ExxonMobil Earns $23 Billion in 2021, Initiates $10 Billion Share Repurchase Program

Rhea-AI Summary

Exxon Mobil Corporation (NYSE:XOM) reported a strong fourth quarter in 2021, with earnings of $8.9 billion ($2.08 per share), contributing to a full-year net income of $23 billion ($5.39 per share). The company generated $48 billion of cash flow from operations, enabling significant debt repayment of $20 billion, returning its balance sheet to pre-pandemic levels. Structural cost reductions reached nearly $5 billion since 2019, while Exxon aims for net zero Scope 1 and 2 emissions by 2050. The board approved a $10 billion share buyback program, initiated in early 2022 to enhance shareholder value.

Positive

• Generated $48 billion in cash flow from operations in 2021.
• Achieved $23 billion in net income for the year, a significant recovery from losses in 2020.
• Reduced debt by $20 billion, strengthening the balance sheet.
• Reported $1.9 billion in additional cost savings, totaling nearly $5 billion since 2019.
• Initiated a $10 billion share buyback program to enhance shareholder value.

Negative

• Fourth-quarter refining margins still challenged, particularly in jet fuel demand.

• Generates $48 billion of cash flow from operating activities, the highest level since 2012, more than covering capital investments, debt reduction, and dividend
• Reduces structural costs by an additional $1.9 billion, increasing total savings to nearly $5 billion versus 2019
• Strengthens balance sheet to pre-pandemic levels by paying down $20 billion in debt
• Expects to achieve 2025 emission-reduction plans four years ahead of schedule
• Aims to achieve net zero Scope 1 and 2 greenhouse gas emissions for operated assets by 2050, with plans to achieve net zero in the Permian Basin by 2030

IRVING, Texas--(BUSINESS WIRE)-- Exxon Mobil Corporation (NYSE:XOM):

					Third
	Fourth Quarter				Quarter		Twelve Months
	2021		2020		2021		2021		2020
Results Summary
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)	8,870		(20,070)		6,750		23,040		(22,440)
Earnings/(Loss) Per Common Share
Assuming Dilution	2.08		(4.70)		1.57		5.39		(5.25)
Identified Items Per Common Share
Assuming Dilution	0.03		(4.73)		(0.01)		0.01		(4.92)
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution	2.05		0.03		1.58		5.38		(0.33)
Capital and Exploration Expenditures	5,808		4,771		3,851		16,595		21,374

Exxon Mobil Corporation today announced fourth-quarter 2021 earnings of $8.9 billion, or $2.08 per share assuming dilution, resulting in full-year earnings of $23 billion, or $5.39 per share assuming dilution. Capital and exploration expenditures were $5.8 billion in the fourth quarter and $16.6 billion for the full year 2021, in line with guidance.

“Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realize the full benefits of the market recovery in 2021,” said Darren Woods, chairman and chief executive officer. “Our new streamlined business structure is another example of the actions we are taking to further strengthen our competitive advantages and grow shareholder value. We've made great progress in 2021 and our forward plans position us to lead in cash flow and earnings growth, operating performance, and the energy transition.”

Fourth-Quarter and Full-Year Business Highlights

Upstream

• Average realizations for crude oil increased 8% from the third quarter. Natural gas realizations increased 63% from the prior quarter.

• Oil-equivalent production in the fourth quarter was 3.8 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 2% versus the prior-year quarter, and was also up 2% versus the prior year, driven by demand recovery.

• In 2021, production volumes in the Permian increased nearly 100,000 oil-equivalent barrels per day, with improved capital efficiency. The focus remains on continuing to grow free cash flow by increasing recovery through efficiency gains and technology applications.

• ExxonMobil continued to progress its low cost of supply deepwater developments in Guyana, with estimated recoverable resources increasing to approximately 10 billion oil-equivalent barrels, supported by six commercial discoveries in 2021. The Liza Unity floating production, storage, and offloading vessel arrived in Guyanese waters in October 2021.

• The sale of certain United Kingdom North Sea assets to Neo Energy was completed in December 2021.

Downstream

• Global refining margins improved from the third quarter with increased transportation demand driven by easing mobility restrictions, partly offset by higher energy prices in Europe. Fourth-quarter margins improved to the low end of the 10-year range, although jet demand remains challenged.

