First Quarter 2021 Results and Management Perspectives
- Cash flow from operating activities of $9.3 billion fully
funded dividend and capital expenditures, and drove debt reduction
of over $4 billion
- Lowered cash operating expenses versus the first and fourth
quarters of 2020; on pace to deliver additional structural cost
savings
- Advanced several initiatives to reduce emissions and launched
Low Carbon Solutions business to commercialize extensive low-carbon
technology portfolio
- Added three new directors to strengthen board experience in
energy, capital allocation and complex business transitions
Exxon Mobil Corporation (NYSE:XOM):
First Quarter
First Quarter
Fourth Quarter
2021
2020
2020
Results Summary
(Dollars in millions, except per share
data)
Earnings/(Loss) (U.S. GAAP)
2,730
(610)
(20,070)
Earnings/(Loss) Per Common Share
Assuming Dilution
0.64
(0.14)
(4.70)
Identified Items Per Common Share
Assuming Dilution
(0.01)
(0.67)
(4.73)
Earnings/(Loss) Excluding Identified
Items
Per Common Share Assuming Dilution
0.65
0.53
0.03
Capital and Exploration Expenditures
3,133
7,143
4,771
Exxon Mobil Corporation today announced estimated first quarter
2021 earnings of $2.7 billion, or $0.64 per share assuming
dilution, compared with a loss of $610 million in the first quarter
of 2020. Results included unfavorable identified items of $31
million, or $0.01 per share assuming dilution. First quarter
capital and exploration expenditures were $3.1 billion, $4 billion
lower than the first quarter of 2020.
Oil-equivalent production was 3.8 million barrels per day, up 3
percent from the fourth quarter of 2020. Excluding entitlement
effects, government mandates and divestments, oil-equivalent
production was up 2 percent.
“The strong first quarter results reflect the benefits of higher
commodity prices and our focus on structural cost reductions, while
prioritizing investments in assets with a low cost of supply,” said
Darren Woods, chairman and chief executive officer. “Cash flow from
operating activities during the quarter fully covered the dividend
and capital investments, and we strengthened the balance sheet by
reducing debt. We also made progress on our energy transition
strategy by launching our new ExxonMobil Low Carbon Solutions
business, which is initially working to develop innovative,
large-scale carbon capture and storage (CCS) concepts, including
the evaluation and advancement of more than 20 new opportunities,
such as a multi-industry hub to reduce emissions from
hard-to-decarbonize industries near the Houston Ship Channel. As
the global leader in carbon capture, we are seeing growing public
and private sector support for CCS as a critical enabling
technology to reduce emissions and help meet society's net-zero
ambitions.”
During severe winter weather in Texas in February, ExxonMobil
cogeneration facilities generated 400 megawatts of electricity,
helping to power about 200,000 homes. The severe weather event
reduced first quarter earnings by nearly $600 million across all
businesses from decreased production and lower sales volumes,
repair costs, and the net impact of energy purchases and sales. All
affected facilities have resumed normal operations.
First Quarter 2021 Results and Business
Highlights
Upstream
- Average realizations for crude oil increased 42 percent from
the fourth quarter. Natural gas realizations rose by 33 percent in
the quarter.
- Total production volumes increased 98,000 oil-equivalent
barrels per day from the fourth quarter. Excluding entitlement
effects, government mandates and divestments, liquids volumes were
down 3 percent including impacts from higher maintenance and the
winter storm. Natural gas volumes increased 12 percent driven by
higher seasonal demand in Europe.
- During the quarter, production volumes in the Permian averaged
394,000 oil-equivalent barrels per day, an increase of 12 percent
from the prior year. The focus remains on continuing to grow
positive free cash flow by lowering overall development costs and
increasing recovery through efficiency gains and technology
applications.
Downstream
- Industry fuels margins improved from the fourth quarter, but
remained below 10-year-lows driven by market oversupply and high
product inventory levels. Lubricants delivered strong performance,
underpinned by lower costs and improved margins.
