-
Delivered industry-leading 2023 earnings of
$36.0 billion 1, 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 2019 2
-
Increased
Guyana and Permian production by 18% vs. 2022 and achieved record annual refinery throughput 3
-
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 business4
- Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030
Results Summary |
|
||||||||
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
Change vs 3Q23 |
4Q22 |
Change vs 4Q22 |
Dollars in millions (except per share data) |
2023 |
2022 |
Change vs 2022 |
|
7,630 |
9,070 |
-1,440 |
12,750 |
-5,120 |
Earnings ( |
36,010 |
55,740 |
-19,730 |
|
9,963 |
9,117 |
+846 |
14,035 |
-4,072 |
Earnings Excluding Identified Items (non-GAAP) |
38,572 |
59,101 |
-20,529 |
|
|
|
|
|
|
|
|
|
|
|
1.91 |
2.25 |
-0.34 |
3.09 |
-1.18 |
Earnings Per Common Share ⁵ |
8.89 |
13.26 |
-4.37 |
|
2.48 |
2.27 |
+0.21 |
3.40 |
-0.92 |
Earnings Excl. Identified Items Per Common Share ⁵ (non-GAAP) |
9.52 |
14.06 |
-4.54 |
|
|
|
|
|
|
|
|
|
|
|
7,757 |
6,022 |
+1,735 |
7,463 |
+294 |
Capital and Exploration Expenditures |
26,325 |
22,704 |
+3,621 |
“Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” said
“These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished.”
1 |
Reported earnings, share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before |
2 |
Adjusted net income and cash flow from operations sourced from Bloomberg for the industry peer group. 2023 figures for the industry peer group are actuals for companies that reported results on or before |
3 |
Best-ever annual global refining throughput (2000 - 2023) since |
4 |
Announced agreement to merge with Pioneer Natural Resources in |
5 |
Assuming dilution. |
Financial Highlights
-
Fourth-quarter earnings were
$7.6 billion versus$9.1 billion in the third quarter. Identified items decreased earnings by$2.3 billion mainly from asset impairments, partly offset by favorable tax and divestment-related items. Earnings excluding identified items were$10.0 billion , an increase of$0.8 billion from the third-quarter. Results strengthened on favorable derivative mark-to-market impacts, improved volume and mix driven by advantagedGuyana and Permian assets, and stronger chemical margins. These factors were partly offset by lower industry refining margins and seasonally higher expenses.
-
Delivered full-year 2023 earnings of
$36.0 billion and return on capital employed of 15%.
-
Achieved
$9.7 billion of cumulative structural cost savings in 2023 versus 2019, exceeding the$9 billion plan with an additional$2.3 billion of savings during the year and$0.7 billion during the quarter. The company plans to deliver cumulative savings totaling$15 billion through the end of 2027.
-
Generated strong cash flow from operations of
$13.7 billion and free cash flow of$8.0 billion in the fourth quarter. For the full year, cash increased$1.9 billion with free cash flow of$36.1 billion . Peer-leading1 2023 shareholder distributions of$32.4 billion included$14.9 billion of dividends, and$17.4 billion of share repurchases consistent with announced plans.
-
The Corporation declared a first-quarter dividend of
$0.95 per share, payable onMarch 11, 2024 , to shareholders of record of Common Stock at the close of business onFebruary 14, 2024 . Including the 4% increase in fourth-quarter dividend, the company has increased its annual dividend for a peer-leading1 41 consecutive years.
-
The debt-to-capital ratio was 16%, and the net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of
$31.6 billion .
-
The company continued to strengthen its portfolio with the closing of the
East Texas upstream assets divestment in the fourth quarter. Total asset sales and divestments generated$4.1 billion of cash proceeds during the year.
-
Capital and exploration expenditures were
$7.8 billion in the fourth quarter, bringing full-year 2023 expenditures to$26.3 billion , slightly above the top end of the guidance range, as the company opportunistically accelerated activities in the advantaged Permian andGuyana assets, and entered a new lithium business.
1 |
Share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before |
ADVANCING CLIMATE SOLUTIONS
Progress Toward Net Zero
-
In the
Permian Basin ,ExxonMobil made great progress on the plan to achieve net zero GHG emissions by 2030. In 2023, the company electrified all of its drilling fleet and replaced over 6,000 natural-gas-driven pneumatic devices in its unconventional operated assets. In addition,ExxonMobil also deployed its first electric fracturing units to further reduce emissions intensity, and signed additional long-term agreements enabling renewable power capacity to support operations. In the quarter, the company also launched a high-altitude monitoring balloon with advanced imaging technology and data processing platforms that has the potential to provide continuous, real-time methane detection. These efforts supportExxonMobil's industry-leading plans to achieve net-zero Scope 1 and 2 emissions from its unconventional operations in the Permian by 2030.
Lithium
-
In the fourth quarter,
ExxonMobil announced its new MobilTM Lithium business with plans to become a leading producer and growU.S. -based supplies of lithium for the global battery and EV markets. The company's advanced production approach has the potential to produce vast supplies of lithium with fewer environmental impacts than traditional mining operations1. Work is underway for the first phase of lithium production in southwestArkansas , an area known to hold significant lithium deposits.
