ExxonMobil Announces First-Quarter 2024 Results
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Generated strong first-quarter earnings of
$8.2 billion and$14.7 billion of cash flow from operating activities
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Achieved quarterly gross production of more than 600,000 oil-equivalent barrels per day in
Guyana and reached a final investment decision on the sixth major development
- Grew performance chemical sales volumes and delivered record first-quarter refining throughput1 while maintaining excellent turnaround performance
- Reduced operated methane emissions intensity by more than 60% since 20162
- Investing in technology to extend our reach to new high-value, high-growth markets including advanced recycling, ProxximaTM, carbon materials and direct air capture of carbon dioxide
Results Summary |
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Dollars in millions (except per share data) |
1Q24 |
4Q23 |
Change
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1Q23 |
Change
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Earnings ( |
8,220 |
7,630 |
+590 |
11,430 |
-3,210 |
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Earnings Excluding Identified Items (non-GAAP) |
8,220 |
9,963 |
-1,743 |
11,618 |
-3,398 |
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Earnings Per Common Share ³ |
2.06 |
1.91 |
+0.15 |
2.79 |
-0.73 |
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Earnings Excluding Identified Items Per Common Share (non-GAAP) ³ |
2.06 |
2.48 |
-0.42 |
2.83 |
-0.77 |
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Capital and Exploration Expenditures |
5,839 |
7,757 |
-1,918 |
6,380 |
-541 |
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“Our strategy and focus on execution excellence is creating significant value for society and our shareholders,” said
“We delivered a strong quarter with continued growth in advantaged assets, such as
1 Highest first-quarter global refinery throughput (2000-2024) since |
2 Based on year-end 2023 data. |
3 Assuming dilution. |
Financial Highlights
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First-quarter earnings were
$8.2 billion versus$11.4 billion in the first quarter of 2023. Earnings excluding identified items were$8.2 billion compared to$11.6 billion in the same quarter last year. Earnings decreased as industry refining margins and natural gas prices came down from last year's highs to trade within the ten-year historical range1. Timing effects from unsettled derivative mark-to-market impacts and other primarily non-cash impacts from tax and inventory adjustments as well as divestments contributed to the lower earnings. Strong advantaged volume growth primarily fromGuyana and theBeaumont refinery expansion, and structural cost savings helped to offset lower base volumes from divestments, unfavorable entitlements and government-mandated curtailments, and higher expenses from scheduled maintenance.
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Achieved
$10.1 billion of cumulative Structural Cost Savings versus 2019 with an additional$0.4 billion during the quarter. The company plans to deliver cumulative savings totaling$15 billion through the end of 2027.
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Generated strong cash flow from operations of
$14.7 billion and free cash flow of$10.1 billion in the first quarter. Shareholder distributions of$6.8 billion in the quarter included$3.8 billion of dividends and$3.0 billion of share repurchases. The share-repurchase program was paused briefly following the Pioneer S-4 filing and resumed after Pioneer's special shareholder meeting. The annual pace of share repurchases will increase to$20 billion per year after the transaction closes, assuming reasonable market conditions.
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The Corporation declared a second-quarter dividend of
$0.95 per share, payable onJune 10, 2024 , to shareholders of record of Common Stock at the close of business onMay 15, 2024 .
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The company's debt-to-capital ratio was 16% and the net-debt-to-capital ratio was 3%, reflecting a period-end cash balance of
$33.3 billion .
