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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 2, 2024
 
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
 
New Jersey1-225613-5409005
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)

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

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
  Name of Each Exchange
Title of Each ClassTrading Symbolon Which Registered
Common Stock, without par valueXOMNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition
Item 7.01Regulation FD Disclosure
 The following information is furnished pursuant to both Item 2.02 and Item 7.01.
 
 
The Registrant hereby furnishes the information set forth in its News Release, dated August 2, 2024, announcing second quarter 2024 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 2Q24 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing.




2

INDEX TO EXHIBITS
 
 
 
Exhibit No.Description
  
Exxon Mobil Corporation News Release, dated August 2, 2024, announcing second quarter 2024 results.
  
2Q24 Investor Relations Data Summary.
  
104Cover Page Interactive Data File (formatted as Inline XBRL).
  
3

SIGNATURE
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 EXXON MOBIL CORPORATION
   
   
Date: August 2, 2024
By:/s/ LEN M. FOX
  Len M. Fox
  Vice President, Controller and Tax
  (Principal Accounting Officer)
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EXHIBIT 99.1
2Q 2024 Earnings Release
FOR IMMEDIATE RELEASE
August 2, 2024

ExxonMobil Announces Second-Quarter 2024 Results
•Delivered industry-leading second-quarter earnings of $9.2 billion1, showcasing the differentiated strengths of ExxonMobil's portfolio and its improved earnings power
•The Pioneer merger, which closed five months faster than similar transactions and fundamentally transforms the Upstream portfolio, contributed $0.5 billion to earnings in the first two months post-closing2 with record production, and integration and synergy benefits are exceeding expectations
•Also achieved record production in Guyana and heritage Permian; Upstream total net production grew 15%, or 574,000 oil-equivalent barrels per day, from the first quarter
•Expanded the company's value proposition by progressing new businesses including furthering carbon capture and storage (CCS) leadership with a new agreement that increased total contracted CO2 offtake with industrial customers to 5.5 million metric tons per year3, more committed volume than any other company has announced

Results Summary
2Q241Q24
Change
vs
1Q24
Dollars in millions (except per share data)
YTD 2024
YTD 2023
Change
vs YTD
 2023
9,240 8,220 +1,020 Earnings (U.S. GAAP)17,460 19,310 -1,850 
9,240 8,220 +1,020 Earnings Excluding Identified Items (non-GAAP)17,460 19,492 -2,032 
2.14 2.06 +0.08 
Earnings Per Common Share 4
4.20 4.73 -0.53 
2.14 2.06 +0.08 
Earnings Excl. Identified Items Per Common Share (non-GAAP) 4
4.20 4.77 -0.57 
7,039 5,839 +1,200 Capital and Exploration Expenditures12,878 12,546 +332 
SPRING, Texas – August 2, 2024 – Exxon Mobil Corporation today announced second-quarter 2024 earnings of $9.2 billion, or $2.14 per share assuming dilution. Cash flow from operating activities was $10.6 billion and cash flow from operations excluding working capital movements was $15.2 billion. Shareholder distributions of $9.5 billion included $4.3 billion of dividends and $5.2 billion of share repurchases, consistent with the company's announced plans.

“We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company,” said Darren Woods, chairman and chief executive officer.

“We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger. We also achieved a record in high-value product sales, growing by 10% versus the first half of last year. We closed on our transformative merger with Pioneer in about half the time of similar deals. And we’re continuing to build businesses such as ProxximaTM, carbon materials and virtually carbon-free hydrogen, with approximately 98% of CO2 removed, that will create value long into the future.”






1    Second-quarter earnings for the industry peer group are actuals for companies that reported results on or before August 1, 2024, or estimated using Bloomberg consensus as of August 1st. Industry peer group includes BP, Chevron, Shell and TotalEnergies.
2    Pioneer operations contributed $0.5 billion to consolidated earnings post-close (May-June), which excludes $0.2 billion of one-time items related to the acquisition.
3    Based on contracts to move up to 5.5 MTA starting in 2025 subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.
4    Assuming dilution.

1

Year-to-date Earnings Factor Analysis1
chart-97549bfd007343709afa.jpg
YE23 to 2Q24 Cash Flow
chart-249a2351a0d7434dbd0a.jpg
Financial Highlights
•Year-to-date earnings were $17.5 billion versus $19.3 billion in the first half of 2023. Earnings excluding identified items were $17.5 billion compared to $19.5 billion in the same period last year. Earnings decreased as industry refining margins and natural gas prices declined from last year's historically high levels to trade within the ten-year historical range2, while crude prices rose modestly. Strong advantaged volume growth from record Guyana, Pioneer, and heritage Permian assets, high-value products and the Beaumont refinery expansion more than offset lower base volumes from divestments of non-strategic assets and government-mandated curtailments. Structural cost savings partially offset higher expenses from scheduled maintenance, depreciation and support of new businesses and 2025 project start-ups.
•Achieved $10.7 billion of cumulative Structural Cost Savings versus 2019, including an additional $1.0 billion of savings during the year and $0.6 billion during the quarter. The company is on track to deliver cumulative savings totaling $5 billion through the end of 2027 versus 2023.
•Generated strong cash flow from operations of $25.2 billion and free cash flow of $15.0 billion in the first half of the year, including working capital outflows of $2.6 billion driven by higher seasonal cash tax payments. Excluding working capital, cash flow from operations and free cash flow were $27.8 billion and $17.6 billion, respectively. Year-to-date shareholder distributions of $16.3 billion included $8.1 billion of dividends and $8.3 billion of share repurchases. Following the close of the Pioneer transaction, the Corporation increased the annual pace of share repurchases to $20 billion through 2025, assuming reasonable market conditions. The company plans to repurchase over $19 billion of shares in 2024.
•The Corporation declared a third-quarter dividend of $0.95 per share, payable on September 10, 2024, to shareholders of record of Common Stock at the close of business on August 15, 2024.
•The company's debt-to-capital ratio was 14% and the net-debt-to-capital ratio was 6%3, reflecting a year-to-date debt repayment of $3.9 billion and a period-end cash balance of $26.5 billion.
•Capital and exploration expenditures were $7.0 billion in the second quarter including $0.7 billion from Pioneer, bringing year-to-date expenditures to $12.9 billion. The Corporation anticipates full-year capital and exploration expenditures to be approximately $28 billion, which includes the top end of the previously announced guidance for ExxonMobil of $25 billion, and about $3 billion for 8 months of Pioneer, consistent with their prior guidance.