-
The company is planning first production for 2027. By 2030,
ExxonMobil aims to produce enough MobilTM Lithium with the potential to supply approximately one million EVs per year.
Carbon Capture and Storage
-
In November,
ExxonMobil completed the acquisition of Denbury, Inc. for$4.8 billion ofExxonMobil stock, based on the share price at closing2. The company now has the largest owned and operated carbon dioxide (CO2) pipeline network inthe United States at 1,300 miles, including nearly 925 miles inLouisiana ,Texas andMississippi , one of the largestU.S. markets for CO2 emissions. The company also has access to more than 15 strategically located onshore CO2 storage sites.
1 |
Expected smaller footprint of lithium mining and expected lower carbon and water impacts: EM analysis of external sources and third party life-cycle analyses. 1) |
2 |
Total consideration of |
EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
84 |
1,566 |
2,493 |
|
4,202 |
11,728 |
|
4,065 |
4,559 |
5,708 |
Non- |
17,106 |
24,751 |
|
4,149 |
6,125 |
8,201 |
Worldwide |
21,308 |
36,479 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
1,573 |
1,566 |
2,493 |
|
5,691 |
11,429 |
|
4,693 |
4,573 |
6,269 |
Non- |
17,918 |
27,989 |
|
6,266 |
6,139 |
8,762 |
Worldwide |
23,609 |
39,418 |
|
|
|
|
|
|
|
|
3,824 |
3,688 |
3,822 |
Production (koebd) |
3,738 |
3,737 |
-
Upstream fourth-quarter earnings were
$4.1 billion , a decrease of$2.0 billion from the third quarter. Identified items reduced earnings by$2.1 billion this quarter, mainly from the impairment of the idled Santa Ynez Unit assets inCalifornia due to regulatory challenges restarting production and distribution. Earnings excluding identified items were$6.3 billion , an increase of$127 million . Higher volumes and improved mix, mainly fromGuyana and Permian growth, and stronger gas realizations more than offset lower crude realizations, unfavorable tax impacts, and year-end inventory effects.
-
Net production in the fourth quarter was 3.8 million oil-equivalent barrels per day, an increase of 136,000 oil-equivalent barrels per day compared to the prior quarter on favorable entitlement effects and growth in Permian and
Guyana . Payara, the thirdGuyana development, started up in November ahead of schedule with production reaching nameplate capacity of 220,000 barrels per day in mid-January.
-
Compared to the same quarter last year, earnings decreased
$4.1 billion . Identified items reduced earnings by$2.1 billion this quarter, compared to a reduction of$0.6 billion in the fourth quarter of 2022. Earnings excluding identified items were$6.3 billion , a decrease of$2.5 billion , primarily due to lower natural gas prices. Higher Permian andGuyana volumes and less unfavorable year-end inventory effects provided a partial offset. Net production was flat compared to the same quarter last year. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew about 70,000 oil-equivalent barrels per day.
-
Full-year earnings were
$21.3 billion ,$15.2 billion less than 2022. Identified items for the year reduced earnings by$2.3 billion , compared to an unfavorable$2.9 billion impact last year. Excluding identified items, earnings decreased$15.8 billion on lower liquids and natural gas realizations, and unfavorable unsettled derivatives mark-to-market effects of$2.4 billion , primarily from the absence of favorable impacts in the prior year. Higher volume contributions from improved portfolio mix added nearly$1 billion , as growth fromGuyana and Permian more than offset divestments. Net production in 2023 was 3.7 million oil-equivalent barrels per day, in line with prior year. Production increased 111,000 oil-equivalent barrels per day, excluding impacts from divestments, entitlements, and government-mandated curtailments. Permian andGuyana combined production grew 18% versus 2022.
-
In October,
ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a$59.5 billion all-stock transaction1. The combination is expected to generate double-digit returns by recovering more resources, more efficiently, while accelerating emissions reductions2. The transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval.
1 |
Based on the |
2 |
Expected to leverage Permian GHG reduction plans to accelerate Pioneer's net-zero emissions plan to 2035 from 2050; plan to lower both companies' Permian methane emissions through new technology application. |
Energy Products |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
1,329 |
1,356 |
2,188 |
|
6,123 |
8,340 |
|
1,878 |
1,086 |
1,882 |
Non- |
6,019 |
6,626 |
|
3,207 |
2,442 |
4,070 |
Worldwide |
12,142 |
14,966 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
1,137 |
1,356 |
2,246 |
|
5,931 |
8,398 |
|
1,881 |
1,119 |
2,508 |
Non- |
6,067 |
7,252 |
|
3,018 |
2,475 |
4,754 |
Worldwide |
11,998 |
15,650 |
|
|
|
|
|
|
|
|
5,357 |
5,551 |
5,423 |
Energy Products Sales (kbd) |
5,461 |
5,347 |
-
Energy Products fourth-quarter earnings totaled
$3.2 billion compared to$2.4 billion in the third quarter, an increase of$765 million . A favorable derivatives mark-to-market impact of$1.2 billion and the unwinding of prior quarter unfavorable timing effects more than offset weaker seasonal industry refining margins. Results also improved from favorable tax, year-end inventory impacts, and foreign exchange effects. These factors were partly offset by higher seasonal expenses and lower volumes from higher scheduled maintenance and divestments. Identified items increased earnings by$222 million versus the third quarter. Earnings excluding these items were$3.0 billion for the quarter, an increase of$543 million from the third quarter.