* The earnings factors have been updated to provide additional visibility into drivers of our business results starting this first quarter of 2024. The company evaluates these factors periodically to determine if any enhancements may provide helpful insights to the market. See page 8 for definitions of these new factors. |
1 10-year range includes 2010-2019, a representative 10-year business cycle which avoids the extreme outliers in both directions that the market experienced in the past four years. |
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EARNINGS AND VOLUME SUMMARY BY SEGMENT |
Upstream |
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Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
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Earnings/(Loss) ( |
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1,054 |
84 |
1,632 |
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Non- |
4,606 |
4,065 |
4,825 |
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Worldwide |
5,660 |
4,149 |
6,457 |
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Earnings/(Loss) Excluding Identified Items (non-GAAP) |
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1,054 |
1,573 |
1,632 |
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Non- |
4,606 |
4,693 |
4,983 |
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Worldwide |
5,660 |
6,266 |
6,615 |
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Production (koebd) |
3,784 |
3,824 |
3,831 |
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Upstream first-quarter earnings were
$5.7 billion , a decrease of$797 million compared to the same quarter last year. The prior-year period was negatively impacted by tax-related identified items. Excluding identified items, earnings decreased$955 million driven by a 32% decrease in natural gas realizations and other primarily non-cash impacts from tax and inventory adjustments as well as divestments. These factors were partially offset by a 4% increase in liquids realizations and less unfavorable timing effects mainly from derivatives mark-to-market impacts. Net production was 47,000 oil-equivalent barrels per day lower than the same quarter last year with the growth in advantagedGuyana volumes more than offsetting the earnings impact from lower base volumes due to divestments, government-mandated curtailments and unfavorable entitlement effects. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew 77,000 oil-equivalent barrels per day driven by the start-up of the Payara development inGuyana . Payara reached nameplate capacity of 220,000 barrels per day in mid-January, ahead of schedule, demonstrating excellence in project execution and operations.
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Compared to the fourth quarter, earnings increased
$1.5 billion driven by the absence of identified items of$2.1 billion mainly from the impairment of the idled Santa Ynez Unit assets inCalifornia . Earnings excluding identified items decreased from$6.3 billion to$5.7 billion . Advantaged asset volume growth fromGuyana provided a partial offset to lower natural gas realizations and lower base volumes due to unfavorable sales timing and entitlement impacts. Net production in the first quarter was 3.8 million oil-equivalent barrels per day, a decrease of 40,000 oil-equivalent barrels per day compared to the fourth quarter. Excluding divestments, entitlements and government-mandated curtailments, net production increased 57,000 oil-equivalent barrels per day.
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The company announced a final investment decision for the Whiptail development in
Guyana . This is the sixth offshore project and is expected to add approximately 250,000 oil-equivalent barrels per day of gross capacity with start-up targeted by year-end 2027. Construction is underway on the Floating Production Storage and Offloading vessels for the Yellowtail and Uaru projects, with Yellowtail anticipated to start production in 2025 and Uaru targeted for 2026. In addition, one new exploration discovery was made this year in the Stabroek block.
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In
October 2023 ,ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a$59.5 billion all-stock transaction1. The transaction was approved by Pioneer shareholders. The transaction close is anticipated in the second quarter of 2024, pending regulatory approval.
1
Based on the |
Energy Products |
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Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
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Earnings/(Loss) ( |
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836 |
1,329 |
1,910 |
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Non- |
540 |
1,878 |
2,273 |
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Worldwide |
1,376 |
3,207 |
4,183 |
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Earnings/(Loss) Excluding Identified Items (non-GAAP) |
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836 |
1,137 |
1,910 |
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Non- |
540 |
1,881 |
2,303 |
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Worldwide |
1,376 |
3,018 |
4,213 |
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Energy Products Sales (kbd) |
5,232 |
5,357 |
5,277 |
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Energy Products first-quarter earnings totaled
$1.4 billion , a decrease of$2.8 billion compared to the same quarter last year due to weaker industry refining margins and unfavorable timing effects mainly from derivatives mark-to-market impacts. Earnings improvements from the advantagedBeaumont refinery expansion project, as well as structural cost savings, partly offset lower base volumes from divestments and higher scheduled maintenance expenses. Strong turnaround performance reduced labor costs and facility downtime, which helped to mitigate expenses related to the scheduled maintenance.
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Compared to the fourth quarter, earnings decreased
$1.8 billion driven by timing effects, as well as lower base volumes and higher expenses from scheduled maintenance. Earnings were also reduced by other primarily non-cash effects from tax and inventory adjustments. These factors were partly offset by improved industry refining margins. Absence of fourth-quarter identified items decreased earnings by$189 million .
