

4,559

1,356

1,086

338

(89)

326

293

(365)

9,070

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Tax-related items

(14)

(33)

(47)

Total Identified Items

(14)

(33)

(47)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

1,566

4,573

1,356

1,119

338

(89)

326

293

(365)

9,117

Fourth Quarter 2022

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate
&
Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

2,493

5,708

2,188

1,882

298

(48)

406

354

(531)

12,750

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

(216)

(58)

(216)

(40)

(530)

Tax-related items

(1,415)

(410)

(1,825)

Other

1,070

1,070

Total Identified Items

(561)

(58)

(626)

(40)

(1,285)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

2,493

6,269

2,246

2,508

298

(48)

406

394

(531)

14,035

2023

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate
&
Financing

Total

Dollars in millions (unless otherwise noted)

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)

4,202

17,106

6,123

6,019

1,626

11

1,536

1,178

(1,791)

36,010

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

(1,978)

(686)

(21)

(273)

(82)

(3,040)

Gain/(Loss) on sale of assets

305

305

Tax-related items

184

(126)

192

(48)

53

12

5

76

348

Other

(147)

(28)

(175)

Total Identified Items

(1,489)

(812)

192

(48)

32

(420)

12

(105)

76

(2,562)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

5,691

17,918

5,931

6,067

1,594

431

1,524

1,283

(1,867)

38,572

2022

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate
&
Financing

Total

Dollars in millions (unless otherwise noted)

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)

11,728

24,751

8,340

6,626

2,328

1,215

1,190

1,225

(1,663)

55,740

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

(3,790)

(58)

(216)

(40)

(98)

(4,202)

Gain/(Loss) on sale of assets

299

587

886

Tax-related items

(1,415)

(410)

324

(1,501)

Other

1,380

76

1,456

Total Identified Items

299

(3,238)

(58)

(626)

(40)

302

(3,361)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

11,429

27,989

8,398

7,252

2,328

1,215

1,190

1,265

(1,965)

59,101

ATTACHMENT III

KEY FIGURES: UPSTREAM VOLUMES

 

4Q23

3Q23

4Q22

Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)

2023

2022

851

756

789

United States

803

776

709

655

682

Canada/Other Americas

664

588

3

4

4

Europe

4

4

231

229

223

Africa

221

238

722

713

725

Asia

721

705

34

40

38

Australia/Oceania

36

43

2,550

2,397

2,461

Worldwide

2,449

2,354

 

 

 

 

 

 

4Q23

3Q23

4Q22

Net natural gas production available for sale, million cubic feet per day (mcfd)

2023

2022

2,262

2,271

2,383

United States

2,311

2,551

98

94

74

Canada/Other Americas

96

148

367

368

536

Europe

414

667

149

129

89

Africa

125

71

3,486

3,528

3,704

Asia

3,490

3,418

1,283

1,358

1,381

Australia/Oceania

1,298

1,440

7,645

7,748

8,167

Worldwide

7,734

8,295

 

 

 

 

 

 

3,824

3,688

3,822

Oil-equivalent production (koebd)¹

3,738

3,737

 

 

 

 

 

 

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

 

ATTACHMENT IV

KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES

  

4Q23

3Q23

4Q22

 

Refinery throughput, thousand barrels per day (kbd)

2023

2022

1,933

1,868

1,694

 

United States

1,848

1,702

407

415

433

 

Canada

407

418

1,014

1,251

1,157

 

Europe

1,166

1,192

450

517

532

 

Asia Pacific

498

539

82

164

167

 

Other

149

179

3,886

4,215

3,983

 

Worldwide

4,068

4,030

 

 

 

 

 

 

 

4Q23

3Q23

4Q22

 

Energy Products sales, thousand barrels per day (kbd)

2023

2022

2,704

2,626

2,507

 

United States

2,633

2,426

2,653

2,925

2,916

 

Non-U.S.

2,828

2,921

5,357

5,551

5,423

 

Worldwide

5,461

5,347

 

 

 

 

 

 

 

2,255

2,316

2,270

 

Gasolines, naphthas

2,288

2,232

1,735

1,834

1,798

 

Heating oils, kerosene, diesel

1,795

1,774

328

358

349

 

Aviation fuels

336

338

185

229

210

 

Heavy fuels

214

235

854

814

796

 

Other energy products

829

768

5,357

5,551

5,423

 

Worldwide

5,461

5,347

 

 

 

 

 

 

 

4Q23

3Q23

4Q22

 

Chemical Products sales, thousand metric tons (kt)

2023

2022

1,743

1,750

1,583

 

United States

6,779

7,270

3,033

3,358

3,076

 

Non-U.S.

