XOM Exxon Mobil Corp

• Delivered record first quarter earnings of $11.4 billion, demonstrating structural earnings improvements through growth of advantaged assets, mix improvements, and cost and execution efficiencies
• Increased oil and gas net production by nearly 300,000 oil-equivalent barrels per day versus first-quarter 2022, excluding divestments, entitlements, and Sakhalin-1 expropriation
• Started up the Beaumont Refinery expansion and reached full capacity of 250,000 barrels of production per day to help meet global demand
• Announced final investment decision for the Uaru offshore development and two new discoveries in Guyana
• Grew Low Carbon Solutions business with the execution of a new long-term customer contract for carbon capture, transportation, and storage

Exxon Mobil Corporation (NYSE:XOM):

Results Summary

 

 

 

 

 

 

 

 

 

 

 

Dollars in millions (except per share data)

1Q23

4Q22

Change

vs

4Q22

1Q22

Change

vs

1Q22

Earnings (U.S. GAAP)

11,430

12,750

-1,320

5,480

+5,950

Earnings Excluding Identified Items (non-GAAP)

11,618

14,035

-2,417

8,833

+2,785

 

 

 

 

 

 

Earnings Per Common Share ¹

2.79

3.09

-0.30

1.28

+1.51

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

2.83

3.40

-0.57

2.07

+0.76

 

 

 

 

 

 

Capital and Exploration Expenditures

6,380

7,463

-1,083

4,904

+1,476

 

 

 

 

 

 

¹ Assuming dilution.

 

 

 

 

 

Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. Results included unfavorable identified items of approximately $200 million associated with additional European taxes on the energy sector. Capital and exploration expenditures were $6.4 billion, on track to meet the company's full year guidance of $23 billion to $25 billion.

“Our people's hard work to execute on our strategic priorities delivered a record first quarter following a record year,” said Darren Woods, chairman and chief executive officer.

“We are growing value by increasing production from our advantaged assets to meet global demand. At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company's growing momentum in providing industrial customers with large-scale emission reduction solutions.”

Financial Highlights

• First-quarter 2023 earnings were $11.4 billion compared with $12.8 billion in the fourth quarter of 2022. Excluding the identified item associated with additional European taxes on the energy sector, earnings were $11.6 billion compared to $14.0 billion in the prior quarter. Identified items in the fourth quarter included a higher impact from the additional European taxes on the energy sector, asset impairments, and one-time adjustments related to the Sakhalin-1 expropriation.
• Lower liquids and natural gas realizations coupled with the absence of favorable mark-to-market impacts on unsettled derivatives, fewer days in the quarter, and higher scheduled maintenance negatively impacted results sequentially. These impacts were partially offset by higher volumes, mix improvements driven by advantaged project growth, strong operating execution, and disciplined cost management. Results also benefited from the absence of year-end inventory effects and lower corporate and financing costs.
• The company remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $7.2 billion to date.
• Cash flow from operations totaled $16.3 billion, and free cash flow was $11.4 billion for the quarter. The company's debt-to-capital ratio remained at 17% and the net-debt-to-capital ratio declined to about 4%, reflecting a period-end cash balance of $32.7 billion.

Shareholder Distributions

• Shareholder distributions of $8.1 billion included $4.3 billion of share repurchases, keeping the company on track to repurchase up to $17.5 billion during the year.
• The Corporation declared a second-quarter dividend of $0.91 per share, payable on June 9, 2023, to shareholders of record of Common Stock at the close of business on May 16, 2023.

Reducing Emissions

• The company announced as of year-end 2022, it had reduced greenhouse gas emissions intensity of its operated assets by more than 10% and methane intensity by more than 50% relative to a 2016 baseline1.

Carbon Capture and Storage2

• ExxonMobil and Linde, one of the world's leading global industrial gases and engineering companies, have entered into a long-term commercial agreement in which ExxonMobil, subject to government permitting, will capture, transport, and permanently store up to 2.2 million metric tons of carbon dioxide (CO2) each year from Linde's new clean hydrogen production facility in Beaumont, Texas, with operations starting as soon as 2025.

1 Scope 1 and 2 greenhouse gas emission estimates from ExxonMobil's operated assets (2022, compared to 2016 levels); the company is working to continuously improve its performance and methods to detect, measure and address greenhouse gas emissions.