• Refining throughput in the quarter was the highest since 2013, up 2% from the third quarter, allowing the company to capture the benefit of improved industry margins.

• Lubricants earnings were a full-year record, as strong reliability performance enabled full capture of robust basestocks margins.

• The company acquired a 49.9% stake in BioJet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions advanced biofuels, providing ExxonMobil the opportunity to purchase as much as 3 million barrels of lower-emission biofuel products per year.

Chemical

• Fourth-quarter industry margins declined from historically high levels to the middle of the 10-year range due to increased industry supply and higher feed and energy costs.

• Annual earnings of $7.8 billion were a full-year record, reflecting robust industry demand, strong reliability, structural cost reductions, and the company's global supply and logistics advantages.

• High-value, performance products grew 7% and the organization advanced key projects supporting future growth. The Corpus Christi Chemical Complex started up ahead of schedule and under budget, and a final investment decision was reached to proceed with a chemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province in China.

• ExxonMobil announced the acquisition of Materia, Inc., a technology company that pioneered the development of a Nobel prize-winning technology for manufacturing high-performance structural polymers. The innovative materials can be used in a number of applications, including wind turbine blades, electric vehicle parts, sustainable construction, and anticorrosive coatings.

• The company made its first commercial sale of certified circular polymer from recycled plastic, manufactured in Baytown, Texas, using proprietary advanced recycling technology. The advanced recycling operation in Baytown will be among the largest in North America with initial planned capacity to recycle 30,000 metric tons of plastic waste per year.

• ExxonMobil completed the sale of its global Santoprene™ business to Celanese in December for a total price of $1.15 billion.

Leading the Drive to Net Zero

• The company expects to meet its 2025 emission-reduction plans four years ahead of schedule. This includes a 15-20% reduction in greenhouse gas intensity of upstream operations; a 40-50% reduction in methane intensity; and a 35-45% reduction in flaring intensity across the corporation versus 2016.

• In the fourth quarter, the company announced new emission-reduction plans through 2030, which include plans to achieve Scope 1 and 2 net zero greenhouse gas emissions by 2030 in the Permian Basin, and are consistent with Paris-aligned pathways, the U.S. and European Union's Global Methane Pledge, and the U.S. Methane Emissions Reduction Action Plan. The company plans to invest $15 billion in lower-emission solutions to both reduce its Scope 1 and 2 greenhouse gas emissions and support customers in decarbonizing, with a focus on carbon capture and storage, hydrogen and biofuels.

• In January, ExxonMobil announced its ambition to achieve net zero emissions from operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major operated assets. This ambition applies to Scope 1 and 2 greenhouse gas emissions and builds on the company’s 2030 emission-reduction plans. The Company’s roadmap approach identifies greenhouse gas emission-reduction opportunities for individual operated assets and the investment and future policy needs required to achieve net zero.

• ExxonMobil and Scepter, Inc. agreed to work together to deploy advanced satellite technology and proprietary data processing platforms to detect methane emissions at a global scale. Initially focused on Permian Basin operations, the agreement has the potential to redefine methane detection and mitigation efforts and could contribute to broader satellite-based emission-reduction efforts across a dozen global industries, including energy, agriculture, manufacturing and transportation.

• Since establishing the Low Carbon Solutions business in early 2021, ExxonMobil announced progress on 10 carbon capture and storage opportunities. The initiatives are in Houston, Texas; LaBarge, Wyoming; Edmonton, Canada; St. Fergus, U.K.; Southampton, U.K.; Fife, U.K.; Normandy, France; Malaysia; Indonesia; and Russia. These are in addition to previously announced projects in Qatar; Antwerp, Belgium; Rotterdam, Netherlands; and Australia.

Capital Allocation and Structural Cost Improvement

• In the fourth quarter, the company paid down debt by an additional $9 billion, bringing the full-year reduction to $20 billion, strengthening the balance sheet and returning debt to pre-pandemic levels.

• The company captured an additional $1.9 billion in structural savings in 2021, increasing total savings to roughly $5 billion relative to 2019. The company is on pace to exceed total annual structural cost reductions of $6 billion by 2023. Building on this work, the company recently announced additional efforts to streamline its business structure to enhance effectiveness, grow value, and reduce costs. These changes will more fully leverage global functional capabilities, improve line of site to markets, and enhance resource allocation to the highest corporate priorities.

