- Improved earnings power from enterprise-wide transformation
drove industry-leading third-quarter earnings of $8.6 billion1
- Achieved highest liquids production in over 40 years with 3.2
million barrels per day2
- Delivered record high-value product sales volumes in Product
Solutions, up 10% over prior year-to-date
- Returned $9.8 billion to shareholders in the quarter and
increased fourth-quarter dividend to $0.99 per share
- Leading carbon capture and storage development; new customer
agreement increases CO2 offtake under contract to 6.7 million
metric tons per year, more committed volume than any other company
has announced3
Exxon Mobil Corporation (NYSE:XOM):
Results Summary
3Q24
2Q24
Change
vs
2Q24
Dollars in millions (except per
share data)
YTD 2024
YTD 2023
Change
vs YTD
2023
8,610
9,240
-630
Earnings (U.S. GAAP)
26,070
28,380
-2,310
8,610
9,240
-630
Earnings Excluding Identified Items
(non-GAAP)
26,070
28,609
-2,539
1.92
2.14
-0.22
Earnings Per Common Share 4
6.12
6.98
-0.86
1.92
2.14
-0.22
Earnings Excl. Identified Items Per Common
Share (non-GAAP) 4
6.12
7.04
-0.92
7,159
7,039
+120
Capital and Exploration Expenditures
20,037
18,568
+1,469
Exxon Mobil Corporation today announced third-quarter 2024
earnings of $8.6 billion, or $1.92 per share assuming dilution.
Cash flow from operating activities was $17.6 billion and free cash
flow was $11.3 billion. Capital and exploration expenditures were
$7.2 billion in the third quarter, bringing year-to-date 2024
expenditures to $20 billion, in line with the company's full-year
guidance of $28 billion.
“We delivered one of our strongest third quarters in a decade,”
said Darren Woods, chairman and chief executive officer.
“Our industry-leading results1 continue to demonstrate how our
enterprise-wide transformation is improving the structural earnings
power of the company. In the Upstream, we've doubled the
profitability of the barrels we produce on a constant price basis5.
In Product Solutions, we've high-graded our refining footprint and
increased high-value product sales. And across the entire company,
we’ve achieved $11.3 billion of structural cost savings since 2019.
Our strategy is delivering leading returns of 20% so far this year
for our shareholders, and we are continuing that growth with a 4%
increase in our quarterly dividend payment announced today. We’ve
now increased our annual dividend for 42 years in a row, a claim
that less than 4% of the S&P 500 companies can make.
Furthermore, we lead industry in total shareholder returns for the
past 3, 5 and 10 years.”
1
Earnings and cash flow for the IOCs are
actuals for companies that reported results on or before October
31, 2024, or estimated using Bloomberg consensus as of October 31.
IOCs include each of BP, Chevron, Shell and TotalEnergies.
2
Upstream 3Q production compared to
historical annual production from 1984 to 2024.
3
Based on contracts to move up to 6.7 MTA
CO2 starting in 2025, subject to additional investment by
ExxonMobil and receipt of government permitting for carbon capture
and storage projects.
4
Assuming dilution.
5
Upstream unit earnings ($/oeb), which
doubled since 2019, exclude identified items and are adjusted to
2022 $60/bbl real Brent; Upstream unit earnings exclude Pioneer
contributions.
Financial Highlights
- Year-to-date earnings were $26.1 billion versus $28.4 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, partially offset by favorable timing
effects mainly from derivatives mark-to-market impacts. Strong
advantaged volume growth from Guyana and Permian assets including
Pioneer, and increased high-value product sales more than offset
lower base volumes from divestments of non-strategic assets and
scheduled maintenance. Structural cost savings partly offset higher
expenses from depreciation, scheduled maintenance, development of
new businesses and 2025 project start-ups.
- Achieved $11.3 billion of cumulative Structural Cost Savings
versus 2019, including an additional $1.6 billion of savings during
the year and $0.6 billion during the quarter. The company is on
track to deliver cumulative savings totaling $15 billion through
the end of 2027 versus 2019.
- Generated strong cash flow from operations of $42.8 billion and
free cash flow of $26.4 billion in the first nine months of the
year. Industry leading year-to-date shareholder distributions2 of
$26.1 billion included $12.3 billion of dividends and $13.8 billion
of share repurchases. The company plans to repurchase over $19
billion of shares in 2024. ExxonMobil leads industry with total
shareholder return of 20% year-to-date3, and also for the past
three, five and ten-year periods.
- The Corporation declared a fourth-quarter dividend of $0.99 per
share, an increase of 4%, payable on December 10, 2024, to
shareholders of record of Common Stock at the close of business on
November 14, 2024. The company has increased its annual dividend
for 42 consecutive years, a claim that less than 4% of the S&P
500 companies can make.
