- Increased Permian oil and gas production by approximately
130,000 oil-equivalent barrels per day and refining throughput by
180,000 barrels per day versus first half of 2021 to meet
recovering product demand.
- Generated earnings of $17.9 billion and cash flow from
operating activities of $20 billion in second-quarter 2022 as a
result of increased production, higher realizations and margins,
and aggressive cost control.
- Capital investments totaled $9.5 billion for first half of
2022; on track with full-year guidance.
- New lower-emission initiatives included four large-scale carbon
capture and storage opportunities.
Exxon Mobil Corporation (NYSE:XOM):
Results Summary
2Q22
1Q22
Change
vs
1Q22
2Q21
Change
vs
2Q21
Dollars in millions (except per
share data)
YTD 2022
YTD 2021
Change
vs
YTD 2021
17,850
5,480
+12,370
4,690
+13,160
Earnings (U.S. GAAP)
23,330
7,420
+15,910
17,551
8,833
+8,718
4,702
+12,849
Earnings Excluding Identified Items
26,384
7,463
+18,921
4.21
1.28
+2.93
1.10
+3.11
Earnings Per Common Share ¹
5.49
1.74
+3.75
4.14
2.07
+2.07
1.10
+3.04
Earnings Excluding Identified Items Per
Common Share ¹
6.21
1.75
+4.46
4,609
4,904
-295
3,803
+806
Capital and Exploration Expenditures
9,513
6,936
+2,577
¹ Assuming dilution
Exxon Mobil Corporation today announced estimated second-quarter
2022 earnings of $17.9 billion, or $4.21 per share assuming
dilution. Second-quarter results included a favorable identified
item of nearly $300 million associated with the sale of the Barnett
Shale Upstream assets. Capital and exploration expenditures were
$4.6 billion in the second quarter and $9.5 billion for the first
half of 2022.
“Earnings and cash flow benefited from increased production,
higher realizations, and tight cost control,” said Darren Woods,
chairman and chief executive officer. “Strong second-quarter
results reflect our focus on the fundamentals and the investments
we put in motion several years ago and sustained through the depths
of the pandemic.”
“Key to our success is continued investment in our advantaged
portfolio, including Guyana, the Permian, global LNG, and in our
high-value performance products, along with efforts to reduce
structural costs and improve efficiency. We're also helping meet
increased demand by expanding our refining capacity by about
250,000 barrels per day in the first quarter of 2023 - representing
the industry's largest single capacity addition in the U.S. since
2012. At the same time, we’re supporting the transition to a
lower-emission future, growing our portfolio of opportunities in
carbon capture and storage, biofuels, and hydrogen.”
Financial Highlights
- Second-quarter earnings of $17.9 billion compared with $5.5
billion in the first quarter of 2022. Excluding identified items,
earnings of $17.6 billion increased $8.7 billion from the prior
quarter, driven by a tight supply/demand balance for oil, natural
gas, and refined products, which have increased both natural gas
realizations and refining margins well above the 10-year
range.
- Cash increased by $7.8 billion in the second quarter, as strong
cash flow from operating activities more than covered capital
investments and shareholder distributions. Free cash flow in the
quarter totaled $16.9 billion. Shareholder distributions were $7.6
billion for the quarter, including $3.7 billion of dividends.
- Net-debt-to-capital ratio improved to 13% reflecting a
period-end cash balance of $18.9 billion. The debt-to-capital ratio
was 20%, at the low-end of the company's target range.
- Effective April 1, to improve the effectiveness of operations
and to better serve customers, the Corporation formed ExxonMobil
Product Solutions, combining world-scale Downstream and Chemical
businesses. The company also centralized Technology &
Engineering and Operations & Sustainability groups to further
capture the benefits of technology, scale, and integration. The
company has changed its segment reporting to reflect the new
structure.
