ExxonMobil Announces Second-Quarter 2024 Results
ExxonMobil announced its Q2 2024 earnings, delivering $9.2 billion in earnings, up from $8.2 billion in Q1.
The Pioneer merger contributed $0.5 billion to earnings, boosting production by 15% (574,000 barrels/day). Year-to-date earnings were $17.5 billion, down from $19.3 billion in 2023. The company declared a third-quarter dividend of $0.95 per share.
ExxonMobil advanced in new businesses, signing a CCS agreement for 5.5 million metric tons of CO2 and an MOU with SK On for 100,000 metric tons of lithium. The company also announced the world's largest planned virtually carbon-free hydrogen project, capturing 98% of CO2 emissions.
Capital and exploration expenditures were $7 billion this quarter, totaling $12.9 billion year-to-date. Shareholder distributions reached $16.3 billion, with a $20 billion share repurchase plan through 2025.
ExxonMobil ha annunciato i suoi risultati finanziari del secondo trimestre 2024, registrando 9,2 miliardi di dollari di utili, in aumento rispetto a 8,2 miliardi di dollari nel primo trimestre.
La fusione con Pioneer ha contribuito con 0,5 miliardi di dollari agli utili, aumentando la produzione del 15% (574.000 barili/giorno). Gli utili dall'inizio dell'anno ammontano a 17,5 miliardi di dollari, in calo rispetto a 19,3 miliardi di dollari nel 2023. L'azienda ha dichiarato un dividendo per il terzo trimestre di 0,95 dollari per azione.
ExxonMobil ha fatto progressi in nuovi settori, firmando un accordo di CCS per 5,5 milioni di tonnellate metriche di CO2 e un MOU con SK On per 100.000 tonnellate metriche di litio. L'azienda ha anche annunciato il più grande progetto pianificato al mondo di idrogeno virtualmente privo di carbonio, catturando il 98% delle emissioni di CO2.
Le spese per capitale e esplorazione sono state di 7 miliardi di dollari in questo trimestre, per un totale di 12,9 miliardi di dollari dall'inizio dell'anno. Le distribuzioni agli azionisti hanno raggiunto 16,3 miliardi di dollari, con un piano di riacquisto di azioni da 20 miliardi di dollari entro il 2025.
ExxonMobil anunció sus resultados del segundo trimestre de 2024, reportando 9.2 mil millones de dólares en ganancias, un aumento respecto a 8.2 mil millones de dólares en el primer trimestre.
La fusión con Pioneer aportó 0.5 mil millones de dólares a las ganancias, aumentando la producción en un 15% (574,000 barriles/día). Las ganancias acumuladas hasta la fecha son de 17.5 mil millones de dólares, en comparación con 19.3 mil millones de dólares en 2023. La compañía declaró un dividendo del tercer trimestre de 0.95 dólares por acción.
ExxonMobil avanzó en nuevos negocios, firmando un acuerdo de CCS por 5.5 millones de toneladas métricas de CO2 y un MOU con SK On por 100,000 toneladas métricas de litio. La compañía también anunció el mayor proyecto planeado del mundo de hidrógeno virtualmente libre de carbono, capturando el 98% de las emisiones de CO2.
Los gastos de capital y exploración fueron de 7 mil millones de dólares este trimestre, totalizando 12.9 mil millones de dólares hasta la fecha. Las distribuciones a los accionistas alcanzaron 16.3 mil millones de dólares, con un plan de recompra de acciones de 20 mil millones de dólares hasta 2025.
엑슨모빌이 2024년 2분기 실적을 발표하며 92억 달러의 수익을 기록했으며, 이는 81억 달러에서 증가한 수치입니다.
파이오니어 인수는 수익에 5억 달러를 기여하여 생산량을 15% (574,000 배럴/일) 증가시켰습니다. 올해 누적 수익은 175억 달러로, 2023년의 193억 달러에서 감소했습니다. 회사는 3분기 배당금을 주당 0.95달러로 선언했습니다.
엑슨모빌은 새로운 사업 진전을 이루며 550만 미터톤의 CO2에 대한 CCS 계약을 체결하고, SK On과 10만 미터톤의 리튬을 위한 MOU를 체결했습니다. 또한, CO2 배출량의 98%를 포집하는 세계 최대의 거의 탄소-free 수소 프로젝트를 발표했습니다.
이번 분기의 자본 및 탐사 지출은 70억 달러였으며, 올해 누적 총액은 129억 달러입니다. 주주 분배는 163억 달러에 달하며, 2025년까지 200억 달러 규모의 주식 매입 계획을 세웠습니다.
ExxonMobil a annoncé ses résultats du deuxième trimestre 2024, réalisant 9,2 milliards de dollars de bénéfices, en hausse par rapport à 8,2 milliards de dollars au premier trimestre.