• During the fourth quarter, ExxonMobil’s board of directors approved the company’s corporate plan for 2022, with capital spending anticipated to be in the range of $21 billion to $24 billion.

• Beginning in the first quarter of 2022, the company initiated share repurchases associated with the previously announced buyback program of up to $10 billion over the next 12 to 24 months.

Earnings and Volume Summary
Millions of Dollars		4Q		4Q
(unless noted)		2021		2020		Change		Comments
Upstream
U.S.		1,768		(16,803)		+18,571		Higher prices; identified items (+16,514; impairments)
Non-U.S.		4,317		(1,729)		+6,046		Higher prices; identified items (+2,220; impairments +1,714, asset sale +459, tax items +297, contractual provisions -250)
Total		6,085		(18,532)		+24,617		Price +5,880, volume/mix -170, expenses -140, other +320, identified items +18,730
Production (koebd)		3,816		3,689		+127		Liquids +60 kbd: lower government mandates and net growth, partly offset by lower entitlements and divestments   Gas +399 mcfd: less downtime and higher entitlements, partly offset by divestments
Downstream
U.S.		913		(514)		+1,427		Higher margins driven by stronger industry refining conditions, favorable LIFO inventory impact, and reduced expenses, partly offset by lower volumes
Non-U.S.		554		(697)		+1,251		Higher margins reflecting stronger industry refining conditions, higher volumes, and reduced expenses, partly offset by unfavorable LIFO inventory impact; identified items (+520; impairments +258, tax items +262)
Total		1,467		(1,211)		+2,678		Margin +2,060, volume +60, expenses +150, other -110, identified items +520
Petroleum Product Sales (kbd)		5,391		4,833		+558
Chemical
U.S.		1,322		461		+861		Higher margins partly offset by increased expenses on higher turnaround, maintenance and project activity; identified items (+494; asset sale)
Non-U.S.		599		230		+369		Higher margins, favorable LIFO inventory impact, and lower expenses; identified items (+158; mainly asset sale)
Total		1,921		691		+1,230		Margin +580, expenses -90, volume -10, other +100, identified items +650
Prime Product Sales (kt)		6,701		6,643		+58
Corporate and financing		(603)		(1,018)		+415		Identified items +345 (mainly prior year severance)

Earnings and Volume Summary
Millions of Dollars		4Q		3Q
(unless noted)		2021		2021		Change		Comments
Upstream
U.S.		1,768		869		+899		Higher prices and favorable unsettled derivative impacts; identified items (-263; impairments)
Non-U.S.		4,317		3,082		+1,235		Higher prices, favorable unsettled derivative impacts, higher gas demand, and favorable one-time asset management items, partly offset by seasonally higher expenses; identified items (-280; impairments -489, asset sale +459, contractual provisions -250)
Total		6,085		3,951		+2,134		Price +2,230, volume +290, expenses -320, other +470, identified items -540
Production (koebd)		3,816		3,665		+151		Liquids +72 kbd: primarily lower government mandates   Gas +474 mcfd: seasonally higher demand and entitlement impacts
Downstream
U.S.		913		663		+250		Higher marketing-driven margins, higher volumes, and favorable one-time items, partly offset by seasonally higher expenses
Non-U.S.		554		592		-38		Favorable unsettled derivative impacts more than offset by unfavorable one-time items and seasonally higher expenses
Total		1,467		1,255		+212		Margin +490, volume +80, expenses -250, other -110
Petroleum Product Sales (kbd)		5,391		5,327		+64
Chemical
U.S.		1,322		1,183		+139		Lower margins and higher maintenance, turnaround and project expenses; identified items (+494; asset sale)
Non-U.S.		599		957		-358		Lower margins, seasonally higher expenses, and unfavorable foreign exchange; identified items (+136; asset sale)
Total		1,921		2,140		-219		Margin -680, expenses -110, volume -30, other -30, identified items +630
Prime Product Sales (kt)		6,701		6,672		+29
Corporate and financing		(603)		(596)		-7

