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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
xom-20220630_g1.gif
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from __________to__________
 
Commission File Number 1-2256
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey   13-5409005
(State or other jurisdiction of incorporation or organization)  
(I.R.S. Employer Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code) 
(972) 940-6000
(Registrant's telephone number, including area code)
 _______________________
Securities registered pursuant to Section 12(b) of the Act: 
Title of Each Class   Trading Symbol   Name of Each Exchange on Which Registered
Common Stock, without par value   XOM   New York Stock Exchange
0.142% Notes due 2024 XOM24B New York Stock Exchange
0.524% Notes due 2028 XOM28 New York Stock Exchange
0.835% Notes due 2032 XOM32 New York Stock Exchange
1.408% Notes due 2039 XOM39A New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 
Class  
Outstanding as of June 30, 2022
Common stock, without par value   4,167,636,295



EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
 TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
   
Item 1. Financial Statements
   
Condensed Consolidated Statement of Income - Three and six months ended June 30, 2022 and 2021
   
Condensed Consolidated Statement of Comprehensive Income - Three and six months ended June 30, 2022 and 2021
   
Condensed Consolidated Balance Sheet - As of June 30, 2022 and December 31, 2021
   
Condensed Consolidated Statement of Cash Flows - Six months ended June 30, 2022 and 2021
   
Condensed Consolidated Statement of Changes in Equity - Three months ended June 30, 2022 and 2021
Condensed Consolidated Statement of Changes in Equity - Six months ended June 30, 2022 and 2021
   
Notes to Condensed Consolidated Financial Statements
   
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18 
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33 
   
Item 4. Controls and Procedures 33 
   
   
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 34 
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
34 
   
Item 6. Exhibits
34 
   
Index to Exhibits 35 
   
Signature 36 
   
2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars, unless noted)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Revenues and other income    
Sales and other operating revenue 111,265  65,943  198,999  123,495 
Income from equity affiliates 3,688  1,436  6,226  2,909 
Other income 728  363  956  485 
Total revenues and other income 115,681  67,742  206,181  126,889 
Costs and other deductions
Crude oil and product purchases 65,613  37,329  118,001  69,930 
Production and manufacturing expenses 10,686  8,471  20,927  16,533 
Selling, general and administrative expenses 2,530  2,345  4,939  4,773 
Depreciation and depletion (including impairments) 4,451  4,952  13,334  9,956 
Exploration expenses, including dry holes 286  176  459  340 
Non-service pension and postretirement benefit expense 120  162  228  540 
Interest expense 194  254  382  512 
Other taxes and duties 6,868  7,746  14,422  14,406 
Total costs and other deductions 90,748  61,435  172,692  116,990 
Income (loss) before income taxes 24,933  6,307  33,489  9,899 
Income taxes 6,359  1,526  9,165  2,322 
Net income (loss) including noncontrolling interests 18,574  4,781  24,324  7,577 
Net income (loss) attributable to noncontrolling interests 724  91  994  157 
Net income (loss) attributable to ExxonMobil 17,850  4,690  23,330  7,420 
Earnings (loss) per common share (dollars)
4.21  1.10  5.49  1.74 
Earnings (loss) per common share - assuming dilution (dollars)
4.21  1.10  5.49  1.74 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


3


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net income (loss) including noncontrolling interests 18,574  4,781  24,324  7,577 
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment (2,537) 423  (1,796) 572 
Postretirement benefits reserves adjustment (excluding amortization) 155  (47) 260  121 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 102  215  195  593 
Total other comprehensive income (loss) (2,280) 591  (1,341) 1,286 
Comprehensive income (loss) including noncontrolling interests 16,294  5,372  22,983  8,863 
Comprehensive income (loss) attributable to noncontrolling interests 547  178  906  324 
Comprehensive income (loss) attributable to ExxonMobil 15,747  5,194  22,077  8,539 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



4


CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars, unless noted)
June 30, 2022 December 31, 2021
ASSETS  
Current assets    
Cash and cash equivalents 18,861  6,802 
Notes and accounts receivable – net 48,063  32,383 
Inventories
Crude oil, products and merchandise 19,580  14,519 
Materials and supplies 4,005  4,261 
Other current assets 2,654  1,189 
Total current assets 93,163  59,154 
Investments, advances and long-term receivables 46,820  45,195 
Property, plant and equipment – net 209,159  216,552 
Other assets, including intangibles – net 18,632  18,022 
Total Assets 367,774  338,923 
LIABILITIES
Current liabilities
Notes and loans payable 7,367  4,276 
Accounts payable and accrued liabilities 67,958  50,766 
Income taxes payable 4,785  1,601 
Total current liabilities 80,110  56,643 
Long-term debt 39,516  43,428 
Postretirement benefits reserves 17,408  18,430 
Deferred income tax liabilities 20,807  20,165 
Long-term obligations to equity companies 2,617  2,857 
Other long-term obligations 22,808  21,717 
Total Liabilities 183,266  163,240 
Commitments and contingencies (Note 3)
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
16,018  15,746 
Earnings reinvested 407,902  392,059 
Accumulated other comprehensive income (15,017) (13,764)
Common stock held in treasury
(3,851 million shares at June 30, 2022 and
3,780 million shares at December 31, 2021)
(231,587) (225,464)
ExxonMobil share of equity 177,316  168,577 
Noncontrolling interests 7,192  7,106 
Total Equity 184,508  175,683 
Total Liabilities and Equity 367,774  338,923 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


