- Earned $5.5 billion in first quarter 2022; generated $14.8
billion of cash flow from operating activities, more than covering
capital investment and shareholder distributions
- Earnings excluding identified items were $8.8 billion, an
increase of more than $6 billion versus the first quarter of 2021,
after adjusting for a $3.4 billion after-tax charge related to the
company's Russia Sakhalin-1 operation
- Announced increase in share repurchase program up to a total of
$30 billion through 2023
- Achieved first oil at the Liza Phase 2 development in Guyana;
Payara FPSO construction approximately five months ahead of
schedule with start-up likely before year-end 2023; announced five
new discoveries, increasing the estimated recoverable resource base
for the Stabroek block to nearly 11 billion oil-equivalent
barrels
- Progressed significant lower-emission opportunities, including
plans for a world-scale blue hydrogen plant supported by one of the
world's largest carbon capture and storage projects in Baytown,
Texas, and received top certification for methane emission
management at Poker Lake in the Permian Basin
- Effective April 1, to further capture benefits of technology,
scale, and integration, the corporation formed ExxonMobil Product
Solutions, combining world-scale Downstream and Chemical
businesses, and centralized Technology & Engineering and
Operations & Sustainability groups
Exxon Mobil Corporation (NYSE:XOM):
Results Summary
Dollars in millions (except per share
data)
1Q22
4Q21
Change vs 4Q21
1Q21
Change vs 1Q21
Earnings (U.S. GAAP)
5,480
8,870
-3,390
2,730
+2,750
Earnings Excluding Identified Items
8,833
8,795
+38
2,761
+6,072
Earnings Per Common Share ¹
1.28
2.08
-0.80
0.64
+0.64
Earnings Excluding Identified Items Per
Common Share ¹
2.07
2.05
+0.02
0.65
+1.42
Capital and Exploration Expenditures
4,904
5,808
-904
3,133
+1,771
¹ Assuming dilution
Exxon Mobil Corporation today announced estimated first-quarter
2022 earnings of $5.5 billion, or $1.28 per share assuming
dilution. First-quarter results included an unfavorable identified
item of $3.4 billion associated with our planned exit from Russia
Sakhalin-1, or $0.79 per share assuming dilution. First-quarter
capital and exploration expenditures were $4.9 billion.
Oil-equivalent production was 3.7 million barrels per day, down
4% from the fourth quarter of 2021 due to weather-related
unscheduled downtime, planned maintenance, lower entitlements
associated with higher prices, and divestments. Excluding
entitlement effects, government mandates, and divestments,
oil-equivalent production was down 2%.
“The quarter illustrated the strength of our underlying business
and significant progress in further developing our competitively
advantaged production portfolio,” said Darren Woods, chairman and
chief executive officer. “Earnings increased modestly, as strong
margin improvement and underlying growth was offset by weather and
timing impacts. The absence of these temporary impacts in March
provides strong, positive momentum for the second quarter.”
Financial Highlights
- First-quarter earnings of $5.5 billion compared with $8.9
billion in the fourth quarter of 2021. Excluding identified items,
earnings of $8.8 billion were slightly higher than the prior
quarter, as higher industry prices and margins and reduced expenses
were largely offset by a temporary reduction in volumes,
unfavorable mark-to-market derivative effects, and price timing
impacts.
- First-quarter cash increased by $4.3 billion compared to the
fourth quarter of 2021, as strong cash flow from operations more
than funded capital investment, additional debt reduction, and
shareholder distributions in the quarter. Free cash flow in the
quarter was approximately $11 billion.
- With the balance sheet well within the targeted debt-to-capital
range of 20-25%, the company initiated its previously announced $10
billion buyback program, repurchasing shares totaling $2.1 billion
during the quarter. The company has increased this program and now
expects to repurchase up to a total of $30 billion through
2023.
- Effective April 1, to improve the effectiveness of our
operations and to better serve our customers, the corporation
formed ExxonMobil Product Solutions, combining world-scale
Downstream and Chemical businesses, and centralized Technology
& Engineering and Operations & Sustainability groups. This
new integrated business will be focused on high-value products,
improving portfolio value, and leading in sustainability. The new
centralized organizations will fully leverage functional expertise
and quickly deploy best practices across the globe.