-
Compared to the fourth quarter last year, earnings decreased
$863 million on weaker industry refining margins and higher project-related expenses, partly offset by favorable derivatives mark-to-market effects. Identified items improved earnings by$873 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding these identified items were$3.0 billion ,$1.7 billion lower than the fourth quarter last year.
-
Full-year 2023 earnings were
$12.1 billion , a decrease of$2.8 billion versus 2022 due to the decline in industry refining margins, higher planned maintenance activities and divestments. These factors were partly offset by stronger trading and marketing margins and higher sales volumes from strong reliability and the start-up of theBeaumont refinery expansion. Identified items improved earnings by$828 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding identified items were$12.0 billion , a decrease of$3.7 billion from last year.
-
Refining throughput for the year was 4.1 million barrels per day, up 38,000 barrels per day from 2022. The record throughput on a current refinery circuit basis was supported by strong reliability and the completion of the 250,000 barrels per day
Beaumont refinery expansion in the first quarter of 2023. In addition, with the December completion of the 1.5 million barrels per day strategic Permian crude venture project, both theBeaumont andBaytown refineries have expanded access to advantaged Permian feedstocks.
Chemical Products |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
478 |
338 |
298 |
|
1,626 |
2,328 |
|
(289) |
(89) |
(48) |
Non- |
11 |
1,215 |
|
189 |
249 |
250 |
Worldwide |
1,637 |
3,543 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
446 |
338 |
298 |
|
1,594 |
2,328 |
|
131 |
(89) |
(48) |
Non- |
431 |
1,215 |
|
577 |
249 |
250 |
Worldwide |
2,025 |
3,543 |
|
|
|
|
|
|
|
|
4,776 |
5,108 |
4,658 |
Chemical Products Sales (kt) |
19,382 |
19,167 |
-
Chemical Products fourth-quarter earnings were
$189 million compared to$249 million in the third quarter. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by$388 million . Earnings excluding identified items were$577 million for the quarter, an increase of$328 million from the third quarter. Margins improved from lowerU.S. feed costs and strong performance product sales. Lower overall seasonal sales were partly offset by new volumes from the recently completedBaytown expansion.
-
Current quarter earnings were
$61 million lower compared to fourth-quarter 2022. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by$388 million . Earnings excluding identified items were$577 million ,$327 million higher on improved margins from lower feed costs.
-
Full-year earnings were
$1.6 billion , a decrease of$1.9 billion versus 2022. Lower earnings reflect the overall weaker margin environment from bottom-of-cycle market conditions, higher planned maintenance, and unfavorable sales mix effects. Identified items reduced earnings by$388 million . Earnings excluding identified items were$2.0 billion , a decrease of$1.5 billion from 2022.
Specialty Products |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Earnings/(Loss) ( |
|
|
|
386 |
326 |
406 |
|
1,536 |
1,190 |
|
264 |
293 |
354 |
Non- |
1,178 |
1,225 |
|
650 |
619 |
760 |
Worldwide |
2,714 |
2,415 |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
374 |
326 |
406 |
|
1,524 |
1,190 |
|
369 |
293 |
394 |
Non- |
1,283 |
1,265 |
|
743 |
619 |
800 |
Worldwide |
2,807 |
2,455 |
|
|
|
|
|
|
|
|
1,839 |
1,912 |
1,787 |
Specialty Products Sales (kt) |
7,597 |
7,810 |
-
Specialty Products continued to deliver strong earnings from high-value products. Fourth-quarter earnings were
$650 million , compared to$619 million in the third quarter. Higher margins from improved realizations and lower feed costs, and positive year-end inventory impacts were partly offset by higher seasonal expenses and lower sales volumes. Identified items reduced earnings by$93 million in the quarter.
-
Compared to the same quarter last year, earnings decreased by
$110 million . Weaker basestock margins were mostly offset by favorable year-end inventory impacts, improved reliability and stronger finished lubes margins.
-
Full-year earnings were
$2.7 billion , an increase of$299 million compared with 2022 as product differentiation and brand strength drove sustained business performance. Improved finished lubes margins more than offset lower basestock margins and specialty products sales volumes due to weaker global demand.
Corporate and Financing |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
(565) |
(365) |
(531) |
Earnings/(Loss) ( |
(1,791) |
(1,663) |
|
(641) |
(365) |
(531) |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
(1,867) |
(1,965) |
-
Corporate and Financing fourth-quarter net charges of
$565 million increased$200 million versus the third quarter driven by unfavorable foreign exchange impacts, partly offset by tax-related identified items.
-
Net charges of
$565 million in the fourth quarter of 2023 increased$34 million from the same quarter of 2022.
-
Full-year net charges of
$1.8 billion increased$128 million from 2022 mainly due to the absence of prior year favorable tax-related and other identified items, partly offset by lower financing costs.