- Despite winter storm disruptions, overall refining throughput
was essentially flat with the fourth quarter as the company managed
refinery operations in line with fuel demand and integrated
chemical manufacturing needs.
Chemical
- Industry margins improved further in the quarter reflecting
continued strong demand, global shipping constraints, and ongoing
supply disruptions, particularly in North America, where the
polyethylene and polypropylene markets were affected by severe
winter weather in Texas.
- Strong first quarter Chemical earnings performance of $1.4
billion was supported by robust base operations capturing high
margins and continued delivery of cost efficiencies.
- ExxonMobil announced it is pursuing three new advanced
recycling initiatives in the U.S. and Europe that further advance
our commitment to sustainability and capture value from plastic
waste at scale. The company plans to begin marketing certified
circular plastics products later this year.
Strengthening the Portfolio
- ExxonMobil signed an agreement valued at more than $1 billion
for the sale of most of its non-operated upstream assets in the
United Kingdom central and northern North Sea. The sale price,
subject to closing adjustments, has potential additional upside of
up to $300 million based on contingent payments associated with
future commodity price increases. The transaction is expected to
close near mid-year 2021, subject to regulatory and third-party
approvals.
- The company is progressing plans to convert both its Altona,
Australia refinery, and Slagen refinery in Norway to fuel import
terminals, ensuring ongoing, reliable fuel supply for their
respective local markets. Final decisions were made following local
consultation processes with employees and their representatives as
part of extensive reviews of the long-term economic viability of
both facilities.
Capital Allocation and Structural Cost Improvement
- The company's long-term capital allocation priorities remain
investing in advantaged projects to drive cash flow, strengthening
the balance sheet and maintaining a reliable dividend.
- ExxonMobil’s 2021 capital program remains at $16 billion to $19
billion. If market conditions continue above the company's planning
basis, additional cash will be used to accelerate
deleveraging.
- In addition to $3 billion in structural cost reductions already
achieved in 2020, the company is on pace to achieve $3 billion of
further structural efficiencies through 2023 for a total of $6
billion relative to 2019. Efforts to identify additional structural
savings resulting from the reorganizations completed in 2019 are
continuing.
Reducing Emissions and Advancing Low Carbon Solutions
- The company announced the creation of ExxonMobil Low Carbon
Solutions, a new business to commercialize its extensive low-carbon
technology portfolio, with an initial focus on carbon capture and
storage (CCS), the process of sequestering industrial emissions and
safely storing them permanently underground. CCS is considered one
of the critical technologies required to achieve society’s net-zero
ambitions and the climate goals outlined in the Paris
Agreement.
- In April, ExxonMobil introduced the innovative concept of a
multi-industry CCS hub along the Houston Ship Channel and
surrounding industrial areas to capture CO2 emissions from area
industry, including petrochemical, manufacturing and power
generation facilities. The concept would require large-scale
collaboration and policy advancements among governments, private
industry, and local communities.
- ExxonMobil became the first company to file an application with
the U.S. Environmental Protection Agency (EPA) to use new aerial
technologies to detect methane emissions at oil and natural gas
sites.
- ExxonMobil and Porsche are testing advanced biofuels and
renewable, lower-carbon eFuels, as part of a new agreement to find
pathways toward potential future consumer adoption of fuels that
could significantly reduce emissions.
Ongoing Board Refreshment
- During the quarter, ExxonMobil announced the elections of
Michael Angelakis, Jeffrey Ubben, and Wan Zulkiflee to its board of
directors. With the addition of the new members, the ExxonMobil
board increased to 13 directors, 12 of whom are independent. The
company has added six new independent directors since 2017 with
specific experience in the areas of climate science, asset and risk
management, capital allocation, energy and business transition,
investor perspectives, and additional energy industry
experience.
Results
and Volume Summary
Millions of Dollars
1Q
1Q
(unless noted)
2021
2020
Change
Comments
Upstream
U.S.