Leading the Drive to Net Zero
Carbon Capture and Storage
- ExxonMobil signed a memorandum of understanding to explore the
development of a carbon capture and storage project at the Dayawan
Industrial Park in Guangdong Province, China. The envisioned
project has the potential to capture up to 10 million metric tons
of CO2 per year, and could become one of the first large
petrochemical complexes to remove CO2 emissions.
- ExxonMobil, Neptune Energy, Rosewood, and EBN signed an
agreement to advance the L10 carbon capture and storage project in
the Dutch North Sea. This stage of the project has the potential to
store four to five million metric tons of CO2 annually for
industrial customers, and represents the first stage in the
potential development of the greater L10 area as a large-volume CO2
storage reservoir.
- ExxonMobil announced the start of early front-end engineering
design studies for a South East Australia carbon capture and
storage hub in Gippsland, Victoria. The project would initially use
existing infrastructure to store up to two million metric tons of
CO2 per year from multiple local industries in the depleted Bream
field off the coast of Gippsland. Operations could begin as early
as 2025.
- Earlier in the quarter, ExxonMobil and Pertamina, the
state-owned energy company for Indonesia, signed a joint study
agreement to assess the potential for large-scale implementation of
lower-emissions technologies, including carbon capture and storage
and hydrogen production. The agreement builds on efforts to advance
carbon capture and storage in Indonesia that began with a
memorandum of understanding signed at COP26.
Biofuels and Hydrogen
- In early July, ExxonMobil successfully delivered the first
cargo of certified sustainable aviation fuel (SAF) to Singapore
Changi Airport as part of a one-year pilot program launched by the
Civil Aviation Authority of Singapore, Singapore Airlines, and
Temasek. In addition, ExxonMobil delivered the first cargo of SAF
via proprietary pipeline to Virgin Atlantic at London Heathrow
Airport. These programs represent part of a global plan to provide
200,000 barrels per day of lower-emission fuels by 2030.
- ExxonMobil's majority-owned affiliate, Imperial Oil Ltd., is
progressing plans to produce renewable diesel at a new complex at
its Strathcona refinery in Edmonton, Canada. When construction is
complete, the refinery is expected to produce approximately 20,000
barrels per day of renewable diesel, which could reduce emissions
in the Canadian transportation sector by about three million metric
tons per year. The complex will use locally grown plant-based
feedstock and hydrogen with carbon capture and storage as part of
the manufacturing process.
- ExxonMobil is advancing the previously announced large-scale
blue hydrogen plant in Baytown, Texas. The facility will have the
capacity to produce up to one billion cubic feet of blue hydrogen
per day and store approximately 10 million metric tons of CO2 per
year, more than doubling ExxonMobil's current capacity.
- In June, ExxonMobil, Grieg Edge, North Ammonia, and GreenH
signed a memorandum of understanding to study potential production
and distribution of green hydrogen and ammonia for lower-emission
marine fuels at ExxonMobil’s Slagen terminal in Norway. The
production of up to 20,000 metric tons of green hydrogen and
distribution of up to 100,000 metric tons of green ammonia per year
would be driven by hydroelectric power.
EARNINGS AND VOLUME SUMMARY BY
SEGMENT
Upstream
2Q22
1Q22
2Q21
Dollars in millions (unless otherwise
noted)
YTD 2022
YTD 2021
Earnings (U.S. GAAP)
3,749
2,376
663
United States
6,125
1,026
7,622
2,112
2,522
Non-U.S.
9,734
4,713
11,371
4,488
3,185
Worldwide
15,859
5,739
Earnings Excluding Identified
Items
3,450
2,376
663
United States
5,826
1,026
7,622
5,367
2,522
Non-U.S.
12,989
4,713
11,072
7,743
3,185
Worldwide
18,815
5,739
3,732
3,675
3,582
Production (koebd)
3,704
3,684
- Upstream earnings in the second quarter of 2022 were $11.4
billion compared to $4.5 billion in the first quarter. Excluding
identified items, earnings were $11.1 billion, an increase of $3.3
billion from the previous quarter. Crude realizations improved 15%
and gas realizations increased 23% compared to the first quarter
driven by tight supply. Higher production from growth projects and
recovery from first quarter weather-related downtime in Canada were
partly offset by price entitlement effects and increased seasonal
scheduled maintenance.