Chemical Products |
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Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
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Earnings/(Loss) ( |
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504 |
478 |
324 |
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Non- |
281 |
(289) |
47 |
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Worldwide |
785 |
189 |
371 |
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Earnings/(Loss) Excluding Identified Items (non-GAAP) |
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504 |
446 |
324 |
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Non- |
281 |
131 |
47 |
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Worldwide |
785 |
577 |
371 |
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Chemical Products Sales (kt) |
5,054 |
4,776 |
4,649 |
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Chemical Products earnings were
$785 million , an increase of$414 million compared to the same quarter last year. Despite continued bottom-of-cycle conditions, results improved with higher margins due to lower North American feed costs and higher margins from performance chemicals more than offsetting the decline in industry margins for polyethylene and polypropylene. Earnings were further supported by advantaged performance product volumes growth, reflecting advantaged investments including the recent Baytown Chemical Expansion. Base volumes also improved from lower scheduled maintenance and strong reliability duringU.S. Gulf Coast weather events.
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Compared to the fourth quarter, earnings improved by
$596 million . The absence of prior quarter identified items mainly associated with asset impairments and other financial reserves improved earnings by$388 million . Earnings excluding identified items increased$208 million from the fourth quarter driven by higher base volumes and improved margins from strengthening of the North American feed advantage.
Specialty Products |
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Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
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Earnings/(Loss) ( |
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404 |
386 |
451 |
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Non- |
357 |
264 |
323 |
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Worldwide |
761 |
650 |
774 |
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Earnings/(Loss) Excluding Identified Items (non-GAAP) |
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404 |
374 |
451 |
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Non- |
357 |
369 |
323 |
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Worldwide |
761 |
743 |
774 |
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Specialty Product Sales (kt) |
1,959 |
1,839 |
1,940 |
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Specialty Products earnings were
$761 million , compared to$774 million in the same quarter last year. Improved finished lubes margins and structural cost savings offset weaker basestock margins and higher base expenses.
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Earnings increased
$111 million versus the fourth quarter. The absence of identified items in the quarter improved earnings by$93 million . Earnings benefited from stronger finished lubes margins due to lower feed costs and growth in high-value product sales. Seasonally higher base sales volumes and seasonally lower marketing expenses also contributed to the higher earnings. These factors were offset by weaker basestock margins and the absence of favorable year-end inventory impacts.
Corporate and Financing |
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Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
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Earnings/(Loss) ( |
(362) |
(565) |
(355) |
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Earnings/(Loss) Excluding Identified Items (non-GAAP) |
(362) |
(641) |
(355) |
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Corporate and Financing reported first-quarter net charges of
$362 million , an increase of$7 million from the same quarter last year.
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Net charges decreased
$203 million versus the fourth quarter driven by lower financing and corporate costs, partly offset by the absence of favorable tax-related identified items.