363
(704)
+1,067
Winter storm impact more than offset by
higher prices and reduced expenses; prior quarter unfavorable
identified items (impairment +315, inventory valuation +45)
Non-U.S.
2,191
1,240
+951
Higher prices and reduced expenses, partly
offset by lower volumes and unfavorable foreign exchange; prior
quarter unfavorable identified items (inventory valuation +218,
impairment +41)
Total
2,554
536
+2,018
Winter storm -240, prices +1,690,
volume -320, expenses +430, identified items +620, other
-160
Production (koebd)
3,787
4,046
-259
Liquids -222 kbd: government mandates,
lower entitlements, and winter storm impact (-25)
Gas -223 mcfd: decline, higher
downtime/maintenance, winter storm impact (-105), and Groningen
production limit, partly offset by higher demand and project
growth
Downstream
U.S.
(113)
(101)
-12
Winter storm impact and lower margins
driven by weaker industry refining conditions, partly offset by
reduced expenses and favorable other impacts; prior quarter
unfavorable identified items (+411, mainly inventory valuation)
Non-U.S.
(277)
(510)
+233
Lower margins including net unfavorable
mark to market impact on unsettled derivatives, net unfavorable
one-time items, and unfavorable foreign exchange, partly offset by
reduced expenses; prior quarter unfavorable identified items
(inventory valuation +1,196, impairments +335)
Total
(390)
(611)
+221
Winter storm -130, margins -1,880,
expenses +410, identified items +1,940, forex/other -120
Petroleum Product Sales (kbd)
4,881
5,287
-406
Chemical
U.S.
715
288
+427
Winter storm impact more than offset by
higher margins, stronger demand, and reduced expenses; prior
quarter unfavorable identified item (+90, impairment)
Non-U.S.
700
(144)
+844
Higher margins, stronger demand, reduced
expenses, and favorable foreign exchange; prior quarter unfavorable
identified items (+232, mainly inventory valuation)
Total
1,415
144
+1,271
Winter storm -230, margins +740, demand
+130, expenses +240, identified items +320, forex/other +70
Prime Product Sales (kt)
6,446
6,237
+209
Corporate and financing
(849)
(679)
-170
Higher retirement-related
expenses
Results
and Volume Summary
Millions of Dollars
1Q
4Q
(unless noted)
2021
2020
Change
Comments
Upstream
U.S.
363
(16,803)
+17,166
Higher prices and reduced expenses, partly
offset by winter storm impact and lower volumes; prior quarter
unfavorable identified item (impairment +16,777)
Non-U.S.
2,191
(1,729)
+3,920
Higher prices and seasonal gas volumes;
prior quarter unfavorable identified items (impairment +2,203, tax
item +297)
Total
2,554
(18,532)
+21,086
Winter storm -240, prices +2,070,
volume -80, expenses +170, identified items +19,280, other
-110
Production (koebd)
3,787
3,689
+98
Liquids -67 kbd: lower entitlements,
winter storm impact (-25), and increased downtime/maintenance,
partly offset by reduced government mandates
Gas +988 mcfd: higher seasonal demand,
reduced downtime/maintenance, and net growth, partly offset by
winter storm impact (-105)
Downstream
U.S.
(113)
(514)
+401
Higher margins on improved industry
refining conditions, reduced expenses, and prior quarter
unfavorable LIFO inventory impact (+78), partly offset by winter
storm impact, lower manufacturing volumes, and net unfavorable
one-time items
Non-U.S.
(277)
(697)
+420
Reduced expenses and higher margins driven
by more favorable industry refining conditions, offset by prior
quarter favorable LIFO inventory impact (-207), unfavorable foreign
exchange, terminal conversion costs, and lower demand; prior
quarter unfavorable identified items (impairment +258, tax item
+262)
Total
(390)
(1,211)
+821
Winter storm -130, margins +490, demand
-40, expenses +380, manufacturing -40, identified items +520,
LIFO/forex -210, other -150
Petroleum Product Sales (kbd)
4,881
4,833
+48
Chemical
U.S.
