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ExxonMobil Announces Second-Quarter 2023 Results

  • Structural earnings improvements contributed to strong second-quarter earnings of $7.9 billion
  • Achieved record quarterly production in the Permian and Guyana, demonstrating excellent operational performance
  • Highest second-quarter global refinery throughput in the last 15 years1
  • Expanded leadership in carbon capture and storage by agreeing to acquire Denbury and reaching 5 million metric tons per year of CO2 offtake contracts with industrial customers2

Exxon Mobil Corporation (NYSE:XOM):

Results Summary

 

 

 

 

 

 

 

 

 

 

2Q23

1Q23

Change

vs

1Q23

2Q22

Change

vs

2Q22

Dollars in millions (except per share data)

YTD 2023

YTD 2022

Change

vs YTD

2022

7,880

11,430

-3,550

17,850

-9,970

Earnings (U.S. GAAP)

19,310

23,330

-4,020

7,874

11,618

-3,744

17,551

-9,677

Earnings Excluding Identified Items (non-GAAP)

19,492

26,384

-6,892

 

 

 

 

 

 

 

 

 

1.94

2.79

-0.85

4.21

-2.27

Earnings Per Common Share 3

4.73

5.49

-0.76

1.94

2.83

-0.89

4.14

-2.20

Earnings Excl. Identified Items Per Common Share 3

4.77

6.21

-1.44

 

 

 

 

 

 

 

 

 

6,166

6,380

-214

4,609

+1,557

Capital and Exploration Expenditures

12,546

9,513

+3,033

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation today announced second-quarter 2023 earnings of $7.9 billion, or $1.94 per share assuming dilution. Capital and exploration expenditures were $6.2 billion in the second quarter and $12.5 billion for the first half of 2023, in line with the company's full-year guidance of $23 billion to $25 billion.

“The work we've been doing to improve our underlying profitability is reflected in our second-quarter results, which doubled from what we earned in a comparable industry commodity price environment4 just five years ago,” said Darren Woods, chairman and chief executive officer.

“Earnings totaled more than $19 billion during the first half of the year, and we are on track to structurally reduce costs by $9 billion at year end compared to 2019. Production is up 20% year-over-year in Guyana and the Permian, and we are playing a leading role in the industry's energy transition with an agreement to acquire Denbury and with three world-scale CO2 offtake agreements. This reflects the significant opportunity to profitably grow our Low Carbon Solutions business by creating a compelling customer decarbonization proposition with the potential to reduce Gulf Coast industrial emissions by 100 million metric tons per year5.”

1

Highest second-quarter global refinery throughput in the last 15 years (2009-2023) based on current refinery circuit.

2

Based on contracts to move 5 MTA starting in 2025 subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.

3

Assuming dilution.

4

Based on ExxonMobil's assessment of historical industry commodity prices and margins referencing Intercontinental Exchange (ICE), S&P Global Platts, IHS Markit as well as company estimates and analysis, the second-quarter 2023 industry commodity price environment is comparable to the second-quarter of 2018. General industry commodity price environment comparisons may not be a complete match for individual segments.

5

Subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.

Second-Quarter 2023 Financial Highlights

  • Earnings were $7.9 billion compared with first-quarter earnings of $11.4 billion. Excluding the identified item associated with additional European taxes on the energy sector, earnings were $7.9 billion compared with $11.6 billion in the prior quarter.
  • Lower natural gas realizations and industry refining margins adversely impacted earnings. Results benefited from the absence of prior quarter unfavorable derivative mark-to-market impacts.
  • The company remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $8.3 billion to date.
  • Cash flow from operations totaled $9.4 billion and free cash flow was $5.0 billion, which includes a net working capital impact of $3.6 billion primarily driven by higher seasonal cash tax payments. Cash flow from operations excluding working capital was $13.0 billion. The company's debt-to-capital ratio remained at 17% and net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $29.6 billion.
  • The three new central organizations formed this past quarter, Global Business Solutions, ExxonMobil Supply Chain, and Global Trading, are off to a good start, further leveraging the company's scale and integrated business model to lower cost and improve performance.

Shareholder Distributions

  • Second-quarter shareholder distributions of $8.0 billion included $4.3 billion of share repurchases and $3.7 billion of dividends.
  • The Corporation declared a third-quarter dividend of $0.91 per share, payable on Sept. 11, 2023, to shareholders of record of Common Stock at the close of business on Aug. 16, 2023.