- The company's debt-to-capital ratio was 13% and the
net-debt-to-capital ratio was 5%4, reflecting year-to-date debt
repayment of $4.7 billion and a period-end cash balance of $27.0
billion.
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
Leading measures for the IOCs are actuals
for companies that reported results on or before October 31, 2024,
or estimated using Bloomberg consensus as of October 31. IOCs
include each of BP, Chevron, Shell and TotalEnergies.
3
Year-to-date total shareholder return is
as of the last business day of the most recent fiscal quarter.
4
Net debt is total debt of $42.6 billion
less $26.9 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 $276.4 billion.
ADVANCING CLIMATE SOLUTIONS
Hydrogen
- ADNOC acquired a 35% equity stake in the company's hydrogen
production facility in Baytown, Texas. The proposed project is
expected to produce virtually carbon-free hydrogen, with
approximately 98% of carbon dioxide (CO2) captured and stored.
- ExxonMobil also signed a Project Framework Agreement with
Mitsubishi Corporation for the offtake of low-carbon ammonia and
equity participation in the Baytown project. It joined JERA,
Japan’s largest power generator, which signed a similar agreement
in March.
- Contingent on the U.S. federal government implementing
regulations that are consistent with the Inflation Reduction Act's
legislative intent, the Baytown facility is expected to be the
world’s largest of its kind upon startup, capable of producing up
to 1 billion cubic feet of hydrogen per day and more than 1 million
tons of low-carbon ammonia per year. A final investment decision is
expected in 2025 with anticipated startup in 2029.
Carbon Capture and Storage
- ExxonMobil signed its fifth CCS agreement to transport and
store up to 1.2 million metric tons of CO2 per year from the New
Generation Gas Gathering (NG3) project being built in Louisiana.
NG3 will gather and treat natural gas produced in east Texas and
Louisiana for delivery to U.S. Gulf Coast markets, including for
LNG export. This is ExxonMobil's first agreement with a natural gas
processing customer and brings the total contracted CO2 to store
for customers up to 6.7 million metric tons per year. No other
company has more announced CO2 offtake under contract than
ExxonMobil1.
- The company secured the largest offshore CO2 storage site in
the United States through an agreement with the Texas General Land
Office. The 271,000-acre site complements the onshore CO2 storage
portfolio the company is developing and further solidifies
ExxonMobil as the company of choice for carbon capture, transport
and storage across the U.S. Gulf Coast. Proceeds from the agreement
directly benefit the Texas Permanent School Fund, which enhances
education for Texas children.
Products Supporting a Lower-Emissions Future
- ExxonMobil acquired the exclusive overseas licensing rights for
Neuvokas Corporation’s proprietary composite rebar manufacturing
process. ExxonMobil’s Proxxima™ polyolefin thermoset resin system
paired with this patented process delivers a cost-effective,
corrosion free, lightweight, and long-lasting rebar as an
alternative to steel. This collaboration marks a significant step
towards expanding the global market of composite rebar. Proxxima™
resin is made by transforming lower-value gasoline molecules into a
high-value, lower-emission product that can be used in
high-performance coatings, light-weight construction materials, and
advanced composites for cars and trucks – including battery boxes
for electric vehicles. The company estimates a total potential
addressable market of $30 billion dollars by 2030 for
Proxxima™2.
- As part of its Carbon Materials Venture, ExxonMobil has
developed proprietary technology that allows the company to produce
feedstock for next-generation graphite at scale for the electric
vehicle (EV) battery market. Carbon material products are made by
transforming the molecular structure of low-value heavy fuel oil
from the company's refining process into high-value products,
resulting in a thousands-of-dollars-per-ton uplift. This
next-generation graphite potentially provides a 30% improvement in
EV battery range as well as faster charges. This market could grow
at 25% per year and reach $30 billion dollars by 20303.
1
Based on contracts to move up to 6.7 MTA
CO2 starting in 2025, subject to additional investment by
ExxonMobil and receipt of government permitting for carbon capture
and storage projects.
2
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.
Total addressable market in 2030 based on internal estimates of
projected growth rates in target thermoset segments and estimates
of further penetration of composite solutions.
3
Total addressable market in 2030 based on
internal estimates of demand in existing applications and
markets.
EARNINGS AND VOLUME SUMMARY BY
SEGMENT
Upstream
3Q24
2Q24
Dollars in millions (unless
otherwise noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
1,686
2,430
United States
5,170
4,118
4,472
4,644
Non-U.S.
13,722
13,041
6,158
7,074
Worldwide
18,892
17,159
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
1,686
2,430
United States
5,170
4,118
4,472
4,644
Non-U.S.