2 The emission reduction outcome of this project is subject to the timing and regulatory approval of necessary permits, acquisition of rights of way, changes in regulatory policy, supply chain disruptions, and other market conditions

 

.

 

 

 

EARNINGS AND VOLUME SUMMARY BY SEGMENT

Upstream

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

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

 

 

 

United States

1,632

2,493

2,376

Non-U.S.

4,825

5,708

2,112

Worldwide

6,457

8,201

4,488

 

 

 

 

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

 

 

 

United States

1,632

2,493

2,376

Non-U.S.

4,983

6,269

5,367

Worldwide

6,615

8,762

7,743

 

 

 

 

Production (koebd)

3,831

3,822

3,675

• Upstream earnings were $6.5 billion, a decrease of $1.7 billion from the fourth quarter. The main drivers were lower prices, with crude and natural gas realizations down 10% and 23%, respectively, and unfavorable unsettled derivatives mark-to-market effects of $2.0 billion, largely reflecting the absence of a positive mark-to-market impact in the prior quarter. These impacts were partially offset by robust cost control and seasonally lower expenses, the absence of year-end inventory effects, and favorable volume/mix effects from advantaged growth in the Permian, Guyana, and LNG. Identified items unfavorably impacted earnings by $158 million this quarter, down from $561 million in the previous quarter. Earnings excluding identified items decreased from $8.8 billion to $6.6 billion.
• Compared to the same quarter last year, earnings increased $2 billion. The prior-year period was negatively impacted by an identified item associated with the Sakhalin-1 expropriation. Excluding identified items, earnings declined $1.1 billion year over year, driven by a 23% decrease in crude realizations, partly offset by higher production volumes.
• Net production in the first quarter was 3.8 million oil-equivalent barrels per day, an increase of nearly 160,000 oil-equivalent barrels per day compared to the same quarter last year. Excluding divestments, entitlements and the Sakhalin-1 expropriation, net production increased nearly 300,000 oil-equivalent barrels per day driven by advantaged projects in Guyana and the Permian.
• The company announced its final investment decision for the Uaru development in Guyana. This is the fifth offshore project and is expected to provide an additional 250,000 oil-equivalent barrels per day of gross capacity with start-up targeted for 2026. In addition, two new exploration discoveries were made this year.

Energy Products

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

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

 

 

 

United States

1,910

2,188

489

Non-U.S.

2,273

1,882

(684)

Worldwide

4,183

4,070

(196)

 

 

 

 

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

 

 

 

United States

1,910

2,246

489

Non-U.S.

2,303

2,508

(684)

Worldwide

4,213

4,754

(196)

 

 

 

 

Energy Products Sales (kbd)

5,277

5,423

5,111

• Energy Products earnings totaled $4.2 billion, up $113 million from the fourth quarter. Positive drivers were volume and mix improvements driven by reliable operations and the Beaumont refinery expansion start-up and the absence of unfavorable prior-quarter unsettled derivatives. Continued cost control offset the impact from higher scheduled maintenance expenses which were also partially mitigated by top-quartile1 turnaround performance reducing labor costs and downtime. The absence of year-end inventory effects, foreign exchange impacts, and downtime from scheduled maintenance as well as fewer days in the quarter negatively impacted results. Earnings excluding identified items decreased to $4.2 billion from $4.8 billion. Identified items in the fourth quarter included a higher impact from the additional European taxes on the energy sector and asset impairments.
• Compared to the same quarter last year, earnings increased $4.4 billion due to stronger industry refining margins, increased marketing and trading contributions, and favorable volume/mix impacts, partly offset by increased scheduled maintenance.
• The company successfully completed the ramp-up of the Beaumont Refinery expansion, demonstrating 250,000 barrels per day of crude distillation capacity and expanding its integration advantage by capitalizing on the growth of lighter crude oil from the Upstream's Permian assets.

1 Based on ExxonMobil estimates using historical benchmarking results from Solomon Associates

Chemical Products

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

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

 

 

 

United States

324

298

770

Non-U.S.

47

(48)

636

Worldwide

371

250

1,405

 

 

 

 

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

 

 

 

United States

324

298

770

Non-U.S.

