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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 2, 2024
 
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
 
New Jersey1-225613-5409005
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

 22777 Springwoods Village Parkway, Spring, Texas 77389-1425
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (972) 940-6000
 
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
  Name of Each Exchange
Title of Each ClassTrading Symbolon Which Registered
Common Stock, without par valueXOMNew York Stock Exchange
0.142% Notes due 2024XOM24BNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.



Item 2.02Results of Operations and Financial Condition
Item 7.01Regulation FD Disclosure
 The following information is furnished pursuant to both Item 2.02 and Item 7.01.
 
 
The Registrant hereby furnishes the information set forth in its News Release, dated February 2, 2024, announcing full-year 2023 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 4Q23 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing.




2


INDEX TO EXHIBITS
 
 
 
Exhibit No.Description
  
Exxon Mobil Corporation News Release, dated February 2, 2024, announcing full-year 2023 results.
  
4Q23 Investor Relations Data Summary.
  
104Cover Page Interactive Data File (formatted as Inline XBRL).
  
3


SIGNATURE
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 EXXON MOBIL CORPORATION
   
   
Date: February 2, 2024
By:/s/ LEN M. FOX
  Len M. Fox
  Vice President and Controller
  (Principal Accounting Officer)
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EXHIBIT 99.1
4Q 2023 Earnings Release
FOR IMMEDIATE RELEASE
February 2, 2024

ExxonMobil Announces 2023 Results
Delivered industry-leading 2023 earnings of $36.0 billion1, generated $55.4 billion of cash flow from operating activities and distributed $32.4 billion to shareholders
Leading industry in compounded annual growth rate for earnings excl. identified items and cash flow since 2019 2
Increased Guyana and Permian production by 18% vs. 2022 and achieved record annual refinery throughput 3
Strengthened portfolio with $4.1 billion of non-core asset divestments, and two acquisitions; one that accelerates Low Carbon Solutions and one that will transform the Upstream business4
Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030
Results Summary
4Q233Q23
Change
vs
3Q23
4Q22
Change
vs
4Q22
Dollars in millions (except per share data)20232022
Change
vs
2022
7,630 9,070 -1,440 12,750 -5,120 Earnings (U.S. GAAP)36,010 55,740 -19,730 
9,963 9,117 +846 14,035 -4,072 Earnings Excluding Identified Items (non-GAAP)38,572 59,101 -20,529 
1.91 2.25 -0.34 3.09 -1.18 
Earnings Per Common Share 5
8.89 13.26 -4.37 
2.48 2.27 +0.21 3.40 -0.92 
Earnings Excl. Identified Items Per Common Share 5
(non-GAAP)
9.52 14.06 -4.54 
7,757 6,022 +1,735 7,463 +294 Capital and Exploration Expenditures26,325 22,704 +3,621 
SPRING, Texas – February 2, 2024 – Exxon Mobil Corporation today announced fourth-quarter 2023 earnings of $7.6 billion, or $1.91 per share assuming dilution. Fourth-quarter results included unfavorable identified items of $2.3 billion including a $2.0 billion impairment as a result of regulatory obstacles in California that have prevented production and distribution assets from coming back online. Impairments were partly offset by favorable tax and divestment-related items. Earnings excluding identified items were $10.0 billion, or $2.48 per share assuming dilution. For the full year 2023, the company reported earnings of $36.0 billion, or $8.89 per share assuming dilution.

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

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



1    Reported earnings, share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies.
2 Adjusted net income and cash flow from operations sourced from Bloomberg for the industry peer group. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using Bloomberg consensus as of February 1st. Industry peer group includes BP, Chevron, Shell and TotalEnergies.
3    Best-ever annual global refining throughput (2000 - 2023) since Exxon and Mobil merger in 1999, based on current refinery circuit.
4    Announced agreement to merge with Pioneer Natural Resources in October 2023. Transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval.
5    Assuming dilution.
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3Q23 to 4Q23 Factor Analysis
chart-ea4e183130de4a4588d.jpg
chart-9129038ebb2b47538a3.jpg
Financial Highlights
Fourth-quarter earnings were $7.6 billion versus $9.1 billion in the third quarter. Identified items decreased earnings by $2.3 billion mainly from asset impairments, partly offset by favorable tax and divestment-related items. Earnings excluding identified items were $10.0 billion, an increase of $0.8 billion from the third-quarter. Results strengthened on favorable derivative mark-to-market impacts, improved volume and mix driven by advantaged Guyana and Permian assets, and stronger chemical margins. These factors were partly offset by lower industry refining margins and seasonally higher expenses.
Delivered full-year 2023 earnings of $36.0 billion and return on capital employed of 15%.
Achieved $9.7 billion of cumulative structural cost savings in 2023 versus 2019, exceeding the $9 billion plan with an additional $2.3 billion of savings during the year and $0.7 billion during the quarter. The company plans to deliver cumulative savings totaling $15 billion through the end of 2027.
Generated strong cash flow from operations of $13.7 billion and free cash flow of $8.0 billion in the fourth quarter. For the full year, cash increased $1.9 billion with free cash flow of $36.1 billion. Peer-leading1 2023 shareholder distributions of $32.4 billion included $14.9 billion of dividends, and $17.4 billion of share repurchases consistent with announced plans.
The Corporation declared a first-quarter dividend of $0.95 per share, payable on March 11, 2024, to shareholders of record of Common Stock at the close of business on February 14, 2024. Including the 4% increase in fourth-quarter dividend, the company has increased its annual dividend for a peer-leading1 41 consecutive years.
The debt-to-capital ratio was 16%, and the net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $31.6 billion.
The company continued to strengthen its portfolio with the closing of the East Texas upstream assets divestment in the fourth quarter. Total asset sales and divestments generated $4.1 billion of cash proceeds during the year.
Capital and exploration expenditures were $7.8 billion in the fourth quarter, bringing full-year 2023 expenditures to $26.3 billion, slightly above the top end of the guidance range, as the company opportunistically accelerated activities in the advantaged Permian and Guyana assets, and entered a new lithium business.
1    Share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies.
2


