- Delivered industry-leading second-quarter earnings of $9.2
billion1, showcasing the differentiated strengths of ExxonMobil's
portfolio and its improved earnings power
- The Pioneer merger, which closed five months faster than
similar transactions and fundamentally transforms the Upstream
portfolio, contributed $0.5 billion to earnings in the first two
months post-closing2 with record production, and integration and
synergy benefits are exceeding expectations
- Also achieved record production in Guyana and heritage Permian;
Upstream total net production grew 15%, or 574,000 oil-equivalent
barrels per day, from the first quarter
- Expanded the company's value proposition by progressing new
businesses including furthering carbon capture and storage (CCS)
leadership with a new agreement that increased total contracted CO2
offtake with industrial customers to 5.5 million metric tons per
year3, more committed volume than any other company has
announced
Exxon Mobil Corporation (NYSE:XOM):
Results Summary
2Q24
1Q24
Change vs 1Q24
Dollars in millions (except per share
data)
YTD 2024
YTD 2023
Change vs YTD 2023
9,240
8,220
+1,020
Earnings (U.S. GAAP)
17,460
19,310
-1,850
9,240
8,220
+1,020
Earnings Excluding Identified Items
(non-GAAP)
17,460
19,492
-2,032
2.14
2.06
+0.08
Earnings Per Common Share 4
4.20
4.73
-0.53
2.14
2.06
+0.08
Earnings Excl. Identified Items Per Common
Share (non-GAAP) 4
4.20
4.77
-0.57
7,039
5,839
+1,200
Capital and Exploration Expenditures
12,878
12,546
+332
Exxon Mobil Corporation today announced second-quarter 2024
earnings of $9.2 billion, or $2.14 per share assuming dilution.
Cash flow from operating activities was $10.6 billion and cash flow
from operations excluding working capital movements was $15.2
billion. Shareholder distributions of $9.5 billion included $4.3
billion of dividends and $5.2 billion of share repurchases,
consistent with the company's announced plans.
“We delivered our second-highest 2Q earnings of the past decade
as we continue to improve the fundamental earnings power of the
company,” said Darren Woods, chairman and chief executive
officer.
“We achieved record quarterly production from our
low-cost-of-supply Permian and Guyana assets, with the highest oil
production since the Exxon and Mobil merger. We also achieved a
record in high-value product sales, growing by 10% versus the first
half of last year. We closed on our transformative merger with
Pioneer in about half the time of similar deals. And we’re
continuing to build businesses such as ProxximaTM, carbon materials
and virtually carbon-free hydrogen, with approximately 98% of CO2
removed, that will create value long into the future.”
1
Second-quarter earnings for the industry
peer group are actuals for companies that reported results on or
before August 1, 2024, or estimated using Bloomberg consensus as of
August 1st. Industry peer group includes BP, Chevron, Shell and
TotalEnergies.
2
Pioneer operations contributed $0.5
billion to consolidated earnings post-close (May-June), which
excludes $0.2 billion of one-time items related to the
acquisition.
3
Based on contracts to move up to 5.5 MTA
starting in 2025 subject to additional investment by ExxonMobil and
permitting for carbon capture and storage projects.
4
Assuming dilution.
Financial Highlights
- Year-to-date earnings were $17.5 billion versus $19.3 billion
in the first half of 2023. Earnings excluding identified items were
$17.5 billion compared to $19.5 billion in the same period last
year. Earnings decreased as industry refining margins and natural
gas prices declined from last year's historically high levels to
trade within the ten-year historical range2, while crude prices
rose modestly. Strong advantaged volume growth from record Guyana,
Pioneer, and heritage Permian assets, high-value products and the
Beaumont refinery expansion more than offset lower base volumes
from divestments of non-strategic assets and government-mandated
curtailments. Structural cost savings partially offset higher
expenses from scheduled maintenance, depreciation and support of
new businesses and 2025 project start-ups.
- Achieved $10.7 billion of cumulative Structural Cost Savings
versus 2019, including an additional $1.0 billion of savings during
the year and $0.6 billion during the quarter. The company is on
track to deliver cumulative savings totaling $5 billion through the
end of 2027 versus 2023.
- Generated strong cash flow from operations of $25.2 billion and
free cash flow of $15.0 billion in the first half of the year,
including working capital outflows of $2.6 billion driven by higher
seasonal cash tax payments. Excluding working capital, cash flow
from operations and free cash flow were $27.8 billion and $17.6
billion, respectively. Year-to-date shareholder distributions of
$16.3 billion included $8.1 billion of dividends and $8.3 billion
of share repurchases. Following the close of the Pioneer
transaction, the Corporation increased the annual pace of share
repurchases to $20 billion through 2025, assuming reasonable market
conditions. The company plans to repurchase over $19 billion of
shares in 2024.
- The Corporation declared a third-quarter dividend of $0.95 per
share, payable on September 10, 2024, to shareholders of record of
Common Stock at the close of business on August 15, 2024.
