•Generated strong first-quarter earnings of $8.2 billion and $14.7 billion of cash flow from operating activities

•Achieved quarterly gross production of more than 600,000 oil-equivalent barrels per day in Guyana and reached a final investment decision on the sixth major development

•Grew performance chemical sales volumes and delivered record first-quarter refining throughput1 while maintaining excellent turnaround performance

•Reduced operated methane emissions intensity by more than 60% since 20162

•Investing in technology to extend our reach to new high-value, high-growth markets including advanced recycling, ProxximaTM, carbon materials and direct air capture of carbon dioxide

SPRING, Texas – April 26, 2024 – Exxon Mobil Corporation today announced first-quarter 2024 earnings of $8.2 billion, or $2.06 per share assuming dilution. Capital and exploration expenditures were $5.8 billion, consistent with the company's full-year guidance of $23 billion to $25 billion.

“Our strategy and focus on execution excellence is creating significant value for society and our shareholders,” said Darren Woods, chairman and chief executive officer.

“We delivered a strong quarter with continued growth in advantaged assets, such as Guyana, where production continues at higher-than-expected levels, contributing to historic economic growth for the Guyanese people. In Product Solutions, our strong turnaround performance on cost and schedule helped drive record first-quarter refining throughput1. Looking ahead, we’re making great progress on our plans to grow the earnings power of our existing businesses from investments in advantaged assets and higher-value products, and further reduce structural costs. We are investing in technology to transform the molecules derived from oil and natural gas into products that extend our reach into new, high-value, high-growth markets to capture even greater value from our core competitive advantages.”

1    Highest first-quarter global refinery throughput (2000-2024) since Exxon and Mobil merger in 1999, based on current refinery circuit.

2    Based on year-end 2023 data.

3    Assuming dilution.

Financial Highlights

•First-quarter earnings were $8.2 billion versus $11.4 billion in the first quarter of 2023. Earnings excluding identified items were $8.2 billion compared to $11.6 billion in the same quarter last year. Earnings decreased as industry refining margins and natural gas prices came down from last year's highs to trade within the ten-year historical range2. Timing effects from unsettled derivative mark-to-market impacts and other primarily non-cash impacts from tax and inventory adjustments as well as divestments contributed to the lower earnings. Strong advantaged volume growth primarily from Guyana and the Beaumont refinery expansion, and structural cost savings helped to offset lower base volumes from divestments, unfavorable entitlements and government-mandated curtailments, and higher expenses from scheduled maintenance.

•Achieved $10.1 billion of cumulative Structural Cost Savings versus 2019 with an additional $0.4 billion during the quarter. The company plans to deliver cumulative savings totaling $15 billion through the end of 2027.

•Generated strong cash flow from operations of $14.7 billion and free cash flow of $10.1 billion in the first quarter. Shareholder distributions of $6.8 billion in the quarter included $3.8 billion of dividends and $3.0 billion of share repurchases. The share-repurchase program was paused briefly following the Pioneer S-4 filing and resumed after Pioneer's special shareholder meeting. The annual pace of share repurchases will increase to $20 billion per year after the transaction closes, assuming reasonable market conditions.

•The Corporation declared a second-quarter dividend of $0.95 per share, payable on June 10, 2024, to shareholders of record of Common Stock at the close of business on May 15, 2024.

•The company's debt-to-capital ratio was 16% and the net-debt-to-capital ratio was 3%, reflecting a period-end cash balance of $33.3 billion.

1    The earnings factors have been updated to provide additional visibility into drivers of our business results starting this first quarter of 2024. The company evaluates these factors periodically to determine if any enhancements may provide helpful insights to the market. See page 8 for definitions of these new factors.

2    10-year range includes 2010-2019, a representative 10-year business cycle which avoids the extreme outliers in both directions that the market experienced in the past four years.