- Oil-equivalent production in the second quarter was 3.7 million
barrels per day. Excluding entitlement effects, divestments, and
government mandates, including the impact of curtailed production
in Russia, oil-equivalent production increased 4% versus the first
quarter. Liquids volumes increased nearly 35,000 barrels per day
and natural gas volumes grew by more than 150 million cubic feet
per day.
- Earnings excluding identified items increased $7.9 billion
relative to the second quarter of 2021. This improvement was
primarily the result of a 71% increase in crude realizations and a
186% increase in natural gas realizations. Oil-equivalent
production increased 5%, excluding entitlement effects,
divestments, and government mandates. Liquids volumes rose nearly
100,000 barrels per day, while natural gas volumes increased by
almost 315 million cubic feet per day.
- Year-to-date earnings excluding identified items were $18.8
billion, an increase of $13.1 billion versus the first half of 2021
on higher crude and natural gas realizations.
- The Permian continued to improve efficiency and grow volumes,
with average production during the quarter of more than 550,000
oil-equivalent barrels per day. The company is expecting to achieve
a 25% production increase this year versus full-year 2021 and to
eliminate routine flaring in the Permian by year end.
- Offshore Guyana production capacity increased to more than
340,000 oil-equivalent barrels per day with Liza Phase 2 production
start-up earlier this year and Liza Phase 1 producing above design
capacity. In addition, two new discoveries were announced. The
company also reached an agreement to supply the country of Guyana
with natural gas to significantly reduce domestic energy costs and
provide opportunities for industrial growth.
- ExxonMobil and QatarEnergy signed an agreement to further
develop Qatar's North Field East project, which will expand Qatar's
annual LNG capacity with over 30 million tons per year by
2026.
- The Coral South Floating LNG project offshore Mozambique
initiated flow of gas in June, and is on track to deliver the first
LNG cargo in the second half of 2022.
- Asset sales and divestments resulting in more than $3 billion
of proceeds were announced during the second quarter. The sale of
the company's operated and non-operated Barnett Shale gas assets in
Texas was completed in June, contributing nearly $300 million in
earnings and more than $600 million in cash during the quarter. The
other announced divestments, including XTO Energy Canada and the
Romania Upstream affiliate, are anticipated to close later this
year, subject to regulatory approvals.
Energy Products
2Q22
1Q22
2Q21
Dollars in millions (unless otherwise
noted)
YTD 2022
YTD 2021
Earnings/(Loss) (U.S. GAAP)
2,655
489
(278)
United States
3,144
(510)
2,617
(684)
(578)
Non-U.S.
1,933
(1,267)
5,273
(196)
(856)
Worldwide
5,077
(1,777)
Earnings/(Loss) Excluding Identified
Items
2,655
489
(278)
United States
3,144
(510)
2,617
(684)
(578)
Non-U.S.
1,933
(1,267)
5,273
(196)
(856)
Worldwide
5,077
(1,777)
5,310
5,111
5,006
Energy Products Sales (kbd)
5,211
4,920
- Energy Products second-quarter 2022 earnings totaled $5.3
billion compared to a loss of $0.2 billion in the first quarter.
Strong refinery utilization in the quarter captured improved
industry margins. Higher sales volumes were more than offset by
unfavorable mix impacts and higher planned seasonal expenses. In
addition, earnings benefited from more moderate commodity price
increases which resulted in favorable unsettled derivative
mark-to-market impacts, and the expected reversal of price/timing
impacts from the first quarter.
- Earnings increased $6.1 billion compared to the second quarter
of 2021 due to stronger industry refining margins, favorable
derivative mark-to-market effects, and increased volumes on lower
scheduled maintenance.
- Year-to-date earnings of $5.1 billion compared to a loss of
$1.8 billion in the first half of 2021, driven by stronger industry
refining margins and higher volumes.
