8-K
EXXON MOBIL CORP (XOM)
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 28, 2023
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
| New Jersey | 1-2256 | 13-5409005 |
|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
22777 Springwoods Village Parkway, Spring, Texas 77389-1425
(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:
☑ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Name of Each Exchange | ||
|---|---|---|
| Title of Each Class | Trading Symbol | on Which Registered |
| Common Stock, without par value | XOM | New York Stock Exchange |
| 0.142% Notes due 2024 | XOM24B | New York Stock Exchange |
| 0.524% Notes due 2028 | XOM28 | New York Stock Exchange |
| 0.835% Notes due 2032 | XOM32 | New York Stock Exchange |
| 1.408% Notes due 2039 | XOM39A | New York Stock Exchange |
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 28, 2023, announcing second quarter 2023 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 2Q23 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. |
INDEX TO EXHIBITS
| Exhibit No. | Description |
|---|---|
| 99.1 | Exxon Mobil Corporation News Release, dated July 28, 2023, announcing second quarter 2023 results. |
| 99.2 | 2Q23 Investor Relations Data Summary. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
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 28, 2023 | By: | /s/ LEN M. FOX |
| Len M. Fox | ||
| Vice President and Controller | ||
| (Principal Accounting Officer) |
4
Document
 |
EXHIBIT 99.1 |
|---|---|
| 2Q 2023 Earnings Release | |
| FOR IMMEDIATE RELEASE | July 28, 2023 |
ExxonMobil Announces Second-Quarter 2023 Results
•Structural earnings improvements contributed to strong second-quarter earnings of $7.9 billion
•Achieved record quarterly production in the Permian and Guyana, demonstrating excellent operational performance
•Highest second-quarter global refinery throughput in the last 15 years1
•Expanded leadership in carbon capture and storage by agreeing to acquire Denbury and reaching 5 million metric tons per year of CO2 offtake contracts with industrial customers2
| Results Summary | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2Q23 | 1Q23 | Change<br><br>vs<br><br>1Q23 | 2Q22 | Change<br><br>vs<br><br>2Q22 | Dollars in millions (except per share data) | YTD 2023 | YTD 2022 | Change<br><br>vs YTD<br><br>2022 |
| 7,880 | 11,430 | -3,550 | 17,850 | -9,970 | Earnings (U.S. GAAP) | 19,310 | 23,330 | -4,020 |
| 7,874 | 11,618 | -3,744 | 17,551 | -9,677 | Earnings Excluding Identified Items (non-GAAP) | 19,492 | 26,384 | -6,892 |
| 1.94 | 2.79 | -0.85 | 4.21 | -2.27 | Earnings Per Common Share 3 | 4.73 | 5.49 | -0.76 |
| 1.94 | 2.83 | -0.89 | 4.14 | -2.20 | Earnings Excl. Identified Items Per Common Share 3 | 4.77 | 6.21 | -1.44 |
| 6,166 | 6,380 | -214 | 4,609 | +1,557 | Capital and Exploration Expenditures | 12,546 | 9,513 | +3,033 |
SPRING, Texas – July 28, 2023 – Exxon Mobil Corporation today announced second-quarter 2023 earnings of $7.9 billion, or $1.94 per share assuming dilution. Capital and exploration expenditures were $6.2 billion in the second quarter and $12.5 billion for the first half of 2023, in line with the company's full-year guidance of $23 billion to $25 billion.
“The work we've been doing to improve our underlying profitability is reflected in our second-quarter results, which doubled from what we earned in a comparable industry commodity price environment4 just five years ago,” said Darren Woods, chairman and chief executive officer.
“Earnings totaled more than $19 billion during the first half of the year, and we are on track to structurally reduce costs by $9 billion at year end compared to 2019. Production is up 20% year-over-year in Guyana and the Permian, and we are playing a leading role in the industry's energy transition with an agreement to acquire Denbury and with three world-scale CO2 offtake agreements. This reflects the significant opportunity to profitably grow our Low Carbon Solutions business by creating a compelling customer decarbonization proposition with the potential to reduce Gulf Coast industrial emissions by 100 million metric tons per year5.”
1 Highest second-quarter global refinery throughput in the last 15 years (2009-2023) based on current refinery circuit.
2 Based on contracts to move 5 MTA starting in 2025 subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.
3 Assuming dilution.
4 Based on ExxonMobil's assessment of historical industry commodity prices and margins referencing Intercontinental Exchange (ICE), S&P Global Platts, IHS Markit as well as company estimates and analysis, the second-quarter 2023 industry commodity price environment is comparable to the second-quarter of 2018. General industry commodity price environment comparisons may not be a complete match for individual segments.
5 Subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.
| 1Q23 to 2Q23 Factor Analysis |
|---|
Second-Quarter 2023 Financial Highlights
•Earnings were $7.9 billion compared with first-quarter earnings of $11.4 billion. Excluding the identified item associated with additional European taxes on the energy sector, earnings were $7.9 billion compared with $11.6 billion in the prior quarter.
•Lower natural gas realizations and industry refining margins adversely impacted earnings. Results benefited from the absence of prior quarter unfavorable derivative mark-to-market impacts.
•The company remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $8.3 billion to date.
•Cash flow from operations totaled $9.4 billion and free cash flow was $5.0 billion, which includes a net working capital impact of $3.6 billion primarily driven by higher seasonal cash tax payments. Cash flow from operations excluding working capital was $13.0 billion. The company's debt-to-capital ratio remained at 17% and net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $29.6 billion.
•The three new central organizations formed this past quarter, Global Business Solutions, ExxonMobil Supply Chain, and Global Trading, are off to a good start, further leveraging the company's scale and integrated business model to lower cost and improve performance.
Shareholder Distributions
•Second-quarter shareholder distributions of $8.0 billion included $4.3 billion of share repurchases and $3.7 billion of dividends.
•The Corporation declared a third-quarter dividend of $0.91 per share, payable on Sept. 11, 2023, to shareholders of record of Common Stock at the close of business on Aug. 16, 2023.
ADVANCING CLIMATE SOLUTIONS
Carbon Capture and Storage1
•Already a global leader in carbon capture and storage (CCS), ExxonMobil expanded its position further by entering into a definitive agreement to acquire Denbury Inc. The planned acquisition provides ExxonMobil with one of the largest owned and operated carbon dioxide (CO2) pipeline networks in the United States at 1,300 miles, most of which is located along the U.S. Gulf Coast, one of the largest U.S. markets for CO2 emissions. The planned acquisition includes 10 strategically located onshore sequestration sites as well as Denbury's 20-plus years of expertise in transporting and storing CO2. An established, cost-efficient transportation and storage system accelerates CCS deployment for ExxonMobil and third-party customers and underpins multiple low-carbon value chains including CCS, hydrogen, ammonia, biofuels, and direct air capture.
•ExxonMobil and Nucor Corporation, one of North America’s largest steel producers, have entered into a long-term commercial agreement in which ExxonMobil, subject to government permitting, will capture, transport, and store up to 800,000 metric tons of CO2 per year from Nucor’s steel manufacturing site in Convent, Louisiana. The project, expected to start up in 2026, will tie into the same CO2 infrastructure that will be used by the company’s project with CF Industries.
The agreement with Nucor is the third CCS agreement announced in the past twelve months and brings the total contracted CO2 to transport and store for third-party customers to 5 million metric tons per year. That is equivalent to replacing approximately 2 million gasoline-powered cars with electric vehicles2, which is roughly equal to the number of electric vehicles on U.S. roads today.
1 The emission reduction outcome of these projects is subject to the timing and regulatory approval of necessary permits, acquisition of rights of way, changes in regulatory policy, supply chain disruptions, and other market conditions.