ADVANCING CLIMATE SOLUTIONS

Carbon Capture and Storage1

  • Already a global leader in carbon capture and storage (CCS), ExxonMobil expanded its position further by entering into a definitive agreement to acquire Denbury Inc. The planned acquisition provides ExxonMobil with one of the largest owned and operated carbon dioxide (CO2) pipeline networks in the United States at 1,300 miles, most of which is located along the U.S. Gulf Coast, one of the largest U.S. markets for CO2 emissions. The planned acquisition includes 10 strategically located onshore sequestration sites as well as Denbury's 20-plus years of expertise in transporting and storing CO2. An established, cost-efficient transportation and storage system accelerates CCS deployment for ExxonMobil and third-party customers and underpins multiple low-carbon value chains including CCS, hydrogen, ammonia, biofuels, and direct air capture.
  • ExxonMobil and Nucor Corporation, one of North America’s largest steel producers, have entered into a long-term commercial agreement in which ExxonMobil, subject to government permitting, will capture, transport, and store up to 800,000 metric tons of CO2 per year from Nucor’s steel manufacturing site in Convent, Louisiana. The project, expected to start up in 2026, will tie into the same CO2 infrastructure that will be used by the company’s project with CF Industries.



    The agreement with Nucor is the third CCS agreement announced in the past twelve months and brings the total contracted CO2 to transport and store for third-party customers to 5 million metric tons per year. That is equivalent to replacing approximately 2 million gasoline-powered cars with electric vehicles2, which is roughly equal to the number of electric vehicles on U.S. roads today.

1

The emission reduction outcome of these projects is subject to the timing and regulatory approval of necessary permits, acquisition of rights of way, changes in regulatory policy, supply chain disruptions, and other market conditions.

2

ExxonMobil analysis based on assumptions for U.S. in 2022, including average distance traveled, fuel efficiency, average power grid carbon intensity, electric vehicle charging efficiency and other factors. Gas-powered cars include light-duty vehicles (cars, light trucks and SUVs).

 

.

 

 

 

EARNINGS AND VOLUME SUMMARY BY SEGMENT

Upstream

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

920

1,632

3,749

United States

2,552

6,125

3,657

4,825

7,622

Non-U.S.

8,482

9,734

4,577

6,457

11,371

Worldwide

11,034

15,859

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

920

1,632

3,450

United States

2,552

5,826

3,669

4,983

7,622

Non-U.S.

8,652

12,989

4,589

6,615

11,072

Worldwide

11,204

18,815

3,608

3,831

3,732

Production (koebd)

3,719

3,704

  • Upstream second-quarter earnings were $4.6 billion, a decrease of $1.9 billion from the first quarter. The main factors were lower natural gas prices, which declined 40%, and seasonally higher scheduled maintenance. Identified items unfavorably impacted earnings by $12 million this quarter, down from $158 million in the previous quarter. Earnings excluding identified items decreased from $6.6 billion in the first quarter to $4.6 billion in the second quarter.
  • Compared to the same quarter last year, earnings decreased $6.8 billion. Excluding identified items, earnings declined $6.5 billion, driven by lower crude and natural gas realizations. Production in Guyana and the Permian grew by a combined 20% compared to the prior-year quarter. The increase was offset by impacts from divestments, the Sakhalin-1 expropriation, and government-mandated curtailments.
  • Year-to-date earnings were $11.0 billion, a decrease of $4.8 billion versus the first half of 2022. The prior-year period was negatively impacted by an identified item associated with the Sakhalin-1 expropriation. Excluding identified items, earnings declined $7.6 billion year-over-year. Higher production from advantaged projects in Guyana and the Permian provided a partial offset to lower crude and natural gas realizations. Year-to-date production was 3.7 million oil-equivalent barrels per day. Excluding divestments, entitlements, government mandates, and the Sakhalin-1 expropriation, net production grew by more than 160,000 oil-equivalent barrels per day driven by Guyana and the Permian.

Energy Products

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

1,528

1,910

2,655

United States

3,438

3,144

782

2,273

2,617

Non-U.S.

3,055

1,933

2,310

4,183

5,273

Worldwide

6,493

5,077

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

1,528

1,910

2,655

United States

3,438

3,144

764

2,303

2,617

Non-U.S.

