ExxonMobil Announces 2023 Results
- Exxon Mobil achieved industry-leading 2023 earnings of $36.0 billion
- The company launched a new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030
- ExxonMobil made progress on the plan to achieve net zero GHG emissions by 2030
- None.
Insights
The reported earnings of $36.0 billion and cash flow from operating activities of $55.4 billion signify strong financial health and operational efficiency. The return on capital employed of 15% is a critical metric indicating the company's profitability relative to its capital base, which is substantial in this case. The debt-to-capital ratio at 16% and net-debt-to-capital ratio at 5% are indicative of a robust balance sheet with controlled leverage, enhancing the company's creditworthiness and investment appeal.
Furthermore, the cumulative structural cost savings of $9.7 billion since 2019 surpassing the $9 billion target and plans to achieve $15 billion by the end of 2027, demonstrate aggressive cost management strategies which can lead to margin improvements and increased competitive advantage.
However, the 2023 earnings per share (EPS) of $8.89, a decrease from $13.26 in the prior year, might raise concerns among investors regarding the sustainability of returns. The share repurchase program, part of the $32.4 billion shareholder distributions, reflects confidence in the company's future but also necessitates scrutiny of the opportunity costs of these buybacks versus potential reinvestment in growth opportunities.
The increase in production in key areas such as Guyana and the Permian Basin by 18% is significant for future revenue streams and helps diversify the production portfolio. The launch of the new MobilTM Lithium business aligns with the growing electric vehicle (EV) market and represents a strategic pivot towards low-carbon solutions, potentially opening new revenue channels and improving the company's environmental, social and governance (ESG) profile.
The acquisition aimed at transforming the Upstream business and the one accelerating Low Carbon Solutions are strategic moves that could strengthen the company's long-term market position. However, the success of these acquisitions will depend on integration effectiveness and market conditions.
The impairment charge in California raises questions about regulatory risks and asset valuation, which are crucial for investors to monitor. The company's advancements in climate solutions, such as achieving net zero GHG emissions in the Permian Basin by 2030, could be viewed favorably by investors increasingly concerned with sustainability practices.
ExxonMobil's strategic focus on high-grading its portfolio through selective investments and divestments can be seen as a move to optimize its asset mix in response to evolving market demands and shareholder value maximization. The record annual refinery throughput suggests operational excellence and the ability to capitalize on market conditions.
The company's positioning in the lithium market, with plans to supply up to one million EVs per year by 2030, taps into the growing demand for battery materials and may provide a competitive edge as the automotive industry shifts towards electrification.
It is also worth noting the potential impact of the merger with Pioneer Natural Resources, which is expected to close in the second quarter of 2024. This deal could significantly alter the company's production capabilities and market dynamics within the energy sector.
-
Delivered industry-leading 2023 earnings of
$36.0 billion $55.4 billion $32.4 billion
- Leading industry in compounded annual growth rate for earnings excl. identified items and cash flow since 2019 2
-
Increased
Guyana and Permian production by18% vs. 2022 and achieved record annual refinery throughput 3
-
Strengthened portfolio with
$4.1 billion
- Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030
Results Summary |
|
||||||||
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
Change vs 3Q23 |
4Q22 |
Change vs 4Q22 |
Dollars in millions (except per share data) |
2023 |
2022 |
Change vs 2022 |
|
7,630 |
9,070 |
-1,440 |
12,750 |
-5,120 |
Earnings ( |
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 Expenditures |
26,325 |
22,704 |
+3,621 |
|
Exxon Mobil Corporation today announced fourth-quarter 2023 earnings of
“Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” said Darren Woods, chairman and chief executive officer.
“These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished.”
1 |
Reported earnings, share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies. |
2 |
Adjusted net income and cash flow from operations sourced from Bloomberg for the industry peer group. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using Bloomberg consensus as of February 1st. Industry peer group includes BP, Chevron, Shell and TotalEnergies. |
3 |
Best-ever annual global refining throughput (2000 - 2023) since Exxon and Mobil merger in 1999, based on current refinery circuit. |
4 |
Announced agreement to merge with Pioneer Natural Resources in October 2023. Transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval. |
5 |
Assuming dilution. |
Financial Highlights
-
Fourth-quarter earnings were
$7.6 billion $9.1 billion $2.3 billion $10.0 billion $0.8 billion 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 15% .
-
Achieved
$9.7 billion $9 billion $2.3 billion $0.7 billion $15 billion
-
Generated strong cash flow from operations of
$13.7 billion $8.0 billion $1.9 billion $36.1 billion $32.4 billion $14.9 billion $17.4 billion
-
The Corporation declared a first-quarter dividend of
$0.95 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 was5% , 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
-
Capital and exploration expenditures were
$7.8 billion $26.3 billion Guyana assets, and entered a new lithium business.