- The company's debt-to-capital ratio was 14% and the
net-debt-to-capital ratio was 6%3, reflecting a year-to-date debt
repayment of $3.9 billion and a period-end cash balance of $26.5
billion.
- Capital and exploration expenditures were $7.0 billion in the
second quarter including $0.7 billion from Pioneer, bringing
year-to-date expenditures to $12.9 billion. The Corporation
anticipates full-year capital and exploration expenditures to be
approximately $28 billion, which includes the top end of the
previously announced guidance for ExxonMobil of $25 billion, and
about $3 billion for 8 months of Pioneer, consistent with their
prior guidance.
1
The updated earnings factors introduced in
the first quarter of 2024 provide additional visibility into
drivers of our business results. The company evaluates these
factors periodically to determine if any enhancements may provide
helpful insights to the market. See page 9 for definitions of these
new factors.
2
10-year range includes 2010-2019, a
representative 10-year business cycle which avoids the extreme
outliers in both directions that the market experienced in recent
years.
3
Net debt is total debt of $43.2 billion
less $26.5 billion of cash and cash equivalents excluding
restricted cash. Net-debt to-capital ratio is net debt divided by
the sum of net debt and total equity of $276.3 billion.
ADVANCING CLIMATE SOLUTIONS
Virtually Carbon-Free Hydrogen
- ExxonMobil and Air Liquide reached an agreement to support the
production of virtually carbon-free hydrogen, with approximately
98% of CO2 removed, and ammonia at ExxonMobil's planned Baytown,
Texas hydrogen facility. The agreement will enable transportation
of hydrogen through Air Liquide's existing pipeline network.
Additionally, Air Liquide will build and operate four Large Modular
Air separation units (LMAs) to supply 9,000 metric tons of oxygen
and up to 6,500 metric tons of nitrogen daily to the facility. The
LMAs are expected to primarily use low-carbon electricity to reduce
the project’s carbon footprint. The production facility would be
the world's largest planned virtually carbon-free hydrogen project
and is expected to produce 1 billion cubic feet of hydrogen daily,
and more than 1 million metric tons of ammonia per year while
capturing approximately 98% of the associated CO2 emissions.
ExxonMobil aims to help enable the growth of a low-carbon hydrogen
market along the U.S. Gulf Coast to assist industrial customers
achieve their decarbonization goals.
Lithium
- ExxonMobil has signed a non-binding memorandum of understanding
(MOU) with SK On, a global leading electric vehicle (EV) battery
developer, that enables a multiyear offtake agreement of up to
100,000 metric tons of MobilTM Lithium from the company’s first
planned project in Arkansas. SK On plans to use the lithium in its
EV battery manufacturing operations in the United States.
Carbon Capture and Storage
- ExxonMobil signed its fourth carbon capture and storage (CCS)
agreement with a major industrial customer, bringing the total
contracted CO2 to store for industrial customers up to 5.5 million
metric tons per year. The new agreement is the second project with
CF Industries, a major fertilizer and ammonia producer. Under the
contract, ExxonMobil will transport and store up to 500,000 metric
tons of CO2 per year from CF's operations in Yazoo City,
Mississippi, reducing CO2 emissions from the site by up to
50%.
Products Supporting a Lower-Emissions Future
- The ProxximaTM business transforms lower-value gasoline
molecules into a high-performance, high-value thermoset resin that
can be used in coatings, light-weight construction materials, and
advanced composites for cars and trucks – including battery boxes
for electric vehicles. Materials made with ProxximaTM are lighter,
stronger, more durable, and produced with significantly fewer GHG
emissions than traditional alternatives1. In March, the company
showcased the automotive uses of ProxximaTM at the world’s leading
international composites exhibition in Paris. The company is
progressing projects in Texas, with startups anticipated in 2025,
that will significantly expand production of ProxximaTM. The
company sees the total potential addressable market for ProxximaTM
at 5 million metric tons and $30 billion dollars by 2030 with
demand growing faster than GDP and returns above 15%2.
- The Carbon Materials venture transforms the molecular structure
of low-value, carbon-rich feeds from the company's refining
processes into high-value products for a range of applications. The
company is targeting market segments including carbon fiber,
polymer additives, and battery materials with margins of several
thousand dollars per ton and growth rates outpacing GDP3.
1
EM estimate calculated based on volumetric
displacement of epoxy resin on a cradle-to-gate basis. Source:
Comparative Carbon Footprint of Product - ExxonMobil’s Proxima™
Resin System to Alternative Resin Systems, June 2023, prepared by
Sphera Solutions, Inc. for ExxonMobil Technology and Engineering
Company. The study was confirmed to be conducted according to and
in compliance with ISO 14067:2018 by an independent third-party
critical review panel.
https://www.materia-inc.com/what-do-we-do/our-products/creating-sustainable-solutions/lca-executive-summary
2
Based on internal assessment of demand for
products in existing markets. Targeting global markets in both the
coatings and composites industries: In coatings the focus is on
corrosion protection of vessels (e.g., tanks, ships, and railcars)
and insulation (e.g., subsea pipes and equipment) applications.
