XOM 8-K
ExxonMobil Holdings Corp (XOM)
8-K
2021-07-30
For: 2021-07-30
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August 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2021
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972 ) 940-6000
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Name of Each Exchange | ||||||||
| Title of Each Class | Trading Symbol | on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition | ||||
| Item 7.01 | Regulation FD Disclosure | ||||
| The following information is furnished pursuant to both Item 2.02 and Item 7.01. | |||||
The Registrant hereby furnishes the information set forth in its News Release, dated July 30, 2021, announcing second quarter 2021 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 2Q21 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing. | |||||
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INDEX TO EXHIBITS
| Exhibit No. | Description | ||||
Exxon Mobil Corporation News Release, dated July 30, 2021, announcing second quarter 2021 results. | |||||
2Q21 Investor Relations Data Summary. | |||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | ||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXXON MOBIL CORPORATION | ||||||||
Date: July 30, 2021 | By: | /s/ LEN M. FOX | ||||||
| Len M. Fox | ||||||||
| Vice President and Controller | ||||||||
| (Principal Accounting Officer) | ||||||||
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| EXHIBIT 99.1 | ||||||||||||||||||||
| News Release |  | |||||||||||||||||||
| Exxon Mobil Corporation | ||||||||||||||||||||
| 5959 Las Colinas Boulevard | ||||||||||||||||||||
| Irving, TX 75039 | ||||||||||||||||||||
| 972 940 6007 Telephone | ||||||||||||||||||||
| 972 940 6143 Facsimile | ||||||||||||||||||||
| FOR IMMEDIATE RELEASE | ||||||||||||||||||||
| FRIDAY, JULY 30, 2021 | ||||||||||||||||||||
ExxonMobil Earns $4.7 Billion in Second Quarter 2021
•Earnings increased $5.8 billion over the second quarter of 2020, driven by oil and natural gas demand and best-ever quarterly chemical and lubricants contributions
•Cash flow from operating activities of $9.7 billion funded the dividend, capital investments and debt reduction
•Low Carbon Solutions business advanced multiple CCS opportunities and low-emission fuels initiatives
•Portfolio improvement activities included signing an agreement for the $1.15 billion fourth-quarter sale of the SantopreneTM chemical business, affirmative funding decision for the Bacalhau development in Brazil, and additional exploration success in Guyana
| First | ||||||||||||||||||||||||||
| Second Quarter | Quarter | First Half | ||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | ||||||||||||||||||||||
| Results Summary | ||||||||||||||||||||||||||
| (Dollars in millions, except per share data) | ||||||||||||||||||||||||||
| Earnings/(Loss) (U.S. GAAP) | 4,690 | (1,080) | 2,730 | 7,420 | (1,690) | |||||||||||||||||||||
| Earnings/(Loss) Per Common Share | ||||||||||||||||||||||||||
| Assuming Dilution | 1.10 | (0.26) | 0.64 | 1.74 | (0.40) | |||||||||||||||||||||
| Identified Items Per Common Share | ||||||||||||||||||||||||||
| Assuming Dilution | — | 0.44 | (0.01) | (0.01) | (0.23) | |||||||||||||||||||||
| Earnings/(Loss) Excluding Identified Items | ||||||||||||||||||||||||||
| Per Common Share Assuming Dilution | 1.10 | (0.70) | 0.65 | 1.75 | (0.17) | |||||||||||||||||||||
| Capital and Exploration Expenditures | 3,803 | 5,327 | 3,133 | 6,936 | 12,470 | |||||||||||||||||||||
IRVING, Texas – July 30, 2021 – Exxon Mobil Corporation today announced estimated second-quarter 2021 earnings of $4.7 billion, or $1.10 per share assuming dilution, compared with a loss of $1.1 billion in the second quarter of 2020. Second-quarter capital and exploration expenditures were $3.8 billion, bringing the first half of 2021 to $6.9 billion, which is consistent with planned lower activity in the first half of the year. The company anticipates higher second-half planned spending on key projects, including Guyana, Brazil, Permian and in Chemical, with full-year spending towards the lower end of the guidance range of $16 billion to $19 billion.
Oil-equivalent production in the second quarter was 3.6 million barrels per day, down 2% from the second quarter of 2020, driven by increased maintenance activity. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 3%, including growth in the Permian and Guyana.
“Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our products,” said Darren Woods, chairman and chief executive officer.
“We’re realizing significant benefits from an improved cost structure, solid operating performance and low-cost-of-supply investments that, together, are generating attractive returns and strong cash flow to fund our capital program, pay the dividend and reduce debt. This was particularly true for our Chemical business that delivered their best quarter in company history. In our efforts to support society's energy transition goals, our Low Carbon Solutions business made progress in identifying new opportunities and in establishing new partnerships in carbon capture and storage, hydrogen and low-emission fuels.”
Second-Quarter Business Highlights
Upstream
•Average realizations for crude oil increased 13% from the first quarter. Natural gas realizations increased 1% from the prior quarter.
•Liquid volumes decreased 3% from the first quarter, driven by increased planned maintenance activity. Natural gas volumes decreased 10%, driven by lower seasonal demand.
•During the quarter, production volumes in the Permian averaged 400,000 oil-equivalent barrels per day, an increase of 34% from the second quarter of 2020. The focus remains on continuing to grow positive free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.
Downstream
•Industry fuels margins improved from the first quarter, but remain on the low end of the historical range, due to ongoing impacts from market oversupply. Lubricants delivered strong performance, underpinned by lower operating expenses and improved margins.
•Overall refining throughput was up 3% from the first quarter, when a winter storm in Texas disrupted operations. The company continued to manage refinery operations in line with fuel demand and integrated chemical manufacturing needs.
Chemical
•Strong base operations supported best-ever quarterly earnings of $2.3 billion, reflecting reliable operations, higher margins and continued cost discipline.
•Industry margins improved in the quarter on higher product prices, reflecting continued strong demand and regional supply constraints. North America's regional ethane feed advantage grew.
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Strengthening the Portfolio
•ExxonMobil signed an agreement with Celanese for the sale of its global Santoprene™ chemical business for $1.15 billion, subject to working capital and other adjustments. The sale advances strategic business objectives and includes two manufacturing sites in the United States and United Kingdom. The transaction is expected to close in the fourth quarter of 2021, subject to standard conditions precedent including regulatory approvals.