1 |
Share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies. |
ADVANCING CLIMATE SOLUTIONS
Progress Toward Net Zero
- In the Permian Basin, ExxonMobil made great progress on the plan to achieve net zero GHG emissions by 2030. In 2023, the company electrified all of its drilling fleet and replaced over 6,000 natural-gas-driven pneumatic devices in its unconventional operated assets. In addition, ExxonMobil also deployed its first electric fracturing units to further reduce emissions intensity, and signed additional long-term agreements enabling renewable power capacity to support operations. In the quarter, the company also launched a high-altitude monitoring balloon with advanced imaging technology and data processing platforms that has the potential to provide continuous, real-time methane detection. These efforts support ExxonMobil's industry-leading plans to achieve net-zero Scope 1 and 2 emissions from its unconventional operations in the Permian by 2030.
Lithium
-
In the fourth quarter, ExxonMobil announced its new MobilTM Lithium business with plans to become a leading producer and grow
U.S. -based supplies of lithium for the global battery and EV markets. The company's advanced production approach has the potential to produce vast supplies of lithium with fewer environmental impacts than traditional mining operations1. Work is underway for the first phase of lithium production in southwestArkansas , 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 the United States at 1,300 miles, including nearly 925 miles inLouisiana ,Texas andMississippi , one of the largestU.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 |
EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
84 |
1,566 |
2,493 |
|
4,202 |
11,728 |
|
4,065 |
4,559 |
5,708 |
Non- |
17,106 |
24,751 |
|
4,149 |
6,125 |
8,201 |
Worldwide |
21,308 |
36,479 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
1,573 |
1,566 |
2,493 |
|
5,691 |
11,429 |
|
4,693 |
4,573 |
6,269 |
Non- |
17,918 |
27,989 |
|
6,266 |
6,139 |
8,762 |
Worldwide |
23,609 |
39,418 |
|
|
|
|
|
|
|
|
3,824 |
3,688 |
3,822 |
Production (koebd) |
3,738 |
3,737 |
|
-
Upstream fourth-quarter earnings were
$4.1 billion $2.0 billion $2.1 billion California due to regulatory challenges restarting production and distribution. Earnings excluding identified items were$6.3 billion $127 million 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 thirdGuyana 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 $2.1 billion $0.6 billion $6.3 billion $2.5 billion 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 $2.3 billion $2.9 billion $15.8 billion $2.4 billion $1 billion 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 andGuyana combined production grew18% versus 2022.
-
In October, ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a
$59.5 billion
1 |
Based on the October 5, 2023 closing price for ExxonMobil shares and the fixed exchange rate of 2.3234 per Pioneer share. |
2 |
Expected to leverage Permian GHG reduction plans to accelerate Pioneer's net-zero emissions plan to 2035 from 2050; plan to lower both companies' Permian methane emissions through new technology application. |
Energy Products |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
1,329 |
1,356 |
2,188 |
|
6,123 |
8,340 |
|
1,878 |
1,086 |
1,882 |
Non- |
6,019 |
6,626 |
|
3,207 |
2,442 |
4,070 |
Worldwide |
12,142 |
14,966 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
1,137 |
1,356 |
2,246 |
|
5,931 |
8,398 |
|
1,881 |
1,119 |
2,508 |
Non- |
6,067 |
7,252 |
|
3,018 |
2,475 |
4,754 |
Worldwide |
11,998 |
15,650 |
|
|
|
|
|
|
|
|
5,357 |
5,551 |
5,423 |
Energy Products Sales (kbd) |
5,461 |
5,347 |
|
-
Energy Products fourth-quarter earnings totaled
$3.2 billion $2.4 billion $765 million $1.2 billion $222 million $3.0 billion $543 million
-
Compared to the fourth quarter last year, earnings decreased
$863 million $873 million $3.0 billion $1.7 billion
-
Full-year 2023 earnings were
$12.1 billion $2.8 billion Beaumont refinery expansion. Identified items improved earnings by$828 million $12.0 billion $3.7 billion
-
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 theBeaumont andBaytown refineries have expanded access to advantaged Permian feedstocks.
Chemical Products |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
478 |
338 |
298 |
|
1,626 |
2,328 |
|
(289) |
(89) |
(48) |
Non- |
11 |
1,215 |
|
189 |
249 |
250 |
Worldwide |
1,637 |
3,543 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
446 |
338 |
298 |
|
1,594 |
2,328 |
|
131 |
(89) |
(48) |
Non- |
431 |
1,215 |
|
577 |
249 |
250 |
Worldwide |
2,025 |
3,543 |
|
|
|
|
|
|
|
|
4,776 |
5,108 |
4,658 |
Chemical Products Sales (kt) |
19,382 |
19,167 |
|
-
Chemical Products fourth-quarter earnings were
$189 million $249 million $388 million $577 million $328 million U.S. feed costs and strong performance product sales. Lower overall seasonal sales were partly offset by new volumes from the recently completedBaytown expansion.