Leading the Drive to Net Zero
- In January, ExxonMobil announced its ambition to achieve
net-zero greenhouse gas emissions from operated assets by 2050.
This ambition applies to Scope 1 and 2 greenhouse gas emissions and
builds on the company’s 2030 emission-reduction plans.
- The company reached a final investment decision to expand
carbon capture capacity at its facility in LaBarge, Wyoming, adding
up to 1.2 million metric tons to the nearly 7 million metric tons
already captured at LaBarge each year.
- ExxonMobil announced plans for its first world-scale blue
hydrogen plant in Baytown, Texas. The proposed plant would produce
up to 1 billion cubic feet per day of blue hydrogen and include one
of the world’s largest carbon capture and storage projects,
doubling the company’s industry-leading carbon capture capacity and
providing a potential anchor for the ambitious Houston Industrial
Hub emissions reduction project.
- The company advanced several renewable fuel initiatives,
including planned renewable diesel production through an equity
investment in Global Clean Energy Holdings. In partnership with
Neste, the company also agreed to deliver sustainable aviation fuel
to Virgin Atlantic and Singapore Airlines.
- Earlier this month, ExxonMobil began selling commercial volumes
of certified natural gas after MiQ, an independent validator,
certified the company’s assets in the Permian Basin with an "A"
grade – the highest recognition possible – for its methane and
emissions-reduction processes and technology applications. The
company plans to expand the certification process to other
operations in the United States.
- The company recently announced that Dan Ammann has been
appointed president of ExxonMobil Low Carbon Solutions, effective
May 1. Ammann previously served as president and CEO of General
Motors’ Cruise autonomous vehicle company.
EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream
Dollars in millions (unless otherwise
noted)
1Q22
4Q21
1Q21
Earnings (U.S. GAAP)
United States
2,376
1,768
363
Non-U.S.
2,112
4,317
2,191
Worldwide
4,488
6,085
2,554
Earnings Excluding Identified
Items
United States
2,376
2,031
363
Non-U.S.
5,367
4,597
2,191
Worldwide
7,743
6,628
2,554
Production (koebd)
3,675
3,816
3,787
- First-quarter 2022 Upstream earnings of $4.5 billion compared
with $6.1 billion in the fourth quarter of 2021. Excluding
identified items, earnings were $7.7 billion, an increase of $1.1
billion from the previous quarter, primarily due to higher liquids
prices and lower expenses, partly offset by lower volumes driven by
weather-related impacts, fewer days in the quarter, price
entitlement effects, and divestments. Average realizations for
crude oil increased 28%.
- Oil-equivalent production in the first quarter was 3.7 million
barrels per day. Excluding entitlement effects, divestments, and
government mandates, oil-equivalent production decreased 2% versus
the fourth quarter 2021. Liquids volumes were down 119,000 barrels
per day, while natural gas volumes were down 132 million cubic feet
per day. By the end of the quarter, production had fully recovered
from weather-related impacts.
- Relative to the first quarter of 2021, earnings excluding
identified items increased $5.2 billion, primarily due to higher
industry prices, which were partly offset by lower volumes. Average
realizations for crude oil increased 68%, while natural gas
realizations increased 137%. Excluding entitlement effects,
divestments, and government mandates, oil-equivalent production
decreased 2%. Liquids volumes were up slightly, while natural gas
volumes were down 721 million cubic feet per day.
- The company is discontinuing operations at the Sakhalin-1
venture (“Sakhalin”). As operator of Sakhalin, the company remains
focused on the safety of people, protection of the environment, and
integrity of operations. In the first quarter the company recorded
a charge of $3.4 billion related to its investment in the project,
which is reflected as an identified item and mainly impacts the
Upstream segment.
- The Permian Basin continued to improve efficiency and grow
production, reaching production of 560,000 barrels per day at the
end of the quarter. The company remains on track to deliver a
production increase of 25% this year versus full-year 2021, and to
eliminate routine flaring by year end.
- In February, the company started production at its second major
development offshore Guyana. The successful start-up of the Liza
Phase 2 development brought total production capacity to more than
340,000 barrels per day. In early April, ExxonMobil announced it
made a final investment decision for the Yellowtail development.
Yellowtail will be the company’s fourth and largest development to
date in Guyana with production capacity of 250,000 barrels of oil
per day. It is expected to begin production in 2025. Additionally,
Payara FPSO construction is running approximately five months ahead
of schedule with start-up likely before year-end 2023.