13,722
13,225
6,158
7,074
Worldwide
18,892
17,343
4,582
4,358
Production (koebd)
4,243
3,709
- Upstream year-to-date earnings were $18.9 billion, $1.7 billion
higher than the same period last year. 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, and structural cost savings. These factors were
partly offset by higher depreciation expense, and lower base
volumes from divestments of non-strategic assets and
government-mandated curtailments. Year-to-date net production was
4.2 million oil-equivalent barrels per day, an increase of 14%, or
534,000 oil-equivalent barrels per day.
- Third-quarter earnings were $6.2 billion, a decrease of $916
million from the second quarter driven by lower crude realizations
and higher exploration expenses, partly offset by production, which
included the highest liquids volumes in 40 years, and structural
cost savings. Net production in the third quarter of 4.6 million
oil-equivalent barrels per day was up 5%, or 224,000 oil-equivalent
barrels per day versus the prior period. A full quarter of Pioneer
volumes was partially offset by lower Guyana volumes as Liza phases
1 and 2 were taken offline to complete planned facility tie-ins for
the country's gas-to-energy project.
Energy Products
3Q24
2Q24
Dollars in millions (unless
otherwise noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
517
450
United States
1,803
4,794
792
496
Non-U.S.
1,828
4,141
1,309
946
Worldwide
3,631
8,935
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
517
450
United States
1,803
4,794
792
496
Non-U.S.
1,828
4,186
1,309
946
Worldwide
3,631
8,980
5,580
5,320
Energy Products Sales (kbd)
5,378
5,496
- Energy Products year-to-date earnings were $3.6 billion
compared to $8.9 billion in the same period last year due to
significantly weaker industry refining margins, which declined from
historically high levels as supply from industry capacity additions
outpaced record global demand. Earnings improvement from structural
cost savings and advantaged projects, including incremental volumes
from the Beaumont refinery expansion, partially offset the impacts
from higher scheduled maintenance and non-core refinery
divestments. Favorable timing effects, mainly from the absence of
prior year unfavorable derivatives mark-to-market impacts, provided
a partial offset to the earnings decline.
- Third-quarter earnings totaled $1.3 billion, an increase of
$0.4 billion from the second quarter. Lower scheduled maintenance
and favorable derivatives mark-to-market timing effects more than
offset lower industry refining margins and impacts from a
tornado-related shutdown at the Joliet refinery in Illinois, which
had a safe and rapid restart ahead of expectations.
Chemical Products
3Q24
2Q24
Dollars in millions (unless
otherwise noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
367
526
United States
1,397
1,148
526
253
Non-U.S.
1,060
300
893
779
Worldwide
2,457
1,448
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
367
526
United States
1,397
1,148
526
253
Non-U.S.
1,060
300
893
779
Worldwide
2,457
1,448
4,830
4,873
Chemical Products Sales (kt)
14,757
14,606
- Chemical Products year-to-date earnings were $2.5 billion, an
increase of $1.0 billion versus the first nine months of 2023.
Despite bottom-of-cycle market conditions, overall margins
increased from the prior year as a result of the company's
advantaged North America footprint, which benefited from lower
ethane feed costs, and improved high-value product realizations.
Record high-value product sales, which grew 9% year-over-year, and
structural cost savings more than offset higher expenses from
planned maintenance and strategic growth projects that start up in
2025.
- Third-quarter earnings were $893 million, the highest quarter
in over two years, compared to $779 million in the second quarter
driven by improved margins from lower North America feed costs and
growth in high-value product sales.
Specialty Products
3Q24
2Q24
Dollars in millions (unless
otherwise noted)
YTD 2024
YTD 2023
Earnings/(Loss) (U.S. GAAP)
375
447
United States
1,226
1,150
419
304
Non-U.S.
1,080
914
794
751
Worldwide
2,306
2,064
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
375
447
United States
1,226
1,150
419
304
Non-U.S.
1,080
914
794
751
Worldwide
2,306
2,064
1,959
1,933
Specialty Products Sales (kt)
5,852
5,758
- Specialty Products delivered consistently strong earnings from
its portfolio of high-value products. Year-to-date earnings were a
record $2.3 billion1, an increase of $242 million compared with the
first nine months of 2023 driven by improved basestock and finished
lubes margins, structural cost savings, and higher sales volumes
including record Mobil 1™ sales. These factors were partly offset
by unfavorable foreign exchange impacts and higher expenses
including marketing activities and spending to build Proxxima™
resin and carbon material products – new high-growth, high-margin
businesses.
- Third-quarter earnings were $794 million, compared to $751
million in the second quarter. Higher industry basestock margins
were partly offset by unfavorable tax and foreign exchange
effects.
Corporate and Financing
3Q24
2Q24
Dollars in millions (unless
otherwise noted)
YTD 2024
YTD 2023
(544)
(310)
Earnings/(Loss) (U.S. GAAP)
(1,216)
(1,226)
(544)
(310)
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
(1,216)
(1,226)
- Year-to-date net charges of $1,216 million were comparable to
last year.