Within composite materials (i.e., materials containing glass or
carbon fiber) the focus is on infrastructure, wind energy, and
mobility sectors. Examples include replacing steel rebar in
flatwork applications, replacing epoxy in wind turbines, and
structural support in hydrogen tanks, EV battery casings, and other
transportation components.
3
Potential markets for carbon materials
include structural composites and energy storage. Market growth
based on internal assessment of demand for products in respective
markets.
EARNINGS AND VOLUME SUMMARY BY
SEGMENT
Upstream
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
2,430
1,054
United States
3,484
2,552
4,644
4,606
Non-U.S.
9,250
8,482
7,074
5,660
Worldwide
12,734
11,034
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
2,430
1,054
United States
3,484
2,552
4,644
4,606
Non-U.S.
9,250
8,652
7,074
5,660
Worldwide
12,734
11,204
4,358
3,784
Production (koebd)
4,071
3,719
- Upstream year-to-date earnings were $12.7 billion, $1.7 billion
higher than the first half of 2023. The prior-year period was
negatively impacted by tax-related identified items. Excluding
identified items, earnings increased $1.5 billion due to advantaged
assets volume growth from record Guyana, heritage Permian and
Pioneer production. Year-to-date net production was 4.1 million
oil-equivalent barrels per day, an increase of 9%, or 352,000
oil-equivalent barrels per day. Higher crude realizations and
structural cost savings offset lower natural gas realizations,
higher expenses mainly from depreciation, and lower base volumes
due to divestments of non-strategic assets and government-mandated
curtailments.
- Second-quarter earnings were $7.1 billion, an increase of $1.4
billion from the first quarter driven by the Pioneer acquisition,
record Guyana and heritage Permian production, and structural cost
savings. Higher crude realizations and divestment gains more than
offset lower gas realizations. Net production in the second quarter
was 4.4 million oil-equivalent barrels per day, an increase of 15%,
or 574,000 oil-equivalent barrels per day compared to the prior
quarter due to advantaged volume growth from Pioneer, Guyana and
heritage Permian.
- On May 3, 2024, ExxonMobil completed the acquisition of Pioneer
Natural Resources. The company issued 545 million shares of
ExxonMobil common stock having a fair value of $63 billion on the
acquisition date and assumed $5 billion of debt. The merger of
ExxonMobil and Pioneer created the largest, high-return
unconventional resource development potential in the world.
- In the quarter, the Company submitted an application to the
Guyanese Environmental Protection Agency for the Hammerhead
project, the proposed seventh development. Production capacity is
expected to be 120,000 to 180,000 barrels per day, with anticipated
start-up in 2029, pending Guyanese government approval.
Energy Products
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
450
836
United States
1,286
3,438
496
540
Non-U.S.
1,036
3,055
946
1,376
Worldwide
2,322
6,493
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
450
836
United States
1,286
3,438
496
540
Non-U.S.
1,036
3,067
946
1,376
Worldwide
2,322
6,505
5,320
5,232
Energy Products Sales (kbd)
5,276
5,469
- Energy Products year-to-date earnings were $2.3 billion, a
decrease of $4.2 billion versus the first half of 2023 due to
significantly lower industry refining margins which normalized from
historically high prior year levels as demand growth was more than
met by capacity additions. Earnings improvement from structural
cost savings and the advantaged Beaumont refinery expansion project
partially offset higher scheduled maintenance impacts and lower
volumes from non-core refinery divestments. Unfavorable timing
effects, mainly from derivatives mark-to-market impacts, also
contributed to the earnings decline.
- Second-quarter earnings totaled $0.9 billion compared to $1.4
billion in the first quarter driven by weaker industry refining
margins as additional supply outpaced record demand in the second
quarter. Stronger trading and marketing margins, as well as
favorable derivatives mark-to-market timing effects provided a
partial offset.
Chemical Products
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
526
504
United States
1,030
810
253
281
Non-U.S.
534
389
779
785
Worldwide
1,564
1,199
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
526
504
United States
1,030
810
253
281
Non-U.S.
534
389
779
785
Worldwide
1,564
1,199
4,873
5,054
Chemical Products Sales (kt)
9,927
9,498
- Chemical Products year-to-date earnings were $1.6 billion, an
increase of $365 million versus the first half of 2023 driven by
strong performance product sales growth and higher base volumes
from modest demand improvement and lower turnaround impacts.
Despite weaker global industry margins, overall margins increased
as a result of the company's advantaged North American footprint
which benefited from lower feed and energy costs. Structural cost
savings provided a partial offset to higher project and maintenance
expenses.
- Second-quarter earnings were $779 million compared to $785
million in the first quarter. Stronger margins, high-value product
sales growth from record performance product sales and structural
cost savings offset higher maintenance impacts and project
expenses.
Specialty Products
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
447
404
United States
851
824
304
357
Non-U.S.