1    The updated earnings factors introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these factors periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these new factors.
2    10-year range includes 2010-2019, a representative 10-year business cycle which avoids the extreme outliers in both directions that the market experienced in recent years.
3    Net debt is total debt of $43.2 billion less $26.5 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $276.3 billion.
2

ADVANCING CLIMATE SOLUTIONS
Virtually Carbon-Free Hydrogen
•ExxonMobil and Air Liquide reached an agreement to support the production of virtually carbon-free hydrogen, with approximately 98% of CO2 removed, and ammonia at ExxonMobil's planned Baytown, Texas hydrogen facility. The agreement will enable transportation of hydrogen through Air Liquide's existing pipeline network. Additionally, Air Liquide will build and operate four Large Modular Air separation units (LMAs) to supply 9,000 metric tons of oxygen and up to 6,500 metric tons of nitrogen daily to the facility. The LMAs are expected to primarily use low-carbon electricity to reduce the project’s carbon footprint. The production facility would be the world's largest planned virtually carbon-free hydrogen project and is expected to produce 1 billion cubic feet of hydrogen daily, and more than 1 million metric tons of ammonia per year while capturing approximately 98% of the associated CO2 emissions. ExxonMobil aims to help enable the growth of a low-carbon hydrogen market along the U.S. Gulf Coast to assist industrial customers achieve their decarbonization goals.

Lithium
•ExxonMobil has signed a non-binding memorandum of understanding (MOU) with SK On, a global leading electric vehicle (EV) battery developer, that enables a multiyear offtake agreement of up to 100,000 metric tons of MobilTM Lithium from the company’s first planned project in Arkansas. SK On plans to use the lithium in its EV battery manufacturing operations in the United States.

Carbon Capture and Storage
•ExxonMobil signed its fourth carbon capture and storage (CCS) agreement with a major industrial customer, bringing the total contracted CO2 to store for industrial customers up to 5.5 million metric tons per year. The new agreement is the second project with CF Industries, a major fertilizer and ammonia producer. Under the contract, ExxonMobil will transport and store up to 500,000 metric tons of CO2 per year from CF's operations in Yazoo City, Mississippi, reducing CO2 emissions from the site by up to 50%.

Products Supporting a Lower-Emissions Future
•The ProxximaTM business transforms lower-value gasoline molecules into a high-performance, high-value thermoset resin that can be used in coatings, light-weight construction materials, and advanced composites for cars and trucks – including battery boxes for electric vehicles. Materials made with ProxximaTM are lighter, stronger, more durable, and produced with significantly fewer GHG emissions than traditional alternatives1. In March, the company showcased the automotive uses of ProxximaTM at the world’s leading international composites exhibition in Paris. The company is progressing projects in Texas, with startups anticipated in 2025, that will significantly expand production of ProxximaTM. The company sees the total potential addressable market for ProxximaTM at 5 million metric tons and $30 billion dollars by 2030 with demand growing faster than GDP and returns above 15%2.
•The Carbon Materials venture transforms the molecular structure of low-value, carbon-rich feeds from the company's refining processes into high-value products for a range of applications. The company is targeting market segments including carbon fiber, polymer additives, and battery materials with margins of several thousand dollars per ton and growth rates outpacing GDP3.
1    EM estimate calculated based on volumetric displacement of epoxy resin on a cradle-to-gate basis. Source: Comparative Carbon Footprint of Product - ExxonMobil’s Proxima™ Resin System to Alternative Resin Systems, June 2023, prepared by Sphera Solutions, Inc. for ExxonMobil Technology and Engineering Company. The study was confirmed to be conducted according to and in compliance with ISO 14067:2018 by an independent third-party critical review panel. https://www.materia-inc.com/what-do-we-do/our-products/creating-sustainable-solutions/lca-executive-summary
2    Based on internal assessment of demand for products in existing markets. Targeting global markets in both the coatings and composites industries: In coatings the focus is on corrosion protection of vessels (e.g., tanks, ships, and railcars) and insulation (e.g., subsea pipes and equipment) applications. Within composite materials (i.e., materials containing glass or carbon fiber) the focus is on infrastructure, wind energy, and mobility sectors. Examples include replacing steel rebar in flatwork applications, replacing epoxy in wind turbines, and structural support in hydrogen tanks, EV battery casings, and other transportation components.
3 Potential markets for carbon materials include structural composites and energy storage. Market growth based on internal assessment of demand for products in respective markets.
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.
EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream
2Q241Q24Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
Earnings/(Loss) (U.S. GAAP)
2,430 1,054 United States3,484 2,552 
4,644 4,606 Non-U.S.9,250 8,482 
7,074 5,660 Worldwide12,734 11,034 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
2,430 1,054 United States3,484 2,552 
4,644 4,606 Non-U.S.9,250 8,652 
7,074 5,660 Worldwide12,734 11,204 
4,358 3,784 Production (koebd)4,071 3,719 
•Upstream year-to-date earnings were $12.7 billion, $1.7 billion higher than the first half of 2023. The prior-year period was negatively impacted by tax-related identified items. Excluding identified items, earnings increased $1.5 billion due to advantaged assets volume growth from record Guyana, heritage Permian and Pioneer production. Year-to-date net production was 4.1 million oil-equivalent barrels per day, an increase of 9%, or 352,000 oil-equivalent barrels per day. Higher crude realizations and structural cost savings offset lower natural gas realizations, higher expenses mainly from depreciation, and lower base volumes due to divestments of non-strategic assets and government-mandated curtailments.
•Second-quarter earnings were $7.1 billion, an increase of $1.4 billion from the first quarter driven by the Pioneer acquisition, record Guyana and heritage Permian production, and structural cost savings. Higher crude realizations and divestment gains more than offset lower gas realizations. Net production in the second quarter was 4.4 million oil-equivalent barrels per day, an increase of 15%, or 574,000 oil-equivalent barrels per day compared to the prior quarter due to advantaged volume growth from Pioneer, Guyana and heritage Permian.
•On May 3, 2024, ExxonMobil completed the acquisition of Pioneer Natural Resources. The company issued 545 million shares of ExxonMobil common stock having a fair value of $63 billion on the acquisition date and assumed $5 billion of debt. The merger of ExxonMobil and Pioneer created the largest, high-return unconventional resource development potential in the world.
•In the quarter, the Company submitted an application to the Guyanese Environmental Protection Agency for the Hammerhead project, the proposed seventh development. Production capacity is expected to be 120,000 to 180,000 barrels per day, with anticipated start-up in 2029, pending Guyanese government approval.