ADVANCING CLIMATE SOLUTIONS

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

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

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













1    Expected smaller footprint of lithium mining and expected lower carbon and water impacts: EM analysis of external sources and third party life-cycle analyses. 1) Vulcan Energy, 2022 https://v-er.eu/app/uploads/2023/11/LCA.pdf, Minviro publication. Grant, A., Deak, D., & Pell, R. (2020). 2) The CO2 Impact of the 2020s Battery Quality Lithium Hydroxide Supply Chain-Jade Cove Partners. https://www.jadecove.com/research/liohco2impact. Kelly, J. C., Wang, M., Dai, Q., & Winjobi, O. (2021). 3) Energy, greenhouse gas, and water life cycle analysis of lithium carbonate and lithium hydroxide monohydrate from brine and ore resources and their use in lithium ion battery cathodes and lithium ion batteries. Resources, Conservation and Recycling, 174, 105762.
2    Total consideration of $5.1 billion includes ExxonMobil stock of $4.8 billion and cash payments of $0.3 billion related to repayment of Denbury's credit facility and settlement of fractional shares.
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.
EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream
4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
Earnings/(Loss) (U.S. GAAP)
84 1,566 2,493 United States4,202 11,728 
4,065 4,559 5,708 Non-U.S.17,106 24,751 
4,149 6,125 8,201 Worldwide21,308 36,479 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
1,573 1,566 2,493 United States5,691 11,429 
4,693 4,573 6,269 Non-U.S.17,918 27,989 
6,266 6,139 8,762 Worldwide23,609 39,418 
3,824 3,688 3,822 Production (koebd)3,738 3,737 
Upstream fourth-quarter earnings were $4.1 billion, a decrease of $2.0 billion from the third quarter. Identified items reduced earnings by $2.1 billion this quarter, mainly from the impairment of the idled Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution. Earnings excluding identified items were $6.3 billion, an increase of $127 million. Higher volumes and improved mix, mainly from Guyana and Permian growth, and stronger gas realizations more than offset lower crude realizations, unfavorable tax impacts, and year-end inventory effects.
Net production in the fourth quarter was 3.8 million oil-equivalent barrels per day, an increase of 136,000 oil-equivalent barrels per day compared to the prior quarter on favorable entitlement effects and growth in Permian and Guyana. Payara, the third Guyana development, started up in November ahead of schedule with production reaching nameplate capacity of 220,000 barrels per day in mid-January.
Compared to the same quarter last year, earnings decreased $4.1 billion. Identified items reduced earnings by $2.1 billion this quarter, compared to a reduction of $0.6 billion in the fourth quarter of 2022. Earnings excluding identified items were $6.3 billion, a decrease of $2.5 billion, primarily due to lower natural gas prices. Higher Permian and Guyana volumes and less unfavorable year-end inventory effects provided a partial offset. Net production was flat compared to the same quarter last year. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew about 70,000 oil-equivalent barrels per day.
Full-year earnings were $21.3 billion, $15.2 billion less than 2022. Identified items for the year reduced earnings by $2.3 billion, compared to an unfavorable $2.9 billion impact last year. Excluding identified items, earnings decreased $15.8 billion on lower liquids and natural gas realizations, and unfavorable unsettled derivatives mark-to-market effects of $2.4 billion, primarily from the absence of favorable impacts in the prior year. Higher volume contributions from improved portfolio mix added nearly $1 billion, as growth from Guyana and Permian more than offset divestments. Net production in 2023 was 3.7 million oil-equivalent barrels per day, in line with prior year. Production increased 111,000 oil-equivalent barrels per day, excluding impacts from divestments, entitlements, and government-mandated curtailments. Permian and Guyana combined production grew 18% versus 2022.
In October, ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a $59.5 billion all-stock transaction1. The combination is expected to generate double-digit returns by recovering more resources, more efficiently, while accelerating emissions reductions2. The transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval.
1    Based on the October 5, 2023 closing price for ExxonMobil shares and the fixed exchange rate of 2.3234 per Pioneer share.
2    Expected to leverage Permian GHG reduction plans to accelerate Pioneer's net-zero emissions plan to 2035 from 2050; plan to lower both companies' Permian methane emissions through new technology application.
4