- Refining throughput in the first half of 2022 was up 180,000
barrels per day versus the first six months of 2021 to meet
recovering product demand.
- The Beaumont Refinery expansion remains on pace to add an
incremental 250,000 barrels per day of refining capacity in the
first quarter of 2023, which would increase the company's U.S. Gulf
Coast refining capacity by about 17%.
Chemical Products
2Q22
1Q22
2Q21
Dollars in millions (unless otherwise
noted)
YTD 2022
YTD 2021
Earnings (U.S. GAAP)
625
770
1,149
United States
1,395
1,803
450
636
1,051
Non-U.S.
1,086
1,788
1,076
1,405
2,200
Worldwide
2,481
3,591
Earnings Excluding Identified
Items
625
770
1,149
United States
1,395
1,803
450
636
1,051
Non-U.S.
1,086
1,788
1,076
1,405
2,200
Worldwide
2,481
3,591
4,811
5,018
4,731
Chemical Products Sales (kt)
9,829
9,496
- Chemical Products second-quarter 2022 earnings were $1.1
billion compared to $1.4 billion in the first quarter. Reliable
operations and cost discipline drove strong earnings despite
margins being impacted by higher ethane feed costs in North
America, a stronger U.S. dollar, higher planned seasonal expenses,
and lower volumes driven by China lockdown demand impacts and
logistics constraints.
- Earnings were $1.1 billion lower compared to second-quarter
2021 on reduced industry margins and unfavorable foreign exchange
effects.
- Year-to-date earnings totaled $2.5 billion compared to $3.6
billion in the first six months of 2021. Lower margins due to
rising North America feed costs, increased project and planned
maintenance expenses, and unfavorable foreign exchange effects were
partially offset by higher volumes.
Specialty Products
2Q22
1Q22
2Q21
Dollars in millions (unless otherwise
noted)
YTD 2022
YTD 2021
Earnings (U.S. GAAP)
232
246
262
United States
478
442
185
230
487
Non-U.S.
415
862
417
476
750
Worldwide
893
1,304
Earnings Excluding Identified
Items
232
246
262
United States
478
442
185
230
487
Non-U.S.
415
862
417
476
750
Worldwide
893
1,304
2,100
2,006
1,942
Specialty Products Sales (kt)
4,107
3,936
- Specialty Products earnings were $0.4 billion in the second
quarter of 2022 compared with $0.5 billion in the first quarter.
Earnings remained at historically strong levels on improved
basestock margins, with pricing offsetting rising feed and energy
costs, which were offset by higher planned seasonal expenses and
unfavorable foreign exchange impacts.
- Compared to the same quarter last year, earnings declined $0.3
billion on lower basestock industry margins and decreased volumes
driven by higher scheduled maintenance.
- Year-to-date earnings of $0.9 billion decreased from $1.3
billion in the first half of 2021, primarily due to lower basestock
industry margins driven by higher feed costs.
Corporate and Financing
2Q22
1Q22
2Q21
Dollars in millions (unless otherwise
noted)
YTD 2022
YTD 2021
(286)
(694)
(588)
Earnings/(Loss) (U.S. GAAP)
(980)
(1,437)
(286)
(596)
(576)
Earnings/(Loss) Excluding Identified
Items
(882)
(1,394)
- Corporate and Financing reported net charges of $0.3 billion in
the second quarter of 2022 compared with $0.7 billion in the first
quarter. Excluding a first-quarter identified items charge of $0.1
billion related to Russia, net charges were down $0.3 billion as a
result of favorable one-time tax impacts.
- Net charges of $0.3 billion in the second quarter of 2022
compared with $0.6 billion in the second quarter of 2021.