715
461
+254
Winter storm more than offset by stronger
margins, demand, and reduced expenses
Non-U.S.
700
230
+470
Higher margins, reduced expenses, and
prior quarter unfavorable LIFO inventory impact (+84) and other
charges
Total
1,415
691
+724
Winter storm -230, margins +500, demand
+100, expenses +150, identified items +20, LIFO/other +180
Prime Product Sales (kt)
6,446
6,643
-197
Corporate and financing
(849)
(1,018)
+169
Absence of identified items (mainly
severance +330), partly offset by net unfavorable tax impacts and
retirement-related expenses
Cash
Flow from Operations and Asset Sales excluding Working
Capital
Millions of Dollars
1Q
2021
Comments
Net income (loss) including noncontrolling
interests
2,796
Including $66 million noncontrolling
interests
Depreciation and depletion
5,004
Changes in operational working capital
1,953
Higher net payables and inventory draw
Other
(489)
Cash Flow from Operating
9,264
Activities (U.S. GAAP)
Asset sales
307
Including U.K. upstream divestment deposit
and U.S. upstream asset sales
Cash Flow from Operations
9,571
and Asset Sales
Changes in operational working capital
(1,953)
Cash Flow from Operations
7,618
and Asset Sales excluding Working
Capital
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on April
30, 2021. To listen to the event or access an archived replay,
please visit www.exxonmobil.com.
Cautionary Statement
Outlooks, projections, goals, targets, descriptions of strategic
plans and objectives, and other statements of future events or
conditions in this release are forward-looking statements. Actual
future results, including financial and operating performance;
planned capital and cash operating expense reductions and ability
to meet or exceed announced reduction objectives; plans to reduce
future emissions intensity and the expected resulting absolute
emission reductions; progressing carbon capture projects and
results; total capital expenditures and mix; cash flow, dividend
and shareholder returns; business and project plans, timing, costs
and capacities; resource recoveries and production rates; and
accounting and financial reporting effects resulting from market
developments and ExxonMobil’s responsive actions, could differ
materially due to a number of factors. These include the continuity
of our board of directors and their strategic oversight; global or
regional changes in the supply and demand for oil, natural gas,
petrochemicals, and feedstocks and other market conditions that
impact prices and differentials; the impact of company actions to
protect the health and safety of employees, vendors, customers, and
communities; actions of competitors and commercial counterparties;
the ability to access short- and long-term debt markets on a timely
and affordable basis; the severity, length and ultimate impact of
COVID-19 and government responses on people and economies;
reservoir performance; the outcome of exploration projects and
timely completion of development and construction projects; changes
in law, taxes, or regulation including environmental regulations,
and timely granting of governmental permits; government policies
and support for low carbon technologies like carbon capture; war,
trade agreements and patterns, shipping blockades or harassment,
and other political or security disturbances; opportunities for and
regulatory approval of potential investments or divestments; the
actions of competitors; the capture of efficiencies within and
between business lines and the ability to maintain near-term cost
reductions as ongoing efficiencies while maintaining future
competitive positioning; unforeseen technical or operating
difficulties; the development and competitiveness of alternative
energy and emission reduction technologies; the results of research
programs; the ability to bring new technologies to commercial scale
on a cost-competitive basis; general economic conditions including
the occurrence and duration of economic recessions; and other
factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2020
Form 10-K.
Frequently Used Terms and Non-GAAP
Measures
This press release includes cash flow from operations and asset
sales. Because of the regular nature of our asset management and
divestment program, we believe 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 first quarter 2021 is shown on page 6 and for 2021
and 2020 periods in Attachment V.
This press release also includes cash flow from operations and
asset sales excluding working capital. We believe it is useful for
investors to consider these numbers in comparing the underlying
performance of our 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 first quarter 2021 is shown on page 6 and
for 2021 and 2020 periods in Attachment V.
