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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Exxon Mobil Corp | NYSE:XOM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.24 | -0.21% | 116.00 | 116.07 | 114.13 | 116.04 | 28,043,329 | 01:00:00 |
New Jersey | 13-5409005 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, without par value | XOM | New York Stock Exchange | ||||||||||||
0.142% Notes due 2024 | XOM24B | New York Stock Exchange | ||||||||||||
0.524% Notes due 2028 | XOM28 | New York Stock Exchange | ||||||||||||
0.835% Notes due 2032 | XOM32 | New York Stock Exchange | ||||||||||||
1.408% Notes due 2039 | XOM39A | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Class | Outstanding as of June 30, 2022 | |||||||
Common stock, without par value | 4,167,636,295 |
PART I. FINANCIAL INFORMATION | |||||
Item 1. Financial Statements | |||||
Condensed Consolidated Statement of Income - Three and six months ended June 30, 2022 and 2021 | 3 | ||||
Condensed Consolidated Statement of Comprehensive Income - Three and six months ended June 30, 2022 and 2021 | 4 | ||||
Condensed Consolidated Balance Sheet - As of June 30, 2022 and December 31, 2021 | 5 | ||||
Condensed Consolidated Statement of Cash Flows - Six months ended June 30, 2022 and 2021 | 6 | ||||
Condensed Consolidated Statement of Changes in Equity - Three months ended June 30, 2022 and 2021 | 7 | ||||
Condensed Consolidated Statement of Changes in Equity - Six months ended June 30, 2022 and 2021 | 8 | ||||
Notes to Condensed Consolidated Financial Statements | 9 | ||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 18 | ||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 33 | ||||
Item 4. Controls and Procedures | 33 | ||||
PART II. OTHER INFORMATION | |||||
Item 1. Legal Proceedings | 34 | ||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 34 | ||||
Item 6. Exhibits | 34 | ||||
Index to Exhibits | 35 | ||||
Signature | 36 | ||||
ITEM 1. FINANCIAL STATEMENTS |
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
(millions of dollars, unless noted) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Revenues and other income | ||||||||||||||||||||
Sales and other operating revenue | 111,265 | 65,943 | 198,999 | 123,495 | ||||||||||||||||
Income from equity affiliates | 3,688 | 1,436 | 6,226 | 2,909 | ||||||||||||||||
Other income | 728 | 363 | 956 | 485 | ||||||||||||||||
Total revenues and other income | 115,681 | 67,742 | 206,181 | 126,889 | ||||||||||||||||
Costs and other deductions | ||||||||||||||||||||
Crude oil and product purchases | 65,613 | 37,329 | 118,001 | 69,930 | ||||||||||||||||
Production and manufacturing expenses | 10,686 | 8,471 | 20,927 | 16,533 | ||||||||||||||||
Selling, general and administrative expenses | 2,530 | 2,345 | 4,939 | 4,773 | ||||||||||||||||
Depreciation and depletion (including impairments) | 4,451 | 4,952 | 13,334 | 9,956 | ||||||||||||||||
Exploration expenses, including dry holes | 286 | 176 | 459 | 340 | ||||||||||||||||
Non-service pension and postretirement benefit expense | 120 | 162 | 228 | 540 | ||||||||||||||||
Interest expense | 194 | 254 | 382 | 512 | ||||||||||||||||
Other taxes and duties | 6,868 | 7,746 | 14,422 | 14,406 | ||||||||||||||||
Total costs and other deductions | 90,748 | 61,435 | 172,692 | 116,990 | ||||||||||||||||
Income (loss) before income taxes | 24,933 | 6,307 | 33,489 | 9,899 | ||||||||||||||||
Income taxes | 6,359 | 1,526 | 9,165 | 2,322 | ||||||||||||||||
Net income (loss) including noncontrolling interests | 18,574 | 4,781 | 24,324 | 7,577 | ||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 724 | 91 | 994 | 157 | ||||||||||||||||