•ExxonMobil continued to progress its major deepwater developments in Guyana, including the announcement of new discoveries at Uaru-2, Longtail-3, and Whiptail, which increase confidence in the quality and size of the resource and supports the potential for 7 to 10 floating production, storage and offloading (FPSO) facilities in the Stabroek block. Exploration, appraisal, and development drilling continues, with a total of six drillships now operating offshore Guyana. The company's high-return developments remain on schedule, with Liza Phase 2 on target for 2022 startup, Payara on schedule for 2024 startup and Yellowtail targeted for 2025 startup.
•The company continues to make progress on previously announced terminal conversions in Slagen, Norway and Altona, Australia, ensuring ongoing, reliable supply of fuels to these markets through the company's advantaged logistics. The Slagen refinery was safely shutdown in May, while Altona is scheduled to cease refining operations in August.
•The grass roots chemical plant project, located near Corpus Christi, Texas, recently reached mechanical completion of a monoethylene glycol unit and two polyethylene units. The project, which will produce chemicals used in medical, automotive and packaging products, is expected to start up in the fourth quarter of 2021, ahead of schedule and under budget.
Capital Allocation and Structural Cost Improvement
•ExxonMobil’s 2021 capital program is expected to be at the lower end of the previously communicated range of $16 billion to $19 billion. Capital expenditures totaled approximately $7 billion through the first half of the year. The company’s capital allocation priorities continue to be investing in advantaged projects, strengthening the balance sheet and paying a reliable dividend.
•In addition to reducing structural costs by $3 billion in 2020, the company has captured over $1 billion in further structural savings in the first half of 2021. The company remains on pace to achieve through 2023 total structural cost reductions of $6 billion relative to 2019. Efforts to identify further structural savings resulting from the reorganizations completed in 2019 continue.
Reducing Emissions and Advancing Low Carbon Solutions
•In July, the company signed memorandums of understanding to participate in a major carbon capture and storage (CCS) project in Scotland and to explore the development of CO2 infrastructure in France. The Acorn CCS project in Scotland plans to capture and store approximately 5 million to 6 million metric tons of CO2 per year by 2030. The collaboration in the Normandy region of France seeks to develop CCS technology with the objective of reducing CO2 emissions by up to 3 million metric tons per year by 2030.
•During the quarter, ExxonMobil expanded its previous agreement with Global Clean Energy to purchase up to 5 million barrels of renewable diesel with commercial production expected to begin in 2022. The agreement is part of the company’s efforts to advance multiple options to produce low-emission biofuels, including new projects, facility upgrades, and purchase agreements. The company expects to produce more than 40,000 barrels per day of biofuels by 2025.
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| Results and Volume Summary | ||||||||||||||||||||||||||
| Millions of Dollars | 2Q | 2Q | ||||||||||||||||||||||||
| (unless noted) | 2021 | 2020 | Change | Comments | ||||||||||||||||||||||
| Upstream | ||||||||||||||||||||||||||
| U.S. | 663 | (1,197) | +1,860 | Higher prices and volumes, reduced expenses | ||||||||||||||||||||||
| Non-U.S. | 2,522 | (454) | +2,976 | Higher prices, increased volumes, and favorable one-time tax items, partly offset by higher planned maintenance; prior quarter favorable identified items (-168, inventory valuation) | ||||||||||||||||||||||
| Total | 3,185 | (1,651) | +4,836 | Prices +4,570, volumes +290, expenses +90, planned maintenance -300, identified items -210, other +400 | ||||||||||||||||||||||
| Production (koebd) | 3,582 | 3,638 | -56 | Liquids -106 kbd: higher demand, including the absence of economic curtailments, and project growth, more than offset by lower entitlements, decline, higher planned maintenance, and divestments Gas +304 mcfd: higher demand, including the absence of economic curtailments, partly offset by higher planned maintenance and divestments | ||||||||||||||||||||||
| Downstream | ||||||||||||||||||||||||||
| U.S. | (149) | (101) | -48 | Higher margins driven by stronger industry refining conditions, improved demand, and lower non-maintenance expenses, more than offset by higher planned maintenance activity and absence of prior quarter favorable identified items (-404, inventory valuation) | ||||||||||||||||||||||
| Non-U.S. | (78) | 1,077 | -1,155 | Higher demand and improved margins reflecting stronger industry refining conditions, more than offset by higher planned maintenance activity and unfavorable foreign exchange; prior quarter favorable identified items (-1,190, inventory valuation) | ||||||||||||||||||||||
| Total | (227) | 976 | -1,203 | Margins +430, demand +270, identified items -1,590, planned maintenance -390, other +70 | ||||||||||||||||||||||
| Petroleum Product Sales (kbd) | 5,041 | 4,437 | +604 | |||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||
| U.S. | 1,282 | 171 | +1,111 | Higher margins and stronger demand | ||||||||||||||||||||||
| Non-U.S. | 1,038 | 296 | +742 | Higher margins, stronger demand, favorable foreign exchange, and reduced expenses, partly offset by planned maintenance; prior quarter favorable identified item (-144, inventory valuation) | ||||||||||||||||||||||
| Total | 2,320 | 467 | +1,853 | Margins +1,680, demand +250, expenses +100, planned maintenance -160, identified items -120, other +100 | ||||||||||||||||||||||
| Prime Product Sales (kt) | 6,513 | 5,945 | +568 | |||||||||||||||||||||||
| Corporate and financing | (588) | (872) | +284 | Lower financing costs and net favorable tax impacts | ||||||||||||||||||||||
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| Results and Volume Summary | ||||||||||||||||||||||||||
| Millions of Dollars | 2Q | 1Q | ||||||||||||||||||||||||
| (unless noted) | 2021 | 2021 | Change | Comments | ||||||||||||||||||||||
| Upstream | ||||||||||||||||||||||||||
| U.S. | 663 | 363 | +300 | Higher liquids prices, higher liquids volumes, and favorable one-time items | ||||||||||||||||||||||
| Non-U.S. | 2,522 | 2,191 | +331 | Higher liquids prices, higher liquids volumes, and favorable one-time items, partly offset by higher planned maintenance and seasonally lower gas volumes | ||||||||||||||||||||||
| Total | 3,185 | 2,554 | +631 | Prices +680, planned maintenance -360, other +310 | ||||||||||||||||||||||
| Production (koebd) | 3,582 | 3,787 | -205 | Liquids -58 kbd: lower entitlements and higher planned maintenance, partly offset by improved reliability and winter storm recovery Gas -879 mcfd: lower seasonal demand, lower entitlements, and higher planned maintenance, partly offset by winter storm recovery | ||||||||||||||||||||||
