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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 26, 2024
 
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
 
New Jersey 1-2256 13-5409005
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

 22777 Springwoods Village Parkway, Spring, Texas 77389-1425
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (972) 940-6000
 
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
    Name of Each Exchange
Title of Each Class Trading Symbol 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
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐



Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
  The following information is furnished pursuant to both Item 2.02 and Item 7.01.
 
 
The Registrant hereby furnishes the information set forth in its News Release, dated April 26, 2024, announcing first quarter 2024 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 1Q24 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing.




2


INDEX TO EXHIBITS
 
 
 
Exhibit No. Description
   
Exxon Mobil Corporation News Release, dated April 26, 2024, announcing first quarter 2024 results.
   
1Q24 Investor Relations Data Summary.
   
104 Cover Page Interactive Data File (formatted as Inline XBRL).
   
3


SIGNATURE
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
  EXXON MOBIL CORPORATION
     
     
Date: April 26, 2024
By: /s/ LEN M. FOX
    Len M. Fox
    Vice President and Controller
    (Principal Accounting Officer)
4
EX-99.1 2 f8k1q24991.htm NEWS RELEASE Document

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EXHIBIT 99.1
1Q 2024 Earnings Release
FOR IMMEDIATE RELEASE
April 26, 2024

ExxonMobil Announces First-Quarter 2024 Results

•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
Results Summary
Dollars in millions (except per share data)
1Q24 4Q23
Change
vs
4Q23
1Q23
Change
vs
1Q23
Earnings (U.S. GAAP) 8,220  7,630  +590 11,430  -3,210
Earnings Excluding Identified Items (non-GAAP) 8,220  9,963  -1,743 11,618  -3,398
Earnings Per Common Share ³
2.06  1.91  +0.15 2.79  -0.73
Earnings Excluding Identified Items Per Common Share (non-GAAP) ³
2.06  2.48  -0.42 2.83  -0.77
Capital and Exploration Expenditures 5,839  7,757  -1,918 6,380  -541

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.

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1Q23 to 1Q24 Factor Analysis1
chart-d457a000ff0946a39a0a.jpg
chart-5d6db67fa47b42e0beda.jpg
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.
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.
EARNINGS AND VOLUME SUMMARY BY SEGMENT

Upstream
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Earnings/(Loss) (U.S. GAAP)
United States 1,054  84  1,632 
Non-U.S. 4,606  4,065  4,825 
Worldwide 5,660  4,149  6,457 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States 1,054  1,573  1,632 
Non-U.S. 4,606  4,693  4,983 
Worldwide 5,660  6,266  6,615 
Production (koebd) 3,784  3,824  3,831 
•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.
3


Energy Products
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Earnings/(Loss) (U.S. GAAP)
United States 836  1,329  1,910 
Non-U.S. 540  1,878  2,273 
Worldwide 1,376  3,207  4,183 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States 836  1,137  1,910 
Non-U.S. 540  1,881  2,303 
Worldwide 1,376  3,018  4,213 
Energy Products Sales (kbd) 5,232  5,357  5,277 
•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
Dollars in millions (unless otherwise noted) 1Q24 4Q23 1Q23
Earnings/(Loss) (U.S. GAAP)
United States 504  478  324 
Non-U.S. 281  (289) 47 
Worldwide 785  189  371 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States 504  446  324 
Non-U.S. 281  131  47 
Worldwide 785  577  371 
Chemical Products Sales (kt) 5,054  4,776  4,649 
•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.
4


