Exxon Mobil

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Exxon Mobil

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ExxonMobil reports results for second quarter 2020

IRVING, Texas – July 31, 2020 – Exxon Mobil Corporation today announced an estimated second quarter 2020 loss of $1.1 billion, or $0.26 per share assuming dilution. Results included a positive noncash inventory valuation adjustment from rising commodity prices of $1.9 billion, or $0.44 per share assuming dilution. Capital and exploration expenditures were $5.3 billion, nearly $2 billion lower than first quarter reflecting previously announced spend reductions.
  • Global oversupply and COVID-related demand impacts drive second quarter loss of $1.1 billion
  • On track to meet or exceed 2020 capital and cash operating spend reduction targets
  • Supporting COVID-19 response by reconfiguring operations to increase production of hand sanitizer and raw materials for protective equipment for first responders
Oil-equivalent production was 3.6 million barrels per day, down 7 percent from the second quarter of 2019, including a 3 percent decrease in liquids and a 12 percent decrease in natural gas, mainly reflecting the impacts of COVID-19 on global demand including economic and government mandated curtailments.

“The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins, and sales volumes. We responded decisively by reducing near-term spending and continuing work to improve efficiency by leveraging recent reorganizations,” said Darren W. Woods, chairman and chief executive officer. “The progress we’ve made to date gives us confidence that we will meet or exceed our cost-reduction targets for 2020 and provides a strong foundation for further efficiencies.”

“We have increased debt to a level we feel is appropriate to provide liquidity, given market uncertainties. Based on current projections, we do not plan to take on any additional debt.”

The company has identified significant potential for additional reductions and is undertaking a comprehensive evaluation across the businesses on a country-by-country basis. Additional details will be provided when plans are finalized.

During the quarter, ExxonMobil continued to support COVID-19 response efforts by increasing production of isopropyl alcohol used in sanitizers and specialized polypropylene used in medical masks and gowns. In April, the company reconfigured manufacturing operations in Baton Rouge, Louisiana, to produce and bottle medical-grade hand sanitizer for donation to frontline workers across the U.S. and to the U.S. Air Force. In addition, ExxonMobil donated equipment and contributed to relief efforts around the world, as outlined on the company’s website.

Second Quarter 2020 Business Highlights

Upstream

Market prices for crude oil increased following the sharp decline at the end of the first quarter; however, average second quarter realizations for crude oil and natural gas were significantly lower reflecting the continued oversupply conditions in the market and the impacts of COVID-19 on global demand.

Liquids volumes were down 7 percent from first quarter reflecting the impact of lower demand, including economic and government mandated curtailments. Excluding these curtailment impacts, liquids volumes increased 5 percent. Natural gas volumes were 15 percent lower driven by seasonal demand in Europe and scheduled maintenance.

Downstream

Industry fuels margins were considerably lower than in the first quarter, reflecting the impacts of COVID-19 on demand for gasoline and jet fuel. The company experienced unfavorable mark-to-market derivative impacts associated with its trading activity, compared to favorable impacts in the previous quarter, driven by significant volatility in commodity prices across the periods.

Average refinery utilization was down significantly from first quarter on lower demand, as the company spared about 30 percent of its refining capacity. Over the course of the quarter, utilization increased in line with global fuel demand.

Chemical

Chemical margins were largely consistent with first quarter. Chemical sales volumes however, while benefiting from resilient demand for essential products, were lower than first quarter driven by the impacts of COVID-19 on global demand.

The company continues to support COVID-19 response efforts, further optimizing processes to increase its monthly production of specialized polypropylene, used in masks and medical gowns, and isopropyl alcohol, used in sanitizer, by more than 10 percent.

Strengthening the Portfolio

While operations were impacted by logistical restrictions resulting from COVID-19, the company demonstrated production capacity of 120,000 gross barrels of oil per day at the Liza Phase 1 development offshore Guyana. Topsides integration is underway in Singapore on a second floating production, storage and offloading vessel, with production capacity up to 220,000 gross barrels of oil per day, to support the Liza Phase 2 development.

During the quarter, ExxonMobil commenced operations at its new Delaware central processing and exporting facility in Eddy County, New Mexico. This new processing and stabilization facility enhances the company’s integration advantages by collecting and processing oil and natural gas from its assets in the Delaware Basin for delivery to Gulf Coast markets.

Disciplined Investing and Expense Management

During the quarter, ExxonMobil made significant progress on its previously announced capital and cash operating spend reductions. Planned reductions to the company’s capital investment program for 2020, from $33 billion to $23 billion, are ahead of schedule, reflecting increased efficiencies, lower market prices, and slower project pace. The expected decrease in cash operating expenses of about 15 percent is also ahead of schedule, capturing savings from increased efficiencies, reduced activity, and lower energy costs and volumes.

Advancing Innovative Technologies and Products

During the quarter, ExxonMobil launched a first-of-its-kind high-frequency network of sensors designed to monitor and detect methane emissions in the Permian Basin. Project Astra is a collaboration with the University of Texas, Gas Technology Institute, Environmental Defense Fund and Pioneer Natural Resources that could provide a more affordable, efficient solution to address methane emissions over large areas of operations.

ExxonMobil has renewed a five-year agreement with Princeton University’s Andlinger Center for Energy and Environment to accelerate research, development and deployment of energy and environmental technologies with a focus on carbon capture and storage, carbonate fuel cells, and lower-emission technologies. The collaboration extends ExxonMobil’s participation in Princeton’s E-filliates Partnership, which began in 2015.

