XOM 8-K
ExxonMobil Holdings Corp (XOM)
8-K
2025-01-31
For: 2025-01-31
View Original
Added on
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): January 31, 2025
(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 January 31, 2025, announcing full-year 2024 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 4Q24 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. | |||||
2
INDEX TO EXHIBITS
| Exhibit No. | Description | ||||
Exxon Mobil Corporation News Release, dated January 31, 2025, announcing full-year 2024 results. | |||||
4Q24 Investor Relations Data Summary. | |||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | ||||
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 | ||||||||
Date: January 31, 2025 | By: | /s/ LEN M. FOX | ||||||
| Len M. Fox | ||||||||
| Vice President, Controller and Tax | ||||||||
| (Principal Accounting Officer) | ||||||||
4
 | EXHIBIT 99.1 | |||||||||||||
4Q 2024 Earnings Release | ||||||||||||||
| FOR IMMEDIATE RELEASE | January 31, 2025 | |||||||||||||
ExxonMobil Announces 2024 Results
•Business transformation drove industry-leading 2024 financial performance1
•Delivered $33.7 billion in earnings and $55.0 billion in cash flow from operations – third best year in a decade
•Achieved record production in Permian and Guyana, and record sales volumes of high-value products
•Distributed $36.0 billion to shareholders – more than all but five companies in the S&P 5001
•Achieved $12.1 billion cumulative structural cost savings since 2019; more than offsetting inflation and growth
| Results Summary | ||||||||||||||||||||
| 4Q24 | 3Q24 | Change vs 3Q24 | Dollars in millions (except per share data) | 2024 | 2023 | Change vs 2023 | ||||||||||||||
| 7,610 | 8,610 | -1,000 | Earnings (U.S. GAAP) | 33,680 | 36,010 | -2,330 | ||||||||||||||
| 7,394 | 8,610 | -1,216 | Earnings Excluding Identified Items (non-GAAP) | 33,464 | 38,572 | -5,108 | ||||||||||||||
| 1.72 | 1.92 | -0.20 | Earnings Per Common Share ² | 7.84 | 8.89 | -1.05 | ||||||||||||||
| 1.67 | 1.92 | -0.25 | Earnings Excl. Identified Items Per Common Share (non-GAAP) ² | 7.79 | 9.52 | -1.73 | ||||||||||||||
| 7,514 | 7,159 | +355 | Capital and Exploration Expenditures | 27,551 | 26,325 | +1,226 | ||||||||||||||
SPRING, Texas – January 31, 2025 – Exxon Mobil Corporation today announced fourth-quarter 2024 earnings of $7.6 billion, or $1.72 per share assuming dilution. Cash flow from operating activities was $12.2 billion and free cash flow was $8.0 billion. Capital and exploration expenditures, and cash capital expenditures were both $7.5 billion in the fourth quarter, bringing the full-year expenditures to $27.6 billion and $25.6 billion, respectively – both in line with full-year guidance. For full-year 2024, the company reported earnings of $33.7 billion, or $7.84 per share assuming dilution.
“Our transformed company delivered unmatched value in 2024,” said Darren Woods, chairman and chief executive officer. “The proof is in our performance. Operationally, we delivered strong results on safety, reliability, and emissions. Financially, we delivered some of our highest earnings and operating cash flow in a decade. We earned returns higher than our peers3 and well above our cost of capital, and we distributed more cash to shareholders than all but five companies in the entire S&P 5001.”
“As we look ahead, we’ve built a long runway of value creation. We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030, but well beyond. Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders.”
1 Leading financial performance compared to IOCs include metrics such as earnings, cash flow from operations and total shareholder returns. Where applicable, individual metrics referencing the IOCs or S&P 500 are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.
2 Assuming dilution.
3 ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.
1
Full-year Earnings Driver Analysis¹ | ||||||||||||||||||||||||||
YE23 to YE24 Cash Flow | ||||||||||||||
Financial Highlights
•Full-year 2024 earnings were $33.7 billion versus $36.0 billion in 2023. Unfavorable 2023 identified items included a $2.0 billion impairment in California due to regulatory challenges restarting production and distribution from the now-divested Santa Ynez Unit assets. Earnings excluding identified items decreased as industry refining margins and natural gas prices declined from last year's historically high levels. Strong advantaged volume growth including record production from Guyana and Permian, and record high-value product sales volumes, more than offset lower base volumes from non-strategic asset divestments and scheduled maintenance. Structural cost savings partly offset higher expenses from depreciation, scheduled maintenance, new product development and 2025 project start-ups.
•Since 2019, the company achieved $12.1 billion of cumulative Structural Cost Savings, well beyond what any competitors have achieved, and more than offsetting inflation and growth. This includes $2.4 billion of savings during the year and $0.8 billion during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019.
•Return on capital employed led industry for the year at 12.7% and for the five-year average at 10.8%2.
•Generated strong cash flow from operations of $55.0 billion and free cash flow of $34.4 billion in 2024. Cash proceeds from asset sales totaled $5.0 billion. Free cash flow excluding a working capital increase of $1.8 billion was $36.2 billion, which covered industry-leading shareholder distributions of $36.0 billion3 – $16.7 billion of dividends and $19.3 billion of share repurchases, consistent with announced plans. In addition, the company delivered industry-leading total shareholder returns of 11%, 25% and 14% for the last one, three and five years3. As previously communicated, ExxonMobil plans to extend its annual $20 billion share-repurchase program through 2026.
•The Corporation declared a first-quarter dividend of $0.99 per share, payable on March 10, 2025, to shareholders of record of Common Stock at the close of business on February 12, 2025. The company raised its fourth-quarter dividend by 4% and has increased its annual dividend for 42 consecutive years.
•The debt-to-capital ratio was 13% and the net-debt-to-capital ratio was 6%4, reflecting a period-end cash balance of $23.2 billion.
1 The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these drivers.
2 ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.