4

Energy Products
2Q241Q24Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
Earnings/(Loss) (U.S. GAAP)
450 836 United States1,286 3,438 
496 540 Non-U.S.1,036 3,055 
946 1,376 Worldwide2,322 6,493 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
450 836 United States1,286 3,438 
496 540 Non-U.S.1,036 3,067 
946 1,376 Worldwide2,322 6,505 
5,320 5,232 Energy Products Sales (kbd)5,276 5,469 
•Energy Products year-to-date earnings were $2.3 billion, a decrease of $4.2 billion versus the first half of 2023 due to significantly lower industry refining margins which normalized from historically high prior year levels as demand growth was more than met by capacity additions. Earnings improvement from structural cost savings and the advantaged Beaumont refinery expansion project partially offset higher scheduled maintenance impacts and lower volumes from non-core refinery divestments. Unfavorable timing effects, mainly from derivatives mark-to-market impacts, also contributed to the earnings decline.
•Second-quarter earnings totaled $0.9 billion compared to $1.4 billion in the first quarter driven by weaker industry refining margins as additional supply outpaced record demand in the second quarter. Stronger trading and marketing margins, as well as favorable derivatives mark-to-market timing effects provided a partial offset.

Chemical Products
2Q241Q24Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
Earnings/(Loss) (U.S. GAAP)
526 504 United States1,030 810 
253 281 Non-U.S.534 389 
779 785 Worldwide1,564 1,199 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
526 504 United States1,030 810 
253 281 Non-U.S.534 389 
779 785 Worldwide1,564 1,199 
4,873 5,054 Chemical Products Sales (kt)9,927 9,498 
•Chemical Products year-to-date earnings were $1.6 billion, an increase of $365 million versus the first half of 2023 driven by strong performance product sales growth and higher base volumes from modest demand improvement and lower turnaround impacts. Despite weaker global industry margins, overall margins increased as a result of the company's advantaged North American footprint which benefited from lower feed and energy costs. Structural cost savings provided a partial offset to higher project and maintenance expenses.
•Second-quarter earnings were $779 million compared to $785 million in the first quarter. Stronger margins, high-value product sales growth from record performance product sales and structural cost savings offset higher maintenance impacts and project expenses.

5

Specialty Products
2Q241Q24Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
Earnings/(Loss) (U.S. GAAP)
447 404 United States851 824 
304 357 Non-U.S.661 621 
751 761 Worldwide1,512 1,445 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
447 404 United States851 824 
304 357 Non-U.S.661 621 
751 761 Worldwide1,512 1,445 
1,933 1,959 Specialty Products Sales (kt)3,893 3,845 
•Specialty Products delivered consistently strong earnings from its portfolio of high-value products. Year-to-date earnings were $1.5 billion, an increase of $67 million compared with the first half of 2023. Improved finished lubes margins and structural cost savings more than offset weaker industry basestock margins and higher new business development expenses. Earnings also benefited from higher volumes across the lubricants value chain, including record first-half Mobil 1TM sales.
•Second-quarter earnings were $751 million, compared to $761 million in the first quarter. Seasonally higher expenses were mostly offset by favorable tax impacts.


Corporate and Financing
2Q241Q24Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
(310)(362)Earnings/(Loss) (U.S. GAAP)(672)(861)
(310)(362)Earnings/(Loss) Excluding Identified Items (non-GAAP)(672)(861)
•Year-to-date net charges of $672 million decreased $189 million compared to the first half of 2023 mainly due to lower financing costs.
•Corporate and Financing second-quarter net charges of $310 million decreased $52 million versus the first quarter.


