•Generated strong third-quarter earnings of $9.1 billion, or $2.25 per share, reflecting reliable operating performance of an advantaged portfolio

•Produced $16.0 billion of operating cash flow and increased cash balance by $3.4 billion

•Delivered the best-ever third-quarter global refinery throughput1 at 4.2 million barrels per day

•Returned $8.1 billion to shareholders in the quarter and increased fourth-quarter dividend to $0.95 per share

•Announced agreement to merge with Pioneer Natural Resources, a combination that will increase U.S. Permian production, enhance energy security and accelerate Pioneer's path to net zero

SPRING, Texas – October 27, 2023 – Exxon Mobil Corporation today announced third-quarter 2023 earnings of $9.1 billion, or $2.25 per share assuming dilution. Cash flow from operations was $16.0 billion, up $6.6 billion versus the second quarter. In line with plans, capital and exploration expenditures were $6.0 billion in the third quarter, bringing year-to-date 2023 expenditures to $18.6 billion. Full-year capital and exploration expenditures are expected to be at the top end of the guidance of $23 billion to $25 billion as the company pursues value accretive opportunities.

“We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply3,” said Darren Woods, chairman and chief executive officer. “The organization's relentless focus on safety, environment and value is paying off – driving record refining throughputs, delivering big projects at first-quintile cost and schedule, and exceeding planned structural cost savings while reducing emissions intensity and the impact on the environment.

“The two transactions we've announced further underscore our ongoing commitment to the 'and' equation by continuing to meet the world's needs for energy and essential products while reducing emissions. Pioneer will help us grow supply to meet the world's energy needs with lower carbon intensity while Denbury improves our competitive position to economically reduce emissions in hard-to-decarbonize industries. Our disciplined operational and financial performance, combined with these strategic transactions, will strengthen our portfolio and position us to deliver profitable growth and attractive returns for many years to come.”

1    Highest third-quarter global refinery throughput (2000-2023) since Exxon and Mobil merger in 1999, based on current refinery circuit.

2    Assuming dilution.

3    Compared to third-quarter 2022; Excludes impacts from divestments, entitlements, and government-mandated curtailments.

Third-Quarter 2023 Financial Highlights

•Earnings were $9.1 billion compared with second-quarter earnings of $7.9 billion. Results improved with strong operating performance, including record third-quarter refining throughput1 as well as a higher crude price and industry refining margin environment. These factors were partly offset by weaker chemical margins, unfavorable derivative mark-to-market impacts and trading timing effects that are expected to unwind over time.

•The company achieved $9.0 billion of cumulative structural cost savings versus 2019, ahead of schedule, with further savings expected by year-end.

•Strong earnings drove cash flow from operations of $16.0 billion and free cash flow of $11.7 billion, an increase of $6.6 billion and $6.7 billion respectively versus the second quarter. Third-quarter shareholder distributions of $8.1 billion included $3.7 billion of dividends and $4.4 billion of share repurchases. Year-to-date share repurchases were $13.1 billion, consistent with the company's plan to repurchase $17.5 billion of shares in 2023.

•The Corporation declared a fourth-quarter dividend of $0.95 per share, payable on Dec. 11, 2023, to shareholders of record of Common Stock at the close of business on Nov. 15, 2023. The company has increased its annual dividend for 41 consecutive years, including this increase of $0.04 per share, or 4 percent.

•The debt-to-capital ratio remained at 17% and the net-debt-to-capital ratio was 4%, reflecting a period-end cash balance of $33.0 billion.

•The company continued to strengthen its portfolio with the closing of the Thailand refinery divestment in the third quarter. Total asset sales and divestments generated $0.9 billion of cash proceeds, bringing the year-to-date total to $3.1 billion.

1    Highest third-quarter global refinery throughput (2000-2023) since Exxon and Mobil merger in 1999, based on current refinery circuit.

•ExxonMobil has industry-leading plans to achieve net zero Scope 1 and 2 greenhouse gas emissions from its Permian unconventional operations by 2030. As part of the announced Pioneer merger, ExxonMobil plans to accelerate Pioneer’s net-zero Permian ambition to 2035 from 2050. In addition, using a combination of technology, operating capabilities, infrastructure, recycling, and water sharing, the company expects to increase the amount of water sourced from oil and gas production used in its Permian fracturing operations to more than 90% by 2030.

•In July, the company entered into a definitive agreement to acquire Denbury Inc. The planned acquisition will provide ExxonMobil with one of the largest owned and operated carbon dioxide (CO2) pipeline networks in the United States. The combination will further expand ExxonMobil's ability to provide large-scale emission-reduction services to industrial customers. Denbury scheduled a shareholder vote for October 31, 2023, with the transaction expected to close in early November. The acquisition is an all-stock transaction valued at $4.9 billion, and the expected number of shares issuable in connection with the transaction is approximately 45 million.

•Upstream third-quarter earnings were $6.1 billion, an increase of $1.5 billion from the second quarter, driven by higher crude prices, lower scheduled maintenance, and favorable tax impacts. Identified items unfavorably impacted earnings by $14 million in the quarter.

•Compared to the same quarter last year, earnings decreased $6.3 billion. Excluding identified items, earnings declined $5.7 billion, driven by a nearly 60% decrease in natural gas realizations and a 14% decrease in crude realizations. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew about 80,000 oil-equivalent barrels per day, driven by the Permian and Guyana.