- ExxonMobil continued to progress its global LNG growth strategy
to meet growing worldwide demand for reliable gas supply.
Commissioning of the Area 4 Coral South Floating LNG project in
Mozambique is underway, with first production expected this year,
and the company signed the P’nyang Gas Agreement in Papua New
Guinea. Additionally, construction of the Golden Pass liquefaction
facilities on the U.S. Gulf Coast remains on schedule.
Downstream
Dollars in millions (unless otherwise
noted)
1Q22
4Q21
1Q21
Earnings/(Loss) (U.S. GAAP)
United States
685
913
(113)
Non-U.S.
(353)
554
(277)
Worldwide
332
1,467
(390)
Earnings/(Loss) Excluding Identified
Items
United States
685
909
(113)
Non-U.S.
(353)
554
(277)
Worldwide
332
1,463
(390)
Petroleum Product Sales (kbd)
5,158
5,391
4,881
- First-quarter 2022 Downstream earnings of $0.3 billion compared
with $1.5 billion in fourth quarter 2021. Improved industry fuels
refining margins and lower expenses were partially offset by lower
basestock margins and lower volumes, driven by higher turnaround
activity. Results were also impacted by unfavorable mark-to-market
impacts and price timing effects that are expected to reverse or
unwind over time.
- Global refining margins improved from the fourth quarter
despite softening seasonal demand, higher natural gas prices in
Europe, and lagging jet demand recovery. By the end of the first
quarter, industry margins improved to levels above the 10-year
range, with the tight supply / demand balance expected to persist.
While average basestock margins declined from the prior quarter,
pricing in April is catching up to rising feedstock costs.
- Refining throughput was lower than in the fourth quarter of
2021, primarily due to increased planned maintenance activity.
- Compared to the first quarter of 2021, earnings excluding
identified items increased $0.7 billion, primarily due to higher
industry refining margins, the absence of unfavorable one-time
impacts, and improved reliability.
- The Permian Crude Venture remains on track for phased expansion
in 2023 and 2024. The project will significantly expand pipeline
capacity to transport Permian crude to both the Baytown and
Beaumont, Texas refineries, and includes a 250,000 barrel per day
light crude processing expansion at Beaumont. Transport fuels
production is expected to increase by nearly 125,000 barrels per
day in 2023.
Chemical
Dollars in millions (unless otherwise
noted)
1Q22
4Q21
1Q21
Earnings (U.S. GAAP)
United States
819
1,322
715
Non-U.S.
535
599
700
Worldwide
1,354
1,921
1,415
Earnings Excluding Identified
Items
United States
819
828
715
Non-U.S.
535
463
700
Worldwide
1,354
1,291
1,415
Prime Product Sales (kt)
6,737
6,701
6,446
- First-quarter 2022 Chemical earnings of $1.4 billion compared
with $1.9 billion in the fourth quarter 2021. Excluding identified
items, earnings of $1.4 billion in the first quarter 2022 compared
with $1.3 billion in the previous quarter. The increase was driven
by lower expenses and higher volumes on improved production mix,
partly offset by lower margins.
- Compared to the first quarter of 2021, earnings excluding
identified items were down slightly as increased project and
planned maintenance spend offset higher volumes.
- While first-quarter global industry chemical margins declined,
with bottom-of-cycle conditions in Asia Pacific, ExxonMobil’s
advantaged portfolio continued to capture value from its ethane
feed advantage to deliver strong results.
- The recently completed Corpus Christi Chemical Complex is
already delivering positive cash and earnings results, despite
still ramping up to full production capacity.
- The company is progressing plans to increase its global offer
of certified circular polymer with capacity to process up to 500
metric tons of plastic waste per year by 2026. ExxonMobil is
leveraging existing assets and proprietary advanced recycling
technology to increase its capacity to process a wide range of
plastic waste. Operations in Baytown will be among North America’s
largest advanced plastic waste recycling facilities when its
expansion is complete later this year, and will have an initial
planned capacity to recycle 30,000 metric tons of plastic waste per
year. The company is also evaluating and progressing other
opportunities in France, the Netherlands, the U.S. Gulf Coast,
Canada, and Singapore. In the first quarter of 2022, the company
announced its first commercial sale of certified circular polymer
using its Exxtend™ technology for advanced recycling of plastic
waste.