5



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(millions of dollars) Six Months Ended June 30,
2022 2021
CASH FLOW FROM OPERATING ACTIVITIES    
Net income (loss) including noncontrolling interests 24,324  7,577 
Depreciation and depletion (including impairments) 13,334  9,956 
Changes in operational working capital, excluding cash and debt (1,661) 1,573 
All other items – net (1,246) (192)
Net cash provided by operating activities 34,751  18,914 
CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (7,748) (5,147)
Proceeds from asset sales and returns of investments 1,232  557 
Additional investments and advances (643) (613)
Other investing activities including collection of advances 150  132 
Net cash used in investing activities (7,009) (5,071)
CASH FLOW FROM FINANCING ACTIVITIES
Additions to short-term debt
—  9,662 
Reductions in short-term debt
(2,336) (18,000)
Additions/(reductions) in debt with three months or less maturity 1,303  1,320 
Contingent consideration payments (58) (28)
Cash dividends to ExxonMobil shareholders (7,487) (7,441)
Cash dividends to noncontrolling interests (123) (112)
Changes in noncontrolling interests (697) (207)
Common stock acquired (5,986) (1)
Net cash used in financing activities (15,384) (14,807)
Effects of exchange rate changes on cash (299) 65 
Increase/(decrease) in cash and cash equivalents 12,059  (899)
Cash and cash equivalents at beginning of period 6,802  4,364 
Cash and cash equivalents at end of period 18,861  3,465 
SUPPLEMENTAL DISCLOSURES
Income taxes paid 5,545  2,079 
Cash interest paid
Included in cash flows from operating activities 352  466 
Capitalized, included in cash flows from investing activities 388  313 
Total cash interest paid 740  779 
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases 1,039  511 
Finance leases 656  55 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

 
6


CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
  ExxonMobil Share of Equity    
(millions of dollars, unless noted)
Common Stock Earnings Reinvested Accumulated Other Comprehensive Income Common Stock Held in Treasury ExxonMobil Share of Equity Non-controlling Interests Total Equity
Balance as of March 31, 2021 15,884  382,953  (16,090) (225,773) 156,974  7,127  164,101 
Amortization of stock-based awards 126  —  —  —  126  —  126 
Other (4) —  —  —  (4) 33  29 
Net income (loss) for the period —  4,690  —  —  4,690  91  4,781 
Dividends - common shares —  (3,721) —  —  (3,721) (60) (3,781)
Other comprehensive income (loss) —  —  504  —  504  87  591 
Acquisitions, at cost —  —  —  —  —  (293) (293)
Dispositions —  —  —  — 
Balance as of June 30, 2021 16,006  383,922  (15,586) (225,771) 158,571  6,985  165,556 
Balance as of March 31, 2022 15,879  393,779  (12,914) (227,529) 169,215  7,311  176,526 
Amortization of stock-based awards 143  —  —  —  143  —  143 
Other (4) —  —  —  (4) (15) (19)
Net income (loss) for the period —  17,850  —  —  17,850  724  18,574 
Dividends - common shares —  (3,727) —  —  (3,727) (63) (3,790)
Other comprehensive income (loss) —  —  (2,103) —  (2,103) (177) (2,280)
Acquisitions, at cost —  —  —  (4,059) (4,059) (588) (4,647)
Dispositions —  —  —  — 
Balance as of June 30, 2022 16,018  407,902  (15,017) (231,587) 177,316  7,192  184,508 

  Three Months Ended June 30, 2022   Three Months Ended June 30, 2021
Common Stock Share Activity (millions of shares)
Issued Held in Treasury Outstanding   Issued Held in Treasury Outstanding
Balance as of March 31 8,019  (3,806) 4,213  8,019  (3,785) 4,234 
Acquisitions —  (45) (45) —  —  — 
Dispositions —  —  —  —  —  — 
Balance as of June 30 8,019  (3,851) 4,168  8,019  (3,785) 4,234 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
7


CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
  ExxonMobil Share of Equity    
(millions of dollars, unless noted)
Common Stock Earnings Reinvested Accumulated Other Comprehensive Income Common Stock Held in Treasury ExxonMobil Share of Equity Non-controlling Interests Total Equity
Balance as of December 31, 2020 15,688  383,943  (16,705) (225,776) 157,150  6,980  164,130 
Amortization of stock-based awards 328  —  —  —  328  —  328 
Other (10) —  —  —  (10) 86  76 
Net income (loss) for the period —  7,420  —  —  7,420  157  7,577 
Dividends - common shares —  (7,441) —  —  (7,441) (112) (7,553)
Other comprehensive income (loss) —  —  1,119  —  1,119  167  1,286 
Acquisitions, at cost —  —  —  (1) (1) (293) (294)
Dispositions —  —  —  — 
Balance as of June 30, 2021 16,006  383,922  (15,586) (225,771) 158,571  6,985  165,556 
Balance as of December 31, 2021 15,746  392,059  (13,764) (225,464) 168,577  7,106  175,683 
Amortization of stock-based awards 281  —  —  —  281  —  281 
Other (9) —  —  —  (9) (1) (10)
Net income (loss) for the period —  23,330  —  —  23,330  994  24,324 
Dividends - common shares —  (7,487) —  —  (7,487) (123) (7,610)
Other comprehensive income (loss) —  —  (1,253) —  (1,253) (88) (1,341)
Acquisitions, at cost —  —  —  (6,126) (6,126) (696) (6,822)
Dispositions —  —  —  — 
Balance as of June 30, 2022 16,018  407,902  (15,017) (231,587) 177,316  7,192  184,508 

  Six Months Ended June 30, 2022   Six Months Ended June 30, 2021
Common Stock Share Activity (millions of shares)
Issued Held in Treasury Outstanding   Issued Held in Treasury Outstanding
Balance as of December 31 8,019  (3,780) 4,239  8,019  (3,786) 4,233 
Acquisitions —  (71) (71) —  —  — 
Dispositions —  —  —  — 
Balance as of June 30 8,019  (3,851) 4,168  8,019  (3,785) 4,234 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

8


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Basis of Financial Statement Preparation
These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2021 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.
 
The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

Note 2. Russia
In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s first quarter earnings included after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (including impairments)” on the Condensed Consolidated Statement of Income. The Corporation's exit from the project would result in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represented less than one percent of the Corporation's 18.5 billion oil-equivalent barrels of proved reserves at year-end 2021.




9


Note 3. Litigation and Other Contingencies
Litigation
A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.
Other Contingencies
The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, 2022, 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. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
  June 30, 2022
 (millions of dollars)
Equity Company
Obligations (1)
Other Third-Party Obligations Total
Guarantees      
Debt-related 1,138  144  1,282 
Other 757  5,903  6,660 
Total 1,895  6,047  7,942 
(1) ExxonMobil share
Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition.
The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights; sanctions and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.

10


Note 4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income (millions of dollars)
Cumulative Foreign Exchange Translation Adjustment Postretirement Benefits
 Reserves Adjustment
Total
Balance as of December 31, 2020 (10,614) (6,091) (16,705)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
425  119  544 
Amounts reclassified from accumulated other comprehensive income —  575  575 
Total change in accumulated other comprehensive income 425  694  1,119 
Balance as of June 30, 2021 (10,189) (5,397) (15,586)
Balance as of December 31, 2021 (11,499) (2,265) (13,764)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(1,682) 245  (1,437)
Amounts reclassified from accumulated other comprehensive income —  184  184 
Total change in accumulated other comprehensive income (1,682) 429  (1,253)
Balance as of June 30, 2022 (13,181) (1,836) (15,017)
 (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $327 million and $135 million in 2022 and 2021, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
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) (132) (280) (252) (764)

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

Foreign exchange translation adjustment
(68) 19  (90) (34)
Postretirement benefits reserves adjustment (excluding amortization) (83) 25  (123) (33)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (30) (65) (57) (171)
Total (181) (21) (270) (238)

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Note 5. Earnings Per Share 
  Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings per common share    
Net income (loss) attributable to ExxonMobil (millions of dollars)
17,850  4,690  23,330  7,420 
Weighted average number of common shares outstanding (millions of shares)
4,233  4,276  4,248  4,274 
Earnings (loss) per common share (dollars) (1)
4.21  1.10  5.49  1.74 
Dividends paid per common share (dollars)
0.88  0.87  1.76  1.74 
(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

Note 6. Pension and Other Postretirement Benefits 
 (millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Components of net benefit cost    
Pension Benefits - U.S.    
Service cost 177  208  356  433 
Interest cost 129  140  258  279 
Expected return on plan assets (140) (181) (280) (361)
Amortization of actuarial loss/(gain) 39  61  78  122 
Amortization of prior service cost (7) (6) (14) (12)
Net pension enhancement and curtailment/settlement cost 53  95  90  393 
Net benefit cost 251  317  488  854 
Pension Benefits - Non-U.S.
Service cost 145  198  295  393 
Interest cost 157  135  317  265 
Expected return on plan assets (207) (263) (420) (521)
Amortization of actuarial loss/(gain) 47  107  94  215 
Amortization of prior service cost 11  14  23  29 
Net pension enhancement and curtailment/settlement cost (1) —  (1) 12 
Net benefit cost 152  191  308  393 
Other Postretirement Benefits
Service cost 38  46  78  95 
Interest cost 53  55  108  111 
Expected return on plan assets (4) (4) (7) (9)
Amortization of actuarial loss/(gain) —  19  38 
Amortization of prior service cost (10) (10) (21) (21)
Net benefit cost 77  106  161  214 
 