3,067

1,933

2,292

4,213

5,273

Worldwide

6,505

5,077

5,658

5,277

5,310

Energy Products Sales (kbd)

5,469

5,211

  • Energy Products second-quarter earnings totaled $2.3 billion, down $1.9 billion from the first quarter. Industry margins declined sequentially from a strong first quarter on weaker diesel margins as Russian supply concerns eased. Lower margins were partially offset by higher volumes from the first full quarter of the Beaumont refinery expansion, lower scheduled maintenance, and continued strong reliability.
  • Compared to the same quarter last year, earnings decreased $3.0 billion from lower industry refining margins, partly offset by increased marketing and trading contributions.
  • Year-to-date earnings were $6.5 billion, an increase of $1.4 billion versus the first half of 2022. Margins improved as higher marketing and trading contributions more than offset declining industry refining margins. In addition, the impact from higher volumes, mainly from the start-up of the Beaumont refinery expansion and improved reliability, was partly offset by higher planned maintenance expense.

Chemical Products

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

486

324

625

United States

810

1,395

342

47

450

Non-U.S.

389

1,086

828

371

1,076

Worldwide

1,199

2,481

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

486

324

625

United States

810

1,395

342

47

450

Non-U.S.

389

1,086

828

371

1,076

Worldwide

1,199

2,481

4,849

4,649

4,811

Chemical Products Sales (kt)

9,498

9,829

  • Chemical Products second-quarter earnings were $828 million, up from $371 million in the first quarter, mainly on improved margins from lower feed costs. Earnings also benefited from lower planned maintenance expense and increased sales volumes.
  • Compared to the same quarter last year, earnings decreased $248 million on weaker industry margins and unfavorable volume/mix effects.
  • Year-to-date earnings were $1.2 billion, a decrease of $1.3 billion versus the first half of 2022, driven by weaker industry margins, lower sales volumes reflecting softer market fundamentals in the first quarter, and higher planned maintenance.
  • The Baytown chemical expansion project, which will add 750 kta of performance chemicals production, achieved mechanical completion in the second quarter, with a phased start-up expected in the third quarter this year.

Specialty Products

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

 

373

451

232

United States

824

478

298

323

185

Non-U.S.

621

415

671

774

417

Worldwide

1,445

893

 

 

 

Earnings/(Loss) Excluding Identified Items (non-GAAP)

 

 

373

451

232

United States

824

478

298

323

185

Non-U.S.

621

415

671

774

417

Worldwide

1,445

893

1,905

1,940

2,100

Specialty Products Sales (kt)

3,845

4,107

  • Specialty Products earnings were $671 million, down $103 million from the first quarter. Lower basestock margins and higher scheduled maintenance expense were partly offset by favorable tax items.
  • Compared to the same quarter last year, earnings increased by $254 million. Stronger finished lubes and basestock margins were partially offset by lower sales volumes.
  • Year-to-date earnings were $1.4 billion, an increase of $552 million versus the first half of 2022. Both basestock and finished lubes margins improved from lower feed costs, partially offset by lower sales volumes.
  • During the second quarter, ExxonMobil announced it is planning to build a lubricants manufacturing plant in Raigad, India. The new plant is expected to produce 159,000 kiloliters of finished lubricants per year to help meet demand growth in India, with start-up expected by year-end 2025.

Corporate and Financing

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

(506)

(355)

(286)

Earnings/(Loss) (U.S. GAAP)

(861)

(980)

(506)

(355)

(286)

Earnings/(Loss) Excluding Identified Items (non-GAAP)

(861)

(882)

  • Corporate and Financing reported net charges of $506 million. This was an increase of $151 million versus the first quarter driven by unfavorable foreign exchange impacts and tax items.
  • Compared to the same quarter last year, net charges increased $220 million. Unfavorable tax items and foreign exchange impacts were partly offset by lower financing costs.
  • Year-to-date charges were $861 million, a decrease of $119 million compared to the first half of 2022. Excluding the identified item associated with the Sakhalin-1 expropriation, net charges decreased $21 million.

 

.