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CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL |
Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
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Net income/(loss) including noncontrolling interests |
8,566 |
8,012 |
11,843 |
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Depreciation and depletion (includes impairments) |
4,812 |
7,740 |
4,244 |
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Changes in operational working capital, excluding cash and debt |
2,008 |
(2,191) |
(302) |
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Other |
(722) |
121 |
556 |
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Cash Flow from Operating Activities ( |
14,664 |
13,682 |
16,341 |
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Proceeds from asset sales and returns of investments |
703 |
1,020 |
854 |
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Cash Flow from Operations and Asset Sales (non-GAAP) |
15,367 |
14,702 |
17,195 |
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Less: Changes in operational working capital, excluding cash and debt |
(2,008) |
2,191 |
302 |
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Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) |
13,359 |
16,893 |
17,497 |
FREE CASH FLOW |
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Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
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Cash Flow from Operating Activities ( |
14,664 |
13,682 |
16,341 |
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Additions to property, plant and equipment |
(5,074) |
(6,228) |
(5,412) |
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Additional investments and advances |
(421) |
(1,854) |
(445) |
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Other investing activities including collection of advances |
215 |
1,348 |
78 |
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Proceeds from asset sales and returns of investments |
703 |
1,020 |
854 |
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Free Cash Flow (non-GAAP) |
10,087 |
7,968 |
11,416 |
CALCULATION OF STRUCTURAL COST SAVINGS |
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Dollars in billions (unless otherwise noted) |
Twelve Months
Ended |
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Three Months
Ended |
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2019 |
2023 |
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2023 |
2024 |
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Components of Operating Costs |
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From ExxonMobil’s Consolidated Statement of Income
( |
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Production and manufacturing expenses |
36.8 |
36.9 |
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9.4 |
9.1 |
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Selling, general and administrative expenses |
11.4 |
9.9 |
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2.4 |
2.5 |
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Depreciation and depletion (includes impairments) |
19.0 |
20.6 |
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4.2 |
4.8 |
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Exploration expenses, including dry holes |
1.3 |
0.8 |
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0.1 |
0.1 |
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Non-service pension and postretirement benefit expense |
1.2 |
0.7 |
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0.2 |
— |
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Subtotal |
69.7 |
68.9 |
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16.4 |
16.5 |
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ExxonMobil’s share of equity company expenses (non-GAAP) |
9.1 |
10.5 |
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2.7 |
2.4 |
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Total Adjusted Operating Costs (non-GAAP) |
78.8 |
79.4 |
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19.1 |
18.9 |
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Total Adjusted Operating Costs (non-GAAP) |
78.8 |
79.4 |
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19.1 |
18.9 |
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Less: |
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Depreciation and depletion (includes impairments) |
19.0 |
20.6 |
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4.2 |
4.8 |
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Non-service pension and postretirement benefit expense |
1.2 |
0.7 |
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0.2 |
— |
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Other adjustments (includes equity company depreciation and depletion) |
3.6 |
3.7 |
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0.8 |
0.9 |
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Total Cash Operating Expenses (Cash Opex) (non-GAAP) |
55.0 |
54.4 |
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13.9 |
13.2 |
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Energy and production taxes (non-GAAP) |
11.0 |
14.9 |
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4.3 |
3.4 |
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Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
44.0 |
39.5 |
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9.6 |
9.8 |
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Change vs 2019 |
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Change vs 2023 |
Estimated Cumulative vs 2019 |
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Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
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-4.5 |
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+0.2 |
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Market |
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+3.6 |
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+0.1 |
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Activity/Other |
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+1.6 |
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+0.5 |
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Structural Cost Savings |
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-9.7 |
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-0.4 |
-10.1 |
This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled
Selected Earnings Factor Definitions
Advantaged volume growth. Earnings impact from change in volume/mix from advantaged assets, strategic projects, and high-value products. See frequently used terms on page 10 for definitions of advantaged assets, strategic projects, and high-value products.
Base volume. Includes all volume/mix factors not included in Advantaged volume growth factor defined above.
Structural cost savings. After-tax earnings effect of Structural Cost Savings as defined on page 7, including cash operating expenses related to divestments that were previously included in "volume/mix" factor.
Expenses. Includes all expenses otherwise not included in other earnings factors.
Timing effects. Timing effects are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen, direct air capture, 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 2023 and 2024 periods is shown on page 6.
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 2023 and 2024 periods is shown on page 6.
This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least
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 2023 and 2024 periods is shown on page 6.
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.
Advantaged assets (Advantaged growth projects) includes Permian,
High-value products includes performance products and lower-emission fuels.
Strategic projects includes (i) the following completed projects: Rotterdam Hydrocracker,
Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.
Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
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 7.
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.