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Note 7. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at June 30, 2022 and December 31, 2021, and the related hierarchy level for the fair value measurement was as follows:
  June 30, 2022
  Fair Value        
(millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets
& Liabilities
Effect of
Counterparty Netting
Effect of
Collateral
Netting
Difference in Carrying Value and Fair Value Net
Carrying
Value
Assets                
Derivative assets (1)
6,269  2,935  —  9,204  (7,954) (209) —  1,041 
Advances to/receivables from equity companies (2)(6)
—  2,511  5,017  7,528  —  —  666  8,194 
Other long-term financial assets (3)
1,166  —  1,017  2,183  —  —  188  2,371 
Liabilities
Derivative liabilities (4)
6,278  3,921  —  10,199  (7,954) (218) —  2,027 
Long-term debt (5)
34,229  61  34,295  —  —  2,935  37,230 
Long-term obligations to equity companies (6)
—  —  2,635  2,635  —  —  (18) 2,617 
Other long-term financial liabilities (7)
—  —  742  742  —  —  51  793 
 
  December 31, 2021
  Fair Value        
(millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets
& Liabilities
Effect of
Counterparty Netting
Effect of
Collateral
Netting
Difference in Carrying Value and Fair Value Net
Carrying
Value
Assets                
Derivative assets (1)
1,422  1,523  —  2,945  (1,930) (28) —  987 
Advances to/receivables from equity companies (2)(6)
—  3,076  5,373  8,449  —  —  (123) 8,326 
Other long-term financial assets (3)
1,134  —  1,058  2,192  —  —  181  2,373 
Liabilities
Derivative liabilities (4)
1,701  2,594  —  4,295  (1,930) (306) —  2,059 
Long-term debt (5)
44,454  88  44,545  —  —  (2,878) 41,667 
Long-term obligations to equity companies (6)
—  —  3,084  3,084  —  —  (227) 2,857 
Other long-term financial liabilities (7)
—  —  902  902  —  —  58  960 
(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 June 30, 2022 and December 31, 2021, respectively, the Corporation had $1,403 million and $641 million of collateral under master netting arrangements not offset against the derivatives on the 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 June 30, 2022, the
13


Corporation has designated $4.7 billion of its Euro-denominated long-term debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.
The Corporation had undrawn short-term committed lines of credit of $10.6 billion, of which $10 billion will expire without renewal in the third quarter, and undrawn long-term committed lines of credit of $0.4 billion as of second quarter 2022.
Derivative Instruments
The Corporation’s size, strong capital structure, geographic diversity and the complementary nature of our business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue". The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of June 30, 2022 and December 31, 2021, or results of operations for the periods ended June 30, 2022 and 2021.
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 June 30, 2022 and December 31, 2021, was as follows:
(millions) June 30, 2022 December 31, 2021
Crude oil (barrels) 47  82 
Petroleum products (barrels) (39) (48)
Natural gas (MMBTUs) (115) (115)
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 June 30, Six Months Ended June 30,
2022 2021 2022 2021
Sales and other operating revenue (1,413) (1,088) (3,948) (1,600)
Crude oil and product purchases —  (20) (26) (19)
Total (1,413) (1,108) (3,974) (1,619)

Note 8. Disclosures about Segments and Related Information
Effective April 1, 2022, the Corporation streamlined its business structure by combining the Chemical and Downstream businesses into a single business, Product Solutions. Product Solutions consists of three operating segments:
Energy Products: Fuels, aromatics, and catalysts and licensing
Chemical Products: Olefins, polyethylene, polypropylene, and intermediates
Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins
Information disclosed in this note has been recast for the new segmentation.
14