Specialty Products
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Earnings/(Loss) (U.S. GAAP)
United States 404  386  451 
Non-U.S. 357  264  323 
Worldwide 761  650  774 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States 404  374  451 
Non-U.S. 357  369  323 
Worldwide 761  743  774 
Specialty Product Sales (kt) 1,959  1,839  1,940 
•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
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Earnings/(Loss) (U.S. GAAP) (362) (565) (355)
Earnings/(Loss) Excluding Identified Items (non-GAAP) (362) (641) (355)
•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.
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CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Net income/(loss) including noncontrolling interests 8,566  8,012  11,843 
Depreciation and depletion (includes impairments) 4,812  7,740  4,244 
Changes in operational working capital, excluding cash and debt 2,008  (2,191) (302)
Other (722) 121  556 
Cash Flow from Operating Activities (U.S. GAAP) 14,664  13,682  16,341 
Proceeds from asset sales and returns of investments 703  1,020  854 
Cash Flow from Operations and Asset Sales (non-GAAP) 15,367  14,702  17,195 
Less: Changes in operational working capital, excluding cash and debt (2,008) 2,191  302 
Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) 13,359  16,893  17,497 

FREE CASH FLOW
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Cash Flow from Operating Activities (U.S. GAAP) 14,664  13,682  16,341 
Additions to property, plant and equipment (5,074) (6,228) (5,412)
Additional investments and advances (421) (1,854) (445)
Other investing activities including collection of advances 215  1,348  78 
Proceeds from asset sales and returns of investments 703  1,020  854 
Free Cash Flow (non-GAAP) 10,087  7,968  11,416 

6



CALCULATION OF STRUCTURAL COST SAVINGS
Dollars in billions (unless otherwise noted) Twelve Months
Ended December 31,
Three Months
Ended March 31,
2019 2023 2023 2024
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses 36.8  36.9  9.4  9.1 
Selling, general and administrative expenses 11.4  9.9  2.4  2.5 
Depreciation and depletion (includes impairments) 19.0  20.6  4.2  4.8 
Exploration expenses, including dry holes 1.3  0.8  0.1  0.1 
Non-service pension and postretirement benefit expense 1.2  0.7  0.2  — 
Subtotal 69.7  68.9  16.4  16.5 
ExxonMobil’s share of equity company expenses (non-GAAP) 9.1  10.5  2.7  2.4 
Total Adjusted Operating Costs (non-GAAP) 78.8  79.4  19.1  18.9 
Total Adjusted Operating Costs (non-GAAP) 78.8  79.4  19.1  18.9 
Less:
Depreciation and depletion (includes impairments) 19.0  20.6  4.2  4.8 
Non-service pension and postretirement benefit expense 1.2  0.7  0.2  — 
Other adjustments (includes equity company depreciation
and depletion)
3.6  3.7  0.8  0.9 
Total Cash Operating Expenses (Cash Opex) (non-GAAP) 55.0  54.4  13.9  13.2 
Energy and production taxes (non-GAAP) 11.0  14.9  4.3  3.4 
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) 44.0  39.5  9.6  9.8 
Change
 vs
2019
Change
vs
2023
Estimated Cumulative vs
2019
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) -4.5 +0.2
Market +3.6 +0.1
Activity/Other +1.6 +0.5
Structural Cost Savings -9.7 -0.4 -10.1

This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $10.1 billion, which included an additional $0.4 billion in the first three months of 2024. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
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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.

Selected Earnings Factor Definitions
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).

Cautionary Statement
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.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption
8


of increasing policy stringency and technology improvement to 2050. However, the Global Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.
Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. The release is provided under consistent SEC disclosure requirements and should not be misinterpreted as applying to any other disclosure standards.

Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.
This press release also includes cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.
This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for 2024 and 2023 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).
This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.
This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6.
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.
The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive
9


policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.
Advantaged assets (Advantaged growth projects) includes Permian, Guyana, Brazil and LNG.
High-value products includes performance products and lower-emission fuels.
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.
Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.
Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet, along with total equity.
Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is net of cash and cash equivalents, excluding restricted cash.
This press release also references Structural Cost Savings, for more details see page 7.
Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
10


f8k991001x0x0b.gif
.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Preliminary)
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 
11