3 Leading measures for the IOCs are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.
4 Net debt is total debt of $41.7 billion less $23.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $270.6 billion.
2
| ||||||||||||||
EARNINGS AND VOLUME SUMMARY BY SEGMENT | ||||||||||||||
Upstream | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| Earnings/(Loss) (U.S. GAAP) | ||||||||||||||
| 1,256 | 1,686 | United States | 6,426 | 4,202 | ||||||||||
| 5,242 | 4,472 | Non-U.S. | 18,964 | 17,106 | ||||||||||
| 6,498 | 6,158 | Worldwide | 25,390 | 21,308 | ||||||||||
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | ||||||||||||||
| 1,616 | 1,686 | United States | 6,786 | 5,691 | ||||||||||
| 4,667 | 4,472 | Non-U.S. | 18,389 | 17,918 | ||||||||||
| 6,283 | 6,158 | Worldwide | 25,175 | 23,609 | ||||||||||
| 4,602 | 4,582 | Production (koebd) | 4,333 | 3,738 | ||||||||||
•Upstream full-year earnings were $25.4 billion, $4.1 billion higher than 2023. Identified items for the year improved earnings by $0.2 billion versus the unfavorable $2.3 billion impact in 2023 mainly driven by the impairment of the now-divested Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution. Excluding identified items, earnings increased $1.6 billion due to advantaged assets volume growth from record Guyana and Permian production, and structural cost savings. These increases were partly offset by lower natural gas prices, higher depreciation expense, and lower base volumes from divestments of non-strategic assets and entitlements. Net production in 2024 was at the highest level in over ten years at 4.3 million oil-equivalent barrels per day, an increase of 16%, or 595,000 oil-equivalent barrels per day.
•Fourth-quarter earnings were $6.5 billion, an increase of $340 million from the third quarter driven by record production in Guyana and Permian, stronger natural gas prices, and favorable tax impacts, partly offset by lower crude realizations. Net production in the fourth quarter was 4.6 million oil-equivalent barrels per day, an increase of 20,000 oil-equivalent barrels per day versus the prior quarter.
3
Energy Products | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| Earnings/(Loss) (U.S. GAAP) | ||||||||||||||
| 296 | 517 | United States | 2,099 | 6,123 | ||||||||||
| 106 | 792 | Non-U.S. | 1,934 | 6,019 | ||||||||||
| 402 | 1,309 | Worldwide | 4,033 | 12,142 | ||||||||||
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | ||||||||||||||
| 330 | 517 | United States | 2,133 | 5,931 | ||||||||||
| (7) | 792 | Non-U.S. | 1,821 | 6,067 | ||||||||||
| 323 | 1,309 | Worldwide | 3,954 | 11,998 | ||||||||||
| 5,537 | 5,580 | Energy Products Sales (kbd) | 5,418 | 5,461 | ||||||||||
•Energy Products full-year 2024 earnings were $4.0 billion compared to $12.1 billion in 2023 due to significantly weaker industry refining margins, which declined from historically high levels as increased supply from industry capacity additions outpaced record global demand. Earnings improvement from structural cost savings and advantaged projects provided a partial offset to the impacts from higher scheduled maintenance and divestments.
•Fourth-quarter earnings totaled $402 million, a decrease of $907 million from the third quarter. Results were driven by unfavorable timing effects mainly from the absence of prior quarter favorable unsettled derivative mark-to-market impacts and weaker North America margins, partly offset by higher base volumes on strong reliability and recovery from the tornado at the Joliet refinery.
Chemical Products | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| Earnings/(Loss) (U.S. GAAP) | ||||||||||||||
| 230 | 367 | United States | 1,627 | 1,626 | ||||||||||
| (110) | 526 | Non-U.S. | 950 | 11 | ||||||||||
| 120 | 893 | Worldwide | 2,577 | 1,637 | ||||||||||
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | ||||||||||||||
| 273 | 367 | United States | 1,670 | 1,594 | ||||||||||
| (58) | 526 | Non-U.S. | 1,002 | 431 | ||||||||||
| 215 | 893 | Worldwide | 2,672 | 2,025 | ||||||||||
| 4,635 | 4,830 | Chemical Products Sales (kt) | 19,392 | 19,382 | ||||||||||
•Chemical Products 2024 earnings were $2.6 billion, an increase of $940 million versus 2023. Unfavorable 2023 identified items of $388 million were mainly associated with asset impairments and other financial reserves. 2024 earnings excluding identified items increased by $647 million compared to 2023. Despite continued bottom-of-cycle market conditions, overall margins improved as the company benefited from lower ethane feed costs at its advantaged North America assets and improved high-value product sales and realizations. Record high-value product sales more than offset lower base volumes from high-grading the portfolio product mix. Higher expenses primarily from planned maintenance and cost associated with advantaged projects starting up in 2025 were partly offset by structural cost savings.
•Fourth-quarter earnings were $120 million, compared to $893 million in the third quarter driven by weaker margins from increased North America ethane feed costs, seasonally higher expenses, and China Chemical Complex start-up preparation costs.
4
Specialty Products | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| Earnings/(Loss) (U.S. GAAP) | ||||||||||||||
| 350 | 375 | United States | 1,576 | 1,536 | ||||||||||
| 396 | 419 | Non-U.S. | 1,476 | 1,178 | ||||||||||
| 746 | 794 | Worldwide | 3,052 | 2,714 | ||||||||||
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | ||||||||||||||
| 354 | 375 | United States | 1,580 | 1,524 | ||||||||||
| 405 | 419 | Non-U.S. | 1,485 | 1,283 | ||||||||||
| 759 | 794 | Worldwide | 3,065 | 2,807 | ||||||||||
| 1,814 | 1,959 | Specialty Products Sales (kt) | 7,666 | 7,597 | ||||||||||
•Specialty Products delivered consistently strong earnings from its portfolio of high-value products. 2024 earnings were $3.1 billion, an increase of $338 million compared with 2023 driven by improved basestock and finished lubes margins, structural cost savings, and record high-value product sales volumes. These increases were partly offset by higher expenses including new product development costs, unfavorable foreign exchange impacts, and the absence of prior year favorable year-end inventory effects.
•Fourth-quarter earnings were $746 million, compared to $794 million in the third quarter. Higher expenses including new product development costs were mostly offset by favorable tax and year-end inventory impacts.
Corporate and Financing | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| (156) | (544) | Earnings/(Loss) (U.S. GAAP) | (1,372) | (1,791) | ||||||||||
| (186) | (544) | Earnings/(Loss) Excluding Identified Items (non-GAAP) | (1,402) | (1,867) | ||||||||||
•2024 full-year net charges of $1,372 million decreased $419 million from 2023 due to lower financing costs.
•Corporate and Financing fourth-quarter net charges of $156 million decreased $388 million versus the third quarter due to lower financing costs which benefited from favorable foreign exchange movements.