(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings (Loss) After Income Tax
Upstream    
United States 3,749  663  6,125  1,026 
Non-U.S. 7,622  2,522  9,734  4,713 
Energy Products
United States 2,655  (278) 3,144  (510)
Non-U.S. 2,617  (578) 1,933  (1,267)
Chemical Products
United States 625  1,149  1,395  1,803 
Non-U.S. 450  1,051  1,086  1,788 
Specialty Products
United States 232  262  478  442 
Non-U.S. 185  487  415  862 
Corporate and Financing (286) (588) (980) (1,437)
Corporate total 17,850  4,690  23,330  7,420 
Sales and Other Operating Revenue
Upstream
United States 3,958  1,726  6,614  3,611 
Non-U.S. 7,101  3,792  13,444  6,886 
Energy Products
United States 34,473  18,770  59,326  34,304 
Non-U.S. 52,804  29,925  94,519  56,815 
Chemical Products
United States 3,180  3,035  6,274  5,533 
Non-U.S. 4,497  4,244  8,994  7,985 
Specialty Products
United States 1,653  1,242  3,044  2,379 
Non-U.S. 3,591  3,204  6,769  6,073 
Corporate and Financing 15  (91)
Corporate total (1)
111,265  65,943  198,999  123,495 
Intersegment Revenue
Upstream
United States 7,180  3,827  13,371  7,150 
Non-U.S. 13,533  7,747  24,368  14,564 
Energy Products
United States 8,348  4,102  15,197  7,263 
Non-U.S. 10,848  5,186  19,610  10,085 
Chemical Products
United States 2,558  1,461  4,325  2,806 
Non-U.S. 1,600  929  3,107  1,751 
Specialty Products
United States 713  584  1,272  1,080 
Non-U.S. 195  160  419  320 
Corporate and Financing 59  52  116  109 
(1) See footnote on the next page

15


Geographic Sales and Other Operating Revenue    
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
United States 43,264  24,773  75,258  45,827 
Non-U.S. 68,001  41,170  123,741  77,668 
Total (1)
111,265  65,943  198,999  123,495 
Significant Non-U.S. revenue sources include: (2)
Canada 9,642  5,282  16,638  9,541 
United Kingdom 8,306  3,815  15,854  6,758 
France 5,265  3,247  9,622  6,029 
Singapore 4,774  3,515  9,096  6,950 
Italy 3,063  2,466  5,898  4,331 
Belgium 3,041  2,192  5,877  4,181 
Australia 3,205  2,019  5,661  3,748 
(1) Includes approximately 23% and 15% related to revenue outside the scope of ASC 606 "Revenue from Contracts with Customers" for the three months ended June 30, 2022 and June 30, 2021, respectively, and 22% and 16% for the six months ended June 30, 2022 and June 30, 2021, respectively. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
(2) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.
 

16


Note 9. Divestment Activities
In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In early July, 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.
In May 2022, the Corporation signed an agreement for the sale of ExxonMobil Exploration and Production Romania, consisting of certain unproved Upstream assets, to Romgaz S.A. The transaction closed in the third quarter, and the Corporation will recognize a gain on the sale of approximately $300 million.
In June 2022, the Corporation signed an agreement with Whitecap Resources Inc. for the sale of XTO Energy Canada, consisting of Upstream unconventional assets in central Alberta. The agreed sales price is subject to interim period adjustments from May 1, 2022 to the closing date. The transaction is anticipated to close in the third quarter, and the Corporation expects to recognize a gain on the sale of approximately $300 million.

17


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
During the COVID-19 pandemic, industry investment to maintain and increase production capacity was restrained to preserve capital, resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. In addition, industry rationalization of refining capacity resulted in more than 3 million barrels per day of capacity being taken offline. Across late 2021 and the first half of 2022, this dynamic, along with supply chain constraints, and a continuation of demand recovery led to a steady increase in oil and natural gas prices and refining margins. In the first half of 2022, tightness in the oil and natural gas markets was further exacerbated by Russia’s invasion of Ukraine and subsequent sanctions imposed upon business and other activities in Russia. The price of Brent crude oil and certain regional natural gas indicators increased to levels not seen for several years, and both natural gas realizations and industry refining margins improved to levels well above the 10-year range. By the end of the second quarter, high prices had led to a tempering of demand for some products. Commodity and product prices are expected to remain volatile given the current global economic uncertainty and geopolitical events affecting supply and demand.
In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. The Corporation remains focused on protecting the safety of employees, operations, and the environment. The Corporation is complying with all applicable laws and sanctions and is currently engaged in transitioning Sakhalin-1 operating activities to another party.
The Corporation’s first quarter results included after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin (see Note 2 to Condensed Consolidated Financial Statements). Efforts to transition operatorship to a third party and exit the venture are expected to result in minimal hydrocarbon sales and cash flows for the Corporation’s account in future periods. For reference, excluding the impact of impairments and other charges, after-tax earnings related to the Corporation’s interest in Sakhalin during the first half of 2022 were approximately $0.3 billion, and combined oil and gas production was approximately 45 thousand oil-equivalent barrels per day. The Corporation's exit from the project would result in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represented less than one percent of the Corporation's 18.5 billion oil-equivalent barrels of proved reserves at year-end 2021.
The Corporation holds a 25% interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and holds a 16.8% working interest in the Kashagan field in Kazakhstan. Oil production from those operations is exported through the Caspian Pipeline Consortium (CPC) pipeline, in which the Corporation holds a 7.5% interest. CPC traverses parts of Kazakhstan and Russia to tanker-loading facilities on the Russian coast of the Black Sea. In the event that existing sanctions related to Russia’s military actions in Ukraine expand, new sanctions are imposed, countermeasures are employed by the Russian Federation, or other direct or indirect impacts arise, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration. For reference, after-tax earnings related to the Corporation’s interests in Kazakhstan for the first half of 2022 were $1.5 billion, and its share of combined oil and gas production was approximately 250 thousand oil-equivalent barrels per day.
Effective April 1, 2022, the Corporation streamlined its business structure by combining the Chemical and Downstream businesses into a single business, Product Solutions. The new business is focused on growing high-value products, improving competitiveness and leading in sustainability. Product Solutions consists of three operating segments:
Energy Products: Fuels, aromatics, and catalysts and licensing
Chemical Products: Olefins, polyethylene, polypropylene, and intermediates
Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins
Further information on financial performance related to the new segments are disclosed in Management's Discussion and Analysis and Note 8 to the Condensed Consolidated Financial Statements.