661
621
751
761
Worldwide
1,512
1,445
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
447
404
United States
851
824
304
357
Non-U.S.
661
621
751
761
Worldwide
1,512
1,445
1,933
1,959
Specialty Products Sales (kt)
3,893
3,845
- Specialty Products delivered consistently strong earnings from
its portfolio of high-value products. Year-to-date earnings were
$1.5 billion, an increase of $67 million compared with the first
half of 2023. Improved finished lubes margins and structural cost
savings more than offset weaker industry basestock margins and
higher new business development expenses. Earnings also benefited
from higher volumes across the lubricants value chain, including
record first-half Mobil 1TM sales.
- Second-quarter earnings were $751 million, compared to $761
million in the first quarter. Seasonally higher expenses were
mostly offset by favorable tax impacts.
Corporate and Financing
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
(310)
(362)
Earnings/(Loss) (U.S. GAAP)
(672)
(861)
(310)
(362)
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
(672)
(861)
- Year-to-date net charges of $672 million decreased $189 million
compared to the first half of 2023 mainly due to lower financing
costs.
- Corporate and Financing second-quarter net charges of $310
million decreased $52 million versus the first quarter.
CASH FLOW FROM OPERATIONS AND ASSET
SALES EXCLUDING WORKING CAPITAL
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
9,571
8,566
Net income/(loss) including noncontrolling
interests
18,137
19,996
5,787
4,812
Depreciation and depletion (includes
impairments)
10,599
8,486
(4,616)
2,008
Changes in operational working capital,
excluding cash and debt
(2,608)
(3,885)
(182)
(722)
Other
(904)
1,127
10,560
14,664
Cash Flow from Operating Activities
(U.S. GAAP)
25,224
25,724
926
703
Proceeds from asset sales and returns of
investments
1,629
2,141
11,486
15,367
Cash Flow from Operations and Asset
Sales (non-GAAP)
26,853
27,865
4,616
(2,008)
Less: Changes in operational working
capital, excluding cash and debt
2,608
3,885
16,102
13,359
Cash Flow from Operations and Asset
Sales excluding Working Capital (non-GAAP)
29,461
31,750
(926)
(703)
Less: Proceeds associated with asset sales
and returns of investments
(1,629)
(2,141)
15,176
12,656
Cash Flow from Operations excluding
Working Capital (non-GAAP)
27,832
29,609
FREE CASH FLOW1
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
10,560
14,664
Cash Flow from Operating Activities
(U.S. GAAP)
25,224
25,724
(6,235)
(5,074)
Additions to property, plant and
equipment
(11,309)
(10,771)
(323)
(421)
Additional investments and advances
(744)
(834)
9
215
Other investing activities including
collection of advances
224
183
926
703
Proceeds from asset sales and returns of
investments
1,629
2,141
4,937
10,087
Free Cash Flow (non-GAAP)
15,024
16,443
4,616
(2,008)
Less: Changes in operational working
capital, excluding cash and debt
2,608
3,885
9,553
8,079
Free Cash Flow excluding Working
Capital (non-GAAP)
17,632
20,328
¹ Free Cash Flow definition was updated to
exclude cash acquired from mergers and acquisitions which is shown
as a separate investing line item in the statement of cash flows.
See page 10 for definition.
CALCULATION OF STRUCTURAL COST SAVINGS
Dollars in billions (unless otherwise
noted)
Twelve Months Ended December
31,
Six Months Ended June 30,
2019
2023
2023
2024
Components of Operating Costs
From ExxonMobil’s Consolidated
Statement of Income (U.S. GAAP)
Production and manufacturing expenses
36.8
36.9
18.3
18.9
Selling, general and administrative
expenses
11.4
9.9
4.8
5.1
Depreciation and depletion (includes
impairments)
19.0
20.6
8.5
10.6
Exploration expenses, including dry
holes
1.3
0.8
0.3
0.3
Non-service pension and postretirement
benefit expense
1.2
0.7
0.3
0.1
Subtotal
69.7
68.9
32.2
34.9
ExxonMobil’s share of equity company
expenses (non-GAAP)
9.1
10.5
5.0
4.7
Total Adjusted Operating Costs
(non-GAAP)
78.8
79.4
37.2
39.6
Total Adjusted Operating Costs
(non-GAAP)
78.8
79.4
37.2
39.6
Less:
Depreciation and depletion (includes
impairments)
19.0
20.6
8.5
10.6
Non-service pension and postretirement
benefit expense
1.2
0.7
0.3
0.1
Other adjustments (includes equity company
depreciation and depletion)
3.6
3.7
1.5
1.7
Total Cash Operating Expenses (Cash
Opex) (non-GAAP)
55.0
54.4
26.9
27.2
Energy and production taxes (non-GAAP)
11.0
14.9
7.5
6.8
Total Cash Operating Expenses (Cash
Opex) excluding Energy and Production Taxes (non-GAAP)
44.0
39.5
19.4
20.4
Change
vs
2019
Change
vs
2023
Estimated Cumulative vs
2019
Total Cash Operating Expenses (Cash
Opex) excluding Energy and Production Taxes (non-GAAP)
-4.5
+1.0
Market
+3.6
+0.2
Activity/Other
+1.6
+1.8
Structural Cost Savings
-9.7
-1.0
-10.7
This press release also references Structural Cost Savings,
which describes decreases in cash opex excluding energy and
production taxes as a result of operational efficiencies, workforce
reductions, divestment-related reductions, and other cost-savings
measures, that are expected to be sustainable compared to 2019
levels. Relative to 2019, estimated cumulative Structural Cost
Savings totaled $10.7 billion, which included an additional $1.0
billion in the first six months of 2024. 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, mergers
and acquisitions, new business venture development, and early-stage
projects. 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 August
2, 2024. To listen to the event or access an archived replay,
please visit www.exxonmobil.com.