| Downstream | ||||||||||||||||||||||||||
| U.S. | (149) | (113) | -36 | Winter storm recovery and improved demand, more than offset by higher planned maintenance activity | ||||||||||||||||||||||
| Non-U.S. | (78) | (277) | +199 | Higher margins driven by more favorable industry refining conditions and improved demand, partly offset by higher planned maintenance activity | ||||||||||||||||||||||
| Total | (227) | (390) | +163 | Margins +190, demand +70, planned maintenance -220, other +120 | ||||||||||||||||||||||
| Petroleum Product Sales (kbd) | 5,041 | 4,881 | +160 | |||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||
| U.S. | 1,282 | 715 | +567 | Stronger margins | ||||||||||||||||||||||
| Non-U.S. | 1,038 | 700 | +338 | Stronger margins, partly offset by planned maintenance | ||||||||||||||||||||||
| Total | 2,320 | 1,415 | +905 | Margins +1,080, planned maintenance -180 | ||||||||||||||||||||||
| Prime Product Sales (kt) | 6,513 | 6,446 | +67 | |||||||||||||||||||||||
| Corporate and financing | (588) | (849) | +261 | Lower retirement-related expenses and lower financing costs | ||||||||||||||||||||||
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| Results and Volume Summary | ||||||||||||||||||||||||||
| Millions of Dollars | YTD | YTD | ||||||||||||||||||||||||
| (unless noted) | 2021 | 2020 | Change | Comments | ||||||||||||||||||||||
| Upstream | ||||||||||||||||||||||||||
| U.S. | 1,026 | (1,901) | +2,927 | Higher prices and reduced expenses; prior year unfavorable identified items (+315, impairment) | ||||||||||||||||||||||
| Non-U.S. | 4,713 | 786 | +3,927 | Higher prices and favorable one-time tax items, partly offset by higher planned maintenance and unfavorable foreign exchange | ||||||||||||||||||||||
| Total | 5,739 | (1,115) | +6,854 | Prices +6,130, expenses +480, identified items +410, planned maintenance -330, other +170 | ||||||||||||||||||||||
| Production (koebd) | 3,684 | 3,842 | -158 | Liquids -164 kbd: higher demand including the absence of economic curtailments, and project growth, more than offset by lower entitlements, increased government mandates, decline and higher planned maintenance Gas +38 mcfd: higher demand, including the absence of economic curtailments, partly offset by higher planned maintenance, Groningen production limit, and divestments | ||||||||||||||||||||||
| Downstream | ||||||||||||||||||||||||||
| U.S. | (262) | (202) | -60 | Lower margins on weaker industry refining conditions, and increased planned maintenance activity, partly offset by reduced expenses and improved demand | ||||||||||||||||||||||
| Non-U.S. | (355) | 567 | -922 | Lower margins on weaker realized fuels margins, net unfavorable one-time items including terminal conversion costs, increased planned maintenance activity, and unfavorable foreign exchange impacts, partly offset by reduced expenses and improved demand; prior year unfavorable identified items (+341, mainly impairments) | ||||||||||||||||||||||
| Total | (617) | 365 | -982 | Margins -1,340, demand +260, planned maintenance -350, expenses +490, identified items +350, other -390 | ||||||||||||||||||||||
| Petroleum Product Sales (kbd) | 4,961 | 4,862 | +99 | |||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||
| U.S. | 1,997 | 459 | +1,538 | Higher margins, improved demand, and lower expenses; prior year unfavorable identified items (+119, mainly impairments) | ||||||||||||||||||||||
| Non-U.S. | 1,738 | 152 | +1,586 | Higher margins and demand, lower expenses, and favorable foreign exchange, partly offset by planned maintenance | ||||||||||||||||||||||
| Total | 3,735 | 611 | +3,124 | Margins +2,300, demand +290, expenses +250, planned maintenance -80, identified items +210, other +150 | ||||||||||||||||||||||
| Prime Product Sales (kt) | 12,959 | 12,182 | +777 | |||||||||||||||||||||||
| Corporate and financing | (1,437) | (1,551) | +114 | Lower financing costs and net favorable tax impacts, partly offset by higher retirement-related expenses | ||||||||||||||||||||||
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| Cash Flow from Operations and Asset Sales excluding Working Capital | |||||||||||||||||
| Millions of Dollars | 2Q | ||||||||||||||||
| 2021 | Comments | ||||||||||||||||
| Net income (loss) including noncontrolling interests | 4,781 | Including $91 million noncontrolling interests | |||||||||||||||
| Depreciation | 4,952 | ||||||||||||||||
| Changes in operational working capital | (380) | ||||||||||||||||
| Other | 297 | ||||||||||||||||
| Cash Flow from Operating | 9,650 | ||||||||||||||||
| Activities (U.S. GAAP) | |||||||||||||||||
| Asset sales | 250 | ||||||||||||||||
| Cash Flow from Operations | 9,900 | ||||||||||||||||
| and Asset Sales | |||||||||||||||||
| Changes in operational working capital | 380 | ||||||||||||||||
| Cash Flow from Operations | 10,280 | ||||||||||||||||
| and Asset Sales excluding Working Capital | |||||||||||||||||
| Millions of Dollars | YTD | ||||||||||||||||
| 2021 | Comments | ||||||||||||||||
| Net income (loss) including noncontrolling interests | 7,577 | Including $157 million noncontrolling interests | |||||||||||||||
| Depreciation | 9,956 | ||||||||||||||||
| Changes in operational working capital | 1,573 | Higher net payables due to market conditions | |||||||||||||||
| Other | (192) | ||||||||||||||||
| Cash Flow from Operating | 18,914 | ||||||||||||||||
| Activities (U.S. GAAP) | |||||||||||||||||
| Asset sales | 557 | ||||||||||||||||
| Cash Flow from Operations | 19,471 | ||||||||||||||||
| and Asset Sales | |||||||||||||||||
| Changes in operational working capital | (1,573) | ||||||||||||||||
| Cash Flow from Operations | 17,898 | ||||||||||||||||
| and Asset Sales excluding Working Capital | |||||||||||||||||
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ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on July 30, 2021. To listen to the event or access an archived replay, please visit www.exxonmobil.com.
Cautionary Statement
Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix; cost reductions, including the ability to meet or exceed announced cash cost and expense reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; CO2 volumes captured and stored; biofuel production; cash flow, dividends and shareholder returns; business and project plans, timing, costs, capacities, and returns; 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 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; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits; government policies and support and market demand for low carbon technologies like carbon capture; 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 while maintaining future competitive positioning; 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. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. 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.
