ExxonMobil Announces 2024 Results

• Business transformation drove industry-leading 2024 financial performance1
• Delivered $33.7 billion in earnings and $55.0 billion in cash flow from operations – third best year in a decade
• Achieved record production in Permian and Guyana, and record sales volumes of high-value products
• Distributed $36.0 billion to shareholders – more than all but five companies in the S&P 5001
• Achieved $12.1 billion cumulative structural cost savings since 2019; more than offsetting inflation and growth

Exxon Mobil Corporation (NYSE:XOM):

Results Summary

 

 

 

 

 

 

 

 

4Q24

3Q24

Change

vs

3Q24

Dollars in millions (except per share data)

2024

2023

Change

vs

2023

7,610

8,610

-1,000

Earnings (U.S. GAAP)

33,680

36,010

-2,330

7,394

8,610

-1,216

Earnings Excluding Identified Items (non-GAAP)

33,464

38,572

-5,108

 

 

 

 

 

 

 

1.72

1.92

-0.20

Earnings Per Common Share ²

7.84

8.89

-1.05

1.67

1.92

-0.25

Earnings Excl. Identified Items Per Common Share (non-GAAP) ²

7.79

9.52

-1.73

 

 

 

 

 

 

 

7,514

7,159

+355

Capital and Exploration Expenditures

27,551

26,325

+1,226

Exxon Mobil Corporation today announced fourth-quarter 2024 earnings of $7.6 billion, or $1.72 per share assuming dilution. Cash flow from operating activities was $12.2 billion and free cash flow was 8.0 billion. Capital and exploration expenditures, and cash capital expenditures were both $7.5 billion in the fourth quarter, bringing the full-year expenditures to $27.6 billion and $25.6 billion, respectively – both in line with full-year guidance. For full-year 2024, the company reported earnings of $33.7 billion, or $7.84 per share assuming dilution.

“Our transformed company delivered unmatched value in 2024,” said Darren Woods, chairman and chief executive officer. “The proof is in our performance. Operationally, we delivered strong results on safety, reliability, and emissions. Financially, we delivered some of our highest earnings and operating cash flow in a decade. We earned returns higher than our peers3 and well above our cost of capital, and we distributed more cash to shareholders than all but five companies in the entire S&P 5001.”

“As we look ahead, we’ve built a long runway of value creation. We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030, but well beyond. Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders.”

1

Leading financial performance compared to IOCs include metrics such as earnings, cash flow from operations and total shareholder returns. Where applicable, individual metrics referencing the IOCs or S&P 500 are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.

2

Assuming dilution.

3

ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.

Financial Highlights

• Full-year 2024 earnings were $33.7 billion versus 36.0 billion in 2023. Unfavorable 2023 identified items included a $2.0 billion impairment in California due to regulatory challenges restarting production and distribution from the now-divested Santa Ynez Unit assets. Earnings excluding identified items decreased as industry refining margins and natural gas prices declined from last year's historically high levels. Strong advantaged volume growth including record production from Guyana and Permian, and record high-value product sales volumes, more than offset lower base volumes from non-strategic asset divestments and scheduled maintenance. Structural cost savings partly offset higher expenses from depreciation, scheduled maintenance, new product development and 2025 project start-ups.
• Since 2019, the company achieved 12.1 billion of cumulative Structural Cost Savings, well beyond what any competitors have achieved, and more than offsetting inflation and growth. This includes $2.4 billion of savings during the year and $0.8 billion during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019.
• Return on capital employed led industry for the year at 12.7% and for the five-year average at 10.8%2.
• Generated strong cash flow from operations of $55.0 billion and free cash flow of $34.4 billion in 2024. Cash proceeds from asset sales totaled $5.0 billion. Free cash flow excluding a working capital increase of $1.8 billion was $36.2 billion, which covered industry-leading shareholder distributions of $36.0 billion3 – $16.7 billion of dividends and $19.3 billion of share repurchases, consistent with announced plans. In addition, the company delivered industry-leading total shareholder returns of 11%, 25% and 14% for the last one, three and five years3. As previously communicated, ExxonMobil plans to extend its annual $20 billion share-repurchase program through 2026.
• The Corporation declared a first-quarter dividend of $0.99 per share, payable on March 10, 2025, to shareholders of record of Common Stock at the close of business on February 12, 2025. The company raised its fourth-quarter dividend by 4% and has increased its annual dividend for 42 consecutive years.
• The debt-to-capital ratio was 13% and the net-debt-to-capital ratio was 6%4, reflecting a period-end cash balance of $23.2 billion.