18


FUNCTIONAL EARNINGS SUMMARY
Earnings (loss) excluding Identified Items, are earnings (loss) excluding individually significant non-operational events with 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 in a given quarter may be less than $250 million when the item impacts several segments or several periods. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.
Three Months Ended
June 30, 2022

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total
(millions of dollars) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Earnings (loss) (U.S. GAAP) 3,749 7,622 2,655 2,617 625 450 232 185 (286) 17,850
Identified Items
Gain/(loss) on sale of assets 299 299
Earnings (loss) excluding Identified Items 3,450 7,622 2,655 2,617 625 450 232 185 (286) 17,551
 
Three Months Ended
June 30, 2021
Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total
(millions of dollars) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Earnings (loss) (U.S. GAAP) 663  2,522  (278) (578) 1,149  1,051  262 487 (588) 4,690
Identified Items
Severance charges —  —  —  —  —  —  (12) (12)
Earnings (loss) excluding Identified Items 663  2,522  (278) (578) 1,149  1,051  262 487 (576) 4,702

Six Months Ended
June 30, 2022
Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total
(millions of dollars) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Earnings (loss) (U.S. GAAP) 6,125 9,734 3,144 1,933 1,395 1,086 478 415 (980) 23,330
Identified Items
Impairments (2,877) (98) (2,975)
Gain/(loss) on sale of assets 299 299
Other - Russia impacts (378) (378)
Earnings (loss) excluding Identified Items 5,826 12,989 3,144 1,933 1,395 1,086 478 415 (882) 26,384

Six Months Ended
June 30, 2021
Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total
(millions of dollars) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Earnings (loss) (U.S. GAAP) 1,026  4,713  (510) (1,267) 1,803  1,788  442 862 (1,437) 7,420
Identified Items
Severance charges —  —  —  —  —  —  (43) (43)
Earnings (loss) excluding Identified Items 1,026  4,713  (510) (1,267) 1,803  1,788  442 862 (1,394) 7,463
References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S. GAAP) from the Condensed Consolidated Statement of Income. Unless otherwise indicated, references to earnings (loss), Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing segment earnings (loss), and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.
Due to rounding, numbers presented may not add up precisely to the totals indicated.

19


REVIEW OF SECOND QUARTER 2022 RESULTS
ExxonMobil’s second quarter 2022 earnings were $17.9 billion, or $4.21 per diluted share, compared with earnings of $4.7 billion a year earlier. The increase in earnings was driven by higher Upstream realizations and Energy Products margins. Capital and exploration expenditures were $4.6 billion, up $0.8 billion from second quarter 2021.
Earnings for the first six months of 2022 were $23.3 billion, or $5.49 per diluted share, compared with $7.4 billion a year earlier. Capital and exploration expenditures were $9.5 billion, up $2.6 billion from 2021. The Corporation distributed $7.5 billion in dividends to shareholders and repurchased $6.1 billion of common stock.

UPSTREAM
Upstream Financial Results
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings (loss) (U.S. GAAP)
United States 3,749  663  6,125  1,026 
Non-U.S. 7,622  2,522  9,734  4,713 
Total 11,371  3,185  15,859  5,739 
Identified Items (1)
United States 299  —  299  — 
Non-U.S. —  —  (3,255) — 
Total 299    (2,956)  
Earnings (loss) excluding Identified Items (1)
United States 3,450  663  5,826  1,026 
Non-U.S. 7,622  2,522  12,989  4,713 
Total 11,072  3,185  18,815  5,739 
Upstream Second Quarter Earnings Factor Analysis
(millions of dollars)
xom-20220630_g2.jpg
Price – Higher realizations increased earnings by $7,900 million as average realizations for crude oil increased 71%, while natural gas realizations increased 186%.
Volume/Mix – Higher volumes increased earnings by $440 million, reflecting growth in Guyana and Permian and eased curtailments, partly offset by downtime, lower entitlements, and decline.
Other – All other items decreased earnings by $450 million due to divestment-related impairments and absence of prior year one-time tax impacts.
Identified Items (1) 2Q 2022 $299 million gain on the sale of U.S. Barnett Shale assets.
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.
20