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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. 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. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including "Cash operating expenses", “Cash flow from operations and asset sales”, and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.
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.
9
Estimated Key Financial and Operating Data
Attachment I
Exxon Mobil Corporation
Second Quarter 2021
(millions of dollars, unless noted)
| First | |||||||||||||||||||||||
| Second Quarter | Quarter | First Half | |||||||||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | |||||||||||||||||||
| Earnings (Loss) / Earnings (Loss) Per Share | |||||||||||||||||||||||
| Total revenues and other income | 67,742 | 32,605 | 59,147 | 126,889 | 88,763 | ||||||||||||||||||
| Total costs and other deductions | 61,435 | 34,245 | 55,555 | 116,990 | 90,661 | ||||||||||||||||||
| Income (loss) before income taxes | 6,307 | (1,640) | 3,592 | 9,899 | (1,898) | ||||||||||||||||||
| Income taxes | 1,526 | (471) | 796 | 2,322 | 41 | ||||||||||||||||||
| Net income (loss) including noncontrolling interests | 4,781 | (1,169) | 2,796 | 7,577 | (1,939) | ||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 91 | (89) | 66 | 157 | (249) | ||||||||||||||||||
| Net income (loss) attributable to ExxonMobil (U.S. GAAP) | 4,690 | (1,080) | 2,730 | 7,420 | (1,690) | ||||||||||||||||||
| Earnings (loss) per common share (dollars) | 1.10 | (0.26) | 0.64 | 1.74 | (0.40) | ||||||||||||||||||
| Earnings (loss) per common share | |||||||||||||||||||||||
| - assuming dilution (dollars) | 1.10 | (0.26) | 0.64 | 1.74 | (0.40) | ||||||||||||||||||
| Exploration expenses, including dry holes | 176 | 214 | 164 | 340 | 502 | ||||||||||||||||||
| Other Financial Data | |||||||||||||||||||||||
| Dividends on common stock | |||||||||||||||||||||||
| Total | 3,721 | 3,715 | 3,720 | 7,441 | 7,434 | ||||||||||||||||||
| Per common share (dollars) | 0.87 | 0.87 | 0.87 | 1.74 | 1.74 | ||||||||||||||||||
| Millions of common shares outstanding | |||||||||||||||||||||||
| At period end | 4,234 | 4,228 | |||||||||||||||||||||
| Average - assuming dilution | 4,276 | 4,271 | 4,272 | 4,274 | 4,270 | ||||||||||||||||||
| ExxonMobil share of equity at period end | 158,571 | 180,183 | |||||||||||||||||||||
| ExxonMobil share of capital employed at period end | 221,275 | 251,998 | |||||||||||||||||||||
| Income taxes | 1,526 | (471) | 796 | 2,322 | 41 | ||||||||||||||||||
| Total other taxes and duties | 8,441 | 5,683 | 7,283 | 15,724 | 13,180 | ||||||||||||||||||
| Total taxes | 9,967 | 5,212 | 8,079 | 18,046 | 13,221 | ||||||||||||||||||
| Sales-based taxes | 5,448 | 3,129 | 4,662 | 10,110 | 7,614 | ||||||||||||||||||
| Total taxes including sales-based taxes | 15,415 | 8,341 | 12,741 | 28,156 | 20,835 | ||||||||||||||||||
| ExxonMobil share of income taxes of | |||||||||||||||||||||||
| equity companies | 525 | (18) | 600 | 1,125 | 442 | ||||||||||||||||||
10
Attachment II-a
Exxon Mobil Corporation
Second Quarter 2021
| First | |||||||||||||||||||||||
| $ Millions | Second Quarter | Quarter | First Half | ||||||||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | |||||||||||||||||||
| Earnings/(Loss) (U.S. GAAP) | 4,690 | (1,080) | 2,730 | 7,420 | (1,690) | ||||||||||||||||||
| Identified Items Included in Earnings/(Loss) | |||||||||||||||||||||||
| Noncash inventory valuation - lower of cost or market | — | 1,922 | — | — | (174) | ||||||||||||||||||
| Impairments | — | — | — | — | (787) | ||||||||||||||||||
| Other items (severance - global workforce review) | (12) | — | (31) | (43) | — | ||||||||||||||||||
| Corporate total | (12) | 1,922 | (31) | (43) | (961) | ||||||||||||||||||
| Earnings/(Loss) Excluding Identified Items | 4,702 | (3,002) | 2,761 | 7,463 | (729) | ||||||||||||||||||
$ Per Common Share1 | |||||||||||||||||||||||
| Earnings/(Loss) Per Common Share | |||||||||||||||||||||||
| Assuming Dilution (U.S. GAAP) | 1.10 | (0.26) | 0.64 | 1.74 | (0.40) | ||||||||||||||||||
| Identified Items Included in Earnings/(Loss) | |||||||||||||||||||||||
| Per Common Share Assuming Dilution | |||||||||||||||||||||||
| Noncash inventory valuation - lower of cost or market | — | 0.44 | — | — | (0.05) | ||||||||||||||||||
| Impairments | — | — | — | — | (0.18) | ||||||||||||||||||
| Other items (severance - global workforce review) | — | — | (0.01) | (0.01) | — | ||||||||||||||||||
| Corporate total | — | 0.44 | (0.01) | (0.01) | (0.23) | ||||||||||||||||||
| Earnings/(Loss) Excluding Identified Items | |||||||||||||||||||||||
| Per Common Share Assuming Dilution | 1.10 | (0.70) | 0.65 | 1.75 | (0.17) | ||||||||||||||||||
1 Computed using the average number of shares outstanding during each period. | |||||||||||||||||||||||
11
Attachment II-b
Exxon Mobil Corporation
Second Quarter 2021
(millions of dollars)
| First | |||||||||||||||||||||||