Scientists from ExxonMobil, the Georgia Institute of Technology and Imperial College of London published joint research on potential breakthroughs in a new membrane technology that could reduce emissions and energy intensity associated with refining crude oil. Laboratory tests indicate the patent-pending membrane could be used to replace some heat-intensive distillation at refineries in the years ahead.
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Re: Exxon Mobil

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IRVING, Texas – October 30, 2020 – Exxon Mobil Corporation today announced an estimated third quarter 2020 loss of $680 million, or $0.15 per share assuming dilution. Third quarter capital and exploration expenditures were $4.1 billion, bringing year-to-date spending to $16.6 billion, more than $6 billion lower than the prior year period.
  • Third quarter results improved by $400 million from the second quarter, primarily driven by early stages of demand recovery; excluding identified items, results improved by $2.2 billion
  • On track to exceed reduction targets for 2020 capital and cash expenses; further reductions anticipated in 2021
  • Continued Guyana progress with third major deepwater development approval and two new discoveries
Oil-equivalent production was 3.7 million barrels per day, up 1 percent from the second quarter of 2020. Production continued to reflect COVID-19 demand impacts, including economic and government mandated curtailments. Excluding entitlement effects, divestments, and government mandates, liquids production increased 2 percent, while natural gas volumes decreased 1 percent.

“We remain confident in our long-term strategy and the fundamentals of our business, and are taking the necessary actions to preserve value while protecting the balance sheet and dividend,” said Darren W. Woods, chairman and chief executive officer. “We are on pace to achieve our 2020 cost-reduction targets and are progressing additional savings next year as we manage through this unprecedented down cycle.”

The company’s preliminary 2021 capital program, which will be reviewed by the board of directors in the fourth quarter, is expected to be in the range of $16 billion to $19 billion, a reduction from the 2020 target of $23 billion announced in April. The company expects to identify further structural efficiencies as it continues previously announced country-by-country reviews.

Third Quarter 2020 Business Highlights

Upstream

Average third quarter realizations for crude oil improved significantly, as market prices increased following the second quarter's challenging environment. Natural gas realizations declined, primarily due to a lag in crude-linked LNG contract pricing.

Improved market conditions enabled full recovery of production impacted by economic curtailments. Government mandated curtailments negatively impacted third quarter results and are anticipated to continue in the fourth quarter.

Downstream

Supply chain optimization, higher product sales due to increased demand, and higher marketing margins more than offset lower industry fuels margins driven by market oversupply and high product inventory levels.

Third quarter saw the best reliability and process performance in the last 10 years, while average refinery utilization increased about 6 percent from the second quarter on demand recovery. Refining capacity sparing decreased to about 25 percent.

Chemical

Chemical sales volumes were higher than second quarter, benefiting from resilient packaging demand and recovering automotive and construction markets. Chemical margins were negatively impacted by higher feed costs.

The company's Corpus Christi chemical complex joint venture is approximately 80 percent complete, with start-up activities expected to commence in the fourth quarter of 2021.

Strengthening the Portfolio

ExxonMobil announced that it has funded the Payara development offshore Guyana, following government and regulatory approvals. The third major project in the Stabroek Block will have the capacity to produce up to 220,000 oil-equivalent barrels per day after expected startup in 2024. The company also made its 17th and 18th discoveries at the Yellowtail-2 and Redtail-1 wells, respectively, increasing the estimated recoverable resource to nearly 9 billion oil-equivalent barrels on the Stabroek block.

During the quarter, production volumes in the Permian averaged 401,000 oil-equivalent barrels per day which included full recovery of volumes curtailed in the prior quarter. Full year 2020 production is anticipated to be approximately 360,000 oil-equivalent barrels per day. Focus remains on lowering overall development costs through efficiency gains and technology applications. Compared to 2019, drilling and completion costs decreased more than 20 percent, while drilling rates (lateral feet per day) and fracturing rates (stages per day) both increased more than 30 percent. Rig count reductions continue, with 10-15 rigs expected to be operating by year-end.

ExxonMobil continues to improve its industry-leading development opportunities, as illustrated by the growth of the recoverable resource base in Guyana to nearly 9 billion barrels of oil equivalent, and other high-value assets in the U.S. Permian Basin, Mozambique, Papua New Guinea and Brazil. Given the high quality opportunities in ExxonMobil's portfolio and the constraints of the current market environment, the corporation is assessing its full portfolio to prioritize assets with the highest value potential within its broad range of available opportunities. This effort includes an ongoing re-assessment of North American dry gas assets currently included in the corporation’s development plan. Depending on the outcome of the planning process, including in particular any significant future changes to the corporation’s current development plans for its dry gas portfolio, long-lived assets with carrying values of approximately $25 billion to $30 billion could be at risk for significant impairment. If these assets remain in our long-term development plan, similar to previous years, it is unlikely the assets would be subject to material impairment. The company expects to complete this assessment in the fourth quarter.

Disciplined Investing and Cost Management

ExxonMobil made significant progress during the quarter on previously announced capital and cash operating expense reductions. Planned reductions to the 2020 capital spending program, from $33 billion to $23 billion, are ahead of schedule, reflecting increased efficiencies, lower market prices, and slower project pace. An expected decrease in cash operating expenses of about 15 percent is also ahead of schedule, capturing savings from increased efficiencies, reduced activity, and lower energy costs and volumes.

Advancing Innovative Technologies and Products

The company continued to progress work on scaling carbon-capture technologies aimed at reducing emissions. Following 12 months of technical evaluation, ExxonMobil and Global Thermostat announced an expanded joint development agreement to advance and bring to scale breakthrough technology that removes carbon dioxide directly from the atmosphere. ExxonMobil also announced, in collaboration with the University of California, Berkeley and the Lawrence Berkeley National Laboratory, the discovery of a new material that could capture more than 90 percent of carbon dioxide from industrial sources, such as natural gas-fired power plants.

ExxonMobil built on the company's longstanding efforts to develop and deliver products that help meet society's energy needs while reducing environmental impacts. These efforts included an agreement with Global Clean Energy Holdings to purchase 2.5 million barrels of renewable diesel per year for five years from a Bakersfield, CA biorefinery starting in 2022. Based on analysis of California Air Resources Board (CARB) data, renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40 percent to 80 percent compared to petroleum-based diesel.
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ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans

IRVING, Texas – Exxon Mobil Corporation today announced an estimated fourth quarter 2020 loss of $20.1 billion, or $4.70 per share assuming dilution. Fourth quarter capital and exploration expenditures were $4.8 billion, bringing full-year spending to $21.4 billion, $9.8 billion lower than the prior year.