6

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.
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL

2Q241Q24Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
9,571 8,566 Net income/(loss) including noncontrolling interests18,137 19,996 
5,787 4,812 Depreciation and depletion (includes impairments)10,599 8,486 
(4,616)2,008 Changes in operational working capital, excluding cash and debt(2,608)(3,885)
(182)(722)Other(904)1,127 
10,560 14,664 Cash Flow from Operating Activities (U.S. GAAP)25,224 25,724 
926 703 Proceeds from asset sales and returns of investments1,629 2,141 
11,486 15,367 Cash Flow from Operations and Asset Sales (non-GAAP)26,853 27,865 
4,616 (2,008)Less: Changes in operational working capital, excluding cash and debt2,608 3,885 
16,102 13,359 Cash Flow from Operations and Asset Sales excluding Working Capital
(non-GAAP)		29,461 31,750 
(926)(703)Less: Proceeds associated with asset sales and returns of investments(1,629)(2,141)
15,176 12,656 Cash Flow from Operations excluding Working Capital (non-GAAP)27,832 29,609 


FREE CASH FLOW1
2Q24
1Q24
Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
10,560 14,664 Cash Flow from Operating Activities (U.S. GAAP)25,224 25,724 
(6,235)(5,074)Additions to property, plant and equipment(11,309)(10,771)
(323)(421)Additional investments and advances(744)(834)
9 215 Other investing activities including collection of advances224 183 
926 703 Proceeds from asset sales and returns of investments1,629 2,141 
4,937 10,087 Free Cash Flow (non-GAAP)15,024 16,443 
4,616 (2,008)Less: Changes in operational working capital, excluding cash and debt2,608 3,885 
9,553 8,079 Free Cash Flow excluding Working Capital (non-GAAP)17,632 20,328 
¹ Free Cash Flow definition was updated to exclude cash acquired from mergers and acquisitions which is shown as a separate investing line item in the statement of cash flows. See page 10 for definition.

7


CALCULATION OF STRUCTURAL COST SAVINGS
Dollars in billions (unless otherwise noted)Twelve Months
Ended December 31,
Six Months
Ended June 30,
2019202320232024
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses36.8 36.9 18.3 18.9 
Selling, general and administrative expenses11.4 9.9 4.8 5.1 
Depreciation and depletion (includes impairments)19.0 20.6 8.5 10.6 
Exploration expenses, including dry holes1.3 0.8 0.3 0.3 
Non-service pension and postretirement benefit expense1.2 0.7 0.3 0.1 
Subtotal69.7 68.9 32.2 34.9 
ExxonMobil’s share of equity company expenses (non-GAAP)9.1 10.5 5.0 4.7 
Total Adjusted Operating Costs (non-GAAP)78.8 79.4 37.2 39.6 
Total Adjusted Operating Costs (non-GAAP)78.8 79.4 37.2 39.6 
Less:
Depreciation and depletion (includes impairments)19.0 20.6 8.5 10.6 
Non-service pension and postretirement benefit expense1.2 0.7 0.3 0.1 
Other adjustments (includes equity company depreciation
and depletion)		3.6 3.7 1.5 1.7 
Total Cash Operating Expenses (Cash Opex) (non-GAAP)55.0 54.4 26.9 27.2 
Energy and production taxes (non-GAAP)11.0 14.9 7.5 6.8 
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)44.0 39.5 19.4 20.4 
Change
 vs
2019		Change
vs
2023		Estimated Cumulative vs
2019
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)-4.5+1.0
Market+3.6+0.2
Activity/Other+1.6+1.8
Structural Cost Savings-9.7-1.0-10.7

This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $10.7 billion, which included an additional $1.0 billion in the first six months of 2024. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
8

ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on August 2, 2024. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Selected Earnings Factor Definitions
Advantaged volume growth. Earnings impact from change in volume/mix from advantaged assets, strategic projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, strategic projects, and high-value products.
Base volume. Includes all volume/mix factors not included in Advantaged volume growth factor defined above.

Structural cost savings. After-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments that were previously included in "volume/mix" factor.

Expenses. Includes all expenses otherwise not included in other earnings factors.

Timing effects. Timing effects are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).

Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, potential addressable markets, or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen, ammonia, direct air capture, and other plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce biofuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; the development or changes in government policies supporting lower carbon and new market investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2023 Form 10-K.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s
9

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

Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 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 2023 and 2024 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 each of corporate earnings and segment earnings are shown for 2024 and 2023 periods in Attachments II-a and II-b. Earnings 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) and free cash flow excluding working capital (non-GAAP). Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities excluding cash acquired from mergers and acquisitions. These measures are useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow and free cash flow excluding working capital are not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 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
10