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ATTACHMENT I-a |
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
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(Preliminary) |
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Dollars in millions (unless otherwise noted) |
Three Months Ended |
|||
2024 |
2023 |
|||
Revenues and other income |
|
|
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Sales and other operating revenue |
80,411 |
83,644 |
||
Income from equity affiliates |
1,842 |
2,381 |
||
Other income |
830 |
539 |
||
Total revenues and other income |
83,083 |
86,564 |
||
Costs and other deductions |
|
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||
Crude oil and product purchases |
47,601 |
46,003 |
||
Production and manufacturing expenses |
9,091 |
9,436 |
||
Selling, general and administrative expenses |
2,495 |
2,390 |
||
Depreciation and depletion (includes impairments) |
4,812 |
4,244 |
||
Exploration expenses, including dry holes |
148 |
141 |
||
Non-service pension and postretirement benefit expense |
23 |
167 |
||
Interest expense |
221 |
159 |
||
Other taxes and duties |
6,323 |
7,221 |
||
Total costs and other deductions |
70,714 |
69,761 |
||
Income/(Loss) before income taxes |
12,369 |
16,803 |
||
Income tax expense/(benefit) |
3,803 |
4,960 |
||
Net income/(loss) including noncontrolling interests |
8,566 |
11,843 |
||
Net income/(loss) attributable to noncontrolling interests |
346 |
413 |
||
Net income/(loss) attributable to |
8,220 |
11,430 |
||
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OTHER FINANCIAL DATA |
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Dollars in millions (unless otherwise noted) |
Three Months Ended |
|||
2024 |
2023 |
|||
Earnings per common share ( |
2.06 |
2.79 |
||
Earnings per common share - assuming dilution ( |
2.06 |
2.79 |
||
|
|
|
||
Dividends on common stock |
|
|
||
Total |
3,808 |
3,738 |
||
Per common share ( |
0.95 |
0.91 |
||
|
|
|
||
Millions of common shares outstanding |
|
|
||
Average - assuming dilution |
3,998 |
4,102 |
||
|
|
|
||
Taxes |
|
|
||
Income taxes |
3,803 |
4,960 |
||
Total other taxes and duties |
7,160 |
8,095 |
||
Total taxes |
10,963 |
13,055 |
||
Sales-based taxes |
5,549 |
6,032 |
||
Total taxes including sales-based taxes |
16,512 |
19,087 |
||
|
|
|
||
|
998 |
1,235 |
|
. |
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|
ATTACHMENT I-b |
CONDENSED CONSOLIDATED BALANCE SHEET |
||||
(Preliminary) |
|
|
|
Dollars in millions (unless otherwise noted) |
2024 |
|
||
ASSETS |
|
|
||
Current assets |
|
|
||
Cash and cash equivalents |
33,320 |
31,539 |
||
Cash and cash equivalents – restricted |
29 |
29 |
||
Notes and accounts receivable – net |
40,366 |
38,015 |
||
Inventories |
|
|
||
Crude oil, products and merchandise |
18,891 |
20,528 |
||
Materials and supplies |
4,600 |
4,592 |
||
Other current assets |
2,171 |
1,906 |
||
Total current assets |
99,377 |
96,609 |
||
Investments, advances and long-term receivables |
47,608 |
47,630 |
||
Property, plant and equipment – net |
213,723 |
214,940 |
||
Other assets, including intangibles – net |
17,210 |
17,138 |
||
Total Assets |
377,918 |
376,317 |
||
|
|
|
||