Fourth Quarter and Full-Year 2020 Results
  • Fourth quarter loss of $20.1 billion included unfavorable identified items of $20.2 billion, primarily non-cash impairments; earnings excluding identified items were $110 million, or $0.03 per share assuming dilution
  • Exceeded cost-reduction objectives, with 2020 capital spending of $21 billion below target by $2 billion; cash operating expense more than 15% below 2019, of which $3 billion is a structural reduction
  • Met 2020 methane emissions (15%) and flaring (25%) reduction targets versus 20161, and announced 2025 emission reduction plans; projected to be consistent with the Paris Agreement
Management Perspectives on Forward Plans
  • Additional annual structural operating expense reductions of $3 billion expected by 2023, resulting in total annual structural reductions of $6 billion versus 2019
  • Cash flow this year expected to cover capex and maintain dividend and strong balance sheet. Assumptions include Brent prices of $50 per barrel and lowest annual Downstream and Chemical margins during 2010-2019; portfolio flexibility enables further adjustments
  • ExxonMobil Low Carbon Solutions business created and new independent director elected

Oil-equivalent production in the fourth quarter was 3.7 million barrels per day, consistent with the third quarter of 2020. Production was reduced by government mandated curtailments. Excluding entitlement effects, divestments, and government mandates, liquids production increased 5 percent, while natural gas volumes increased 2 percent.

“The past year presented the most challenging market conditions ExxonMobil has ever experienced,” said Darren W. Woods, chairman and chief executive officer. “While the effects of the pandemic significantly impacted our 2020 results, our previously executed strategic initiatives and reorganizations enabled us to respond decisively to permanently improve our cost structure, drive greater efficiencies across our businesses, and emerge a stronger company. These improvements are expected to deliver structural expense savings of $6 billion per year by 2023, relative to 2019.”

“We remain focused on increasing long-term value for our shareholders by investing in our highest-return assets, preserving the strength of the balance sheet, and paying a reliable dividend. We’ve built a flexible capital program that is robust to a range of market scenarios and focused on our highest-return opportunities to drive greater cash flow, cover the dividend, and increase the earnings potential of our business in the near and longer term.”

Fourth Quarter and Full-Year 2020 Results and Business Highlights

Upstream
  • Average realizations for crude oil were in line with the third quarter. Natural gas realizations rose by 39 percent in the quarter, reflecting market supply disruptions and seasonal demand.
  • Liquid volumes increased 2 percent from the third quarter driven by lower maintenance and downtime. Natural gas volumes decreased 2 percent driven by reduced entitlements.
  • Upstream full-year 2020 reliability matched best-ever performance with focus on best-in-class operations.
Downstream
  • The Downstream delivered full-year cost reductions in line with revised targets, and achieved best-ever personnel safety, process safety, and reliability performance.
  • Industry fuels margins improved slightly from the third quarter, but remained near historic lows driven by market oversupply and high product inventory levels. Lubricants delivered strong fourth quarter and full-year performance underpinned by improved margins and cost control, despite pandemic-related challenges.
Chemical
  • Fourth quarter earnings of $691 million represent the best quarterly result since 2018, underpinned by strong safety and operational performance, and advantages from integration with refining. Chemical also achieved best-ever full-year 2020 personnel safety, process safety, and reliability performance.
  • Chemical sales volumes were even with the third quarter, while industry margins strengthened on continued strong packaging demand, automotive and durables market recovery and industry supply disruptions.
  • Achieved record full-year polyethylene sales driven by strong performance from recent investments and growing demand for the company's high-value performance products.
Strengthening the Portfolio

During the quarter, production volumes in the Permian averaged 418,000 oil-equivalent barrels per day, an increase of 42 percent from the prior year. Full-year 2020 production averaged 367,000 oil-equivalent barrels per day. Focus remains on lowering overall development costs and increasing recovery through efficiency gains and technology applications. Full-year 2020 drilling and completion costs were more than 25 percent lower than 2019. Over the same period, drilling rates (lateral feet per day) improved more than 20 percent and fracturing rates (stages per day) improved more than 30 percent.

ExxonMobil continued to progress major deepwater development in Guyana. Exploration, appraisal, and development drilling continues across four rigs with plans to add additional rigs in the first half of 2021. The Liza Phase 1 development, utilizing the Liza Destiny floating production, storage, and offloading vessel (FPSO), is producing at capacity of 120,000 gross barrels of oil per day. The Liza Unity FPSO, which will be deployed for the second phase of Liza development and will have a gross production capacity of 220,000 barrels of oil per day, is under construction and is expected to start production in 2022. Payara, the third major phase of development, which was fully funded in 2020, will also have a gross production capacity of 220,000 barrels of oil per day and is expected to start up in 2024.

Disciplined Investing and Cost Management

ExxonMobil exceeded its commitments to reduce capital and cash operating expenses. Full-year 2020 capital spending of $21.4 billion was nearly $12 billion, or 35 percent, lower than the initial $33 billion plan, and $2 billion below the revised $23 billion plan, reflecting project pacing and optimization, increased efficiencies, and lower market prices. Cash operating expenses for the year were 15 percent lower than 2019, capturing savings from increased efficiencies, reduced activity, and lower energy costs.

Driven by the growing strength of ExxonMobil's investment portfolio, less strategic assets were removed from the company's Upstream development plan, including certain dry gas resources in the United States, western Canada and Argentina. Total non-cash, after-tax fourth quarter impairment charges were $19.3 billion.

As a result of ExxonMobil's ongoing country-by-country workforce assessments and associated reductions, the company's fourth quarter results include an identified item for after-tax severance charges of $326 million.

Management Perspectives on Forward Plans

Achieving Structural Cost Reductions

In 2020, ExxonMobil reduced annual cash operating expenses by $8 billion, of which $3 billion are structural reductions. The Company expects to generate additional annual savings of $3 billion by 2023, resulting in total structural annual expense reductions of $6 billion, including savings from a global workforce reduction.

Newly created value chain organizations for ExxonMobil’s businesses present ongoing opportunities to better leverage the scale and integration of the corporation and drive further expense reductions. These cost savings will improve long-term net cash margins, and enhance earnings power and cash generation. ExxonMobil will continue to evaluate its organization and cost structure to identify additional opportunities to reduce operating expenses.