Net income (loss) attributable to ExxonMobil | 17,850 | 4,690 | 23,330 | 7,420 | ||||||||||||||||
Earnings (loss) per common share (dollars) | 4.21 | 1.10 | 5.49 | 1.74 | ||||||||||||||||
Earnings (loss) per common share - assuming dilution (dollars) | 4.21 | 1.10 | 5.49 | 1.74 | ||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Net income (loss) including noncontrolling interests | 18,574 | 4,781 | 24,324 | 7,577 | ||||||||||||||||
Other comprehensive income (loss) (net of income taxes) | ||||||||||||||||||||
Foreign exchange translation adjustment | (2,537) | 423 | (1,796) | 572 | ||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 155 | (47) | 260 | 121 | ||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 102 | 215 | 195 | 593 | ||||||||||||||||
Total other comprehensive income (loss) | (2,280) | 591 | (1,341) | 1,286 | ||||||||||||||||
Comprehensive income (loss) including noncontrolling interests | 16,294 | 5,372 | 22,983 | 8,863 | ||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 547 | 178 | 906 | 324 | ||||||||||||||||
Comprehensive income (loss) attributable to ExxonMobil | 15,747 | 5,194 | 22,077 | 8,539 | ||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
CONDENSED CONSOLIDATED BALANCE SHEET |
(millions of dollars, unless noted) | June 30, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | 18,861 | 6,802 | |||||||||
Notes and accounts receivable – net | 48,063 | 32,383 | |||||||||
Inventories | |||||||||||
Crude oil, products and merchandise | 19,580 | 14,519 | |||||||||
Materials and supplies | 4,005 | 4,261 | |||||||||
Other current assets | 2,654 | 1,189 | |||||||||
Total current assets | 93,163 | 59,154 | |||||||||
Investments, advances and long-term receivables | 46,820 | 45,195 | |||||||||
Property, plant and equipment – net | 209,159 | 216,552 | |||||||||
Other assets, including intangibles – net | 18,632 | 18,022 | |||||||||
Total Assets | 367,774 | 338,923 | |||||||||
LIABILITIES | |||||||||||
Current liabilities | |||||||||||
Notes and loans payable | 7,367 | 4,276 | |||||||||
Accounts payable and accrued liabilities | 67,958 | 50,766 | |||||||||
Income taxes payable | 4,785 | 1,601 | |||||||||
Total current liabilities | 80,110 | 56,643 | |||||||||
Long-term debt | 39,516 | 43,428 | |||||||||
Postretirement benefits reserves | 17,408 | 18,430 | |||||||||
Deferred income tax liabilities | 20,807 | 20,165 | |||||||||
Long-term obligations to equity companies | 2,617 | 2,857 | |||||||||
Other long-term obligations | 22,808 | 21,717 | |||||||||
Total Liabilities | 183,266 | 163,240 | |||||||||
Commitments and contingencies (Note 3) | |||||||||||
EQUITY | |||||||||||
Common stock without par value | |||||||||||
(9,000 million shares authorized, 8,019 million shares issued) | 16,018 | 15,746 | |||||||||
Earnings reinvested | 407,902 | 392,059 | |||||||||
Accumulated other comprehensive income | (15,017) | (13,764) | |||||||||
Common stock held in treasury | |||||||||||
(3,851 million shares at June 30, 2022 and 3,780 million shares at December 31, 2021) | (231,587) | (225,464) | |||||||||
ExxonMobil share of equity | 177,316 | 168,577 | |||||||||
Noncontrolling interests | 7,192 | 7,106 | |||||||||
Total Equity | 184,508 | 175,683 | |||||||||
Total Liabilities and Equity | 367,774 | 338,923 | |||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW |
(millions of dollars) | Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) including noncontrolling interests | 24,324 | 7,577 | |||||||||
Depreciation and depletion (including impairments) | 13,334 | 9,956 | |||||||||