LIABILITIES |
|
|
||
Current liabilities |
|
|
||
Notes and loans payable |
8,227 |
4,090 |
||
Accounts payable and accrued liabilities |
59,531 |
58,037 |
||
Income taxes payable |
4,163 |
3,189 |
||
Total current liabilities |
71,921 |
65,316 |
||
Long-term debt |
32,213 |
37,483 |
||
Postretirement benefits reserves |
10,475 |
10,496 |
||
Deferred income tax liabilities |
24,106 |
24,452 |
||
Long-term obligations to equity companies |
1,909 |
1,804 |
||
Other long-term obligations |
24,242 |
24,228 |
||
Total Liabilities |
164,866 |
163,779 |
||
|
|
|
||
EQUITY |
|
|
||
Common stock without par value |
|
|
||
(9,000 million shares authorized, 8,019 million shares issued) |
17,971 |
17,781 |
||
Earnings reinvested |
458,339 |
453,927 |
||
Accumulated other comprehensive income |
(13,169) |
(11,989) |
||
Common stock held in treasury |
|
|
||
(4,076 million shares at |
(257,891) |
(254,917) |
||
|
205,250 |
204,802 |
||
Noncontrolling interests |
7,802 |
7,736 |
||
Total Equity |
213,052 |
212,538 |
||
Total Liabilities and Equity |
377,918 |
376,317 |
|
. |
|
|
ATTACHMENT I-c |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
||||
(Preliminary) |
|
|
|
Dollars in millions (unless otherwise noted) |
Three Months Ended
|
|||
2024 |
2023 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
||
Net income/(loss) including noncontrolling interests |
8,566 |
11,843 |
||
Depreciation and depletion (includes impairments) |
4,812 |
4,244 |
||
Changes in operational working capital, excluding cash and debt |
2,008 |
(302) |
||
All other items – net |
(722) |
556 |
||
Net cash provided by operating activities |
14,664 |
16,341 |
||
|
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
||
Additions to property, plant and equipment |
(5,074) |
(5,412) |
||
Proceeds from asset sales and returns of investments |
703 |
854 |
||
Additional investments and advances |
(421) |
(445) |
||
Other investing activities including collection of advances |
215 |
78 |
||
Net cash used in investing activities |
(4,577) |
(4,925) |
||
|
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
||
Additions to long-term debt |
108 |
20 |
||
Reductions in short-term debt |
(1,106) |
(126) |
||
Additions/(Reductions) in debt with three months or less maturity |
(5) |
(192) |
||
Cash dividends to |
(3,808) |
(3,738) |
||
Cash dividends to noncontrolling interests |
(166) |
(115) |
||
Changes in noncontrolling interests |
6 |
(16) |
||
Common stock acquired |
(3,011) |
(4,340) |
||
Net cash provided by (used in) financing activities |
(7,982) |
(8,507) |
||
Effects of exchange rate changes on cash |
(324) |
102 |
||
Increase/(Decrease) in cash and cash equivalents |
1,781 |
3,011 |
||
Cash and cash equivalents at beginning of period |
31,568 |
29,665 |
||
Cash and cash equivalents at end of period |
33,349 |
32,676 |
||
|
|
|
||
|
|
. |
|
|
ATTACHMENT II-a |
|
Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
|||
Earnings/(Loss) ( |
8,220 |
7,630 |
11,430 |
|||
|
|
|
|
|||
Identified Items |
|
|
|
|||
Impairments |
— |
(3,040) |
— |
|||
Gain/(loss) on sale of assets |
— |
305 |
— |
|||
Tax-related items |
— |
577 |
(188) |
|||
Other |
— |
(175) |
— |
|||
Total Identified Items |
— |