f8k991001x0x0b.gif
. ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE SHEET
(Preliminary)
Dollars in millions (unless otherwise noted)
March 31,
2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents 33,320  31,539 
Cash and cash equivalents – restricted 29  29 
Notes and accounts receivable – net 40,366  38,015 
Inventories
Crude oil, products and merchandise 18,891  20,528 
Materials and supplies 4,600  4,592 
Other current assets 2,171  1,906 
Total current assets 99,377  96,609 
Investments, advances and long-term receivables 47,608  47,630 
Property, plant and equipment – net 213,723  214,940 
Other assets, including intangibles – net 17,210  17,138 
Total Assets 377,918  376,317 
LIABILITIES
Current liabilities
Notes and loans payable 8,227  4,090 
Accounts payable and accrued liabilities 59,531  58,037 
Income taxes payable 4,163  3,189 
Total current liabilities 71,921  65,316 
Long-term debt 32,213  37,483 
Postretirement benefits reserves 10,475  10,496 
Deferred income tax liabilities 24,106  24,452 
Long-term obligations to equity companies 1,909  1,804 
Other long-term obligations 24,242  24,228 
Total Liabilities 164,866  163,779 
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
17,971  17,781 
Earnings reinvested 458,339  453,927 
Accumulated other comprehensive income (13,169) (11,989)
Common stock held in treasury
(4,076 million shares at March 31, 2024, and 4,048 million shares at December 31, 2023)
(257,891) (254,917)
ExxonMobil share of equity 205,250  204,802 
Noncontrolling interests 7,802  7,736 
Total Equity 213,052  212,538 
Total Liabilities and Equity 377,918  376,317 
12



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. ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise noted)
Three Months Ended
March 31,
2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss) including noncontrolling interests 8,566  11,843 
Depreciation and depletion (includes impairments) 4,812  4,244 
Changes in operational working capital, excluding cash and debt 2,008  (302)
All other items – net (722) 556 
Net cash provided by operating activities 14,664  16,341 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (5,074) (5,412)
Proceeds from asset sales and returns of investments 703  854 
Additional investments and advances (421) (445)
Other investing activities including collection of advances 215  78 
Net cash used in investing activities (4,577) (4,925)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt
108  20 
Reductions in short-term debt (1,106) (126)
Additions/(Reductions) in debt with three months or less maturity (5) (192)
Cash dividends to ExxonMobil shareholders (3,808) (3,738)
Cash dividends to noncontrolling interests (166) (115)
Changes in noncontrolling interests (16)
Common stock acquired (3,011) (4,340)
Net cash provided by (used in) financing activities (7,982) (8,507)
Effects of exchange rate changes on cash (324) 102 
Increase/(Decrease) in cash and cash equivalents 1,781  3,011 
Cash and cash equivalents at beginning of period 31,568  29,665 
Cash and cash equivalents at end of period 33,349  32,676 

13



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. ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Earnings/(Loss) (U.S. GAAP) 8,220  7,630  11,430 
Identified Items
Impairments —  (3,040) — 
Gain/(loss) on sale of assets —  305  — 
Tax-related items —  577  (188)
Other —  (175) — 
Total Identified Items —  (2,333) (188)
Earnings/(Loss) Excluding Identified Items (non-GAAP) 8,220  9,963  11,618 
Dollars per common share
1Q24
4Q23
1Q23
Earnings/(Loss) Per Common Share (U.S. GAAP) ¹ 2.06  1.91  2.79 
Identified Items Per Common Share ¹
Impairments —  (0.75) — 
Gain/(loss) on sale of assets —  0.08  — 
Tax-related items —  0.14  (0.04)
Other —  (0.04) — 
Total Identified Items Per Common Share ¹ —  (0.57) (0.04)
Earnings/(Loss) Excl. Identified Items Per Common Share (non-GAAP) ¹ 2.06  2.48  2.83 
¹ Assuming dilution.