47

(48)

636

Worldwide

371

250

1,405

 

 

 

 

Chemical Products Sales (kt)

4,649

4,658

5,018

• Chemical Products earnings were $371 million, up from $250 million in the fourth quarter, mainly on improved margins from strengthening of the North American ethane feed advantage partly offset by higher scheduled maintenance.
• Compared to the same quarter last year, earnings decreased by $1.0 billion on weaker industry margins and lower sales, reflecting softer market conditions.
• The Baton Rouge polypropylene expansion, which started up in December, delivered positive earnings and cash contribution during its first full quarter of operations. 

Specialty Products

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

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

 

 

 

United States

451

406

246

Non-U.S.

323

354

230

Worldwide

774

760

476

 

 

 

 

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

 

 

 

United States

451

406

246

Non-U.S.

323

394

230

Worldwide

774

800

476

 

 

 

 

Specialty Product Sales (kt)

1,940

1,787

2,006

• Specialty Products earnings were $774 million, up $14 million from the fourth quarter. Improved finished lubes margins partially offset lower industry basestock prices. Unfavorable margin effects were more than offset by higher volumes supported by China demand recovery and finished lubes market position growth as well as seasonally lower expenses. In addition, earnings were impacted by the absence of favorable year-end inventory impacts.
• Compared to the same quarter last year, earnings increased by $298 million, with favorable pricing actions partially offset by unfavorable foreign exchange impacts.

Corporate and Financing

 

 

 

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

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

(355)

(531)

(694)

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

(355)

(531)

(596)

• Corporate and Financing reported net charges of $355 million. This was a decrease of $176 million versus the fourth quarter driven by lower financing costs.
• Compared to the same quarter last year, net charges declined $339 million due to lower financing costs. Excluding the identified item associated with the Sakhalin-1 expropriation, net charges decreased $241 million.

 

.

 

 

 

CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

Net income/(loss) including noncontrolling interests

11,843

13,055

5,750

Depreciation and depletion (includes impairments)

4,244

5,064

8,883

Changes in operational working capital, excluding cash and debt

(302)

(200)

1,086

Other

556

(298)

(931)

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

16,341

17,621

14,788

 

 

 

 

Proceeds from asset sales and returns of investments

854

1,333

293

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

17,195

18,954

15,081

 

 

 

 

Changes in operational working capital, excluding cash and debt

302

200

(1,086)

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

17,497

19,154

13,995

FREE CASH FLOW

 

 

 

 

 

 

 

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

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

16,341

17,621

14,788

Additions to property, plant and equipment

(5,412)

(5,783)

(3,911)

Additional investments and advances

(445)

(2,175)

(417)

Other investing activities including collection of advances

78

1,270

90

Proceeds from asset sales and returns of investments

854

1,333

293

Free Cash Flow (non-GAAP)

11,416

12,266

10,843

CALCULATION OF STRUCTURAL COST SAVINGS

 

 

 

 

 

 

 

 

 

 

 

 

Dollars in billions (unless otherwise noted)

Twelve Months

Ended December 31,

 

Three Months

Ended March 31,

 

 

2019

2022

 

2022

2023

 

Components of operating costs

 

 

 

 

 

 

From ExxonMobil’s Consolidated statement of income

(U.S. GAAP)

 

 

 

 

 

 

Production and manufacturing expenses

36.8

42.6

 

10.2

9.4

 

Selling, general and administrative expenses

11.4

10.1

 

2.4

2.4

 

Depreciation and depletion (includes impairments)

19.0

24.0

 

8.9

4.2

 

Exploration expenses, including dry holes

1.3

1.0

 

0.2

0.1

 

Non-service pension and postretirement benefit expense

1.2

0.5

 

0.1

0.2

 

Subtotal

69.7

78.2

 

21.8

16.4

 

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

9.1

13.0

 

2.6

2.7

 

Total adjusted operating costs (non-GAAP)

78.8

91.2

 

24.4

19.1

 

 

 

 

 

 

 

 

Total adjusted operating costs (non-GAAP)

78.8

91.2

 

24.4

19.1

 

Less:

 

 

 

 

 

 

Depreciation and depletion (includes impairments)

19.0

24.0

 

8.9

4.2

 

Non-service pension and postretirement benefit expense

1.2

0.5

 

0.1

0.2

 

Other adjustments (includes equity company depreciation

and depletion)

3.6

3.5

 

0.8

0.8

 

Total cash operating expenses (cash opex) (non-GAAP)

55.0

63.2

 

14.6

13.9

 

 

 

 

 

 

 

 