Changes in operational working capital, excluding cash and debt | (1,661) | 1,573 | |||||||||
All other items – net | (1,246) | (192) | |||||||||
Net cash provided by operating activities | 34,751 | 18,914 | |||||||||
CASH FLOW FROM INVESTING ACTIVITIES | |||||||||||
Additions to property, plant and equipment | (7,748) | (5,147) | |||||||||
Proceeds from asset sales and returns of investments | 1,232 | 557 | |||||||||
Additional investments and advances | (643) | (613) | |||||||||
Other investing activities including collection of advances | 150 | 132 | |||||||||
Net cash used in investing activities | (7,009) | (5,071) | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||||||
Additions to short-term debt | — | 9,662 | |||||||||
Reductions in short-term debt | (2,336) | (18,000) | |||||||||
Additions/(reductions) in debt with three months or less maturity | 1,303 | 1,320 | |||||||||
Contingent consideration payments | (58) | (28) | |||||||||
Cash dividends to ExxonMobil shareholders | (7,487) | (7,441) | |||||||||
Cash dividends to noncontrolling interests | (123) | (112) | |||||||||
Changes in noncontrolling interests | (697) | (207) | |||||||||
Common stock acquired | (5,986) | (1) | |||||||||
Net cash used in financing activities | (15,384) | (14,807) | |||||||||
Effects of exchange rate changes on cash | (299) | 65 | |||||||||
Increase/(decrease) in cash and cash equivalents | 12,059 | (899) | |||||||||
Cash and cash equivalents at beginning of period | 6,802 | 4,364 | |||||||||
Cash and cash equivalents at end of period | 18,861 | 3,465 | |||||||||
SUPPLEMENTAL DISCLOSURES | |||||||||||
Income taxes paid | 5,545 | 2,079 | |||||||||
Cash interest paid | |||||||||||
Included in cash flows from operating activities | 352 | 466 | |||||||||
Capitalized, included in cash flows from investing activities | 388 | 313 | |||||||||
Total cash interest paid | 740 | 779 | |||||||||
Noncash right of use assets recorded in exchange for lease liabilities | |||||||||||
Operating leases | 1,039 | 511 | |||||||||
Finance leases | 656 | 55 | |||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY |
ExxonMobil Share of Equity | ||||||||||||||||||||||||||
(millions of dollars, unless noted) | Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity | |||||||||||||||||||
Balance as of March 31, 2021 | 15,884 | 382,953 | (16,090) | (225,773) | 156,974 | 7,127 | 164,101 | |||||||||||||||||||
Amortization of stock-based awards | 126 | — | — | — | 126 | — | 126 | |||||||||||||||||||
Other | (4) | — | — | — | (4) | 33 | 29 | |||||||||||||||||||
Net income (loss) for the period | — | 4,690 | — | — | 4,690 | 91 | 4,781 | |||||||||||||||||||
Dividends - common shares | — | (3,721) | — | — | (3,721) | (60) | (3,781) | |||||||||||||||||||
Other comprehensive income (loss) | — | — | 504 | — | 504 | 87 | 591 | |||||||||||||||||||
Acquisitions, at cost | — | — | — | — | — | (293) | (293) | |||||||||||||||||||
Dispositions | — | — | — | 2 | 2 | — | 2 | |||||||||||||||||||
Balance as of June 30, 2021 | 16,006 | 383,922 | (15,586) | (225,771) | 158,571 | 6,985 | 165,556 | |||||||||||||||||||
Balance as of March 31, 2022 | 15,879 | 393,779 | (12,914) | (227,529) | 169,215 | 7,311 | 176,526 | |||||||||||||||||||
Amortization of stock-based awards | 143 | — | — | — | 143 | — | 143 | |||||||||||||||||||
Other | (4) | — | — | — | (4) | (15) | (19) | |||||||||||||||||||
Net income (loss) for the period | — | 17,850 | — | — | 17,850 | 724 | 18,574 | |||||||||||||||||||
Dividends - common shares | — | (3,727) | — | — | (3,727) | (63) | (3,790) | |||||||||||||||||||
