FALSE00000340882023Q3--12-31http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent http://fasb.org/us-gaap/2023#ReceivablesNetCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrent http://fasb.org/us-gaap/2023#ReceivablesNetCurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrent00000340882023-01-012023-09-300000034088us-gaap:CommonStockMember2023-01-012023-09-300000034088xom:ZeroPointOneFourTwoPercentNotesDue2024Member2023-01-012023-09-300000034088xom:ZeroPointFiveTwoFourPercentNotesDue2028Member2023-01-012023-09-300000034088xom:ZeroPointEightThreeFivePercentNotesDue2032Member2023-01-012023-09-300000034088xom:OnePointFourZeroEightPercentNotesDue2039Member2023-01-012023-09-3000000340882023-09-30xbrli:shares0000034088xom:SalesAndOtherOperatingRevenueMember2023-07-012023-09-30iso4217:USD0000034088xom:SalesAndOtherOperatingRevenueMember2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMember2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMember2022-01-012022-09-300000034088xom:IncomeFromEquityAffiliatesMember2023-07-012023-09-300000034088xom:IncomeFromEquityAffiliatesMember2022-07-012022-09-300000034088xom:IncomeFromEquityAffiliatesMember2023-01-012023-09-300000034088xom:IncomeFromEquityAffiliatesMember2022-01-012022-09-300000034088xom:OtherRevenueMember2023-07-012023-09-300000034088xom:OtherRevenueMember2022-07-012022-09-300000034088xom:OtherRevenueMember2023-01-012023-09-300000034088xom:OtherRevenueMember2022-01-012022-09-3000000340882023-07-012023-09-3000000340882022-07-012022-09-3000000340882022-01-012022-09-30iso4217:USDxbrli:shares00000340882022-12-310000034088us-gaap:RelatedPartyMember2023-09-300000034088us-gaap:RelatedPartyMember2022-12-310000034088us-gaap:NonrelatedPartyMember2023-09-300000034088us-gaap:NonrelatedPartyMember2022-12-3100000340882021-12-3100000340882022-09-300000034088us-gaap:CommonStockMember2022-06-300000034088us-gaap:RetainedEarningsMember2022-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000034088us-gaap:TreasuryStockCommonMember2022-06-300000034088us-gaap:ParentMember2022-06-300000034088us-gaap:NoncontrollingInterestMember2022-06-3000000340882022-06-300000034088us-gaap:CommonStockMember2022-07-012022-09-300000034088us-gaap:ParentMember2022-07-012022-09-300000034088us-gaap:NoncontrollingInterestMember2022-07-012022-09-300000034088us-gaap:RetainedEarningsMember2022-07-012022-09-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000034088us-gaap:TreasuryStockCommonMember2022-07-012022-09-300000034088us-gaap:CommonStockMember2022-09-300000034088us-gaap:RetainedEarningsMember2022-09-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000034088us-gaap:TreasuryStockCommonMember2022-09-300000034088us-gaap:ParentMember2022-09-300000034088us-gaap:NoncontrollingInterestMember2022-09-300000034088us-gaap:CommonStockMember2023-06-300000034088us-gaap:RetainedEarningsMember2023-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000034088us-gaap:TreasuryStockCommonMember2023-06-300000034088us-gaap:ParentMember2023-06-300000034088us-gaap:NoncontrollingInterestMember2023-06-3000000340882023-06-300000034088us-gaap:CommonStockMember2023-07-012023-09-300000034088us-gaap:ParentMember2023-07-012023-09-300000034088us-gaap:NoncontrollingInterestMember2023-07-012023-09-300000034088us-gaap:RetainedEarningsMember2023-07-012023-09-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000034088us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000034088us-gaap:CommonStockMember2023-09-300000034088us-gaap:RetainedEarningsMember2023-09-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000034088us-gaap:TreasuryStockCommonMember2023-09-300000034088us-gaap:ParentMember2023-09-300000034088us-gaap:NoncontrollingInterestMember2023-09-300000034088us-gaap:CommonStockMember2021-12-310000034088us-gaap:RetainedEarningsMember2021-12-310000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000034088us-gaap:TreasuryStockCommonMember2021-12-310000034088us-gaap:ParentMember2021-12-310000034088us-gaap:NoncontrollingInterestMember2021-12-310000034088us-gaap:CommonStockMember2022-01-012022-09-300000034088us-gaap:ParentMember2022-