-
Current quarter earnings were
$61 million $388 million $577 million $327 million
-
Full-year earnings were
$1.6 billion $1.9 billion $388 million $2.0 billion $1.5 billion
Specialty Products |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
386 |
326 |
406 |
|
1,536 |
1,190 |
|
264 |
293 |
354 |
Non- |
1,178 |
1,225 |
|
650 |
619 |
760 |
Worldwide |
2,714 |
2,415 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
374 |
326 |
406 |
|
1,524 |
1,190 |
|
369 |
293 |
394 |
Non- |
1,283 |
1,265 |
|
743 |
619 |
800 |
Worldwide |
2,807 |
2,455 |
|
|
|
|
|
|
|
|
1,839 |
1,912 |
1,787 |
Specialty Products Sales (kt) |
7,597 |
7,810 |
|
-
Specialty Products continued to deliver strong earnings from high-value products. Fourth-quarter earnings were
$650 million $619 million $93 million
-
Compared to the same quarter last year, earnings decreased by
$110 million
-
Full-year earnings were
$2.7 billion $299 million
Corporate and Financing |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
(565) |
(365) |
(531) |
Earnings/(Loss) ( |
(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 $200 million
-
Net charges of
$565 million $34 million
-
Full-year net charges of
$1.8 billion $128 million
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
8,012 |
9,346 |
13,055 |
Net income/(loss) including noncontrolling interests |
37,354 |
57,577 |
|
7,740 |
4,415 |
5,064 |
Depreciation and depletion (includes impairments) |
20,641 |
24,040 |
|
(2,191) |
1,821 |
(200) |
Changes in operational working capital, excluding cash and debt |
(4,255) |
(194) |
|
121 |
381 |
(298) |
Other |
1,629 |
(4,626) |
|
13,682 |
15,963 |
17,621 |
Cash Flow from Operating Activities ( |
55,369 |
76,797 |
|
|
|
|
|
|
|
|
1,020 |
917 |
1,333 |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
|
14,702 |
16,880 |
18,954 |
Cash Flow from Operations and Asset Sales (non-GAAP) |
59,447 |
82,044 |
|
|
|
|
|
|
|
|
2,191 |
(1,821) |
200 |
Less: Changes in operational working capital, excluding cash and debt |
4,255 |
194 |
|
16,893 |
15,059 |
19,154 |
Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) |
63,702 |
82,238 |
|
FREE CASH FLOW |
|
|
||||
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
13,682 |
15,963 |
17,621 |
Cash Flow from Operating Activities ( |
55,369 |
76,797 |
|
(6,228) |
(4,920) |
(5,783) |
Additions to property, plant and equipment |
(21,919) |
(18,407) |
|
(1,854) |
(307) |
(2,175) |
Additional investments and advances |
(2,995) |
(3,090) |
|
1,348 |
31 |
1,270 |
Other investing activities including collection of advances |
1,562 |
1,508 |
|
1,020 |
917 |
1,333 |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
|
7,968 |
11,684 |
12,266 |
Free Cash Flow (non-GAAP) |
36,095 |
62,055 |
|
RETURN ON AVERAGE CAPITAL EMPLOYED |
|
|
|
|
|
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
Net income/(loss) attributable to ExxonMobil ( |
36,010 |
55,740 |
Financing costs (after-tax) |
|
|
Gross third-party debt |
(1,175) |
(1,213) |
ExxonMobil share of equity companies |
(307) |
(198) |
All other financing costs – net |
931 |
276 |
Total financing costs |
(551) |
(1,135) |
Earnings/(loss) excluding financing costs (non-GAAP) |
36,561 |
56,875 |
|
|
|
Total assets ( |
376,317 |
369,067 |
Less liabilities and noncontrolling interests share of assets and liabilities |
|
|
Total current liabilities excluding notes and loans payable |
(61,226) |
(68,411) |
Total long-term liabilities excluding long-term debt |
(60,980) |
(56,990) |
Noncontrolling interests share of assets and liabilities |
(8,878) |
(9,205) |
Add ExxonMobil share of debt-financed equity company net assets |
3,481 |
3,705 |
Total capital employed (non-GAAP) |
248,714 |
238,166 |
|
|
|
Average capital employed (non-GAAP) |
243,440 |
228,404 |
|
|
|