| Second Quarter | Quarter | First Half | |||||||||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | |||||||||||||||||||
| Earnings/(Loss) (U.S. GAAP) | |||||||||||||||||||||||
| Upstream | |||||||||||||||||||||||
| United States | 663 | (1,197) | 363 | 1,026 | (1,901) | ||||||||||||||||||
| Non-U.S. | 2,522 | (454) | 2,191 | 4,713 | 786 | ||||||||||||||||||
| Downstream | |||||||||||||||||||||||
| United States | (149) | (101) | (113) | (262) | (202) | ||||||||||||||||||
| Non-U.S. | (78) | 1,077 | (277) | (355) | 567 | ||||||||||||||||||
| Chemical | |||||||||||||||||||||||
| United States | 1,282 | 171 | 715 | 1,997 | 459 | ||||||||||||||||||
| Non-U.S. | 1,038 | 296 | 700 | 1,738 | 152 | ||||||||||||||||||
| Corporate and financing | (588) | (872) | (849) | (1,437) | (1,551) | ||||||||||||||||||
| Net income (loss) attributable to ExxonMobil | 4,690 | (1,080) | 2,730 | 7,420 | (1,690) | ||||||||||||||||||
| Identified Items Included in Earnings/(Loss) | |||||||||||||||||||||||
| U.S. Upstream | |||||||||||||||||||||||
| Impairments | — | — | — | — | (315) | ||||||||||||||||||
| Other Items (Inventory valuation) | — | 45 | — | — | — | ||||||||||||||||||
| Non-U.S. Upstream | |||||||||||||||||||||||
| Impairments | — | — | — | — | (41) | ||||||||||||||||||
| Other Items (Inventory valuation) | — | 168 | — | — | (50) | ||||||||||||||||||
| U.S. Downstream | |||||||||||||||||||||||
| Impairments | — | — | — | — | (4) | ||||||||||||||||||
| Other Items (Inventory valuation) | — | 404 | — | — | (3) | ||||||||||||||||||
| Non-U.S. Downstream | |||||||||||||||||||||||
| Impairments | — | — | — | — | (335) | ||||||||||||||||||
| Other Items (Inventory valuation) | — | 1,190 | — | — | (6) | ||||||||||||||||||
| U.S. Chemical | |||||||||||||||||||||||
| Impairments | — | — | — | — | (90) | ||||||||||||||||||
| Other Items (Inventory valuation) | — | (29) | — | — | (29) | ||||||||||||||||||
| Non-U.S. Chemical | |||||||||||||||||||||||
| Impairments | — | — | — | — | (2) | ||||||||||||||||||
| Other Items (Inventory valuation) | — | 144 | — | — | (86) | ||||||||||||||||||
| Corporate and financing | |||||||||||||||||||||||
| Severance - global workforce review | (12) | — | (31) | (43) | — | ||||||||||||||||||
| Corporate total | (12) | 1,922 | (31) | (43) | (961) | ||||||||||||||||||
| Earnings/(Loss) Excluding Identified Items | |||||||||||||||||||||||
| Upstream | |||||||||||||||||||||||
| United States | 663 | (1,242) | 363 | 1,026 | (1,586) | ||||||||||||||||||
| Non-U.S. | 2,522 | (622) | 2,191 | 4,713 | 877 | ||||||||||||||||||
| Downstream | |||||||||||||||||||||||
| United States | (149) | (505) | (113) | (262) | (195) | ||||||||||||||||||
| Non-U.S. | (78) | (113) | (277) | (355) | 908 | ||||||||||||||||||
| Chemical | |||||||||||||||||||||||
| United States | 1,282 | 200 | 715 | 1,997 | 578 | ||||||||||||||||||
| Non-U.S. | 1,038 | 152 | 700 | 1,738 | 240 | ||||||||||||||||||
| Corporate and financing | (576) | (872) | (818) | (1,394) | (1,551) | ||||||||||||||||||
| Corporate total | 4,702 | (3,002) | 2,761 | 7,463 | (729) | ||||||||||||||||||
12
Attachment III
Exxon Mobil Corporation
Second Quarter 2021
| First | |||||||||||||||||||||||
| Second Quarter | Quarter | First Half | |||||||||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | |||||||||||||||||||
| Net production of crude oil, natural gas | |||||||||||||||||||||||
| liquids, bitumen and synthetic oil, | |||||||||||||||||||||||
| thousand barrels per day (kbd) | |||||||||||||||||||||||
| United States | 687 | 628 | 665 | 676 | 664 | ||||||||||||||||||
| Canada / Other Americas | 529 | 483 | 575 | 552 | 520 | ||||||||||||||||||
| Europe | 16 | 31 | 35 | 25 | 31 | ||||||||||||||||||
| Africa | 254 | 333 | 253 | 254 | 346 | ||||||||||||||||||
| Asia | 669 | 783 | 691 | 680 | 789 | ||||||||||||||||||
| Australia / Oceania | 45 | 48 | 39 | 42 | 43 | ||||||||||||||||||
| Worldwide | 2,200 | 2,306 | 2,258 | 2,229 | 2,393 | ||||||||||||||||||
| Natural gas production available for sale, | |||||||||||||||||||||||
| million cubic feet per day (mcfd) | |||||||||||||||||||||||
| United States | 2,804 | 2,642 | 2,767 | 2,786 | 2,733 | ||||||||||||||||||
| Canada / Other Americas | 189 | 269 | 216 | 203 | 293 | ||||||||||||||||||
| Europe | 654 | 619 | 1,403 | 1,026 | 956 | ||||||||||||||||||
| Africa | 46 | 4 | 24 | 35 | 6 | ||||||||||||||||||
| Asia | 3,433 | 3,218 | 3,599 | 3,515 | 3,464 | ||||||||||||||||||
| Australia / Oceania | 1,168 | 1,238 | 1,164 | 1,166 | 1,241 | ||||||||||||||||||
| Worldwide | 8,294 | 7,990 | 9,173 | 8,731 | 8,693 | ||||||||||||||||||
Oil-equivalent production (koebd)1 | 3,582 | 3,638 | 3,787 | 3,684 | 3,842 | ||||||||||||||||||
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | |||||||||||||||||||||||
13
Attachment IV
Exxon Mobil Corporation
Second Quarter 2021
| First | |||||||||||||||||||||||
| Second Quarter | Quarter | First Half | |||||||||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | |||||||||||||||||||