La fusion avec Pioneer a contribué à hauteur de 0,5 milliard de dollars aux bénéfices, augmentant la production de 15% (574 000 barils/jour). Les bénéfices depuis le début de l'année s'élèvent à 17,5 milliards de dollars, en baisse par rapport à 19,3 milliards de dollars en 2023. La société a déclaré un dividende pour le troisième trimestre de 0,95 dollar par action.
ExxonMobil a progressé dans de nouveaux secteurs d'activité, signant un accord de CCS pour 5,5 millions de tonnes métriques de CO2 et un MOU avec SK On pour 100 000 tonnes métriques de lithium. L'entreprise a également annoncé le plus grand projet mondial prévu de production d'hydrogène virtuellement sans carbone, capturant 98% des émissions de CO2.
Les dépenses en capital et d'exploration se sont élevées à 7 milliards de dollars ce trimestre, atteignant un total de 12,9 milliards de dollars depuis le début de l'année. Les distributions aux actionnaires ont atteint 16,3 milliards de dollars, avec un plan de rachat d'actions de 20 milliards de dollars d'ici 2025.
ExxonMobil hat seine Ergebnisse für das 2. Quartal 2024 bekannt gegeben und berichtet von 9,2 Milliarden Dollar Gewinn, ein Anstieg von 8,2 Milliarden Dollar im 1. Quartal.
Die Fusion mit Pioneer hat 0,5 Milliarden Dollar zum Gewinn beigetragen und die Produktion um 15% (574.000 Barrel/Tag) gesteigert. Die bis dato erzielten Gewinne betragen 17,5 Milliarden Dollar, im Vergleich zu 19,3 Milliarden Dollar im Jahr 2023. Das Unternehmen hat eine Dividende für das 3. Quartal von 0,95 Dollar pro Aktie erklärt.
ExxonMobil hat in neue Geschäftsbereiche Fortschritte gemacht und eine CCS-Vereinbarung über 5,5 Millionen metrische Tonnen CO2 sowie ein MOU mit SK On über 100.000 metrische Tonnen Lithium unterzeichnet. Zudem wurde das weltweit größte geplante Projekt für praktisch kohlenstofffreies Wasserstoff bekannt gegeben, das 98% der CO2-Emissionen auffangen soll.
Die Investitionen in Kapital und Exploration betrugen in diesem Quartal 7 Milliarden Dollar, was insgesamt 12,9 Milliarden Dollar im laufenden Jahr ausmacht. Die Ausschüttungen an die Aktionäre beliefen sich auf 16,3 Milliarden Dollar, mit einem Rückkaufprogramm für Aktien in Höhe von 20 Milliarden Dollar bis 2025.
- Q2 2024 earnings increased to $9.2 billion from $8.2 billion in Q1.
- The Pioneer merger added $0.5 billion to earnings and boosted production by 15%.
- Declared a $0.95/share quarterly dividend.
- Signed a CCS agreement to store 5.5 million metric tons of CO2.
- Capital and exploration expenditures reached $12.9 billion year-to-date.
- Shareholder distributions totaled $16.3 billion year-to-date.
- Year-to-date earnings decreased to $17.5 billion from $19.3 billion in 2023.
Insights
ExxonMobil's Q2 2024 results demonstrate the company's resilience and strategic positioning in a challenging energy market. With
Key highlights include:
- Record production in Guyana and Permian Basin, with total upstream production growing
15% quarter-over-quarter - Successful integration of Pioneer Natural Resources, contributing
$0.5 billion to earnings in just two months - Strong cash flow from operations of
$10.6 billion , enabling$9.5 billion in shareholder distributions - Progress in new business ventures like carbon capture and storage and virtually carbon-free hydrogen production
The company's focus on cost discipline is evident, with
However, investors should note the challenges in the downstream segment, where Energy Products earnings declined significantly due to normalized refining margins. This highlights the cyclical nature of the industry and the importance of ExxonMobil's integrated business model.
Overall, ExxonMobil's Q2 results reflect a company successfully balancing near-term performance with long-term strategic initiatives in the energy transition. The increased share repurchase program to
ExxonMobil's Q2 2024 performance underscores the company's strategic pivot towards high-return, low-cost assets. The rapid integration of Pioneer Natural Resources is a game-changer, solidifying ExxonMobil's position as the leader in unconventional resource development.
The Permian Basin and Guyana continue to be the crown jewels in ExxonMobil's portfolio. Record production from these assets demonstrates the company's operational excellence and technological edge. The planned Hammerhead project in Guyana, with a potential capacity of 120,000-180,000 barrels per day, further cements ExxonMobil's long-term growth prospects in this prolific region.