14



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. ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT
First Quarter 2024 Upstream Energy Products Chemical Products Specialty Products Corporate
&
Financing
Total
Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Earnings/(Loss) (U.S. GAAP) 1,054  4,606  836  540  504  281  404  357  (362) 8,220 
Total Identified Items —  —  —  —  —  —  —  —  —  — 
Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,054  4,606  836  540  504  281  404  357  (362) 8,220 
Fourth Quarter 2023 Upstream Energy Products Chemical Products Specialty Products Corporate
&
Financing
Total
Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Earnings/(Loss) (U.S. GAAP) 84  4,065  1,329  1,878  478  (289) 386  264  (565) 7,630 
Identified Items
Impairments (1,978) (686) —  —  (21) (273) —  (82) —  (3,040)
Gain/(Loss) on sale of assets 305  —  —  —  —  —  —  —  —  305 
Tax-related items 184  58  192  (3) 53  —  12  76  577 
Other —  —  —  —  —  (147) —  (28) —  (175)
Total Identified Items (1,489) (628) 192  (3) 32  (420) 12  (105) 76  (2,333)
Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,573  4,693  1,137  1,881  446  131  374  369  (641) 9,963 
First Quarter 2023 Upstream Energy Products Chemical Products Specialty Products Corporate
&
Financing
Total
Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Earnings/(Loss) (U.S. GAAP) 1,632  4,825  1,910  2,273  324  47  451  323  (355) 11,430 
Identified Items
Tax-related items —  (158) —  (30) —  —  —  —  —  (188)
Total Identified Items —  (158) —  (30) —  —  —  —  —  (188)
Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,632  4,983  1,910  2,303  324  47  451  323  (355) 11,618 


15



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. ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)
1Q24
4Q23
1Q23
United States 816  851  820 
Canada/Other Americas 772  709  670 
Europe
Africa 224  231  220 
Asia 711  722  749 
Australia/Oceania 30  34  32 
Worldwide 2,557  2,550  2,495 
Net natural gas production available for sale, million cubic feet per day (mcfd)
1Q24
4Q23
1Q23
United States 2,241  2,262  2,367 
Canada/Other Americas 94  98  94 
Europe 377  367  548 
Africa 150  149  134 
Asia 3,274  3,486  3,597 
Australia/Oceania 1,226  1,283  1,276 
Worldwide 7,362  7,645  8,016 
Oil-equivalent production (koebd) ¹
3,784  3,824  3,831 
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

16


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. ATTACHMENT IV
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES
Refinery throughput, thousand barrels per day (kbd)
1Q24
4Q23
1Q23
United States 1,900  1,933  1,643 
Canada 407  407  417 
Europe 954  1,014  1,189 
Asia Pacific 402  450  565 
Other 180  82  184 
Worldwide 3,843  3,886  3,998 
Energy Products sales, thousand barrels per day (kbd)
1Q24
4Q23
1Q23
United States 2,576  2,704  2,459 
Non-U.S. 2,656  2,653  2,818 
Worldwide 5,232  5,357  5,277 
Gasolines, naphthas 2,178  2,255  2,177 
Heating oils, kerosene, diesel 1,742  1,735  1,770 
Aviation fuels 339  328  312 
Heavy fuels 214  185  215 
Other energy products 759  854  803 
Worldwide 5,232  5,357  5,277 
Chemical Products sales, thousand metric tons (kt)
1Q24
4Q23
1Q23
United States 1,847  1,743  1,561 
Non-U.S. 3,207  3,033  3,088 
Worldwide 5,054  4,776  4,649 
Specialty Products sales, thousand metric tons (kt) 1Q24 4Q23 1Q23
United States 495  473  476 
Non-U.S. 1,464  1,367  1,464 
Worldwide 1,959  1,839  1,940 

17



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. ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES
Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Upstream
United States 2,269  2,258  2,108 
Non-U.S. 2,313  3,512  2,473 
Total 4,582  5,770  4,581 
Energy Products
United States 179  227  358 
Non-U.S. 348  485  327 
Total 527  712  685 
Chemical Products
United States 152  211  285 
Non-U.S. 281  641  546 
Total 433  852  831 
Specialty Products
United States 22  11 
Non-U.S. 68  127  80 
Total 76  149  91 
Other
Other 221  274  192 
Worldwide 5,839  7,757  6,380 
CASH CAPITAL EXPENDITURES