 

 

 

CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

8,153

11,843

18,574

Net income/(loss) including noncontrolling interests

19,996

24,324

4,242

4,244

4,451

Depreciation and depletion (includes impairments)

8,486

13,334

(3,583)

(302)

(2,747)

Changes in operational working capital, excluding cash and debt

(3,885)

(1,661)

571

556

(315)

Other

1,127

(1,246)

9,383

16,341

19,963

Cash Flow from Operating Activities (U.S. GAAP)

25,724

34,751

 

 

 

 

 

 

1,287

854

939

Proceeds from asset sales and returns of investments

2,141

1,232

10,670

17,195

20,902

Cash Flow from Operations and Asset Sales (non-GAAP)

27,865

35,983

 

 

 

 

 

 

3,583

302

2,747

Exclude changes in operational working capital, excluding cash and debt

3,885

1,661

14,253

17,497

23,649

Cash Flow from Operations and Asset Sales excluding Working Capital

(non-GAAP)

31,750

37,644

 

 

 

 

 

 

(1,287)

(854)

(939)

Exclude proceeds from asset sales and returns of investments

(2,141)

(1,232)

12,966

16,643

22,710

Cash Flow from Operations excluding Working Capital (non-GAAP)

29,609

36,412

FREE CASH FLOW

 

 

 

 

 

 

 

 

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

9,383

16,341

19,963

Cash Flow from Operating Activities (U.S. GAAP)

25,724

34,751

(5,359)

(5,412)

(3,837)

Additions to property, plant and equipment

(10,771)

(7,748)

(389)

(445)

(226)

Additional investments and advances

(834)

(643)

105

78

60

Other investing activities including collection of advances

183

150

1,287

854

939

Proceeds from asset sales and returns of investments

2,141

1,232

5,027

11,416

16,899

Free Cash Flow (non-GAAP)

16,443

27,742

CALCULATION OF STRUCTURAL COST SAVINGS

 

 

 

 

 

Dollars in billions (unless otherwise noted)

Twelve Months

Ended December 31,

 

Six Months

Ended June 30,

 

 

2019

2022

 

2022

2023

 

Components of Operating Costs

 

 

 

 

 

 

From ExxonMobil’s Consolidated Statement of Income

(U.S. GAAP)

 

 

 

 

 

 

Production and manufacturing expenses

36.8

42.6

 

20.9

18.3

 

Selling, general and administrative expenses

11.4

10.1

 

4.9

4.8

 

Depreciation and depletion (includes impairments)

19.0

24.0

 

13.3

8.5

 

Exploration expenses, including dry holes

1.3

1.0

 

0.5

0.3

 

Non-service pension and postretirement benefit expense

1.2

0.5

 

0.2

0.3

 

Subtotal

69.7

78.2

 

39.9

32.2

 

ExxonMobil’s share of equity company expenses (non-GAAP)

9.1

13.0

 

5.8

5.0

 

Total Adjusted Operating Costs (non-GAAP)

78.8

91.2

 

45.7

37.2

 

 

 

 

 

 

 

 

Total Adjusted Operating Costs (non-GAAP)

78.8

91.2

 

45.7

37.2

 

Less:

 

 

 

 

 

 

Depreciation and depletion (includes impairments)

19.0

24.0

 

13.3

8.5

 

Non-service pension and postretirement benefit expense

1.2

0.5

 

0.2

0.3

 

Other adjustments (includes equity company depreciation

and depletion)

3.6

3.5

 

1.8

1.5

 

Total Cash Operating Expenses (Cash Opex) (non-GAAP)

55.0

63.2

 

30.4

26.9

 

 

 

 

 

 

 

 

Energy and production taxes (non-GAAP)

11.0

23.8

 

11.0

7.5

 

Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)

44.0

39.4

 

19.4

19.4

 

 

 

 

 

 

 

 

 

 

Change

vs

2019

 

 

Change

vs

2022

Estimated Cumulative vs

2019

Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)

 

-4.6

 

 

0.0

 

 

 

 

 

 

 

 

Market

 

+2.7

 

 

+0.4

 

Activity/Other

 

+0.1

 

 

+0.5

 

Structural Savings

 

-7.4

 

 

-0.9

-8.3

This press release also references structural cost savings. Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, and other cost-saving measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled $8.3 billion, which included an additional $0.9 billion in the first six months of 2023. The total change between periods in expenses above will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. For example, in 2Q23 we recognized an additional $0.5 billion of prior period reductions that we now view as structurally sustainable. Structural cost savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on July 28, 2023. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Important Information about the Transaction and Where to Find It