Other comprehensive income (loss) | — | — | (2,103) | — | (2,103) | (177) | (2,280) | |||||||||||||||||||
Acquisitions, at cost | — | — | — | (4,059) | (4,059) | (588) | (4,647) | |||||||||||||||||||
Dispositions | — | — | — | 1 | 1 | — | 1 | |||||||||||||||||||
Balance as of June 30, 2022 | 16,018 | 407,902 | (15,017) | (231,587) | 177,316 | 7,192 | 184,508 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||
Common Stock Share Activity (millions of shares) | Issued | Held in Treasury | Outstanding | Issued | Held in Treasury | Outstanding | ||||||||||||||||||||
Balance as of March 31 | 8,019 | (3,806) | 4,213 | 8,019 | (3,785) | 4,234 | ||||||||||||||||||||
Acquisitions | — | (45) | (45) | — | — | — | ||||||||||||||||||||
Dispositions | — | — | — | — | — | — | ||||||||||||||||||||
Balance as of June 30 | 8,019 | (3,851) | 4,168 | 8,019 | (3,785) | 4,234 | ||||||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY |
ExxonMobil Share of Equity | ||||||||||||||||||||||||||
(millions of dollars, unless noted) | Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity | |||||||||||||||||||
Balance as of December 31, 2020 | 15,688 | 383,943 | (16,705) | (225,776) | 157,150 | 6,980 | 164,130 | |||||||||||||||||||
Amortization of stock-based awards | 328 | — | — | — | 328 | — | 328 | |||||||||||||||||||
Other | (10) | — | — | — | (10) | 86 | 76 | |||||||||||||||||||
Net income (loss) for the period | — | 7,420 | — | — | 7,420 | 157 | 7,577 | |||||||||||||||||||
Dividends - common shares | — | (7,441) | — | — | (7,441) | (112) | (7,553) | |||||||||||||||||||
Other comprehensive income (loss) | — | — | 1,119 | — | 1,119 | 167 | 1,286 | |||||||||||||||||||
Acquisitions, at cost | — | — | — | (1) | (1) | (293) | (294) | |||||||||||||||||||
Dispositions | — | — | — | 6 | 6 | — | 6 | |||||||||||||||||||
Balance as of June 30, 2021 | 16,006 | 383,922 | (15,586) | (225,771) | 158,571 | 6,985 | 165,556 | |||||||||||||||||||
Balance as of December 31, 2021 | 15,746 | 392,059 | (13,764) | (225,464) | 168,577 | 7,106 | 175,683 | |||||||||||||||||||
Amortization of stock-based awards | 281 | — | — | — | 281 | — | 281 | |||||||||||||||||||
Other | (9) | — | — | — | (9) | (1) | (10) | |||||||||||||||||||
Net income (loss) for the period | — | 23,330 | — | — | 23,330 | 994 | 24,324 | |||||||||||||||||||
Dividends - common shares | — | (7,487) | — | — | (7,487) | (123) | (7,610) | |||||||||||||||||||
Other comprehensive income (loss) | — | — | (1,253) | — | (1,253) | (88) | (1,341) | |||||||||||||||||||
Acquisitions, at cost | — | — | — | (6,126) | (6,126) | (696) | (6,822) | |||||||||||||||||||
Dispositions | — | — | — | 3 | 3 | — | 3 | |||||||||||||||||||
Balance as of June 30, 2022 | 16,018 | 407,902 | (15,017) | (231,587) | 177,316 | 7,192 | 184,508 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||
Common Stock Share Activity (millions of shares) | Issued | Held in Treasury | Outstanding | Issued | Held in Treasury | Outstanding | ||||||||||||||||||||
Balance as of December 31 | 8,019 | (3,780) | 4,239 | 8,019 | (3,786) | 4,233 | ||||||||||||||||||||
Acquisitions | — | (71) | (71) | — | — | — | ||||||||||||||||||||
Dispositions | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Balance as of June 30 | 8,019 | (3,851) | 4,168 | 8,019 | (3,785) | 4,234 | ||||||||||||||||||||
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars) | Cumulative Foreign Exchange Translation Adjustment | Postretirement Benefits Reserves Adjustment | Total | ||||||||
Balance as of December 31, 2020 | (10,614) | (6,091) | (16,705) | ||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | 425 | 119 | 544 | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 575 | 575 | ||||||||