•Upstream first-quarter earnings were $5.7 billion, a decrease of $797 million compared to the same quarter last year. The prior-year period was negatively impacted by tax-related identified items. Excluding identified items, earnings decreased $955 million driven by a 32% decrease in natural gas realizations and other primarily non-cash impacts from tax and inventory adjustments as well as divestments. These factors were partially offset by a 4% increase in liquids realizations and less unfavorable timing effects mainly from derivatives mark-to-market impacts. Net production was 47,000 oil-equivalent barrels per day lower than the same quarter last year with the growth in advantaged Guyana volumes more than offsetting the earnings impact from lower base volumes due to divestments, government-mandated curtailments and unfavorable entitlement effects. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew 77,000 oil-equivalent barrels per day driven by the start-up of the Payara development in Guyana. Payara reached nameplate capacity of 220,000 barrels per day in mid-January, ahead of schedule, demonstrating excellence in project execution and operations.

•Compared to the fourth quarter, earnings increased $1.5 billion driven by the absence of identified items of $2.1 billion mainly from the impairment of the idled Santa Ynez Unit assets in California. Earnings excluding identified items decreased from $6.3 billion to $5.7 billion. Advantaged asset volume growth from Guyana provided a partial offset to lower natural gas realizations and lower base volumes due to unfavorable sales timing and entitlement impacts. Net production in the first quarter was 3.8 million oil-equivalent barrels per day, a decrease of 40,000 oil-equivalent barrels per day compared to the fourth quarter. Excluding divestments, entitlements and government-mandated curtailments, net production increased 57,000 oil-equivalent barrels per day.

•The company announced a final investment decision for the Whiptail development in Guyana. This is the sixth offshore project and is expected to add approximately 250,000 oil-equivalent barrels per day of gross capacity with start-up targeted by year-end 2027. Construction is underway on the Floating Production Storage and Offloading vessels for the Yellowtail and Uaru projects, with Yellowtail anticipated to start production in 2025 and Uaru targeted for 2026. In addition, one new exploration discovery was made this year in the Stabroek block.

•In October 2023, ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a $59.5 billion all-stock transaction1. The transaction was approved by Pioneer shareholders. The transaction close is anticipated in the second quarter of 2024, pending regulatory approval.

1    Based on the October 5, 2023 closing price for ExxonMobil shares and the fixed exchange rate of 2.3234 per Pioneer share.

•Energy Products first-quarter earnings totaled $1.4 billion, a decrease of $2.8 billion compared to the same quarter last year due to weaker industry refining margins and unfavorable timing effects mainly from derivatives mark-to-market impacts. Earnings improvements from the advantaged Beaumont refinery expansion project, as well as structural cost savings, partly offset lower base volumes from divestments and higher scheduled maintenance expenses. Strong turnaround performance reduced labor costs and facility downtime, which helped to mitigate expenses related to the scheduled maintenance.

•Compared to the fourth quarter, earnings decreased $1.8 billion driven by timing effects, as well as lower base volumes and higher expenses from scheduled maintenance. Earnings were also reduced by other primarily non-cash effects from tax and inventory adjustments. These factors were partly offset by improved industry refining margins. Absence of fourth-quarter identified items decreased earnings by $189 million.

•Chemical Products earnings were $785 million, an increase of $414 million compared to the same quarter last year. Despite continued bottom-of-cycle conditions, results improved with higher margins due to lower North American feed costs and higher margins from performance chemicals more than offsetting the decline in industry margins for polyethylene and polypropylene. Earnings were further supported by advantaged performance product volumes growth, reflecting advantaged investments including the recent Baytown Chemical Expansion. Base volumes also improved from lower scheduled maintenance and strong reliability during U.S. Gulf Coast weather events.

•Compared to the fourth quarter, earnings improved by $596 million. The absence of prior quarter identified items mainly associated with asset impairments and other financial reserves improved earnings by $388 million. Earnings excluding identified items increased $208 million from the fourth quarter driven by higher base volumes and improved margins from strengthening of the North American feed advantage.