This press release also includes earnings/(loss) excluding
identified items, which are earnings/(loss) excluding individually
significant non-operational events with 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. We believe it is useful for investors
to consider these figures in comparing the underlying performance
of our business across periods when one, or both, periods include
identified items. A reconciliation to earnings is shown for 2021
and 2020 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.
We believe 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 as
part of the Estimated Key Financial and Operating Data in
Attachment I.
References to the resource base and other quantities of oil,
natural gas or condensate may include estimated amounts that are
not yet classified as “proved reserves” under SEC definitions, but
which are expected to be ultimately recoverable. The term “project”
as used in this release can refer to a variety of different
activities and does not necessarily have the same meaning as in any
government payment transparency reports. Further information on
ExxonMobil’s frequently used financial and operating measures and
other terms including "Cash operating expenses", “Cash flow from
operations and asset sales”, and “Total taxes including sales-based
taxes” is contained under the heading “Frequently Used Terms”
available through the “Investors” section of our website at
www.exxonmobil.com.
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,
Downstream, Chemical and Corporate and financing segment 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.
Important Additional Information Regarding
Proxy Solicitation
Exxon Mobil Corporation (“ExxonMobil”) has filed a definitive
proxy statement and form of associated BLUE proxy card with the
U.S. Securities and Exchange Commission (the “SEC”) in connection
with the solicitation of proxies for ExxonMobil’s 2021 Annual
Meeting (the “Proxy Statement”). ExxonMobil, its directors and
certain of its executive officers will be participants in the
solicitation of proxies from shareholders in respect of the 2021
Annual Meeting. Information regarding the names of ExxonMobil’s
directors and executive officers and their respective interests in
ExxonMobil by security holdings or otherwise is set forth in the
Proxy Statement. To the extent holdings of such participants in
ExxonMobil’s securities are not reported, or have changed since the
amounts described, in the Proxy Statement, such changes have been
reflected on Initial Statements of Beneficial Ownership on Form 3
or Statements of Change in Ownership on Form 4 filed with the SEC.
Details concerning the nominees of ExxonMobil’s Board of Directors
for election at the 2021 Annual Meeting are included in the Proxy
Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND
SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT
DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE
COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO
AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors and shareholders can obtain a copy of the
Proxy Statement and other relevant documents filed by ExxonMobil
free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s
shareholders can also obtain, without charge, a copy of the Proxy
Statement and other relevant filed documents by directing a request
by mail to ExxonMobil Shareholder Services at 5959 Las Colinas
Boulevard, Irving, Texas, 75039-2298 or at
shareholderrelations@exxonmobil.com or from the investor relations
section of ExxonMobil’s website, www.exxonmobil.com/investor.
Estimated Key Financial and Operating
Data
Attachment I
Exxon Mobil
Corporation
First Quarter 2021
(millions of dollars, unless
noted)
First
First
Fourth