5
| ||||||||||||||
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| 7,955 | 8,971 | Net income/(loss) including noncontrolling interests | 35,063 | 37,354 | ||||||||||
| 6,585 | 6,258 | Depreciation and depletion (includes impairments) | 23,442 | 20,641 | ||||||||||
| (1,552) | 2,334 | Changes in operational working capital, excluding cash and debt | (1,826) | (4,255) | ||||||||||
| (759) | 6 | Other | (1,657) | 1,629 | ||||||||||
| 12,229 | 17,569 | Cash Flow from Operating Activities (U.S. GAAP) | 55,022 | 55,369 | ||||||||||
| 3,231 | 127 | Proceeds from asset sales and returns of investments | 4,987 | 4,078 | ||||||||||
| 15,460 | 17,696 | Cash Flow from Operations and Asset Sales (non-GAAP) | 60,009 | 59,447 | ||||||||||
| 1,552 | (2,334) | Less: Changes in operational working capital, excluding cash and debt | 1,826 | 4,255 | ||||||||||
| 17,012 | 15,362 | Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) | 61,835 | 63,702 | ||||||||||
| (3,231) | (127) | Less: Proceeds associated with asset sales and returns of investments | (4,987) | (4,078) | ||||||||||
| 13,781 | 15,235 | Cash Flow from Operations excluding Working Capital (non-GAAP) | 56,848 | 59,624 | ||||||||||
FREE CASH FLOW¹ | ||||||||||||||
4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| 12,229 | 17,569 | Cash Flow from Operating Activities (U.S. GAAP) | 55,022 | 55,369 | ||||||||||
| (6,837) | (6,160) | Additions to property, plant and equipment | (24,306) | (21,919) | ||||||||||
| (2,261) | (294) | Additional investments and advances | (3,299) | (2,995) | ||||||||||
| 1,615 | 87 | Other investing activities including collection of advances | 1,926 | 1,562 | ||||||||||
| 3,231 | 127 | Proceeds from asset sales and returns of investments | 4,987 | 4,078 | ||||||||||
| 20 | — | Inflows from noncontrolling interest for major projects | 32 | 124 | ||||||||||
| 7,997 | 11,329 | Free Cash Flow (non-GAAP) | 34,362 | 36,219 | ||||||||||
| 1,552 | (2,334) | Less: Changes in operational working capital, excluding cash and debt | 1,826 | 4,255 | ||||||||||
| 9,549 | 8,995 | Free Cash Flow excluding Working Capital (non-GAAP) | 36,188 | 40,474 | ||||||||||
¹ Free Cash Flow definition was updated in the second quarter of 2024 to exclude cash acquired from mergers and acquisitions and in the fourth quarter of 2024 to include inflows from noncontrolling interests for major projects, which are now shown as a separate investing line item and financing line item respectively in the Consolidated Statement of Cash Flows. See page 10 for definition. | ||||||||||||||
6
| RETURN ON AVERAGE CAPITAL EMPLOYED | |||||||||||||||||
| Dollars in millions (unless otherwise noted) | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
| Net income/(loss) attributable to ExxonMobil (U.S. GAAP) | 33,680 | 36,010 | 55,740 | 23,040 | (22,440) | ||||||||||||
| Financing costs (after-tax) | |||||||||||||||||
| Gross third-party debt | (1,106) | (1,175) | (1,213) | (1,196) | (1,272) | ||||||||||||
| ExxonMobil share of equity companies | (196) | (307) | (198) | (170) | (182) | ||||||||||||
| All other financing costs – net | (252) | 931 | 276 | 11 | 666 | ||||||||||||
| Total financing costs | (1,554) | (551) | (1,135) | (1,355) | (788) | ||||||||||||
| Earnings/(loss) excluding financing costs (non-GAAP) | 35,234 | 36,561 | 56,875 | 24,395 | (21,652) | ||||||||||||
| Total assets (U.S. GAAP) | 453,475 | 376,317 | 369,067 | 338,923 | 332,750 | ||||||||||||
| Less: liabilities and noncontrolling interests share of assets and liabilities | |||||||||||||||||
| Total current liabilities excluding notes and loans payable | (65,352) | (61,226) | (68,411) | (52,367) | (35,905) | ||||||||||||
| Total long-term liabilities excluding long-term debt | (75,807) | (60,980) | (56,990) | (63,169) | (65,075) | ||||||||||||
| Noncontrolling interests share of assets and liabilities | (8,069) | (8,878) | (9,205) | (8,746) | (8,773) | ||||||||||||
| Add: ExxonMobil share of debt-financed equity company net assets | 3,242 | 3,481 | 3,705 | 4,001 | 4,140 | ||||||||||||
Total capital employed (non-GAAP) | 307,489 | 248,714 | 238,166 | 218,642 | 227,137 | ||||||||||||
| Average capital employed (non-GAAP) | 278,102 | 243,440 | 228,404 | 222,890 | 234,031 | ||||||||||||
Return on average capital employed – corporate total (non-GAAP) | 12.7% | 15.0% | 24.9% | 10.9% | (9.3)% | ||||||||||||
| Five-year average: Return on average capital employed (non-GAAP) | 10.8% | ||||||||||||||||
7
| CALCULATION OF STRUCTURAL COST SAVINGS | |||||||||||||||||
| Dollars in billions (unless otherwise noted) | 2019 | 2024 | |||||||||||||||
| Components of Operating Costs | |||||||||||||||||
| From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP) | |||||||||||||||||
| Production and manufacturing expenses | 36.8 | 39.6 | |||||||||||||||
| Selling, general and administrative expenses | 11.4 | 10.0 | |||||||||||||||
| Depreciation and depletion (includes impairments) | 19.0 | 23.4 | |||||||||||||||
| Exploration expenses, including dry holes | 1.3 | 0.8 | |||||||||||||||
| Non-service pension and postretirement benefit expense | 1.2 | 0.1 | |||||||||||||||
| Subtotal | 69.7 | 74.0 | |||||||||||||||
| ExxonMobil’s share of equity company expenses (non-GAAP) | 9.1 | 9.6 | |||||||||||||||
| Total Adjusted Operating Costs (non-GAAP) | 78.8 | 83.6 | |||||||||||||||
| Total Adjusted Operating Costs (non-GAAP) | 78.8 | 83.6 | |||||||||||||||
| Less: | |||||||||||||||||
| Depreciation and depletion (includes impairments) | 19.0 | 23.4 | |||||||||||||||
| Non-service pension and postretirement benefit expense | 1.2 | 0.1 | |||||||||||||||
| Other adjustments (includes equity company depreciation and depletion) | 3.6 | 3.7 | |||||||||||||||
| Total Cash Operating Expenses (Cash Opex) (non-GAAP) | 55.0 | 56.4 | |||||||||||||||
| Energy and production taxes (non-GAAP) | 11.0 | 13.9 | |||||||||||||||
| Market | Activity / Other | Structural Savings | |||||||||||||||
| Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) | 44.0 | +4.0 | +6.6 | -12.1 | 42.5 | ||||||||||||
This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $12.1 billion, which included an additional $2.4 billion in 2024. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Estimates of cumulative annual structural cost savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings 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.