•Specialty Products earnings were $761 million, compared to $774 million in the same quarter last year. Improved finished lubes margins and structural cost savings offset weaker basestock margins and higher base expenses.

•Earnings increased $111 million versus the fourth quarter. The absence of identified items in the quarter improved earnings by $93 million. Earnings benefited from stronger finished lubes margins due to lower feed costs and growth in high-value product sales. Seasonally higher base sales volumes and seasonally lower marketing expenses also contributed to the higher earnings. These factors were offset by weaker basestock margins and the absence of favorable year-end inventory impacts.

•Corporate and Financing reported first-quarter net charges of $362 million, an increase of $7 million from the same quarter last year.

•Net charges decreased $203 million versus the fourth quarter driven by lower financing and corporate costs, partly offset by the absence of favorable tax-related identified items.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on April 26, 2024. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Advantaged volume growth. Earnings impact from change in volume/mix from advantaged assets, strategic projects, and high-value products. See frequently used terms on page 10 for definitions of advantaged assets, strategic projects, and high-value products.

Base volume. Includes all volume/mix factors not included in Advantaged volume growth factor defined above.

Structural cost savings. After-tax earnings effect of Structural Cost Savings as defined on page 7, including cash operating expenses related to divestments that were previously included in "volume/mix" factor.

Expenses. Includes all expenses otherwise not included in other earnings factors.

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

Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen, direct air capture, and other plans to reduce emissions of 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; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen, produce biofuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon and new market 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 and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; 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 2023 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.

Strategic projects includes (i) the following completed projects: Rotterdam Hydrocracker, Corpus Christi Chemical Complex, Baton Rouge Polypropylene, Beaumont Crude Expansion, Baytown Chemical Expansion, Permian Crude Venture, and the 2022 Baytown advanced recycling facility; and (ii) the following projects still to be completed: Fawley Hydrofiner, China Chemical Complex, Singapore Resid Upgrade, Strathcona Renewable Diesel, ProxximaTM Venture, USGC Reconfiguration, additional advanced recycling projects under evaluation worldwide, and additional projects in plan yet to be publicly announced.

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.

Dollars in millions (unless otherwise noted)			Three Months Ended March 31,
			2024			2023
Revenues and other income
Sales and other operating revenue			80,411			83,644
Income from equity affiliates			1,842			2,381
Other income			830			539
Total revenues and other income			83,083			86,564
Costs and other deductions
Crude oil and product purchases			47,601			46,003
Production and manufacturing expenses			9,091			9,436
Selling, general and administrative expenses			2,495			2,390
Depreciation and depletion (includes impairments)			4,812			4,244
Exploration expenses, including dry holes			148			141
Non-service pension and postretirement benefit expense			23			167
Interest expense			221			159
Other taxes and duties			6,323			7,221
Total costs and other deductions			70,714			69,761
Income/(Loss) before income taxes			12,369			16,803
Income tax expense/(benefit)			3,803			4,960
Net income/(loss) including noncontrolling interests			8,566			11,843
Net income/(loss) attributable to noncontrolling interests			346			413
Net income/(loss) attributable to ExxonMobil			8,220			11,430
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise noted)			Three Months Ended March 31,
			2024			2023
Earnings per common share (U.S. dollars)			2.06			2.79
Earnings per common share - assuming dilution (U.S. dollars)			2.06			2.79
Dividends on common stock
Total			3,808			3,738
Per common share (U.S. dollars)			0.95			0.91
Millions of common shares outstanding
Average - assuming dilution			3,998			4,102
Taxes
Income taxes			3,803			4,960
Total other taxes and duties			7,160			8,095
Total taxes			10,963			13,055
Sales-based taxes			5,549			6,032
Total taxes including sales-based taxes			16,512			19,087
ExxonMobil share of income taxes of equity companies (non-GAAP)			998			1,235