01-012022-09-300000034088us-gaap:NoncontrollingInterestMember2022-01-012022-09-300000034088us-gaap:RetainedEarningsMember2022-01-012022-09-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000034088us-gaap:TreasuryStockCommonMember2022-01-012022-09-300000034088us-gaap:CommonStockMember2022-12-310000034088us-gaap:RetainedEarningsMember2022-12-310000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000034088us-gaap:TreasuryStockCommonMember2022-12-310000034088us-gaap:ParentMember2022-12-310000034088us-gaap:NoncontrollingInterestMember2022-12-310000034088us-gaap:CommonStockMember2023-01-012023-09-300000034088us-gaap:ParentMember2023-01-012023-09-300000034088us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000034088us-gaap:RetainedEarningsMember2023-01-012023-09-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000034088us-gaap:TreasuryStockCommonMember2023-01-012023-09-300000034088xom:Sakhalin1Member2022-01-012022-12-3100000340882022-10-012022-12-31utr:Boe0000034088xom:DebtRelatedGuaranteesMemberxom:EquityCompanyObligationsMember2023-09-300000034088xom:OtherThirdPartyObligationsMemberxom:DebtRelatedGuaranteesMember2023-09-300000034088xom:DebtRelatedGuaranteesMember2023-09-300000034088xom:EquityCompanyObligationsMemberxom:OtherGuaranteesMember2023-09-300000034088xom:OtherThirdPartyObligationsMemberxom:OtherGuaranteesMember2023-09-300000034088xom:OtherGuaranteesMember2023-09-300000034088xom:EquityCompanyObligationsMember2023-09-300000034088xom:OtherThirdPartyObligationsMember2023-09-300000034088srt:ParentCompanyMember2021-12-310000034088srt:ParentCompanyMember2022-01-012022-09-300000034088srt:ParentCompanyMember2022-09-300000034088srt:ParentCompanyMember2022-12-310000034088srt:ParentCompanyMember2023-01-012023-09-300000034088srt:ParentCompanyMember2023-09-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300000034088us-gaap:FairValueInputsLevel1Member2023-09-300000034088us-gaap:FairValueInputsLevel2Member2023-09-300000034088us-gaap:FairValueDisclosureItemAmountsDomain2023-09-300000034088xom:EffectOfCounterpartyNettingMember2023-09-300000034088xom:EffectOfCollateralNettingMember2023-09-300000034088us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000034088us-gaap:FairValueInputsLevel3Member2023-09-300000034088xom:DifferenceInCarryingValueAndFairValueMember2023-09-300000034088us-gaap:FairValueInputsLevel1Member2022-12-310000034088us-gaap:FairValueInputsLevel2Member2022-12-310000034088us-gaap:FairValueDisclosureItemAmountsDomain2022-12-310000034088xom:EffectOfCounterpartyNettingMember2022-12-310000034088xom:EffectOfCollateralNettingMember2022-12-310000034088us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000034088us-gaap:FairValueInputsLevel3Member2022-12-310000034088xom:DifferenceInCarryingValueAndFairValueMember2022-12-310000034088xom:LineOfCreditShortTermMember2023-09-300000034088xom:LineOfCreditLongTermMember2023-09-300000034088us-gaap:LongMembersrt:CrudeOilMember2023-01-012023-09-30utr:bbl0000034088us-gaap:LongMembersrt:CrudeOilMember2022-01-012022-12-310000034088us-gaap:ShortMemberxom:ProductsMember2023-01-012023-09-300000034088us-gaap:ShortMemberxom:ProductsMember2022-01-012022-12-310000034088xom:NaturalGasMemberus-gaap:ShortMember2023-01-012023-09-30utr:MMBTU0000034088xom:NaturalGasMemberus-gaap:ShortMember2022-01-012022-12-310000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-07-012023-09-300000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2022-07-012022-09-300000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-01-012023-09-300000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2022-01-012022-09-300000034088xom:UpstreamMembercountry:US2023-07-012023-09-300000034088xom:UpstreamMembercountry:US2022-07-012022-09-300000034088xom:UpstreamMembercountry:US2023-01-012023-09-300000034088xom:UpstreamMembercountry:US2022-01-012022-09-300000034088us-gaap:NonUsMemberxom:UpstreamMember2023-07-012023-09-300000034088us-gaap:NonUsMemberxom:UpstreamMember2022-07-012022-09-300000034088us-gaap:NonUsMemberxom:UpstreamMember2023-01-012023-09-300000034088us-gaap:NonUsMemberxom:UpstreamMember2022-01-012022-09-300000034