Quarter
Quarter
Quarter
2021
2020
2020
Earnings (Loss) / Earnings (Loss) Per
Share
Total revenues and other income
59,147
56,158
46,540
Total costs and other deductions
55,555
56,416
73,153
Income (loss) before income taxes
3,592
(258)
(26,613)
Income taxes
796
512
(6,010)
Net income (loss) including noncontrolling
interests
2,796
(770)
(20,603)
Net income (loss) attributable to
noncontrolling interests
66
(160)
(533)
Net income (loss) attributable to
ExxonMobil (U.S. GAAP)
2,730
(610)
(20,070)
Earnings (loss) per common share
(dollars)
0.64
(0.14)
(4.70)
Earnings (loss) per common share
- assuming dilution (dollars)
0.64
(0.14)
(4.70)
Exploration expenses, including dry
holes
164
288
595
Other Financial Data
Dividends on common stock
Total
3,720
3,719
3,715
Per common share (dollars)
0.87
0.87
0.87
Millions of common shares outstanding
At period end
4,234
4,228
4,233
Average - assuming dilution
4,272
4,270
4,272
ExxonMobil share of equity at period
end
156,974
182,079
157,150
ExxonMobil share of capital employed at
period end
222,610
244,026
227,137
Income taxes
796
512
(6,010)
Total other taxes and duties
7,283
7,497
7,344
Total taxes
8,079
8,009
1,334
Sales-based taxes
4,662
4,485
4,364
Total taxes including sales-based
taxes
12,741
12,494
5,698
ExxonMobil share of income taxes of
equity companies
600
460
285
Attachment II-a
Exxon Mobil
Corporation
First Quarter 2021
First
First
Fourth
$
Millions
Quarter
Quarter
Quarter
2021
2020
2020
Earnings/(Loss) (U.S. GAAP)
2,730
(610)
(20,070)
Identified Items Included in
Earnings/(Loss)
Noncash inventory valuation - lower of
cost or market
—
(2,096)
—
Impairments
—
(787)
(19,273)
Tax
—
—
(581)
Other items (severance - global workforce
review)
(31)
—
(326)
Corporate total
(31)
(2,883)
(20,180)
Earnings Excluding Identified
Items
2,761
2,273
110
$ Per Common
Share1
Earnings/(Loss) Per Common
Share
Assuming Dilution (U.S. GAAP)
0.64
(0.14)
(4.70)
Identified Items Included in
Earnings/(Loss) Per Common Share
Assuming Dilution
Noncash inventory valuation - lower of
cost or market
—
(0.49)
—
Impairments
—
(0.18)
(4.51)
Tax
—
—
(0.14)
Other items (severance - global workforce
review)
(0.01)
—
(0.08)
Corporate total
(0.01)
(0.67)
(4.73)
Earnings Excluding Identified Items Per
Common Share
Assuming Dilution
0.65
0.53
0.03
¹ Computed using the average number of
shares outstanding during each period.
Attachment II-b
Exxon Mobil
Corporation
First Quarter 2021
(millions of dollars)
First
First
Fourth
Quarter
Quarter
Quarter
2021
2020
2020
Earnings/(Loss) (U.S. GAAP)
Upstream
United States
363
(704)
(16,803)
Non-U.S.
2,191
1,240
(1,729)
Downstream
United States
(113)
(101)
(514)
Non-U.S.
(277)
(510)
(697)
Chemical
United States
715
288
461
Non-U.S.
700
(144)
230
Corporate and financing
(849)
(679)
(1,018)
Net income (loss) attributable to
ExxonMobil
2,730
(610)
(20,070)
Identified Items Included in
Earnings/(Loss)
U.S. Upstream
Impairments
—
(315)
(16,777)
Other items (Inventory valuation)
—
(45)
—
Non-U.S. Upstream
Impairments
—
(41)
(2,203)
Tax Items
—
—
(297)
Other Items (Inventory valuation)
—
(218)
—
U.S. Downstream
Other Items (Inventory valuation,
Impairment)
—
(411)
—
Non-U.S. Downstream
Impairments
—
(335)
(258)
Tax Items
—
—
(262)
Other Items (Inventory valuation)
—
(1,196)
—
U.S. Chemical
Impairment
—
(90)
—
Non-U.S. Chemical
Tax Items
—
—
(22)
Other Items (Inventory valuation,
Impairment)
—
(232)
—
Corporate and financing
Other Items (Severance - global workforce
review, Impairment)
(31)
—
(361)
Corporate total
(31)
(2,883)
(20,180)
Earnings/(Loss) Excluding Identified
Items
Upstream
United States
363
(344)
(26)
Non-U.S.
2,191
1,499
771
Downstream
United States
(113)
310
(514)
Non-U.S.
(277)
1,021
(177)
Chemical
United States
715
378
461
Non-U.S.