Capital Investments Flexible to Market Condition

The company expects 2021 cash flow to cover capital expenditures while maintaining the dividend and a strong balance sheet. These expectations are valid at Brent prices of $50 per barrel and at the lowest annual Downstream and Chemical margins during 2010-2019. Should the price and margin environment fall below these levels, capital expenditures can be further reduced to enable dividend coverage and maintenance of balance sheet strength at Brent prices of approximately $45 per barrel.

The company’s longer-term capital plan focuses on cost-advantaged opportunities that lower breakeven oil prices even further, maximizing free cash flow generation. Approximately 90 percent of ExxonMobil’s 2021-2025 upstream development capital expenditure has a cost-of-supply of $35 Brent per barrel or lower. The company’s integrated portfolio and low cost-of-supply upstream projects enable it to maintain the dividend and fund annual 2022-2025 capital investments, while preserving balance sheet strength, at Brent prices between $45 and $50 per barrel, assuming 2010-2019 average Downstream and Chemical margins. The 2021-2025 start-ups are expected to generate approximately 40 percent of operating cash flows in 2025. Should prices fall below $45 per barrel, the company has the ability to further reduce capital investments, cover the dividend and maintain a strong balance sheet.

The company’s strategy is to improve earnings power and cash generation by developing low cost-of-supply, high-value projects that are resilient to challenging market environments. Making these industry-advantaged investments in today’s market, while covering the dividend and maintaining a strong balance sheet, improves capital efficiency and positions the company to capture even more upside should commodity prices and margins increase during the period. An update on these initiatives will be provided during the company’s March Investor Day and as the year progresses.

Reducing Emissions and Advancing Low Carbon Solutions

ExxonMobil has announced the creation of a new business – ExxonMobil Low Carbon Solutions – to commercialize its extensive low-carbon technology portfolio. The organization will advance plans for more than 20 new carbon capture and sequestration (CCS) opportunities around the world to enable large-scale emission reductions.

ExxonMobil Low Carbon Solutions builds on more than two decades of R&D for lower emission solutions, efficiency improvements in operations and an industry leading CCS position, all of which have enabled ExxonMobil to reduce its Scope 1 and Scope 2 greenhouse gas emissions from operated assets by 6 percent since the adoption of the Paris Agreement in 20162.

In the fourth quarter, ExxonMobil announced plans to further reduce the intensity of its operated upstream greenhouse gas emissions by 15 to 20 percent by 2025, compared to 2016 levels. This will be supported by a 40 to 50 percent decrease in methane intensity, and a 35 to 45 percent decrease in flaring intensity across its global operations. The 2025 emission reduction plans are expected to reduce absolute greenhouse gas emissions by an estimated 30 percent for the Company’s upstream business. Similarly, absolute flaring and methane emissions are expected to decrease by 40 to 50 percent. The emission reduction plans, which cover Scope 1 and Scope 2 emissions from operated assets, are projected to be consistent with the goals of the Paris Agreement and position ExxonMobil to be an industry leader in greenhouse gas performance by 2030. The Company’s plans are outlined in its newly released Energy & Carbon Summary.

At year-end 2020, the Company achieved its earlier emission reduction goals outlined in 2018. These included a 15 percent reduction in methane emissions versus 2016 levels, and 25 percent reduction in flaring versus 2016 levels3.
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ExxonMobil earns $2.7 billion in first quarter 2021

IRVING, Texas – April 30, 2021 – Exxon Mobil Corporation today announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution, compared with a loss of $610 million in the first quarter of 2020. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution. First quarter capital and exploration expenditures were $3.1 billion, $4 billion lower than the first quarter of 2020.

First Quarter 2021 Results and Management Perspectives
  • Cash flow from operating activities of $9.3 billion fully funded dividend and capital expenditures, and drove debt reduction of over $4 billion
  • Lowered cash operating expenses versus the first and fourth quarters of 2020; on pace to deliver additional structural cost savings
  • Advanced several initiatives to reduce emissions and launched Low Carbon Solutions business to commercialize extensive low-carbon technology portfolio
  • Added three new directors to strengthen board experience in energy, capital allocation and complex business transitions
Oil-equivalent production was 3.8 million barrels per day, up 3 percent from the fourth quarter of 2020. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2 percent.

“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” said Darren Woods, chairman and chief executive officer. “Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonize industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society's net-zero ambitions.”

During severe winter weather in Texas in February, ExxonMobil cogeneration facilities generated 400 megawatts of electricity, helping to power about 200,000 homes. The severe weather event reduced first quarter earnings by nearly $600 million across all businesses from decreased production and lower sales volumes, repair costs, and the net impact of energy purchases and sales. All affected facilities have resumed normal operations.

First Quarter 2021 Results and Business Highlights

Upstream

Average realizations for crude oil increased 42 percent from the fourth quarter. Natural gas realizations rose by 33 percent in the quarter.
Total production volumes increased 98,000 oil-equivalent barrels per day from the fourth quarter. Excluding entitlement effects, government mandates and divestments, liquids volumes were down 3 percent including impacts from higher maintenance and the winter storm. Natural gas volumes increased 12 percent driven by higher seasonal demand in Europe.

During the quarter, production volumes in the Permian averaged 394,000 oil-equivalent barrels per day, an increase of 12 percent from the prior year. The focus remains on continuing to grow positive free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.

Downstream

Industry fuels margins improved from the fourth quarter, but remained below 10-year-lows driven by market oversupply and high product inventory levels. Lubricants delivered strong performance, underpinned by lower costs and improved margins.

Despite winter storm disruptions, overall refining throughput was essentially flat with the fourth quarter as the company managed refinery operations in line with fuel demand and integrated chemical manufacturing needs.

Chemical

Industry margins improved further in the quarter reflecting continued strong demand, global shipping constraints, and ongoing supply disruptions, particularly in North America, where the polyethylene and polypropylene markets were affected by severe winter weather in Texas.

Strong first quarter Chemical earnings performance of $1.4 billion was supported by robust base operations capturing high margins and continued delivery of cost efficiencies.