088country:USxom:EnergyProductsMember2023-07-012023-09-300000034088country:USxom:EnergyProductsMember2022-07-012022-09-300000034088country:USxom:EnergyProductsMember2023-01-012023-09-300000034088country:USxom:EnergyProductsMember2022-01-012022-09-300000034088us-gaap:NonUsMemberxom:EnergyProductsMember2023-07-012023-09-300000034088us-gaap:NonUsMemberxom:EnergyProductsMember2022-07-012022-09-300000034088us-gaap:NonUsMemberxom:EnergyProductsMember2023-01-012023-09-300000034088us-gaap:NonUsMemberxom:EnergyProductsMember2022-01-012022-09-300000034088xom:ChemicalProductsMembercountry:US2023-07-012023-09-300000034088xom:ChemicalProductsMembercountry:US2022-07-012022-09-300000034088xom:ChemicalProductsMembercountry:US2023-01-012023-09-300000034088xom:ChemicalProductsMembercountry:US2022-01-012022-09-300000034088us-gaap:NonUsMemberxom:ChemicalProductsMember2023-07-012023-09-300000034088us-gaap:NonUsMemberxom:ChemicalProductsMember2022-07-012022-09-300000034088us-gaap:NonUsMemberxom:ChemicalProductsMember2023-01-012023-09-300000034088us-gaap:NonUsMemberxom:ChemicalProductsMember2022-01-012022-09-300000034088xom:SpecialtyProductsMembercountry:US2023-07-012023-09-300000034088xom:SpecialtyProductsMembercountry:US2022-07-012022-09-300000034088xom:SpecialtyProductsMembercountry:US2023-01-012023-09-300000034088xom:SpecialtyProductsMembercountry:US2022-01-012022-09-300000034088xom:SpecialtyProductsMemberus-gaap:NonUsMember2023-07-012023-09-300000034088xom:SpecialtyProductsMemberus-gaap:NonUsMember2022-07-012022-09-300000034088xom:SpecialtyProductsMemberus-gaap:NonUsMember2023-01-012023-09-300000034088xom:SpecialtyProductsMemberus-gaap:NonUsMember2022-01-012022-09-300000034088xom:CorporateAndFinancingMember2023-07-012023-09-300000034088xom:CorporateAndFinancingMember2022-07-012022-09-300000034088xom:CorporateAndFinancingMember2023-01-012023-09-300000034088xom:CorporateAndFinancingMember2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:UpstreamMembercountry:US2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:UpstreamMembercountry:US2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:UpstreamMembercountry:US2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:UpstreamMembercountry:US2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:UpstreamMember2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:UpstreamMember2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:UpstreamMember2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:UpstreamMember2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:USxom:EnergyProductsMember2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:USxom:EnergyProductsMember2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:USxom:EnergyProductsMember2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:USxom:EnergyProductsMember2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:EnergyProductsMember2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:EnergyProductsMember2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:EnergyProductsMember2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:EnergyProductsMember2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:ChemicalProductsMembercountry:US2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:ChemicalProductsMembercountry:US2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:ChemicalProductsMembercountry:US2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberxom:ChemicalProductsMembercountry:US2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:ChemicalProductsMember2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:ChemicalProductsMember2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:ChemicalProductsMember2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMemberxom:ChemicalProductsMember2022-01-012022-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMembercountry:US2023-07-012023-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMembercountry:US2022-07-012022-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMembercountry:US2023-01-012023-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMembercountry:US2022-01-012022-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2023-07-012023-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2022-07-012022-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2023-01-012023-09-300000034088xom:SpecialtyProductsMemberxom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2022-01-012022-09-300000034088xom:CorporateAndFinancingMemberxom:SalesAndOtherOperatingRevenueMember2023-07-012023-09-300000034088xom:CorporateAndFinancingMemberxom:SalesAndOtherOperatingRevenueMember2022-07-012022-09-300000034088xom:CorporateAndFinancingMemberxom:SalesAndOtherOperatingRevenueMember2023-01-012023-09-300000034088xom:CorporateAndFinancingMemberxom:SalesAndOtherOperatingRevenueMember2022-01-012022-09-300000034088xom:UpstreamNonUSMemberxom:Sakhalin1Member2022-01-012022-03-310000034088xom:CorporateAndFinancingMemberxom:Sakhalin1Member2022-01-012022-03-310000034088xom:SalesAndOtherOperatingRevenueMembercountry:US2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:US2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:US2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:US2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMemberus-gaap:NonUsMember2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:CA2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:CA2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:CA2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:CA2022-01-012022-09-300000034088country:GBxom:SalesAndOtherOperatingRevenueMember2023-07-012023-09-300000034088country:GBxom:SalesAndOtherOperatingRevenueMember2022-07-012022-09-300000034088country:GBxom:SalesAndOtherOperatingRevenueMember2023-01-012023-09-300000034088country:GBxom:SalesAndOtherOperatingRevenueMember2022-01-012022-09-300000034088country:SGxom:SalesAndOtherOperatingRevenueMember2023-07-012023-09-300000034088country:SGxom:SalesAndOtherOperatingRevenueMember2022-07-012022-09-300000034088country:SGxom:SalesAndOtherOperatingRevenueMember2023-01-012023-09-300000034088country:SGxom:SalesAndOtherOperatingRevenueMember2022-01-012022-09-300000034088country:FRxom:SalesAndOtherOperatingRevenueMember2023-07-012023-09-300000034088country:FRxom:SalesAndOtherOperatingRevenueMember2022-07-012022-09-300000034088country:FRxom:SalesAndOtherOperatingRevenueMember2023-01-012023-09-300000034088country:FRxom:SalesAndOtherOperatingRevenueMember2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:IT2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:IT2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:IT2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:IT2022-01-012022-09-300000034088country:BExom:SalesAndOtherOperatingRevenueMember2023-07-012023-09-300000034088country:BExom:SalesAndOtherOperatingRevenueMember2022-07-012022-09-300000034088country:BExom:SalesAndOtherOperatingRevenueMember2023-01-012023-09-300000034088country:BExom:SalesAndOtherOperatingRevenueMember2022-01-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:AU2023-07-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:AU2022-07-012022-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:AU2023-01-012023-09-300000034088xom:SalesAndOtherOperatingRevenueMembercountry:AU2022-01-012022-09-300000034088us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-09-300000034088us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-12-310000034088us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberxom:SantaYnezUnitMember2022-11-012023-09-300000034088xom:DenburyIncMember2023-07-122023-07-12xbrli:pure0000034088srt:ScenarioForecastMemberxom:DenburyIncMember2023-10-012023-12-310000034088xom:DenburyIncMember2022-12-310000034088xom:DenburyIncMember2023-01-012023-06-300000034088xom:PioneerNaturalResourcesMergerMemberus-gaap:SubsequentEventMember2023-10-102023-10-100000034088xom:PioneerNaturalResourcesMergerMembersrt:ScenarioForecastMember2023-10-012023-12-310000034088xom:PioneerNaturalResourcesMergerMembersrt:ScenarioForecastMember2024-01-012024-06-300000034088xom:PioneerNaturalResourcesMergerMember2022-12-31utr:acre0000034088xom:PioneerNaturalResourcesMergerMember2023-04-012023-06-30