Energy and production taxes (non-GAAP)

11.0

23.8

 

5.2

4.3

 

Total cash operating expenses (cash opex) excluding energy and production taxes (non-GAAP)

44.0

39.4

 

9.4

9.6

 

 

 

 

 

 

 

 

 

 

Change

vs

2019

 

 

Change

vs

1Q22

Estimated Cumulative vs

2019

Total cash operating expenses (cash opex) excluding energy and production taxes (non-GAAP)

 

-5

 

 

+0.2

 

 

 

 

 

 

 

 

Market

 

+3

 

 

+0.2

 

Activity /Other

 

-1

 

 

+0.3

 

Structural Savings

 

-7

 

 

-0.3

-7.2

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 $7.2 billion, which included an additional $0.3 billion in the first three months of 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 April 28, 2023. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Statements related to outlooks; 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 biofuel, hydrogen and other plans to reduce emissions 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; total capital expenditures and mix, including allocations of capital to low carbon solutions; structural earnings improvement and 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, plans to reach net zero Scope 1 and 2 emissions in Upstream Permian Basin unconventional operated assets by 2030, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions from its operations, meeting ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology efforts; timing and outcome of projects related to the capture, transportation and storage of CO2, and produced biofuels; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; timing and outcome of hydrogen projects; 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; and resource recoveries and production rates 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; 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 COVID-19 or other 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 policies and support and market demand for low carbon technologies; 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 investments or divestments and satisfaction of applicable conditions to closing, including 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.

Forward-looking and other statements regarding our environmental, social and other sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental, social and 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.

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.

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 segment 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 March 31,

2023

2022

Revenues and other income

 

 

Sales and other operating revenue

83,644

87,734

Income from equity affiliates

2,381

2,538

Other income

539

228

Total revenues and other income

86,564

90,500

Costs and other deductions

 

 

Crude oil and product purchases

46,003

52,388

Production and manufacturing expenses

9,436

10,241

Selling, general and administrative expenses

2,390

2,409

Depreciation and depletion (includes impairments)

4,244

8,883

Exploration expenses, including dry holes

141

173

Non-service pension and postretirement benefit expense

167

108

Interest expense

159

188

Other taxes and duties

7,221

7,554

Total costs and other deductions

69,761

81,944

Income/(Loss) before income taxes

16,803

8,556

Income tax expense/(benefit)

4,960

2,806

Net income/(loss) including noncontrolling interests

11,843

5,750

Net income/(loss) attributable to noncontrolling interests

413

270

Net income/(loss) attributable to ExxonMobil

11,430

5,480

 

 

 

OTHER FINANCIAL DATA

 

 

Dollars in millions (unless otherwise noted)

Three Months Ended March 31,

2023

2022

Earnings per common share (U.S. dollars)

2.79

1.28

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

2.79

1.28

 

 

 

Dividends on common stock

 

 

Total

3,738

3,760

Per common share (U.S. dollars)

0.91

0.88

 

 

 

Millions of common shares outstanding

 

 

Average - assuming dilution

4,102

4,266

 

 

 

Taxes

 

 

Income taxes

4,960

2,806

Total other taxes and duties

8,095

8,449

Total taxes

13,055

11,255

Sales-based taxes

6,032

6,100

Total taxes including sales-based taxes

19,087

17,355

 

 

 

ExxonMobil share of income taxes of equity companies

1,235

1,047

 

 

 

ATTACHMENT I-b

CONDENSED CONSOLIDATED BALANCE SHEET

(Preliminary)

 

 

 

Dollars in millions (unless otherwise noted)

March

31, 2023

December

31, 2022

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

32,651

29,640

Cash and cash equivalents – restricted

25

25

Notes and accounts receivable – net

38,808

41,749

Inventories

 

 

Crude oil, products and merchandise

19,458

20,434

Materials and supplies

4,184

4,001

Other current assets

2,098

1,782

Total current assets

97,224

97,631

Investments, advances and long-term receivables

49,044

49,793

Property, plant and equipment – net

206,023

204,692

Other assets, including intangibles – net

17,080

16,951

Total Assets

369,371

369,067

 

 

 

LIABILITIES

 

 

Current liabilities

 

 