ExxonMobil announced it is pursuing three new advanced recycling initiatives in the U.S. and Europe that further advance our commitment to sustainability and capture value from plastic waste at scale. The company plans to begin marketing certified circular plastics products later this year.

Strengthening the Portfolio

ExxonMobil signed an agreement valued at more than $1 billion for the sale of most of its non-operated upstream assets in the United Kingdom central and northern North Sea. The sale price, subject to closing adjustments, has potential additional upside of up to $300 million based on contingent payments associated with future commodity price increases. The transaction is expected to close near mid-year 2021, subject to regulatory and third-party approvals.

The company is progressing plans to convert both its Altona, Australia refinery, and Slagen refinery in Norway to fuel import terminals, ensuring ongoing, reliable fuel supply for their respective local markets. Final decisions were made following local consultation processes with employees and their representatives as part of extensive reviews of the long-term economic viability of both facilities.

Capital Allocation and Structural Cost Improvement
  • The company's long-term capital allocation priorities remain investing in advantaged projects to drive cash flow, strengthening the balance sheet and maintaining a reliable dividend.
  • ExxonMobil’s 2021 capital program remains at $16 billion to $19 billion. If market conditions continue above the company's planning basis, additional cash will be used to accelerate deleveraging.
  • In addition to $3 billion in structural cost reductions already achieved in 2020, the company is on pace to achieve $3 billion of further structural efficiencies through 2023 for a total of $6 billion relative to 2019. Efforts to identify additional structural savings resulting from the reorganizations completed in 2019 are continuing.
Reducing Emissions and Advancing Low Carbon Solutions

The company announced the creation of ExxonMobil Low Carbon Solutions, a new business to commercialize its extensive low-carbon technology portfolio, with an initial focus on carbon capture and storage (CCS), the process of sequestering industrial emissions and safely storing them permanently underground. CCS is considered one of the critical technologies required to achieve society’s net-zero ambitions and the climate goals outlined in the Paris Agreement.

In April, ExxonMobil introduced the innovative concept of a multi-industry CCS hub along the Houston Ship Channel and surrounding industrial areas to capture CO2 emissions from area industry, including petrochemical, manufacturing and power generation facilities. The concept would require large-scale collaboration and policy advancements among governments, private industry, and local communities.

ExxonMobil became the first company to file an application with the U.S. Environmental Protection Agency (EPA) to use new aerial technologies to detect methane emissions at oil and natural gas sites.

ExxonMobil and Porsche are testing advanced biofuels and renewable, lower-carbon eFuels, as part of a new agreement to find pathways toward potential future consumer adoption of fuels that could significantly reduce emissions.

Ongoing Board Refreshment

During the quarter, ExxonMobil announced the elections of Michael Angelakis, Jeffrey Ubben, and Wan Zulkiflee to its board of directors. With the addition of the new members, the ExxonMobil board increased to 13 directors, 12 of whom are independent. The company has added six new independent directors since 2017 with specific experience in the areas of climate science, asset and risk management, capital allocation, energy and business transition, investor perspectives, and additional energy industry experience.
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ExxonMobil earns $4.7 billion in second quarter 2021

IRVING, Texas – July 30, 2021 – Exxon Mobil Corporation today announced estimated second-quarter 2021 earnings of $4.7 billion, or $1.10 per share assuming dilution, compared with a loss of $1.1 billion in the second quarter of 2020. Second-quarter capital and exploration expenditures were $3.8 billion, bringing the first half of 2021 to $6.9 billion, which is consistent with planned lower activity in the first half of the year. The company anticipates higher second-half planned spending on key projects, including Guyana, Brazil, Permian and in Chemical, with full-year spending towards the lower end of the guidance range of $16 billion to $19 billion.

Second Quarter 2021 Results and Management Perspectives
  • Earnings increased $5.8 billion over the second quarter of 2020, driven by oil and natural gas demand and best-ever quarterly chemical and lubricants contributions
  • Cash flow from operating activities of $9.7 billion funded the dividend, capital investments and debt reduction
  • Low Carbon Solutions business advanced multiple CCS opportunities and low-emission fuels initiatives
  • Portfolio improvement activities included signing an agreement for the $1.15 billion fourth-quarter sale of the Santoprene chemical business, affirmative funding decision for the Bacalhau development in Brazil, and additional exploration success in Guyana
Oil-equivalent production in the second quarter was 3.6 million barrels per day, down 2% from the second quarter of 2020, driven by increased maintenance activity. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 3%, including growth in the Permian and Guyana.

“Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our products,” said Darren Woods, chairman and chief executive officer.

“We’re realizing significant benefits from an improved cost structure, solid operating performance and low-cost-of-supply investments that, together, are generating attractive returns and strong cash flow to fund our capital program, pay the dividend and reduce debt. This was particularly true for our Chemical business that delivered their best quarter in company history. In our efforts to support society's energy transition goals, our Low Carbon Solutions business made progress in identifying new opportunities and in establishing new partnerships in carbon capture and storage, hydrogen and low-emission fuels.”