1

The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these drivers.

2

ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.

3

Leading measures for the IOCs are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.

4

Net debt is total debt of $41.7 billion less $23.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $270.6 billion.

 

 

EARNINGS AND VOLUME SUMMARY BY SEGMENT

Upstream

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

1,256

1,686

United States

6,426

4,202

5,242

4,472

Non-U.S.

18,964

17,106

6,498

6,158

Worldwide

25,390

21,308

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

1,616

1,686

United States

6,786

5,691

4,667

4,472

Non-U.S.

18,389

17,918

6,283

6,158

Worldwide

25,175

23,609

 

 

 

 

 

4,602

4,582

Production (koebd)

4,333

3,738

• Upstream full-year earnings were $25.4 billion, $4.1 billion higher than 2023. Identified items for the year improved earnings by $0.2 billion versus the unfavorable $2.3 billion impact in 2023 mainly driven by the impairment of the now-divested Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution. Excluding identified items, earnings increased $1.6 billion due to advantaged assets volume growth from record Guyana and Permian production, and structural cost savings. These increases were partly offset by lower natural gas prices, higher depreciation expense, and lower base volumes from divestments of non-strategic assets and entitlements. Net production in 2024 was at the highest level in over ten years at 4.3 million oil-equivalent barrels per day, an increase of 16%, or 595,000 oil-equivalent barrels per day.
• Fourth-quarter earnings were $6.5 billion, an increase of $340 million from the third quarter driven by record production in Guyana and Permian, stronger natural gas prices, and favorable tax impacts, partly offset by lower crude realizations. Net production in the fourth quarter was 4.6 million oil-equivalent barrels per day, an increase of 20,000 oil-equivalent barrels per day versus the prior quarter.

Energy Products

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

296

517

United States

2,099

6,123

106

792

Non-U.S.

1,934

6,019

402

1,309

Worldwide

4,033

12,142

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

330

517

United States

2,133

5,931

(7)

792

Non-U.S.

1,821

6,067

323

1,309

Worldwide

3,954

11,998

 

 

 

 

 

5,537

5,580

Energy Products Sales (kbd)

5,418

5,461

• Energy Products full-year 2024 earnings were $4.0 billion compared to $12.1 billion in 2023 due to significantly weaker industry refining margins, which declined from historically high levels as increased supply from industry capacity additions outpaced record global demand. Earnings improvement from structural cost savings and advantaged projects provided a partial offset to the impacts from higher scheduled maintenance and divestments.
• Fourth-quarter earnings totaled $402 million, a decrease of $907 million from the third quarter. Results were driven by unfavorable timing effects mainly from the absence of prior quarter favorable unsettled derivative mark-to-market impacts and weaker North America margins, partly offset by higher base volumes on strong reliability and recovery from the tornado at the Joliet refinery.

Chemical Products

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

230

367

United States

1,627

1,626

(110)

526

Non-U.S.

950

11

120

893

Worldwide

2,577

1,637

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

273

367

United States

1,670

1,594

(58)

526

Non-U.S.

1,002

431

215

893

Worldwide

2,672

2,025

 

 

 

 

 

4,635

4,830

Chemical Products Sales (kt)

19,392

19,382

• Chemical Products 2024 earnings were $2.6 billion, an increase of $940 million versus 2023. Unfavorable 2023 identified items of $388 million were mainly associated with asset impairments and other financial reserves. 2024 earnings excluding identified items increased by $647 million compared to 2023. Despite continued bottom-of-cycle market conditions, overall margins improved as the company benefited from lower ethane feed costs at its advantaged North America assets and improved high-value product sales and realizations. Record high-value product sales more than offset lower base volumes from high-grading the portfolio product mix. Higher expenses primarily from planned maintenance and cost associated with advantaged projects starting up in 2025 were partly offset by structural cost savings.
• Fourth-quarter earnings were $120 million, compared to $893 million in the third quarter driven by weaker margins from increased North America ethane feed costs, seasonally higher expenses, and China Chemical Complex start-up preparation costs.

Specialty Products

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

350

375

United States

1,576

1,536

396

419

Non-U.S.

1,476

1,178

746

794

Worldwide

3,052

2,714

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

354

375

United States

1,580

1,524

405

419

Non-U.S.