8
ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on January 31, 2025. To listen to the event or access an archived replay, please visit www.exxonmobil.com.
Selected Earnings Driver Definitions
Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products.
Base volume. Represents and includes all volume/mix drivers not included in Advantaged volume growth driver defined above.
Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments that were previously included in "volume/mix" driver.
Expenses. Represents and includes all expenses otherwise not included in other earnings drivers.
Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen, ammonia, lithium, direct air capture, and other low carbon business plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce biofuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; changes in any part of the world in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; the development or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level and outcome of exploration projects and decisions to invest in future reserves; 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; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; changes in market tariffs or decoupling of trade networks; changes in market strategy by national oil companies; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely 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 2023 Form 10-K.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Global Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment
9
decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.
Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. The release is provided under consistent SEC disclosure requirements and should not be misinterpreted as applying to any other disclosure standards.
Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.
This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.
This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $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. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. 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 each of corporate earnings and segment earnings are shown for 2024 and 2023 periods in Attachments II-a and II-b. Earnings 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. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.
This press release also references free cash flow (non-GAAP) and free cash flow excluding working capital (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. These measures are useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow and free cash flow excluding working capital are not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.
This press release also references cash capex (non-GAAP). Cash capex is the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown in Attachment V.
References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.
This press release also references return on average capital employed (ROCE) (non-GAAP). The Corporation's total ROCE is net income attributable to ExxonMobil, excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as one of the best
10
measures of historical capital productivity in our capital-intensive, long-term industry. Additional measures, which are more cash-flow based, are used to make investment decisions. A reconciliation to net income/(loss) attributable to ExxonMobil and to Total assets for 2023 and 2024 periods are shown on page 7.
The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.
Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian (heritage Permian and Pioneer), Guyana, and LNG.
Advantaged projects refers to capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns.
Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments refers to volumes other than high-value products volumes.
Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.
Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
Heritage Permian: Permian basin assets excluding assets acquired as part of the acquisition of Pioneer Natural Resources that closed in May 2024.
High-value products includes performance products and lower-emission fuels.
Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.
Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.
Total shareholder return (TSR) measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. Shareholder return over a particular measurement period is calculated by: dividing (1) the sum of (a) the cumulative value of dividends received during the measurement period, assuming reinvestment, plus (b) the difference between the stock price at the end and at the beginning of the measurement period; by (2) the stock price at the beginning of the measurement period. Unless stated otherwise, dividends are assumed to be reinvested in stock at market prices at approximately the same time actual dividends are paid and total shareholder return is quoted on an annualized basis.
This press release also references Structural Cost Savings, for more details see page 8.
Unless otherwise indicated, year-to-date (“YTD”) means as of the last business day of the most recent fiscal quarter.
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, Energy Products, Chemical Products, Specialty Products and Corporate and Financing 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.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
11
| ATTACHMENT I-a | |||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||
| (Preliminary) | ||||||||||||||
Dollars in millions (unless otherwise noted) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues and other income | ||||||||||||||
| Sales and other operating revenue | 81,058 | 81,688 | 339,247 | 334,697 | ||||||||||
| Income from equity affiliates | 1,127 | 1,165 | 6,194 | 6,385 | ||||||||||
| Other income | 1,241 | 1,491 | 4,144 | 3,500 | ||||||||||
| Total revenues and other income | 83,426 | 84,344 | 349,585 | 344,582 | ||||||||||
| Costs and other deductions | ||||||||||||||
| Crude oil and product purchases | 46,393 | 46,352 | 199,454 | 193,029 | ||||||||||