Earnings and Volume Summary
Millions of Dollars		Full Year		Full Year
(unless noted)		2021		2020		Change		Comments
Upstream
U.S.		3,663		(19,385)		+23,048		Higher prices, reduced expenses, and increased liquids volumes; identified items (+16,829; impairments)
Non-U.S.		12,112		(645)		+12,757		Higher prices and favorable one-time tax items, partly offset by lower liquids volumes driven by entitlement effects; identified items (+2,322; impairments +1,755, asset sale +459, tax +297, inventory valuation +61, contractual provisions -250)
Total		15,775		(20,030)		+35,805		Price +15,930, volume -340, expenses +390, other +680, identified items +19,150
Production (koebd)		3,712		3,761		-49		Liquids -60 kbd: higher demand reflecting the absence of economic curtailments, and growth, more than offset by lower entitlements, decline and divestments   Gas +66 mcfd: higher demand, partly offset by divestments and Groningen production limit
Downstream
U.S.		1,314		(852)		+2,166		Higher margins driven by improved industry refining conditions and reduced expenses
Non-U.S.		791		(225)		+1,016		Reduced expenses and higher volumes, partly offset by unfavorable foreign exchange and LIFO impacts; identified items (+855; impairments +593, tax items +262)
Total		2,105		(1,077)		+3,182		Margin +1,920, volume +100, expenses +560, other -260, identified items +860
Petroleum Product Sales (kbd)		5,162		4,895		+267
Chemical
U.S.		4,502		1,277		+3,225		Higher margins and increased volumes; identified items (+584; mainly asset sale)
Non-U.S.		3,294		686		+2,608		Higher margins, favorable foreign exchange, and reduced expenses; identified items (+160; mainly asset sale)
Total		7,796		1,963		+5,833		Margin +4,480, volume +250, expenses +80, other +280, identified items +740
Prime Product Sales (kt)		26,332		25,449		+883
Corporate and financing		(2,636)		(3,296)		+660		Identified items +297 (mainly prior year severance), lower financing costs +191

Cash Flow from Operations and Asset Sales excluding Working Capital
Millions of Dollars		4Q		Full Year
		2021		2021		Notes
Net income (loss) including noncontrolling interests		9,079		23,598		Including noncontrolling interests of $209 million in the quarter and $558 million for the full year
Depreciation		5,661		20,607
Changes in operational working capital		1,930		4,162
Other		454		(238)
Cash Flow from Operating		17,124		48,129
Activities (U.S. GAAP)
Asset sales		2,601		3,176
Cash Flow from Operations		19,725		51,305
and Asset Sales
Changes in operational working capital		(1,930)		(4,162)
Cash Flow from Operations		17,795		47,143
and Asset Sales excluding Working Capital

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on February 1, 2022. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, descriptions of strategic, operating, and financial plans and objectives, statements of future ambitions and goals, and other statements of future events or conditions in this release, are forward-looking statements. Similarly, the emission-reduction roadmaps are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; cost reductions and efficiency gains, including the ability to meet or exceed announced cost and expense reduction objectives; plans to reduce future emissions and emissions intensity; timing and outcome of projects to capture and store CO2; timing and outcome of biofuel and plastic waste recycling projects; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050; achievement of plans to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets by 2030; and resource recoveries and production rates could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials for our products; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access short- and long-term debt markets on a timely and affordable basis; the ultimate impacts of COVID-19, including the extent and nature of further outbreaks and the effects of government responses on people and economies; reservoir performance; the outcome of exploration projects; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications; government policies and support and market demand for low carbon technologies; war, and other political or security disturbances; opportunities for potential investments or divestments and satisfaction of applicable conditions to closing, including regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2020 Form 10-K.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe 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 2021 periods is shown on page 7 and for 2021 and 2020 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our 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 2021 periods is shown on page 7 and for 2021 and 2020 periods in Attachment V.

This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for 2021 and 2020 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. We believe 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 as part of the Estimated Key Financial and Operating Data in Attachment I.

This press release also references free cash flow. 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.

This press release also references structural cost reductions (also "structural cost savings", "structural savings", "structural cost improvement"). Structural cost reductions describe decreases in the below expenses 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 annual structural cost reductions totaled $4.9 billion, of which $1.9 billion was achieved in 2021. The total change between periods in expenses below will reflect both structural cost reductions and other changes in spend, including market factors, such as energy costs, inflation, and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Structural cost reductions are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand the Corporation’s efforts to optimize spending through disciplined expense management.