1,485

1,283

759

794

Worldwide

3,065

2,807

 

 

 

 

 

1,814

1,959

Specialty Products Sales (kt)

7,666

7,597

• Specialty Products delivered consistently strong earnings from its portfolio of high-value products. 2024 earnings were $3.1 billion, an increase of $338 million compared with 2023 driven by improved basestock and finished lubes margins, structural cost savings, and record high-value product sales volumes. These increases were partly offset by higher expenses including new product development costs, unfavorable foreign exchange impacts, and the absence of prior year favorable year-end inventory effects.
• Fourth-quarter earnings were $746 million, compared to $794 million in the third quarter. Higher expenses including new product development costs were mostly offset by favorable tax and year-end inventory impacts.

Corporate and Financing

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

(156)

(544)

Earnings/(Loss) (U.S. GAAP)

(1,372)

(1,791)

(186)

(544)

Earnings/(Loss) Excluding Identified Items (non-GAAP)

(1,402)

(1,867)

• 2024 full-year net charges of $1,372 million decreased $419 million from 2023 due to lower financing costs.
• Corporate and Financing fourth-quarter net charges of $156 million decreased $388 million versus the third quarter due to lower financing costs which benefited from favorable foreign exchange movements.

 

 

CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

7,955

8,971

Net income/(loss) including noncontrolling interests

35,063

37,354

6,585

6,258

Depreciation and depletion (includes impairments)

23,442

20,641

(1,552)

2,334

Changes in operational working capital, excluding cash and debt

(1,826)

(4,255)

(759)

6

Other

(1,657)

1,629

12,229

17,569

Cash Flow from Operating Activities (U.S. GAAP)

55,022

55,369

 

 

 

 

 

3,231

127

Proceeds from asset sales and returns of investments

4,987

4,078

15,460

17,696

Cash Flow from Operations and Asset Sales (non-GAAP)

60,009

59,447

 

 

 

 

 

1,552

(2,334)

Less: Changes in operational working capital, excluding cash and debt

1,826

4,255

17,012

15,362

Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP)

61,835

63,702

 

 

 

 

 

(3,231)

(127)

Less: Proceeds associated with asset sales and returns of investments

(4,987)

(4,078)

13,781

15,235

Cash Flow from Operations excluding Working Capital (non-GAAP)

56,848

59,624

FREE CASH FLOW¹

 

 

 

 

 

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

12,229

17,569

Cash Flow from Operating Activities (U.S. GAAP)

55,022

55,369

(6,837)

(6,160)

Additions to property, plant and equipment

(24,306)

(21,919)

(2,261)

(294)

Additional investments and advances

(3,299)

(2,995)

1,615

87

Other investing activities including collection of advances

1,926

1,562

3,231

127

Proceeds from asset sales and returns of investments

4,987

4,078

20

—

Inflows from noncontrolling interest for major projects

32

124

7,997

11,329

Free Cash Flow (non-GAAP)

34,362

36,219

 

 

 

 

 

1,552

(2,334)

Less: Changes in operational working capital, excluding cash and debt

1,826

4,255

9,549

8,995

Free Cash Flow excluding Working Capital (non-GAAP)

36,188

40,474

 

¹ Free Cash Flow definition was updated in the second quarter of 2024 to exclude cash acquired from mergers and acquisitions and in the fourth quarter of 2024 to include inflows from noncontrolling interests for major projects, which are now shown as a separate investing line item and financing line item respectively in the Consolidated Statement of Cash Flows. See page 10 for definition.

RETURN ON AVERAGE CAPITAL EMPLOYED

 

 

 

 

 

 

 

 

 

 

Dollars in millions (unless otherwise noted)

2024

2023

2022

2021

2020

Net income/(loss) attributable to ExxonMobil (U.S. GAAP)

33,680

36,010

55,740

23,040

(22,440)

Financing costs (after-tax)

 

 

 

 

 

Gross third-party debt

(1,106)

(1,175)

(1,213)

(1,196)

(1,272)

ExxonMobil share of equity companies

(196)

(307)

(198)

(170)

(182)

All other financing costs – net

(252)

931

276

11

666

Total financing costs

(1,554)

(551)

(1,135)

(1,355)

(788)

Earnings/(loss) excluding financing costs (non-GAAP)

35,234

36,561

56,875

24,395

(21,652)

 