- ExxonMobil is growing high-value, performance product capacity
with competitively advantaged projects. The company's new
polypropylene manufacturing unit in Baton Rouge, Louisiana, is
expected to start up by year-end 2022. Construction of the new
Vistamaxx™ performance polymer and linear alpha olefins (LAO)
manufacturing units in Baytown are progressing toward a mid-2023
start-up. ExxonMobil will manufacture 10 high-purity LAO products
and market this new offering under the Elevexx™ brand name. LAOs
are used in a broad range of applications, including plastic
packaging, high-performing engine and industrial oils, surfactants
and other specialty chemicals.
Corporate and Financing
Dollars in millions (unless otherwise
noted)
1Q22
4Q21
1Q21
Earnings/(Loss) (U.S. GAAP)
(694)
(603)
(849)
Earnings/(Loss) Excluding Identified
Items
(596)
(587)
(818)
- Corporate and Financing reported net charges of $0.7 billion in
the first quarter 2022, compared with $0.6 billion in the fourth
quarter 2021. Excluding an identified items charge of $0.1 billion
related to Russia, net charges were essentially flat.
- Net charges of $0.7 billion in the first quarter 2022 compared
with $0.8 billion in the first quarter of 2021. Excluding
identified items, costs declined $0.2 billion, driven by lower
pension-related corporate costs.
CASH FLOW FROM OPERATIONS AND ASSET
SALES EXCLUDING WORKING CAPITAL
Dollars in millions
1Q22
4Q21
1Q21
Net income including noncontrolling
interests ¹
5,750
9,079
2,796
Depreciation
8,883
5,661
5,004
Changes in operational working capital
1,086
1,930
1,953
Other
(931)
454
(489)
Cash Flow from Operating Activities
(U.S. GAAP)
14,788
17,124
9,264
Proceeds associated with asset sales
293
2,601
307
Cash Flow from Operations and Asset
Sales
15,081
19,725
9,571
Changes in operational working capital
(1,086)
(1,930)
(1,953)
Cash Flow from Operations and Asset
Sales excluding Working Capital
13,995
17,795
7,618
¹ Noncontrolling interests of $270M
included in net income above
FREE CASH FLOW
Dollars in millions
1Q22
4Q21
1Q21
Cash Flow from Operating Activities
(U.S. GAAP)
14,788
17,124
9,264
Additions to property, plant and
equipment
(3,911)
(4,089)
(2,400)
Additional investments and advances
(417)
(1,762)
(349)
Other investing activities including
collection of advances
90
1,140
87
Proceeds from asset sales and returns of
investments
293
2,601
307
Free Cash Flow
10,843
15,014
6,909
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on April
29, 2022. To listen to the event or access an archived replay,
please visit www.exxonmobil.com.
Cautionary Statement
Outlooks; projections; descriptions of strategic, operating, and
financial plans and objectives; statements of future ambitions and
plans; and other statements of future events or conditions in this
release, are forward-looking statements. Similarly, the
emission-reduction roadmaps to drive towards net zero emissions are
dependent on future market factors, such as continued technological
progress and policy support, and represent forward-looking
statements. Actual future results, including financial and
operating performance; total capital expenditures and mix,
including allocations of capital to low carbon solutions; cost
reductions and efficiency gains, including the ability to meet or
exceed announced cost and expense reduction objectives; plans to
reduce future emissions and emissions intensity; timing and outcome
of projects to capture and store CO2; timing and outcome of biofuel
and plastic waste recycling projects; cash flow, dividends and
shareholder returns, including the timing and amounts of share
repurchases; future debt levels and credit ratings; business and
project plans, timing, costs, capacities and returns; achievement
of ambitions to reach Scope 1 and Scope 2 net zero from operated
assets by 2050; achievement of plans to reach Scope 1 and 2 net
zero in Upstream Permian Basin operated assets by 2030; and
resource recoveries and production rates could differ materially
due to a number of factors. These include global or regional
changes in the supply and demand for oil, natural gas,
petrochemicals, and feedstocks and other market conditions that
impact prices and differentials for our products; 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 COVID-19, including the extent and nature of further
outbreaks and the effects of government responses on people and
economies; reservoir performance, including variability and timing
factors applicable to unconventional resources; the outcome of
exploration projects; 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; changes in law, taxes, or regulation including
environmental regulations, trade sanctions, and timely granting of
governmental permits and certifications; government policies and
support and market demand for low carbon technologies; war, and
other political or security disturbances; opportunities for
potential investments or divestments and satisfaction of applicable
conditions to closing, including 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 2021 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, 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 2021 and 2022 periods is shown on page 7.