Total change in accumulated other comprehensive income | 425 | 694 | 1,119 | ||||||||
Balance as of June 30, 2021 | (10,189) | (5,397) | (15,586) | ||||||||
Balance as of December 31, 2021 | (11,499) | (2,265) | (13,764) | ||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | (1,682) | 245 | (1,437) | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 184 | 184 | ||||||||
Total change in accumulated other comprehensive income | (1,682) | 429 | (1,253) | ||||||||
Balance as of June 30, 2022 | (13,181) | (1,836) | (15,017) | ||||||||
(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $327 million and $135 million in 2022 and 2021, respectively. |
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | ||||||||||||||||||||
(Statement of Income line: Non-service pension and postretirement benefit expense) | (132) | (280) | (252) | (764) |
Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Foreign exchange translation adjustment | (68) | 19 | (90) | (34) | ||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | (83) | 25 | (123) | (33) | ||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (30) | (65) | (57) | (171) | ||||||||||||||||
Total | (181) | (21) | (270) | (238) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Earnings per common share | ||||||||||||||||||||
Net income (loss) attributable to ExxonMobil (millions of dollars) | 17,850 | 4,690 | 23,330 | 7,420 | ||||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 4,233 | 4,276 | 4,248 | 4,274 | ||||||||||||||||
Earnings (loss) per common share (dollars) (1) | 4.21 | 1.10 | 5.49 | 1.74 | ||||||||||||||||
Dividends paid per common share (dollars) | 0.88 | 0.87 | 1.76 | 1.74 | ||||||||||||||||
(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown. |
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Components of net benefit cost | ||||||||||||||||||||
Pension Benefits - U.S. | ||||||||||||||||||||
Service cost | 177 | 208 | 356 | 433 | ||||||||||||||||
Interest cost | 129 | 140 | 258 | 279 | ||||||||||||||||
Expected return on plan assets | (140) | (181) | (280) | (361) | ||||||||||||||||
Amortization of actuarial loss/(gain) | 39 | 61 | 78 | 122 | ||||||||||||||||
Amortization of prior service cost | (7) | (6) | (14) | (12) | ||||||||||||||||
Net pension enhancement and curtailment/settlement cost | 53 | 95 | 90 | 393 | ||||||||||||||||
Net benefit cost | 251 | 317 | 488 | 854 | ||||||||||||||||
Pension Benefits - Non-U.S. | ||||||||||||||||||||
Service cost | 145 | 198 | 295 | 393 | ||||||||||||||||
Interest cost | 157 | 135 | 317 | 265 | ||||||||||||||||
Expected return on plan assets | (207) | (263) | (420) | (521) | ||||||||||||||||
Amortization of actuarial loss/(gain) | 47 | 107 | 94 | 215 | ||||||||||||||||
Amortization of prior service cost | 11 | 14 | 23 | 29 | ||||||||||||||||
Net pension enhancement and curtailment/settlement cost | (1) | — | (1) | 12 | ||||||||||||||||
Net benefit cost | 152 | 191 | 308 | 393 | ||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||
Service cost | 38 | 46 | 78 | 95 | ||||||||||||||||
Interest cost | 53 | 55 | 108 | 111 | ||||||||||||||||
Expected return on plan assets | (4) | (4) | (7) | (9) | ||||||||||||||||
Amortization of actuarial loss/(gain) | — | 19 | 3 | 38 | ||||||||||||||||
Amortization of prior service cost | (10) | (10) | (21) | (21) | ||||||||||||||||
Net benefit cost | 77 | 106 | 161 | 214 |
June 30, 2022 | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