| Refinery throughput (kbd) | |||||||||||||||||||||||
| United States | 1,532 | 1,440 | 1,532 | 1,532 | 1,499 | ||||||||||||||||||
| Canada | 332 | 278 | 364 | 348 | 330 | ||||||||||||||||||
| Europe | 1,223 | 1,085 | 1,153 | 1,188 | 1,190 | ||||||||||||||||||
| Asia Pacific | 607 | 568 | 545 | 576 | 603 | ||||||||||||||||||
| Other | 164 | 145 | 157 | 161 | 166 | ||||||||||||||||||
| Worldwide | 3,858 | 3,516 | 3,751 | 3,805 | 3,788 | ||||||||||||||||||
| Petroleum product sales (kbd) | |||||||||||||||||||||||
| United States | 2,218 | 1,959 | 2,077 | 2,148 | 2,095 | ||||||||||||||||||
| Canada | 421 | 353 | 409 | 415 | 405 | ||||||||||||||||||
| Europe | 1,297 | 1,130 | 1,272 | 1,285 | 1,266 | ||||||||||||||||||
| Asia Pacific | 655 | 640 | 665 | 660 | 674 | ||||||||||||||||||
| Other | 450 | 355 | 458 | 453 | 422 | ||||||||||||||||||
| Worldwide | 5,041 | 4,437 | 4,881 | 4,961 | 4,862 | ||||||||||||||||||
| Gasolines, naphthas | 2,117 | 1,736 | 1,996 | 2,057 | 1,929 | ||||||||||||||||||
| Heating oils, kerosene, diesel | 1,704 | 1,649 | 1,692 | 1,698 | 1,758 | ||||||||||||||||||
| Aviation fuels | 201 | 147 | 183 | 192 | 265 | ||||||||||||||||||
| Heavy fuels | 275 | 262 | 257 | 266 | 259 | ||||||||||||||||||
| Specialty products | 744 | 643 | 753 | 748 | 651 | ||||||||||||||||||
| Worldwide | 5,041 | 4,437 | 4,881 | 4,961 | 4,862 | ||||||||||||||||||
| Chemical prime product sales, | |||||||||||||||||||||||
| thousand metric tons (kt) | |||||||||||||||||||||||
| United States | 2,491 | 1,985 | 2,190 | 4,681 | 4,180 | ||||||||||||||||||
| Non-U.S. | 4,022 | 3,960 | 4,256 | 8,278 | 8,002 | ||||||||||||||||||
| Worldwide | 6,513 | 5,945 | 6,446 | 12,959 | 12,182 | ||||||||||||||||||
14
Attachment V
Exxon Mobil Corporation
Second Quarter 2021
(millions of dollars)
| First | |||||||||||||||||||||||
| Second Quarter | Quarter | First Half | |||||||||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | |||||||||||||||||||
| Capital and Exploration Expenditures | |||||||||||||||||||||||
| Upstream | |||||||||||||||||||||||
| United States | 925 | 1,637 | 810 | 1,735 | 4,435 | ||||||||||||||||||
| Non-U.S. | 1,892 | 1,940 | 1,547 | 3,439 | 4,268 | ||||||||||||||||||
| Total | 2,817 | 3,577 | 2,357 | 5,174 | 8,703 | ||||||||||||||||||
| Downstream | |||||||||||||||||||||||
| United States | 193 | 719 | 271 | 464 | 1,466 | ||||||||||||||||||
| Non-U.S. | 262 | 334 | 199 | 461 | 821 | ||||||||||||||||||
| Total | 455 | 1,053 | 470 | 925 | 2,287 | ||||||||||||||||||
| Chemical | |||||||||||||||||||||||
| United States | 313 | 563 | 208 | 521 | 1,160 | ||||||||||||||||||
| Non-U.S. | 217 | 132 | 98 | 315 | 317 | ||||||||||||||||||
| Total | 530 | 695 | 306 | 836 | 1,477 | ||||||||||||||||||
| Other | 1 | 2 | — | 1 | 3 | ||||||||||||||||||
| Worldwide | 3,803 | 5,327 | 3,133 | 6,936 | 12,470 | ||||||||||||||||||
| Cash Flow from Operations and Asset Sales excluding Working Capital | |||||||||||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||||||||
| (U.S. GAAP) | 9,650 | — | 9,264 | 18,914 | 6,274 | ||||||||||||||||||
| Proceeds associated with asset sales | 250 | 43 | 307 | 557 | 129 | ||||||||||||||||||
| Cash flow from operations and asset sales | 9,900 | 43 | 9,571 | 19,471 | 6,403 | ||||||||||||||||||
| Changes in operational working capital | 380 | 1,460 | (1,953) | (1,573) | 2,402 | ||||||||||||||||||
| Cash flow from operations and asset sales | 10,280 | 1,503 | 7,618 | 17,898 | 8,805 | ||||||||||||||||||
| excluding working capital | |||||||||||||||||||||||
15
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 | |||||||||||||||||||||
1 Computed using the average number of shares outstanding during each period.
16
| EXXON MOBIL CORPORATION | EXHIBIT 99.2 | ||||||||||||||||
To assist investors in assessing 2Q21 results, the following disclosures have been made available in this 8-K filing: | |||||||||||||||||
| - | Identified items of $(0.00) per share assuming dilution, as noted on page 1 of the news release | ||||||||||||||||
| - | A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 7 and attachment V of the news release | ||||||||||||||||
| 2Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4) | ||||||||||||||||||||
| Earnings (Loss), $M | 2Q21 | 1Q21 | 4Q20 | 3Q20 | 2Q20 | |||||||||||||||
| Upstream | ||||||||||||||||||||
| United States | 663 | 363 | (16,803) | (681) | (1,197) | |||||||||||||||
| Non-U.S. | 2,522 | 2,191 | (1,729) | 298 | (454) | |||||||||||||||
| Total | 3,185 | 2,554 | (18,532) | (383) | (1,651) | |||||||||||||||
| Downstream | ||||||||||||||||||||
| United States | (149) | (113) | (514) | (136) | (101) | |||||||||||||||
| Non-U.S. | (78) | (277) | (697) | (95) | 1,077 | |||||||||||||||
| Total | (227) | (390) | (1,211) | (231) | 976 | |||||||||||||||
| Chemical | ||||||||||||||||||||
| United States | 1,282 | 715 | 461 | 357 | 171 | |||||||||||||||
| Non-U.S. | 1,038 | 700 | 230 | 304 | 296 | |||||||||||||||