2 ExxonMobil analysis based on assumptions for U.S. in 2022, including average distance traveled, fuel efficiency, average power grid carbon intensity, electric vehicle charging efficiency and other factors. Gas-powered cars include light-duty vehicles (cars, light trucks and SUVs).
|
. | |||||||
|---|---|---|---|---|---|---|---|---|
| EARNINGS AND VOLUME SUMMARY BY SEGMENT | Upstream | |||||||
| --- | --- | --- | --- | --- | --- | |||
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 | |||
| Earnings/(Loss) (U.S. GAAP) | ||||||||
| 920 | 1,632 | 3,749 | United States | 2,552 | 6,125 | |||
| 3,657 | 4,825 | 7,622 | Non-U.S. | 8,482 | 9,734 | |||
| 4,577 | 6,457 | 11,371 | Worldwide | 11,034 | 15,859 | |||
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | ||||||||
| 920 | 1,632 | 3,450 | United States | 2,552 | 5,826 | |||
| 3,669 | 4,983 | 7,622 | Non-U.S. | 8,652 | 12,989 | |||
| 4,589 | 6,615 | 11,072 | Worldwide | 11,204 | 18,815 | |||
| 3,608 | 3,831 | 3,732 | Production (koebd) | 3,719 | 3,704 |
•Upstream second-quarter earnings were $4.6 billion, a decrease of $1.9 billion from the first quarter. The main factors were lower natural gas prices, which declined 40%, and seasonally higher scheduled maintenance. Identified items unfavorably impacted earnings by $12 million this quarter, down from $158 million in the previous quarter. Earnings excluding identified items decreased from $6.6 billion in the first quarter to $4.6 billion in the second quarter.
•Compared to the same quarter last year, earnings decreased $6.8 billion. Excluding identified items, earnings declined $6.5 billion, driven by lower crude and natural gas realizations. Production in Guyana and the Permian grew by a combined 20% compared to the prior-year quarter. The increase was offset by impacts from divestments, the Sakhalin-1 expropriation, and government-mandated curtailments.
•Year-to-date earnings were $11.0 billion, a decrease of $4.8 billion versus the first half of 2022. The prior-year period was negatively impacted by an identified item associated with the Sakhalin-1 expropriation. Excluding identified items, earnings declined $7.6 billion year-over-year. Higher production from advantaged projects in Guyana and the Permian provided a partial offset to lower crude and natural gas realizations. Year-to-date production was 3.7 million oil-equivalent barrels per day. Excluding divestments, entitlements, government mandates, and the Sakhalin-1 expropriation, net production grew by more than 160,000 oil-equivalent barrels per day driven by Guyana and the Permian.
| Energy Products | |||||
|---|---|---|---|---|---|
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 |
| Earnings/(Loss) (U.S. GAAP) | |||||
| 1,528 | 1,910 | 2,655 | United States | 3,438 | 3,144 |
| 782 | 2,273 | 2,617 | Non-U.S. | 3,055 | 1,933 |
| 2,310 | 4,183 | 5,273 | Worldwide | 6,493 | 5,077 |
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | |||||
| 1,528 | 1,910 | 2,655 | United States | 3,438 | 3,144 |
| 764 | 2,303 | 2,617 | Non-U.S. | 3,067 | 1,933 |
| 2,292 | 4,213 | 5,273 | Worldwide | 6,505 | 5,077 |
| 5,658 | 5,277 | 5,310 | Energy Products Sales (kbd) | 5,469 | 5,211 |
•Energy Products second-quarter earnings totaled $2.3 billion, down $1.9 billion from the first quarter. Industry margins declined sequentially from a strong first quarter on weaker diesel margins as Russian supply concerns eased. Lower margins were partially offset by higher volumes from the first full quarter of the Beaumont refinery expansion, lower scheduled maintenance, and continued strong reliability.
•Compared to the same quarter last year, earnings decreased $3.0 billion from lower industry refining margins, partly offset by increased marketing and trading contributions.
•Year-to-date earnings were $6.5 billion, an increase of $1.4 billion versus the first half of 2022. Margins improved as higher marketing and trading contributions more than offset declining industry refining margins. In addition, the impact from higher volumes, mainly from the start-up of the Beaumont refinery expansion and improved reliability, was partly offset by higher planned maintenance expense.
| Chemical Products | |||||
|---|---|---|---|---|---|
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 |
| Earnings/(Loss) (U.S. GAAP) | |||||
| 486 | 324 | 625 | United States | 810 | 1,395 |
| 342 | 47 | 450 | Non-U.S. | 389 | 1,086 |
| 828 | 371 | 1,076 | Worldwide | 1,199 | 2,481 |
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | |||||
| 486 | 324 | 625 | United States | 810 | 1,395 |
| 342 | 47 | 450 | Non-U.S. | 389 | 1,086 |
| 828 | 371 | 1,076 | Worldwide | 1,199 | 2,481 |
| 4,849 | 4,649 | 4,811 | Chemical Products Sales (kt) | 9,498 | 9,829 |
•Chemical Products second-quarter earnings were $828 million, up from $371 million in the first quarter, mainly on improved margins from lower feed costs. Earnings also benefited from lower planned maintenance expense and increased sales volumes.
•Compared to the same quarter last year, earnings decreased $248 million on weaker industry margins and unfavorable volume/mix effects.
•Year-to-date earnings were $1.2 billion, a decrease of $1.3 billion versus the first half of 2022, driven by weaker industry margins, lower sales volumes reflecting softer market fundamentals in the first quarter, and higher planned maintenance.
•The Baytown chemical expansion project, which will add 750 kta of performance chemicals production, achieved mechanical completion in the second quarter, with a phased start-up expected in the third quarter this year.
| Specialty Products | |||||
|---|---|---|---|---|---|
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 |
| Earnings/(Loss) (U.S. GAAP) | |||||
| 373 | 451 | 232 | United States | 824 | 478 |
| 298 | 323 | 185 | Non-U.S. | 621 | 415 |
| 671 | 774 | 417 | Worldwide | 1,445 | 893 |
| Earnings/(Loss) Excluding Identified Items (non-GAAP) | |||||
| 373 | 451 | 232 | United States | 824 | 478 |
| 298 | 323 | 185 | Non-U.S. | 621 | 415 |
| 671 | 774 | 417 | Worldwide | 1,445 | 893 |
| 1,905 | 1,940 | 2,100 | Specialty Products Sales (kt) | 3,845 | 4,107 |
•Specialty Products earnings were $671 million, down $103 million from the first quarter. Lower basestock margins and higher scheduled maintenance expense were partly offset by favorable tax items.
•Compared to the same quarter last year, earnings increased by $254 million. Stronger finished lubes and basestock margins were partially offset by lower sales volumes.
•Year-to-date earnings were $1.4 billion, an increase of $552 million versus the first half of 2022. Both basestock and finished lubes margins improved from lower feed costs, partially offset by lower sales volumes.
•During the second quarter, ExxonMobil announced it is planning to build a lubricants manufacturing plant in Raigad, India. The new plant is expected to produce 159,000 kiloliters of finished lubricants per year to help meet demand growth in India, with start-up expected by year-end 2025.
| Corporate and Financing | |||||
|---|---|---|---|---|---|
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 |
| (506) | (355) | (286) | Earnings/(Loss) (U.S. GAAP) | (861) | (980) |
| (506) | (355) | (286) | Earnings/(Loss) Excluding Identified Items (non-GAAP) | (861) | (882) |
•Corporate and Financing reported net charges of $506 million. This was an increase of $151 million versus the first quarter driven by unfavorable foreign exchange impacts and tax items.