In connection with the proposed transaction between Exxon Mobil Corporation (“ExxonMobil”) and Denbury Inc. (“Denbury”), ExxonMobil and Denbury will file relevant materials with the Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 filed by ExxonMobil that will include a proxy statement of Denbury that also constitutes a prospectus of ExxonMobil. A definitive proxy statement/prospectus will be mailed to stockholders of Denbury. This communication is not a substitute for the registration statement, proxy statement or prospectus or any other document that ExxonMobil or Denbury (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EXXONMOBIL AND DENBURY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus (when they become available), as well as other filings containing important information about ExxonMobil or Denbury, without charge at the SEC’s Internet website (http://www.sec.gov). Copies of the documents filed with the SEC by ExxonMobil will be available free of charge on ExxonMobil’s internet website at www.exxonmobil.com under the tab “investors” and then under the tab “SEC Filings” or by contacting ExxonMobil’s Investor Relations Department at investor.relations@exxonmobil.com. Copies of the documents filed with the SEC by Denbury will be available free of charge on Denbury’s internet website at https://investors.denbury.com/investors/financial-information/sec-filings/ or by directing a request to Denbury Inc., ATTN: Investor Relations, 5851 Legacy Circle, Suite 1200, Plano, TX 75024, Tel. No. (972) 673-2000. The information included on, or accessible through, ExxonMobil’s or Denbury’s website is not incorporated by reference into this communication.

Participants in the Solicitation

ExxonMobil, Denbury, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Denbury is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 18, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 23, 2023. Information about the directors and executive officers of ExxonMobil is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 13, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 22, 2023. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC when they become available.

No Offer or Solicitation

This communication is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Cautionary Statement

Statements related to 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, transportation and storage, as well as biofuel, hydrogen and other plans to reduce emissions are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; structural earnings improvement and structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, plans to reach net zero Scope 1 and 2 emissions in Upstream Permian Basin unconventional operated assets by 2030, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions from its operations, meeting ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology efforts; timing and outcome of projects related to the capture, transportation and storage of CO2, and produced biofuels, including completion of the Denbury acquisition; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; 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; 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 factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector; 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 or other public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government policies and support and market demand for low carbon technologies; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2022 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 (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.

This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.

This press release also includes earnings/(loss) excluding identified items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding identified items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding identified items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for 2023 and 2022 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.

This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.

References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.

The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.

Government mandates are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.

This press release also references structural cost savings, for more details see page 8.

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)

 

 

 

Dollars in millions (unless otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Revenues and other income

 

 

 

 

Sales and other operating revenue

80,795

111,265

164,439

198,999

Income from equity affiliates

1,382

3,688

3,763

6,226

Other income

737

728

1,276

956

Total revenues and other income

82,914

115,681

169,478

206,181

Costs and other deductions

 

 

 

 

Crude oil and product purchases

47,598

65,613

93,601

118,001

Production and manufacturing expenses

8,860

10,686

18,296

20,927

Selling, general and administrative expenses

2,449

2,530

4,839

4,939

Depreciation and depletion (includes impairments)

4,242

4,451

8,486

13,334

Exploration expenses, including dry holes

133

286

274

459

Non-service pension and postretirement benefit expense

164

120

331

228

Interest expense

249

194

408

382

Other taxes and duties

7,563

6,868

14,784

14,422

Total costs and other deductions

71,258

90,748

141,019

172,692

Income/(Loss) before income taxes

11,656

24,933

28,459

33,489

Income tax expense/(benefit)

3,503

6,359

8,463

9,165

Net income/(loss) including noncontrolling interests

8,153

18,574

19,996

24,324

Net income/(loss) attributable to noncontrolling interests

273

724

686

994

Net income/(loss) attributable to ExxonMobil

7,880

17,850

19,310

23,330

 

 

 

 

 

OTHER FINANCIAL DATA

 

 

 

 

Dollars in millions (unless otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Earnings per common share (U.S. dollars)

1.94

4.21

4.73

5.49

Earnings per common share - assuming dilution (U.S. dollars)

1.94

4.21

4.73

5.49

 

 

 

 

 

Dividends on common stock

 

 

 

 

Total

3,701

3,727

7,439

7,487

Per common share (U.S. dollars)

0.91

0.88

1.82

1.76

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

Average - assuming dilution

4,066

4,233

4,084

4,248

 

 

 

 

 

Taxes

 

 

 

 

Income taxes

3,503

6,359

8,463

9,165

Total other taxes and duties

8,328

7,779

16,423

16,228

Total taxes

11,831

14,138

24,886

25,393

Sales-based taxes

6,281

6,857

12,313

12,957

Total taxes including sales-based taxes

18,112

20,995

37,199

38,350

 

 

 

 

 

ExxonMobil share of income taxes of equity companies

498

2,133

1,733

3,180

 

.