 

 

 

 

 

Total assets (U.S. GAAP)

453,475

376,317

369,067

338,923

332,750

Less: liabilities and noncontrolling interests share of assets and liabilities

 

 

 

 

 

Total current liabilities excluding notes and loans payable

(65,352)

(61,226)

(68,411)

(52,367)

(35,905)

Total long-term liabilities excluding long-term debt

(75,807)

(60,980)

(56,990)

(63,169)

(65,075)

Noncontrolling interests share of assets and liabilities

(8,069)

(8,878)

(9,205)

(8,746)

(8,773)

Add: ExxonMobil share of debt-financed equity company net assets

3,242

3,481

3,705

4,001

4,140

Total capital employed (non-GAAP)

307,489

248,714

238,166

218,642

227,137

 

 

 

 

 

 

Average capital employed (non-GAAP)

278,102

243,440

228,404

222,890

234,031

 

 

 

 

 

 

Return on average capital employed – corporate total (non-GAAP)

12.7 %

15.0 %

24.9 %

10.9 %

(9.3) %

 

 

 

 

 

 

Five-year average: Return on average capital employed (non-GAAP)

10.8 %

 

 

 

 

CALCULATION OF STRUCTURAL COST SAVINGS

 

 

 

 

 

 

Dollars in billions (unless otherwise noted)

2019

 

 

 

2024

Components of Operating Costs

 

 

 

 

 

From ExxonMobil’s Consolidated Statement of Income

(U.S. GAAP)

 

 

 

 

 

Production and manufacturing expenses

36.8

 

 

 

39.6

Selling, general and administrative expenses

11.4

 

 

 

10.0

Depreciation and depletion (includes impairments)

19.0

 

 

 

23.4

Exploration expenses, including dry holes

1.3

 

 

 

0.8

Non-service pension and postretirement benefit expense

1.2

 

 

 

0.1

Subtotal

69.7

 

 

 

74.0

ExxonMobil’s share of equity company expenses (non-GAAP)

9.1

 

 

 

9.6

Total Adjusted Operating Costs (non-GAAP)

78.8

 

 

 

83.6

 

 

 

 

 

 

Total Adjusted Operating Costs (non-GAAP)

78.8

 

 

 

83.6

Less:

 

 

 

 

 

Depreciation and depletion (includes impairments)

19.0

 

 

 

23.4

Non-service pension and postretirement benefit expense

1.2

 

 

 

0.1

Other adjustments (includes equity company depreciation

and depletion)

3.6

 

 

 

3.7

Total Cash Operating Expenses (Cash Opex) (non-GAAP)

55.0

 

 

 

56.4

 

 

 

 

 

 

Energy and production taxes (non-GAAP)

11.0

 

 

 

13.9

 

 

 

 

 

 

 

 

Market

Activity / Other

Structural Savings

 

Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)

44.0

+4.0

+6.6

-12.1

42.5

This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $12.1 billion, which included an additional $2.4 billion in 2024. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Estimates of cumulative annual structural cost savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on January 31, 2025. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Selected Earnings Driver Definitions

Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products.

Base volume. Represents and includes all volume/mix drivers not included in Advantaged volume growth driver defined above.

Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments that were previously included in "volume/mix" driver.

Expenses. Represents and includes all expenses otherwise not included in other earnings drivers.

Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).

Cautionary Statement

Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen, ammonia, lithium, direct air capture, and other low carbon business plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce biofuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; changes in any part of the world in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; the development or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; changes in market tariffs or decoupling of trade networks; changes in market strategy by national oil companies; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2023 Form 10-K.

Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Global Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.

Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. The release is provided under consistent SEC disclosure requirements and should not be misinterpreted as applying to any other disclosure standards.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.

This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.

This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2024 and 2023 periods in Attachments II-a and II-b. Earnings per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.

This press release also references free cash flow (non-GAAP) and free cash flow excluding working capital (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. These measures are useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow and free cash flow excluding working capital are not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.

This press release also references cash capex (non-GAAP). Cash capex is the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown in Attachment V.

References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.

This press release also references return on average capital employed (ROCE) (non-GAAP). The Corporation's total ROCE is net income attributable to ExxonMobil, excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as one of the best measures of historical capital productivity in our capital-intensive, long-term industry. Additional measures, which are more cash-flow based, are used to make investment decisions. A reconciliation to net income/(loss) attributable to ExxonMobil and to Total assets for 2023 and 2024 periods are shown on page 7.