CASH FLOW FROM OPERATIONS AND ASSET
SALES EXCLUDING WORKING CAPITAL
2Q22
1Q22
2Q21
Dollars in millions
YTD 2022
YTD 2021
18,574
5,750
4,781
Net income including noncontrolling
interests
24,324
7,577
4,451
8,883
4,952
Depreciation
13,334
9,956
(2,747)
1,086
(380)
Changes in operational working capital
(1,661)
1,573
(315)
(931)
297
Other
(1,246)
(192)
19,963
14,788
9,650
Cash Flow from Operating Activities
(U.S. GAAP)
34,751
18,914
939
293
250
Proceeds associated with asset sales
1,232
557
20,902
15,081
9,900
Cash Flow from Operations and Asset
Sales
35,983
19,471
2,747
(1,086)
380
Changes in operational working capital
1,661
(1,573)
23,649
13,995
10,280
Cash Flow from Operations and Asset
Sales excluding Working Capital
37,644
17,898
FREE CASH FLOW
2Q22
1Q22
2Q21
Dollars in millions
YTD 2022
YTD 2021
19,963
14,788
9,650
Cash Flow from Operating Activities
(U.S. GAAP)
34,751
18,914
(3,837)
(3,911)
(2,747)
Additions to property, plant and
equipment
(7,748)
(5,147)
(226)
(417)
(264)
Additional investments and advances
(643)
(613)
60
90
45
Other investing activities including
collection of advances
150
132
939
293
250
Proceeds from asset sales and returns of
investments
1,232
557
16,899
10,843
6,934
Free Cash Flow
27,742
13,843
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on July
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, discussion of
future carbon capture, biofuel and hydrogen plans 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 offset
inflationary pressure; plans to reduce future emissions and
emissions intensity; timing and outcome of projects to capture and
store CO2, produced biofuels, and use of plastic waste as recycling
feedstock; timing and outcome of hydrogen 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 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; 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.
Forward-looking and other statements regarding our
environmental, social and other sustainability efforts and
aspirations are not an indication that these statements are
necessarily material to investors or requiring disclosure in our
filing with the SEC. In addition, historical, current, and
forward-looking environmental, social and 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.
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 $250 million 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.
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 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.
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.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF
INCOME
(Preliminary)
Three Months Ended June 30,
Six Months Ended
June 30,
Dollars in millions (unless otherwise
noted)
2022
2021
2022
2021
Revenues and other income
Sales and other operating revenue
111,265
65,943
198,999
123,495
Income from equity affiliates
3,688
1,436
6,226
2,909
Other income
728
363
956
485
Total revenues and other income
115,681
67,742
206,181
126,889
Costs and other deductions
Crude oil and product purchases
65,613
37,329
118,001
69,930
Production and manufacturing expenses
10,686
8,471
20,927
16,533
Selling, general and administrative
expenses
2,530
2,345
4,939
4,773
Depreciation and depletion (includes
impairments)
4,451
4,952
13,334
9,956
Exploration expenses, including dry
holes
286
176
459
340
Non-service pension and postretirement
benefit expense
120
162
228
540
Interest expense
194
254
382
512
Other taxes and duties
6,868
7,746
14,422
14,406
Total costs and other deductions
90,748
61,435
172,692
116,990
Income before income taxes
24,933
6,307
33,489
9,899
Income tax expense
6,359
1,526
9,165
2,322
Net income including noncontrolling
interests
18,574
4,781
24,324
7,577
Net income attributable to noncontrolling
interests
724
91
994
157
Net income attributable to
ExxonMobil
17,850
4,690
23,330
7,420
OTHER FINANCIAL DATA
Three Months Ended June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
Earnings per common share (U.S.