12,603

11,897

4,776

5,108

4,658

 

Worldwide

19,382

19,167

 

 

 

 

 

 

 

4Q23

3Q23

4Q22

 

Specialty Products sales, thousand metric tons (kt)

2023

2022

473

498

455

 

United States

1,962

2,049

1,367

1,414

1,332

 

Non-U.S.

5,635

5,762

1,839

1,912

1,787

 

Worldwide

7,597

7,810

ATTACHMENT V

KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES

  

4Q23

3Q23

4Q22

 

Dollars in millions (unless otherwise noted)

2023

2022

 

 

 

 

Upstream

 

 

2,258

2,241

2,118

 

United States

8,813

6,968

3,512

2,560

3,297

 

Non-U.S.

10,948

10,034

5,770

4,801

5,415

 

Total

19,761

17,002

 

 

 

 

 

 

 

 

 

 

 

Energy Products

 

 

227

261

343

 

United States

1,195

1,351

485

386

405

 

Non-U.S.

1,580

1,059

712

647

748

 

Total

2,775

2,410

 

 

 

 

 

 

 

 

 

 

 

Chemical Products

 

 

211

103

332

 

United States

751

1,123

641

268

824

 

Non-U.S.

1,962

1,842

852

371

1,156

 

Total

2,713

2,965

 

 

 

 

 

 

 

 

 

 

 

Specialty Products

 

 

22

16

12

 

United States

63

46

127

95

90

 

Non-U.S.

391

222

149

111

102

 

Total

454

268

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

274

92

42

 

Other

622

59

 

 

 

 

 

 

 

7,757

6,022

7,463

 

Worldwide

26,325

22,704

 

 

 

 

 

 

 

CASH CAPITAL EXPENDITURES

 

 

 

 

 

 

 

4Q23

3Q23

4Q22

 

Dollars in millions (unless otherwise noted)

2023

2022

6,228

4,920

5,783

 

Additions to property, plant and equipment

21,919

18,407

506

276

905

 

Net investments and advances

1,433

1,582

6,734

5,196

6,688

 

Total Cash Capital Expenditures

23,352

19,989

 

 

 

 

 

 

 

ATTACHMENT VI

KEY FIGURES: QUARTER EARNINGS/(LOSS)

 
Results Summary

 

 

 

 

 

 

 

 

 

 

 

4Q23

3Q23

Change

vs

3Q23

4Q22

Change

vs

4Q22

 

Dollars in millions (except per share data)

2023

2022

Change

vs

2022

7,630

9,070

-1,440

12,750

-5,120

 

Earnings (U.S. GAAP)

36,010

55,740

-19,730

9,963

9,117

+846

14,035

-4,072

 

Earnings Excluding Identified Items (non-GAAP)

38,572

59,101

-20,529

 

 

 

 

 

 

 

 

 

 

1.91

2.25

-0.34

3.09

-1.18

 

Earnings Per Common Share ¹

8.89

13.26

-4.37

2.48

2.27

+0.21

3.40

-0.92

 

Earnings Excl. Identified Items Per Common Share ¹
(non-GAAP)

9.52

14.06

-4.54

 

 

 

 

 

 

 

 

 

 

7,757

6,022

+1,735

7,463

+294

 

Capital and Exploration Expenditures

26,325

22,704

+3,621

 

 

 

 

 

 

 

 

 

 

1 Assuming dilution.

ATTACHMENT VII

KEY FIGURES: EARNINGS/(LOSS) BY QUARTER

 
Dollars in millions (unless otherwise noted)

2023

2022

2021

2020

2019

First Quarter

11,430

5,480

2,730

(610)

2,350

Second Quarter

7,880

17,850

4,690

(1,080)

3,130

Third Quarter

9,070

19,660

6,750

(680)

3,170

Fourth Quarter

7,630

12,750

8,870

(20,070)

5,690

Full Year

36,010

55,740

23,040

(22,440)

14,340

 

 

 

 

 

 

Dollars per common share ¹

2023

2022

2021

2020

2019

First Quarter

2.79

1.28

0.64

(0.14)

0.55

Second Quarter

1.94

4.21

1.10

(0.26)

0.73

Third Quarter

2.25

4.68

1.57

(0.15)

0.75

Fourth Quarter

1.91

3.09

2.08

(4.70)

1.33

Full Year

8.89

13.26

5.39

(5.25)

3.36

 

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period; assuming dilution.

 

Contacts:

Media Relations
737-272-1452

Source: Exxon Mobil Corporation

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