The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.

Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian (heritage Permian and Pioneer), Guyana, and LNG.

Advantaged projects refers to capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns.

Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments refers to volumes other than high-value products volumes.

Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.

Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.

Heritage Permian: Permian basin assets excluding assets acquired as part of the acquisition of Pioneer Natural Resources that closed in May 2024.

High-value products includes performance products and lower-emission fuels.

Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.

Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.

Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.

Total shareholder return (TSR) measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. Shareholder return over a particular measurement period is calculated by: dividing (1) the sum of (a) the cumulative value of dividends received during the measurement period, assuming reinvestment, plus (b) the difference between the stock price at the end and at the beginning of the measurement period; by (2) the stock price at the beginning of the measurement period. Unless stated otherwise, dividends are assumed to be reinvested in stock at market prices at approximately the same time actual dividends are paid and total shareholder return is quoted on an annualized basis.

This press release also references Structural Cost Savings, for more details see page 8.

Unless otherwise indicated, year-to-date (“YTD”) means as of the last business day of the most recent fiscal quarter.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.

Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.

ATTACHMENT I-a

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(Preliminary)

 

 

 

Dollars in millions (unless otherwise noted)

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Revenues and other income

 

 

 

 

Sales and other operating revenue

81,058

81,688

339,247

334,697

Income from equity affiliates

1,127

1,165

6,194

6,385

Other income

1,241

1,491

4,144

3,500

Total revenues and other income

83,426

84,344

349,585

344,582

Costs and other deductions

 

 

 

 

Crude oil and product purchases

46,393

46,352

199,454

193,029

Production and manufacturing expenses

10,833

9,893

39,609

36,885

Selling, general and administrative expenses

2,617

2,591

9,976

9,919

Depreciation and depletion (includes impairments)

6,585

7,740

23,442

20,641

Exploration expenses, including dry holes

186

139

826

751

Non-service pension and postretirement benefit expense

31

217

121

714

Interest expense

297

272

996

849

Other taxes and duties

6,671

6,515

26,288

29,011

Total costs and other deductions

73,613

73,719

300,712

291,799

Income/(Loss) before income taxes

9,813

10,625

48,873

52,783

Income tax expense/(benefit)

1,858

2,613

13,810

15,429

Net income/(loss) including noncontrolling interests

7,955

8,012

35,063

37,354

Net income/(loss) attributable to noncontrolling interests

345

382

1,383

1,344

Net income/(loss) attributable to ExxonMobil

7,610

7,630

33,680

36,010

 

 

 

 

 

OTHER FINANCIAL DATA

 

 

 

 

Dollars in millions (unless otherwise noted)

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Earnings per common share (U.S. dollars)

1.72

1.91

7.84

8.89

Earnings per common share - assuming dilution (U.S. dollars)

1.72

1.91

7.84

8.89

 

 

 

 

 

Dividends on common stock

 

 

 

 

Total

4,371

3,839

16,704

14,941

Per common share (U.S. dollars)

0.99

0.95

3.84

3.68

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

Average - assuming dilution¹

4,413

4,010

4,298

4,052

 

 

 

 

 

Taxes

 

 

 

 

Income taxes

1,858

2,613

13,810

15,429

Total other taxes and duties

7,594

7,308

29,894

32,191

Total taxes

9,452

9,921

43,704

47,620

Sales-based taxes

5,614

5,792

22,676

24,693

Total taxes including sales-based taxes

15,066

15,713

66,380

72,313

 

 

 

 

 

ExxonMobil share of income taxes of equity companies (non-GAAP)

610

843

3,197

3,058

 

 

 

 

 

1 Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024.

 

ATTACHMENT I-b

CONDENSED CONSOLIDATED BALANCE SHEET

(Preliminary)

 

 

 

Dollars in millions (unless otherwise noted)

December 31, 2024

December 31, 2023

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

23,029

31,539

Cash and cash equivalents – restricted

158

29

Notes and accounts receivable – net

43,681

38,015

Inventories

 

 

Crude oil, products and merchandise

19,444

20,528

Materials and supplies

4,080

4,592

Other current assets

1,598

1,906

Total current assets

91,990

96,609

Investments, advances and long-term receivables

47,200

47,630

Property, plant and equipment – net

294,318

214,940

Other assets, including intangibles – net

19,967

17,138

Total Assets

453,475

376,317

 