Selected Earnings Factor Definitions
Advantaged volume growth. Earnings impact from change in
volume/mix from advantaged assets, strategic projects, and
high-value products. See frequently used terms on page 11 for
definitions of advantaged assets, strategic projects, and
high-value products.
Base volume. Includes all volume/mix factors not included
in Advantaged volume growth factor defined above.
Structural cost savings. After-tax earnings effect of
Structural Cost Savings as defined on page 8, including cash
operating expenses related to divestments that were previously
included in "volume/mix" factor.
Expenses. Includes all expenses otherwise not included in
other earnings factors.
Timing effects. Timing effects are primarily related to
unsettled derivatives (mark-to-market) and other earnings impacts
driven by timing differences between the settlement of derivatives
and their offsetting physical commodity realizations (due to LIFO
inventory accounting).
Cautionary Statement
Statements related to future events; projections; descriptions
of strategic, operating, and financial plans and objectives;
statements of future ambitions, potential addressable markets, or
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, ammonia, direct air capture, and other plans to
reduce emissions of ExxonMobil, its affiliates, and third parties,
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 heritage Upstream Permian Basin unconventional operated assets
by 2030 and in Pioneer Permian assets by 2035, to eliminate routine
flaring in-line with World Bank Zero Routine Flaring, to reach
near-zero methane emissions from its operated assets and other
methane initiatives, to meet ExxonMobil’s emission reduction goals
and plans, divestment and start-up plans, and associated project
plans as well as technology advances, including the timing and
outcome of projects to capture and store CO2, produce hydrogen and
ammonia, produce biofuels, produce lithium, create new advanced
carbon materials, and use plastic waste as feedstock for advanced
recycling; 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; changes in law, taxes, or
regulation including environmental and tax regulations, trade
sanctions, and timely granting of governmental permits and
certifications; the development or changes in government policies
supporting lower carbon and new market 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 and the success of new unconventional
technologies; 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 2023 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. Current trends for
policy stringency and deployment of lower-emission solutions are
not yet on a pathway to achieve net-zero by 2050. As such, the
Global Outlook does not 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 2023 and 2024 periods is
shown on page 7.
This press release also includes cash flow from operations
excluding working capital (non-GAAP), and 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
2023 and 2024 periods is shown on page 7.
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 each of corporate earnings and
segment earnings are shown for 2024 and 2023 periods in Attachments
II-a and II-b. Earnings 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) and
free cash flow excluding working capital (non-GAAP). Free cash flow
is the sum of net cash provided by operating activities and net
cash flow used in investing activities excluding cash acquired from
mergers and acquisitions. These measures are useful when evaluating
cash available for financing activities, including shareholder
distributions, after investment in the business. Free cash flow and
free cash flow excluding working capital are 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 2023 and 2024 periods is shown on page 7.
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.
Advantaged assets (Advantaged growth projects) includes Permian
(heritage Permian and Pioneer), Guyana, Brazil and LNG.
Base portfolio (Base) in our Upstream segment, refers to assets
(or volumes) other than advantaged assets (or volumes from
advantaged assets). In our Energy Products segment, refers to
assets (or volumes) other than strategic projects (or volumes from
strategic projects). In our Chemical Products and Specialty
Products segments refers to volumes other than high value products
volumes.
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.
Government mandates (curtailments) are changes to ExxonMobil’s
sustainable production levels as a result of production limits or
sanctions imposed by governments.
Heritage Permian: Permian basin assets excluding assets acquired
as part of the acquisition of Pioneer Natural Resources that closed
May 3, 2024.
High-value products includes performance products and
lower-emission fuels.
Lower-emission fuels are fuels with lower life cycle emissions
than conventional transportation fuels for gasoline, diesel and jet
transport.
Net-debt-to-capital ratio is net debt divided by the sum of net
debt and total equity, where net debt is total debt net of cash and
cash equivalents, excluding restricted cash. Total debt is the sum
of notes and loans payable and long-term debt, as reported in the
consolidated balance sheet.
Performance products (performance chemicals, performance
lubricants) refers to products that provide differentiated
performance for multiple applications through enhanced properties
versus commodity alternatives and bring significant additional
value to customers and end-users.