Return on average capital employed – corporate total (non-GAAP) |
|
|
CALCULATION OF STRUCTURAL COST SAVINGS |
|
||||
|
|
|
|
|
|
Dollars in billions |
2019 |
|
|
|
2023 |
Components of Operating Costs |
|
|
|
|
|
From ExxonMobil’s Consolidated Statement of Income
( |
|
|
|
|
|
Production and manufacturing expenses |
36.8 |
|
|
|
36.9 |
Selling, general and administrative expenses |
11.4 |
|
|
|
9.9 |
Depreciation and depletion (includes impairments) |
19.0 |
|
|
|
20.6 |
Exploration expenses, including dry holes |
1.3 |
|
|
|
0.8 |
Non-service pension and postretirement benefit expense |
1.2 |
|
|
|
0.7 |
Subtotal |
69.7 |
|
|
|
68.9 |
ExxonMobil’s share of equity company expenses (non-GAAP) |
9.1 |
|
|
|
10.5 |
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
|
|
|
79.4 |
|
|
|
|
|
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
|
|
|
79.4 |
Less: |
|
|
|
|
|
Depreciation and depletion (includes impairments) |
19.0 |
|
|
|
20.6 |
Non-service pension and postretirement benefit expense |
1.2 |
|
|
|
0.7 |
Other adjustments (includes equity company depreciation and depletion) |
3.6 |
|
|
|
3.7 |
Total Cash Operating Expenses (Cash Opex) (non-GAAP) |
55.0 |
|
|
|
54.4 |
|
|
|
|
|
|
Energy and production taxes (non-GAAP) |
11.0 |
|
|
|
14.9 |
|
|
|
|
|
|
|
|
Market |
Activity / Other |
Structural Savings |
|
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
44.0 |
+3.6 |
+1.6 |
-9.7 |
39.5 |
This press release also references structural cost savings. Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, and other cost-saving measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled
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
Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen and other plans to reduce emissions of ExxonMobil, its affiliates or companies it is seeking to acquire, are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen, produce biofuels, produce lithium and use plastic waste as feedstock for advanced recycling; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities such as the
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
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 (
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
ATTACHMENT I-a |
||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
||||
(Preliminary) |
||||
Dollars in millions (unless otherwise noted) |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||
2023 |
2022 |
2023 |
2022 |
|
Revenues and other income |
|
|
|
|
Sales and other operating revenue |
81,688 |
93,164 |
334,697 |
398,675 |
Income from equity affiliates |
1,165 |
605 |
6,385 |
11,463 |
Other income |
1,491 |
1,660 |
3,500 |
3,542 |
Total revenues and other income |
84,344 |
95,429 |
344,582 |
413,680 |
Costs and other deductions |
|
|
|
|
Crude oil and product purchases |
46,352 |
50,761 |
193,029 |
228,959 |
Production and manufacturing expenses |
9,893 |
10,365 |
36,885 |
42,609 |
Selling, general and administrative expenses |
2,591 |
2,832 |
9,919 |
10,095 |
Depreciation and depletion (includes impairments) |
7,740 |
5,064 |
20,641 |
24,040 |
Exploration expenses, including dry holes |
139 |
348 |
751 |
1,025 |
Non-service pension and postretirement benefit expense |
217 |
100 |
714 |
482 |
Interest expense |
272 |
207 |
849 |
798 |
Other taxes and duties |
6,515 |
6,910 |
29,011 |
27,919 |
Total costs and other deductions |
73,719 |
76,587 |
291,799 |
335,927 |
Income/(Loss) before income taxes |
10,625 |
18,842 |
52,783 |
77,753 |
Income tax expense/(benefit) |
2,613 |
5,787 |
15,429 |
20,176 |
Net income/(loss) including noncontrolling interests |
8,012 |
13,055 |
37,354 |
57,577 |
Net income/(loss) attributable to noncontrolling interests |
382 |
305 |
1,344 |
1,837 |
Net income/(loss) attributable to ExxonMobil |
7,630 |
12,750 |
36,010 |