(millions of dollars) | Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Derivative assets (1) | 6,269 | 2,935 | — | 9,204 | (7,954) | (209) | — | 1,041 | ||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | 2,511 | 5,017 | 7,528 | — | — | 666 | 8,194 | ||||||||||||||||||
Other long-term financial assets (3) | 1,166 | — | 1,017 | 2,183 | — | — | 188 | 2,371 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative liabilities (4) | 6,278 | 3,921 | — | 10,199 | (7,954) | (218) | — | 2,027 | ||||||||||||||||||
Long-term debt (5) | 34,229 | 61 | 5 | 34,295 | — | — | 2,935 | 37,230 | ||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | 2,635 | 2,635 | — | — | (18) | 2,617 | ||||||||||||||||||
Other long-term financial liabilities (7) | — | — | 742 | 742 | — | — | 51 | 793 |
December 31, 2021 | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
(millions of dollars) | Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Derivative assets (1) | 1,422 | 1,523 | — | 2,945 | (1,930) | (28) | — | 987 | ||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | 3,076 | 5,373 | 8,449 | — | — | (123) | 8,326 | ||||||||||||||||||
Other long-term financial assets (3) | 1,134 | — | 1,058 | 2,192 | — | — | 181 | 2,373 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative liabilities (4) | 1,701 | 2,594 | — | 4,295 | (1,930) | (306) | — | 2,059 | ||||||||||||||||||
Long-term debt (5) | 44,454 | 88 | 3 | 44,545 | — | — | (2,878) | 41,667 | ||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | 3,084 | 3,084 | — | — | (227) | 2,857 | ||||||||||||||||||
Other long-term financial liabilities (7) | — | — | 902 | 902 | — | — | 58 | 960 |
(1) | Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net | ||||
(2) | Included in the Balance Sheet line: Investments, advances and long-term receivables | ||||
(3) | Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net | ||||
(4) | Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations | ||||
(5) | Excluding finance lease obligations | ||||
(6) | Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company. | ||||
(7) | Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates. |
(millions) | June 30, 2022 | December 31, 2021 | ||||||
Crude oil (barrels) | 47 | 82 | ||||||
Petroleum products (barrels) | (39) | (48) | ||||||
Natural gas (MMBTUs) | (115) | (115) | ||||||
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Sales and other operating revenue | (1,413) | (1,088) | (3,948) | (1,600) | ||||||||||||||||
Crude oil and product purchases | — | (20) | (26) | (19) | ||||||||||||||||
Total | (1,413) | (1,108) | (3,974) | (1,619) |
Three Months Ended June 30, 2022 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | ||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 3,749 | 7,622 | 2,655 | 2,617 | 625 | 450 | 232 | 185 | (286) | 17,850 | ||||||||||||||||||||||
Identified Items | ||||||||||||||||||||||||||||||||
Gain/(loss) on sale of assets | 299 | — | — | — | — | — | — | — | — | 299 | ||||||||||||||||||||||
Earnings (loss) excluding Identified Items | 3,450 | 7,622 | 2,655 | 2,617 | 625 | 450 | 232 | 185 | (286) | 17,551 |
Three Months Ended June 30, 2021 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | ||||||||||||||||||||||||||
(millions of dollars) | 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) | 663 | 2,522 | (278) | (578) | 1,149 | 1,051 | 262 | 487 | (588) | 4,690 | ||||||||||||||||||||||
Identified Items | ||||||||||||||||||||||||||||||||
Severance charges | — | — | — | — | — | — | — | — | (12) | (12) | ||||||||||||||||||||||
Earnings (loss) excluding Identified Items | 663 | 2,522 | (278) | (578) | 1,149 | 1,051 | 262 | 487 | (576) | 4,702 |