Strategic projects includes (i) the following completed
projects: Rotterdam Hydrocracker, Corpus Christi Chemical Complex,
Baton Rouge Polypropylene, Beaumont Crude Expansion, Baytown
Chemical Expansion, Permian Crude Venture, and the 2022 Baytown
advanced recycling facility; and (ii) the following projects still
to be completed: Fawley Hydrofiner, China Chemical Complex,
Singapore Resid Upgrade, Strathcona Renewable Diesel, ProxximaTM
Venture, USGC Reconfiguration, additional advanced recycling
projects under evaluation worldwide, and additional projects in
plan yet to be publicly announced.
This press release also references Structural Cost Savings, for
more details see page 8.
Reference to Earnings
References to corporate earnings mean net income attributable to
ExxonMobil (U.S. GAAP) from the consolidated income statement.
Unless otherwise indicated, references to earnings, Upstream,
Energy Products, Chemical Products, Specialty Products and
Corporate and Financing earnings, and earnings per share are
ExxonMobil’s share after excluding amounts attributable to
noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names
that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For
convenience and simplicity, those terms and terms such as
Corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups.
Similarly, ExxonMobil has business relationships with thousands of
customers, suppliers, governments, and others. For convenience and
simplicity, words such as venture, joint venture, partnership,
co-venturer, and partner are used to indicate business and other
relationships involving common activities and interests, and those
words may not indicate precise legal relationships. ExxonMobil's
ambitions, plans and goals do not guarantee any action or future
performance by its affiliates or Exxon Mobil Corporation's
responsibility for those affiliates' actions and future
performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as
Exhibit 99.2, due to rounding, numbers presented may not add up
precisely to the totals indicated.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF
INCOME
(Preliminary)
Dollars in millions (unless otherwise
noted)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Revenues and other income
Sales and other operating revenue
89,986
80,795
170,397
164,439
Income from equity affiliates
1,744
1,382
3,586
3,763
Other income
1,330
737
2,160
1,276
Total revenues and other income
93,060
82,914
176,143
169,478
Costs and other deductions
Crude oil and product purchases
54,199
47,598
101,800
93,601
Production and manufacturing expenses
9,804
8,860
18,895
18,296
Selling, general and administrative
expenses
2,568
2,449
5,063
4,839
Depreciation and depletion (includes
impairments)
5,787
4,242
10,599
8,486
Exploration expenses, including dry
holes
153
133
301
274
Non-service pension and postretirement
benefit expense
34
164
57
331
Interest expense
271
249
492
408
Other taxes and duties
6,579
7,563
12,902
14,784
Total costs and other
deductions
79,395
71,258
150,109
141,019
Income/(Loss) before income
taxes
13,665
11,656
26,034
28,459
Income tax expense/(benefit)
4,094
3,503
7,897
8,463
Net income/(loss) including
noncontrolling interests
9,571
8,153
18,137
19,996
Net income/(loss) attributable to
noncontrolling interests
331
273
677
686
Net income/(loss) attributable to
ExxonMobil
9,240
7,880
17,460
19,310
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise
noted)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Earnings per common share (U.S.
dollars)
2.14
1.94
4.20
4.73
Earnings per common share - assuming
dilution (U.S. dollars)
2.14
1.94
4.20
4.73
Dividends on common stock
Total
4,285
3,701
8,093
7,439
Per common share (U.S. dollars)
0.95
0.91
1.90
1.82
Millions of common shares
outstanding
Average - assuming dilution¹
4,317
4,066
4,158
4,084
Taxes
Income taxes
4,094
3,503
7,897
8,463
Total other taxes and duties
7,531
8,328
14,691
16,423
Total taxes
11,625
11,831
22,588
24,886
Sales-based taxes
6,339
6,281
11,888
12,313
Total taxes including sales-based
taxes
17,964
18,112
34,476
37,199
ExxonMobil share of income taxes of equity
companies (non-GAAP)
907
498
1,905
1,733
1 Includes restricted shares not vested as
well as 545 million shares issued for the Pioneer merger on May 3,
2024.
ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE
SHEET
(Preliminary)
Dollars in millions (unless otherwise
noted)
June 30, 2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents
26,460
31,539
Cash and cash equivalents – restricted
28
29
Notes and accounts receivable – net
43,071
38,015
Inventories
Crude oil, products and merchandise
19,685
20,528
Materials and supplies
4,818
4,592
Other current assets
2,176
1,906
Total current assets
96,238
96,609
Investments, advances and long-term
receivables
47,948
47,630
Property, plant and equipment – net
298,283
214,940
Other assets, including intangibles –
net
18,238
17,138
Total Assets
460,707
376,317
LIABILITIES
Current liabilities
Notes and loans payable
6,621
4,090
Accounts payable and accrued
liabilities
60,107
58,037
Income taxes payable
4,035
3,189
Total current liabilities
70,763
65,316
Long-term debt
36,565
37,483
Postretirement benefits reserves
10,398
10,496
Deferred income tax liabilities
40,080
24,452
Long-term obligations to equity
companies
1,612
1,804
Other long-term obligations
25,023
24,228
Total Liabilities
184,441
163,779
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019
million shares issued)
46,781
17,781
Earnings reinvested
463,294
453,927
Accumulated other comprehensive income
(13,187)
(11,989)
Common stock held in treasury
(3,576 million shares at June 30, 2024,
and 4,048 million shares at December 31, 2023)
(228,483)
(254,917)
ExxonMobil share of equity
268,405
204,802
Noncontrolling interests
7,861
7,736
Total Equity
276,266
212,538
Total Liabilities and Equity
460,707
376,317
.
ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise
noted)
Six Months Ended June 30,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income/(loss) including noncontrolling
interests
18,137
19,996
Depreciation and depletion (includes
impairments)
10,599
8,486
Changes in operational working capital,
excluding cash and debt
(2,608)
(3,885)
All other items – net
(904)
1,127
Net cash provided by operating
activities
25,224
25,724
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property, plant and
equipment
(11,309)
(10,771)
Proceeds from asset sales and returns of
investments
1,629
2,141
Additional investments and advances
(744)
(834)
Other investing activities including
collection of advances
224
183
Cash acquired from mergers and
acquisitions
754
—
Net cash used in investing
activities
(9,446)
(9,281)
CASH FLOWS FROM FINANCING
ACTIVITIES
Additions to long-term debt
217
136
Reductions in long-term debt
(1,142)
(6)
Reductions in short-term debt
(2,771)
(172)
Additions/(Reductions) in debt with three
months or less maturity
(6)
(172)
Contingent consideration payments
(27)
(68)
Cash dividends to ExxonMobil
shareholders
(8,093)
(7,439)
Cash dividends to noncontrolling
interests
(397)
(293)
Changes in noncontrolling interests
16
11
Common stock acquired
(8,337)
(8,680)
Net cash provided by (used in)
financing activities
(20,540)
(16,683)
Effects of exchange rate changes on
cash
(318)
132
Increase/(Decrease) in cash and cash
equivalents
(5,080)
(108)
Cash and cash equivalents at beginning of
period
31,568
29,665
Cash and cash equivalents at end of
period
26,488
29,557
Non-Cash Transaction: The
Corporation acquired Pioneer Natural Resources in an all-stock
transaction on May 3, 2024, having issued 545 million shares of
ExxonMobil common stock having a fair value of $63 billion and
assumed debt with a fair value of $5 billion.
.
ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
9,240
8,220
Earnings/(Loss) (U.S. GAAP)
17,460
19,310
Identified Items
—
—
Tax-related items
—
(182)
—
—
Total Identified Items
—
(182)
9,240
8,220
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
17,460
19,492
2Q24
1Q24
Dollars per common share
YTD 2024
YTD 2023
2.14
2.06
Earnings/(Loss) Per Common Share (U.S.
GAAP) ¹
4.20
4.73
Identified Items Per Common Share
¹
—
—
Tax-related items
—
(0.04)
—
—
Total Identified Items Per Common Share
¹
—
(0.04)
2.14
2.06
Earnings/(Loss) Excl. Identified Items
Per Common Share (non-GAAP) ¹
4.20
4.77
¹ Assuming dilution.
ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY
SEGMENT
Second Quarter 2024
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)
2,430
4,644
450
496
526
253
447
304
(310)
9,240
Total Identified Items
—
—
—
—
—
—
—
—
—
—
Earnings/(Loss) Excl. Identified Items
(non-GAAP)
2,430
4,644
450
496
526
253
447
304
(310)
9,240
First Quarter 2024
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)
1,054
4,606
836
540
504
281
404
357
(362)
8,220
Total Identified Items
—
—
—
—
—
—
—
—
—
—
Earnings/(Loss) Excl. Identified Items
(non-GAAP)
1,054
4,606
836
540
504
281
404
357
(362)
8,220
YTD 2024
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)
3,484
9,250
1,286
1,036
1,030
534
851
661
(672)
17,460
Total Identified Items
—
—
—
—
—
—
—
—
—
—
Earnings/(Loss) Excl. Identified Items
(non-GAAP)
3,484
9,250
1,286
1,036
1,030
534
851
661
(672)
17,460
YTD 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)
2,552
8,482
3,438
3,055
810
389
824
621
(861)
19,310
Identified Items
Tax-related items
—
(170)
—
(12)
—
—
—
—
—
(182)
Total Identified Items
—
(170)
—
(12)
—
—
—
—
—
(182)
Earnings/(Loss) Excl. Identified Items
(non-GAAP)
2,552
8,652
3,438
3,067
810
389
824
621
(861)
19,492
ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
2Q24
1Q24
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil, thousand barrels per day
(kbd)
YTD 2024
YTD 2023
1,261
816
United States
1,038
802
760
772
Canada/Other Americas
767
645
4
4
Europe
4
4
215
224
Africa
220
213
714
711
Asia
712
725
30
30
Australia/Oceania
30
35
2,984
2,557
Worldwide
2,771
2,424
2Q24
1Q24
Net natural gas production available for
sale, million cubic feet per day (mcfd)
YTD 2024
YTD 2023
2,900
2,241
United States
2,570
2,357
114
94
Canada/Other Americas
104
94
331
377
Europe
354
461
167
150
Africa
158
110
3,486
3,274
Asia
3,380
3,473
1,245
1,226
Australia/Oceania
1,236
1,276
8,243
7,362
Worldwide
7,802
7,771
4,358
3,784
Oil-equivalent production (koebd)¹
4,071
3,719
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
2Q24
1Q24
Refinery throughput, thousand barrels per
day (kbd)
YTD 2024
YTD 2023
1,746
1,900
United States
1,823
1,794
387
407
Canada
397
403
987
954
Europe
970
1,199
446
402
Asia Pacific
424
514
174
180
Other
177
176
3,740
3,843
Worldwide
3,791
4,086
2Q24
1Q24
Energy Products sales, thousand barrels
per day (kbd)
YTD 2024
YTD 2023
2,639
2,576
United States
2,607
2,601
2,681
2,656
Non-U.S.