Upstream Year-to-Date Earnings Factor Analysis
(millions of dollars)
xom-20220630_g3.jpg
Price – Higher realizations increased earnings by $13,830 million as average realizations for crude oil increased 69% and natural gas realizations increased 161%.
Volume/Mix – Unfavorable volume and mix effects decreased earnings by $380 million, reflecting impacts from the reduced Groningen gas production limit in Netherlands, higher downtime including the effects of weather in the first quarter, and lower entitlements due to prices, partly offset by growth in Permian and Guyana.
Other – All other items decreased earnings by $370 million due to divestment-related impairments and the absence of prior year one-time tax impacts.
Identified Items (1) 2022 $(2,956) million loss as a result of the company's plans to discontinue operations on the Russia Sakhalin-1 project, partly offset by a gain on the sale of U.S. Barnett Shale assets.
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

21


Upstream Operational Results
Three Months Ended June 30, Six Months Ended June 30,
  2022 2021 2022 2021
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily)
       
United States 777  687  765  676 
Canada/Other Americas 556  529  516  552 
Europe 16  25 
Africa 224  254  240  254 
Asia 691  669  714  680 
Australia/Oceania 46  45  43  42 
Worldwide 2,298  2,200  2,282  2,229 
Net natural gas production available for sale
(millions of cubic feet daily)
United States 2,699  2,804  2,738  2,786 
Canada/Other Americas 180  189  180  203 
Europe 825  654  798  1,026 
Africa 67  46  63  35 
Asia 3,320  3,433  3,330  3,515 
Australia/Oceania 1,515  1,168  1,421  1,166 
Worldwide 8,606  8,294  8,530  8,731 
 
Oil-equivalent production (1)
(thousands of oil-equivalent barrels daily)
3,732  3,582  3,704 3,684
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
2Q 2022 versus 2Q 2021
Liquids production – 2.3 million barrels per day increased 98 thousand barrels per day from 2Q 2021, reflecting growth in Permian and Guyana and easing government-mandated curtailments, partly offset by lower entitlements due to higher prices, higher downtime, and divestments.
Natural gas production available for sale – 8.6 billion cubic feet per day increased 312 million cubic feet per day from 2Q 2021, reflecting reduced scheduled maintenance, partly offset by lower entitlements and divestments.

YTD 2022 versus YTD 2021
Liquids production – 2.3 million barrels per day increased 53 thousand barrels per day from 2021, reflecting growth in Permian and Guyana and easing government-mandated curtailments, partly offset by lower entitlements due to higher prices, higher downtime including the effects of weather in the first quarter of 2022, and divestments.
Natural gas production available for sale – 8.5 billion cubic feet per day decreased 201 million cubic feet per day from 2021, reflecting impacts from the reduced Groningen production limit, divestments, and entitlements.


22


Upstream Additional Information
 (thousands of barrels daily) Three Months Ended June 30 Six Months Ended June 30
Volumes reconciliation (Oil-equivalent production) (1)
 
2021 3,582 3,684
Entitlements - Net Interest (27) (29)
Entitlements - Price / Spend / Other (57) (48)
Government Mandates 90 101
Divestments (28) (46)
Other 172 42
2022 3,732 3,704
(1)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Listed below are descriptions of ExxonMobil’s volumes reconciliation factors which are provided to facilitate understanding of the terms.
Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining factors. These factors consist of net interest changes specified in Production Sharing Contracts (PSCs) which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices. 
Entitlements - Price, Spend and Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining factors. These factors include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such factors can also include other temporary changes in net interest as dictated by specific provisions in production agreements. 
Government Mandates are changes to ExxonMobil's sustainable production levels as a result of temporary non-operational production limits or sanctions imposed by governments, generally upon a country, sector, type or method of production. 
Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration. 
Other comprise all other operational and non-operational factors not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such factors include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.
23


ENERGY PRODUCTS
Energy Products Financial Results
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings (loss) (U.S. GAAP)
United States 2,655  (278) 3,144  (510)
Non-U.S. 2,617  (578) 1,933  (1,267)
Total 5,273  (856) 5,077  (1,777)
Earnings (loss) excluding Identified Items (1)
United States 2,655  (278) 3,144  (510)
Non-U.S. 2,617  (578) 1,933  (1,267)
Total 5,273  (856) 5,077  (1,777)
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

Energy Products Second Quarter Earnings Factor Analysis
(millions of dollars)
xom-20220630_g4.jpg
Margins – Higher margins increased earnings by $5,770 million due to improved industry refining margins and favorable derivative mark-to-market effects.
Volume/Mix – Favorable volume and mix effects increased earnings by $280 million, primarily as a result of lower scheduled maintenance and turnaround activity.
Other – All other items increased earnings by $80 million.