| Total | 2,320 | 1,415 | 691 | 661 | 467 | |||||||||||||||
| Corporate and financing | (588) | (849) | (1,018) | (727) | (872) | |||||||||||||||
| Net income (loss) attributable to ExxonMobil (U.S. GAAP) | 4,690 | 2,730 | (20,070) | (680) | (1,080) | |||||||||||||||
| Earnings (Loss) per common share (U.S. GAAP) | 1.10 | 0.64 | (4.70) | (0.15) | (0.26) | |||||||||||||||
| Earnings (Loss) per common share | ||||||||||||||||||||
| - assuming dilution (U.S. GAAP) | 1.10 | 0.64 | (4.70) | (0.15) | (0.26) | |||||||||||||||
| Exploration expenses, including dry holes | 176 | 164 | 595 | 188 | 214 | |||||||||||||||
| Capital and Exploration Expenditures, $M | ||||||||||||||||||||
| Upstream | ||||||||||||||||||||
| United States | 925 | 810 | 1,122 | 1,260 | 1,637 | |||||||||||||||
| Non-U.S. | 1,892 | 1,547 | 1,812 | 1,534 | 1,940 | |||||||||||||||
| Total | 2,817 | 2,357 | 2,934 | 2,794 | 3,577 | |||||||||||||||
| Downstream | ||||||||||||||||||||
| United States | 193 | 271 | 488 | 390 | 719 | |||||||||||||||
| Non-U.S. | 262 | 199 | 674 | 382 | 334 | |||||||||||||||
| Total | 455 | 470 | 1,162 | 772 | 1,053 | |||||||||||||||
| Chemical | ||||||||||||||||||||
| United States | 313 | 208 | 435 | 407 | 563 | |||||||||||||||
| Non-U.S. | 217 | 98 | 240 | 157 | 132 | |||||||||||||||
| Total | 530 | 306 | 675 | 564 | 695 | |||||||||||||||
| Other | 1 | — | — | 3 | 2 | |||||||||||||||
| Total Capital and Exploration Expenditures | 3,803 | 3,133 | 4,771 | 4,133 | 5,327 | |||||||||||||||
| Effective Income Tax Rate, % | 30% | 33% | 22% | (198)% | 29% | |||||||||||||||
| Common Shares Outstanding, millions | ||||||||||||||||||||
| At quarter end | 4,234 | 4,234 | 4,233 | 4,228 | 4,228 | |||||||||||||||
| Average - assuming dilution | 4,276 | 4,272 | 4,272 | 4,271 | 4,271 | |||||||||||||||
| Total Cash and Cash Equivalents, $B | 3.5 | 3.5 | 4.4 | 8.8 | 12.6 | |||||||||||||||
| Total Debt, $B | 60.6 | 63.3 | 67.6 | 68.8 | 69.5 | |||||||||||||||
| Cash Flow from Operations and Asset Sales, $M | ||||||||||||||||||||
| Net cash provided by operating activities | 9,650 | 9,264 | 4,005 | 4,389 | — | |||||||||||||||
| Proceeds associated with asset sales | 250 | 307 | 770 | 100 | 43 | |||||||||||||||
| Cash flow from operations and asset sales | 9,900 | 9,571 | 4,775 | 4,489 | 43 | |||||||||||||||
| Changes in operational working capital | 380 | (1,953) | 114 | (863) | 1,460 | |||||||||||||||
Cash flow from operations and asset sales excluding working capital | 10,280 | 7,618 | 4,889 | 3,626 | 1,503 | |||||||||||||||
| EXXON MOBIL CORPORATION | ||||||||||||||||||||
| 2Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4) | ||||||||||||||||||||
| Net production of crude oil, natural gas | 2Q21 | 1Q21 | 4Q20 | 3Q20 | 2Q20 | |||||||||||||||
| liquids, bitumen and synthetic oil, kbd | ||||||||||||||||||||
| United States | 687 | 665 | 719 | 692 | 628 | |||||||||||||||
| Canada / Other Americas | 529 | 575 | 619 | 487 | 483 | |||||||||||||||
| Europe | 16 | 35 | 32 | 26 | 31 | |||||||||||||||
| Africa | 254 | 253 | 258 | 297 | 333 | |||||||||||||||
| Asia | 669 | 691 | 658 | 735 | 783 | |||||||||||||||
| Australia / Oceania | 45 | 39 | 39 | 49 | 48 | |||||||||||||||
| Total liquids production | 2,200 | 2,258 | 2,325 | 2,286 | 2,306 | |||||||||||||||
| Natural gas production available for sale, mcfd | ||||||||||||||||||||
| United States | 2,804 | 2,767 | 2,686 | 2,611 | 2,642 | |||||||||||||||
| Canada / Other Americas | 189 | 216 | 253 | 269 | 269 | |||||||||||||||
| Europe | 654 | 1,403 | 848 | 401 | 619 | |||||||||||||||
| Africa | 46 | 24 | 12 | 11 | 4 | |||||||||||||||
| Asia | 3,433 | 3,599 | 3,225 | 3,791 | 3,218 | |||||||||||||||
| Australia / Oceania | 1,168 | 1,164 | 1,161 | 1,233 | 1,238 | |||||||||||||||
| Total natural gas production available for sale | 8,294 | 9,173 | 8,185 | 8,316 | 7,990 | |||||||||||||||
Total worldwide liquids and gas production, koebd 1 | 3,582 | 3,787 | 3,689 | 3,672 | 3,638 | |||||||||||||||
| Refinery throughput, kbd | ||||||||||||||||||||
| United States | 1,532 | 1,532 | 1,594 | 1,601 | 1,440 | |||||||||||||||
| Canada | 332 | 364 | 359 | 341 | 278 | |||||||||||||||
| Europe | 1,223 | 1,153 | 1,130 | 1,183 | 1,085 | |||||||||||||||
| Asia Pacific | 607 | 545 | 522 | 486 | 568 | |||||||||||||||
| Other Non-U.S. | 164 | 157 | 150 | 148 | 145 | |||||||||||||||
| Total refinery throughput | 3,858 | 3,751 | 3,755 | 3,759 | 3,516 | |||||||||||||||
| Petroleum product sales, kbd | ||||||||||||||||||||
| United States | 2,218 | 2,077 | 2,128 | 2,297 | 1,959 | |||||||||||||||
| Canada | 421 | 409 | 415 | 446 | 353 | |||||||||||||||
| Europe | 1,297 | 1,272 | 1,227 | 1,253 | 1,130 | |||||||||||||||
| Asia Pacific | 655 | 665 | 645 | 614 | 640 | |||||||||||||||
| Other Non-U.S. | 450 | 458 | 418 | 413 | 355 | |||||||||||||||
| Total petroleum product sales | 5,041 | 4,881 | 4,833 | 5,023 | 4,437 | |||||||||||||||
| Gasolines, naphthas | 2,117 | 1,996 | 2,039 | 2,077 | 1,736 | |||||||||||||||