 

 

ATTACHMENT I-b

CONDENSED CONSOLIDATED BALANCE SHEET

(Preliminary)

 

 

 

Dollars in millions (unless otherwise noted)

June

30, 2023

December

31, 2022

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

29,528

29,640

Cash and cash equivalents – restricted

29

25

Notes and accounts receivable – net

35,915

41,749

Inventories

 

 

Crude oil, products and merchandise

20,006

20,434

Materials and supplies

4,243

4,001

Other current assets

2,039

1,782

Total current assets

91,760

97,631

Investments, advances and long-term receivables

47,273

49,793

Property, plant and equipment – net

206,736

204,692

Other assets, including intangibles – net

17,479

16,951

Total Assets

363,248

369,067

 

 

 

LIABILITIES

 

 

Current liabilities

 

 

Notes and loans payable

3,929

634

Accounts payable and accrued liabilities

54,404

63,197

Income taxes payable

3,482

5,214

Total current liabilities

61,815

69,045

Long-term debt

37,567

40,559

Postretirement benefits reserves

10,278

10,045

Deferred income tax liabilities

23,460

22,874

Long-term obligations to equity companies

2,036

2,338

Other long-term obligations

21,095

21,733

Total Liabilities

156,251

166,594

 

 

 

EQUITY

 

 

Common stock without par value

 

 

(9,000 million shares authorized, 8,019 million shares issued)

16,029

15,752

Earnings reinvested

444,731

432,860

Accumulated other comprehensive income

(12,657)

(13,270)

Common stock held in treasury

 

 

(4,016 million shares at June 30, 2023, and 3,937 million shares at December 31, 2022)

(249,057)

(240,293)

ExxonMobil share of equity

199,046

195,049

Noncontrolling interests

7,951

7,424

Total Equity

206,997

202,473

Total Liabilities and Equity

363,248

369,067

 

.

 

 

ATTACHMENT I-c

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Preliminary)

 

 

 

Dollars in millions (unless otherwise noted)

Six Months Ended

June 30,

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

Net income/(loss) including noncontrolling interests

19,996

24,324

Depreciation and depletion (includes impairments)

8,486

13,334

Changes in operational working capital, excluding cash and debt

(3,885)

(1,661)

All other items – net

1,127

(1,246)

Net cash provided by operating activities

25,724

34,751

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

Additions to property, plant and equipment

(10,771)

(7,748)

Proceeds from asset sales and returns of investments

2,141

1,232

Additional investments and advances

(834)

(643)

Other investing activities including collection of advances

183

150

Net cash used in investing activities

(9,281)

(7,009)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

Additions to long-term debt

136

Reductions in long-term debt

(6)

Reductions in short-term debt

(172)

(2,336)

Additions/(Reductions) in debt with three months or less maturity

(172)

1,303

Contingent consideration payments

(68)

(58)

Cash dividends to ExxonMobil shareholders

(7,439)

(7,487)

Cash dividends to noncontrolling interests

(293)

(123)

Changes in noncontrolling interests

11

(697)

Common stock acquired

(8,680)

(5,986)

Net cash provided by (used in) financing activities

(16,683)

(15,384)

Effects of exchange rate changes on cash

132

(299)

Increase/(Decrease) in cash and cash equivalents

(108)

12,059

Cash and cash equivalents at beginning of period

29,665

6,802

Cash and cash equivalents at end of period

29,557

18,861

 

 

 

 

.

 

 

ATTACHMENT II-a

KEY FIGURES: IDENTIFIED ITEMS

2Q23

1Q23

2Q22

Dollars in Millions (unless otherwise noted)

YTD 2023

YTD 2022

7,880

11,430

17,850

Earnings/(Loss) (U.S. GAAP)

19,310

23,330

 

 

 

 

 

 

 

 

 

Identified Items

 

 

Impairments

(2,975)

299

Gain/(Loss) on sale of assets

299

6

(188)

Tax-related items

(182)

Other

(378)

6

(188)

299

Total Identified Items

(182)

(3,054)

 

 

 

 

 

 

7,874

11,618

17,551

Earnings/(Loss) Excluding Identified Items (non-GAAP)

19,492

26,384

 

 

 

 

 

 

 

 

 

 

 

 

2Q23

1Q23

2Q22

Dollars Per Common Share

YTD 2023

YTD 2022

1.94

2.79

4.21

Earnings/(Loss) Per Common Share ¹ (U.S. GAAP)

4.73

5.49

 

 

 

 

 

 

 

 

 

Identified Items Per Common Share ¹

 

 

Impairments

(0.70)

0.07

Gain/(Loss) on sale of assets

0.07

0.00

(0.04)

Tax-related items

(0.04)

Other

(0.09)

0.00

(0.04)

0.07

Total Identified Items Per Common Share ¹

(0.04)

(0.72)

 

 

 

 

 

 

1.94

2.83

4.14

Earnings/(Loss) Excl. Identified Items Per Common Share ¹ (non-GAAP)

4.77

6.21

¹ Assuming dilution.