•Compared to the same quarter last year, net charges increased $220 million. Unfavorable tax items and foreign exchange impacts were partly offset by lower financing costs.
•Year-to-date charges were $861 million, a decrease of $119 million compared to the first half of 2022. Excluding the identified item associated with the Sakhalin-1 expropriation, net charges decreased $21 million.
|
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|---|---|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL | 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 | ||
| --- | --- | --- | --- | --- | --- | |||
| 8,153 | 11,843 | 18,574 | Net income/(loss) including noncontrolling interests | 19,996 | 24,324 | |||
| 4,242 | 4,244 | 4,451 | Depreciation and depletion (includes impairments) | 8,486 | 13,334 | |||
| (3,583) | (302) | (2,747) | Changes in operational working capital, excluding cash and debt | (3,885) | (1,661) | |||
| 571 | 556 | (315) | Other | 1,127 | (1,246) | |||
| 9,383 | 16,341 | 19,963 | Cash Flow from Operating Activities (U.S. GAAP) | 25,724 | 34,751 | |||
| 1,287 | 854 | 939 | Proceeds from asset sales and returns of investments | 2,141 | 1,232 | |||
| 10,670 | 17,195 | 20,902 | Cash Flow from Operations and Asset Sales (non-GAAP) | 27,865 | 35,983 | |||
| 3,583 | 302 | 2,747 | Exclude changes in operational working capital, excluding cash and debt | 3,885 | 1,661 | |||
| 14,253 | 17,497 | 23,649 | Cash Flow from Operations and Asset Sales excluding Working Capital<br>(non-GAAP) | 31,750 | 37,644 | |||
| (1,287) | (854) | (939) | Exclude proceeds from asset sales and returns of investments | (2,141) | (1,232) | |||
| 12,966 | 16,643 | 22,710 | Cash Flow from Operations excluding Working Capital (non-GAAP) | 29,609 | 36,412 | |||
| FREE CASH FLOW | ||||||||
| --- | --- | --- | --- | --- | --- | |||
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 | |||
| 9,383 | 16,341 | 19,963 | Cash Flow from Operating Activities (U.S. GAAP) | 25,724 | 34,751 | |||
| (5,359) | (5,412) | (3,837) | Additions to property, plant and equipment | (10,771) | (7,748) | |||
| (389) | (445) | (226) | Additional investments and advances | (834) | (643) | |||
| 105 | 78 | 60 | Other investing activities including collection of advances | 183 | 150 | |||
| 1,287 | 854 | 939 | Proceeds from asset sales and returns of investments | 2,141 | 1,232 | |||
| 5,027 | 11,416 | 16,899 | Free Cash Flow (non-GAAP) | 16,443 | 27,742 | |||
| CALCULATION OF STRUCTURAL COST SAVINGS | ||||||||
| --- | --- | --- | --- | --- | --- | |||
| Dollars in billions (unless otherwise noted) | Twelve Months<br>Ended December 31, | Six Months<br><br>Ended June 30, | ||||||
| 2019 | 2022 | 2022 | 2023 | |||||
| Components of Operating Costs | ||||||||
| From ExxonMobil’s Consolidated Statement of Income<br>(U.S. GAAP) | ||||||||
| Production and manufacturing expenses | 36.8 | 42.6 | 20.9 | 18.3 | ||||
| Selling, general and administrative expenses | 11.4 | 10.1 | 4.9 | 4.8 | ||||
| Depreciation and depletion (includes impairments) | 19.0 | 24.0 | 13.3 | 8.5 | ||||
| Exploration expenses, including dry holes | 1.3 | 1.0 | 0.5 | 0.3 | ||||
| Non-service pension and postretirement benefit expense | 1.2 | 0.5 | 0.2 | 0.3 | ||||
| Subtotal | 69.7 | 78.2 | 39.9 | 32.2 | ||||
| ExxonMobil’s share of equity company expenses (non-GAAP) | 9.1 | 13.0 | 5.8 | 5.0 | ||||
| Total Adjusted Operating Costs (non-GAAP) | 78.8 | 91.2 | 45.7 | 37.2 | ||||
| Total Adjusted Operating Costs (non-GAAP) | 78.8 | 91.2 | 45.7 | 37.2 | ||||
| Less: | ||||||||
| Depreciation and depletion (includes impairments) | 19.0 | 24.0 | 13.3 | 8.5 | ||||
| Non-service pension and postretirement benefit expense | 1.2 | 0.5 | 0.2 | 0.3 | ||||
| Other adjustments (includes equity company depreciation <br>and depletion) | 3.6 | 3.5 | 1.8 | 1.5 | ||||
| Total Cash Operating Expenses (Cash Opex) (non-GAAP) | 55.0 | 63.2 | 30.4 | 26.9 | ||||
| Energy and production taxes (non-GAAP) | 11.0 | 23.8 | 11.0 | 7.5 | ||||
| Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) | 44.0 | 39.4 | 19.4 | 19.4 | ||||
| Change<br> vs <br>2019 | Change <br>vs <br>2022 | Estimated Cumulative vs <br>2019 | ||||||
| Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) | -4.6 | 0.0 | ||||||
| Market | +2.7 | +0.4 | ||||||
| Activity/Other | +0.1 | +0.5 | ||||||
| Structural Savings | -7.4 | -0.9 | -8.3 |
This press release also references structural cost savings. Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, and other cost-saving measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled $8.3 billion, which included an additional $0.9 billion in the first six months of 2023. The total change between periods in expenses above will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. For example, in 2Q23 we recognized an additional $0.5 billion of prior period reductions that we now view as structurally sustainable. 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.
ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on July 28, 2023. To listen to the event or access an archived replay, please visit www.exxonmobil.com.
Important Information about the Transaction and Where to Find It
In connection with the proposed transaction between Exxon Mobil Corporation (“ExxonMobil”) and Denbury Inc. (“Denbury”), ExxonMobil and Denbury will file relevant materials with the Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 filed by ExxonMobil that will include a proxy statement of Denbury that also constitutes a prospectus of ExxonMobil. A definitive proxy statement/prospectus will be mailed to stockholders of Denbury. This communication is not a substitute for the registration statement, proxy statement or prospectus or any other document that ExxonMobil or Denbury (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EXXONMOBIL AND DENBURY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus (when they become available), as well as other filings containing important information about ExxonMobil or Denbury, without charge at the SEC’s Internet website (http://www.sec.gov). Copies of the documents filed with the SEC by ExxonMobil will be available free of charge on ExxonMobil’s internet website at www.exxonmobil.com under the tab “investors” and then under the tab “SEC Filings” or by contacting ExxonMobil’s Investor Relations Department at investor.relations@exxonmobil.com. Copies of the documents filed with the SEC by Denbury will be available free of charge on Denbury’s internet website at https://investors.denbury.com/investors/financial-information/sec-filings/ or by directing a request to Denbury Inc., ATTN: Investor Relations, 5851 Legacy Circle, Suite 1200, Plano, TX 75024, Tel. No. (972) 673-2000. The information included on, or accessible through, ExxonMobil’s or Denbury’s website is not incorporated by reference into this communication.
Participants in the Solicitation
ExxonMobil, Denbury, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Denbury is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 18, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 23, 2023. Information about the directors and executive officers of ExxonMobil is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 13, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 22, 2023. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC when they become available.
No Offer or Solicitation
This communication is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Cautionary Statement
Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and 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 biofuel, hydrogen and other plans to reduce emissions are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; structural earnings improvement and 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, plans to reach net zero Scope 1 and 2 emissions in Upstream Permian Basin unconventional operated assets by 2030, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions from its operations, meeting ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology efforts; timing and outcome of projects related to the capture, transportation and storage of CO2, and produced biofuels, including completion of the Denbury acquisition; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; timing and outcome of hydrogen projects; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; 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 factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector; 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 COVID-19 or other public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; 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 policies and support and market demand for low carbon technologies; 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; 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 2022 Form 10-K.