This press release also includes cash flow from operations and
asset sales excluding working capital. 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 2021 and 2022 periods is shown
on page 7.
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. Earnings / (loss) excluding identified
items does include non-operational earnings events or impacts that
are below the $250M threshold utilized for identified items. When
the effect of these events are material in aggregate, they are
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 2022 and 2021
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. 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 2021 and 2022 periods
is shown on page 7.
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. 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
release can refer to a variety of different activities and does not
necessarily have the same meaning as in any government payment
transparency reports.
ExxonMobil reported emissions, including reductions and
avoidance performance data, are based on a combination of measured
and estimated data. Calculations are based on industry standards
and best practices, including guidance from the American Petroleum
Institute (API) and IPIECA. The uncertainty associated with the
emissions, reductions and avoidance performance data depends on
variation in the processes and operations, the availability of
sufficient data, the quality of those data and methodology used for
measurement and estimation. Changes to the performance data may be
reported as updated data and/or emission methodologies become
available. ExxonMobil works with industry, including API and
IPIECA, to improve emission factors and methodologies, including
measurements and estimates.
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. 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.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF
INCOME
(Preliminary)
Three Months Ended March 31,
Dollars in millions (unless otherwise
noted)
2022
2021
Revenues and other income
Sales and other operating revenue
87,734
57,552
Income from equity affiliates
2,538
1,473
Other income
228
122
Total revenues and other income
90,500
59,147
Costs and other deductions
Crude oil and product purchases
52,388
32,601
Production and manufacturing expenses
10,241
8,062
Selling, general and administrative
expenses
2,409
2,428
Depreciation and depletion (includes
impairments)
8,883
5,004
Exploration expenses, including dry
holes
173
164
Non-service pension and postretirement
benefit expense
108
378
Interest expense
188
258
Other taxes and duties
7,554
6,660
Total costs and other deductions
81,944
55,555
Income (loss) before income taxes
8,556
3,592
Income taxes
2,806
796
Net income (loss) including noncontrolling
interests
5,750
2,796
Net income (loss) attributable to
noncontrolling interests
270
66
Net income (loss) attributable to
ExxonMobil
5,480
2,730
OTHER FINANCIAL DATA
Three Months Ended March 31,
2022
2021
Earnings per common share (U.S.
dollars)
1.28
0.64
Earnings per common share - assuming
dilution (U.S. dollars)
1.28
0.64
Dividends on common stock
Total
3,760
3,720
Per common share (U.S. dollars)
0.88
0.87
Millions of common shares outstanding
Average - assuming dilution
4,266
4,272
Income taxes
2,806
796
Total other taxes and duties
8,449
7,283
Total taxes
11,255
8,079
Sales-based taxes
6,100
4,662
Total taxes including sales-based
taxes
17,355
12,741
ExxonMobil share of income taxes of equity
companies
1,047
600
ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE
SHEET
(Preliminary)
Dollars in millions (unless otherwise
noted)
March 31,
2022
December 31,
2021
ASSETS
Current assets
Cash and cash equivalents
11,074
6,802
Notes and accounts receivable – net
42,142
32,383
Inventories
Crude oil, products and merchandise
18,074
14,519
Materials and supplies
4,103