(2,333) |
(188) |
|||
|
|
|
|
|||
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
8,220 |
9,963 |
11,618 |
|||
|
|
|
|
|||
|
|
|
|
|||
Dollars per common share |
1Q24 |
4Q23 |
1Q23 |
|||
Earnings/(Loss) Per Common Share ( |
2.06 |
1.91 |
2.79 |
|||
|
|
|
|
|||
Identified Items Per Common Share ¹ |
|
|
|
|||
Impairments |
— |
(0.75) |
— |
|||
Gain/(loss) on sale of assets |
— |
0.08 |
— |
|||
Tax-related items |
— |
0.14 |
(0.04) |
|||
Other |
— |
(0.04) |
— |
|||
Total Identified Items Per Common Share ¹ |
— |
(0.57) |
(0.04) |
|||
|
|
|
|
|||
Earnings/(Loss) Excl. Identified Items Per Common Share (non-GAAP) ¹ |
2.06 |
2.48 |
2.83 |
|||
¹ Assuming dilution. |
|
. |
|
|
ATTACHMENT II-b |
|
First Quarter 2024 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||||||||||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||||||||||||
Earnings/(Loss) ( |
1,054 |
4,606 |
836 |
540 |
504 |
281 |
404 |
357 |
(362) |
8,220 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Identified Items |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
1,054 |
4,606 |
836 |
540 |
504 |
281 |
404 |
357 |
(362) |
8,220 |
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 |
First Quarter 2023 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate
|
Total |
||||||||||||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||||||||||||
Earnings/(Loss) ( |
1,632 |
4,825 |
1,910 |
2,273 |
324 |
47 |
451 |
323 |
(355) |
11,430 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Identified Items |
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax-related items |
— |
(158) |
— |
(30) |
— |
— |
— |
— |
— |
(188) |
||||||||||
Total Identified Items |
— |
(158) |
— |
(30) |
— |
— |
— |
— |
— |
(188) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
1,632 |
4,983 |
1,910 |
2,303 |
324 |
47 |
451 |
323 |
(355) |
11,618 |
|
. |
|
|
ATTACHMENT III |
|
Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) |
1Q24 |
4Q23 |
1Q23 |
|||
|
816 |
851 |
820 |
|||
|
772 |
709 |
670 |
|||
|
4 |
3 |
4 |
|||
|
224 |
231 |
220 |
|||
|
711 |
722 |
749 |
|||
|
30 |
34 |
32 |
|||
Worldwide |
2,557 |
2,550 |
2,495 |
|||
|
|
|
|
|||
Net natural gas production available for sale, million cubic feet per day (mcfd) |
1Q24 |
4Q23 |
1Q23 |
|||
|
2,241 |
2,262 |
2,367 |
|||
|
94 |
98 |
94 |
|||
|
377 |
367 |
548 |
|||
|
150 |
149 |
134 |
|||
|
3,274 |
3,486 |
3,597 |
|||
|
1,226 |
1,283 |
1,276 |
|||
Worldwide |
7,362 |
7,645 |
8,016 |
|||
|
|
|
|
|||
Oil-equivalent production (koebd) ¹ |
3,784 |
3,824 |
3,831 |
|||
|
|
|
|
|||
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
|
. |
|
|
ATTACHMENT IV |
|
Refinery throughput, thousand barrels per day (kbd) |
1Q24 |
4Q23 |
1Q23 |
|||
|
1,900 |
1,933 |
1,643 |
|||
|
407 |
407 |
417 |
|||
|
954 |
1,014 |
1,189 |
|||
|
402 |
450 |
565 |
|||
Other |
180 |
82 |
184 |
|||
Worldwide |
3,843 |
3,886 |
3,998 |
|||
|
|
|
|
|||
Energy Products sales, thousand barrels per day (kbd) |
1Q24 |
4Q23 |
1Q23 |
|||
|
2,576 |
2,704 |
2,459 |
|||
Non- |
2,656 |
2,653 |
2,818 |
|||
Worldwide |
5,232 |
5,357 |
5,277 |
|||
|
|
|
|
|||
Gasolines, naphthas |
2,178 |
2,255 |
2,177 |
|||
Heating oils, kerosene, diesel |
1,742 |
1,735 |
1,770 |
|||
Aviation fuels |