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL |
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
8,012 |
9,346 |
13,055 |
Net income/(loss) including noncontrolling interests |
37,354 |
57,577 |
|
7,740 |
4,415 |
5,064 |
Depreciation and depletion (includes impairments) |
20,641 |
24,040 |
|
(2,191) |
1,821 |
(200) |
Changes in operational working capital, excluding cash and debt |
(4,255) |
(194) |
|
121 |
381 |
(298) |
Other |
1,629 |
(4,626) |
|
13,682 |
15,963 |
17,621 |
Cash Flow from Operating Activities ( |
55,369 |
76,797 |
|
|
|
|
|
|
|
|
1,020 |
917 |
1,333 |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
|
14,702 |
16,880 |
18,954 |
Cash Flow from Operations and Asset Sales (non-GAAP) |
59,447 |
82,044 |
|
|
|
|
|
|
|
|
2,191 |
(1,821) |
200 |
Less: Changes in operational working capital, excluding cash and debt |
4,255 |
194 |
|
16,893 |
15,059 |
19,154 |
Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) |
63,702 |
82,238 |
FREE CASH FLOW |
|
|
||||
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
13,682 |
15,963 |
17,621 |
Cash Flow from Operating Activities ( |
55,369 |
76,797 |
|
(6,228) |
(4,920) |
(5,783) |
Additions to property, plant and equipment |
(21,919) |
(18,407) |
|
(1,854) |
(307) |
(2,175) |
Additional investments and advances |
(2,995) |
(3,090) |
|
1,348 |
31 |
1,270 |
Other investing activities including collection of advances |
1,562 |
1,508 |
|
1,020 |
917 |
1,333 |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
|
7,968 |
11,684 |
12,266 |
Free Cash Flow (non-GAAP) |
36,095 |
62,055 |
RETURN ON AVERAGE CAPITAL EMPLOYED |
|
|
|
|
|
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
Net income/(loss) attributable to |
36,010 |
55,740 |
Financing costs (after-tax) |
|
|
Gross third-party debt |
(1,175) |
(1,213) |
|
(307) |
(198) |
All other financing costs – net |
931 |
276 |
Total financing costs |
(551) |
(1,135) |
Earnings/(loss) excluding financing costs (non-GAAP) |
36,561 |
56,875 |
|
|
|
Total assets ( |
376,317 |
369,067 |
Less liabilities and noncontrolling interests share of assets and liabilities |
|
|
Total current liabilities excluding notes and loans payable |
(61,226) |
(68,411) |
Total long-term liabilities excluding long-term debt |
(60,980) |
(56,990) |
Noncontrolling interests share of assets and liabilities |
(8,878) |
(9,205) |
Add |
3,481 |
3,705 |
Total capital employed (non-GAAP) |
248,714 |
238,166 |
|
|
|
Average capital employed (non-GAAP) |
243,440 |
228,404 |
|
|
|
Return on average capital employed – corporate total (non-GAAP) |
15.0% |
24.9% |
CALCULATION OF STRUCTURAL COST SAVINGS |
|
||||
|
|
|
|
|
|
Dollars in billions |
2019 |
|
|
|
2023 |
Components of Operating Costs |
|
|
|
|
|
From ExxonMobil’s Consolidated Statement of Income
( |
|
|
|
|
|
Production and manufacturing expenses |
36.8 |
|
|
|
36.9 |
Selling, general and administrative expenses |
11.4 |
|
|
|
9.9 |
Depreciation and depletion (includes impairments) |
19.0 |
|
|
|
20.6 |
Exploration expenses, including dry holes |
1.3 |
|
|
|
0.8 |
Non-service pension and postretirement benefit expense |
1.2 |
|
|
|
0.7 |
Subtotal |
69.7 |
|
|
|
68.9 |
ExxonMobil’s share of equity company expenses (non-GAAP) |
9.1 |
|
|
|
10.5 |
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
|
|
|
79.4 |
|
|
|
|
|
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
|
|
|
79.4 |
Less: |
|
|
|
|
|
Depreciation and depletion (includes impairments) |
19.0 |
|
|
|
20.6 |
Non-service pension and postretirement benefit expense |
1.2 |
|
|
|
0.7 |
Other adjustments (includes equity company depreciation and depletion) |
3.6 |
|
|
|
3.7 |
Total Cash Operating Expenses (Cash Opex) (non-GAAP) |
55.0 |
|
|
|
54.4 |
|
|
|
|
|
|
Energy and production taxes (non-GAAP) |
11.0 |
|
|
|
14.9 |
|
|
|
|
|
|
|
|
Market |
Activity / Other |
Structural Savings |
|
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
44.0 |
+3.6 |
+1.6 |
-9.7 |
39.5 |
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
Important Information about the Pioneer Transaction and Where to Find It
In connection with the proposed transaction between
This communication is not a substitute for the Form S-4, proxy statement or prospectus or any other document that
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EXXONMOBIL AND PIONEER ARE URGED TO READ THE FORM S-4, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE
Investors and security holders may obtain free copies of the Form S-4 and the proxy statement/prospectus (when they become available), as well as other filings containing important information about
Participants in the Solicitation
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
Cautionary Statement
Statements related to future events; 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 biofuels, hydrogen and other plans to reduce emissions of
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. However, the Global Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world, or
Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or requiring disclosure in our filing with the
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 8.
This press release also includes 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 8.
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
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 8.
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
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.
Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year.
Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet, along with total equity.
Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is net of cash and cash equivalents, excluding restricted cash.
This press release also references structural cost savings, for more details see page 9.
Reference to Earnings
References to corporate earnings mean net income attributable to
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 |
Twelve Months Ended
|
||
2023 |
2022 |
2023 |
2022 |
|
Revenues and other income |
|
|
|
|
Sales and other operating revenue |
81,688 |
93,164 |
334,697 |
398,675 |
Income from equity affiliates |
1,165 |
605 |
6,385 |
11,463 |
Other income |
1,491 |
1,660 |
3,500 |
3,542 |
Total revenues and other income |
84,344 |
95,429 |
344,582 |
413,680 |
Costs and other deductions |
|
|
|
|
Crude oil and product purchases |
46,352 |
50,761 |
193,029 |
228,959 |
Production and manufacturing expenses |
9,893 |
10,365 |
36,885 |
42,609 |
Selling, general and administrative expenses |
2,591 |
2,832 |
9,919 |
10,095 |
Depreciation and depletion (includes impairments) |
7,740 |
5,064 |
20,641 |
24,040 |
Exploration expenses, including dry holes |
139 |
348 |
751 |
1,025 |
Non-service pension and postretirement benefit expense |
217 |
100 |
714 |
482 |
Interest expense |
272 |
207 |
849 |
798 |
Other taxes and duties |
6,515 |
6,910 |
29,011 |
27,919 |
Total costs and other deductions |
73,719 |
76,587 |
291,799 |
335,927 |
Income/(Loss) before income taxes |
10,625 |
18,842 |
52,783 |
77,753 |
Income tax expense/(benefit) |
2,613 |
5,787 |
15,429 |
20,176 |
Net income/(loss) including noncontrolling interests |
8,012 |
13,055 |
37,354 |
57,577 |
Net income/(loss) attributable to noncontrolling interests |
382 |
305 |
1,344 |
1,837 |
Net income/(loss) attributable to |
7,630 |
12,750 |
36,010 |
55,740 |
|
|
|
|
|
OTHER FINANCIAL DATA |
|
|
|
|
Dollars in millions (unless otherwise noted) |
Three Months Ended |
Twelve Months Ended
|
||
2023 |
2022 |
2023 |
2022 |
|
Earnings per common share ( |
1.91 |
3.09 |
8.89 |
13.26 |
Earnings per common share - assuming dilution ( |
1.91 |
3.09 |
8.89 |
13.26 |
|
|
|
|
|
Dividends on common stock |
|
|
|
|
Total |
3,839 |
3,767 |
14,941 |
14,939 |
Per common share ( |
0.95 |
0.91 |
3.68 |
3.55 |
|
|
|
|
|
Millions of common shares outstanding |
|
|
|
|
Average - assuming dilution |
4,010 |
4,138 |
4,052 |
4,205 |
|
|
|
|
|
Taxes |
|
|
|
|
Income taxes |
2,613 |
5,787 |
15,429 |
20,176 |
Total other taxes and duties |
7,308 |
7,754 |
32,191 |
31,455 |
Total taxes |
9,921 |
13,541 |
47,620 |
51,631 |
Sales-based taxes |
5,792 |
6,113 |
24,693 |
25,434 |
Total taxes including sales-based taxes |
15,713 |
19,654 |
72,313 |
77,065 |
|
|
|
|
|
|
843 |
1,512 |
3,058 |
7,594 |
ATTACHMENT I-b |
||
CONDENSED CONSOLIDATED BALANCE SHEET |
||
(Preliminary) |
||
Dollars in millions (unless otherwise noted) |
|
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
31,539 |
29,640 |
Cash and cash equivalents – restricted |
29 |
25 |
Notes and accounts receivable – net |
38,015 |
41,749 |
Inventories |
|
|
Crude oil, products and merchandise |
20,528 |
20,434 |
Materials and supplies |
4,592 |
4,001 |
Other current assets |
1,906 |
1,782 |
Total current assets |
96,609 |
97,631 |
Investments, advances and long-term receivables |
47,630 |
49,793 |
Property, plant and equipment – net |
214,940 |
204,692 |
Other assets, including intangibles – net |
17,138 |
16,951 |
Total Assets |
376,317 |
369,067 |
|
|
|
LIABILITIES |
|
|
Current liabilities |
|
|
Notes and loans payable |
4,090 |
634 |
Accounts payable and accrued liabilities |
58,037 |
63,197 |
Income taxes payable |
3,189 |
5,214 |
Total current liabilities |
65,316 |
69,045 |
Long-term debt |
37,483 |
40,559 |
Postretirement benefits reserves |
10,496 |
10,045 |
Deferred income tax liabilities |
24,452 |
22,874 |
Long-term obligations to equity companies |
1,804 |
2,338 |
Other long-term obligations |
24,228 |
21,733 |
Total Liabilities |