Energy Products
4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
Earnings/(Loss) (U.S. GAAP)
1,329 1,356 2,188 United States6,123 8,340 
1,878 1,086 1,882 Non-U.S.6,019 6,626 
3,207 2,442 4,070 Worldwide12,142 14,966 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
1,137 1,356 2,246 United States5,931 8,398 
1,881 1,119 2,508 Non-U.S.6,067 7,252 
3,018 2,475 4,754 Worldwide11,998 15,650 
5,357 5,551 5,423 Energy Products Sales (kbd)5,461 5,347 
Energy Products fourth-quarter earnings totaled $3.2 billion compared to $2.4 billion in the third quarter, an increase of $765 million. A favorable derivatives mark-to-market impact of $1.2 billion and the unwinding of prior quarter unfavorable timing effects more than offset weaker seasonal industry refining margins. Results also improved from favorable tax, year-end inventory impacts, and foreign exchange effects. These factors were partly offset by higher seasonal expenses and lower volumes from higher scheduled maintenance and divestments. Identified items increased earnings by $222 million versus the third quarter. Earnings excluding these items were $3.0 billion for the quarter, an increase of $543 million from the third quarter.
Compared to the fourth quarter last year, earnings decreased $863 million on weaker industry refining margins and higher project-related expenses, partly offset by favorable derivatives mark-to-market effects. Identified items improved earnings by $873 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding these identified items were $3.0 billion, $1.7 billion lower than the fourth quarter last year.
Full-year 2023 earnings were $12.1 billion, a decrease of $2.8 billion versus 2022 due to the decline in industry refining margins, higher planned maintenance activities and divestments. These factors were partly offset by stronger trading and marketing margins and higher sales volumes from strong reliability and the start-up of the Beaumont refinery expansion. Identified items improved earnings by $828 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding identified items were $12.0 billion, a decrease of $3.7 billion from last year.
Refining throughput for the year was 4.1 million barrels per day, up 38,000 barrels per day from 2022. The record throughput on a current refinery circuit basis was supported by strong reliability and the completion of the 250,000 barrels per day Beaumont refinery expansion in the first quarter of 2023. In addition, with the December completion of the 1.5 million barrels per day strategic Permian crude venture project, both the Beaumont and Baytown refineries have expanded access to advantaged Permian feedstocks.



5


Chemical Products
4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
Earnings/(Loss) (U.S. GAAP)
478 338 298 United States1,626 2,328 
(289)(89)(48)Non-U.S.11 1,215 
189 249 250 Worldwide1,637 3,543 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
446 338 298 United States1,594 2,328 
131 (89)(48)Non-U.S.431 1,215 
577 249 250 Worldwide2,025 3,543 
4,776 5,108 4,658 Chemical Products Sales (kt)19,382 19,167 
Chemical Products fourth-quarter earnings were $189 million compared to $249 million in the third quarter. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by $388 million. Earnings excluding identified items were $577 million for the quarter, an increase of $328 million from the third quarter. Margins improved from lower U.S. feed costs and strong performance product sales. Lower overall seasonal sales were partly offset by new volumes from the recently completed Baytown expansion.
Current quarter earnings were $61 million lower compared to fourth-quarter 2022. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by $388 million. Earnings excluding identified items were $577 million, $327 million higher on improved margins from lower feed costs.
Full-year earnings were $1.6 billion, a decrease of $1.9 billion versus 2022. Lower earnings reflect the overall weaker margin environment from bottom-of-cycle market conditions, higher planned maintenance, and unfavorable sales mix effects. Identified items reduced earnings by $388 million. Earnings excluding identified items were $2.0 billion, a decrease of $1.5 billion from 2022.







6


Specialty Products
4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
Earnings/(Loss) (U.S. GAAP)
386 326 406 United States1,536 1,190 
264 293 354 Non-U.S.1,178 1,225 
650 619 760 Worldwide2,714 2,415 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
374 326 406 United States1,524 1,190 
369 293 394 Non-U.S.1,283 1,265 
743 619 800 Worldwide2,807 2,455 
1,839 1,912 1,787 Specialty Products Sales (kt)7,597 7,810 
Specialty Products continued to deliver strong earnings from high-value products. Fourth-quarter earnings were $650 million, compared to $619 million in the third quarter. Higher margins from improved realizations and lower feed costs, and positive year-end inventory impacts were partly offset by higher seasonal expenses and lower sales volumes. Identified items reduced earnings by $93 million in the quarter.
Compared to the same quarter last year, earnings decreased by $110 million. Weaker basestock margins were mostly offset by favorable year-end inventory impacts, improved reliability and stronger finished lubes margins.
Full-year earnings were $2.7 billion, an increase of $299 million compared with 2022 as product differentiation and brand strength drove sustained business performance. Improved finished lubes margins more than offset lower basestock margins and specialty products sales volumes due to weaker global demand.