Six Months Ended June 30, 2022 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | ||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 6,125 | 9,734 | 3,144 | 1,933 | 1,395 | 1,086 | 478 | 415 | (980) | 23,330 | ||||||||||||||||||||||
Identified Items | ||||||||||||||||||||||||||||||||
Impairments | — | (2,877) | — | — | — | — | — | — | (98) | (2,975) | ||||||||||||||||||||||
Gain/(loss) on sale of assets | 299 | — | — | — | — | — | — | — | — | 299 | ||||||||||||||||||||||
Other - Russia impacts | — | (378) | — | — | — | — | — | — | — | (378) | ||||||||||||||||||||||
Earnings (loss) excluding Identified Items | 5,826 | 12,989 | 3,144 | 1,933 | 1,395 | 1,086 | 478 | 415 | (882) | 26,384 |
Six Months Ended June 30, 2021 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | ||||||||||||||||||||||||||
(millions of dollars) | 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) | 1,026 | 4,713 | (510) | (1,267) | 1,803 | 1,788 | 442 | 862 | (1,437) | 7,420 | ||||||||||||||||||||||
Identified Items | ||||||||||||||||||||||||||||||||
Severance charges | — | — | — | — | — | — | — | — | (43) | (43) | ||||||||||||||||||||||
Earnings (loss) excluding Identified Items | 1,026 | 4,713 | (510) | (1,267) | 1,803 | 1,788 | 442 | 862 | (1,394) | 7,463 | ||||||||||||||||||||||
Upstream Financial Results | ||||||||||||||||||||
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||
United States | 3,749 | 663 | 6,125 | 1,026 | ||||||||||||||||
Non-U.S. | 7,622 | 2,522 | 9,734 | 4,713 | ||||||||||||||||
Total | 11,371 | 3,185 | 15,859 | 5,739 | ||||||||||||||||
Identified Items (1) | ||||||||||||||||||||
United States | 299 | — | 299 | — | ||||||||||||||||
Non-U.S. | — | — | (3,255) | — | ||||||||||||||||
Total | 299 | — | (2,956) | — | ||||||||||||||||
Earnings (loss) excluding Identified Items (1) | ||||||||||||||||||||
United States | 3,450 | 663 | 5,826 | 1,026 | ||||||||||||||||
Non-U.S. | 7,622 | 2,522 | 12,989 | 4,713 | ||||||||||||||||
Total | 11,072 | 3,185 | 18,815 | 5,739 |
Upstream Second Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Upstream Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Energy Products Financial Results | ||||||||||||||||||||
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||
United States | 2,655 | (278) | 3,144 | (510) | ||||||||||||||||
Non-U.S. | 2,617 | (578) | 1,933 | (1,267) | ||||||||||||||||
Total | 5,273 | (856) | 5,077 | (1,777) | ||||||||||||||||
Earnings (loss) excluding Identified Items (1) | ||||||||||||||||||||
United States | 2,655 | (278) | 3,144 | (510) | ||||||||||||||||
Non-U.S. | 2,617 | (578) | 1,933 | (1,267) | ||||||||||||||||
Total | 5,273 | (856) | 5,077 | (1,777) | ||||||||||||||||
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. |
Energy Products Second Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Energy Products Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Chemical Products Financial Results | ||||||||||||||||||||
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||
United States | 625 | 1,149 | 1,395 | 1,803 | ||||||||||||||||
Non-U.S. | 450 | 1,051 | 1,086 | 1,788 | ||||||||||||||||
Total | 1,076 | 2,200 | 2,481 | 3,591 | ||||||||||||||||
Earnings (loss) excluding Identified Items (1) | ||||||||||||||||||||
United States | 625 | 1,149 | 1,395 | 1,803 | ||||||||||||||||
Non-U.S. | 450 | 1,051 | 1,086 | 1,788 | ||||||||||||||||
Total | 1,076 | 2,200 | 2,481 | 3,591 | ||||||||||||||||
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. |
Chemical Products Second Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Chemical Products Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Specialty Products Financial Results | ||||||||||||||||||||