| Production and manufacturing expenses | 10,833 | 9,893 | 39,609 | 36,885 | ||||||||||
| Selling, general and administrative expenses | 2,617 | 2,591 | 9,976 | 9,919 | ||||||||||
| Depreciation and depletion (includes impairments) | 6,585 | 7,740 | 23,442 | 20,641 | ||||||||||
| Exploration expenses, including dry holes | 186 | 139 | 826 | 751 | ||||||||||
| Non-service pension and postretirement benefit expense | 31 | 217 | 121 | 714 | ||||||||||
| Interest expense | 297 | 272 | 996 | 849 | ||||||||||
| Other taxes and duties | 6,671 | 6,515 | 26,288 | 29,011 | ||||||||||
| Total costs and other deductions | 73,613 | 73,719 | 300,712 | 291,799 | ||||||||||
| Income/(Loss) before income taxes | 9,813 | 10,625 | 48,873 | 52,783 | ||||||||||
| Income tax expense/(benefit) | 1,858 | 2,613 | 13,810 | 15,429 | ||||||||||
| Net income/(loss) including noncontrolling interests | 7,955 | 8,012 | 35,063 | 37,354 | ||||||||||
| Net income/(loss) attributable to noncontrolling interests | 345 | 382 | 1,383 | 1,344 | ||||||||||
| Net income/(loss) attributable to ExxonMobil | 7,610 | 7,630 | 33,680 | 36,010 | ||||||||||
| OTHER FINANCIAL DATA | ||||||||||||||
| Dollars in millions (unless otherwise noted) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
Earnings per common share (U.S. dollars) | 1.72 | 1.91 | 7.84 | 8.89 | ||||||||||
Earnings per common share - assuming dilution (U.S. dollars) | 1.72 | 1.91 | 7.84 | 8.89 | ||||||||||
| Dividends on common stock | ||||||||||||||
| Total | 4,371 | 3,839 | 16,704 | 14,941 | ||||||||||
Per common share (U.S. dollars) | 0.99 | 0.95 | 3.84 | 3.68 | ||||||||||
| Millions of common shares outstanding | ||||||||||||||
| Average - assuming dilution¹ | 4,413 | 4,010 | 4,298 | 4,052 | ||||||||||
| Taxes | ||||||||||||||
| Income taxes | 1,858 | 2,613 | 13,810 | 15,429 | ||||||||||
| Total other taxes and duties | 7,594 | 7,308 | 29,894 | 32,191 | ||||||||||
| Total taxes | 9,452 | 9,921 | 43,704 | 47,620 | ||||||||||
| Sales-based taxes | 5,614 | 5,792 | 22,676 | 24,693 | ||||||||||
| Total taxes including sales-based taxes | 15,066 | 15,713 | 66,380 | 72,313 | ||||||||||
| ExxonMobil share of income taxes of equity companies (non-GAAP) | 610 | 843 | 3,197 | 3,058 | ||||||||||
1 Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024. | ||||||||||||||
12
| ATTACHMENT I-b | |||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||||||||
| (Preliminary) | ||||||||||||||
| Dollars in millions (unless otherwise noted) | December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 23,029 | 31,539 | ||||||
| Cash and cash equivalents – restricted | 158 | 29 | ||||||
| Notes and accounts receivable – net | 43,681 | 38,015 | ||||||
| Inventories | ||||||||
| Crude oil, products and merchandise | 19,444 | 20,528 | ||||||
| Materials and supplies | 4,080 | 4,592 | ||||||
| Other current assets | 1,598 | 1,906 | ||||||
| Total current assets | 91,990 | 96,609 | ||||||
| Investments, advances and long-term receivables | 47,200 | 47,630 | ||||||
| Property, plant and equipment – net | 294,318 | 214,940 | ||||||
| Other assets, including intangibles – net | 19,967 | 17,138 | ||||||
| Total Assets | 453,475 | 376,317 | ||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Notes and loans payable | 4,955 | 4,090 | ||||||
| Accounts payable and accrued liabilities | 61,297 | 58,037 | ||||||
| Income taxes payable | 4,055 | 3,189 | ||||||
| Total current liabilities | 70,307 | 65,316 | ||||||
| Long-term debt | 36,755 | 37,483 | ||||||
| Postretirement benefits reserves | 9,700 | 10,496 | ||||||
| Deferred income tax liabilities | 39,042 | 24,452 | ||||||
| Long-term obligations to equity companies | 1,346 | 1,804 | ||||||
| Other long-term obligations | 25,719 | 24,228 | ||||||
| Total Liabilities | 182,869 | 163,779 | ||||||
| EQUITY | ||||||||
| Common stock without par value | ||||||||
(9,000 million shares authorized, 8,019 million shares issued) | 46,238 | 17,781 | ||||||
| Earnings reinvested | 470,903 | 453,927 | ||||||
| Accumulated other comprehensive income | (14,619) | (11,989) | ||||||
| Common stock held in treasury | ||||||||
(3,666 million shares at December 31, 2024, and 4,048 million shares at December 31, 2023) | (238,817) | (254,917) | ||||||
| ExxonMobil share of equity | 263,705 | 204,802 | ||||||
| Noncontrolling interests | 6,901 | 7,736 | ||||||
| Total Equity | 270,606 | 212,538 | ||||||
| Total Liabilities and Equity | 453,475 | 376,317 | ||||||
13
| ATTACHMENT I-c | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||
| (Preliminary) | ||||||||||||||
| Dollars in millions (unless otherwise noted) | Twelve Months Ended December 31, | |||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income/(loss) including noncontrolling interests | 35,063 | 37,354 | ||||||
| Depreciation and depletion (includes impairments) | 23,442 | 20,641 | ||||||
| Changes in operational working capital, excluding cash and debt | (1,826) | (4,255) | ||||||
| All other items – net | (1,657) | 1,629 | ||||||
| Net cash provided by operating activities | 55,022 | 55,369 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Additions to property, plant and equipment | (24,306) | (21,919) | ||||||
| Proceeds from asset sales and returns of investments | 4,987 | 4,078 | ||||||
| Additional investments and advances | (3,299) | (2,995) | ||||||
| Other investing activities including collection of advances | 1,926 | 1,562 | ||||||
| Cash acquired from mergers and acquisitions | 754 | — | ||||||
| Net cash used in investing activities | (19,938) | (19,274) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Additions to long-term debt | 899 | 939 | ||||||
| Reductions in long-term debt | (1,150) | (15) | ||||||
| Reductions in short-term debt | (4,743) | (879) | ||||||
| Additions/(Reductions) in debt with three months or less maturity | (18) | (284) | ||||||
| Contingent consideration payments | (27) | (68) | ||||||
| Cash dividends to ExxonMobil shareholders | (16,704) | (14,941) | ||||||
| Cash dividends to noncontrolling interests | (658) | (531) | ||||||
| Changes in noncontrolling interests | (791) | (894) | ||||||