Notes and loans payable

2,296

634

Accounts payable and accrued liabilities

59,935

63,197

Income taxes payable

4,435

5,214

Total current liabilities

66,666

69,045

Long-term debt

39,150

40,559

Postretirement benefits reserves

10,183

10,045

Deferred income tax liabilities

23,195

22,874

Long-term obligations to equity companies

2,376

2,338

Other long-term obligations

21,387

21,733

Total Liabilities

162,957

166,594

 

 

 

EQUITY

 

 

Common stock without par value

 

 

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

15,904

15,752

Earnings reinvested

440,552

432,860

Accumulated other comprehensive income

(13,095)

(13,270)

Common stock held in treasury

 

 

(3,976 million shares at March 31, 2023, and 3,937 million shares at December 31, 2022)

(244,676)

(240,293)

ExxonMobil share of equity

198,685

195,049

Noncontrolling interests

7,729

7,424

Total Equity

206,414

202,473

Total Liabilities and Equity

369,371

369,067

 

 

 

ATTACHMENT I-c

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Preliminary)

 

 

 

Dollars in millions (unless otherwise noted)

Three Months Ended March 31,

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

Net income/(loss) including noncontrolling interests

11,843

5,750

Depreciation and depletion (includes impairments)

4,244

8,883

Changes in operational working capital, excluding cash and debt

(302)

1,086

All other items – net

556

(931)

Net cash provided by operating activities

16,341

14,788

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

Additions to property, plant and equipment

(5,412)

(3,911)

Proceeds from asset sales and returns of investments

854

293

Additional investments and advances

(445)

(417)

Other investing activities including collection of advances

78

90

Net cash used in investing activities

(4,925)

(3,945)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

Additions to long-term debt

20

—

Reductions in short-term debt

(126)

(2,098)

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

(192)

1,366

Cash dividends to ExxonMobil shareholders

(3,738)

(3,760)

Cash dividends to noncontrolling interests

(115)

(60)

Changes in noncontrolling interests

(16)

(94)

Common stock acquired

(4,340)

(2,067)

Net cash provided by (used in) financing activities

(8,507)

(6,713)

Effects of exchange rate changes on cash

102

142

Increase/(Decrease) in cash and cash equivalents

3,011

4,272

Cash and cash equivalents at beginning of period

29,665

6,802

Cash and cash equivalents at end of period

32,676

11,074

 

 

 

 

 

 

ATTACHMENT II-a

KEY FIGURES: IDENTIFIED ITEMS

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

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

11,430

12,750

5,480

 

 

 

 

Identified Items

 

 

 

Impairments

—

(530)

(2,975)

Tax-related items

(188)

(1,825)

—

Other

—

1,070

(378)

Total Identified Items

(188)

(1,285)

(3,353)

 

 

 

 

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

11,618

14,035

8,833

 

 

 

 

 

 

 

 

Dollars per common share

1Q23

4Q22

1Q22

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

2.79

3.09

1.28

 

 

 

 

Identified Items Per Common Share ¹

 

 

 

Impairments

—

(0.13)

(0.70)

Tax-related items

(0.04)

(0.44)

—

Other

—

0.26

(0.09)

Total Identified Items Per Common Share ¹

(0.04)

(0.31)

(0.79)

 

 

 

 

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

2.83

3.40

2.07

¹ Assuming dilution

 

 

 

ATTACHMENT II-b

KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT

First 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)

1,632

4,825

1,910

2,273

324

47

451

323

(355)

11,430

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Tax-related items

—

(158)

—

(30)

—

—

—

—

—

(188)

Total Identified Items

—

(158)

—

(30)

—

—

—

—

—

(188)

 

 

 

 

 

 

 

 

 

 

 

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

1,632

4,983

1,910

2,303

324

47

451

323

(355)

11,618

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

First 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)

2,376

2,112

489

(684)

770

636

246

230

(694)

5,480

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

—

(2,877)

—

—

—

—

—

—

(98)

(2,975)

Other

—

(378)

—

—

—

—

—

—

—

(378)

Total Identified Items

—

(3,255)

—

—

—

—

—

—

(98)

(3,353)

 

 

 

 

 

 

 

 

 

 

 

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

2,376

5,367

489

(684)

770

636

246

230

(596)

8,833

 

 

 

ATTACHMENT III

KEY FIGURES: UPSTREAM VOLUMES

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

1Q23

4Q22

1Q22

United States

820

789

753

Canada/Other Americas

670

682

474

Europe

4

4

4

Africa

220

223

257

Asia

749

725

738

Australia/Oceania

32

38

40

Worldwide

2,495

2,461

2,266

 