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.
Advantaged assets (Advantaged growth projects) includes Permian (heritage Permian and Pioneer), Guyana, Brazil and LNG.
Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than strategic projects (or volumes from strategic projects). In our Chemical Products and Specialty Products segments refers to volumes other than high value products volumes.
Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.
Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
Heritage Permian: Permian basin assets excluding assets acquired as part of the acquisition of Pioneer Natural Resources that closed May 3, 2024.
High-value products includes performance products and lower-emission fuels.
Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.
Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.
Strategic projects includes (i) the following completed projects: Rotterdam Hydrocracker, Corpus Christi Chemical Complex, Baton Rouge Polypropylene, Beaumont Crude Expansion, Baytown Chemical Expansion, Permian Crude Venture, and the 2022 Baytown advanced recycling facility; and (ii) the following projects still to be completed: Fawley Hydrofiner, China Chemical Complex, Singapore Resid Upgrade, Strathcona Renewable Diesel, ProxximaTM Venture, USGC Reconfiguration, additional advanced recycling projects under evaluation worldwide, and additional projects in plan yet to be publicly announced.
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 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.
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.
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,
2024202320242023
Revenues and other income
Sales and other operating revenue89,986 80,795 170,397 164,439 
Income from equity affiliates1,744 1,382 3,586 3,763 
Other income1,330 737 2,160 1,276 
Total revenues and other income93,060 82,914 176,143 169,478 
Costs and other deductions
Crude oil and product purchases54,199 47,598 101,800 93,601 
Production and manufacturing expenses9,804 8,860 18,895 18,296 
Selling, general and administrative expenses2,568 2,449 5,063 4,839 
Depreciation and depletion (includes impairments)5,787 4,242 10,599 8,486 
Exploration expenses, including dry holes153 133 301 274 
Non-service pension and postretirement benefit expense34 164 57 331 
Interest expense271 249 492 408 
Other taxes and duties6,579 7,563 12,902 14,784 
Total costs and other deductions79,395 71,258 150,109 141,019 
Income/(Loss) before income taxes13,665 11,656 26,034 28,459 
Income tax expense/(benefit)4,094 3,503 7,897 8,463 
Net income/(loss) including noncontrolling interests9,571 8,153 18,137 19,996 
Net income/(loss) attributable to noncontrolling interests331 273 677 686 
Net income/(loss) attributable to ExxonMobil9,240 7,880 17,460 19,310 
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise noted)
Three Months Ended June 30,
Six Months Ended
June 30,
2024202320242023
Earnings per common share (U.S. dollars)
2.14 1.94 4.20 4.73 
Earnings per common share - assuming dilution (U.S. dollars)
2.14 1.94 4.20 4.73 
Dividends on common stock
Total4,285 3,701 8,093 7,439 
Per common share (U.S. dollars)
0.95 0.91 1.90 1.82 
Millions of common shares outstanding
Average - assuming dilution¹
4,317 4,066 4,158 4,084 
Taxes
Income taxes4,094 3,503 7,897 8,463 
Total other taxes and duties7,531 8,328 14,691 16,423 
Total taxes11,625 11,831 22,588 24,886 
Sales-based taxes6,339 6,281 11,888 12,313 
Total taxes including sales-based taxes17,964 18,112 34,476 37,199 
ExxonMobil share of income taxes of equity companies (non-GAAP)907 498 1,905 1,733 
1 Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024.

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.ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE SHEET
(Preliminary)
Dollars in millions (unless otherwise noted)
June 30,
2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents26,460 31,539 
Cash and cash equivalents – restricted28 29 
Notes and accounts receivable – net43,071 38,015 
Inventories
Crude oil, products and merchandise19,685 20,528 
Materials and supplies4,818 4,592 
Other current assets2,176 1,906 
Total current assets96,238 96,609 
Investments, advances and long-term receivables47,948 47,630 
Property, plant and equipment – net298,283 214,940 
Other assets, including intangibles – net18,238 17,138 
Total Assets460,707 376,317 
LIABILITIES
Current liabilities
Notes and loans payable6,621 4,090 
Accounts payable and accrued liabilities60,107 58,037 
Income taxes payable4,035 3,189 
Total current liabilities70,763 65,316 
Long-term debt36,565 37,483 
Postretirement benefits reserves10,398 10,496 
Deferred income tax liabilities40,080 24,452 
Long-term obligations to equity companies1,612 1,804 
Other long-term obligations25,023 24,228 
Total Liabilities184,441 163,779 
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
46,781 17,781 
Earnings reinvested463,294 453,927 
Accumulated other comprehensive income(13,187)(11,989)
Common stock held in treasury
(3,576 million shares at June 30, 2024, and 4,048 million shares at December 31, 2023)
(228,483)(254,917)
ExxonMobil share of equity268,405 204,802 
Noncontrolling interests7,861 7,736 
Total Equity276,266 212,538 
Total Liabilities and Equity460,707 376,317 
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.ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise noted)
Six Months Ended
June 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss) including noncontrolling interests18,137 19,996 
Depreciation and depletion (includes impairments)10,599 8,486 
Changes in operational working capital, excluding cash and debt(2,608)(3,885)
All other items – net(904)1,127 
Net cash provided by operating activities25,224 25,724 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(11,309)(10,771)
Proceeds from asset sales and returns of investments1,629 2,141 
Additional investments and advances(744)(834)
Other investing activities including collection of advances224 183 
Cash acquired from mergers and acquisitions754 — 
Net cash used in investing activities(9,446)(9,281)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt
217 136 
Reductions in long-term debt(1,142)(6)
Reductions in short-term debt(2,771)(172)
Additions/(Reductions) in debt with three months or less maturity(6)(172)
Contingent consideration payments(27)(68)
Cash dividends to ExxonMobil shareholders(8,093)(7,439)
Cash dividends to noncontrolling interests(397)(293)
Changes in noncontrolling interests16 11 
Common stock acquired(8,337)(8,680)
Net cash provided by (used in) financing activities(20,540)(16,683)
Effects of exchange rate changes on cash(318)132 
Increase/(Decrease) in cash and cash equivalents(5,080)(108)
Cash and cash equivalents at beginning of period31,568 29,665 
Cash and cash equivalents at end of period26,488 29,557 
Non-Cash Transaction: The Corporation acquired Pioneer Natural Resources in an all-stock transaction on May 3, 2024, having issued 545 million shares
of ExxonMobil common stock having a fair value of $63 billion and assumed debt with a fair value of $5 billion.

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.ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS
2Q241Q24Dollars in millions (unless otherwise noted)YTD 2024YTD 2023
9,240 8,220 Earnings/(Loss) (U.S. GAAP)17,460 19,310 
Identified Items
— — Tax-related items— (182)
— — Total Identified Items— (182)
9,240 8,220 Earnings/(Loss) Excluding Identified Items (non-GAAP)17,460 19,492 
2Q241Q24Dollars per common shareYTD 2024YTD 2023
2.14 2.06 Earnings/(Loss) Per Common Share (U.S. GAAP) ¹4.20 4.73 
Identified Items Per Common Share ¹
— — Tax-related items— (0.04)
— — Total Identified Items Per Common Share ¹— (0.04)
2.14 2.06 Earnings/(Loss) Excl. Identified Items Per Common Share (non-GAAP) ¹4.20 4.77 
¹ Assuming dilution.