 

.

 

 

ATTACHMENT II-b

KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT

Second Quarter 2023

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate

&

Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

920

3,657

1,528

782

486

342

373

298

(506)

7,880

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Tax-related items

(12)

18

6

Total Identified Items

(12)

18

6

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

920

3,669

1,528

764

486

342

373

298

(506)

7,874

First Quarter 2023

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate

&

Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

1,632

4,825

1,910

2,273

324

47

451

323

(355)

11,430

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Tax-related items

(158)

(30)

(188)

Total Identified Items

(158)

(30)

(188)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

1,632

4,983

1,910

2,303

324

47

451

323

(355)

11,618

Second Quarter 2022

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate

&

Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

3,749

7,622

2,655

2,617

625

450

232

185

(286)

17,850

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Gain/(Loss) on sale of assets

299

299

Total Identified Items

299

299

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

3,450

7,622

2,655

2,617

625

450

232

185

(286)

17,551

YTD 2023

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate

&

Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

2,552

8,482

3,438

3,055

810

389

824

621

(861)

19,310

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

Tax-related items

(170)

(12)

(182)

Total Identified Items

(170)

(12)

(182)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

2,552

8,652

3,438

3,067

810

389

824

621

(861)

19,492

YTD 2022

Upstream

Energy Products

Chemical Products

Specialty Products

Corporate

&

Financing

Total

Dollars in millions (unless otherwise noted)

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

U.S.

Non-U.S.

Earnings/(Loss) (U.S. GAAP)

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/(Loss) on sale of assets

299

299

Other

(378)

(378)

Total Identified Items

299

(3,255)

(98)

(3,054)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excl. Identified Items (non-GAAP)

5,826

12,989

3,144

1,933

1,395

1,086

478

415

(882)

26,384

 

 

 

ATTACHMENT III

KEY FIGURES: UPSTREAM VOLUMES

2Q23

1Q23

2Q22

Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)

YTD 2023

YTD 2022

785

820

777

United States

802

765

618

670

556

Canada/Other Americas

645

516

4

4

4

Europe

4

4

206

220

224

Africa

213

240

702

749

691

Asia

725

714

38

32

46

Australia/Oceania

35

43

2,353

2,495

2,298

Worldwide

2,424

2,282

 

 

 

 

 

 

2Q23

1Q23

2Q22

Net natural gas production available for sale, million cubic feet per day (mcfd)

YTD 2023

YTD 2022

2,346

2,367

2,699

United States

2,357

2,738

97

94

180

Canada/Other Americas

94

180

375

548

825

Europe

461

798

86

134

67

Africa

110

63

3,350

3,597

3,320

Asia

3,473

3,330

1,275

1,276

1,515

Australia/Oceania

1,276

1,421

7,529

8,016

8,606

Worldwide

7,771

8,530

 

 

 

 

 

 

3,608

3,831

3,732

Oil-equivalent production (koebd)¹

3,719

3,704

 

 

 

 

 

 

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

2Q23

1Q23

2Q22

Refinery throughput, thousand barrels per day (kbd)

YTD 2023

YTD 2022

1,944

1,643

1,686

United States

1,794

1,686

388

417

413

Canada

403

406

1,209

1,189

1,164

Europe

1,199

1,179

463

565

532

Asia Pacific

514

534

169

184

193

Other

176

180

4,173

3,998

3,988

Worldwide

4,086

3,985

 

 

 

 

 

 

2Q23

1Q23

2Q22

Energy Products sales, thousand barrels per day (kbd)

YTD 2023

YTD 2022

2,743

2,459

2,452

United States

2,601

2,358

2,916

2,818

2,858

Non-U.S.

2,867

2,853

5,658

5,277

5,310

Worldwide

5,469

5,211

 

 

 

 

 

 

2,401

2,177

2,208

Gasolines, naphthas

2,290

2,161

1,842

1,770

1,755

Heating oils, kerosene, diesel

1,806

1,739

344

312

350

Aviation fuels

328

319

228

215

228

Heavy fuels

221

238

844

803

769

Other energy products

823

753

5,658

5,277

5,310

Worldwide

5,469

5,211

 

 

 

 

 

 

2Q23

1Q23

2Q22

Chemical Products sales, thousand metric tons (kt)

YTD 2023

YTD 2022

1,725

1,561

1,998

United States

3,286

4,030

3,124

3,088

2,812

Non-U.S.