•Year-to-date earnings were $17.2 billion, a decrease of $11.1 billion versus the first nine months of 2022. The prior-year period was impacted by net negative identified items totaling $2.4 billion, including an identified item associated with the Sakhalin-1 expropriation. Excluding identified items, earnings declined $13.3 billion. Higher production from advantaged projects in Guyana and the Permian provided a partial offset to lower crude and natural gas realizations. Year-to-date production was 3.7 million oil-equivalent barrels per day. The portfolio mix continued to improve with liquid production growth from Guyana and the Permian, offsetting lower natural gas production from divestments.

•In October, ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a $59.5 billion all-stock transaction. The combination is expected to generate double-digit returns by recovering more resources, more efficiently, while accelerating emissions reductions1.

1    Expected to leverage Permian GHG reduction plans to accelerate Pioneer's net-zero emissions plan to 2035 from 2050; plan to lower both companies' Permian methane emissions through new technology application.

•Energy Products third-quarter earnings were $2.4 billion, up $0.1 billion sequentially due to improved industry refining margins and strong reliability with record throughput. These factors were partly offset by negative trading-related impacts from rising prices including unfavorable derivative mark-to-market impacts and other timing effects that were largely non-cash and are expected to unwind over time.

•Compared to the same quarter last year, earnings decreased $3.4 billion on weaker industry refining margins and unfavorable foreign exchange impacts. In addition, earnings were lower from trading-related impacts including negative derivative mark-to-market and other timing effects that were largely non-cash, which were impacted by rising prices in the quarter compared to declining prices in the third quarter of last year.

•Year-to-date earnings were $8.9 billion, a decrease of $2.0 billion versus the same period last year. Declining industry refining margins and higher planned maintenance expenses were partly offset by higher sales volumes, mainly from the start-up of the Beaumont refinery expansion. Unfavorable derivative mark-to-market impacts were offset by favorable other timing effects, mostly of a non-cash nature.

•Chemical Products third-quarter earnings were $249 million, down from $828 million in the second quarter. Industry margins compressed from higher feedstock costs and lower price realizations as industry supply outpaced rising demand. Improved volume/mix effects from growth in performance chemicals partially offset weaker margins.

•Compared to the same quarter last year, earnings decreased $563 million on weaker industry margins.

•Year-to-date earnings were $1.4 billion compared to $3.3 billion in the first nine months of 2022, driven by weaker industry margins, lower sales volumes reflecting softer demand, and higher planned maintenance.

•The Baytown chemical expansion project started up in the third quarter, adding 750 Kta of performance chemicals production capacity and marks the company's entry into the linear alpha olefins market.

•Specialty Products third-quarter earnings were $619 million, compared to $671 million in the second quarter, consistently delivering strong earnings from our portfolio of high-value products. Revenue management activities leveraging the company's leading brand and market position, and lower expenses were more than offset by weaker basestock margins from rising feed costs.

•Compared to the same quarter last year, earnings decreased by $143 million. Improved reliability and stronger finished lubes margins were more than offset by weaker basestock margins.

•Year-to-date earnings were $2.1 billion, an increase of $409 million versus the first nine months of 2022. Improved finished lubes margins from lower feed costs were partially offset by lower specialty products sales volumes due to weaker demand.

•Corporate and Financing third-quarter net charges of $365 million decreased $141 million versus the second quarter, driven by lower financing costs.

•Compared to the same quarter last year, net charges increased $213 million. Excluding prior-year favorable identified items of $400 million related to tax and other reserve adjustments, net charges decreased $187 million from lower financing costs.

•Year-to-date charges of $1.2 billion increased $94 million from last year. Excluding identified items, net charges decreased $208 million from lower financing costs.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on October 27, 2023. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuel, hydrogen and other plans to reduce emissions of ExxonMobil, its affiliates or companies it is seeking to acquire, are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; structural earnings improvement and 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, plans to reach net zero Scope 1 and 2 emissions in Upstream Permian Basin unconventional operated assets by 2030 and by 2035 for Pioneer assets, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions from its operations, meeting ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology efforts; timing and outcome of projects related to the capture, transportation and storage of CO2, including completion of the Denbury acquisition, and biofuel production; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; timing and outcome of hydrogen projects; 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; and resource recoveries and production rates, 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; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector; 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; 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; 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 2022 Form 10-K.

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.

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.

Results Summary
3Q23			2Q23			Change vs 2Q23			3Q22			Change vs 3Q22			Dollars in millions (except per share data)			YTD 2023			YTD 2022			Change vs YTD 2022
9,070			7,880			+1,190			19,660			-10,590			Earnings (U.S. GAAP)			28,380			42,990			-14,610
9,117			7,874			+1,243			18,682			-9,565			Earnings Excluding Identified Items (non-GAAP)			28,609			45,066			-16,457
2.25			1.94			+0.31			4.68			-2.43			Earnings Per Common Share ¹			6.98			10.17			-3.19
2.27			1.94			+0.33			4.45			-2.18			Earnings Excl. Identified Items Per Common Share ¹			7.04			10.66			-3.62
6,022			6,166			-144			5,728			+294			Capital and Exploration Expenditures			18,568			15,241			+3,327
¹ Assuming dilution.