| Heating oils, kerosene, diesel | 1,704 | 1,692 | 1,739 | 1,750 | 1,649 | |||||||||||||||
| Aviation fuels | 201 | 183 | 172 | 152 | 147 | |||||||||||||||
| Heavy fuels | 275 | 257 | 237 | 242 | 262 | |||||||||||||||
| Specialty products | 744 | 753 | 646 | 802 | 643 | |||||||||||||||
| Total petroleum product sales | 5,041 | 4,881 | 4,833 | 5,023 | 4,437 | |||||||||||||||
| Chemical prime product sales, kt | ||||||||||||||||||||
| United States | 2,491 | 2,190 | 2,467 | 2,363 | 1,985 | |||||||||||||||
| Non-U.S. | 4,022 | 4,256 | 4,176 | 4,261 | 3,960 | |||||||||||||||
| Total chemical prime product sales | 6,513 | 6,446 | 6,643 | 6,624 | 5,945 | |||||||||||||||
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | ||
| EXXON MOBIL CORPORATION | |||||||||||
| 2Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4) | |||||||||||
| Earnings Factor Analysis, $M | 2Q21 vs. 2Q20 | 2Q21 vs. 1Q21 | 2021 vs. 2020 | ||||||||
| Upstream | |||||||||||
| Prior Period | (1,651) | 2,554 | (1,115) | ||||||||
| Realization | 4,320 | 720 | 5,610 | ||||||||
| Noncash effect of year-end reserves | -250 | 40 | -520 | ||||||||
| Other | 4,570 | 680 | 6,130 | ||||||||
| Volume / Mix | 40 | -330 | -320 | ||||||||
| Planned Maintenance | -250 | -320 | -320 | ||||||||
| Other | 290 | -10 | — | ||||||||
| Other | 470 | 250 | 1,560 | ||||||||
| Expenses - Planned Maintenance | -50 | -40 | -10 | ||||||||
| Expenses - other | 330 | -60 | 1,000 | ||||||||
| Identified Items | -210 | — | 410 | ||||||||
| Other | 400 | 350 | 160 | ||||||||
| Current Period | 3,185 | 3,185 | 5,739 | ||||||||
| Downstream | |||||||||||
| Prior Period | 976 | (390) | 365 | ||||||||
| Margin | 430 | 190 | -1,340 | ||||||||
| Volume / Mix | 220 | -50 | 30 | ||||||||
| Planned Maintenance | -200 | -160 | -210 | ||||||||
| Demand | 270 | 70 | 260 | ||||||||
| Other - Manufacturing | 150 | 40 | -20 | ||||||||
| Other | -1,860 | 20 | 330 | ||||||||
| Expenses - Planned Maintenance | -190 | -60 | -140 | ||||||||
| Expenses - other | 130 | -110 | 490 | ||||||||
| Identified Items | -1,590 | — | 350 | ||||||||
| Other | -210 | 190 | -370 | ||||||||
| Current Period | (227) | (227) | (617) | ||||||||
| Chemical | |||||||||||
| Prior Period | 467 | 1,415 | 611 | ||||||||
| Margin | 1,680 | 1,080 | 2,300 | ||||||||
| Volume / Mix | 210 | -40 | 240 | ||||||||
| Planned Maintenance | -40 | -40 | -50 | ||||||||
| Demand | 250 | — | 290 | ||||||||
| Other | -40 | -140 | 580 | ||||||||
| Expenses - Planned Maintenance | -120 | -140 | -30 | ||||||||
| Expenses - other | 100 | -20 | 250 | ||||||||
| Identified Items | -120 | — | 210 | ||||||||
| Other | 100 | 20 | 150 | ||||||||
| Current Period | 2,320 | 2,320 | 3,735 | ||||||||
| Upstream Volume Factor Analysis, koebd | |||||||||||
| Prior Period | 3,638 | 3,787 | 3,842 | ||||||||
| Downtime / Maintenance - Planned | -113 | -110 | -93 | ||||||||
| Downtime / Maintenance - other | 24 | 85 | 19 | ||||||||
| Growth / Decline | -60 | -18 | -58 | ||||||||
| Entitlements / Divestments | -166 | -64 | -115 | ||||||||
| Government Mandates | -6 | -2 | -65 | ||||||||
| Demand / Other | 265 | -96 | 154 | ||||||||
| Current Period | 3,582 | 3,582 | 3,684 | ||||||||
| EXXON MOBIL CORPORATION | |||||||||||||||||
| 2Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4) | |||||||||||||||||
| Sources and Uses of Funds, $M | 2Q21 | ||||||||||||||||
| Beginning Cash | 3,515 | ||||||||||||||||
| Earnings | 4,690 | ||||||||||||||||
| Depreciation | 4,952 | ||||||||||||||||
| Working Capital / Other | 8 | ||||||||||||||||
| Proceeds Associated with Asset Sales | 250 | ||||||||||||||||
PP&E Adds / Investments and Advances1 | -2,966 | ||||||||||||||||
| Shareholder Distributions | -3,721 | ||||||||||||||||
| Debt / Other Financing | -3,263 | ||||||||||||||||
| Ending Cash | 3,465 | ||||||||||||||||
1 PP&E Adds / Investments and Advances includes PP&E adds of ($2.7B) and net advances of ($0.2B). | ||
| Average Realization Data | 2Q21 | 1Q21 | 4Q20 | 3Q20 | 2Q20 | ||||||||||||
| United States | |||||||||||||||||
| ExxonMobil | |||||||||||||||||
| Crude ($/b) | 63.29 | 56.20 | 39.06 | 36.80 | 21.79 | ||||||||||||
| Natural Gas ($/kcf) | 2.78 | 3.36 | 2.20 | 1.62 | 1.57 | ||||||||||||
| Benchmarks | |||||||||||||||||
| WTI ($/b) | 66.09 | 57.84 | 42.56 | 40.91 | 27.80 | ||||||||||||
| ANS-WC ($/b) | 68.51 | 60.76 | 44.75 | 42.74 | 30.06 | ||||||||||||
| Henry Hub ($/mbtu) | 2.83 | 2.71 | 2.67 | 1.98 | 1.71 | ||||||||||||
| Non-U.S. | |||||||||||||||||
| ExxonMobil | |||||||||||||||||
| Crude ($/b) | 60.52 | 53.41 | 37.86 | 38.30 | 20.91 | ||||||||||||
| Natural Gas ($/kcf) | 6.76 | 6.13 | 4.85 | 3.41 | 4.07 | ||||||||||||
| European NG ($/kcf) | 6.76 | 5.87 | 4.87 | 3.25 | 2.67 | ||||||||||||
| Benchmarks | |||||||||||||||||
| Brent ($/b) | 68.83 | 60.90 | 44.22 | 43.00 | 29.20 | ||||||||||||
The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the second quarter of 2021. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates. | ||