ExxonMobil's progress in new business ventures is particularly noteworthy. The agreement with Air Liquide for virtually carbon-free hydrogen production positions the company at the forefront of the hydrogen economy. Similarly, the expansion of carbon capture and storage capabilities, with up to 5.5 million metric tons per year of contracted CO2 offtake, demonstrates ExxonMobil's commitment to playing a significant role in the energy transition.
The development of innovative products like Proxxima™ and carbon materials showcases ExxonMobil's ability to leverage its existing assets and expertise to create new revenue streams. These initiatives not only diversify the company's portfolio but also align with the growing demand for sustainable materials.
While the Energy Products segment faced headwinds due to normalized refining margins, the Chemical and Specialty Products segments demonstrated resilience. The record sales of Mobil 1™ lubricants highlight the strength of ExxonMobil's brand and its ability to capture value across the hydrocarbon value chain.
In conclusion, ExxonMobil's Q2 results reflect a company successfully executing its strategy of focusing on high-return assets while positioning itself for a lower-carbon future. The balanced approach to shareholder returns and strategic investments bodes well for long-term value creation.
-
Delivered industry-leading second-quarter earnings of
$9.2 billion
-
The Pioneer merger, which closed five months faster than similar transactions and fundamentally transforms the Upstream portfolio, contributed
$0.5 billion
-
Also achieved record production in
Guyana and heritage Permian; Upstream total net production grew15% , 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
Results Summary |
|
|||||
|
|
|
|
|
|
|
2Q24 |
1Q24 |
Change
|
Dollars in millions (except per share data) |
YTD
|
YTD
|
Change
|
9,240 |
8,220 |
+1,020 |
Earnings ( |
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
“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
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 |
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 $19.3 billion $17.5 billion $19.5 billion Guyana , Pioneer, and heritage Permian assets, high-value products and theBeaumont 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 $1.0 billion $0.6 billion $5 billion -
Generated strong cash flow from operations of
$25.2 billion $15.0 billion $2.6 billion $27.8 billion $17.6 billion $16.3 billion $8.1 billion $8.3 billion $20 billion $19 billion -
The Corporation declared a third-quarter dividend of
$0.95 -
The company's debt-to-capital ratio was
14% and the net-debt-to-capital ratio was6% 3, reflecting a year-to-date debt repayment of$3.9 billion $26.5 billion -
Capital and exploration expenditures were
$7.0 billion $0.7 billion $12.9 billion $28 billion $25 billion $3 billion
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 |
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 plannedBaytown, 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 approximately98% of the associated CO2 emissions. ExxonMobil aims to help enable the growth of a low-carbon hydrogen market along theU.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 inthe 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 to50% .
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 inTexas , 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 dollars15% 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
|
YTD
|
|
|
Earnings/(Loss) ( |
|
|
2,430 |
1,054 |
|
3,484 |
2,552 |
4,644 |
4,606 |
Non- |
9,250 |
8,482 |
7,074 |
5,660 |
Worldwide |
12,734 |
11,034 |
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
2,430 |
1,054 |
|
3,484 |
2,552 |
4,644 |
4,606 |
Non- |
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 $1.5 billion Guyana , heritage Permian and Pioneer production. Year-to-date net production was 4.1 million oil-equivalent barrels per day, an increase of9% , 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 $1.4 billion 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 of15% , 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 $5 billion - 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
|
YTD
|
|
|
Earnings/(Loss) ( |
|
|
450 |
836 |
|
1,286 |
3,438 |
496 |
540 |
Non- |
1,036 |
3,055 |
946 |
1,376 |
Worldwide |
2,322 |
6,493 |
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
450 |
836 |
|
1,286 |
3,438 |
496 |
540 |
Non- |
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 $4.2 billion 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 $1.4 billion
Chemical Products |
||||
2Q24 |
1Q24 |
Dollars in millions (unless otherwise noted) |
YTD
|
YTD
|
|
|
Earnings/(Loss) ( |
|
|
526 |
504 |
|
1,030 |
810 |
253 |
281 |
Non- |
534 |
389 |
779 |
785 |
Worldwide |
1,564 |
1,199 |
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
526 |
504 |
|
1,030 |
810 |
253 |
281 |
Non- |
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 $365 million -
Second-quarter earnings were
$779 million $785 million