163,779 |
166,594 |
|
|
|
EQUITY |
|
|
Common stock without par value |
|
|
(9,000 million shares authorized, 8,019 million shares issued) |
17,781 |
15,752 |
Earnings reinvested |
453,927 |
432,860 |
Accumulated other comprehensive income |
(11,989) |
(13,270) |
Common stock held in treasury |
|
|
(4,048 million shares at |
(254,917) |
(240,293) |
|
204,802 |
195,049 |
Noncontrolling interests |
7,736 |
7,424 |
Total Equity |
212,538 |
202,473 |
Total Liabilities and Equity |
376,317 |
369,067 |
ATTACHMENT I-c |
||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
||
(Preliminary) |
||
Dollars in millions (unless otherwise noted) |
Twelve Months Ended
|
|
2023 |
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income/(loss) including noncontrolling interests |
37,354 |
57,577 |
Depreciation and depletion (includes impairments) |
20,641 |
24,040 |
Changes in operational working capital, excluding cash and debt |
(4,255) |
(194) |
All other items – net |
1,629 |
(4,626) |
Net cash provided by operating activities |
55,369 |
76,797 |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Additions to property, plant and equipment |
(21,919) |
(18,407) |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
Additional investments and advances |
(2,995) |
(3,090) |
Other investing activities including collection of advances |
1,562 |
1,508 |
Net cash used in investing activities |
(19,274) |
(14,742) |
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Additions to long-term debt ¹ |
939 |
637 |
Reductions in long-term debt |
(15) |
(5) |
Additions to short-term debt |
— |
198 |
Reductions in short-term debt |
(879) |
(8,075) |
Additions/(Reductions) in debt with three months or less maturity |
(284) |
25 |
Contingent consideration payments |
(68) |
(58) |
Cash dividends to |
(14,941) |
(14,939) |
Cash dividends to noncontrolling interests |
(531) |
(267) |
Changes in noncontrolling interests |
(770) |
(1,475) |
Common stock acquired |
(17,748) |
(15,155) |
Net cash provided by (used in) financing activities |
(34,297) |
(39,114) |
Effects of exchange rate changes on cash |
105 |
(78) |
Increase/(Decrease) in cash and cash equivalents |
1,903 |
22,863 |
Cash and cash equivalents at beginning of period |
29,665 |
6,802 |
Cash and cash equivalents at end of period |
31,568 |
29,665 |
|
|
|
1 Includes |
ATTACHMENT II-a |
||||||
|
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
7,630 |
9,070 |
12,750 |
Earnings/(Loss) ( |
36,010 |
55,740 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
(3,040) |
— |
(530) |
Impairments |
(3,040) |
(4,202) |
|
305 |
— |
— |
Gain/(Loss) on sale of assets |
305 |
886 |
|
577 |
(47) |
(1,825) |
Tax-related items |
348 |
(1,501) |
|
(175) |
— |
1,070 |
Other |
(175) |
1,456 |
|
(2,333) |
(47) |
(1,285) |
Total Identified Items |
(2,562) |
(3,361) |
|
|
|
|
|
|
|
|
9,963 |
9,117 |
14,035 |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
38,572 |
59,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Dollars per common share |
2023 |
2022 |
|
1.91 |
2.25 |
3.09 |
Earnings/(Loss) Per Common Share ¹ ( |
8.89 |
13.26 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items Per Common Share ¹ |
|
|
|
(0.75) |
— |
(0.13) |
Impairments |
(0.75) |
(1.00) |
|
0.08 |
— |
— |
Gain/(Loss) on sale of assets |
0.08 |
0.21 |
|
0.14 |
(0.01) |
(0.44) |
Tax-related items |
0.08 |
(0.36) |
|
(0.04) |
— |
0.26 |
Other |
(0.04) |
0.35 |
|
(0.57) |
(0.01) |
(0.31) |
Total Identified Items Per Common Share ¹ |
(0.63) |
(0.80) |
|
|
|
|
|
|
|
|
2.48 |
2.27 |
3.40 |
Earnings/(Loss) Excl. Identified Items Per Common Share ¹ (non-GAAP) |
9.52 |
14.06 |
|
|
|
|
|
|
|
|
1 Assuming dilution. |
ATTACHMENT II-b |
||||||||||
|
||||||||||
Fourth Quarter 2023 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
84 |
4,065 |
1,329 |
1,878 |
478 |
(289) |
386 |
264 |
(565) |
7,630 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
(1,978) |
(686) |
— |
— |
(21) |
(273) |
— |
(82) |
— |
(3,040) |
Gain/(Loss) on sale of assets |
305 |
— |
— |
— |
— |
— |