dollars)
4.21
1.10
5.49
1.74
Earnings per common share - assuming
dilution (U.S. dollars)
4.21
1.10
5.49
1.74
Dividends on common stock
Total
3,727
3,721
7,487
7,441
Per common share (U.S. dollars)
0.88
0.87
1.76
1.74
Millions of common shares outstanding
Average - assuming dilution
4,233
4,276
4,248
4,274
Income taxes
6,359
1,526
9,165
2,322
Total other taxes and duties
7,779
8,441
16,228
15,724
Total taxes
14,138
9,967
25,393
18,046
Sales-based taxes
6,857
5,448
12,957
10,110
Total taxes including sales-based
taxes
20,995
15,415
38,350
28,156
ExxonMobil share of income taxes of equity
companies
2,133
525
3,180
1,125
ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE
SHEET
(Preliminary)
Dollars in millions (unless otherwise
noted)
June 30, 2022
December 31, 2021
ASSETS
Current assets
Cash and cash equivalents
18,861
6,802
Notes and accounts receivable – net
48,063
32,383
Inventories
Crude oil, products and merchandise
19,580
14,519
Materials and supplies
4,005
4,261
Other current assets
2,654
1,189
Total current assets
93,163
59,154
Investments, advances and long-term
receivables
46,820
45,195
Property, plant and equipment – net
209,159
216,552
Other assets, including intangibles –
net
18,632
18,022
Total assets
367,774
338,923
LIABILITIES
Current liabilities
Notes and loans payable
7,367
4,276
Accounts payable and accrued
liabilities
67,958
50,766
Income taxes payable
4,785
1,601
Total current liabilities
80,110
56,643
Long-term debt
39,516
43,428
Postretirement benefits reserves
17,408
18,430
Deferred income tax liabilities
20,807
20,165
Long-term obligations to equity
companies
2,617
2,857
Other long-term obligations
22,808
21,717
Total liabilities
183,266
163,240
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019
million shares issued)
16,018
15,746
Earnings reinvested
407,902
392,059
Accumulated other comprehensive income
(15,017)
(13,764)
Common stock held in treasury
(3,851 million shares at June 30, 2022,
and 3,780 million shares at December 31, 2021)
(231,587)
(225,464)
ExxonMobil share of equity
177,316
168,577
Noncontrolling interests
7,192
7,106
Total equity
184,508
175,683
Total liabilities and equity
367,774
338,923
ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
(Preliminary)
Six Months Ended
June 30,
Dollars in millions (unless otherwise
noted)
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income including noncontrolling
interests
24,324
7,577
Depreciation and depletion (includes
impairments)
13,334
9,956
Changes in operational working capital,
excluding cash and debt
(1,661)
1,573
All other items – net
(1,246)
(192)
Net cash provided by operating
activities
34,751
18,914
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property, plant and
equipment
(7,748)
(5,147)
Proceeds from asset sales and returns of
investments
1,232
557
Additional investments and advances
(643)
(613)
Other investing activities including
collection of advances
150
132
Net cash used in investing
activities
(7,009)
(5,071)
CASH FLOWS FROM FINANCING
ACTIVITIES
Additions to short-term debt
—
9,662
Reductions in short-term debt
(2,336)
(18,000)
Additions in debt with three months or
less maturity
1,303
1,320
Contingent consideration payments
(58)
(28)
Cash dividends to ExxonMobil
shareholders
(7,487)
(7,441)
Cash dividends to noncontrolling
interests
(123)
(112)
Changes in noncontrolling interests
(697)
(207)
Common stock acquired
(5,986)
(1)
Net cash used in financing
activities
(15,384)
(14,807)
Effects of exchange rate changes on
cash
(299)
65
Increase/(decrease) in cash and cash
equivalents
12,059
(899)
Cash and cash equivalents at beginning of
period
6,802
4,364
Cash and cash equivalents at end of
period
18,861
3,465
ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS
2Q22
1Q22
2Q21
Dollars in Millions
YTD 2022
YTD 2021
17,850
5,480
4,690
Earnings (U.S. GAAP)
23,330
7,420
Identified Items
—
(2,975)
—
Impairments
(2,975)
—
299
—
—
Gain on sale of assets
299
—
—
—
(12)
Severance
—
(43)
—
(378)
—