55,740 |
|
|
|
|
|
OTHER FINANCIAL DATA |
|
|
|
|
Dollars in millions (unless otherwise noted) |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||
2023 |
2022 |
2023 |
2022 |
|
Earnings per common share ( |
1.91 |
3.09 |
8.89 |
13.26 |
Earnings per common share - assuming dilution ( |
1.91 |
3.09 |
8.89 |
13.26 |
|
|
|
|
|
Dividends on common stock |
|
|
|
|
Total |
3,839 |
3,767 |
14,941 |
14,939 |
Per common share ( |
0.95 |
0.91 |
3.68 |
3.55 |
|
|
|
|
|
Millions of common shares outstanding |
|
|
|
|
Average - assuming dilution |
4,010 |
4,138 |
4,052 |
4,205 |
|
|
|
|
|
Taxes |
|
|
|
|
Income taxes |
2,613 |
5,787 |
15,429 |
20,176 |
Total other taxes and duties |
7,308 |
7,754 |
32,191 |
31,455 |
Total taxes |
9,921 |
13,541 |
47,620 |
51,631 |
Sales-based taxes |
5,792 |
6,113 |
24,693 |
25,434 |
Total taxes including sales-based taxes |
15,713 |
19,654 |
72,313 |
77,065 |
|
|
|
|
|
ExxonMobil share of income taxes of equity companies (non-GAAP) |
843 |
1,512 |
3,058 |
7,594 |
ATTACHMENT I-b |
||
CONDENSED CONSOLIDATED BALANCE SHEET |
||
(Preliminary) |
||
Dollars in millions (unless otherwise noted) |
December 31,
|
December 31,
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
31,539 |
29,640 |
Cash and cash equivalents – restricted |
29 |
25 |
Notes and accounts receivable – net |
38,015 |
41,749 |
Inventories |
|
|
Crude oil, products and merchandise |
20,528 |
20,434 |
Materials and supplies |
4,592 |
4,001 |
Other current assets |
1,906 |
1,782 |
Total current assets |
96,609 |
97,631 |
Investments, advances and long-term receivables |
47,630 |
49,793 |
Property, plant and equipment – net |
214,940 |
204,692 |
Other assets, including intangibles – net |
17,138 |
16,951 |
Total Assets |
376,317 |
369,067 |
|
|
|
LIABILITIES |
|
|
Current liabilities |
|
|
Notes and loans payable |
4,090 |
634 |
Accounts payable and accrued liabilities |
58,037 |
63,197 |
Income taxes payable |
3,189 |
5,214 |
Total current liabilities |
65,316 |
69,045 |
Long-term debt |
37,483 |
40,559 |
Postretirement benefits reserves |
10,496 |
10,045 |
Deferred income tax liabilities |
24,452 |
22,874 |
Long-term obligations to equity companies |
1,804 |
2,338 |
Other long-term obligations |
24,228 |
21,733 |
Total Liabilities |
163,779 |
166,594 |
|
|
|
EQUITY |
|
|
Common stock without par value |
|
|
(9,000 million shares authorized, 8,019 million shares issued) |
17,781 |
15,752 |
Earnings reinvested |
453,927 |
432,860 |
Accumulated other comprehensive income |
(11,989) |
(13,270) |
Common stock held in treasury |
|
|
(4,048 million shares at December 31, 2023, and 3,937 million shares at December 31, 2022) |
(254,917) |
(240,293) |
ExxonMobil share of equity |
204,802 |
195,049 |
Noncontrolling interests |
7,736 |
7,424 |
Total Equity |
212,538 |
202,473 |
Total Liabilities and Equity |
376,317 |
369,067 |
ATTACHMENT I-c |
||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
||
(Preliminary) |
||
Dollars in millions (unless otherwise noted) |
Twelve Months Ended December 31, |
|
2023 |
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income/(loss) including noncontrolling interests |
37,354 |
57,577 |
Depreciation and depletion (includes impairments) |
20,641 |
24,040 |
Changes in operational working capital, excluding cash and debt |
(4,255) |
(194) |
All other items – net |
1,629 |
(4,626) |
Net cash provided by operating activities |
55,369 |
76,797 |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Additions to property, plant and equipment |
(21,919) |
(18,407) |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
Additional investments and advances |
(2,995) |
(3,090) |
Other investing activities including collection of advances |
1,562 |
1,508 |
Net cash used in investing activities |
(19,274) |
(14,742) |