Forward-looking and other statements regarding our environmental, social and other sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental, social and 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.
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 2022 and 2023 periods is shown on page 7.
This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.
This press release also includes earnings/(loss) excluding identified items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $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 earnings is shown for 2023 and 2022 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. 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). Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in
isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.
References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.
The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.
Government mandates are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
This press release also references structural cost savings, for more details see page 8.
Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (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 segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
|
. | ATTACHMENT I-a | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||||||
| (Preliminary) | Dollars in millions (unless otherwise noted) | Three Months Ended June 30, | Six Months Ended<br><br>June 30, | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
| Revenues and other income | ||||||||||||||||||||||
| Sales and other operating revenue | 80,795 | 111,265 | 164,439 | 198,999 | ||||||||||||||||||
| Income from equity affiliates | 1,382 | 3,688 | 3,763 | 6,226 | ||||||||||||||||||
| Other income | 737 | 728 | 1,276 | 956 | ||||||||||||||||||
| Total revenues and other income | 82,914 | 115,681 | 169,478 | 206,181 | ||||||||||||||||||
| Costs and other deductions | ||||||||||||||||||||||
| Crude oil and product purchases | 47,598 | 65,613 | 93,601 | 118,001 | ||||||||||||||||||
| Production and manufacturing expenses | 8,860 | 10,686 | 18,296 | 20,927 | ||||||||||||||||||
| Selling, general and administrative expenses | 2,449 | 2,530 | 4,839 | 4,939 | ||||||||||||||||||
| Depreciation and depletion (includes impairments) | 4,242 | 4,451 | 8,486 | 13,334 | ||||||||||||||||||
| Exploration expenses, including dry holes | 133 | 286 | 274 | 459 | ||||||||||||||||||
| Non-service pension and postretirement benefit expense | 164 | 120 | 331 | 228 | ||||||||||||||||||
| Interest expense | 249 | 194 | 408 | 382 | ||||||||||||||||||
| Other taxes and duties | 7,563 | 6,868 | 14,784 | 14,422 | ||||||||||||||||||
| Total costs and other deductions | 71,258 | 90,748 | 141,019 | 172,692 | ||||||||||||||||||
| Income/(Loss) before income taxes | 11,656 | 24,933 | 28,459 | 33,489 | ||||||||||||||||||
| Income tax expense/(benefit) | 3,503 | 6,359 | 8,463 | 9,165 | ||||||||||||||||||
| Net income/(loss) including noncontrolling interests | 8,153 | 18,574 | 19,996 | 24,324 | ||||||||||||||||||
| Net income/(loss) attributable to noncontrolling interests | 273 | 724 | 686 | 994 | ||||||||||||||||||
| Net income/(loss) attributable to ExxonMobil | 7,880 | 17,850 | 19,310 | 23,330 | ||||||||||||||||||
| OTHER FINANCIAL DATA | ||||||||||||||||||||||
| Dollars in millions (unless otherwise noted) | Three Months Ended June 30, | Six Months Ended<br><br>June 30, | ||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
| Earnings per common share (U.S. dollars) | 1.94 | 4.21 | 4.73 | 5.49 | ||||||||||||||||||
| Earnings per common share - assuming dilution (U.S. dollars) | 1.94 | 4.21 | 4.73 | 5.49 | ||||||||||||||||||
| Dividends on common stock | ||||||||||||||||||||||
| Total | 3,701 | 3,727 | 7,439 | 7,487 | ||||||||||||||||||
| Per common share (U.S. dollars) | 0.91 | 0.88 | 1.82 | 1.76 | ||||||||||||||||||
| Millions of common shares outstanding | ||||||||||||||||||||||
| Average - assuming dilution | 4,066 | 4,233 | 4,084 | 4,248 | ||||||||||||||||||
| Taxes | ||||||||||||||||||||||
| Income taxes | 3,503 | 6,359 | 8,463 | 9,165 | ||||||||||||||||||
| Total other taxes and duties | 8,328 | 7,779 | 16,423 | 16,228 | ||||||||||||||||||
| Total taxes | 11,831 | 14,138 | 24,886 | 25,393 | ||||||||||||||||||
| Sales-based taxes | 6,281 | 6,857 | 12,313 | 12,957 | ||||||||||||||||||
| Total taxes including sales-based taxes | 18,112 | 20,995 | 37,199 | 38,350 | ||||||||||||||||||
| ExxonMobil share of income taxes of equity companies | 498 | 2,133 | 1,733 | 3,180 | ||||||||||||||||||
|
. | ATTACHMENT I-b | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||
| (Preliminary) | ||||||||||||||||||||||
| Dollars in millions (unless otherwise noted) | June<br><br>30, 2023 | December<br><br>31, 2022 | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||
| Cash and cash equivalents | 29,528 | 29,640 | ||||||||||||||||||||
| Cash and cash equivalents – restricted | 29 | 25 | ||||||||||||||||||||
| Notes and accounts receivable – net | 35,915 | 41,749 | ||||||||||||||||||||
| Inventories | ||||||||||||||||||||||
| Crude oil, products and merchandise | 20,006 | 20,434 | ||||||||||||||||||||
| Materials and supplies | 4,243 | 4,001 | ||||||||||||||||||||
| Other current assets | 2,039 | 1,782 | ||||||||||||||||||||
| Total current assets | 91,760 | 97,631 | ||||||||||||||||||||
| Investments, advances and long-term receivables | 47,273 | 49,793 | ||||||||||||||||||||
| Property, plant and equipment – net | 206,736 | 204,692 | ||||||||||||||||||||
| Other assets, including intangibles – net | 17,479 | 16,951 | ||||||||||||||||||||
| Total Assets | 363,248 | 369,067 | ||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||
| Notes and loans payable | 3,929 | 634 | ||||||||||||||||||||
| Accounts payable and accrued liabilities | 54,404 | 63,197 | ||||||||||||||||||||
| Income taxes payable | 3,482 | 5,214 | ||||||||||||||||||||
| Total current liabilities | 61,815 | 69,045 | ||||||||||||||||||||
| Long-term debt | 37,567 | 40,559 | ||||||||||||||||||||
| Postretirement benefits reserves | 10,278 | 10,045 | ||||||||||||||||||||
| Deferred income tax liabilities | 23,460 | 22,874 | ||||||||||||||||||||
| Long-term obligations to equity companies | 2,036 | 2,338 | ||||||||||||||||||||
| Other long-term obligations | 21,095 | 21,733 | ||||||||||||||||||||