FORM 10-Q

 

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

For the quarterly period ended September 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

 

For the transition period from __________to__________

 

Commission File Number 1-2256

(Exact name of registrant as specified in its charter)

22777 Springwoods Village Parkway, Spring, Texas 77389-1425

(Address of principal executive offices) (Zip Code) 

(972) 940-6000

(Registrant's telephone number, including area code)

 _______________________

Securities registered pursuant to Section 12(b) of the Act: 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 

(1)

Includes $568 million issued to facilitate the sale of an entity where the buyer assumed the debt upon closing; no longer on the Condensed Consolidated Balance Sheet at the end of the third quarter 2023.

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

 

These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2022 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.

The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s first-quarter 2022 earnings included after-tax charges of $3.4 billion largely representing the full impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (includes impairments)” on the Condensed Consolidated Statement of Income. Effective October 14, 2022 the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator. The Corporation’s fourth-quarter 2022 results included an after-tax benefit of $1.1 billion largely reflecting the impact of the expropriation on the company’s various obligations related to Sakhalin. The Corporation's exit from the project resulted in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022.

A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed.

State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change.

Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies, including ExxonMobil, requesting compensation for the restoration of coastal marshes in the state. We believe the factual and legal theories set forth in these proceedings are meritless.

While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect on the Corporation’s operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims.

The Corporation and certain of its consolidated subsidiaries were contingently liable at September 30, 2023, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights; sanctions and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.

 

The estimated fair value of financial instruments and derivatives at September 30, 2023 and December 31, 2022, and the related hierarchy level for the fair value measurement was as follows:

 

						December 31, 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)						4,309			3,455			—			7,764			(5,778)			(969)			—			1,017
Advances to/receivables from equity companies (2)(6)						—			2,406			4,958			7,364			—			—			685			8,049
Other long-term financial assets (3)						1,208			—			1,413			2,621			—			—			346			2,967
Liabilities
Derivative liabilities (4)						3,417			3,264			—			6,681			(5,778)			(79)			—			824
Long-term debt (5)						33,112			1,880			6			34,998			—			—			4,173			39,171
Long-term obligations to equity companies (6)						—			—			2,467			2,467			—			—			(129)			2,338
Other long-term financial liabilities (7)						—			—			679			679			—			—			38			717

At September 30, 2023 and December 31, 2022, respectively, the Corporation had $834 million and $1,494 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements.

The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of September 30, 2023, the Corporation has designated $4.8 billion of its Euro-denominated debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.

The Corporation had undrawn short-term committed lines of credit of $524 million and undrawn long-term committed lines of credit of $834 million as of third quarter 2023.

The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue" and in the Consolidated Statement of Cash Flows in “Cash Flows from Operating Activities”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of September 30, 2023 and December 31, 2022, or results of operations for the periods ended September 30, 2023 and 2022.

Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.

The net notional long/(short) position of derivative instruments at September 30, 2023 and December 31, 2022, was as follows:

Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis:

Sales and other operating revenue includes both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.

Through September 30, 2023, the Corporation realized proceeds of approximately $3.1 billion from its divestment activities in 2023 with negligible impact on net after-tax earnings. This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments.

In 2022, the Corporation realized proceeds of approximately $5 billion and recognized net after-tax earnings of approximately $0.4 billion from its divestment activities. This included the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments.

In November 2022, the Corporation executed an agreement for the sale of the Santa Ynez Unit and associated assets in California. The agreement is subject to certain conditions precedent and government approvals and does not yet meet held-for-sale criteria under ASC 360. Should the conditions precedent be met and the potential transaction close, the Corporation would expect to recognize a loss of up to $2 billion.

In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In mid-2022, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of these matters.