2,669
2,867
5,320
5,232
Worldwide
5,276
5,469
2,243
2,178
Gasolines, naphthas
2,210
2,290
1,718
1,742
Heating oils, kerosene, diesel
1,730
1,806
344
339
Aviation fuels
342
328
181
214
Heavy fuels
197
221
834
759
Other energy products
797
823
5,320
5,232
Worldwide
5,276
5,469
2Q24
1Q24
Chemical Products sales, thousand metric
tons (kt)
YTD 2024
YTD 2023
1,802
1,847
United States
3,649
3,286
3,071
3,207
Non-U.S.
6,278
6,212
4,873
5,054
Worldwide
9,927
9,498
2Q24
1Q24
Specialty Products sales, thousand metric
tons (kt)
YTD 2024
YTD 2023
506
495
United States
1,001
991
1,428
1,464
Non-U.S.
2,892
2,855
1,933
1,959
Worldwide
3,893
3,845
ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION
EXPENDITURES
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
Upstream
2,773
2,269
United States
5,042
4,314
2,974
2,313
Non-U.S.
5,287
4,876
5,747
4,582
Total
10,329
9,190
Energy Products
185
179
United States
364
707
367
348
Non-U.S.
715
709
552
527
Total
1,079
1,416
Chemical Products
157
152
United States
309
437
345
281
Non-U.S.
626
1,053
502
433
Total
935
1,490
Specialty Products
21
8
United States
29
25
73
68
Non-U.S.
141
169
94
76
Total
170
194
Other
144
221
Other
365
256
7,039
5,839
Worldwide
12,878
12,546
CASH CAPITAL EXPENDITURES
2Q24
1Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
6,235
5,074
Additions to property, plant and
equipment
11,309
10,771
314
206
Net investments and advances
520
651
6,549
5,280
Total Cash Capital Expenditures
11,829
11,422
ATTACHMENT VI
KEY FIGURES: EARNINGS/(LOSS)
Results Summary
2Q24
1Q24
Change vs 1Q24
Dollars in millions (except per share
data)
YTD 2024
YTD 2023
Change vs YTD 2023
9,240
8,220
+1,020
Earnings (U.S. GAAP)
17,460
19,310
-1,850
9,240
8,220
+1,020
Earnings Excluding Identified Items
(non-GAAP)
17,460
19,492
-2,032
2.14
2.06
+0.08
Earnings Per Common Share ¹
4.20
4.73
-0.53
2.14
2.06
+0.08
Earnings Excl. Identified Items per Common
Share (non-GAAP) ¹
4.20
4.77
-0.57
7,039
5,839
+1,200
Capital and Exploration Expenditures
12,878
12,546
+332
¹ Assuming dilution.
ATTACHMENT VII
KEY FIGURES: EARNINGS/(LOSS) BY
QUARTER
Dollars in millions (unless otherwise
noted)
2024
2023
2022
2021
2020
First Quarter
8,220
11,430
5,480
2,730
(610)
Second Quarter
9,240
7,880
17,850
4,690
(1,080)
Third Quarter
—
9,070
19,660
6,750
(680)
Fourth Quarter
—
7,630
12,750
8,870
(20,070)
Full Year
—
36,010
55,740
23,040
(22,440)
Dollars per common share¹
2024
2023
2022
2021
2020
First Quarter
2.06
2.79
1.28
0.64
(0.14)
Second Quarter
2.14
1.94
4.21
1.10
(0.26)
Third Quarter
—
2.25
4.68
1.57
(0.15)
Fourth Quarter
—
1.91
3.09
2.08
(4.70)
Full Year
—
8.89
13.26
5.39
(5.25)
1 Computed using the average number of
shares outstanding during each period; assuming dilution.
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