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.ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT
Second Quarter 2024UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
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)2,430 4,644 450 496 526 253 447 304 (310)9,240 
Total Identified Items— — — — — — — — — — 
Earnings/(Loss) Excl. Identified Items (non-GAAP)2,430 4,644 450 496 526 253 447 304 (310)9,240 
First Quarter 2024
UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing		Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)1,054 4,606 836 540 504 281 404 357 (362)8,220 
Total Identified Items— — — — — — — — — — 
Earnings/(Loss) Excl. Identified Items (non-GAAP)1,054 4,606 836 540 504 281 404 357 (362)8,220 
YTD 2024UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
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)3,484 9,250 1,286 1,036 1,030 534 851 661 (672)17,460 
Total Identified Items— — — — — — — — — — 
Earnings/(Loss) Excl. Identified Items (non-GAAP)3,484 9,250 1,286 1,036 1,030 534 851 661 (672)17,460 
YTD 2023UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
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 

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.ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
2Q241Q24Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)YTD 2024YTD 2023
1,261 816 United States1,038 802 
760 772 Canada/Other Americas767 645 
4 4 Europe4 4 
215 224 Africa220 213 
714 711 Asia712 725 
30 30 Australia/Oceania30 35 
2,984 2,557 Worldwide2,771 2,424 
2Q241Q24Net natural gas production available for sale, million cubic feet per day (mcfd)YTD 2024YTD 2023
2,900 2,241 United States2,570 2,357 
114 94 Canada/Other Americas104 94 
331 377 Europe354 461 
167 150 Africa158 110 
3,486 3,274 Asia3,380 3,473 
1,245 1,226 Australia/Oceania1,236 1,276 
8,243 7,362 Worldwide7,802 7,771 
4,358 3,784 
Oil-equivalent production (koebd)¹
4,071 3,719 
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

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.ATTACHMENT IV
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES
2Q241Q24Refinery throughput, thousand barrels per day (kbd)
YTD 2024
YTD 2023
1,746 1,900 United States1,823 1,794 
387 407 Canada397 403 
987 954 Europe970 1,199 
446 402 Asia Pacific424 514 
174 180 Other177 176 
3,740 3,843 Worldwide3,791 4,086 
2Q241Q24Energy Products sales, thousand barrels per day (kbd)
YTD 2024
YTD 2023
2,639 2,576 United States2,607 2,601 
2,681 2,656 Non-U.S.2,669 2,867 
5,320 5,232 Worldwide5,276 5,469 
2,243 2,178 Gasolines, naphthas2,210 2,290 
1,718 1,742 Heating oils, kerosene, diesel1,730 1,806 
344 339 Aviation fuels342 328 
181 214 Heavy fuels197 221 
834 759 Other energy products797 823 
5,320 5,232 Worldwide5,276 5,469 
2Q241Q24Chemical Products sales, thousand metric tons (kt)
YTD 2024
YTD 2023
1,802 1,847 United States3,649 3,286 
3,071 3,207 Non-U.S.6,278 6,212 
4,873 5,054 Worldwide9,927 9,498 
2Q241Q24Specialty Products sales, thousand metric tons (kt)
YTD 2024
YTD 2023
506 495 United States1,001 991 
1,428 1,464 Non-U.S.2,892 2,855 
1,933 1,959 Worldwide3,893 3,845 

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.ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES
2Q241Q24Dollars in millions (unless otherwise noted)
YTD 2024
YTD 2023
Upstream
2,773 2,269 United States5,042 4,314 
2,974 2,313 Non-U.S.5,287 4,876 
5,747 4,582 Total10,329 9,190 
Energy Products
185 179 United States364 707 
367 348 Non-U.S.715 709 
552 527 Total1,079 1,416 
Chemical Products
157 152 United States309 437 
345 281 Non-U.S.626 1,053 
502 433 Total935 1,490 
Specialty Products
21 8 United States29 25 
73 68 Non-U.S.141 169 
94 76 Total170 194 
Other
144 221 Other365 256 
7,039 5,839 Worldwide12,878 12,546 
CASH CAPITAL EXPENDITURES
2Q241Q24Dollars in millions (unless otherwise noted)
YTD 2024
YTD 2023
6,235 5,074 Additions to property, plant and equipment11,309 10,771 
314 206 Net investments and advances520 651 
6,549 5,280 Total Cash Capital Expenditures11,829 11,422 


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.ATTACHMENT VI
KEY FIGURES: EARNINGS/(LOSS)
Results Summary
2Q241Q24
Change
vs
1Q24
Dollars in millions (except per share data)
YTD 2024
YTD 2023
Change
vs YTD
2023
9,240 8,220 +1,020 Earnings (U.S. GAAP)17,460 19,310 -1,850 
9,240 8,220 +1,020 Earnings Excluding Identified Items (non-GAAP)17,460 19,492 -2,032 
2.14 2.06 +0.08 
Earnings Per Common Share ¹
4.20 4.73 -0.53 
2.14 2.06 +0.08 
Earnings Excl. Identified Items per Common Share (non-GAAP) ¹
4.20 4.77 -0.57 
7,039 5,839 +1,200 Capital and Exploration Expenditures12,878 12,546 +332 
¹ Assuming dilution.