Specialty Products |
||||
2Q24 |
1Q24 |
Dollars in millions (unless otherwise noted) |
YTD
|
YTD
|
|
|
Earnings/(Loss) ( |
|
|
447 |
404 |
|
851 |
824 |
304 |
357 |
Non- |
661 |
621 |
751 |
761 |
Worldwide |
1,512 |
1,445 |
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
447 |
404 |
|
851 |
824 |
304 |
357 |
Non- |
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 $67 million -
Second-quarter earnings were
$751 million $761 million
Corporate and Financing |
||||
2Q24 |
1Q24 |
Dollars in millions (unless otherwise noted) |
YTD
|
YTD
|
(310) |
(362) |
Earnings/(Loss) ( |
(672) |
(861) |
(310) |
(362) |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
(672) |
(861) |
-
Year-to-date net charges of
$672 million $189 million -
Corporate and Financing second-quarter net charges of
$310 million $52 million
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL |
2Q24 |
1Q24 |
Dollars in millions (unless otherwise noted) |
YTD
|
YTD
|
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 ( |
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
|
YTD
|
10,560 |
14,664 |
Cash Flow from Operating Activities ( |
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
|
|
Six Months
|
|
||
|
2019 |
2023 |
|
2023 |
2024 |
|
Components of Operating Costs |
|
|
|
|
|
|
From ExxonMobil’s Consolidated Statement of Income ( |
|
|
|
|
|
|
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
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
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
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
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),
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 (
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
|
Six Months Ended
|
||
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
|
Six Months Ended
|
||
2024 |
2023 |
2024 |
2023 |
|
Earnings per common share ( |
2.14 |
1.94 |
4.20 |
4.73 |
Earnings per common share - assuming dilution ( |
2.14 |
1.94 |
4.20 |
4.73 |
|
|
|
|
|
Dividends on common stock |
|
|
|
|
Total |
4,285 |
3,701 |
8,093 |
7,439 |
Per common share ( |
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,
|
December 31,
|
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
|
|
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 |
||
|
. |
|
|
ATTACHMENT II-a |
KEY FIGURES: IDENTIFIED ITEMS |
||||
2Q24 |
1Q24 |
Dollars in millions (unless otherwise noted) |
YTD
|
YTD
|
9,240 |
8,220 |
Earnings/(Loss) ( |
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
|
YTD
|
2.14 |
2.06 |
Earnings/(Loss) Per Common Share ( |
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
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
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
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
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
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
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
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
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
|
YTD
|
1,261 |
816 |
|
1,038 |
802 |
760 |
772 |
|
767 |
645 |
4 |
4 |
|
4 |
4 |
215 |
224 |
|
220 |
213 |
714 |
711 |
|
712 |
725 |
30 |
30 |
|
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
|
YTD
|
2,900 |
2,241 |
|
2,570 |
2,357 |
114 |
94 |
|
104 |
94 |
331 |
377 |
|
354 |
461 |
167 |
150 |
|
158 |
110 |
3,486 |
3,274 |
|
3,380 |
3,473 |
1,245 |
1,226 |
|
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
|
YTD
|
1,746 |
1,900 |
|
1,823 |
1,794 |
387 |
407 |
|
397 |
403 |
987 |
954 |
|
970 |
1,199 |
446 |
402 |
|
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
|
YTD
|
2,639 |
2,576 |
|
2,607 |
2,601 |
2,681 |
2,656 |
Non- |
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
|
YTD
|
1,802 |
1,847 |
|
3,649 |
3,286 |
3,071 |
3,207 |
Non- |
6,278 |
6,212 |
4,873 |
5,054 |
Worldwide |
9,927 |
9,498 |
|
|
|
|
|
2Q24 |
1Q24 |
Specialty Products sales, thousand metric tons (kt) |
YTD
|
YTD
|
506 |
495 |
|
1,001 |
991 |
1,428 |
1,464 |
Non- |
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
|
YTD
|
|
|
Upstream |
|
|
2,773 |
2,269 |
|
5,042 |
4,314 |
2,974 |
2,313 |
Non- |
5,287 |
4,876 |
5,747 |
4,582 |
Total |
10,329 |
9,190 |
|
|
|
|
|
|
|
Energy Products |
|
|
185 |
179 |
|
364 |
707 |
367 |
348 |
Non- |
715 |
709 |
552 |
527 |
Total |
1,079 |
1,416 |
|
|
|
|
|
|
|
Chemical Products |
|
|
157 |
152 |
|
309 |
437 |
345 |
281 |
Non- |
626 |
1,053 |
502 |
433 |
Total |
935 |
1,490 |
|
|
|
|
|
|
|
Specialty Products |
|
|
21 |
8 |
|
29 |
25 |
73 |
68 |
Non- |
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
|
YTD
|
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
|
Dollars in millions (except per share data) |
YTD
|
YTD
|
Change
|
9,240 |
8,220 |
+1,020 |
Earnings ( |
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. |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802738079/en/
Media Relations
737-272-1452
Source: Exxon Mobil Corporation
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