| Total Liabilities | 156,251 | 166,594 | ||||||||||||||||||||
| EQUITY | ||||||||||||||||||||||
| Common stock without par value | ||||||||||||||||||||||
| (9,000 million shares authorized, 8,019 million shares issued) | 16,029 | 15,752 | ||||||||||||||||||||
| Earnings reinvested | 444,731 | 432,860 | ||||||||||||||||||||
| Accumulated other comprehensive income | (12,657) | (13,270) | ||||||||||||||||||||
| Common stock held in treasury | ||||||||||||||||||||||
| (4,016 million shares at June 30, 2023, and 3,937 million shares at December 31, 2022) | (249,057) | (240,293) | ||||||||||||||||||||
| ExxonMobil share of equity | 199,046 | 195,049 | ||||||||||||||||||||
| Noncontrolling interests | 7,951 | 7,424 | ||||||||||||||||||||
| Total Equity | 206,997 | 202,473 | ||||||||||||||||||||
| Total Liabilities and Equity | 363,248 | 369,067 | ||||||||||||||||||||
|
. | ATTACHMENT I-c | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||
| (Preliminary) | ||||||||||||||||||||||
| Dollars in millions (unless otherwise noted) | Six Months Ended<br><br>June 30, | |||||||||||||||||||||
| --- | --- | --- | --- | --- | ||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||
| Net income/(loss) including noncontrolling interests | 19,996 | 24,324 | ||||||||||||||||||||
| Depreciation and depletion (includes impairments) | 8,486 | 13,334 | ||||||||||||||||||||
| Changes in operational working capital, excluding cash and debt | (3,885) | (1,661) | ||||||||||||||||||||
| All other items – net | 1,127 | (1,246) | ||||||||||||||||||||
| Net cash provided by operating activities | 25,724 | 34,751 | ||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||
| Additions to property, plant and equipment | (10,771) | (7,748) | ||||||||||||||||||||
| Proceeds from asset sales and returns of investments | 2,141 | 1,232 | ||||||||||||||||||||
| Additional investments and advances | (834) | (643) | ||||||||||||||||||||
| Other investing activities including collection of advances | 183 | 150 | ||||||||||||||||||||
| Net cash used in investing activities | (9,281) | (7,009) | ||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||
| Additions to long-term debt | 136 | — | ||||||||||||||||||||
| Reductions in long-term debt | (6) | — | ||||||||||||||||||||
| Reductions in short-term debt | (172) | (2,336) | ||||||||||||||||||||
| Additions/(Reductions) in debt with three months or less maturity | (172) | 1,303 | ||||||||||||||||||||
| Contingent consideration payments | (68) | (58) | ||||||||||||||||||||
| Cash dividends to ExxonMobil shareholders | (7,439) | (7,487) | ||||||||||||||||||||
| Cash dividends to noncontrolling interests | (293) | (123) | ||||||||||||||||||||
| Changes in noncontrolling interests | 11 | (697) | ||||||||||||||||||||
| Common stock acquired | (8,680) | (5,986) | ||||||||||||||||||||
| Net cash provided by (used in) financing activities | (16,683) | (15,384) | ||||||||||||||||||||
| Effects of exchange rate changes on cash | 132 | (299) | ||||||||||||||||||||
| Increase/(Decrease) in cash and cash equivalents | (108) | 12,059 | ||||||||||||||||||||
| Cash and cash equivalents at beginning of period | 29,665 | 6,802 | ||||||||||||||||||||
| Cash and cash equivalents at end of period | 29,557 | 18,861 | ||||||||||||||||||||
|
. | ATTACHMENT II-a | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| KEY FIGURES: IDENTIFIED ITEMS | ||||||||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Dollars in Millions (unless otherwise noted) | YTD 2023 | YTD 2022 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | |||||||||||||||||
| 7,880 | 11,430 | 17,850 | Earnings/(Loss) (U.S. GAAP) | 19,310 | 23,330 | |||||||||||||||||
| Identified Items | ||||||||||||||||||||||
| — | — | — | Impairments | — | (2,975) | |||||||||||||||||
| — | — | 299 | Gain/(Loss) on sale of assets | — | 299 | |||||||||||||||||
| 6 | (188) | — | Tax-related items | (182) | — | |||||||||||||||||
| — | — | — | Other | — | (378) | |||||||||||||||||
| 6 | (188) | 299 | Total Identified Items | (182) | (3,054) | |||||||||||||||||
| 7,874 | 11,618 | 17,551 | Earnings/(Loss) Excluding Identified Items (non-GAAP) | 19,492 | 26,384 | |||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Dollars Per Common Share | YTD 2023 | YTD 2022 | |||||||||||||||||
| 1.94 | 2.79 | 4.21 | Earnings/(Loss) Per Common Share ¹ (U.S. GAAP) | 4.73 | 5.49 | |||||||||||||||||
| Identified Items Per Common Share ¹ | ||||||||||||||||||||||
| — | — | — | Impairments | — | (0.70) | |||||||||||||||||
| — | — | 0.07 | Gain/(Loss) on sale of assets | — | 0.07 | |||||||||||||||||
| 0.00 | (0.04) | — | Tax-related items | (0.04) | — | |||||||||||||||||
| — | — | — | Other | — | (0.09) | |||||||||||||||||
| 0.00 | (0.04) | 0.07 | Total Identified Items Per Common Share ¹ | (0.04) | (0.72) | |||||||||||||||||
| 1.94 | 2.83 | 4.14 | Earnings/(Loss) Excl. Identified Items Per Common Share ¹ (non-GAAP) | 4.77 | 6.21 | |||||||||||||||||
| ¹ Assuming dilution. | ||||||||||||||||||||||
|
. | ATTACHMENT II-b | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT | Second Quarter 2023 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate<br>&<br>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) | 920 | 3,657 | 1,528 | 782 | 486 | 342 | 373 | 298 | (506) | 7,880 | ||||||||||||
| Identified Items | ||||||||||||||||||||||
| Tax-related items | — | (12) | — | 18 | — | — | — | — | — | 6 | ||||||||||||
| Total Identified Items | — | (12) | — | 18 | — | — | — | — | — | 6 | ||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 920 | 3,669 | 1,528 | 764 | 486 | 342 | 373 | 298 | (506) | 7,874 | First Quarter 2023 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate<br>&<br>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) | 1,632 | 4,825 | 1,910 | 2,273 | 324 | 47 | 451 | 323 | (355) | 11,430 | ||||||||||||
| Identified Items | ||||||||||||||||||||||
| Tax-related items | — | (158) | — | (30) | — | — | — | — | — | (188) | ||||||||||||
| Total Identified Items | — | (158) | — | (30) | — | — | — | — | — | (188) | ||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 1,632 | 4,983 | 1,910 | 2,303 | 324 | 47 | 451 | 323 | (355) | 11,618 | Second Quarter 2022 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate<br>&<br>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) | 3,749 | 7,622 | 2,655 | 2,617 | 625 | 450 | 232 | 185 | (286) | 17,850 | ||||||||||||
