ExxonMobil Holdings Corp 8-K, filed Oct 1, 2020
ExxonMobil Holdings Corp (XOM)
About this 8-K
ExxonMobil Holdings Corp filed this 8-K on October 1, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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:
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).
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Item 7.01 | Regulation FD Disclosure. |
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| The following information is furnished pursuant to Item 7.01. |
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INDEX TO EXHIBITS
Exhibit No. | Description |
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Exxon Mobil Corporation 3Q20 Earnings Considerations. | |
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104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
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3
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 | |
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Date: October 1, 2020 | By: | /s/ DAVID S. ROSENTHAL |
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| David S. Rosenthal |
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| Vice President and Controller |
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| (Principal Accounting Officer) |
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EXHIBIT 99.1
3Q20 Earnings Considerations
To give perspective regarding market and planned factors affecting 3Q 2020 results, we are providing the following summary of factors management believes will impact 3Q 2020 results relative to 2Q 2020 results. These factors are generally limited to market dynamics, seasonal patterns, and planned activities. This list is not meant to be a comprehensive list of all changes between 2Q 2020 results and 3Q 2020 results or to provide an estimate of 3Q 2020 results for the Corporation. Further, this list may not account for all adjustments and charges required to fully reflect the changes in industry conditions.
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$ billions |
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Upstream |
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Downstream |
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Chemical |
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Corp & Fin |
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Total |
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2Q20 earnings / (loss), U.S. GAAP |
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(1.7) |
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1.0 |
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0.5 |
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(0.9) |
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(1.1) |
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2Q20 identified items |
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2Q20 non-cash inventory valuation (lower of cost or market) impacts |
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0.2 |
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1.6 |
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0.1 |
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1.9 |
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2Q20 earnings / (loss) excluding identified items |
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(1.9) |
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(0.6) |
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0.4 |
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(0.9) |
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(3.0) |
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Estimated effects of market factors impacting 3Q20 results |
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Change in liquids prices |
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1.4 - 1.8 |
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Change in gas prices |
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(0.5) - (0.1) |
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Change in North American crude logistics differentials |
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(0.2) - (0.0) |
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Change in Downstream refining margins |
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(0.6) - (0.2) |
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Change in Chemical margins |
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(0.1) - 0.1 |
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Change in mark-to-market derivative impacts |
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0.0 - 0.4 |
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Estimated effects of seasonal and planned factors impacting 3Q20 results |
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Change in scheduled maintenance |
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(0.1) - 0.1 |
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0.0 - 0.2 |
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(0.1) - 0.1 |
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Additional information: |
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Estimated 3Q20 non-cash inventory valuation (lower of cost or market) impacts1 |
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(0.1) - 0.1 |
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Estimated change in sales volumes2 |
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0.0 - 0.2 |
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0.2 - 0.4 |
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0.1 - 0.3 |
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1 Based on price data as of September 28, 2020 |
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2 Estimated impact included on an exception basis due to its significant and unusual nature. Includes all effects from changes in sales volumes, including any impacts from the reversal of COVID-19 demand destruction during the quarter. |
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This information is only intended to provide additional information regarding current estimates of certain limited market and planned factors management believes will likely affect results for 3Q 2020 relative to 2Q 2020 to assist investors, analysts and others in formulating their own estimates. It is not intended to be a comprehensive presentation of all factors that will affect the Corporation’s sequential results or to provide an estimate of the Corporation’s 3Q 2020 results. Actual results and the impact of factors identified here may vary depending on the impact of other factors not identified here and are subject to finalization of the Corporation’s financial reporting process for 3Q 2020. Further, this list may not account for all adjustments and charges required to fully reflect the changes in industry conditions.
Outlooks, estimates, projections and other statements of future financial impacts of certain factors as provided in this publication are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Actual future impacts of these certain factors for 3Q 2020 may vary from our estimates for a number of reasons, including additional unidentified factors related to: sales volume and sales mix numbers; supply and demand imbalances, price impacts and the broader government responses to first or subsequent waves of COVID-19; planned cash and operating expense reductions; total capital expenditures and mix; maintenance costs and incidents; production shut-ins and mix; financing costs; the resolution of any contingencies and uncertain tax positions; environmental expenditures; impact of fiscal, contractual, and commercial terms applicable to the quarter; the outcome of commercial negotiations related to the quarter; the timing and regulatory approval of any acquisitions or divestments; resolution of trading and derivative positions for the quarter; the pace of economic recovery and regional differences for product demand; regional pricing differentials; changes in consumer behavior; civil unrest; changes in regulatory policies and any associated liabilities; changes in asset valuation or estimates of underlying value as of a certain date; updates or corrections of any estimate used herein; and other market conditions in the oil, natural gas, petroleum, and petrochemical industries. Furthermore, additional factors may exist that will be relevant to 3Q 2020 results that are not currently known or fully understood, including our participation in joint ventures or developments operated by third parties and other factors cited in Item 1A. Risk Factors of our most recent Annual and Quarterly Reports available on the Investors page of our website at www.exxonmobil.com. All forward-looking statements and the assumptions in this publication speak only as of the date hereof. We do not assume or undertake any obligation to update these forward-looking statements or assumptions as of any future date. Any future update or expansion of the forward-looking statements in this publication will be provided only through a public disclosure indicating that fact.
Earnings / (loss) excluding identified items 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 impact of an identified item for an individual segment may be less than $250 million when the item impacts 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.
In accordance with Regulation FD, we are hereby providing notice that the company currently intends to furnish its third quarter 2020 financial results both (1) by posting them on our website at www.exxonmobil.com and (2) in a filing on Form 8-K in the Securities and Exchange Commission EDGAR system, each by 6:30 a.m. CT Friday, October 30, 2020. In the event that the EDGAR system experiences technical difficulties or the company is unable to successfully complete its 8-K filing at the intended time, investors and the public should look for this information at that time on our website. In case of a failed filing, the company intends to furnish the information on EDGAR as soon as possible after 6:30 a.m. CT Friday, October 30, 2020.
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