Corporate and Financing
4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
(565)(365)(531)Earnings/(Loss) (U.S. GAAP)(1,791)(1,663)
(641)(365)(531)Earnings/(Loss) Excluding Identified Items (non-GAAP)(1,867)(1,965)
Corporate and Financing fourth-quarter net charges of $565 million increased $200 million versus the third quarter driven by unfavorable foreign exchange impacts, partly offset by tax-related identified items.
Net charges of $565 million in the fourth quarter of 2023 increased $34 million from the same quarter of 2022.
Full-year net charges of $1.8 billion increased $128 million from 2022 mainly due to the absence of prior year favorable tax-related and other identified items, partly offset by lower financing costs.
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.
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL
4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
8,012 9,346 13,055 Net income/(loss) including noncontrolling interests37,354 57,577 
7,740 4,415 5,064 Depreciation and depletion (includes impairments)20,641 24,040 
(2,191)1,821 (200)Changes in operational working capital, excluding cash and debt(4,255)(194)
121 381 (298)Other1,629 (4,626)
13,682 15,963 17,621 Cash Flow from Operating Activities (U.S. GAAP)55,369 76,797 
1,020 917 1,333 Proceeds from asset sales and returns of investments4,078 5,247 
14,702 16,880 18,954 Cash Flow from Operations and Asset Sales (non-GAAP)59,447 82,044 
2,191 (1,821)200 Less: Changes in operational working capital, excluding cash and debt4,255 194 
16,893 15,059 19,154 Cash Flow from Operations and Asset Sales excluding Working Capital
(non-GAAP)
63,702 82,238 
FREE CASH FLOW
4Q23
3Q23
4Q22
Dollars in millions (unless otherwise noted)20232022
13,682 15,963 17,621 Cash Flow from Operating Activities (U.S. GAAP)55,369 76,797 
(6,228)(4,920)(5,783)Additions to property, plant and equipment(21,919)(18,407)
(1,854)(307)(2,175)Additional investments and advances(2,995)(3,090)
1,348 31 1,270 Other investing activities including collection of advances1,562 1,508 
1,020 917 1,333 Proceeds from asset sales and returns of investments4,078 5,247 
7,968 11,684 12,266 Free Cash Flow (non-GAAP)36,095 62,055 


RETURN ON AVERAGE CAPITAL EMPLOYED
Dollars in millions (unless otherwise noted)20232022
Net income/(loss) attributable to ExxonMobil (U.S. GAAP)36,010 55,740 
Financing costs (after-tax)
Gross third-party debt(1,175)(1,213)
ExxonMobil share of equity companies(307)(198)
All other financing costs – net931 276 
Total financing costs(551)(1,135)
Earnings/(loss) excluding financing costs (non-GAAP)36,561 56,875 
Total assets (U.S. GAAP)376,317 369,067 
Less liabilities and noncontrolling interests share of assets and liabilities
Total current liabilities excluding notes and loans payable(61,226)(68,411)
Total long-term liabilities excluding long-term debt(60,980)(56,990)
Noncontrolling interests share of assets and liabilities(8,878)(9,205)
Add ExxonMobil share of debt-financed equity company net assets3,481 3,705 
Total capital employed (non-GAAP)
248,714 238,166 
Average capital employed (non-GAAP)243,440 228,404 
Return on average capital employed – corporate total (non-GAAP)
15.0%24.9%

8




CALCULATION OF STRUCTURAL COST SAVINGS
Dollars in billions 20192023
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses36.8 36.9 
Selling, general and administrative expenses11.4 9.9 
Depreciation and depletion (includes impairments)19.0 20.6 
Exploration expenses, including dry holes1.3 0.8 
Non-service pension and postretirement benefit expense1.2 0.7 
Subtotal69.7 68.9 
ExxonMobil’s share of equity company expenses (non-GAAP)9.1 10.5 
Total Adjusted Operating Costs (non-GAAP)78.8 79.4 
Total Adjusted Operating Costs (non-GAAP)78.8 79.4 
Less:
Depreciation and depletion (includes impairments)19.0 20.6 
Non-service pension and postretirement benefit expense1.2 0.7 
Other adjustments (includes equity company depreciation
and depletion)
3.6 3.7 
Total Cash Operating Expenses (Cash Opex) (non-GAAP)55.0 54.4 
Energy and production taxes (non-GAAP)11.0 14.9 
MarketActivity /
Other
Structural
Savings
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)44.0 +3.6+1.6-9.739.5 

This press release also references structural cost savings. Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, and other cost-saving measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled $9.7 billion, which included an additional $2.3 billion in 2023. The total change between periods in expenses above will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
9