— |
— |
— |
305 |
Tax-related items |
184 |
58 |
192 |
(3) |
53 |
— |
12 |
5 |
76 |
577 |
Other |
— |
— |
— |
— |
— |
(147) |
— |
(28) |
— |
(175) |
Total Identified Items |
(1,489) |
(628) |
192 |
(3) |
32 |
(420) |
12 |
(105) |
76 |
(2,333) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
1,573 |
4,693 |
1,137 |
1,881 |
446 |
131 |
374 |
369 |
(641) |
9,963 |
Third Quarter 2023 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
1,566 |
4,559 |
1,356 |
1,086 |
338 |
(89) |
326 |
293 |
(365) |
9,070 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Tax-related items |
— |
(14) |
— |
(33) |
— |
— |
— |
— |
— |
(47) |
Total Identified Items |
— |
(14) |
— |
(33) |
— |
— |
— |
— |
— |
(47) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
1,566 |
4,573 |
1,356 |
1,119 |
338 |
(89) |
326 |
293 |
(365) |
9,117 |
Fourth Quarter 2022 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
2,493 |
5,708 |
2,188 |
1,882 |
298 |
(48) |
406 |
354 |
(531) |
12,750 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
— |
(216) |
(58) |
(216) |
— |
— |
— |
(40) |
— |
(530) |
Tax-related items |
— |
(1,415) |
— |
(410) |
— |
— |
— |
— |
— |
(1,825) |
Other |
— |
1,070 |
— |
— |
— |
— |
— |
— |
— |
1,070 |
Total Identified Items |
— |
(561) |
(58) |
(626) |
— |
— |
— |
(40) |
— |
(1,285) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
2,493 |
6,269 |
2,246 |
2,508 |
298 |
(48) |
406 |
394 |
(531) |
14,035 |
2023 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
4,202 |
17,106 |
6,123 |
6,019 |
1,626 |
11 |
1,536 |
1,178 |
(1,791) |
36,010 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
(1,978) |
(686) |
— |
— |
(21) |
(273) |
— |
(82) |
— |
(3,040) |
Gain/(Loss) on sale of assets |
305 |
— |
— |
— |
— |
— |
— |
— |
— |
305 |
Tax-related items |
184 |
(126) |
192 |
(48) |
53 |
— |
12 |
5 |
76 |
348 |
Other |
— |
— |
— |
— |
— |
(147) |
— |
(28) |
— |
(175) |
Total Identified Items |
(1,489) |
(812) |
192 |
(48) |
32 |
(420) |
12 |
(105) |
76 |
(2,562) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
5,691 |
17,918 |
5,931 |
6,067 |
1,594 |
431 |
1,524 |
1,283 |
(1,867) |
38,572 |
2022 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
11,728 |
24,751 |
8,340 |
6,626 |
2,328 |
1,215 |
1,190 |
1,225 |
(1,663) |
55,740 |
|
|
|
|
|
|
|
|
|
|
|
Identified Items |
|
|
|
|
|
|
|
|
|
|
Impairments |
— |
(3,790) |
(58) |
(216) |
— |
— |
— |
(40) |
(98) |
(4,202) |
Gain/(Loss) on sale of assets |
299 |
587 |
— |
— |
— |
— |
— |
— |
— |
886 |
Tax-related items |
— |
(1,415) |
— |
(410) |
— |
— |
— |
— |
324 |
(1,501) |
Other |
— |
1,380 |
— |
— |
— |
— |
— |
— |
76 |
1,456 |
Total Identified Items |
299 |
(3,238) |
(58) |
(626) |
— |
— |
— |
(40) |
302 |
(3,361) |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
11,429 |
27,989 |
8,398 |
7,252 |
2,328 |
1,215 |
1,190 |
1,265 |
(1,965) |
59,101 |
ATTACHMENT III |
||||||
|
||||||
4Q23 |
3Q23 |
4Q22 |
Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) |
2023 |
2022 |
|
851 |
756 |
789 |
|
803 |
776 |
|
709 |
655 |
682 |
|
664 |
588 |
|
3 |
4 |
4 |
|
4 |
4 |
|
231 |
229 |
223 |
|
221 |
238 |
|
722 |
713 |
725 |
|
721 |
705 |
|
34 |
40 |
38 |
|
36 |
43 |
|
2,550 |
2,397 |
2,461 |
Worldwide |
2,449 |
2,354 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Net natural gas production available for sale, million cubic feet per day (mcfd) |
2023 |
2022 |
|
2,262 |
2,271 |
2,383 |
|
2,311 |
2,551 |
|
98 |
94 |
74 |
|
96 |
148 |
|
367 |
368 |
536 |
|
414 |
667 |
|
149 |
129 |
89 |
|
125 |
71 |
|
3,486 |
3,528 |
3,704 |
|
3,490 |
3,418 |
|
1,283 |
1,358 |
1,381 |
|
1,298 |
1,440 |
|
7,645 |
7,748 |
8,167 |
Worldwide |
7,734 |
8,295 |
|
|
|
|
|
|
|
|
3,824 |
3,688 |
3,822 |
Oil-equivalent production (koebd)¹ |
3,738 |
3,737 |
|
|
|
|
|
|
|
|
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
|
ATTACHMENT IV |
||||||
|
||||||
4Q23 |
3Q23 |
4Q22 |
Refinery throughput, thousand barrels per day (kbd) |
2023 |
2022 |
|
1,933 |
1,868 |
1,694 |
|
1,848 |
1,702 |
|
407 |
415 |
433 |
|
407 |
418 |
|
1,014 |
1,251 |
1,157 |
|