	Millions of Dollars		2021		2020		2019
	Subset of total Costs and other deductions
	Production and manufacturing expenses		36,035		30,431		36,826
	Selling, general and administrative expenses		9,574		10,168		11,398
	Exploration expenses, including dry holes		1,054		1,285		1,269
	Total		46,663		41,884		49,493

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. 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 of even date herewith. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. The uncertainty associated with the emissions, reductions and avoidance performance data depends on variation in the processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Changes to the performance data may be reported as updated data and/or emission methodologies become available. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies, including measurements and estimates.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.

Estimated Key Financial and Operating Data

Attachment I
Exxon Mobil Corporation Fourth Quarter 2021 (millions of dollars, unless noted)
					Third
	Fourth Quarter				Quarter		Twelve Months
	2021		2020		2021		2021		2020
Earnings (Loss) / Earnings (Loss) Per Share
Total revenues and other income	84,965		46,540		73,786		285,640		181,502
Total costs and other deductions	73,236		73,153		64,180		254,406		210,385
Income (loss) before income taxes	11,729		(26,613)		9,606		31,234		(28,883)
Income taxes	2,650		(6,010)		2,664		7,636		(5,632)
Net income (loss) including noncontrolling interests	9,079		(20,603)		6,942		23,598		(23,251)
Net income (loss) attributable to noncontrolling interests	209		(533)		192		558		(811)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)	8,870		(20,070)		6,750		23,040		(22,440)
Earnings (loss) per common share (dollars)	2.08		(4.70)		1.57		5.39		(5.25)
Earnings (loss) per common share
- assuming dilution (dollars)	2.08		(4.70)		1.57		5.39		(5.25)
Exploration expenses, including dry holes	524		595		190		1,054		1,285
Other Financial Data
Dividends on common stock
Total	3,763		3,715		3,720		14,924		14,865
Per common share (dollars)	0.88		0.87		0.87		3.49		3.48
Millions of common shares outstanding
At period end							4,239		4,233
Average - assuming dilution	4,275		4,272		4,276		4,275		4,271
ExxonMobil share of equity at period end							168,577		157,150
ExxonMobil share of capital employed at period end							218,642		227,137
Income taxes	2,650		(6,010)		2,664		7,636		(5,632)
Total other taxes and duties	8,659		7,344		8,572		32,955		28,425
Total taxes	11,309		1,334		11,236		40,591		22,793
Sales-based taxes	5,987		4,364		5,775		21,872		16,281
Total taxes including sales-based taxes	17,296		5,698		17,011		62,463		39,074
ExxonMobil share of income taxes of
equity companies	918		285		713		2,756		861

Attachment II-a
Exxon Mobil Corporation Fourth Quarter 2021
					Third
$ Millions	Fourth Quarter				Quarter		Twelve Months
	2021		2020		2021		2021		2020
Earnings/(Loss) (U.S. GAAP)	8,870		(20,070)		6,750		23,040		(22,440)
Identified Items Included in Earnings/(Loss)
Impairments	(752)		(19,273)		—		(752)		(20,060)
Tax items	—		(581)		—		—		(581)
Asset sales	1,081		—		—		1,081		—
Noncash inventory valuation - lower of cost or market	—		—		—		—		(61)
Contractual provisions	(250)		—		—		(250)		—
Other items (severance - global workforce review)	(4)		(326)		(5)		(52)		(326)
Corporate total	75		(20,180)		(5)		27		(21,028)
Earnings/(Loss) Excluding Identified Items	8,795		110		6,755		23,013		(1,412)
$ Per Common Share1
Earnings/(Loss) Per Common Share
Assuming Dilution (U.S. GAAP)	2.08		(4.70)		1.57		5.39		(5.25)
Identified Items Included in Earnings/(Loss)
Per Common Share Assuming Dilution
Impairments	(0.17)		(4.51)		—		(0.17)		(4.69)
Tax items	—		(0.14)		—		—		(0.13)
Asset sales	0.26		—		—		0.26		—
Noncash inventory valuation - lower of cost or market	—		—		—		—		(0.02)
Contractual provisions	(0.06)		—		—		(0.06)		—
Other items (severance - global workforce review)	—		(0.08)		(0.01)		(0.02)		(0.08)
Corporate total	0.03		(4.73)		(0.01)		0.01		(4.92)
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution	2.05		0.03		1.58		5.38		(0.33)
1 Computed using the average number of shares outstanding during each period.