Dollars in millions (unless otherwise noted)
1Q24
4Q23
1Q23
Additions to property, plant and equipment 5,074  6,228  5,412 
Net investments and advances 206  506  367 
Total Cash Capital Expenditures 5,280  6,734  5,779 


18



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. ATTACHMENT VI
KEY FIGURES: YEAR-TO-DATE EARNINGS/(LOSS)
Results Summary
Dollars in millions (except per share data) 1Q24 4Q23 Change
vs
4Q23
1Q23 Change
vs
1Q23
Earnings (U.S. GAAP) 8,220  7,630  +590  11,430  -3,210 
Earnings Excluding Identified Items (non-GAAP) 8,220  9,963  -1,743  11,618  -3,398 
Earnings Per Common Share ¹
2.06  1.91  +0.15  2.79  -0.73 
Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹
2.06  2.48  -0.42  2.83  -0.77 
Capital and Exploration Expenditures 5,839  7,757  -1,918  6,380  -541 
¹ Assuming dilution


EARNINGS/(LOSS) BY QUARTER
Dollars in millions (unless otherwise noted)
2024
2023
2022
2021
2020
First Quarter 8,220  11,430  5,480  2,730  (610)
Second Quarter —  7,880  17,850  4,690  (1,080)
Third Quarter —  9,070  19,660  6,750  (680)
Fourth Quarter —  7,630  12,750  8,870  (20,070)
Full Year —  36,010  55,740  23,040  (22,440)
Dollars per common share ²
2024
2023
2022
2021
2020
First Quarter 2.06  2.79  1.28  0.64  (0.14)
Second Quarter —  1.94  4.21  1.10  (0.26)
Third Quarter —  2.25  4.68  1.57  (0.15)
Fourth Quarter —  1.91  3.09  2.08  (4.70)
Full Year —  8.89  13.26  5.39  (5.25)
2 Computed using the average number of shares outstanding during each period; assuming dilution.
19
EX-99.2 3 f8k1q24992.htm INVESTOR RELATIONS DATA SUMMARY Document