Second-Quarter Business Highlights

Upstream
  • Average realizations for crude oil increased 13% from the first quarter. Natural gas realizations increased 1% from the prior quarter.
  • Liquid volumes decreased 3% from the first quarter, driven by increased planned maintenance activity. Natural gas volumes decreased 10%, driven by lower seasonal demand.
  • During the quarter, production volumes in the Permian averaged 400,000 oil-equivalent barrels per day, an increase of 34% from the second quarter of 2020. The focus remains on continuing to grow positive free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.
Downstream
  • Industry fuels margins improved from the first quarter, but remain on the low end of the historical range, due to ongoing impacts from market oversupply. Lubricants delivered strong performance, underpinned by lower operating expenses and improved margins.
  • Overall refining throughput was up 3% from the first quarter, when a winter storm in Texas disrupted operations. The company continued to manage refinery operations in line with fuel demand and integrated chemical manufacturing needs.
Chemical
  • Strong base operations supported best-ever quarterly earnings of $2.3 billion, reflecting reliable operations, higher margins and continued cost discipline.
  • Industry margins improved in the quarter on higher product prices, reflecting continued strong demand and regional supply constraints. North America's regional ethane feed advantage grew.
Strengthening the Portfolio
  • ExxonMobil signed an agreement with Celanese for the sale of its global SantopreneTM chemical business for $1.15 billion, subject to working capital and other adjustments. The sale advances strategic business objectives and includes two manufacturing sites in the United States and United Kingdom. The transaction is expected to close in the fourth quarter of 2021, subject to standard conditions precedent including regulatory approvals.
  • ExxonMobil continued to progress its major deepwater developments in Guyana, including the announcement of new discoveries at Uaru-2, Longtail-3, and Whiptail, which increase confidence in the quality and size of the resource and supports the potential for 7 to 10 floating production, storage and offloading (FPSO) facilities in the Stabroek block. Exploration, appraisal, and development drilling continues, with a total of six drillships now operating offshore Guyana. The company's high-return developments remain on schedule, with Liza Phase 2 on target for 2022 startup, Payara on schedule for 2024 startup and Yellowtail targeted for 2025 startup.
  • The company continues to make progress on previously announced terminal conversions in Slagen, Norway and Altona, Australia, ensuring ongoing, reliable supply of fuels to these markets through the company's advantaged logistics. The Slagen refinery was safely shutdown in May, while Altona is scheduled to cease refining operations in August.
  • The grass roots chemical plant project, located near Corpus Christi, Texas, recently reached mechanical completion of a monoethylene glycol unit and two polyethylene units. The project, which will produce chemicals used in medical, automotive and packaging products, is expected to start up in the fourth quarter of 2021, ahead of schedule and under budget.
Capital Allocation and Structural Cost Improvement
  • ExxonMobil’s 2021 capital program is expected to be at the lower end of the previously communicated range of $16 billion to $19 billion. Capital expenditures totaled approximately $7 billion through the first half of the year. The company’s capital allocation priorities continue to be investing in advantaged projects, strengthening the balance sheet and paying a reliable dividend.
  • In addition to reducing structural costs by $3 billion in 2020, the company has captured over $1 billion in further structural savings in the first half of 2021. The company remains on pace to achieve through 2023 total structural cost reductions of $6 billion relative to 2019. Efforts to identify further structural savings resulting from the reorganizations completed in 2019 continue.
Reducing Emissions and Advancing Low Carbon Solutions
  • In July, the company signed memorandums of understanding to participate in a major carbon capture and storage (CCS) project in Scotland and to explore the development of CO2 infrastructure in France. The Acorn CCS project in Scotland plans to capture and store approximately 5 million to 6 million metric tons of CO2 per year by 2030. The collaboration in the Normandy region of France seeks to develop CCS technology with the objective of reducing CO2 emissions by up to 3 million metric tons per year by 2030.
  • During the quarter, ExxonMobil expanded its previous agreement with Global Clean Energy to purchase up to 5 million barrels of renewable diesel with commercial production expected to begin in 2022. The agreement is part of the company’s efforts to advance multiple options to produce low-emission biofuels, including new projects, facility upgrades, and purchase agreements. The company expects to produce more than 40,000 barrels per day of biofuels by 2025.
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Re: Exxon Mobil

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ExxonMobil earns $6.8 billion in third quarter 2021

IRVING, Texas – October 29, 2021 – Exxon Mobil Corporation today announced estimated third-quarter 2021 earnings of $6.8 billion, or $1.57 per share assuming dilution. Third-quarter capital and exploration expenditures were $3.9 billion, bringing year-to-date 2021 investments to $10.8 billion, as the company continued strategic investments in its advantaged assets, including Guyana, Permian Basin, and in Chemical.
  • Quarterly earnings increased by $7.4 billion versus 2020 on improved demand and strong operations
  • Cash flow from operating activities of $12.1 billion funded capital investments, debt reduction, and dividend
  • Anticipate future annual capital investments of $20 billion to $25 billion; 4X increase in low-carbon spend
  • Expect to be well within debt-to-capital target range by year end; 4Q dividend increased to $0.88 per share
  • Starting 2022, share repurchase program of up to $10 billion over 12 - 24 months
  • On track to achieve 2025 emission-reduction plans by year end
Third-Quarter Business Highlights