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Additions to long-term debt ¹ |
939 |
637 |
Reductions in long-term debt |
(15) |
(5) |
Additions to short-term debt |
— |
198 |
Reductions in short-term debt |
(879) |
(8,075) |
Additions/(Reductions) in debt with three months or less maturity |
(284) |
25 |
Contingent consideration payments |
(68) |
(58) |
Cash dividends to ExxonMobil shareholders |
(14,941) |
(14,939) |
Cash dividends to noncontrolling interests |
(531) |
(267) |
Changes in noncontrolling interests |
(770) |
(1,475) |
Common stock acquired |
(17,748) |
(15,155) |
Net cash provided by (used in) financing activities |
(34,297) |
(39,114) |
Effects of exchange rate changes on cash |
105 |
(78) |
Increase/(Decrease) in cash and cash equivalents |
1,903 |
22,863 |
Cash and cash equivalents at beginning of period |
29,665 |
6,802 |
Cash and cash equivalents at end of period |
31,568 |
29,665 |
|
|
|
1 Includes |
||
ATTACHMENT II-a |
||||||
KEY FIGURES: IDENTIFIED ITEMS |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
7,630 |
9,070 |
12,750 |
Earnings/(Loss) ( |
36,010 |
55,740 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
(3,040) |
— |
(530) |
Impairments |
(3,040) |
(4,202) |
|
305 |
— |
— |
Gain/(Loss) on sale of assets |
305 |
886 |
|
577 |
(47) |
(1,825) |
Tax-related items |
348 |
(1,501) |
|
(175) |
— |
1,070 |
Other |
(175) |
1,456 |
|
(2,333) |
(47) |
(1,285) |
Total Identified Items |
(2,562) |
(3,361) |
|
|
|
|
|
|
|
|
9,963 |
9,117 |
14,035 |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
38,572 |
59,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Dollars per common share |
2023 |
2022 |
|
1.91 |
2.25 |
3.09 |
Earnings/(Loss) Per Common Share ¹ ( |
8.89 |
13.26 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items Per Common Share ¹ |
|
|
|
(0.75) |
— |
(0.13) |
Impairments |
(0.75) |
(1.00) |
|
0.08 |
— |
— |
Gain/(Loss) on sale of assets |
0.08 |
0.21 |
|
0.14 |
(0.01) |
(0.44) |
Tax-related items |
0.08 |
(0.36) |
|
(0.04) |
— |
0.26 |
Other |
(0.04) |
0.35 |
|
(0.57) |
(0.01) |
(0.31) |
Total Identified Items Per Common Share ¹ |
(0.63) |
(0.80) |
|
|
|
|
|
|
|
|
2.48 |
2.27 |
3.40 |
Earnings/(Loss) Excl. Identified Items Per Common Share ¹ (non-GAAP) |
9.52 |
14.06 |
|
|
|
|
|
|
|
|
1 Assuming dilution. |
||||||
ATTACHMENT II-b |
||||||||||
KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT |
||||||||||
| Fourth Quarter 2023 | Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
84 |
4,065 |
1,329 |
1,878 |
478 |
(289) |
386 |
264 |
(565) |
7,630 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
(1,978) |
(686) |
— |
— |
(21) |
(273) |
— |
(82) |
— |
(3,040) |
Gain/(Loss) on sale of assets |
305 |
— |
— |
— |
— |
— |
— |
— |
— |
305 |
Tax-related items |
184 |
58 |
192 |
(3) |
53 |
— |
12 |
5 |
76 |
577 |
Other |
— |
— |
— |
— |
— |
(147) |
— |
(28) |
— |
(175) |
Total Identified Items |
(1,489) |
(628) |
192 |
(3) |
32 |
(420) |
12 |
(105) |
76 |
(2,333) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
1,573 |
4,693 |
1,137 |
1,881 |
446 |
131 |
374 |
369 |
(641) |
9,963 |
Third Quarter 2023 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
1,566 |
4,559 |
1,356 |
1,086 |
338 |
(89) |
326 |
293 |
(365) |
9,070 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Tax-related items |
— |
(14) |
— |
(33) |
— |
— |
— |
— |
— |
(47) |
Total Identified Items |
— |
(14) |
— |
(33) |
— |
— |
— |
— |
— |
(47) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
1,566 |
4,573 |
1,356 |
1,119 |
338 |
(89) |
326 |
293 |
(365) |
9,117 |
Fourth Quarter 2022 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
2,493 |
5,708 |
2,188 |
1,882 |
298 |
(48) |
406 |
354 |
(531) |
12,750 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
— |
(216) |
(58) |
(216) |
— |