Other (first quarter 2022 includes
Russia-related items)
(378)
—
299
(3,353)
(12)
Total Identified Items
(3,054)
(43)
17,551
8,833
4,702
Earnings (U.S. GAAP) Excluding
Identified Items
26,384
7,463
2Q22
1Q22
2Q21
Dollars Per Common Share
YTD 2022
YTD 2021
4.21
1.28
1.10
Earnings Per Common Share ¹
5.49
1.74
Identified Items Per Common Share
¹
—
(0.70)
—
Impairments
(0.70)
—
0.07
—
—
Gain on sale of assets
0.07
—
—
—
—
Severance
—
(0.01)
—
(0.09)
—
Other (first quarter 2022 includes
Russia-related items)
(0.09)
—
0.07
(0.79)
—
Total Identified Items Per Common Share
¹
(0.72)
(0.01)
4.14
2.07
1.10
Earnings (U.S. GAAP) Excluding
Identified Items Per Common Share ¹
6.21
1.75
¹ Assuming dilution
ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY
SEGMENT
Second Quarter 2022
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions
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)
3,749
7,622
2,655
2,617
625
450
232
185
(286)
17,850
Identified Items
Gain on sale of assets
299
—
—
—
—
—
—
—
—
299
Total Identified Items
299
—
—
—
—
—
—
—
—
299
Earnings/(Loss) Excluding Identified
Items
3,450
7,622
2,655
2,617
625
450
232
185
(286)
17,551
First Quarter 2022
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions
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)
2,376
2,112
489
(684)
770
636
246
230
(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
489
(684)
770
636
246
230
(596)
8,833
Second Quarter 2021
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions
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)
663
2,522
(278)
(578)
1,149
1,051
262
487
(588)
4,690
Identified Items
Severance
—
—
—
—
—
—
—
—
(12)
(12)
Total Identified Items
—
—
—
—
—
—
—
—
(12)
(12)
Earnings/(Loss) Excluding Identified
Items
663
2,522
(278)
(578)
1,149
1,051
262
487
(576)
4,702
YTD 2022
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions
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)
6,125
9,734
3,144
1,933
1,395
1,086
478
415
(980)
23,330
Identified Items
Impairments
—
(2,877)
—
—
—
—
—
—
(98)
(2,975)
Gain on sale of assets
299
—
—
—
—
—
—
—
—
299
Other
—
(378)
—
—
—
—
—
—
—
(378)
Total Identified Items
299
(3,255)
—
—
—
—
—
—
(98)
(3,054)
Earnings/(Loss) Excluding Identified
Items
5,826
12,989
3,144
1,933
1,395
1,086
478
415
(882)
26,384
YTD 2021
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions
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)
1,026
4,713
(510)
(1,267)
1,803
1,788
442
862
(1,437)
7,420
Identified Items
Severance
—
—
—
—
—
—
—
—
(43)
(43)
Total Identified Items
—
—
—
—
—
—
—
—
(43)
(43)
Earnings/(Loss) Excluding Identified
Items
1,026
4,713
(510)
(1,267)
1,803
1,788
442
862
(1,394)
7,463
ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
2Q22
1Q22
2Q21
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil, thousand barrels per day
(kbd)
YTD 2022
YTD 2021
777
753
687
United States
765
676
556
474
529
Canada / Other Americas
516
552
4
4
16
Europe
4
25
224
257
254
Africa
240
254
691
738
669
Asia
714
680
46
40
45
Australia / Oceania
43
42
2,298
2,266
2,200
Worldwide
2,282
2,229
2Q22
1Q22
2Q21
Natural gas production available for sale,
million cubic feet per day (mcfd)
YTD 2022
YTD 2021
2,699
2,777
2,804
United States
2,738
2,786
180
182
189
Canada / Other Americas
180
203
825
770
654
Europe
798
1,026
67
58
46
Africa
63
35
3,320
3,340
3,433
Asia
3,330
3,515
1,515
1,325
1,168
Australia / Oceania
1,421
1,166
8,606
8,452
8,294
Worldwide
8,530
8,731
3,732
3,675
3,582
Oil-equivalent production (koebd)¹
3,704
3,684
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
2Q22
1Q22
2Q21
Refinery throughput, thousand barrels per
day (kbd)
YTD 2022
YTD 2021
1,686
1,685
1,532
United States
1,686
1,532
413
399
332
Canada
406
348
1,164
1,193
1,223
Europe
1,179
1,188
532
537
607
Asia Pacific
534
576
193
169
164
Other
180
161
3,988
3,983
3,858
Worldwide
3,985
3,805
2Q22
1Q22
2Q21
Energy Products sales, thousand barrels
per day (kbd)
YTD 2022
YTD 2021
2,452
2,262
2,230
United States
2,358
2,153
2,858
2,849
2,776
Non-U.S.