f8k991001x0x0a.gif
. EXHIBIT 99.2
To assist investors in assessing 1Q24 results, the following disclosures have been made available in this 8-K filing:
–Identified items of $0.00 per share assuming dilution, as noted on page 1 of the news release
–A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 6 of the news release
1Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings/(Loss), $M (unless noted) 1Q24 4Q23 3Q23 2Q23 1Q23
Upstream United States 1,054  84  1,566  920  1,632 
  Non-U.S. 4,606  4,065  4,559  3,657  4,825 
  Total 5,660  4,149  6,125  4,577  6,457 
Energy Products United States 836  1,329  1,356  1,528  1,910 
  Non-U.S. 540  1,878  1,086  782  2,273 
  Total 1,376  3,207  2,442  2,310  4,183 
Chemical Products United States 504  478  338  486  324 
Non-U.S. 281  (289) (89) 342  47 
Total 785  189  249  828  371 
Specialty Products United States 404  386  326  373  451 
  Non-U.S. 357  264  293  298  323 
  Total 761  650  619  671  774 
Corporate and Financing (362) (565) (365) (506) (355)
Net income attributable to ExxonMobil (U.S. GAAP) 8,220  7,630  9,070  7,880  11,430 
Earnings/(Loss) per common share (U.S. GAAP)   2.06  1.91  2.25  1.94  2.79 
Earnings/(Loss) per common share - assuming dilution (U.S. GAAP) 2.06  1.91  2.25  1.94  2.79 
Effective Income Tax Rate, % 36  % 30  % 34  % 33  % 34  %
Capital and Exploration Expenditures, $M 1Q24 4Q23 3Q23 2Q23 1Q23
Upstream United States 2,269  2,258  2,241  2,206  2,108 
Non-U.S. 2,313  3,512  2,560  2,403  2,473 
Total 4,582  5,770  4,801  4,609  4,581 
Energy Products United States 179  227  261  349  358 
Non-U.S. 348  485  386  382  327 
Total 527  712  647  731  685 
Chemical Products United States 152  211  103  152  285 
Non-U.S. 281  641  268  507  546 
Total 433  852  371  659  831 
Specialty Products United States 22  16  14  11 
Non-U.S. 68  127  95  89  80 
Total 76  149  111  103  91 
Other 221  274  92  64  192 
Total Capital and Exploration Expenditures 5,839  7,757  6,022  6,166  6,380 
Exploration expenses, including dry holes 148  139  338  133  141 
Cash Capital Expenditures, $M 1Q24 4Q23 3Q23 2Q23 1Q23
Additions to property, plant and equipment 5,074  6,228  4,920  5,359  5,412 
Net investments and advances 206  506  276  284  367 
Total Cash Capital Expenditures 5,280  6,734  5,196  5,643  5,779 
Total Cash and Cash Equivalents, $G 33.3  31.6  33.0  29.6  32.7 
Total Debt, $G 40.4  41.6  41.3  41.5  41.4 
Cash Flow from Operations and Asset Sales excluding working capital (non-GAAP), $M 1Q24 4Q23 3Q23 2Q23 1Q23
Net cash provided by operating activities (GAAP) 14,664  13,682  15,963  9,383  16,341 
Proceeds associated with asset sales 703  1,020  917  1,287  854 
Cash flow from operations and asset sales (non-GAAP) 15,367  14,702  16,880  10,670  17,195 
Changes in operational working capital (2,008) 2,191  (1,821) 3,583  302 
Cash flow from operations and asset sales
     excluding working capital (non-GAAP)
13,359  16,893  15,059  14,253  17,497 
Common Shares Outstanding, millions 1Q24 4Q23 3Q23 2Q23 1Q23
At quarter end 3,943  3,971  3,963  4,003  4,043 
Weighted-average - assuming dilution 3,998  4,010  4,025  4,066  4,102 



f8k991001x0x0a.gif
.
1Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Upstream Volumes 1Q24 4Q23 3Q23 2Q23 1Q23
Liquids production (kbd) ¹
  United States 816 851 756 785 820
  Canada/Other Americas 772 709 655 618 670
  Europe 4 3 4 4 4
  Africa 224 231 229 206 220
  Asia 711 722 713 702 749
  Australia/Oceania 30 34 40 38 32
Worldwide liquids production 2,557 2,550 2,397 2,353 2,495
¹ Net production of crude oil, natural gas liquids, bitumen and synthetic oil, kbd.
Natural gas production available for sale (mcfd)          
  United States 2,241 2,262 2,271 2,346 2,367
  Canada/Other Americas 94 98 94 97 94
  Europe 377 367 368 375 548
  Africa 150 149 129 86 134
  Asia 3,274 3,486 3,528 3,350 3,597
  Australia/Oceania 1,226 1,283 1,358 1,275 1,276
Worldwide natural gas production available for sale 7,362 7,645 7,748 7,529 8,016
Oil-equivalent production, koebd ²
3,784 3,824 3,688 3,608 3,831
² Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Manufacturing Throughput and Sales 1Q24 4Q23 3Q23 2Q23 1Q23
Refinery throughput, kbd          
  United States 1,900 1,933 1,868 1,944 1,643
  Canada 407 407 415 388 417
  Europe 954 1,014 1,251 1,209 1,189
  Asia Pacific 402 450 517 463 565
  Other 180 82 164 169 184
Worldwide refinery throughput 3,843 3,886 4,215 4,173 3,998
Energy Products sales, kbd          
  United States 2,576 2,704 2,626 2,743 2,459
  Non-U.S. 2,656 2,653 2,925 2,916 2,818
Worldwide Energy Products sales 5,232 5,357 5,551 5,658 5,277
  Gasolines, naphthas 2,178 2,255 2,316 2,401 2,177
  Heating oils, kerosene, diesel 1,742 1,735 1,834 1,842 1,770
  Aviation fuels 339 328 358 344 312
  Heavy fuels 214 185 229 228 215
  Other energy products 759 854 814 844 803
Worldwide Energy Products sales 5,232 5,357 5,551 5,658 5,277
Chemical Products sales, kt
  United States 1,847 1,743 1,750 1,725 1,561
  Non-U.S. 3,207 3,033 3,358 3,124 3,088
Worldwide Chemical Products sales 5,054 4,776 5,108 4,849 4,649
Specialty Products sales, kt
United States 495 473 498 514 476
Non-U.S. 1,463 1,367 1,414 1,391 1,464
Worldwide Specialty Products sales 1,959 1,839 1,912 1,905 1,940