4,261
Other current assets
1,862
1,189
Total current assets
77,255
59,154
Investments, advances and long-term
receivables
46,329
45,195
Property, plant and equipment – net
212,773
216,552
Other assets, including intangibles –
net
18,414
18,022
Total assets
354,771
338,923
LIABILITIES
Current liabilities
Notes and loans payable
4,886
4,276
Accounts payable and accrued
liabilities
63,501
50,766
Income taxes payable
3,672
1,601
Total current liabilities
72,059
56,643
Long-term debt
42,651
43,428
Postretirement benefits reserves
18,255
18,430
Deferred income tax liabilities
19,533
20,165
Long-term obligations to equity
companies
2,875
2,857
Other long-term obligations
22,872
21,717
Total liabilities
178,245
163,240
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019
million shares issued)
15,879
15,746
Earnings reinvested
393,779
392,059
Accumulated other comprehensive income
(12,914)
(13,764)
Common stock held in treasury
(3,806 million shares at March 31, 2022,
and 3,780 million shares at December 31, 2021)
(227,529)
(225,464)
ExxonMobil share of equity
169,215
168,577
Noncontrolling interests
7,311
7,106
Total equity
176,526
175,683
Total liabilities and equity
354,771
338,923
ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
(Preliminary)
Three Months Ended
March 31,
Dollars in millions (unless otherwise
noted)
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (loss) including noncontrolling
interests
5,750
2,796
Depreciation and depletion (includes
impairments)
8,883
5,004
Changes in operational working capital,
excluding cash and debt
1,086
1,953
All other items – net
(931)
(489)
Net cash provided by operating
activities
14,788
9,264
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property, plant and
equipment
(3,911)
(2,400)
Proceeds from asset sales and returns of
investments
293
307
Additional investments and advances
(417)
(349)
Other investing activities including
collection of advances
90
87
Net cash used in investing
activities
(3,945)
(2,355)
CASH FLOWS FROM FINANCING
ACTIVITIES
Additions to short-term debt
—
5,781
Reductions in short-term debt
(2,098)
(10,849)
Additions/(reductions) in debt with three
months or less maturity
1,366
1,003
Cash dividends to ExxonMobil
shareholders
(3,760)
(3,720)
Cash dividends to noncontrolling
interests
(60)
(52)
Changes in noncontrolling interests
(94)
53
Common stock acquired
(2,067)
(1)
Net cash used in financing
activities
(6,713)
(7,785)
Effects of exchange rate changes on
cash
142
27
Increase/(decrease) in cash and cash
equivalents
4,272
(849)
Cash and cash equivalents at beginning of
period
6,802
4,364
Cash and cash equivalents at end of
period
11,074
3,515
ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS
Dollars in millions
1Q22
4Q21
1Q21
Earnings (U.S. GAAP)
5,480
8,870
2,730
Identified Items
Impairments
(2,975)
(752)
—
Gain on sale of assets
—
1,081
—
Severance
—
(4)
(31)
Other (first quarter 2022 includes
Russia-related items)
(378)
(250)
—
Total Identified Items
(3,353)
75
(31)
Earnings (U.S. GAAP) Excluding
Identified Items
8,833
8,795
2,761
Dollars per common share
1Q22
4Q21
1Q21
Earnings Per Common Share ¹
1.28
2.08
0.64
Identified Items Per Common Share
¹
Impairments
(0.70)
(0.17)
—
Gain on sale of assets
—
0.26
—
Severance
—
—
(0.01)
Other
(0.09)
(0.06)
—
Total Identified Items Per Common Share
¹
(0.79)
0.03
(0.01)
Earnings (U.S. GAAP) Excluding
Identified Items Per Common Share ¹
2.07
2.05
0.65
¹ Assuming dilution
ATTACHMENT II-b
KEY FIGURES: ADJUSTMENT ITEMS BY
SEGMENT
First Quarter 2022
Upstream
Downstream
Chemical
Corporate & Financing
Total
Dollars in millions
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
2,376
2,112
685
(353)
819
535
(694)
5,480
Identified Items
Impairments
—
(2,877)
—
—
—
—
(98)
(2,975)
Other
—
(378)
—
—
—
—
—
(378)
Total Identified Items
—
(3,255)
—
—
—
—
(98)
(3,353)