 

 

 

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

1Q23

4Q22

1Q22

United States

2,367

2,383

2,777

Canada/Other Americas

94

74

182

Europe

548

536

770

Africa

134

89

58

Asia

3,597

3,704

3,340

Australia/Oceania

1,276

1,381

1,325

Worldwide

8,016

8,167

8,452

 

 

 

 

Oil-equivalent production (koebd) ¹

3,831

3,822

3,675

 

 

 

 

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

Refinery throughput, thousand barrels per day (kbd)

1Q23

4Q22

1Q22

United States

1,643

1,694

1,685

Canada

417

433

399

Europe

1,189

1,157

1,193

Asia Pacific

565

532

537

Other

184

167

169

Worldwide

3,998

3,983

3,983

 

 

 

 

Energy Products sales, thousand barrels per day (kbd)

1Q23

4Q22

1Q22

United States

2,459

2,507

2,262

Non-U.S.

2,818

2,916

2,849

Worldwide

5,277

5,423

5,111

 

 

 

 

Gasolines, naphthas

2,177

2,270

2,114

Heating oils, kerosene, diesel

1,770

1,798

1,722

Aviation fuels

312

349

289

Heavy fuels

215

210

249

Other energy products

803

796

737

Worldwide

5,277

5,423

5,111

 

 

 

 

Chemical Products sales, thousand metric tons (kt)

1Q23

4Q22

1Q22

United States

1,561

1,583

2,032

Non-U.S.

3,088

3,076

2,986

Worldwide

4,649

4,658

5,018

 

 

 

 

Specialty Products sales, thousand metric tons (kt)

1Q23

4Q22

1Q22

United States

476

455

522

Non-U.S.

1,464

1,332

1,484

Worldwide

1,940

1,787

2,006

 

 

 

ATTACHMENT V

KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

Upstream

 

 

 

United States

2,108

2,118

1,369

Non-U.S.

2,473

3,297

2,510

Total

4,581

5,415

3,879

 

 

 

 

Energy Products

 

 

 

United States

358

343

392

Non-U.S.

327

405

174

Total

685

748

566

 

 

 

 

Chemical Products

 

 

 

United States

285

332

231

Non-U.S.

546

824

205

Total

831

1,156

436

 

 

 

 

Specialty Products

 

 

 

United States

11

12

5

Non-U.S.

80

90

18

Total

91

102

23

 

 

 

 

Other

 

 

 

Other

192

42

—

 

 

 

 

Worldwide

6,380

7,463

4,904

 

 

 

 

CASH CAPITAL EXPENDITURES

 

 

 

 

Dollars in millions (unless otherwise noted)

1Q23

4Q22

1Q22

Additions to property, plant and equipment

5,412

5,783

3,911

Net investments and advances

367

905

327

Total Cash Capital Expenditures

5,779

6,688

4,238

 

 

 

 

 

 

 

ATTACHMENT VI

KEY FIGURES: YEAR-TO-DATE EARNINGS/(LOSS)

Results Summary

 

 

 

 

 

 

 

 

 

 

 

Dollars in millions (except per share data)

1Q23

4Q22

Change

vs

4Q22

1Q22

Change

vs

1Q22

Earnings (U.S. GAAP)

11,430

12,750

-1,320

5,480

+5,950

Earnings Excluding Identified Items (non-GAAP)

11,618

14,035

-2,417

8,833

+2,785

 

 

 

 

 

 

Earnings Per Common Share ¹

2.79

3.09

-0.30

1.28

+1.51

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

2.83

3.40

-0.57

2.07

+0.76

 

 

 

 

 

 

Capital and Exploration Expenditures

6,380

7,463

-1,083

4,904

+1,476

 

 

 

 

 

 

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

—

17,850

4,690

(1,080)

3,130

Third Quarter

—

19,660

6,750

(680)

3,170

Fourth Quarter

—

12,750

8,870

(20,070)

5,690

Full Year

—

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

—

4.21

1.10

(0.26)

0.73

Third Quarter

—

4.68

1.57

(0.15)

0.75

Fourth Quarter

—

3.09

2.08

(4.70)

1.33

Full Year

—

13.26

5.39

(5.25)

3.36

 

 

 

 

 

 

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

 

 

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