— |
— |
(40) |
— |
(530) |
Tax-related items |
— |
(1,415) |
— |
(410) |
— |
— |
— |
— |
— |
(1,825) |
Other |
— |
1,070 |
— |
— |
— |
— |
— |
— |
— |
1,070 |
Total Identified Items |
— |
(561) |
(58) |
(626) |
— |
— |
— |
(40) |
— |
(1,285) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
2,493 |
6,269 |
2,246 |
2,508 |
298 |
(48) |
406 |
394 |
(531) |
14,035 |
2023 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
4,202 |
17,106 |
6,123 |
6,019 |
1,626 |
11 |
1,536 |
1,178 |
(1,791) |
36,010 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
(1,978) |
(686) |
— |
— |
(21) |
(273) |
— |
(82) |
— |
(3,040) |
Gain/(Loss) on sale of assets |
305 |
— |
— |
— |
— |
— |
— |
— |
— |
305 |
Tax-related items |
184 |
(126) |
192 |
(48) |
53 |
— |
12 |
5 |
76 |
348 |
Other |
— |
— |
— |
— |
— |
(147) |
— |
(28) |
— |
(175) |
Total Identified Items |
(1,489) |
(812) |
192 |
(48) |
32 |
(420) |
12 |
(105) |
76 |
(2,562) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
5,691 |
17,918 |
5,931 |
6,067 |
1,594 |
431 |
1,524 |
1,283 |
(1,867) |
38,572 |
2022 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
11,728 |
24,751 |
8,340 |
6,626 |
2,328 |
1,215 |
1,190 |
1,225 |
(1,663) |
55,740 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
— |
(3,790) |
(58) |
(216) |
— |
— |
— |
(40) |
(98) |
(4,202) |
Gain/(Loss) on sale of assets |
299 |
587 |
— |
— |
— |
— |
— |
— |
— |
886 |
Tax-related items |
— |
(1,415) |
— |
(410) |
— |
— |
— |
— |
324 |
(1,501) |
Other |
— |
1,380 |
— |
— |
— |
— |
— |
— |
76 |
1,456 |
Total Identified Items |
299 |
(3,238) |
(58) |
(626) |
— |
— |
— |
(40) |
302 |
(3,361) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
11,429 |
27,989 |
8,398 |
7,252 |
2,328 |
1,215 |
1,190 |
1,265 |
(1,965) |
59,101 |
ATTACHMENT III |
||||||
KEY FIGURES: UPSTREAM VOLUMES |
||||||
4Q23 |
3Q23 |
4Q22 |
Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) |
2023 |
2022 |
|
851 |
756 |
789 |
|
803 |
776 |
|
709 |
655 |
682 |
|
664 |
588 |
|
3 |
4 |
4 |
|
4 |
4 |
|
231 |
229 |
223 |
|
221 |
238 |
|
722 |
713 |
725 |
|
721 |
705 |
|
34 |
40 |
38 |
|
36 |
43 |
|
2,550 |
2,397 |
2,461 |
Worldwide |
2,449 |
2,354 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Net natural gas production available for sale, million cubic feet per day (mcfd) |
2023 |
2022 |
|
2,262 |
2,271 |
2,383 |
|
2,311 |
2,551 |
|
98 |
94 |
74 |
|
96 |
148 |
|
367 |
368 |
536 |
|
414 |
667 |
|
149 |
129 |
89 |
|
125 |
71 |
|
3,486 |
3,528 |
3,704 |
|
3,490 |
3,418 |
|
1,283 |
1,358 |
1,381 |
|
1,298 |
1,440 |
|
7,645 |
7,748 |
8,167 |
Worldwide |
7,734 |
8,295 |
|
|
|
|
|
|
|
|
3,824 |
3,688 |
3,822 |
Oil-equivalent production (koebd)¹ |
3,738 |
3,737 |
|
|
|
|
|
|
|
|
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
|
|||||
ATTACHMENT IV |
||||||
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES |
||||||
4Q23 |
3Q23 |
4Q22 |
Refinery throughput, thousand barrels per day (kbd) |
2023 |
2022 |
|
1,933 |
1,868 |
1,694 |
|
1,848 |
1,702 |
|
407 |
415 |
433 |
|
407 |
418 |
|
1,014 |
1,251 |
1,157 |
|
1,166 |
1,192 |
|
450 |
517 |
532 |
|
498 |
539 |
|
82 |
164 |
167 |
Other |
149 |
179 |
|
3,886 |
4,215 |
3,983 |
Worldwide |
4,068 |
4,030 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Energy Products sales, thousand barrels per day (kbd) |
2023 |
2022 |
|
2,704 |
2,626 |
2,507 |
|
2,633 |
2,426 |
|
2,653 |
2,925 |
2,916 |
Non- |
2,828 |
2,921 |
|
5,357 |
5,551 |
5,423 |
Worldwide |
5,461 |
5,347 |
|
|
|
|
|
|
|
|
2,255 |
2,316 |
2,270 |
Gasolines, naphthas |
2,288 |
2,232 |
|
1,735 |
1,834 |
1,798 |
Heating oils, kerosene, diesel |
1,795 |
1,774 |
|
328 |
358 |
349 |
Aviation fuels |
336 |
338 |
|
185 |
229 |
210 |
Heavy fuels |
214 |
235 |
|
854 |
814 |
796 |
Other energy products |
829 |
768 |
|
5,357 |
5,551 |
5,423 |