 

 

LIABILITIES

 

 

Current liabilities

 

 

Notes and loans payable

4,955

4,090

Accounts payable and accrued liabilities

61,297

58,037

Income taxes payable

4,055

3,189

Total current liabilities

70,307

65,316

Long-term debt

36,755

37,483

Postretirement benefits reserves

9,700

10,496

Deferred income tax liabilities

39,042

24,452

Long-term obligations to equity companies

1,346

1,804

Other long-term obligations

25,719

24,228

Total Liabilities

182,869

163,779

 

 

 

EQUITY

 

 

Common stock without par value

 

 

(9,000 million shares authorized, 8,019 million shares issued)

46,238

17,781

Earnings reinvested

470,903

453,927

Accumulated other comprehensive income

(14,619)

(11,989)

Common stock held in treasury

 

 

(3,666 million shares at December 31, 2024, and 4,048 million shares at December 31, 2023)

(238,817)

(254,917)

ExxonMobil share of equity

263,705

204,802

Noncontrolling interests

6,901

7,736

Total Equity

270,606

212,538

Total Liabilities and Equity

453,475

376,317

 

 

 

 

 

 

 

ATTACHMENT I-c

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Preliminary)

 

 

 

Dollars in millions (unless otherwise noted)

Twelve Months Ended December 31,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

Net income/(loss) including noncontrolling interests

35,063

37,354

Depreciation and depletion (includes impairments)

23,442

20,641

Changes in operational working capital, excluding cash and debt

(1,826)

(4,255)

All other items – net

(1,657)

1,629

Net cash provided by operating activities

55,022

55,369

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

Additions to property, plant and equipment

(24,306)

(21,919)

Proceeds from asset sales and returns of investments

4,987

4,078

Additional investments and advances

(3,299)

(2,995)

Other investing activities including collection of advances

1,926

1,562

Cash acquired from mergers and acquisitions

754

—

Net cash used in investing activities

(19,938)

(19,274)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

Additions to long-term debt

899

939

Reductions in long-term debt

(1,150)

(15)

Reductions in short-term debt

(4,743)

(879)

Additions/(Reductions) in debt with three months or less maturity

(18)

(284)

Contingent consideration payments

(27)

(68)

Cash dividends to ExxonMobil shareholders

(16,704)

(14,941)

Cash dividends to noncontrolling interests

(658)

(531)

Changes in noncontrolling interests

(791)

(894)

Inflows from noncontrolling interest for major projects

32

124

Common stock acquired

(19,629)

(17,748)

Net cash provided by (used in) financing activities

(42,789)

(34,297)

Effects of exchange rate changes on cash

(676)

105

Increase/(Decrease) in cash and cash equivalents

(8,381)

1,903

Cash and cash equivalents at beginning of period

31,568

29,665

Cash and cash equivalents at end of period

23,187

31,568

 

 

 

Non-Cash Transaction: The Corporation acquired Pioneer Natural Resources in an all-stock transaction on May 3, 2024, having issued 545 million shares of ExxonMobil common stock having a fair value of $63 billion and assumed debt with a fair value of $5 billion.

 

ATTACHMENT II-a

KEY FIGURES: IDENTIFIED ITEMS

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

7,610

8,610

Earnings/(Loss) (U.S. GAAP)

33,680

36,010

 

 

 

 

 

 

 

Identified Items

 

 

(608)

—

Impairments

(608)

(3,040)

415

—

Gain/(Loss) on sale of assets

415

305

409

—

Tax-related items

409

348

—

—

Other

—

(175)

216

—

Total Identified Items

216

(2,562)

 

 

 

 

 

7,394

8,610

Earnings/(Loss) Excluding Identified Items (non-GAAP)

33,464

38,572

 

 

 

 

 

 

 

 

 

 

4Q24

3Q24

Dollars per common share

2024

2023

1.72

1.92

Earnings/(Loss) Per Common Share (U.S. GAAP) ¹

7.84

8.89

 

 

 

 

 

 

 

Identified Items Per Common Share ¹

 

 

(0.14)

—

Impairments

(0.14)

(0.75)

0.10

—

Gain/(Loss) on sale of assets

0.10

0.08

0.09

—

Tax-related items

0.09

0.08

—

—

Other

—

(0.04)

0.05

—

Total Identified Items Per Common Share ¹

0.05

(0.63)

 

 

 

 

 

1.67

1.92

Earnings/(Loss) Excl. Identified Items Per Common Share (non-GAAP) ¹

7.79

9.52

 

 

 

 

 

¹ Assuming dilution.