Upstream
  • Average realizations for crude oil increased 7% from the second quarter. Natural gas realizations increased 28% from the prior quarter.
  • Liquid volumes increased 5% from the second quarter, driven by lower planned maintenance activity. Natural gas volumes decreased 2%, driven by lower demand in Europe.
  • During the quarter, production volumes in the Permian averaged approximately 500,000 oil-equivalent barrels per day, an increase of approximately 30% from the third quarter of 2020. The focus remains on continuing to grow free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.
Downstream
  • Fuels margins improved from the second quarter with increasing product demand. Lubricants continued to deliver strong performance, supported by above average basestocks margins, strong performance of the Rotterdam Advanced Hydrocracker, and lower operating expenses.
  • Overall refining throughput was up 5% from the second quarter on improved demand and lower planned maintenance activity.
  • After Hurricane Ida left much of Louisiana refining and oil production offline, ExxonMobil secured 3 million barrels from the U.S. Strategic Petroleum Reserve to produce essential fuel supply, delivering record terminal throughput rates to impacted communities and front line workers in the state.
Chemical
  • Quarterly earnings of $2.1 billion reflect reliable operations coupled with strong demand, supported by the company's global supply and logistics flexibility.
  • Industry margins remain historically strong, but moderated in the quarter driven by increased industry supply.
Capital Allocation and Structural Cost Improvement
  • ExxonMobil’s 2021 capital program is expected to be near the low end of the $16 billion to $19 billion range. In the fourth quarter, the board of directors will formally approve the corporate plan, with capital spending anticipated to be in the range of $20 billion to $25 billion annually.
  • During the quarter, the company paid down gross debt by an additional $4 billion. Year to date, ExxonMobil has reduced gross debt by $11 billion, and improved the total debt to capital ratio to 25%. The company expects to manage debt within a range of 20% to 25%, ensuring a strong, investment-grade credit rating.
  • In addition to reducing structural costs by $3 billion in 2020, the company has captured $1.5 billion in additional structural savings through the first three quarters of 2021. The company is on pace to exceed total structural cost reductions of $6 billion annually by 2023 compared to 2019 levels, with efforts continuing to identify further structural savings by leveraging the corporation's global scale and integration.
Strengthening the Portfolio
  • ExxonMobil continued to progress its high-return deepwater developments in Guyana, where discoveries at Pinktail and Cataback increased the estimated recoverable resource base to approximately 10 billion barrels of oil equivalent. Exploration, appraisal, and development drilling continues, with a total of six drillships currently operating. The Liza Unity floating production, storage and offloading vessel set sail from Singapore to Guyana in the quarter, and remains on schedule for startup in 2022. The third major development, Payara, is on schedule for 2024 startup, and Yellowtail is expected to achieve first oil in 2025.
  • In Baytown, Texas, the company plans to build its first, large-scale plastic waste advanced recycling facility, with startup expected by year-end 2022. This facility will be among the largest in North America. In Europe, ExxonMobil is collaborating with Plastic Energy on an advanced recycling plant in Notre Dame de Gravenchon, France, which is expected to process 25,000 metric tons of plastic waste per year when it starts up in 2023, with the potential for further expansion to 33,000 metric tons of annual capacity. These efforts support the company’s aim to build approximately 500,000 metric tons per year of advanced recycling capacity globally over the next five years.
Reducing Emissions and Advancing Low Carbon Solutions
  • ExxonMobil plans to grow investments that lower emissions, leveraging the company's technology, scale, integration, and global footprint./list]
    • Cumulative low-carbon investments are anticipated to be approximately$15 billion from 2022 through 2027. The company is also on track to achieve its 2025 emissions intensity reduction plans by the end of 2021, and expects to announce accelerated Scope 1 and Scope 2 reduction plans later this year.
    • During the quarter, 11 companies, including ExxonMobil, expressed interest in supporting the large-scale deployment of carbon capture and storage technology in Houston. The companies agreed to begin discussing plans that could lead to capturing and safely storing up to 100 million metric tons per year by 2040. Carbon capture and storage is a critical technology in helping society meet its net-zero ambitions, and ExxonMobil has captured more human-made CO2 than any other company.
    • Last week, ExxonMobil announced engineering, procurement, and construction contracts as it plans to increase carbon capture and storage capacity by approximately 1 million metric tons per year at its LaBarge, Wyoming facility. The facility currently captures 6 to 7 million metric tons of CO2 per year and has captured more CO2 than any other facility in the world. A final investment decision is expected in 2022.
    • ExxonMobil announced its majority-owned affiliate, Imperial Oil Ltd., is moving forward with plans to produce renewable diesel at a new complex at its Strathcona refinery in Edmonton, Canada. When construction is complete, the refinery is expected to produce approximately 20,000 barrels per day of renewable diesel, which could reduce emissions in the Canadian transportation sector by about 3 million metric tons per year. The complex will use locally grown plant-based feedstock and hydrogen with carbon capture and storage as part of the manufacturing process.
    • The company signed an agreement with non-profit independent validator MiQ to begin the emission certification process for natural gas produced at Poker Lake facilities in the Permian Basin. Certified lower-emission natural gas validates reduction efforts and helps customers meet their emissions goals. The company has expanded use of aerial LiDARTM imaging and SOOFIE methane-detection technologies, and is evaluating additional next-generation applications as part of its ongoing initiatives to detect and reduce methane emissions.
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Re: Exxon Mobil

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4Q 2021 earnings overview
  • Generates $48 billion of cash flow from operating activities, the highest level since 2012, more than covering capital investments, debt reduction, and dividend
  • Reduces structural costs by an additional $1.9 billion, increasing total savings to nearly $5 billion versus 2019
  • Strengthens balance sheet to pre-pandemic levels by paying down $20 billion in debt
  • Expects to achieve 2025 emission-reduction plans four years ahead of schedule
  • Aims to achieve net zero Scope 1 and 2 greenhouse gas emissions for operated assets by 2050, with plans to achieve net zero in the Permian Basin by 2030
IRVING, Texas – February 1, 2022 – Exxon Mobil Corporation today announced fourth-quarter 2021 earnings of $8.9 billion, or $2.08 per share assuming dilution, resulting in full-year earnings of $23 billion, or $5.39 per share assuming dilution. Capital and exploration expenditures were $5.8 billion in the fourth quarter and $16.6 billion for the full year 2021, in line with guidance.

Upstream
• Average realizations for crude oil increased 8% from the third quarter. Natural gas realizations increased 63% from the prior quarter.
• Oil-equivalent production in the fourth quarter was 3.8 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 2% versus the prior-year quarter, and was also up 2% versus the prior year, driven by demand recovery.
• In 2021, production volumes in the Permian increased nearly 100,000 oil-equivalent barrels per day, with improved capital efficiency. The focus remains on continuing to grow free cash flow by increasing recovery through efficiency gains and technology applications.
• ExxonMobil continued to progress its low cost of supply deepwater developments in Guyana, with estimated recoverable resources increasing to approximately 10 billion oil-equivalent barrels, supported by six commercial discoveries in 2021. The Liza Unity floating production, storage, and offloading vessel arrived in Guyanese waters in October 2021.
• The sale of certain United Kingdom North Sea assets to Neo Energy was completed in December 2021.

Downstream
• Global refining margins improved from the third quarter with increased transportation demand driven by easing mobility restrictions, partly offset by higher energy prices in Europe. Fourth-quarter margins improved to the low end of the 10-year range, although jet demand remains challenged.
• Refining throughput in the quarter was the highest since 2013, up 2% from the third quarter, allowing the company to capture the benefit of improved industry margins.
• Lubricants earnings were a full-year record, as strong reliability performance enabled full capture of robust basestocks margins.
• The company acquired a 49.9% stake in BioJet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions advanced biofuels, providing ExxonMobil the opportunity to purchase as much as 3 million barrels of lower-emission biofuel products per year.