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

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

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

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

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

Participants in the Solicitation
ExxonMobil, Pioneer, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Pioneer and a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the Form S-4, including the documents incorporated by reference therein. Information about the directors and executive officers of ExxonMobil is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 13, 2023, in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 22, 2023, in its Form 8-K filed on June 6, 2023 and in its Form 8-K filed on February 24, 2023. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, are contained in the proxy statement/prospectus and will be contained in other relevant materials filed with the SEC when they become available.
No Offer or Solicitation
This communication is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen and other plans to reduce emissions of ExxonMobil, its affiliates or companies it is seeking to acquire, are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its
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operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen, produce biofuels, produce lithium and use plastic waste as feedstock for advanced recycling; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2022 Form 10-K.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. However, the Global Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.
Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. The release is provided under consistent SEC disclosure requirements and should not be misinterpreted as applying to any other disclosure standards.
Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 8.
This press release also includes cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 8.
This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across
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multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for 2023 and 2022 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).
This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.
This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 8.
References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.
The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.
Government mandates are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year.
Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet, along with total equity.
Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is net of cash and cash equivalents, excluding restricted cash.
This press release also references structural cost savings, for more details see page 9.
Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
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.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Preliminary)
Dollars in millions (unless otherwise noted)
Three Months Ended December 31,
Twelve Months Ended
December 31,
2023202220232022
Revenues and other income
Sales and other operating revenue81,688 93,164 334,697 398,675 
Income from equity affiliates1,165 605 6,385 11,463 
Other income1,491 1,660 3,500 3,542 
Total revenues and other income84,344 95,429 344,582 413,680 
Costs and other deductions
Crude oil and product purchases46,352 50,761 193,029 228,959 
Production and manufacturing expenses9,893 10,365 36,885 42,609 
Selling, general and administrative expenses2,591 2,832 9,919 10,095 
Depreciation and depletion (includes impairments)7,740 5,064 20,641 24,040 
Exploration expenses, including dry holes139 348 751 1,025 
Non-service pension and postretirement benefit expense217 100 714 482 
Interest expense272 207 849 798 
Other taxes and duties6,515 6,910 29,011 27,919 
Total costs and other deductions73,719 76,587 291,799 335,927 
Income/(Loss) before income taxes10,625 18,842 52,783 77,753 
Income tax expense/(benefit)2,613 5,787 15,429 20,176 
Net income/(loss) including noncontrolling interests8,012 13,055 37,354 57,577 
Net income/(loss) attributable to noncontrolling interests382 305 1,344 1,837 
Net income/(loss) attributable to ExxonMobil7,630 12,750 36,010 55,740 
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise noted)Three Months Ended December 31,
Twelve Months Ended
December 31,
2023202220232022
Earnings per common share (U.S. dollars)
1.91 3.09 8.89 13.26 
Earnings per common share - assuming dilution (U.S. dollars)
1.91 3.09 8.89 13.26 
Dividends on common stock
Total3,839 3,767 14,941 14,939 
Per common share (U.S. dollars)
0.95 0.91 3.68 3.55 
Millions of common shares outstanding
Average - assuming dilution4,010 4,138 4,052 4,205 
Taxes
Income taxes2,613 5,787 15,429 20,176 
Total other taxes and duties7,308 7,754 32,191 31,455 
Total taxes9,921 13,541 47,620 51,631 
Sales-based taxes5,792 6,113 24,693 25,434 
Total taxes including sales-based taxes15,713 19,654 72,313 77,065 
ExxonMobil share of income taxes of equity companies (non-GAAP)843 1,512 3,058 7,594 
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.ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE SHEET
(Preliminary)
Dollars in millions (unless otherwise noted)December 31, 2023December 31, 2022
ASSETS
Current assets
Cash and cash equivalents31,539 29,640 
Cash and cash equivalents – restricted29 25 
Notes and accounts receivable – net38,015 41,749 
Inventories
Crude oil, products and merchandise20,528 20,434 
Materials and supplies4,592 4,001 
Other current assets1,906 1,782 
Total current assets96,609 97,631 
Investments, advances and long-term receivables47,630 49,793 
Property, plant and equipment – net214,940 204,692 
Other assets, including intangibles – net17,138 16,951 
Total Assets376,317 369,067 
LIABILITIES
Current liabilities
Notes and loans payable4,090 634 
Accounts payable and accrued liabilities58,037 63,197 
Income taxes payable3,189 5,214 
Total current liabilities65,316 69,045 
Long-term debt37,483 40,559 
Postretirement benefits reserves10,496 10,045 
Deferred income tax liabilities24,452 22,874 
Long-term obligations to equity companies1,804 2,338 
Other long-term obligations24,228 21,733 
Total Liabilities163,779 166,594 
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
17,781 15,752 
Earnings reinvested453,927 432,860 
Accumulated other comprehensive income(11,989)(13,270)
Common stock held in treasury
(4,048 million shares at December 31, 2023, and 3,937 million shares at December 31, 2022)
(254,917)(240,293)
ExxonMobil share of equity204,802 195,049 
Noncontrolling interests7,736 7,424 
Total Equity212,538 202,473 
Total Liabilities and Equity376,317 369,067 
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.ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise noted)
Twelve Months Ended
December 31,
20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss) including noncontrolling interests37,354 57,577 
Depreciation and depletion (includes impairments)20,641 24,040 
Changes in operational working capital, excluding cash and debt(4,255)(194)
All other items – net1,629 (4,626)
Net cash provided by operating activities55,369 76,797 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(21,919)(18,407)
Proceeds from asset sales and returns of investments4,078 5,247 
Additional investments and advances(2,995)(3,090)
Other investing activities including collection of advances1,562 1,508 
Net cash used in investing activities(19,274)(14,742)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt ¹
939 637 
Reductions in long-term debt(15)(5)
Additions to short-term debt — 198 
Reductions in short-term debt(879)(8,075)
Additions/(Reductions) in debt with three months or less maturity(284)25 
Contingent consideration payments(68)(58)
Cash dividends to ExxonMobil shareholders(14,941)(14,939)
Cash dividends to noncontrolling interests(531)(267)
Changes in noncontrolling interests(770)(1,475)
Common stock acquired(17,748)(15,155)
Net cash provided by (used in) financing activities(34,297)(39,114)
Effects of exchange rate changes on cash105 (78)
Increase/(Decrease) in cash and cash equivalents1,903 22,863 
Cash and cash equivalents at beginning of period29,665 6,802 
Cash and cash equivalents at end of period31,568 29,665 
1 Includes $568 million issued to facilitate the sale of an entity where the buyer assumed the debt upon closing; no longer on the Condensed Consolidated Balance Sheet at the end of 2023.