 

ATTACHMENT II-b

KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT

Fourth Quarter 2024

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate & Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

1,256

5,242

296

106

230

(110)

350

396

(156)

7,610

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

(360)

(48)

(34)

(59)

(43)

(52)

(4)

(8)

—

(608)

Gain/(Loss) on sale of assets

—

385

—

—

—

—

—

—

30

415

Tax-related items

—

238

—

172

—

—

—

(1)

—

409

Total Identified Items

(360)

575

(34)

113

(43)

(52)

(4)

(9)

30

216

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

1,616

4,667

330

(7)

273

(58)

354

405

(186)

7,394

Third Quarter 2024

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate & Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

1,686

4,472

517

792

367

526

375

419

(544)

8,610

 

 

 

 

 

 

 

 

 

 

 

Total Identified Items

—

—

—

—

—

—

—

—

—

—

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

1,686

4,472

517

792

367

526

375

419

(544)

8,610

2024

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate & Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

6,426

18,964

2,099

1,934

1,627

950

1,576

1,476

(1,372)

33,680

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

(360)

(48)

(34)

(59)

(43)

(52)

(4)

(8)

—

(608)

Gain/(Loss) on sale of assets

—

385

—

—

—

—

—

—

30

415

Tax-related items

—

238

—

172

—

—

—

(1)

—

409

Total Identified Items

(360)

575

(34)

113

(43)

(52)

(4)

(9)

30

216

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

6,786

18,389

2,133

1,821

1,670

1,002

1,580

1,485

(1,402)

33,464

2023

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate & Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

4,202

17,106

6,123

6,019

1,626

11

1,536

1,178

(1,791)

36,010

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Impairments

(1,978)

(686)

—

—

(21)

(273)

—

(82)

—

(3,040)

Gain/(Loss) on sale of assets

305

—

—

—

—

—

—

—

—

305

Tax-related items

184

(126)

192

(48)

53

—

12

5

76

348

Other

—

—

—

—

—

(147)

—

(28)

—

(175)

Total Identified Items

(1,489)

(812)

192

(48)

32

(420)

12

(105)

76

(2,562)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

5,691

17,918

5,931

6,067

1,594

431

1,524

1,283

(1,867)

38,572

 

ATTACHMENT III

KEY FIGURES: UPSTREAM VOLUMES

4Q24

3Q24

Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)

2024

2023

1,468

1,444

United States

1,248

803

825

772

Canada/Other Americas

784

664

2

4

Europe

3

4

198

199

Africa

209

221

694

734

Asia

713

721

26

34

Australia/Oceania

30

36

3,213

3,187

Worldwide

2,987

2,449

 

 

 

 

 

4Q24

3Q24

Net natural gas production available for sale, million cubic feet per day (mcfd)

2024

2023

3,259

3,140

United States

2,887

2,311

94

103

Canada/Other Americas

101

96

349

350

Europe

352

414

149

140

Africa

152

125

3,183

3,347

Asia

3,322

3,490

1,297

1,289

Australia/Oceania

1,264

1,298

8,331

8,369

Worldwide

8,078

7,734

 

 

 

 

 

4,602

4,582

Oil-equivalent production (koebd)¹

4,333

3,738

 

 

 

 

 

1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

 

ATTACHMENT IV

KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES

4Q24

3Q24

Refinery throughput, thousand barrels per day (kbd)

2024

2023

1,957

1,855

United States

1,865

1,848

411

389

Canada

399

407

1,077

1,135

Europe

1,039

1,166

429

449

Asia Pacific

432

498

156

157

Other

165

149

4,030

3,985

Worldwide

3,900

4,068

 

 

 

 

 

4Q24

3Q24

Energy Products sales, thousand barrels per day (kbd)

2024

2023

2,848

2,822

United States

2,722

2,633

2,689

2,758

Non-U.S.

2,696

2,828

5,537

5,580

Worldwide

5,418

5,461

 

 

 

 

 

2,301

2,281

Gasolines, naphthas

2,251

2,288

1,817

1,796

Heating oils, kerosene, diesel

1,769

1,795

369

366

Aviation fuels

355

336

207

199

Heavy fuels

200

214

842

938

Other energy products

844

829

5,537

5,580

Worldwide

5,418

5,461

 

 

 

 

 

4Q24

3Q24

Chemical Products sales, thousand metric tons (kt)

2024

2023

1,682

1,707

United States

7,038

6,779

2,953

3,123

Non-U.S.