| Inflows from noncontrolling interest for major projects | 32 | 124 | ||||||
| Common stock acquired | (19,629) | (17,748) | ||||||
| Net cash provided by (used in) financing activities | (42,789) | (34,297) | ||||||
| Effects of exchange rate changes on cash | (676) | 105 | ||||||
| Increase/(Decrease) in cash and cash equivalents | (8,381) | 1,903 | ||||||
| Cash and cash equivalents at beginning of period | 31,568 | 29,665 | ||||||
| Cash and cash equivalents at end of period | 23,187 | 31,568 | ||||||
Non-Cash Transaction: The Corporation acquired Pioneer Natural Resources in an all-stock transaction on May 3, 2024, having issued 545 million shares of ExxonMobil common stock having a fair value of $63 billion and assumed debt with a fair value of $5 billion. | ||||||||
14
| ATTACHMENT II-a | |||||||||||||
KEY FIGURES: IDENTIFIED ITEMS | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| 7,610 | 8,610 | Earnings/(Loss) (U.S. GAAP) | 33,680 | 36,010 | ||||||||||
| Identified Items | ||||||||||||||
| (608) | — | Impairments | (608) | (3,040) | ||||||||||
| 415 | — | Gain/(Loss) on sale of assets | 415 | 305 | ||||||||||
| 409 | — | Tax-related items | 409 | 348 | ||||||||||
| — | — | Other | — | (175) | ||||||||||
| 216 | — | Total Identified Items | 216 | (2,562) | ||||||||||
| 7,394 | 8,610 | Earnings/(Loss) Excluding Identified Items (non-GAAP) | 33,464 | 38,572 | ||||||||||
| 4Q24 | 3Q24 | Dollars per common share | 2024 | 2023 | ||||||||||
| 1.72 | 1.92 | Earnings/(Loss) Per Common Share (U.S. GAAP) ¹ | 7.84 | 8.89 | ||||||||||
| Identified Items Per Common Share ¹ | ||||||||||||||
| (0.14) | — | Impairments | (0.14) | (0.75) | ||||||||||
| 0.10 | — | Gain/(Loss) on sale of assets | 0.10 | 0.08 | ||||||||||
| 0.09 | — | Tax-related items | 0.09 | 0.08 | ||||||||||
| — | — | Other | — | (0.04) | ||||||||||
| 0.05 | — | Total Identified Items Per Common Share ¹ | 0.05 | (0.63) | ||||||||||
| 1.67 | 1.92 | Earnings/(Loss) Excl. Identified Items Per Common Share (non-GAAP) ¹ | 7.79 | 9.52 | ||||||||||
| ¹ Assuming dilution. | ||||||||||||||
15
| ATTACHMENT II-b | |||||||||||||
KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT | ||||||||||||||
| Fourth Quarter 2024 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||||||||||||||||||||||||
| Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
| Earnings/(Loss) (U.S. GAAP) | 1,256 | 5,242 | 296 | 106 | 230 | (110) | 350 | 396 | (156) | 7,610 | ||||||||||||||||||||||
| Identified Items | ||||||||||||||||||||||||||||||||
| Impairments | (360) | (48) | (34) | (59) | (43) | (52) | (4) | (8) | — | (608) | ||||||||||||||||||||||
| Gain/(Loss) on sale of assets | — | 385 | — | — | — | — | — | — | 30 | 415 | ||||||||||||||||||||||
| Tax-related items | — | 238 | — | 172 | — | — | — | (1) | — | 409 | ||||||||||||||||||||||
| Total Identified Items | (360) | 575 | (34) | 113 | (43) | (52) | (4) | (9) | 30 | 216 | ||||||||||||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 1,616 | 4,667 | 330 | (7) | 273 | (58) | 354 | 405 | (186) | 7,394 | ||||||||||||||||||||||
Third Quarter 2024 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||||||||||||||||||||||||
| Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
| Earnings/(Loss) (U.S. GAAP) | 1,686 | 4,472 | 517 | 792 | 367 | 526 | 375 | 419 | (544) | 8,610 | ||||||||||||||||||||||
| Total Identified Items | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 1,686 | 4,472 | 517 | 792 | 367 | 526 | 375 | 419 | (544) | 8,610 | ||||||||||||||||||||||
| 2024 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||||||||||||||||||||||||
| Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
| Earnings/(Loss) (U.S. GAAP) | 6,426 | 18,964 | 2,099 | 1,934 | 1,627 | 950 | 1,576 | 1,476 | (1,372) | 33,680 | ||||||||||||||||||||||
| Identified Items | ||||||||||||||||||||||||||||||||
| Impairments | (360) | (48) | (34) | (59) | (43) | (52) | (4) | (8) | — | (608) | ||||||||||||||||||||||
| Gain/(Loss) on sale of assets | — | 385 | — | — | — | — | — | — | 30 | 415 | ||||||||||||||||||||||
| Tax-related items | — | 238 | — | 172 | — | — | — | (1) | — | 409 | ||||||||||||||||||||||
| Total Identified Items | (360) | 575 | (34) | 113 | (43) | (52) | (4) | (9) | 30 | 216 | ||||||||||||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 6,786 | 18,389 | 2,133 | 1,821 | 1,670 | 1,002 | 1,580 | 1,485 | (1,402) | 33,464 | ||||||||||||||||||||||
| 2023 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate & Financing | Total | ||||||||||||||||||||||||||
| Dollars in millions (unless otherwise noted) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
| Earnings/(Loss) (U.S. GAAP) | 4,202 | 17,106 | 6,123 | 6,019 | 1,626 | 11 | 1,536 | 1,178 | (1,791) | 36,010 | ||||||||||||||||||||||
| Identified Items | ||||||||||||||||||||||||||||||||
| Impairments | (1,978) | (686) | — | — | (21) | (273) | — | (82) | — | (3,040) | ||||||||||||||||||||||
| Gain/(Loss) on sale of assets | 305 | — | — | — | — | — | — | — | — | 305 | ||||||||||||||||||||||
| Tax-related items | 184 | (126) | 192 | (48) | 53 | — | 12 | 5 | 76 | 348 | ||||||||||||||||||||||
| Other | — | — | — | — | — | (147) | — | (28) | — | (175) | ||||||||||||||||||||||
| Total Identified Items | (1,489) | (812) | 192 | (48) | 32 | (420) | 12 | (105) | 76 | (2,562) | ||||||||||||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 5,691 | 17,918 | 5,931 | 6,067 | 1,594 | 431 | 1,524 | 1,283 | (1,867) | 38,572 | ||||||||||||||||||||||
16
| ATTACHMENT III | |||||||||||||
KEY FIGURES: UPSTREAM VOLUMES | ||||||||||||||
| 4Q24 | 3Q24 | Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) | 2024 | 2023 | ||||||||||
| 1,468 | 1,444 | United States | 1,248 | 803 | ||||||||||
| 825 | 772 | Canada/Other Americas | 784 | 664 | ||||||||||
| 2 | 4 | Europe | 3 | 4 | ||||||||||
| 198 | 199 | Africa | 209 | 221 | ||||||||||
| 694 | 734 | Asia | 713 | 721 | ||||||||||
| 26 | 34 | Australia/Oceania | 30 | 36 | ||||||||||
| 3,213 | 3,187 | Worldwide | 2,987 | 2,449 | ||||||||||
| 4Q24 | 3Q24 | Net natural gas production available for sale, million cubic feet per day (mcfd) | 2024 | 2023 | ||||||||||