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.ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS

4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
7,630 9,070 12,750 Earnings/(Loss) (U.S. GAAP)36,010 55,740 
Identified Items
(3,040)— (530)Impairments(3,040)(4,202)
305 — — Gain/(Loss) on sale of assets305 886 
577 (47)(1,825)Tax-related items348 (1,501)
(175)— 1,070 Other (175)1,456 
(2,333)(47)(1,285)Total Identified Items(2,562)(3,361)
9,963 9,117 14,035 Earnings/(Loss) Excluding Identified Items (non-GAAP)38,572 59,101 
4Q233Q234Q22Dollars per common share20232022
1.91 2.25 3.09 Earnings/(Loss) Per Common Share ¹ (U.S. GAAP)8.89 13.26 
Identified Items Per Common Share ¹
(0.75)— (0.13)Impairments(0.75)(1.00)
0.08 — — Gain/(Loss) on sale of assets0.08 0.21 
0.14 (0.01)(0.44)Tax-related items0.08 (0.36)
(0.04)— 0.26 Other (0.04)0.35 
(0.57)(0.01)(0.31)Total Identified Items Per Common Share ¹(0.63)(0.80)
2.48 2.27 3.40 Earnings/(Loss) Excl. Identified Items Per Common Share ¹ (non-GAAP)9.52 14.06 
¹ Assuming dilution.


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.ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT
Fourth Quarter 2023UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)84 4,065 1,329 1,878 478 (289)386 264 (565)7,630 
Identified Items
Impairments(1,978)(686)— — (21)(273)— (82)— (3,040)
Gain/(Loss) on sale of assets305 — — — — — — — — 305 
Tax-related items184 58 192 (3)53 — 12 76 577 
Other— — — — — (147)— (28)— (175)
Total Identified Items(1,489)(628)192 (3)32 (420)12 (105)76 (2,333)
Earnings/(Loss) Excl. Identified Items (non-GAAP)1,573 4,693 1,137 1,881 446 131 374 369 (641)9,963 
Third Quarter 2023
UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)1,566 4,559 1,356 1,086 338 (89)326 293 (365)9,070 
Identified Items
Tax-related items— (14)— (33)— — — — — (47)
Total Identified Items (14) (33)     (47)
Earnings/(Loss) Excl. Identified Items (non-GAAP)1,566 4,573 1,356 1,119 338 (89)326 293 (365)9,117 
Fourth Quarter 2022UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
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 
2023UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)4,202 17,106 6,123 6,019 1,626 11 1,536 1,178 (1,791)36,010 
Identified Items
Impairments(1,978)(686)— — (21)(273)— (82)— (3,040)
Gain/(Loss) on sale of assets305 — — — — — — — — 305 
Tax-related items184 (126)192 (48)53 — 12 76 348 
Other— — — — — (147)— (28)— (175)
Total Identified Items(1,489)(812)192 (48)32 (420)12 (105)76 (2,562)
Earnings/(Loss) Excl. Identified Items (non-GAAP)5,691 17,918 5,931 6,067 1,594 431 1,524 1,283 (1,867)38,572 
2022UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)11,728 24,751 8,340 6,626 2,328 1,215 1,190 1,225 (1,663)55,740 
Identified Items
Impairments— (3,790)(58)(216)— — — (40)(98)(4,202)
Gain/(Loss) on sale of assets299 587 — — — — — — — 886 
Tax-related items— (1,415)— (410)— — — — 324 (1,501)
Other— 1,380 — — — — — — 76 1,456 
Total Identified Items299 (3,238)(58)(626)   (40)302 (3,361)
Earnings/(Loss) Excl. Identified Items (non-GAAP)11,429 27,989 8,398 7,252 2,328 1,215 1,190 1,265 (1,965)59,101 

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.ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES

4Q233Q234Q22Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)20232022
851 756 789 United States803 776 
709 655 682 Canada/Other Americas664 588 
Europe
231 229 223 Africa221 238 
722 713 725 Asia721 705 
34 40 38 Australia/Oceania36 43 
2,550 2,397 2,461 Worldwide2,449 2,354 
4Q233Q234Q22Net natural gas production available for sale, million cubic feet per day (mcfd)20232022
2,262 2,271 2,383 United States2,311 2,551 
98 94 74 Canada/Other Americas96 148 
367 368 536 Europe414 667 
149 129 89 Africa125 71 
3,486 3,528 3,704 Asia3,490 3,418 
1,283 1,358 1,381 Australia/Oceania1,298 1,440 
7,645 7,748 8,167 Worldwide7,734 8,295 
3,824 3,688 3,822 
Oil-equivalent production (koebd)¹
3,738 3,737 
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

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.ATTACHMENT IV
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES

4Q233Q234Q22Refinery throughput, thousand barrels per day (kbd)20232022
1,933 1,868 1,694 United States1,848 1,702 
407 415 433 Canada407 418 
1,014 1,251 1,157 Europe1,166 1,192 
450 517 532 Asia Pacific498 539 
82 164 167 Other149 179 
3,886 4,215 3,983 Worldwide4,068 4,030 
4Q233Q234Q22Energy Products sales, thousand barrels per day (kbd)20232022
2,704 2,626 2,507 United States2,633 2,426 
2,653 2,925 2,916 Non-U.S.2,828 2,921 
5,357 5,551 5,423 Worldwide5,461 5,347 
2,255 2,316 2,270 Gasolines, naphthas2,288 2,232 
1,735 1,834 1,798 Heating oils, kerosene, diesel1,795 1,774 
328 358 349 Aviation fuels336 338 
185 229 210 Heavy fuels214 235 
854 814 796 Other energy products829 768 
5,357 5,551 5,423 Worldwide5,461 5,347 
4Q233Q234Q22Chemical Products sales, thousand metric tons (kt)20232022
1,743 1,750 1,583 United States6,779 7,270 
3,033 3,358 3,076 Non-U.S.12,603 11,897 
4,776 5,108 4,658 Worldwide19,382 19,167 
4Q233Q234Q22Specialty Products sales, thousand metric tons (kt)20232022
473 498 455 United States1,962 2,049 
1,367 1,414 1,332 Non-U.S.5,635 5,762 
1,839 1,912 1,787 Worldwide7,597 7,810 

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.ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES

4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
Upstream
2,258 2,241 2,118 United States8,813 6,968 
3,512 2,560 3,297 Non-U.S.10,948 10,034 
5,770 4,801 5,415 Total19,761 17,002 
Energy Products
227 261 343 United States1,195 1,351 
485 386 405 Non-U.S.1,580 1,059 
712 647 748 Total2,775 2,410 
Chemical Products
211 103 332 United States751 1,123 
641 268 824 Non-U.S.1,962 1,842 
852 371 1,156 Total2,713 2,965 
Specialty Products
22 16 12 United States63 46 
127 95 90 Non-U.S.391 222 
149 111 102 Total454 268 
Other
274 92 42 Other622 59 
7,757 6,022 7,463 Worldwide26,325 22,704 
CASH CAPITAL EXPENDITURES
4Q233Q234Q22Dollars in millions (unless otherwise noted)20232022
6,228 4,920 5,783 Additions to property, plant and equipment21,919 18,407 
506 276 905 Net investments and advances1,433 1,582 
6,734 5,196 6,688 Total Cash Capital Expenditures23,352 19,989 


20


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.ATTACHMENT VI
KEY FIGURES: QUARTER EARNINGS/(LOSS)

Results Summary
4Q233Q23
Change
vs
3Q23
4Q22
Change
vs
4Q22
Dollars in millions (except per share data)20232022
Change
vs
2022
7,630 9,070 -1,440 12,750 -5,120 Earnings (U.S. GAAP)36,010 55,740 -19,730 
9,963 9,117 +846 14,035 -4,072 Earnings Excluding Identified Items (non-GAAP)38,572 59,101 -20,529 
1.91 2.25 -0.34 3.09 -1.18 Earnings Per Common Share ¹8.89 13.26 -4.37 
2.48 2.27 +0.21 3.40 -0.92 Earnings Excl. Identified Items Per Common Share ¹
(non-GAAP)
9.52 14.06 -4.54 
7,757 6,022 +1,735 7,463 +294 Capital and Exploration Expenditures26,325 22,704 +3,621 
¹ Assuming dilution.



Full-year Factor Analysis
chart-0db743a2f4c44476838.jpg
chart-e8ed4667dcbb4a52af6.jpg
21


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.ATTACHMENT VII
KEY FIGURES: EARNINGS/(LOSS) BY QUARTER
Dollars in millions (unless otherwise noted)
2023
2022
2021
2020
2019
First Quarter11,430 5,480 2,730 (610)2,350 
Second Quarter7,880 17,850 4,690 (1,080)3,130 
Third Quarter9,070 19,660 6,750 (680)3,170 
Fourth Quarter7,630 12,750 8,870 (20,070)5,690 
Full Year36,010 55,740 23,040 (22,440)14,340 
Dollars per common share ¹
2023
2022
2021
2020
2019
First Quarter2.79 1.28 0.64 (0.14)0.55 
Second Quarter1.94 4.21 1.10 (0.26)0.73 
Third Quarter2.25 4.68 1.57 (0.15)0.75 
Fourth Quarter1.91 3.09 2.08 (4.70)1.33 
Full Year8.89 13.26 5.39 (5.25)3.36 
1 Computed using the average number of shares outstanding during each period; assuming dilution.