700
88
252
Corporate and financing
(818)
(679)
(657)
Corporate total
2,761
2,273
110
Attachment III
Exxon Mobil
Corporation
First Quarter 2021
First
First
Fourth
Quarter
Quarter
Quarter
2021
2020
2020
Net production of crude oil, natural
gas
liquids, bitumen and synthetic oil,
thousand barrels per day (kbd)
United States
665
699
719
Canada / Other Americas
575
558
619
Europe
35
30
32
Africa
253
360
258
Asia
691
795
658
Australia / Oceania
39
38
39
Worldwide
2,258
2,480
2,325
Natural gas production available for
sale,
million cubic feet per day (mcfd)
United States
2,767
2,825
2,686
Canada / Other Americas
216
317
253
Europe
1,403
1,293
848
Africa
24
7
12
Asia
3,599
3,710
3,225
Australia / Oceania
1,164
1,244
1,161
Worldwide
9,173
9,396
8,185
Oil-equivalent production (koebd)1
3,787
4,046
3,689
¹ Natural gas converted to an
oil-equivalent basis at 6 million cubic feet per 1 thousand
barrels.
Attachment IV
Exxon Mobil
Corporation
First Quarter 2021
First
First
Fourth
Quarter
Quarter
Quarter
2021
2020
2020
Refinery throughput (kbd)
United States
1,532
1,558
1,594
Canada
364
383
359
Europe
1,153
1,295
1,130
Asia Pacific
545
637
522
Other
157
187
150
Worldwide
3,751
4,060
3,755
Petroleum product sales (kbd)
United States
2,077
2,231
2,128
Canada
409
456
415
Europe
1,272
1,403
1,227
Asia Pacific
665
708
645
Other
458
489
418
Worldwide
4,881
5,287
4,833
Gasolines, naphthas
1,996
2,122
2,039
Heating oils, kerosene, diesel
1,692
1,867
1,739
Aviation fuels
183
383
172
Heavy fuels
257
256
237
Specialty products
753
659
646
Worldwide
4,881
5,287
4,833
Chemical prime product sales,
thousand metric tons (kt)
United States
2,190
2,195
2,467
Non-U.S.
4,256
4,042
4,176
Worldwide
6,446
6,237
6,643
Attachment V
Exxon Mobil
Corporation
First Quarter 2021
(millions of dollars)
First
First
Fourth
Quarter
Quarter
Quarter
2021
2020
2020
Capital and Exploration
Expenditures
Upstream
United States
810
2,798
1,122
Non-U.S.
1,547
2,328
1,812
Total
2,357
5,126
2,934
Downstream
United States
271
747
488
Non-U.S.
199
487
674
Total
470
1,234
1,162
Chemical
United States
208
597
435
Non-U.S.
98
185
240
Total
306
782
675
Other
—
1
—
Worldwide
3,133
7,143
4,771
Cash Flow from Operations and Asset
Sales excluding Working Capital
Net cash provided by operating
activities
(U.S. GAAP)
9,264
6,274
4,005
Proceeds associated with asset sales
307
86
770
Cash flow from operations and asset
sales
9,571
6,360
4,775
Changes in operational working capital
(1,953)
942
114
Cash flow from operations and asset
sales
7,618
7,302
4,889
excluding working capital
Attachment VI
Exxon Mobil
Corporation
Earnings/(Loss)
$
Millions
$ Per
Common Share1
2017
First Quarter
4,010
0.95
Second Quarter
3,350
0.78
Third Quarter
3,970
0.93
Fourth Quarter
8,380
1.97
Year
19,710
4.63
2018
First Quarter
4,650
1.09
Second Quarter
3,950
0.92
Third Quarter
6,240
1.46
Fourth Quarter
6,000
1.41
Year
20,840
4.88
2019
First Quarter
2,350
0.55
Second Quarter
3,130
0.73
Third Quarter
3,170
0.75
Fourth Quarter
5,690
1.33
Year
14,340
3.36
2020
First Quarter
(610)
(0.14)
Second Quarter
(1,080)
(0.26)
Third Quarter
(680)
(0.15)
Fourth Quarter
(20,070)
(4.70)
Year
(22,440)
(5.25)
2021
First Quarter
2,730
0.64
1 Computed using the average number of shares outstanding during
each period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210430005293/en/
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