| 3,259 | 3,140 | United States | 2,887 | 2,311 | ||||||||||
| 94 | 103 | Canada/Other Americas | 101 | 96 | ||||||||||
| 349 | 350 | Europe | 352 | 414 | ||||||||||
| 149 | 140 | Africa | 152 | 125 | ||||||||||
| 3,183 | 3,347 | Asia | 3,322 | 3,490 | ||||||||||
| 1,297 | 1,289 | Australia/Oceania | 1,264 | 1,298 | ||||||||||
| 8,331 | 8,369 | Worldwide | 8,078 | 7,734 | ||||||||||
| 4,602 | 4,582 | Oil-equivalent production (koebd)¹ | 4,333 | 3,738 | ||||||||||
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | ||||||||||||||
17
| ATTACHMENT IV | |||||||||||||
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES | ||||||||||||||
| 4Q24 | 3Q24 | Refinery throughput, thousand barrels per day (kbd) | 2024 | 2023 | ||||||||||
| 1,957 | 1,855 | United States | 1,865 | 1,848 | ||||||||||
| 411 | 389 | Canada | 399 | 407 | ||||||||||
| 1,077 | 1,135 | Europe | 1,039 | 1,166 | ||||||||||
| 429 | 449 | Asia Pacific | 432 | 498 | ||||||||||
| 156 | 157 | Other | 165 | 149 | ||||||||||
| 4,030 | 3,985 | Worldwide | 3,900 | 4,068 | ||||||||||
| 4Q24 | 3Q24 | Energy Products sales, thousand barrels per day (kbd) | 2024 | 2023 | ||||||||||
| 2,848 | 2,822 | United States | 2,722 | 2,633 | ||||||||||
| 2,689 | 2,758 | Non-U.S. | 2,696 | 2,828 | ||||||||||
| 5,537 | 5,580 | Worldwide | 5,418 | 5,461 | ||||||||||
| 2,301 | 2,281 | Gasolines, naphthas | 2,251 | 2,288 | ||||||||||
| 1,817 | 1,796 | Heating oils, kerosene, diesel | 1,769 | 1,795 | ||||||||||
| 369 | 366 | Aviation fuels | 355 | 336 | ||||||||||
| 207 | 199 | Heavy fuels | 200 | 214 | ||||||||||
| 842 | 938 | Other energy products | 844 | 829 | ||||||||||
| 5,537 | 5,580 | Worldwide | 5,418 | 5,461 | ||||||||||
| 4Q24 | 3Q24 | Chemical Products sales, thousand metric tons (kt) | 2024 | 2023 | ||||||||||
| 1,682 | 1,707 | United States | 7,038 | 6,779 | ||||||||||
| 2,953 | 3,123 | Non-U.S. | 12,354 | 12,603 | ||||||||||
| 4,635 | 4,830 | Worldwide | 19,392 | 19,382 | ||||||||||
| 4Q24 | 3Q24 | Specialty Products sales, thousand metric tons (kt) | 2024 | 2023 | ||||||||||
| 433 | 488 | United States | 1,922 | 1,962 | ||||||||||
| 1,382 | 1,471 | Non-U.S. | 5,745 | 5,635 | ||||||||||
| 1,814 | 1,959 | Worldwide | 7,666 | 7,597 | ||||||||||
18
| ATTACHMENT V | |||||||||||||
KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| Upstream | ||||||||||||||
| 3,193 | 3,017 | United States | 11,252 | 8,813 | ||||||||||
| 2,578 | 2,731 | Non-U.S. | 10,596 | 10,948 | ||||||||||
| 5,771 | 5,748 | Total | 21,848 | 19,761 | ||||||||||
| Energy Products | ||||||||||||||
| 181 | 211 | United States | 756 | 1,195 | ||||||||||
| 525 | 370 | Non-U.S. | 1,610 | 1,580 | ||||||||||
| 706 | 581 | Total | 2,366 | 2,775 | ||||||||||
| Chemical Products | ||||||||||||||
| 238 | 192 | United States | 739 | 751 | ||||||||||
| 373 | 333 | Non-U.S. | 1,332 | 1,962 | ||||||||||
| 611 | 525 | Total | 2,071 | 2,713 | ||||||||||
| Specialty Products | ||||||||||||||
| 89 | 27 | United States | 145 | 63 | ||||||||||
| 63 | 66 | Non-U.S. | 270 | 391 | ||||||||||
| 152 | 93 | Total | 415 | 454 | ||||||||||
| Other | ||||||||||||||
| 274 | 212 | Other | 851 | 622 | ||||||||||
| 7,514 | 7,159 | Worldwide | 27,551 | 26,325 | ||||||||||
CASH CAPITAL EXPENDITURES¹ | ||||||||||||||
| 4Q24 | 3Q24 | Dollars in millions (unless otherwise noted) | 2024 | 2023 | ||||||||||
| 6,837 | 6,160 | Additions to property, plant and equipment | 24,306 | 21,919 | ||||||||||
| 2,261 | 294 | Additional investments and advances | 3,299 | 2,995 | ||||||||||
| (1,615) | (87) | Other investing activities including collection of advances | (1,926) | (1,562) | ||||||||||
| (20) | — | Inflows from noncontrolling interests for major projects | (32) | (124) | ||||||||||
| 7,463 | 6,367 | Total Cash Capital Expenditures (non-GAAP) | 25,647 | 23,228 | ||||||||||
¹ Cash Capital Expenditures definition was updated in the fourth quarter of 2024 to include inflows from noncontrolling interests for major projects, which is now shown as a separate financing line item in the Consolidated Statement of Cash Flows. See page 10 for definition. | ||||||||||||||
19
| ATTACHMENT VI | |||||||||||||
KEY FIGURES: EARNINGS/(LOSS) | ||||||||||||||
| Results Summary | ||||||||||||||||||||
| 4Q24 | 3Q24 | Change vs 3Q24 | Dollars in millions (except per share data) | 2024 | 2023 | Change vs 2023 | ||||||||||||||
| 7,610 | 8,610 | -1,000 | Earnings (U.S. GAAP) | 33,680 | 36,010 | -2,330 | ||||||||||||||
| 7,394 | 8,610 | -1,216 | Earnings Excluding Identified Items (non-GAAP) | 33,464 | 38,572 | -5,108 | ||||||||||||||
| 1.72 | 1.92 | -0.20 | Earnings Per Common Share ¹ | 7.84 | 8.89 | -1.05 | ||||||||||||||
| 1.67 | 1.92 | -0.25 | Earnings Excl. Identified Items per Common Share (non-GAAP) ¹ | 7.79 | 9.52 | -1.73 | ||||||||||||||
| 7,514 | 7,159 | +355 | Capital and Exploration Expenditures | 27,551 | 26,325 | +1,226 | ||||||||||||||
| ¹ Assuming dilution. | ||||||||||||||||||||
3Q24 to 4Q24 Earnings Driver Analysis² | ||||||||||||||
3Q24 to 4Q24 Cash Flow | ||||||||||||||
2 The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these drivers. | ||||||||||||||
20
| ATTACHMENT VII | |||||||||||||
KEY FIGURES: EARNINGS/(LOSS) BY QUARTER | ||||||||||||||
| Dollars in millions (unless otherwise noted) | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
| First Quarter | 8,220 | 11,430 | 5,480 | 2,730 | (610) | ||||||||||||
| Second Quarter | 9,240 | 7,880 | 17,850 | 4,690 | (1,080) | ||||||||||||
| Third Quarter | 8,610 | 9,070 | 19,660 | 6,750 | (680) | ||||||||||||
| Fourth Quarter | 7,610 | 7,630 | 12,750 | 8,870 | (20,070) | ||||||||||||
| Full Year | 33,680 | 36,010 | 55,740 | 23,040 | (22,440) | ||||||||||||
| Dollars per common share¹ | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
| First Quarter | 2.06 | 2.79 | 1.28 | 0.64 | (0.14) | ||||||||||||
| Second Quarter | 2.14 | 1.94 | 4.21 | 1.10 | (0.26) | ||||||||||||
| Third Quarter | 1.92 | 2.25 | 4.68 | 1.57 | (0.15) | ||||||||||||
| Fourth Quarter | 1.72 | 1.91 | 3.09 | 2.08 | (4.70) | ||||||||||||
| Full Year | 7.84 | 8.89 | 13.26 | 5.39 | (5.25) | ||||||||||||
1 Computed using the average number of shares outstanding during each period; assuming dilution. | |||||||||||||||||