| Identified Items | ||||||||||||||||||||||
| Gain/(Loss) on sale of assets | 299 | — | — | — | — | — | — | — | — | 299 | ||||||||||||
| Total Identified Items | 299 | — | — | — | — | — | — | — | — | 299 | ||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 3,450 | 7,622 | 2,655 | 2,617 | 625 | 450 | 232 | 185 | (286) | 17,551 | YTD 2023 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate<br>&<br>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) | 2,552 | 8,482 | 3,438 | 3,055 | 810 | 389 | 824 | 621 | (861) | 19,310 | ||||||||||||
| Identified Items | ||||||||||||||||||||||
| Tax-related items | — | (170) | — | (12) | — | — | — | — | — | (182) | ||||||||||||
| Total Identified Items | — | (170) | — | (12) | — | — | — | — | — | (182) | ||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 2,552 | 8,652 | 3,438 | 3,067 | 810 | 389 | 824 | 621 | (861) | 19,492 | YTD 2022 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate<br>&<br>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) | 6,125 | 9,734 | 3,144 | 1,933 | 1,395 | 1,086 | 478 | 415 | (980) | 23,330 | ||||||||||||
| Identified Items | ||||||||||||||||||||||
| Impairments | — | (2,877) | — | — | — | — | — | — | (98) | (2,975) | ||||||||||||
| Gain/(Loss) on sale of assets | 299 | — | — | — | — | — | — | — | — | 299 | ||||||||||||
| Other | — | (378) | — | — | — | — | — | — | — | (378) | ||||||||||||
| Total Identified Items | 299 | (3,255) | — | — | — | — | — | — | (98) | (3,054) | ||||||||||||
| Earnings/(Loss) Excl. Identified Items (non-GAAP) | 5,826 | 12,989 | 3,144 | 1,933 | 1,395 | 1,086 | 478 | 415 | (882) | 26,384 | ||||||||||||
|
. | ATTACHMENT III | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| KEY FIGURES: UPSTREAM VOLUMES | ||||||||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) | YTD 2023 | YTD 2022 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | |||||||||||||||||
| 785 | 820 | 777 | United States | 802 | 765 | |||||||||||||||||
| 618 | 670 | 556 | Canada/Other Americas | 645 | 516 | |||||||||||||||||
| 4 | 4 | 4 | Europe | 4 | 4 | |||||||||||||||||
| 206 | 220 | 224 | Africa | 213 | 240 | |||||||||||||||||
| 702 | 749 | 691 | Asia | 725 | 714 | |||||||||||||||||
| 38 | 32 | 46 | Australia/Oceania | 35 | 43 | |||||||||||||||||
| 2,353 | 2,495 | 2,298 | Worldwide | 2,424 | 2,282 | |||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Net natural gas production available for sale, million cubic feet per day (mcfd) | YTD 2023 | YTD 2022 | |||||||||||||||||
| 2,346 | 2,367 | 2,699 | United States | 2,357 | 2,738 | |||||||||||||||||
| 97 | 94 | 180 | Canada/Other Americas | 94 | 180 | |||||||||||||||||
| 375 | 548 | 825 | Europe | 461 | 798 | |||||||||||||||||
| 86 | 134 | 67 | Africa | 110 | 63 | |||||||||||||||||
| 3,350 | 3,597 | 3,320 | Asia | 3,473 | 3,330 | |||||||||||||||||
| 1,275 | 1,276 | 1,515 | Australia/Oceania | 1,276 | 1,421 | |||||||||||||||||
| 7,529 | 8,016 | 8,606 | Worldwide | 7,771 | 8,530 | |||||||||||||||||
| 3,608 | 3,831 | 3,732 | Oil-equivalent production (koebd)¹ | 3,719 | 3,704 | |||||||||||||||||
| 1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | ||||||||||||||||||||||
|
. | ATTACHMENT IV | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES | ||||||||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Refinery throughput, thousand barrels per day (kbd) | YTD 2023 | YTD 2022 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | |||||||||||||||||
| 1,944 | 1,643 | 1,686 | United States | 1,794 | 1,686 | |||||||||||||||||
| 388 | 417 | 413 | Canada | 403 | 406 | |||||||||||||||||
| 1,209 | 1,189 | 1,164 | Europe | 1,199 | 1,179 | |||||||||||||||||
| 463 | 565 | 532 | Asia Pacific | 514 | 534 | |||||||||||||||||
| 169 | 184 | 193 | Other | 176 | 180 | |||||||||||||||||
| 4,173 | 3,998 | 3,988 | Worldwide | 4,086 | 3,985 | |||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Energy Products sales, thousand barrels per day (kbd) | YTD 2023 | YTD 2022 | |||||||||||||||||
| 2,743 | 2,459 | 2,452 | United States | 2,601 | 2,358 | |||||||||||||||||
| 2,916 | 2,818 | 2,858 | Non-U.S. | 2,867 | 2,853 | |||||||||||||||||
| 5,658 | 5,277 | 5,310 | Worldwide | 5,469 | 5,211 | |||||||||||||||||
| 2,401 | 2,177 | 2,208 | Gasolines, naphthas | 2,290 | 2,161 | |||||||||||||||||
| 1,842 | 1,770 | 1,755 | Heating oils, kerosene, diesel | 1,806 | 1,739 | |||||||||||||||||
| 344 | 312 | 350 | Aviation fuels | 328 | 319 | |||||||||||||||||
| 228 | 215 | 228 | Heavy fuels | 221 | 238 | |||||||||||||||||
| 844 | 803 | 769 | Other energy products | 823 | 753 | |||||||||||||||||
| 5,658 | 5,277 | 5,310 | Worldwide | 5,469 | 5,211 | |||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Chemical Products sales, thousand metric tons (kt) | YTD 2023 | YTD 2022 | |||||||||||||||||
| 1,725 | 1,561 | 1,998 | United States | 3,286 | 4,030 | |||||||||||||||||
| 3,124 | 3,088 | 2,812 | Non-U.S. | 6,212 | 5,798 | |||||||||||||||||
| 4,849 | 4,649 | 4,811 | Worldwide | 9,498 | 9,829 | |||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Specialty Products sales, thousand metric tons (kt) | YTD 2023 | YTD 2022 | |||||||||||||||||
| 514 | 476 | 590 | United States | 991 | 1,111 | |||||||||||||||||
| 1,391 | 1,464 | 1,511 | Non-U.S. | 2,855 | 2,995 | |||||||||||||||||
| 1,905 | 1,940 | 2,100 | Worldwide | 3,845 | 4,107 | |||||||||||||||||
|
. | ATTACHMENT V | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES | ||||||||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | |||||||||||||||||
| Upstream | ||||||||||||||||||||||
| 2,206 | 2,108 | 1,644 | United States | 4,314 | 3,013 | |||||||||||||||||
| 2,403 | 2,473 | 1,983 | Non-U.S. | 4,876 | 4,493 | |||||||||||||||||
| 4,609 | 4,581 | 3,627 | Total | 9,190 | 7,506 | |||||||||||||||||
| Energy Products | ||||||||||||||||||||||
| 349 | 358 | 300 | United States | 707 | 692 | |||||||||||||||||
| 382 | 327 | 206 | Non-U.S. | 709 | 380 | |||||||||||||||||
| 731 | 685 | 506 | Total | 1,416 | 1,072 | |||||||||||||||||
| Chemical Products | ||||||||||||||||||||||
| 152 | 285 | 250 | United States | 437 | 481 | |||||||||||||||||
| 507 | 546 | 169 | Non-U.S. | 1,053 | 374 | |||||||||||||||||
| 659 | 831 | 419 | Total | 1,490 | 855 | |||||||||||||||||
| Specialty Products | ||||||||||||||||||||||
| 14 | 11 | 14 | United States | 25 | 19 | |||||||||||||||||
| 89 | 80 | 42 | Non-U.S. | 169 | 60 | |||||||||||||||||