Earnings/(Loss) Excluding Identified
Items
2,376
5,367
685
(353)
819
535
(596)
8,833
Fourth Quarter 2021
Upstream
Downstream
Chemical
Corporate & Financing
Total
Dollars in millions
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
1,768
4,317
913
554
1,322
599
(603)
8,870
Identified Items
Impairments
(263)
(489)
—
—
—
—
—
(752)
Gain/(Loss) on sale of assets
—
459
4
—
494
136
(12)
1,081
Severance
—
—
—
—
—
—
(4)
(4)
Other
—
(250)
—
—
—
—
—
(250)
Total Identified Items
(263)
(280)
4
—
494
136
(16)
75
Earnings/(Loss) Excluding Identified
Items
2,031
4,597
909
554
828
463
(587)
8,795
First Quarter 2021
Upstream
Downstream
Chemical
Corporate & Financing
Total
Dollars in millions
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
363
2,191
(113)
(277)
715
700
(849)
2,730
Identified Items
Severance
—
—
—
—
—
—
(31)
(31)
Total Identified Items
—
—
—
—
—
—
(31)
(31)
Earnings/(Loss) Excluding Identified
Items
363
2,191
(113)
(277)
715
700
(818)
2,761
ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil, thousand barrels per day
(kbd)
1Q22
4Q21
1Q21
United States
753
770
665
Canada / Other Americas
474
571
575
Europe
4
17
35
Africa
257
235
253
Asia
738
752
691
Australia / Oceania
40
40
39
Worldwide
2,266
2,385
2,258
Natural gas production available for sale,
million cubic feet per day (mcfd)
1Q22
4Q21
1Q21
United States
2,777
2,713
2,767
Canada / Other Americas
182
189
216
Europe
770
844
1,403
Africa
58
48
24
Asia
3,340
3,468
3,599
Australia / Oceania
1,325
1,322
1,164
Worldwide
8,452
8,584
9,173
Oil-equivalent production (koebd) ¹
3,675
3,816
3,787
1 Natural gas is converted to an
oil-equivalent basis at six million cubic feet per one thousand
barrels.
ATTACHMENT IV
KEY FIGURES: MANUFACTURING THROUGHPUT
AND SALES
Refinery throughput, thousand barrels per
day (kbd)
1Q22
4Q21
1Q21
United States
1,685
1,740
1,532
Canada
399
416
364
Europe
1,193
1,246
1,153
Asia Pacific
537
546
545
Other
169
170
157
Worldwide
3,983
4,118
3,751
Petroleum product sales, thousand barrels
per day (kbd)
1Q22
4Q21
1Q21
United States
2,256
2,383
2,077
Canada
442
488
409
Europe
1,345
1,384
1,272
Asia Pacific
644
643
665
Other
471
493
458
Worldwide
5,158
5,391
4,881
Gasolines, naphthas
2,114
2,325
1,996
Heating oils, kerosene, diesel
1,722
1,804
1,692
Aviation fuels
289
267
183
Heavy fuels
249
265
257
Specialty products
784
730
753
Worldwide
5,158
5,391
4,881
Chemical prime product sales, thousand
metric tons (kt)
1Q22
4Q21
1Q21
United States
2,704
2,512
2,190
Non-U.S.
4,033
4,189
4,256
Worldwide
6,737
6,701
6,446
ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION
EXPENDITURES
Dollars in millions
1Q22
4Q21
1Q21
Upstream
United States
1,369
1,307
810
Non-U.S.
2,510
2,934
1,547
Total
3,879
4,241
2,357
Downstream
United States
394
337
271
Non-U.S.
183
367
199
Total
577
704
470
Chemical
United States
234
461
208
Non-U.S.
214
401
98
Total
448
862
306
Other
Other
—
1
—
Worldwide
4,904
5,808
3,133
CASH CAPITAL EXPENDITURES
Dollars in millions
1Q22
4Q21
1Q21
Additions to property, plant and
equipment
3,911
4,089
2,400
Net investments and advances
327
622
262
Total Cash Capital Expenditures
4,238
4,711
2,662
ATTACHMENT VI
KEY FIGURES: EARNINGS/(LOSS) BY
QUARTER
Dollars in millions
2022
2021
2020
2019
2018
First Quarter
5,480
2,730
(610)
2,350
4,650
Second Quarter
—
4,690
(1,080)
3,130
3,950
Third Quarter
—
6,750
(680)
3,170
6,240
Fourth Quarter
—
8,870
(20,070)
5,690
6,000
Full Year
—
23,040
(22,440)
14,340
20,840
Dollars per common share ¹
2022
2021
2020
2019
2018
First Quarter
1.28
0.64
(0.14)
0.55
1.09
Second Quarter
—
1.10
(0.26)
0.73
0.92
Third Quarter
—
1.57
(0.15)
0.75
1.46
Fourth Quarter
—
2.08
(4.70)
1.33
1.41
Full Year
—
5.39
(5.25)
3.36
4.88
1 Computed using the average number of
shares outstanding during each period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220429005151/en/
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