Attachment II-b
Exxon Mobil Corporation Fourth Quarter 2021 (millions of dollars)
					Third
	Fourth Quarter				Quarter		Twelve Months
	2021		2020		2021		2021		2020
Earnings/(Loss) (U.S. GAAP)
Upstream
United States	1,768		(16,803)		869		3,663		(19,385)
Non-U.S.	4,317		(1,729)		3,082		12,112		(645)
Downstream
United States	913		(514)		663		1,314		(852)
Non-U.S.	554		(697)		592		791		(225)
Chemical
United States	1,322		461		1,183		4,502		1,277
Non-U.S.	599		230		957		3,294		686
Corporate and financing	(603)		(1,018)		(596)		(2,636)		(3,296)
Net income (loss) attributable to ExxonMobil	8,870		(20,070)		6,750		23,040		(22,440)
Identified Items Included in Earnings/(Loss)
U.S. Upstream
Impairments	(263)		(16,777)		—		(263)		(17,092)
Non-U.S. Upstream
Impairments	(489)		(2,203)		—		(489)		(2,244)
Tax Items	—		(297)		—		—		(297)
Asset sales	459		—		—		459		—
Contractual provisions	(250)		—		—		(250)		—
Inventory valuation	—		—		—		—		(61)
U.S. Downstream
Other items (asset sales, impairments)	4		—		—		4		(4)
Non-U.S. Downstream
Impairments	—		(258)		—		—		(593)
Tax Items	—		(262)		—		—		(262)
U.S. Chemical
Impairments	—		—		—		—		(90)
Asset sales	494		—		—		494		—
Non-U.S. Chemical
Asset sales	136		—		—		136		—
Other Items (tax items, impairments)	—		(22)		—		—		(24)
Corporate and financing
Severance - global workforce review	(4)		(326)		(5)		(52)		(326)
Other Items (asset sales, impairments)	(12)		(35)		—		(12)		(35)
Corporate total	75		(20,180)		(5)		27		(21,028)
Earnings/(Loss) Excluding Identified Items
Upstream
United States	2,031		(26)		869		3,926		(2,293)
Non-U.S.	4,597		771		3,082		12,392		1,957
Downstream
United States	909		(514)		663		1,310		(848)
Non-U.S.	554		(177)		592		791		630
Chemical
United States	828		461		1,183		4,008		1,367
Non-U.S.	463		252		957		3,158		710
Corporate and financing	(587)		(657)		(591)		(2,572)		(2,935)
Corporate total	8,795		110		6,755		23,013		(1,412)

Attachment III
Exxon Mobil Corporation Fourth Quarter 2021
					Third
	Fourth Quarter				Quarter		Twelve Months
	2021		2020		2021		2021		2020
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil,
thousand barrels per day (kbd)
United States	770		719		758		721		685
Canada / Other Americas	571		619		569		560		536
Europe	17		32		21		22		30
Africa	235		258		248		248		312
Asia	752		658		668		695		742
Australia / Oceania	40		39		49		43		44
Worldwide	2,385		2,325		2,313		2,289		2,349
Natural gas production available for sale,
million cubic feet per day (mcfd)
United States	2,713		2,686		2,701		2,746		2,691
Canada / Other Americas	189		253		184		195		277
Europe	844		848		343		808		789
Africa	48		12		53		43		9
Asia	3,468		3,225		3,365		3,465		3,486
Australia / Oceania	1,322		1,161		1,464		1,280		1,219
Worldwide	8,584		8,185		8,110		8,537		8,471
Oil-equivalent production (koebd)1	3,816		3,689		3,665		3,712		3,761
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