| 103 | 91 | 56 | Total | 194 | 79 | |||||||||||||||||
| Other | ||||||||||||||||||||||
| 64 | 192 | 1 | Other | 256 | 1 | |||||||||||||||||
| 6,166 | 6,380 | 4,609 | Worldwide | 12,546 | 9,513 | |||||||||||||||||
| CASH CAPITAL EXPENDITURES | ||||||||||||||||||||||
| 2Q23 | 1Q23 | 2Q22 | Dollars in millions (unless otherwise noted) | YTD 2023 | YTD 2022 | |||||||||||||||||
| 5,359 | 5,412 | 3,837 | Additions to property, plant and equipment | 10,771 | 7,748 | |||||||||||||||||
| 284 | 367 | 166 | Net investments and advances | 651 | 493 | |||||||||||||||||
| 5,643 | 5,779 | 4,003 | Total Cash Capital Expenditures | 11,422 | 8,241 | |||||||||||||||||
|
. | ATTACHMENT VI | ||||||||||||||||||||
| --- | --- | --- | ||||||||||||||||||||
| KEY FIGURES: YEAR-TO-DATE EARNINGS/(LOSS) | ||||||||||||||||||||||
| Results Summary | ||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| 2Q23 | 1Q23 | Change<br><br>vs<br><br>1Q23 | 2Q22 | Change<br><br>vs<br><br>2Q22 | Dollars in millions (except per share data) | YTD 2023 | YTD 2022 | Change<br><br>vs YTD<br><br>2022 | ||||||||||||||
| 7,880 | 11,430 | -3,550 | 17,850 | -9,970 | Earnings (U.S. GAAP) | 19,310 | 23,330 | -4,020 | ||||||||||||||
| 7,874 | 11,618 | -3,744 | 17,551 | -9,677 | Earnings Excluding Identified Items (non-GAAP) | 19,492 | 26,384 | -6,892 | ||||||||||||||
| 1.94 | 2.79 | -0.85 | 4.21 | -2.27 | Earnings Per Common Share ¹ | 4.73 | 5.49 | -0.76 | ||||||||||||||
| 1.94 | 2.83 | -0.89 | 4.14 | -2.20 | Earnings Excl. Identified Items Per Common Share ¹ | 4.77 | 6.21 | -1.44 | ||||||||||||||
| 6,166 | 6,380 | -214 | 4,609 | +1,557 | Capital and Exploration Expenditures | 12,546 | 9,513 | +3,033 | ||||||||||||||
| ¹ Assuming dilution. | ||||||||||||||||||||||
| Year-to-date Factor Analysis | ||||||||||||||||||||||
| --- |
|
. | ATTACHMENT VII | |||
|---|---|---|---|---|---|
| KEY FIGURES: EARNINGS/(LOSS) BY QUARTER | |||||
| Dollars in millions (unless otherwise noted) | 2023 | 2022 | 2021 | 2020 | 2019 |
| --- | --- | --- | --- | --- | --- |
| First Quarter | 11,430 | 5,480 | 2,730 | (610) | 2,350 |
| Second Quarter | 7,880 | 17,850 | 4,690 | (1,080) | 3,130 |
| Third Quarter | — | 19,660 | 6,750 | (680) | 3,170 |
| Fourth Quarter | — | 12,750 | 8,870 | (20,070) | 5,690 |
| Full Year | — | 55,740 | 23,040 | (22,440) | 14,340 |
| Dollars per common share ¹ | 2023 | 2022 | 2021 | 2020 | 2019 |
| First Quarter | 2.79 | 1.28 | 0.64 | (0.14) | 0.55 |
| Second Quarter | 1.94 | 4.21 | 1.10 | (0.26) | 0.73 |
| Third Quarter | — | 4.68 | 1.57 | (0.15) | 0.75 |
| Fourth Quarter | — | 3.09 | 2.08 | (4.70) | 1.33 |
| Full Year | — | 13.26 | 5.39 | (5.25) | 3.36 |
| 1 Computed using the average number of shares outstanding during each period; assuming dilution. |
21
Document
| EXHIBIT 99.2 | |
|---|---|
| To assist investors in assessing 2Q23 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 of the news release |
All values are in US Dollars.
| 2Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings/(Loss), M (unless noted) | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | |||||
| Upstream | 920 | 1,632 | 2,493 | 3,110 | 3,749 | |||||
| 3,657 | 4,825 | 5,708 | 9,309 | 7,622 | ||||||
| 4,577 | 6,457 | 8,201 | 12,419 | 11,371 | ||||||
| Energy Products | 1,528 | 1,910 | 2,188 | 3,008 | 2,655 | |||||
| 782 | 2,273 | 1,882 | 2,811 | 2,617 | ||||||
| 2,310 | 4,183 | 4,070 | 5,819 | 5,273 | ||||||
| Chemical Products | 486 | 324 | 298 | 635 | 625 | |||||
| 342 | 47 | (48) | 177 | 450 | ||||||
| 828 | 371 | 250 | 812 | 1,076 | ||||||
| Specialty Products | 373 | 451 | 406 | 306 | 232 | |||||
| 298 | 323 | 354 | 456 | 185 | ||||||
| 671 | 774 | 760 | 762 | 417 | ||||||
| Corporate and Financing | (506) | (355) | (531) | (152) | (286) | |||||
| Net income attributable to ExxonMobil (U.S. GAAP) | 7,880 | 11,430 | 12,750 | 19,660 | 17,850 | |||||
| Earnings/(Loss) per common share (U.S. GAAP) | 1.94 | 2.79 | 3.09 | 4.68 | 4.21 | |||||
| Earnings/(Loss) per common share - assuming dilution (U.S. GAAP) | 1.94 | 2.79 | 3.09 | 4.68 | 4.21 | |||||
| Effective Income Tax Rate, % | 33 | % | 34 | % | 36 | % | 29 | % | 31 | % |
| Capital and Exploration Expenditures, M | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | |||||
| Upstream | 2,206 | 2,108 | 2,118 | 1,837 | 1,644 | |||||
| 2,403 | 2,473 | 3,297 | 2,244 | 1,983 | ||||||
| 4,609 | 4,581 | 5,415 | 4,081 | 3,627 | ||||||
| Energy Products | 349 | 358 | 343 | 316 | 300 | |||||
| 382 | 327 | 405 | 274 | 206 | ||||||
| 731 | 685 | 748 | 590 | 506 | ||||||
| Chemical Products | 152 | 285 | 332 | 310 | 250 | |||||
| 507 | 546 | 824 | 644 | 169 | ||||||
| 659 | 831 | 1,156 | 954 | 419 | ||||||
| Specialty Products | 14 | 11 | 12 | 15 | 14 | |||||
| 89 | 80 | 90 | 72 | 42 | ||||||
| 103 | 91 | 102 | 87 | 56 | ||||||
| Other | 64 | 192 | 42 | 16 | 1 | |||||
| Total Capital and Exploration Expenditures | 6,166 | 6,380 | 7,463 | 5,728 | 4,609 | |||||
| Exploration expenses, including dry holes | 133 | 141 | 348 | 218 | 286 | |||||
| Cash Capital Expenditures, M | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | |||||
| Additions to property, plant and equipment | 5,359 | 5,412 | 5,783 | 4,876 | 3,837 | |||||
| Net investments and advances | 284 | 367 | 905 | 184 | 166 | |||||
| Total Cash Capital Expenditures | 5,643 | 5,779 | 6,688 | 5,060 | 4,003 | |||||
| Total Cash and Cash Equivalents, G | 29.6 | 32.7 | 29.7 | 30.5 | 18.9 | |||||
| Total Debt, G | 41.5 | 41.4 | 41.2 | 45.4 | 46.9 | |||||
| Cash Flow from Operations and Asset Sales excluding working capital (non-GAAP), M | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | |||||
| Net cash provided by operating activities (GAAP) | 9,383 | 16,341 | 17,621 | 24,425 | 19,963 | |||||
| Proceeds associated with asset sales | 1,287 | 854 | 1,333 | 2,682 | 939 | |||||
| Cash flow from operations and asset sales (non-GAAP) | 10,670 | 17,195 | 18,954 | 27,107 | 20,902 | |||||
| Changes in operational working capital | 3,583 | 302 | 200 | (1,667) | 2,747 | |||||
| Cash flow from operations and asset sales excluding working capital (non-GAAP) | 14,253 | 17,497 | 19,154 | 25,440 | 23,649 | |||||
| Common Shares Outstanding, millions | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | |||||
| At quarter end | 4,003 | 4,043 | 4,082 | 4,118 | 4,168 | |||||
| Weighted-average - assuming dilution | 4,066 | 4,102 | 4,138 | 4,185 | 4,233 |
All values are in US Dollars.