1Q24 to 2Q24 Earnings Factor Analysis2
chart-a223963f1deb40079dba.jpg
1Q24 to 2Q24 Cash Flow
chart-d1aa59271e974613a95a.jpg






2 The updated earnings factors introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these factors periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these new factors.


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.ATTACHMENT VII
KEY FIGURES: EARNINGS/(LOSS) BY QUARTER
Dollars in millions (unless otherwise noted)
2024
2023
2022
2021
2020
First Quarter8,220 11,430 5,480 2,730 (610)
Second Quarter9,240 7,880 17,850 4,690 (1,080)
Third Quarter— 9,070 19,660 6,750 (680)
Fourth Quarter— 7,630 12,750 8,870 (20,070)
Full Year— 36,010 55,740 23,040 (22,440)
Dollars per common share¹
2024
2023
2022
2021
2020
First Quarter2.06 2.79 1.28 0.64 (0.14)
Second Quarter2.14 1.94 4.21 1.10 (0.26)
Third Quarter— 2.25 4.68 1.57 (0.15)
Fourth Quarter— 1.91 3.09 2.08 (4.70)
Full Year— 8.89 13.26 5.39 (5.25)
1 Computed using the average number of shares outstanding during each period; assuming dilution.
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.EXHIBIT 99.2
To assist investors in assessing 2Q24 results, the following disclosures have been made available in this 8-K filing:
–Identified items of $0.00 per share assuming dilution, as noted on page 1 of the news release
–A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 7 of the news release
2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings/(Loss), $M (unless noted)2Q241Q244Q233Q232Q23
UpstreamUnited States2,430 1,054 84 1,566 920 
 Non-U.S.4,644 4,606 4,065 4,559 3,657 
 Total7,074 5,660 4,149 6,125 4,577 
Energy ProductsUnited States450 836 1,329 1,356 1,528 
 Non-U.S.496 540 1,878 1,086 782 
 Total946 1,376 3,207 2,442 2,310 
Chemical ProductsUnited States526 504 478 338 486 
Non-U.S.253 281 (289)(89)342 
Total779 785 189 249 828 
Specialty ProductsUnited States447 404 386 326 373 
 Non-U.S.304 357 264 293 298 
 Total751 761 650 619 671 
Corporate and Financing(310)(362)(565)(365)(506)
Net income attributable to ExxonMobil (U.S. GAAP)9,240 8,220 7,630 9,070 7,880 
Earnings/(Loss) per common share (U.S. GAAP)  2.14 2.06 1.91 2.25 1.94 
Earnings/(Loss) per common share - assuming dilution (U.S. GAAP)2.14 2.06 1.91 2.25 1.94 
Effective Income Tax Rate, %34 %36 %30 %34 %33 %
Capital and Exploration Expenditures, $M2Q241Q244Q233Q232Q23
UpstreamUnited States2,773 2,269 2,258 2,241 2,206 
Non-U.S.2,974 2,313 3,512 2,560 2,403 
Total5,747 4,582 5,770 4,801 4,609 
Energy ProductsUnited States185 179 227 261 349 
Non-U.S.367 348 485 386 382 
Total552 527 712 647 731 
Chemical ProductsUnited States157 152 211 103 152 
Non-U.S.345 281 641 268 507 
Total502 433 852 371 659 
Specialty ProductsUnited States21 8 22 16 14 
Non-U.S.73 68 127 95 89 
Total94 76 149 111 103 
Other144 221 274 92 64 
Total Capital and Exploration Expenditures7,039 5,839 7,757 6,022 6,166 
Exploration expenses, including dry holes153 148 139 338 133 
Cash Capital Expenditures, $M2Q241Q244Q233Q232Q23
Additions to property, plant and equipment6,235 5,074 6,228 4,920 5,359 
Net investments and advances314 206 506 276 284 
Total Cash Capital Expenditures6,549 5,280 6,734 5,196 5,643 
Total Cash and Cash Equivalents, $G26.5 33.3 31.6 33.0 29.6 
Total Debt, $G43.2 40.4 41.6 41.3 41.5 
Cash Flow from Operations and Asset Sales excluding working capital (non-GAAP), $M 2Q241Q244Q233Q232Q23
Net cash provided by operating activities (GAAP)10,560 14,664 13,682 15,963 9,383 
Proceeds associated with asset sales926 703 1,020 917 1,287 
Cash flow from operations and asset sales (non-GAAP)11,486 15,367 14,702 16,880 10,670 
Changes in operational working capital4,616 (2,008)2,191 (1,821)3,583 
Cash flow from operations and asset sales
     excluding working capital (non-GAAP)
16,102 13,359 16,893 15,059 14,253 
Common Shares Outstanding, millions2Q241Q244Q233Q232Q23
At quarter end4,443 3,943 3,971 3,963 4,003 
Weighted-average - assuming dilution¹
4,317 3,998 4,010 4,025 4,066 
¹ Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024.