On July 13, 2023, the Corporation entered into an agreement to acquire Denbury Inc., a developer of carbon capture, utilization and storage solutions and enhanced oil recovery in exchange for ExxonMobil common stock. Based on the July 12 closing price for ExxonMobil shares, and at a fixed exchange rate of 0.84 per Denbury share, the transaction value was $4.9 billion. We expect that the number of shares issuable in connection with the transaction to be approximately 45 million. Denbury scheduled a shareholder vote for October 31, 2023, and assuming shareholder approval, the transaction is currently expected to close in early November. In addition to carbon capture and storage assets, the acquisition includes Gulf Coast and Rocky Mountain oil and natural gas operations which consist of proved reserves totaling over 200 million barrels of oil equivalent (as of December 31, 2022), with approximately 47 thousand oil-equivalent barrels per day of production for the first half of 2023.

On October 11, 2023, the Corporation entered into a merger agreement with Pioneer Natural Resources, an independent oil and gas exploration and production company, in exchange for ExxonMobil common stock. Based on the October 10 closing price for ExxonMobil shares, the fixed exchange rate of 2.3234 per Pioneer share, and Pioneer's outstanding net debt, the implied enterprise value of the transaction was approximately $65 billion. We expect that the number of shares issuable in connection with the transaction to be approximately 546 million. The transaction is currently expected to close in the first half of 2024, subject to regulatory approvals.

Pioneer holds over 850,000 net acres in the Midland Basin of West Texas, which consist of proved reserves totaling over 2.3 billion barrels of oil equivalent (as of December 31, 2022) and over 700 thousand oil-equivalent barrels per day of production for the three months ended June 30, 2023.

During the first quarter of 2023, the price of crude oil declined towards the average of the 10-year range (2010-2019), impacted by higher inventory levels, and remained relatively flat during the second quarter. In the third quarter, crude oil prices increased as a result of strong demand, tight inventory levels, and ongoing actions by OPEC+ oil producers to limit supply, which helped mitigate concerns over potential market impacts from a weakening global economy. While natural gas prices remained above the 10-year average they have declined significantly over the first nine months of the year with storage levels increasing above historical averages in the United States and Europe on higher supply and lower demand. During the first half of 2023, refining margins declined on easing supply concerns with stabilization of Russian supply. However, in the third quarter, strong demand for gasoline and distillate combined with low inventories pushed refining margins above the 10-year range. Chemical margins remained well below the 10-year range, as excess supply continued to outpace rising demand.

The Corporation’s results for the first nine months included after-tax charges of $0.2 billion related to additional European taxes imposed on the energy sector, mainly reflected in the line “Income tax expense (benefit).” The enactment of regulations in late 2022 by European Member States and other countries imposed mandatory taxes on certain companies active in the crude petroleum, coal, natural gas, and refinery sectors.

The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. As part of its annual planning and budgeting process, the Corporation is currently assessing its portfolio to prioritize assets with the highest future value potential within its broad range of available opportunities while identifying potential asset divestment candidates. This effort includes an ongoing re-assessment of industry and regulatory factors, macroeconomic considerations, and the company’s project execution plans. Depending on the outcome of the planning process, including in particular significant future changes to the Corporation’s current development plans for its long-lived assets or increases in the likelihood of divestments, certain assets groups could be at risk for impairment. This planning process is expected to be completed with required review by the Board of Directors in the fourth quarter. If needed, assessments on an asset-level basis will be completed following this Board review.

On July 13, 2023, the Corporation announced that it had entered into a definitive agreement to acquire Denbury Inc. The acquisition further accelerates the Corporation’s Low Carbon Solutions opportunities. See Note 10 of the Condensed Consolidated Financial Statements for additional information.

On October 11, 2023, the Corporation announced that it had entered into a definitive merger agreement with Pioneer Natural Resources. At close, ExxonMobil’s Permian production volume would more than double to 1.3 million barrels of oil equivalent per day, based on anticipated 2023 volumes. The transaction represents an opportunity to deliver leading capital efficiency and cost performance as well as increase production by combining Pioneer’s large-scale, contiguous, high-quality undeveloped Midland acreage with ExxonMobil’s Permian resource development approach. See Note 11 of the Condensed Consolidated Financial Statements for additional information.

Earnings (loss) excluding Identified Items (non-GAAP) 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. 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 (loss) 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.