2,853
2,766
5,310
5,111
5,006
Worldwide
5,211
4,920
2,208
2,114
2,117
Gasolines, naphthas
2,161
2,057
1,755
1,722
1,704
Heating oils, kerosene, diesel
1,739
1,698
350
289
201
Aviation fuels
319
192
228
249
275
Heavy fuels
238
266
769
737
709
Other energy products
753
707
5,310
5,111
5,006
Worldwide
5,211
4,920
2Q22
1Q22
2Q21
Chemical Products sales, thousand metric
tons (kt)
YTD 2022
YTD 2021
1,998
2,032
1,782
United States
4,030
3,403
2,812
2,986
2,949
Non-U.S.
5,798
6,093
4,811
5,018
4,731
Worldwide
9,829
9,496
2Q22
1Q22
2Q21
Specialty Products sales, thousand metric
tons (kt)
YTD 2022
YTD 2021
590
522
495
United States
1,111
1,005
1,511
1,484
1,447
Non-U.S.
2,995
2,932
2,100
2,006
1,942
Worldwide
4,107
3,936
ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION
EXPENDITURES
2Q22
1Q22
2Q21
Dollars in millions
YTD 2022
YTD 2021
Upstream
1,644
1,369
925
United States
3,013
1,735
1,983
2,510
1,892
Non-U.S.
4,493
3,439
3,627
3,879
2,817
Total
7,506
5,174
Energy Products
300
392
188
United States
692
457
206
174
241
Non-U.S.
380
421
506
566
429
Total
1,072
878
Chemical Products
250
231
310
United States
481
517
169
205
202
Non-U.S.
374
294
419
436
512
Total
855
811
Specialty Products
14
5
8
United States
19
11
42
18
36
Non-U.S.
60
61
56
23
44
Total
79
72
Other
1
—
1
Other
1
1
4,609
4,904
3,803
Worldwide
9,513
6,936
CASH CAPITAL EXPENDITURES
2Q22
1Q22
2Q21
Dollars in millions
YTD 2022
YTD 2021
3,837
3,911
2,747
Additions to property, plant and
equipment
7,748
5,147
166
327
219
Net investments and advances
493
481
4,003
4,238
2,966
Total Cash Capital Expenditures
8,241
5,628
ATTACHMENT VI
KEY FIGURES: YEAR-TO-DATE
EARNINGS/(LOSS)
Results Summary
2Q22
1Q22
Change
vs
1Q22
2Q21
Change
vs
2Q21
Dollars in millions (except per
share data)
YTD 2022
YTD 2021
Change
vs
YTD 2021
17,850
5,480
+12,370
4,690
+13,160
Earnings (U.S. GAAP)
23,330
7,420
+15,910
17,551
8,833
+8,718
4,702
+12,849
Earnings Excluding Identified Items
26,384
7,463
+18,921
4.21
1.28
+2.93
1.10
+3.11
Earnings Per Common Share ¹
5.49
1.74
+3.75
4.14
2.07
+2.07
1.10
+3.04
Earnings Excluding Identified Items Per
Common Share ¹
6.21
1.75
+4.46
4,609
4,904
-295
3,803
+806
Capital and Exploration Expenditures
9,513
6,936
+2,577
¹ Assuming dilution
ATTACHMENT VII
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
17,850
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
4.21
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/20220729005045/en/
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