6,212

5,798

4,849

4,649

4,811

Worldwide

9,498

9,829

 

 

 

 

 

 

2Q23

1Q23

2Q22

Specialty Products sales, thousand metric tons (kt)

YTD 2023

YTD 2022

514

476

590

United States

991

1,111

1,391

1,464

1,511

Non-U.S.

2,855

2,995

1,905

1,940

2,100

Worldwide

3,845

4,107

 

.

 

 

ATTACHMENT V

KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

 

 

 

Upstream

 

 

2,206

2,108

1,644

United States

4,314

3,013

2,403

2,473

1,983

Non-U.S.

4,876

4,493

4,609

4,581

3,627

Total

9,190

7,506

 

 

 

 

 

 

 

 

 

Energy Products

 

 

349

358

300

United States

707

692

382

327

206

Non-U.S.

709

380

731

685

506

Total

1,416

1,072

 

 

 

 

 

 

 

 

 

Chemical Products

 

 

152

285

250

United States

437

481

507

546

169

Non-U.S.

1,053

374

659

831

419

Total

1,490

855

 

 

 

 

 

 

 

 

 

Specialty Products

 

 

14

11

14

United States

25

19

89

80

42

Non-U.S.

169

60

103

91

56

Total

194

79

 

 

 

 

 

 

 

 

 

Other

 

 

64

192

1

Other

256

1

 

 

 

 

 

 

6,166

6,380

4,609

Worldwide

12,546

9,513

 

 

 

 

 

 

CASH CAPITAL EXPENDITURES

 

 

 

 

 

 

2Q23

1Q23

2Q22

Dollars in millions (unless otherwise noted)

YTD 2023

YTD 2022

5,359

5,412

3,837

Additions to property, plant and equipment

10,771

7,748

284

367

166

Net investments and advances

651

493

5,643

5,779

4,003

Total Cash Capital Expenditures

11,422

8,241

 

 

 

 

 

 

 

.

 

 

ATTACHMENT VI

KEY FIGURES: YEAR-TO-DATE EARNINGS/(LOSS)

Results Summary

 

 

 

 

 

 

 

 

 

 

2Q23

1Q23

Change

vs

1Q23

2Q22

Change

vs

2Q22

Dollars in millions (except per share data)

YTD 2023

YTD 2022

Change

vs YTD

2022

7,880

11,430

-3,550

17,850

-9,970

Earnings (U.S. GAAP)

19,310

23,330

-4,020

7,874

11,618

-3,744

17,551

-9,677

Earnings Excluding Identified Items (non-GAAP)

19,492

26,384

-6,892

 

 

 

 

 

 

 

 

 

1.94

2.79

-0.85

4.21

-2.27

Earnings Per Common Share ¹

4.73

5.49

-0.76

1.94

2.83

-0.89

4.14

-2.20

Earnings Excl. Identified Items Per Common Share ¹

4.77

6.21

-1.44

 

 

 

 

 

 

 

 

 

6,166

6,380

-214

4,609

+1,557

Capital and Exploration Expenditures

12,546

9,513

+3,033

 

 

 

 

 

 

 

 

 

¹ Assuming dilution.

 

 

.

 

 

ATTACHMENT VII

KEY FIGURES: EARNINGS/(LOSS) BY QUARTER

Dollars in millions (unless otherwise noted)

2023

2022

2021

2020

2019

First Quarter

11,430

5,480

2,730

(610)

2,350

Second Quarter

7,880

17,850

4,690

(1,080)

3,130

Third Quarter

19,660

6,750

(680)

3,170

Fourth Quarter

12,750

8,870

(20,070)

5,690

Full Year

55,740

23,040

(22,440)

14,340

 

 

 

 

 

 

Dollars per common share ¹

2023

2022

2021

2020

2019

First Quarter

2.79

1.28

0.64

(0.14)

0.55

Second Quarter

1.94

4.21

1.10

(0.26)

0.73

Third Quarter

4.68

1.57

(0.15)

0.75

Fourth Quarter

3.09

2.08

(4.70)

1.33

Full Year

13.26

5.39

(5.25)

3.36

 

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period; assuming dilution.

 

 

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