Worldwide |
5,461 |
5,347 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Chemical Products sales, thousand metric tons (kt) |
2023 |
2022 |
|
1,743 |
1,750 |
1,583 |
|
6,779 |
7,270 |
|
3,033 |
3,358 |
3,076 |
Non- |
12,603 |
11,897 |
|
4,776 |
5,108 |
4,658 |
Worldwide |
19,382 |
19,167 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Specialty Products sales, thousand metric tons (kt) |
2023 |
2022 |
|
473 |
498 |
455 |
|
1,962 |
2,049 |
|
1,367 |
1,414 |
1,332 |
Non- |
5,635 |
5,762 |
|
1,839 |
1,912 |
1,787 |
Worldwide |
7,597 |
7,810 |
|
ATTACHMENT V |
||||||
KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Upstream |
|
|
|
2,258 |
2,241 |
2,118 |
|
8,813 |
6,968 |
|
3,512 |
2,560 |
3,297 |
Non- |
10,948 |
10,034 |
|
5,770 |
4,801 |
5,415 |
Total |
19,761 |
17,002 |
|
|
|
|
|
|
|
|
|
|
|
Energy Products |
|
|
|
227 |
261 |
343 |
|
1,195 |
1,351 |
|
485 |
386 |
405 |
Non- |
1,580 |
1,059 |
|
712 |
647 |
748 |
Total |
2,775 |
2,410 |
|
|
|
|
|
|
|
|
|
|
|
Chemical Products |
|
|
|
211 |
103 |
332 |
|
751 |
1,123 |
|
641 |
268 |
824 |
Non- |
1,962 |
1,842 |
|
852 |
371 |
1,156 |
Total |
2,713 |
2,965 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Products |
|
|
|
22 |
16 |
12 |
|
63 |
46 |
|
127 |
95 |
90 |
Non- |
391 |
222 |
|
149 |
111 |
102 |
Total |
454 |
268 |
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
274 |
92 |
42 |
Other |
622 |
59 |
|
|
|
|
|
|
|
|
7,757 |
6,022 |
7,463 |
Worldwide |
26,325 |
22,704 |
|
|
|
|
|
|
|
|
CASH CAPITAL EXPENDITURES |
||||||
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
6,228 |
4,920 |
5,783 |
Additions to property, plant and equipment |
21,919 |
18,407 |
|
506 |
276 |
905 |
Net investments and advances |
1,433 |
1,582 |
|
6,734 |
5,196 |
6,688 |
Total Cash Capital Expenditures |
23,352 |
19,989 |
|
|
|
|
|
|
|
|
ATTACHMENT VI |
|||||||||
KEY FIGURES: QUARTER EARNINGS/(LOSS) |
|||||||||
| Results Summary |
|
||||||||
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
Change vs 3Q23 |
4Q22 |
Change vs 4Q22 |
Dollars in millions (except per share data) |
2023 |
2022 |
Change vs 2022 |
|
7,630 |
9,070 |
-1,440 |
12,750 |
-5,120 |
Earnings ( |
36,010 |
55,740 |
-19,730 |
|
9,963 |
9,117 |
+846 |
14,035 |
-4,072 |
Earnings Excluding Identified Items (non-GAAP) |
38,572 |
59,101 |
-20,529 |
|
|
|
|
|
|
|
|
|
|
|
1.91 |
2.25 |
-0.34 |
3.09 |
-1.18 |
Earnings Per Common Share ¹ |
8.89 |
13.26 |
-4.37 |
|
2.48 |
2.27 |
+0.21 |
3.40 |
-0.92 |
Earnings Excl. Identified Items Per Common Share ¹
|
9.52 |
14.06 |
-4.54 |
|
|
|
|
|
|
|
|
|
|
|
7,757 |
6,022 |
+1,735 |
7,463 |
+294 |
Capital and Exploration Expenditures |
26,325 |
22,704 |
+3,621 |
|
|
|
|
|
|
|
|
|
|
|
1 Assuming dilution. |
|||||||||
ATTACHMENT VII |
|||||
KEY FIGURES: EARNINGS/(LOSS) BY QUARTER |
|||||
| Dollars in millions (unless otherwise noted) | 2023 |
2022 |
2021 |
2020 |
2019 |
First Quarter |
11,430 |
5,480 |
2,730 |
(610) |
2,350 |
Second Quarter |
7,880 |
17,850 |
4,690 |
(1,080) |
3,130 |
Third Quarter |
9,070 |
19,660 |
6,750 |
(680) |
3,170 |
Fourth Quarter |
7,630 |
12,750 |
8,870 |
(20,070) |
5,690 |
Full Year |
36,010 |
55,740 |
23,040 |
(22,440) |
14,340 |
|
|
|
|
|
|
Dollars per common share ¹ |
2023 |
2022 |
2021 |
2020 |
2019 |
First Quarter |
2.79 |
1.28 |
0.64 |
(0.14) |
0.55 |
Second Quarter |
1.94 |
4.21 |
1.10 |
(0.26) |
0.73 |
Third Quarter |
2.25 |
4.68 |
1.57 |
(0.15) |
0.75 |
Fourth Quarter |
1.91 |
3.09 |
2.08 |
(4.70) |
1.33 |
Full Year |
8.89 |
13.26 |
5.39 |
(5.25) |
3.36 |
|
|
|
|
|
|
1 Computed using the average number of shares outstanding during each period; assuming dilution. |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201689947/en/
Media Relations
737-272-1452
Source: Exxon Mobil Corporation
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