Chemical
• Fourth-quarter industry margins declined from historically high levels to the middle of the 10-year range due to increased industry supply and higher feed and energy costs.
• Annual earnings of $7.8 billion were a full-year record, reflecting robust industry demand, strong reliability, structural cost reductions, and the company's global supply and logistics advantages.
• High-value, performance products grew 7% and the organization advanced key projects supporting future growth. The Corpus Christi Chemical Complex started up ahead of schedule and under budget, and a final investment decision was reached to proceed with a chemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province in China.
• ExxonMobil announced the acquisition of Materia, Inc., a technology company that pioneered the development of a Nobel prize-winning technology for manufacturing high-performance structural polymers. The innovative materials can be used in a number of applications, including wind turbine blades, electric vehicle parts, sustainable construction, and anticorrosive coatings.
• The company made its first commercial sale of certified circular polymer from recycled plastic, manufactured in Baytown, Texas, using proprietary advanced recycling technology. The advanced recycling operation in Baytown will be among the largest in North America with initial planned capacity to recycle 30,000 metric tons of plastic waste per year.
• ExxonMobil completed the sale of its global Santoprene™ business to Celanese in December for a total price of $1.15 billion.
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Re: Exxon Mobil

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ExxonMobil Announces First-Quarter 2022 Results
  • Earned $5.5 billion in first quarter 2022; generated $14.8 billion of cash flow from operating activities, more than covering capital investment and shareholder distributions
  • Earnings excluding identified items were $8.8 billion, an increase of more than $6 billion versus the first quarter of 2021, after adjusting for a $3.4 billion after-tax charge related to the company's Russia Sakhalin-1 operation
  • Announced increase in share repurchase program up to a total of $30 billion through 2023
  • Achieved first oil at the Liza Phase 2 development in Guyana; Payara FPSO construction approximately five months ahead of schedule with start-up likely before year-end 2023; announced five new discoveries, increasing the estimated recoverable resource base for the Stabroek block to nearly 11 billion oil-equivalent barrels
  • Progressed significant lower-emission opportunities, including plans for a world-scale blue hydrogen plant supported by one of the world's largest carbon capture and storage projects in Baytown, Texas, and received top certification for methane emission management at Poker Lake in the Permian Basin
  • Effective April 1, to further capture benefits of technology, scale, and integration, the corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups
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ExxonMobil announces 2Q 2022 results

IRVING, Texas – July 29, 2022 – Exxon Mobil Corporation today announced estimated second-quarter 2022 earnings of $17.9 billion, or $4.21 per share assuming dilution. Second-quarter results included a favorable identified item of nearly $300 million associated with the sale of the Barnett Shale Upstream assets. Capital and exploration expenditures were $4.6 billion in the second quarter and $9.5 billion for the first half of 2022.
  • Increased Permian oil and gas production by approximately 130,000 oil-equivalent barrels per day and refining throughput by 180,000 barrels per day versus first half of 2021 to meet recovering product demand.
  • Generated earnings of $17.9 billion and cash flow from operating activities of $20 billion in second-quarter 2022 as a result of increased production, higher realizations and margins, and aggressive cost control.
  • Capital investments totaled $9.5 billion for first half of 2022; on track with full-year guidance.
  • New lower-emission initiatives included four large-scale carbon capture and storage opportunities.
“Earnings and cash flow benefited from increased production, higher realizations, and tight cost control,” said Darren Woods, chairman and chief executive officer. “Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic.”

“Key to our success is continued investment in our advantaged portfolio, including Guyana, the Permian, global LNG, and in our high-value performance products, along with efforts to reduce structural costs and improve efficiency. We're also helping meet increased demand by expanding our refining capacity by about 250,000 barrels per day in the first quarter of 2023 - representing the industry's largest single capacity addition in the U.S. since 2012. At the same time, we’re supporting the transition to a lower-emission future, growing our portfolio of opportunities in carbon capture and storage, biofuels, and hydrogen.”

Financial Highlights
  • Second-quarter earnings of $17.9 billion compared with $5.5 billion in the first quarter of 2022. Excluding identified items, earnings of $17.6 billion increased $8.7 billion from the prior quarter, driven by a tight supply/demand balance for oil, natural gas, and refined products, which have increased both natural gas realizations and refining margins well above the 10-year range.
  • Cash increased by $7.8 billion in the second quarter, as strong cash flow from operating activities more than covered capital investments and shareholder distributions. Free cash flow in the quarter totaled $16.9 billion. Shareholder distributions were $7.6 billion for the quarter, including $3.7 billion of dividends.
  • Net-debt-to-capital ratio improved to 13% reflecting a period-end cash balance of $18.9 billion. The debt-to-capital ratio was 20%, at the low-end of the company's target range.
  • Effective April 1, to improve the effectiveness of operations and to better serve customers, the Corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses. The company also centralized Technology & Engineering and Operations & Sustainability groups to further capture the benefits of technology, scale, and integration. The company has changed its segment reporting to reflect the new structure.
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Re: Exxon Mobil

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ExxonMobil announces 2023 results

SPRING, Texas – February 2, 2024 – Exxon Mobil Corporation today announced fourth-quarter 2023 earnings of $7.6 billion, or $1.91 per share assuming dilution. Fourth-quarter results included unfavorable identified items of $2.3 billion including a $2.0 billion impairment as a result of regulatory obstacles in California that have prevented production and distribution assets from coming back online. Impairments were partly offset by favorable tax and divestment-related items. Earnings excluding identified items were $10.0 billion, or $2.48 per share assuming dilution.

For the full year 2023, the company reported earnings of $36.0 billion, or $8.89 per share assuming dilution.

Som eKey Highlights:
  • Delivered industry-leading 2023 earnings of $36.0 billion, generated $55.4 billion of cash flow from operating activities and distributed $32.4 billion to shareholders
  • Leading industry in compounded annual growth rate for earnings excl. identified items and cash flow since 20192
  • Increased Guyana and Permian production by 18% vs. 2022 and achieved record annual refinery throughput
  • Strengthened portfolio with $4.1 billion of non-core asset divestments, and two acquisitions; one that accelerates Low Carbon Solutions and one that will transform the Upstream business
  • Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030
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