Attachment IV
Exxon Mobil Corporation Fourth Quarter 2021
					Third
	Fourth Quarter				Quarter		Twelve Months
	2021		2020		2021		2021		2020
Refinery throughput (kbd)
United States	1,740		1,594		1,684		1,623		1,549
Canada	416		359		404		379		340
Europe	1,246		1,130		1,215		1,210		1,173
Asia Pacific	546		522		585		571		553
Other	170		150		163		162		158
Worldwide	4,118		3,755		4,051		3,945		3,773
Petroleum product sales (kbd)
United States	2,383		2,128		2,346		2,257		2,154
Canada	488		415		472		448		418
Europe	1,384		1,227		1,404		1,340		1,253
Asia Pacific	643		645		648		653		651
Other	493		418		457		464		419
Worldwide	5,391		4,833		5,327		5,162		4,895
Gasolines, naphthas	2,325		2,039		2,191		2,158		1,994
Heating oils, kerosene, diesel	1,804		1,739		1,796		1,749		1,751
Aviation fuels	267		172		228		220		213
Heavy fuels	265		237		276		269		249
Specialty products	730		646		836		766		688
Worldwide	5,391		4,833		5,327		5,162		4,895
Chemical prime product sales,
thousand metric tons (kt)
United States	2,512		2,467		2,531		9,724		9,010
Non-U.S.	4,189		4,176		4,141		16,608		16,439
Worldwide	6,701		6,643		6,672		26,332		25,449

Attachment V
Exxon Mobil Corporation Fourth Quarter 2021 (millions of dollars)
					Third
	Fourth Quarter				Quarter		Twelve Months
	2021		2020		2021		2021		2020
Capital and Exploration Expenditures
Upstream
United States	1,307		1,122		976		4,018		6,817
Non-U.S.	2,934		1,812		1,863		8,236		7,614
Total	4,241		2,934		2,839		12,254		14,431
Downstream
United States	337		488		199		1,000		2,344
Non-U.S.	367		674		267		1,095		1,877
Total	704		1,162		466		2,095		4,221
Chemical
United States	461		435		385		1,367		2,002
Non-U.S.	401		240		160		876		714
Total	862		675		545		2,243		2,716
Other	1		—		1		3		6
Worldwide	5,808		4,771		3,851		16,595		21,374
Cash Flow from Operations and Asset Sales excluding Working Capital
Net cash provided by operating activities
(U.S. GAAP)	17,124		4,005		12,091		48,129		14,668
Proceeds associated with asset sales	2,601		770		18		3,176		999
Cash flow from operations and asset sales	19,725		4,775		12,109		51,305		15,667
Changes in operational working capital	(1,930)		114		(659)		(4,162)		1,653
Cash flow from operations and asset sales	17,795		4,889		11,450		47,143		17,320
excluding working capital

Attachment VI
Exxon Mobil Corporation Earnings/(Loss)
		$ Millions			$ Per Common Share1
2017
First Quarter		4,010				0.95
Second Quarter		3,350				0.78
Third Quarter		3,970				0.93
Fourth Quarter		8,380				1.97
Year		19,710				4.63
2018
First Quarter		4,650				1.09
Second Quarter		3,950				0.92
Third Quarter		6,240				1.46
Fourth Quarter		6,000				1.41
Year		20,840				4.88
2019
First Quarter		2,350				0.55
Second Quarter		3,130				0.73
Third Quarter		3,170				0.75
Fourth Quarter		5,690				1.33
Year		14,340				3.36
2020
First Quarter		(610)				(0.14)
Second Quarter		(1,080)				(0.26)
Third Quarter		(680)				(0.15)
Fourth Quarter		(20,070)				(4.70)
Year		(22,440)				(5.25)
2021
First Quarter		2,730				0.64
Second Quarter		4,690				1.10
Third Quarter		6,750				1.57
Fourth Quarter		8,870				2.08
Year		23,040				5.39
1 Computed using the average number of shares outstanding during each period.

 

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Source: Exxon Mobil Corporation

FAQ

What were Exxon's earnings for the fourth quarter of 2021 (XOM)?

Exxon reported earnings of $8.9 billion or $2.08 per share for the fourth quarter of 2021.

How much cash flow did Exxon generate in 2021 (XOM)?

Exxon generated $48 billion in cash flow from operating activities in 2021.

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Exxon announced a $10 billion share buyback program, initiated in early 2022.

How much debt has Exxon paid down recently (XOM)?

Exxon paid down $20 billion in debt, returning its balance sheet to pre-pandemic levels.

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Exxon aims to achieve net zero Scope 1 and 2 greenhouse gas emissions by 2050.