1,166 |
1,192 |
|
450 |
517 |
532 |
|
498 |
539 |
|
82 |
164 |
167 |
Other |
149 |
179 |
|
3,886 |
4,215 |
3,983 |
Worldwide |
4,068 |
4,030 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Energy Products sales, thousand barrels per day (kbd) |
2023 |
2022 |
|
2,704 |
2,626 |
2,507 |
|
2,633 |
2,426 |
|
2,653 |
2,925 |
2,916 |
Non- |
2,828 |
2,921 |
|
5,357 |
5,551 |
5,423 |
Worldwide |
5,461 |
5,347 |
|
|
|
|
|
|
|
|
2,255 |
2,316 |
2,270 |
Gasolines, naphthas |
2,288 |
2,232 |
|
1,735 |
1,834 |
1,798 |
Heating oils, kerosene, diesel |
1,795 |
1,774 |
|
328 |
358 |
349 |
Aviation fuels |
336 |
338 |
|
185 |
229 |
210 |
Heavy fuels |
214 |
235 |
|
854 |
814 |
796 |
Other energy products |
829 |
768 |
|
5,357 |
5,551 |
5,423 |
Worldwide |
5,461 |
5,347 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Chemical Products sales, thousand metric tons (kt) |
2023 |
2022 |
|
1,743 |
1,750 |
1,583 |
|
6,779 |
7,270 |
|
3,033 |
3,358 |
3,076 |
Non- |
12,603 |
11,897 |
|
4,776 |
5,108 |
4,658 |
Worldwide |
19,382 |
19,167 |
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Specialty Products sales, thousand metric tons (kt) |
2023 |
2022 |
|
473 |
498 |
455 |
|
1,962 |
2,049 |
|
1,367 |
1,414 |
1,332 |
Non- |
5,635 |
5,762 |
|
1,839 |
1,912 |
1,787 |
Worldwide |
7,597 |
7,810 |
ATTACHMENT V |
||||||
|
||||||
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
Upstream |
|
|
|
2,258 |
2,241 |
2,118 |
|
8,813 |
6,968 |
|
3,512 |
2,560 |
3,297 |
Non- |
10,948 |
10,034 |
|
5,770 |
4,801 |
5,415 |
Total |
19,761 |
17,002 |
|
|
|
|
|
|
|
|
|
|
|
Energy Products |
|
|
|
227 |
261 |
343 |
|
1,195 |
1,351 |
|
485 |
386 |
405 |
Non- |
1,580 |
1,059 |
|
712 |
647 |
748 |
Total |
2,775 |
2,410 |
|
|
|
|
|
|
|
|
|
|
|
Chemical Products |
|
|
|
211 |
103 |
332 |
|
751 |
1,123 |
|
641 |
268 |
824 |
Non- |
1,962 |
1,842 |
|
852 |
371 |
1,156 |
Total |
2,713 |
2,965 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Products |
|
|
|
22 |
16 |
12 |
|
63 |
46 |
|
127 |
95 |
90 |
Non- |
391 |
222 |
|
149 |
111 |
102 |
Total |
454 |
268 |
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
274 |
92 |
42 |
Other |
622 |
59 |
|
|
|
|
|
|
|
|
7,757 |
6,022 |
7,463 |
Worldwide |
26,325 |
22,704 |
|
|
|
|
|
|
|
|
CASH CAPITAL EXPENDITURES |
||||||
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
6,228 |
4,920 |
5,783 |
Additions to property, plant and equipment |
21,919 |
18,407 |
|
506 |
276 |
905 |
Net investments and advances |
1,433 |
1,582 |
|
6,734 |
5,196 |
6,688 |
Total Cash Capital Expenditures |
23,352 |
19,989 |
|
|
|
|
|
|
|
ATTACHMENT VI |
|||||||||
|
|||||||||
Results Summary |
|
||||||||
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
Change vs 3Q23 |
4Q22 |
Change vs 4Q22 |
Dollars in millions (except per share data) |
2023 |
2022 |
Change vs 2022 |
|
7,630 |
9,070 |
-1,440 |
12,750 |
-5,120 |
Earnings ( |
36,010 |
55,740 |
-19,730 |
|
9,963 |
9,117 |
+846 |
14,035 |
-4,072 |
Earnings Excluding Identified Items (non-GAAP) |
38,572 |
59,101 |
-20,529 |
|
|
|
|
|
|
|
|
|
|
|
1.91 |
2.25 |
-0.34 |
3.09 |
-1.18 |
Earnings Per Common Share ¹ |
8.89 |
13.26 |
-4.37 |
|
2.48 |
2.27 |
+0.21 |
3.40 |
-0.92 |
Earnings Excl. Identified Items Per Common Share ¹
|
9.52 |
14.06 |
-4.54 |
|
|
|
|
|
|
|
|
|
|
|
7,757 |
6,022 |
+1,735 |
7,463 |
+294 |
Capital and Exploration Expenditures |
26,325 |
22,704 |
+3,621 |
|
|
|
|
|
|
|
|
|
|
|
1 Assuming dilution. |
ATTACHMENT VII |
|||||
|
|||||
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 |
9,070 |
19,660 |
6,750 |
(680) |
3,170 |
Fourth Quarter |
7,630 |
12,750 |
8,870 |
(20,070) |
5,690 |
Full Year |
36,010 |
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 |
2.25 |
4.68 |
1.57 |
(0.15) |
0.75 |
Fourth Quarter |
1.91 |
3.09 |
2.08 |
(4.70) |
1.33 |
Full Year |
8.89 |
13.26 |
5.39 |
(5.25) |
3.36 |
|
|
|
|
|
|
1 Computed using the average number of shares outstanding during each period; assuming dilution. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201689947/en/
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