| . | | --- || 2Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Upstream Volumes | | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | | Liquids production (kbd) ¹ | | | | | | | | | United States | 785 | 820 | 789 | 783 | 777 | | | Canada/Other Americas | 618 | 670 | 682 | 641 | 556 | | | Europe | 4 | 4 | 4 | 4 | 4 | | | Africa | 206 | 220 | 223 | 249 | 224 | | | Asia | 702 | 749 | 725 | 666 | 691 | | | Australia/Oceania | 38 | 32 | 38 | 46 | 46 | | Worldwide liquids production | | 2,353 | 2,495 | 2,461 | 2,389 | 2,298 | | ¹ Net production of crude oil, natural gas liquids, bitumen and synthetic oil, kbd. | | | | | | | | Natural gas production available for sale (mcfd) | | | | | | | | | United States | 2,346 | 2,367 | 2,383 | 2,351 | 2,699 | | | Canada/Other Americas | 97 | 94 | 74 | 158 | 180 | | | Europe | 375 | 548 | 536 | 541 | 825 | | | Africa | 86 | 134 | 89 | 70 | 67 | | | Asia | 3,350 | 3,597 | 3,704 | 3,304 | 3,320 | | | Australia/Oceania | 1,275 | 1,276 | 1,381 | 1,539 | 1,515 | | Worldwide natural gas production available for sale | | 7,529 | 8,016 | 8,167 | 7,963 | 8,606 | | Oil-equivalent production, koebd ² | | 3,608 | 3,831 | 3,822 | 3,716 | 3,732 | | ² Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | | | | | | | | Manufacturing Throughput and Sales | | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | | Refinery throughput, kbd | | | | | | | | | United States | 1,944 | 1,643 | 1,694 | 1,742 | 1,686 | | | Canada | 388 | 417 | 433 | 426 | 413 | | | Europe | 1,209 | 1,189 | 1,157 | 1,253 | 1,164 | | | Asia Pacific | 463 | 565 | 532 | 557 | 532 | | | Other | 169 | 184 | 167 | 187 | 193 | | Worldwide refinery throughput | | 4,173 | 3,998 | 3,983 | 4,165 | 3,988 | | Energy Products sales, kbd | | | | | | | | | United States | 2,743 | 2,459 | 2,507 | 2,479 | 2,452 | | | Non-U.S. | 2,916 | 2,818 | 2,916 | 3,058 | 2,858 | | Worldwide Energy Products sales | | 5,658 | 5,277 | 5,423 | 5,537 | 5,310 | | | Gasolines, naphthas | 2,401 | 2,177 | 2,270 | 2,335 | 2,208 | | | Heating oils, kerosene, diesel | 1,842 | 1,770 | 1,798 | 1,818 | 1,755 | | | Aviation fuels | 344 | 312 | 349 | 365 | 350 | | | Heavy fuels | 228 | 215 | 210 | 252 | 228 | | | Other energy products | 844 | 803 | 796 | 767 | 769 | | Worldwide Energy Products sales | | 5,658 | 5,277 | 5,423 | 5,537 | 5,310 | | Chemical Products sales, kt | | | | | | | | | United States | 1,725 | 1,561 | 1,583 | 1,658 | 1,998 | | | Non-U.S. | 3,124 | 3,088 | 3,076 | 3,023 | 2,812 | | Worldwide Chemical Products sales | | 4,849 | 4,649 | 4,658 | 4,680 | 4,811 | | Specialty Products sales, kt | | | | | | | | | United States | 514 | 476 | 455 | 483 | 590 | | | Non-U.S. | 1,391 | 1,464 | 1,332 | 1,434 | 1,511 | | Worldwide Specialty Products sales | | 1,905 | 1,940 | 1,787 | 1,917 | 2,100 | | . | | --- || 2Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4) | | | | | --- | --- | --- | --- | | Earnings Factor Analysis, $M | 2Q23 vs. 2Q22 | 2Q23 vs. 1Q23 | 2023 vs. 2022 (YTD) | | Upstream | | | | | Prior Period | 11,371 | 6,457 | 15,859 | | Realization | (6,300) | (1,430) | (8,110) | | Volume / Mix | (150) | (330) | 520 | | Expenses | (30) | — | (210) | | Identified Items | (310) | 150 | 2,790 | | Other | — | (270) | 190 | | Current Period | 4,577 | 4,577 | 11,034 | | Energy Products | | | | | Prior Period | 5,273 | 4,183 | 5,077 | | Margin | (3,100) | (2,280) | 1,370 | | Volume / Mix | 90 | 190 | 290 | | Expenses | (110) | (40) | (290) | | Identified Items | 20 | 50 | (10) | | Other | 140 | 210 | 60 | | Current Period | 2,310 | 2,310 | 6,493 | | Chemical Products | | | | | Prior Period | 1,076 | 371 | 2,481 | | Margin | (150) | 360 | (730) | | Volume / Mix | (100) | 20 | (350) | | Expenses | (50) | 50 | (220) | | Other | 50 | 30 | 20 | | Current Period | 828 | 828 | 1,199 | | Specialty Products | | | | | Prior Period | 417 | 774 | 893 | | Margin | 320 | (110) | 690 | | Volume / Mix | (90) | (20) | (80) | | Expenses | (40) | (50) | (40) | | Other | 60 | 80 | (20) | | Current Period | 671 | 671 | 1,445 | | Upstream Volume Factor Analysis, koebd | 2Q23 vs. 2Q22 | 2Q23 vs. 1Q23 | 2023 vs. 2022 (YTD) | | Prior Period | 3,732 | 3,831 | 3,704 | | Entitlements - Net Interest | (26) | — | (46) | | Entitlements - Price / Spend / Other | 77 | (45) | 64 | | Government Mandates | (47) | (42) | (25) | | Divestments | (152) | (30) | (141) | | Growth / Other | 24 | (106) | 163 | | Current Period | 3,608 | 3,608 | 3,719 | | . | | --- || 2Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4) | | | | | | | --- | --- | --- | --- | --- | --- | | Average Realization Data | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | | United States | | | | | | | ExxonMobil | | | | | | | Crude ($/b) | 71.36 | 73.95 | 82.14 | 91.69 | 107.78 | | Natural Gas ($/kcf) | 1.45 | 3.20 | 6.62 | 8.38 | 6.49 | | Benchmarks | | | | | | | WTI ($/b) | 73.78 | 76.11 | 82.85 | 91.76 | 108.66 | | ANS-WC ($/b) | 78.43 | 79.14 | 87.96 | 98.82 | 112.11 | | Henry Hub ($/mbtu) | 2.09 | 3.44 | 6.26 | 8.20 | 7.17 | | Non-U.S. | | | | | | | ExxonMobil | | | | | | | Crude ($/b) | 70.08 | 67.93 | 75.78 | 91.42 | 103.15 | | Natural Gas ($/kcf) | 11.44 | 17.39 | 21.11 | 22.92 | 19.68 | | European NG ($/kcf) | 14.61 | 27.46 | 35.52 | 37.24 | 27.90 | | Benchmarks | | | | | | | Brent ($/b) | 78.40 | 81.28 | 88.71 | 100.85 | 113.78 || The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the second quarter of 2023. 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. | | --- | | Sources and Uses of Funds, M | YTD 2023 | | --- | --- | | Beginning Cash | 29,665 | | Earnings | 19,310 | | Depreciation | 8,486 | | Working Capital / Other | (2,072) | | Proceeds Associated with Asset Sales | 2,141 | | Cash Capital Expenditures ¹ | (11,422) | | Shareholder Distributions | (16,118) | | Debt / Other Financing | (433) | | Ending Cash | 29,557 | | ¹ 2Q23 Cash Capital Expenditures includes PP&E adds of (5.4B) and net advances of (0.3B). YTD Cash Capital Expenditures includes PP&E adds of (10.8B) and net advances of (0.7B). | |
All values are in US Dollars.
| 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. |
|---|