24


Energy Products Year-to-Date Earnings Factor Analysis
(millions of dollars)
xom-20220630_g5.jpg
Margins – Higher margins increased earnings by $5,960 million driven by an increase in industry refining margins.
Volume/Mix – Favorable volume and mix effects increased earnings by $580 million, mainly as a result of lower scheduled maintenance and turnaround activity.
Other – All other items increased earnings by $310 million, primarily due to the absence of terminal conversion impacts in the prior year.


Energy Products Operational Results
(thousands of barrels daily) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Refinery throughput
United States 1,686  1,532  1,686  1,532 
Canada 413  332  406  348 
Europe 1,164  1,223  1,179  1,188 
Asia Pacific 532  607  534  576 
Other 193  164  180  161 
Worldwide 3,988  3,858  3,985  3,805 
Energy Products sales (1)
United States 2,452  2,230  2,358  2,153 
Non-U.S. 2,858  2,776  2,853  2,766 
Worldwide 5,310  5,006  5,211  4,920 
Gasoline, naphthas 2,208  2,117  2,161  2,057 
Heating oils, kerosene, diesel oils 1,755  1,704  1,739  1,698 
Aviation fuels 350  201  319  192 
Heavy fuels 228  275  238  266 
Other energy products 769  709  753  707 
 (1) Data reported net of purchases/sales contracts with the same counterparty.


25


CHEMICAL PRODUCTS
Chemical Products Financial Results
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings (loss) (U.S. GAAP)
United States 625 1,149  1,395  1,803 
Non-U.S. 450 1,051  1,086  1,788 
Total 1,076  2,200  2,481  3,591 
Earnings (loss) excluding Identified Items (1)
United States 625  1,149  1,395  1,803 
Non-U.S. 450  1,051  1,086  1,788 
Total 1,076  2,200  2,481  3,591 
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

Chemical Products Second Quarter Earnings Factor Analysis
(millions of dollars)
xom-20220630_g6.jpg
Margins – Lower margins decreased earnings by $960 million, reflecting higher feed and energy costs only partly offset by price increases.
Volume/Mix – Higher volumes increased earnings by $40 million.
Other – All other items decreased earnings by $200 million, primarily driven by unfavorable foreign exchange, higher growth-related expenses, and increased planned maintenance.

26


Chemical Products Year-to-Date Earnings Factor Analysis
(millions of dollars)
xom-20220630_g7.jpg
Margins – Lower margins decreased earnings by $910 million, reflecting higher feed and energy costs, partly offset by price increases.
Volume/Mix – Higher volumes increased earnings by $130 million, primarily due to higher U.S. sales including the start-up of the chemical complex in Corpus Christi, Texas.
Other – All other items decreased earnings by $330 million, primarily driven by higher growth-related expenses, increased planned maintenance, and unfavorable foreign exchange effects.

Chemical Products Operational Results
(thousands of metric tons) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Chemical Products sales (1)
United States 1,998  1,782  4,030  3,403 
Non-U.S. 2,812  2,949  5,798  6,093 
Worldwide 4,811  4,731  9,829  9,496 
 (1) Data reported net of purchases/sales contracts with the same counterparty.

27


SPECIALTY PRODUCTS
Specialty Products Financial Results
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings (loss) (U.S. GAAP)
United States 232  262  478  442 
Non-U.S. 185  487  415  862 
Total 417  750  893  1,304 
Earnings (loss) excluding Identified Items (1)
United States 232  262  478  442 
Non-U.S. 185  487  415  862 
Total 417  750  893  1,304 
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

Specialty Products Second Quarter Earnings Factor Analysis
(millions of dollars)
xom-20220630_g8.jpg
Margins – Lower margins decreased earnings by $210 million, primarily related to lower industry basestock margins.
Volume/Mix – Unfavorable volume mix effects decreased earnings by $90 million, primarily driven by higher scheduled maintenance.
Other – All other items decreased earnings by $30 million.

28


Specialty Products Year-to-Date Earnings Factor Analysis
(millions of dollars)
xom-20220630_g9.jpg
Margins – Lower margins decreased earnings by $360 million, primarily related to lower industry basestock margins as a result of increased feed costs.
Volume/Mix – Unfavorable volume mix effects decreased earnings by $60 million driven by higher scheduled maintenance.
Other – All other items increased earnings by $10 million.

Specialty Products Operational Results
(thousands of metric tons) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Specialty Products sales (1)
United States 590  495  1,111  1,005 
Non-U.S. 1,511  1,447  2,995  2,932 
Worldwide 2,100  1,942  4,107  3,936 
(1) Data reported net of purchases/sales contracts with the same counterparty.

CORPORATE AND FINANCING
Corporate and Financing Financial Results
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings (loss) (U.S. GAAP) (286) (588) (980) (1,437)
Identified Items (1)
—  (12)