21
 | EXHIBIT 99.2 | ||||||||||||||||
To assist investors in assessing 4Q24 results, the following disclosures have been made available in this 8-K filing: | |||||||||||||||||
4Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 2) | |||||||||||||||||
| Effective Income Tax Rate | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23 | ||||||||||||
| Effective Income Tax Rate, % | 24 | % | 35 | % | 34 | % | 36 | % | 30 | % | |||||||
| Common Shares Outstanding, millions | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23 | ||||||||||||
| At quarter end | 4,353 | 4,395 | 4,443 | 3,943 | 3,971 | ||||||||||||
| Weighted-average - assuming dilution¹ | 4,413 | 4,462 | 4,317 | 3,998 | 4,010 | ||||||||||||
¹ Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024. | |||||||||||||||||
| Upstream Volume Driver Analysis, koebd | 4Q24 vs 3Q24 | 2024 vs. 2023 | ||||||
| Prior Period | 4,582 | 3,738 | ||||||
| Entitlements - Net Interest | — | (13) | ||||||
| Entitlements - Price / Spend / Other | 20 | (23) | ||||||
| Government Mandates | — | 9 | ||||||
| Divestments | (18) | (63) | ||||||
| Growth / Other | 18 | 685 | ||||||
| Current Period | 4,602 | 4,333 | ||||||
| Upstream Realization Data | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23 | ||||||||||||
| United States | |||||||||||||||||
| ExxonMobil | |||||||||||||||||
| Crude ($/b) | 67.58 | 72.94 | 79.00 | 74.96 | 76.64 | ||||||||||||
| Natural Gas ($/kcf) | 2.09 | 1.16 | 1.04 | 2.22 | 2.55 | ||||||||||||
| Marker Benchmarks | |||||||||||||||||
| WTI ($/b) | 70.35 | 75.19 | 80.73 | 77.06 | 78.37 | ||||||||||||
| Henry Hub ($/mbtu) | 2.79 | 2.15 | 1.89 | 2.25 | 2.88 | ||||||||||||
| Non-U.S. | |||||||||||||||||
| ExxonMobil | |||||||||||||||||
| Crude ($/b) | 67.58 | 73.07 | 77.60 | 72.00 | 74.23 | ||||||||||||
| Natural Gas ($/kcf) | 10.77 | 10.13 | 9.73 | 11.37 | 12.58 | ||||||||||||
| Marker Benchmarks | |||||||||||||||||
| Brent ($/b) | 74.69 | 80.18 | 84.94 | 83.24 | 84.05 | ||||||||||||
| TTF ($/mbtu) | 12.77 | 11.35 | 9.28 | 9.67 | 13.73 | ||||||||||||
| The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the fourth quarter of 2024. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates. | |||||||||||||||||
| Product Solutions Marker Benchmark Data | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23 | ||||||||||||
| Energy Products | |||||||||||||||||
| Indicative Refining Margin ($/b) | 9.5 | 10.5 | 15.1 | 18.7 | 15.1 | ||||||||||||
| Chemical Products | |||||||||||||||||
| North American Polyethylene ($/T) | 844 | 918 | 954 | 904 | 856 | ||||||||||||
| Asia Pacific Polyethylene ($/T) | 870 | 883 | 895 | 894 | 888 | ||||||||||||
| Asia Pacific LVN ($/T) | 635 | 647 | 651 | 685 | 646 | ||||||||||||
| USGC Ethane ($/T) | 163 | 116 | 168 | 143 | 169 | ||||||||||||
| The above markers reflect the average prices from the quarter. Indicative Refining Margin, NA PE, AP PE, AP LVN, and USGC Ethane from Platts, part of S&P Global Commodity Insights. Marker associated sensitivities developed for forward-looking analysis and in relation to full-year results. For any given period, the accuracy of the earnings sensitivity will be dependent on the price movements of individual types of crude oil, natural gas, or products, results of trading activities, project start-up timing, maintenance timing, taxes and other government take impacts, price adjustment lags in long-term gas contracts, and crude and gas production volumes. Accordingly, changes in benchmark prices only provide broad indicators of changes in the earnings experienced in any particular period. Refer to “Modeling Toolkit” tab on the Investor Relations page of our website at www.exxonmobil.com for more information. | |||||||||||||||||
| EXHIBIT 99.2 | ||||||||||||||||
4Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 2) | |||||||||||||||||
| Natural gas sales, mcfd ¹ | 2024 | 2023 | 2022 | ||||||||
| United States | 5,602 | 4,656 | 4,329 | ||||||||
| Canada/Other Americas | 105 | 88 | 88 | ||||||||
| Europe | 2,847 | 2,521 | 2,697 | ||||||||
| Africa | 150 | 128 | 70 | ||||||||
| Asia/Middle East | 3,735 | 3,497 | 3,354 | ||||||||
| Australia/ Oceania | 1,043 | 1,119 | 1,288 | ||||||||
| Worldwide natural gas sales | 13,483 | 12,009 | 11,826 | ||||||||
| ¹ Natural gas sales include 100 percent of the sales of ExxonMobil and majority-owned affiliates and ExxonMobil’s ownership of sales by companies owned 50 percent or less. Numbers include sales of gas purchased from third parties. | |||||||||||
| Refining capacity, and utilization ² | 2024 | 2023 | 2022 | ||||||||
| Average refining capacity, kbd ³ | |||||||||||
| United States | 1,964 | 1,940 | 1,775 | ||||||||
| Canada | 434 | 433 | 433 | ||||||||
| Europe | 1,196 | 1,315 | 1,348 | ||||||||
| Asia Pacific | 659 | 770 | 826 | ||||||||
| Other | 200 | 200 | 200 | ||||||||
| Worldwide average refining capacity | 4,453 | 4,658 | 4,582 | ||||||||
| Utilization of refining capacity, % | |||||||||||
| United States | 95 | 95 | 96 | ||||||||
| Canada | 92 | 94 | 97 | ||||||||
| Europe | 87 | 89 | 88 | ||||||||
| Asia Pacific | 65 | 65 | 65 | ||||||||
| Other | 83 | 75 | 90 | ||||||||
| Worldwide utilization of refining capacity | 88 | 87 | 88 | ||||||||
2 Excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar, for which results are reported in the Upstream segment 3 Refining capacity is the stream-day capability to process inputs to atmospheric distillation units under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time. These annual averages include partial-year impacts for capacity additions or deletions during the year. Any idle capacity that cannot be made operable in a month or less has been excluded. Capacity volumes include 100 percent of the capacity of refinery facilities managed by ExxonMobil or majority-owned subsidiaries. At facilities of companies owned 50 percent or less, the greater of either that portion of capacity normally available to ExxonMobil or ExxonMobil’s equity interest is included. | |||||||||||
| Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated. | ||||||||||||||