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.
2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Upstream Volumes2Q241Q244Q233Q232Q23
Liquids production (kbd) ¹
 United States1,261816851756785
 Canada/Other Americas760772709655618
 Europe44344
 Africa215224231229206
 Asia714711722713702
 Australia/Oceania3030344038
Worldwide liquids production2,9842,5572,5502,3972,353
¹ Net production of crude oil, natural gas liquids, bitumen and synthetic oil, kbd.
Natural gas production available for sale (mcfd)     
 United States2,9002,2412,2622,2712,346
 Canada/Other Americas11494989497
 Europe331377367368375
 Africa16715014912986
 Asia3,4863,2743,4863,5283,350
 Australia/Oceania1,2451,2261,2831,3581,275
Worldwide natural gas production available for sale8,2437,3627,6457,7487,529
Oil-equivalent production, koebd ²
4,3583,7843,8243,6883,608
² Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Manufacturing Throughput and Sales2Q241Q244Q233Q232Q23
Refinery throughput, kbd     
 United States1,7461,9001,9331,8681,944
 Canada387407407415388
 Europe9879541,0141,2511,209
 Asia Pacific446402450517463
 Other17418082164169
Worldwide refinery throughput3,7403,8433,8864,2154,173
Energy Products sales, kbd     
 United States2,6392,5762,7042,6262,743
 Non-U.S.2,6812,6562,6532,9252,916
Worldwide Energy Products sales5,3205,2325,3575,5515,658
 Gasolines, naphthas2,2432,1782,2552,3162,401
 Heating oils, kerosene, diesel1,7181,7421,7351,8341,842
 Aviation fuels344339328358344
 Heavy fuels181214185229228
 Other energy products834759854814844
Worldwide Energy Products sales5,3205,2325,3575,5515,658
Chemical Products sales, kt
 United States1,8021,8471,7431,7501,725
 Non-U.S.3,0713,2073,0333,3583,124
Worldwide Chemical Products sales4,8735,0544,7765,1084,849
Specialty Products sales, kt
United States506495473498514
Non-U.S.1,4281,4641,3671,4141,391
Worldwide Specialty Products sales1,9331,9591,8391,9121,905








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.
2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)
Earnings Factor Analysis, $M
2Q24 vs 1Q24
2024 vs. 2023 (YTD)
Upstream 
Prior Period5,66011,034
Price200570
Advantaged Volume Growth (Advantaged assets)8301,680
Base Volume(20)(400)
Structural Cost Savings110320
Expenses(150)(510)
Identified Items—170
Other340(340)
Timing Effects100210
Current Period7,07412,734
Energy Products 
Prior Period1,3766,493
Margin(1,090)(2,880)
Advantaged Volume Growth (Strategic projects)—130
Base Volume(120)(650)
Structural Cost Savings60320
Expenses10(550)
Identified Items—10
Other14020
Timing Effects570(570)
Current Period9462,322
Chemical Products 
Prior Period7851,199
Margin180100
Advantaged Volume Growth (High-value products)40260
Base Volume(120)120
Structural Cost Savings3050
Expenses(100)(150)
Other(40)(20)
Current Period7791,564
Specialty Products
Prior Period7611,445
Margin(10)100
Advantaged Volume Growth (High-value products)1020
Base Volume(20)30
Structural Cost Savings2050
Expenses(50)(80)
Other40(50)
Current Period7511,512

Upstream Volume Factor Analysis, koebd
2Q24 vs 1Q24
2024 vs. 2023 (YTD)
Prior Period3,7843,719
Entitlements - Price / Spend / Other6(21)
Government Mandates—5
Divestments(12)(56)
Growth / Other580424
Current Period4,3584,071


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.
2Q24 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 OF 4)
Average Realization Data2Q241Q244Q233Q232Q23
United States     
ExxonMobil     
Crude ($/b)79.0074.9676.6480.4571.36
Natural Gas ($/kcf)1.042.222.552.301.45
Benchmarks     
WTI ($/b)80.7377.0678.3782.5073.78
ANS-WC ($/b)86.3181.3784.0287.9078.43
Henry Hub ($/mbtu)1.892.252.882.542.09
Non-U.S.     
ExxonMobil     
Crude ($/b)77.6072.0074.2377.4870.08
Natural Gas ($/kcf)9.7311.3712.5810.5011.44
European NG ($/kcf)11.3014.0417.3413.7114.61
Benchmarks     
Brent ($/b)84.9483.2484.0586.7678.40
The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the second quarter of 2024. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates.

Sources and Uses of Funds, $M2Q24YTD 2024   
Beginning Cash33,349 31,568    
Earnings9,240 17,460    
Depreciation5,787 10,599    
Working Capital / Other(4,467)(2,835)   
Proceeds Associated with Asset Sales926 1,629    
Cash Capital Expenditures ¹(6,549)(11,829)   
Shareholder Distributions(9,531)(16,347)   
Debt / Other Financing(3,021)(4,511)   
Cash acquired from mergers and acquisitions754 754 
Ending Cash26,488 26,488    
¹ 2Q24 Cash Capital Expenditures includes PP&E adds of $(6.2)B and net investments and advances of $(0.3)B.
 YTD 2024 Cash Capital Expenditures includes PP&E adds of $(11.3)B and net investments and advances of $(0.5)B.


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.


v3.24.2.u1
Document and Entity Information Document
Aug. 02, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 02, 2024
Entity Registrant Name Exxon Mobil Corporation
Entity Incorporation, State or Country Code NJ
Entity File Number 1-2256
Entity Tax Identification Number 13-5409005
Entity Address, Address Line One 22777 Springwoods Village Parkway
Entity Address, City or Town Spring
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77389-1425
City Area Code 972
Local Phone Number 940-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000034088
Amendment Flag false
Common Stock, without par value  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, without par value
Trading Symbol XOM
Security Exchange Name NYSE
0.524% Notes due 2028  
Entity Information [Line Items]  
Title of 12(b) Security 0.524% Notes due 2028
Trading Symbol XOM28
Security Exchange Name NYSE
0.835% Notes due 2032  
Entity Information [Line Items]  
Title of 12(b) Security 0.835% Notes due 2032
Trading Symbol XOM32
Security Exchange Name NYSE
1.408% Notes due 2039  
Entity Information [Line Items]  
Title of 12(b) Security 1.408% Notes due 2039
Trading Symbol XOM39A
Security Exchange Name NYSE
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