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Earnings (loss) (U.S. GAAP) | ||||||||||||||||||||
United States | 232 | 262 | 478 | 442 | ||||||||||||||||
Non-U.S. | 185 | 487 | 415 | 862 | ||||||||||||||||
Total | 417 | 750 | 893 | 1,304 | ||||||||||||||||
Earnings (loss) excluding Identified Items (1) | ||||||||||||||||||||
United States | 232 | 262 | 478 | 442 | ||||||||||||||||
Non-U.S. | 185 | 487 | 415 | 862 | ||||||||||||||||
Total | 417 | 750 | 893 | 1,304 | ||||||||||||||||
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. |
Specialty Products Second Quarter Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Specialty Products Year-to-Date Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Corporate and Financing Financial Results | ||||||||||||||||||||
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Earnings (loss) (U.S. GAAP) | (286) | (588) | (980) | (1,437) | ||||||||||||||||
Identified Items (1) | — | (12) | (98) | (43) | ||||||||||||||||
Earnings (loss) excluding Identified Items (1) | (286) | (576) | (882) | (1,394) | ||||||||||||||||
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items. |
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Net cash provided by/(used in) | ||||||||||||||
Operating activities | 34,751 | 18,914 | ||||||||||||
Investing activities | (7,009) | (5,071) | ||||||||||||
Financing activities | (15,384) | (14,807) | ||||||||||||
Effect of exchange rate changes | (299) | 65 | ||||||||||||
Increase/(decrease) in cash and cash equivalents | 12,059 | (899) | ||||||||||||
Cash and cash equivalents (at end of period) | 18,861 | 3,465 | ||||||||||||
Cash flow from operations and asset sales | ||||||||||||||
Net cash provided by operating activities (U.S. GAAP) | 19,963 | 9,650 | 34,751 | 18,914 | ||||||||||
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments | 939 | 250 | 1,232 | 557 | ||||||||||
Cash flow from operations and asset sales | 20,902 | 9,900 | 35,983 | 19,471 | ||||||||||
Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions. |
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Income taxes | 6,359 | 1,526 | 9,165 | 2,322 | ||||||||||
Effective income tax rate | 31 | % | 30 | % | 34 | % | 31 | % | ||||||
Total other taxes and duties (1) | 7,779 | 8,441 | 16,228 | 15,724 | ||||||||||
Total | 14,138 | 9,967 | 25,393 | 18,046 | ||||||||||
(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses”. |
(millions of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Upstream (including exploration expenses) | 3,627 | 2,817 | 7,506 | 5,174 | ||||||||||
Energy Products | 506 | 429 | 1,072 | 878 | ||||||||||
Chemical Products | 419 | 512 | 855 | 811 | ||||||||||
Specialty Products | 56 | 44 | 79 | 72 | ||||||||||
Other | 1 | 1 | 1 | 1 | ||||||||||
Total | 4,609 | 3,803 | 9,513 | 6,936 |
Exhibit | Description | |||||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer. | ||||||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer. | ||||||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer. | ||||||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer. | ||||||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer. | ||||||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer. | ||||||||
101 | Interactive Data Files (formatted as Inline XBRL). | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
EXXON MOBIL CORPORATION | ||||||||
Date: August 3, 2022 | By: | /s/ LEN M. FOX | ||||||
Len M. Fox | ||||||||
Vice President, Controller and | ||||||||
Principal Accounting Officer |
1 Year Exxon Mobil Chart |
1 Month Exxon Mobil Chart |
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