339 |
328 |
312 |
|||
Heavy fuels |
214 |
185 |
215 |
|||
Other energy products |
759 |
854 |
803 |
|||
Worldwide |
5,232 |
5,357 |
5,277 |
|||
|
|
|
|
|||
Chemical Products sales, thousand metric tons (kt) |
1Q24 |
4Q23 |
1Q23 |
|||
|
1,847 |
1,743 |
1,561 |
|||
Non- |
3,207 |
3,033 |
3,088 |
|||
Worldwide |
5,054 |
4,776 |
4,649 |
|||
|
|
|
|
|||
Specialty Products sales, thousand metric tons (kt) |
1Q24 |
4Q23 |
1Q23 |
|||
|
495 |
473 |
476 |
|||
Non- |
1,464 |
1,367 |
1,464 |
|||
Worldwide |
1,959 |
1,839 |
1,940 |
|
. |
|
|
ATTACHMENT V |
|
Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
|||
Upstream |
|
|
|
|||
|
2,269 |
2,258 |
2,108 |
|||
Non- |
2,313 |
3,512 |
2,473 |
|||
Total |
4,582 |
5,770 |
4,581 |
|||
|
|
|
|
|||
Energy Products |
|
|
|
|||
|
179 |
227 |
358 |
|||
Non- |
348 |
485 |
327 |
|||
Total |
527 |
712 |
685 |
|||
|
|
|
|
|||
Chemical Products |
|
|
|
|||
|
152 |
211 |
285 |
|||
Non- |
281 |
641 |
546 |
|||
Total |
433 |
852 |
831 |
|||
|
|
|
|
|||
Specialty Products |
|
|
|
|||
|
8 |
22 |
11 |
|||
Non- |
68 |
127 |
80 |
|||
Total |
76 |
149 |
91 |
|||
|
|
|
|
|||
Other |
|
|
|
|||
Other |
221 |
274 |
192 |
|||
|
|
|
|
|||
Worldwide |
5,839 |
7,757 |
6,380 |
|||
|
|
|
|
|||
CASH CAPITAL EXPENDITURES |
||||||
|
|
|
|
|||
Dollars in millions (unless otherwise noted) |
1Q24 |
4Q23 |
1Q23 |
|||
Additions to property, plant and equipment |
5,074 |
6,228 |
5,412 |
|||
Net investments and advances |
206 |
506 |
367 |
|||
Total Cash Capital Expenditures |
5,280 |
6,734 |
5,779 |
|||
|
|
|
|
|
. |
|
|
ATTACHMENT VI |
|
Results Summary |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Dollars in millions (except per share data) |
1Q24 |
4Q23 |
Change
|
1Q23 |
Change
|
|||||
Earnings ( |
8,220 |
7,630 |
+590 |
11,430 |
-3,210 |
|||||
Earnings Excluding Identified Items (non-GAAP) |
8,220 |
9,963 |
-1,743 |
11,618 |
-3,398 |
|||||
|
|
|
|
|
|
|||||
Earnings Per Common Share ¹ |
2.06 |
1.91 |
+0.15 |
2.79 |
-0.73 |
|||||
Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹ |
2.06 |
2.48 |
-0.42 |
2.83 |
-0.77 |
|||||
|
|
|
|
|
|
|||||
Capital and Exploration Expenditures |
5,839 |
7,757 |
-1,918 |
6,380 |
-541 |
|||||
|
|
|
|
|
|
|||||
¹ Assuming dilution |
|
|
|
|
|
EARNINGS/(LOSS) BY QUARTER |
||||||||||
Dollars in millions (unless otherwise noted) |
2024 |
2023 |
2022 |
2021 |
2020 |
|||||
First Quarter |
8,220 |
11,430 |
5,480 |
2,730 |
(610) |
|||||
Second Quarter |
— |
7,880 |
17,850 |
4,690 |
(1,080) |
|||||
Third Quarter |
— |
9,070 |
19,660 |
6,750 |
(680) |
|||||
Fourth Quarter |
— |
7,630 |
12,750 |
8,870 |
(20,070) |
|||||
Full Year |
— |
36,010 |
55,740 |
23,040 |
(22,440) |
|||||
|
|
|
|
|
|
|||||
Dollars per common share ² |
2024 |
2023 |
2022 |
2021 |
2020 |
|||||
First Quarter |
2.06 |
2.79 |
1.28 |
0.64 |
(0.14) |
|||||
Second Quarter |
— |
1.94 |
4.21 |
1.10 |
(0.26) |
|||||
Third Quarter |
— |
2.25 |
4.68 |
1.57 |
(0.15) |
|||||
Fourth Quarter |
— |
1.91 |
3.09 |
2.08 |
(4.70) |
|||||
Full Year |
— |
8.89 |
13.26 |
5.39 |
(5.25) |
|||||
|
|
|
|
|
|
|||||
2 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/20240425883047/en/
Media Relations 737-272-1452
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