f8k991001x0x0a.gif
.

1Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)
Earnings Factor Analysis, $M
1Q24 vs 1Q23
1Q24 vs 4Q23
Upstream
Prior Period 6,457  4,149 
Price (820) (490)
Advantaged Volume Growth (Advantaged assets) 430  190 
Base Volume (400) (310)
Structural Cost Savings 90  20 
Expenses (160) 10 
Identified Items 160  2,120 
Other (470) (70)
Timing Effects 370  40 
Current Period 5,660  5,660 
Energy Products
Prior Period 4,183  3,207 
Margin (2,000) 540 
Advantaged Volume Growth (Strategic projects) 140  — 
Base Volume (210) (290)
Structural Cost Savings 140  — 
Expenses (290) (150)
Identified Items 30  (190)
Other 40  (680)
Timing Effects (660) (1,060)
Current Period 1,376  1,376 
Chemical Products
Prior Period 371  189 
Margin 200  80 
Advantaged Volume Growth (High-value products) 40  10 
Base Volume 160  120 
Structural Cost Savings 20  — 
Expenses 10  10 
Identified Items —  390 
Other (20) (10)
Current Period 785  785 
Specialty Products
Prior Period 774  650 
Margin 30  70 
Advantaged Volume Growth (High-value products) —  20 
Base Volume (20) 30 
Structural Cost Savings 20  — 
Expenses (40) 50 
Identified Items —  90 
Other —  (150)
Current Period 761  761 



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1Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4)
Upstream Volume Factor Analysis, koebd
1Q24 vs 1Q23
1Q24 vs 4Q23
Prior Period 3,831  3,824 
Entitlements - Price / Spend / Other (41) (84)
Government Mandates (17) 12 
Divestments (66) (25)
Growth / Other 77  57 
Current Period 3,784  3,784 
Average Realization Data 1Q24 4Q23 3Q23 2Q23 1Q23
United States          
ExxonMobil          
Crude ($/b) 74.96 76.64 80.45 71.36 73.95
Natural Gas ($/kcf) 2.22 2.55 2.30 1.45 3.20
Benchmarks          
WTI ($/b) 77.06 78.37 82.50 73.78 76.11
ANS-WC ($/b) 81.37 84.02 87.90 78.43 79.14
Henry Hub ($/mbtu) 2.25 2.88 2.54 2.09 3.44
Non-U.S.          
ExxonMobil          
Crude ($/b) 72.00 74.23 77.48 70.08 67.93
Natural Gas ($/kcf) 11.37 12.58 10.50 11.44 17.39
European NG ($/kcf) 14.04 17.34 13.71 14.61 27.46
Benchmarks          
Brent ($/b) 83.24 84.05 86.76 78.40 81.28
The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the first quarter of 2024. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates.


Sources and Uses of Funds, $M 1Q24        
Beginning Cash 31,568         
Earnings 8,220         
Depreciation 4,812         
Working Capital / Other 1,632         
Proceeds Associated with Asset Sales 703       
Cash Capital Expenditures ¹ (5,280)      
Shareholder Distributions (6,816)        
Debt / Other Financing (1,490)        
Ending Cash 33,349       
¹ 1Q24 Cash Capital Expenditures includes PP&E adds of ($5.1B) and net advances of ($0.2B).



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