22

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.EXHIBIT 99.2
To assist investors in assessing 4Q23 results, the following disclosures have been made available in this 8-K filing:
Identified items of $(0.57) per share assuming dilution, as noted on page 1 of the news release
A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 8 of the news release
4Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings/(Loss), $M (unless noted)4Q233Q232Q231Q234Q22
UpstreamUnited States84 1,566 920 1,632 2,493 
 Non-U.S.4,065 4,559 3,657 4,825 5,708 
 Total4,149 6,125 4,577 6,457 8,201 
Energy ProductsUnited States1,329 1,356 1,528 1,910 2,188 
 Non-U.S.1,878 1,086 782 2,273 1,882 
 Total3,207 2,442 2,310 4,183 4,070 
Chemical ProductsUnited States478 338 486 324 298 
Non-U.S.(289)(89)342 47 (48)
Total189 249 828 371 250 
Specialty ProductsUnited States386 326 373 451 406 
 Non-U.S.264 293 298 323 354 
 Total650 619 671 774 760 
Corporate and Financing(565)(365)(506)(355)(531)
Net income attributable to ExxonMobil (U.S. GAAP)7,630 9,070 7,880 11,430 12,750 
Earnings/(Loss) per common share (U.S. GAAP)  1.91 2.25 1.94 2.79 3.09 
Earnings/(Loss) per common share - assuming dilution (U.S. GAAP)1.91 2.25 1.94 2.79 3.09 
Effective Income Tax Rate, %30 %34 %33 %34 %36 %
Capital and Exploration Expenditures, $M4Q233Q232Q231Q234Q22
UpstreamUnited States2,258 2,241 2,206 2,108 2,118 
Non-U.S.3,512 2,560 2,403 2,473 3,297 
Total5,770 4,801 4,609 4,581 5,415 
Energy ProductsUnited States227 261 349 358 343 
Non-U.S.485 386 382 327 405 
Total712 647 731 685 748 
Chemical ProductsUnited States211 103 152 285 332 
Non-U.S.641 268 507 546 824 
Total852 371 659 831 1,156 
Specialty ProductsUnited States22 16 14 11 12 
Non-U.S.127 95 89 80 90 
Total149 111 103 91 102 
Other274 92 64 192 42 
Total Capital and Exploration Expenditures7,757 6,022 6,166 6,380 7,463 
Exploration expenses, including dry holes139 338 133 141 348 
Cash Capital Expenditures, $M4Q233Q232Q231Q234Q22
Additions to property, plant and equipment6,228 4,920 5,359 5,412 5,783 
Net investments and advances506 276 284 367 905 
Total Cash Capital Expenditures6,734 5,196 5,643 5,779 6,688 
Total Cash and Cash Equivalents, $G31.6 33.0 29.6 32.7 29.7 
Total Debt, $G41.6 41.3 41.5 41.4 41.2 
Cash Flow from Operations and Asset Sales excluding working capital (non-GAAP), $M 4Q233Q232Q231Q234Q22
Net cash provided by operating activities (GAAP)13,682 15,963 9,383 16,341 17,621 
Proceeds associated with asset sales1,020 917 1,287 854 1,333 
Cash flow from operations and asset sales (non-GAAP)14,702 16,880 10,670 17,195 18,954 
Changes in operational working capital2,191 (1,821)3,583 302 200 
Cash flow from operations and asset sales
     excluding working capital (non-GAAP)
16,893 15,059 14,253 17,497 19,154 
Common Shares Outstanding, millions4Q233Q232Q231Q234Q22
At quarter end3,971 3,963 4,003 4,043 4,082 
Weighted-average - assuming dilution4,010 4,025 4,066 4,102 4,138 



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.
4Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Upstream Volumes4Q233Q232Q231Q234Q22
Liquids production (kbd) ¹
 United States851756785820789
 Canada/Other Americas709655618670682
 Europe34444
 Africa231229206220223
 Asia722713702749725
 Australia/Oceania3440383238
Worldwide liquids production2,5502,3972,3532,4952,461
¹ Net production of crude oil, natural gas liquids, bitumen and synthetic oil, kbd.
Natural gas production available for sale (mcfd)     
 United States2,2622,2712,3462,3672,383
 Canada/Other Americas9894979474
 Europe367368375548536
 Africa1491298613489
 Asia3,4863,5283,3503,5973,704
 Australia/Oceania1,2831,3581,2751,2761,381
Worldwide natural gas production available for sale7,6457,7487,5298,0168,167
Oil-equivalent production, koebd ²
3,8243,6883,6083,8313,822
² Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Manufacturing Throughput and Sales4Q233Q232Q231Q234Q22
Refinery throughput, kbd     
 United States1,9331,8681,9441,6431,694
 Canada407415388417433
 Europe1,0141,251