12,354

12,603

4,635

4,830

Worldwide

19,392

19,382

 

 

 

 

 

4Q24

3Q24

Specialty Products sales, thousand metric tons (kt)

2024

2023

433

488

United States

1,922

1,962

1,382

1,471

Non-U.S.

5,745

5,635

1,814

1,959

Worldwide

7,666

7,597

 

ATTACHMENT V

KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

 

 

Upstream

 

 

3,193

3,017

United States

11,252

8,813

2,578

2,731

Non-U.S.

10,596

10,948

5,771

5,748

Total

21,848

19,761

 

 

 

 

 

 

 

Energy Products

 

 

181

211

United States

756

1,195

525

370

Non-U.S.

1,610

1,580

706

581

Total

2,366

2,775

 

 

 

 

 

 

 

Chemical Products

 

 

238

192

United States

739

751

373

333

Non-U.S.

1,332

1,962

611

525

Total

2,071

2,713

 

 

 

 

 

 

 

Specialty Products

 

 

89

27

United States

145

63

63

66

Non-U.S.

270

391

152

93

Total

415

454

 

 

 

 

 

 

 

Other

 

 

274

212

Other

851

622

 

 

 

 

 

7,514

7,159

Worldwide

27,551

26,325

 

 

 

 

 

CASH CAPITAL EXPENDITURES¹

4Q24

3Q24

Dollars in millions (unless otherwise noted)

2024

2023

6,837

6,160

Additions to property, plant and equipment

24,306

21,919

2,261

294

Additional investments and advances

3,299

2,995

(1,615)

(87)

Other investing activities including collection of advances

(1,926)

(1,562)

(20)

—

Inflows from noncontrolling interests for major projects

(32)

(124)

7,463

6,367

Total Cash Capital Expenditures (non-GAAP)

25,647

23,228

 

 

 

 

 

¹ Cash Capital Expenditures definition was updated in the fourth quarter of 2024 to include inflows from noncontrolling interests for major projects, which is now shown as a separate financing line item in the Consolidated Statement of Cash Flows. See page 10 for definition.

 

ATTACHMENT VI

KEY FIGURES: EARNINGS/(LOSS)

Results Summary

 

 

 

 

 

 

 

 

4Q24

3Q24

Change vs 3Q24

Dollars in millions (except per share data)

2024

2023

Change vs 2023

7,610

8,610

-1,000

Earnings (U.S. GAAP)

33,680

36,010

-2,330

7,394

8,610

-1,216

Earnings Excluding Identified Items (non-GAAP)

33,464

38,572

-5,108

 

 

 

 

 

 

 

1.72

1.92

-0.20

Earnings Per Common Share ¹

7.84

8.89

-1.05

1.67

1.92

-0.25

Earnings Excl. Identified Items per Common Share (non-GAAP) ¹

7.79

9.52

-1.73

 

 

 

 

 

 

 

7,514

7,159

+355

Capital and Exploration Expenditures

27,551

26,325

+1,226

 

 

 

 

 

 

 

¹ Assuming dilution.

 

 

ATTACHMENT VII

KEY FIGURES: EARNINGS/(LOSS) BY QUARTER

 

Dollars in millions (unless otherwise noted)

2024

2023

2022

2021

2020

First Quarter

8,220

11,430

5,480

2,730

(610)

Second Quarter

9,240

7,880

17,850

4,690

(1,080)

Third Quarter

8,610

9,070

19,660

6,750

(680)

Fourth Quarter

7,610

7,630

12,750

8,870

(20,070)

Full Year

33,680

36,010

55,740

23,040

(22,440)

 

 

 

 

 

 

Dollars per common share¹

2024

2023

2022

2021

2020

First Quarter

2.06

2.79

1.28

0.64

(0.14)

Second Quarter

2.14

1.94

4.21

1.10

(0.26)

Third Quarter

1.92

2.25

4.68

1.57

(0.15)

Fourth Quarter

1.72

1.91

3.09

2.08

(4.70)

Full Year

7.84

8.89

13.26

5.39

(5.25)

 

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period; assuming dilution.

 

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