- Corporate and Financing third-quarter net charges of $544
million increased $234 million versus the second quarter driven by
unfavorable foreign exchange impacts and higher financing
costs.
1
Highest Specialty Products
first-nine-months earnings on record. Records date back to 2017 per
recast of Product Solutions five years back from formation in
2022.
.
CASH FLOW FROM OPERATIONS AND ASSET
SALES EXCLUDING WORKING CAPITAL
3Q24
2Q24
Dollars in millions (unless
otherwise noted)
YTD 2024
YTD 2023
8,971
9,571
Net income/(loss) including noncontrolling
interests
27,108
29,342
6,258
5,787
Depreciation and depletion (includes
impairments)
16,857
12,901
2,334
(4,616)
Changes in operational working capital,
excluding cash and debt
(274)
(2,064)
6
(182)
Other
(898)
1,508
17,569
10,560
Cash Flow from Operating Activities
(U.S. GAAP)
42,793
41,687
127
926
Proceeds from asset sales and returns of
investments
1,756
3,058
17,696
11,486
Cash Flow from Operations and Asset
Sales (non-GAAP)
44,549
44,745
(2,334)
4,616
Less: Changes in operational working
capital, excluding cash and debt
274
2,064
15,362
16,102
Cash Flow from Operations and Asset
Sales excluding Working Capital
(non-GAAP)
44,823
46,809
(127)
(926)
Less: Proceeds associated with asset sales
and returns of investments
(1,756)
(3,058)
15,235
15,176
Cash Flow from Operations excluding
Working Capital (non-GAAP)
43,067
43,751
FREE CASH FLOW1
3Q24
2Q24
Dollars in millions (unless otherwise
noted)
YTD 2024
YTD 2023
17,569
10,560
Cash Flow from Operating Activities
(U.S. GAAP)
42,793
41,687
(6,160)
(6,235)
Additions to property, plant and
equipment
(17,469)
(15,691)
(294)
(323)
Additional investments and advances
(1,038)
(1,141)
87
9
Other investing activities including
collection of advances
311
214
127
926
Proceeds from asset sales and returns of
investments
1,756
3,058
11,329
4,937
Free Cash Flow (non-GAAP)
26,353
28,127
(2,334)
4,616
Less: Changes in operational working
capital, excluding cash and debt
274
2,064
8,995
9,553
Free Cash Flow excluding Working
Capital (non-GAAP)
26,627
30,191
1 Free Cash Flow definition was updated in
the second quarter of 2024 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.
CALCULATION OF STRUCTURAL COST
SAVINGS
Dollars in billions (unless otherwise
noted)
Twelve Months
Ended
December 31,
Nine Months
Ended
September 30,
2019
2023
2023
2024
Components of Operating Costs
From ExxonMobil’s Consolidated
Statement of Income
(U.S. GAAP)
Production and manufacturing expenses
36.8
36.9
27.0
28.8
Selling, general and administrative
expenses
11.4
9.9
7.3
7.4
Depreciation and depletion (includes
impairments)
19.0
20.6
12.9
16.9
Exploration expenses, including dry
holes
1.3
0.8
0.6
0.6
Non-service pension and postretirement
benefit expense
1.2
0.7
0.5
0.1
Subtotal
69.7
68.9
48.3
53.7
ExxonMobil’s share of equity company
expenses (non-GAAP)
9.1
10.5
7.4
7.1
Total Adjusted Operating Costs
(non-GAAP)
78.8
79.4
55.7
60.8
Total Adjusted Operating Costs
(non-GAAP)
78.8
79.4
55.7
60.8
Less:
Depreciation and depletion (includes
impairments)
19.0
20.6
12.9
16.9
Non-service pension and postretirement
benefit expense
1.2
0.7
0.5
0.1
Other adjustments (includes equity company
depreciation
and depletion)
3.6
3.7
2.3
2.5
Total Cash Operating Expenses (Cash
Opex) (non-GAAP)
55.0
54.4
40.0
41.3
Energy and production taxes (non-GAAP)
11.0
14.9
11.0
10.3
Total Cash Operating Expenses (Cash
Opex) excluding Energy and Production Taxes (non-GAAP)
44.0
39.5
29.0
31.0
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
+2.0
Market
+3.6
+0.4
Activity/Other
+1.6
+3.2
Structural Cost Savings
-9.7
-1.6
-11.3
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 $11.3 billion, which included an additional $1.6
billion in the first nine 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.
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on
November 1, 2024. To listen to the event or access an archived
replay, please visit www.exxonmobil.com.
Selected Earnings Factor Definitions
Advantaged volume growth. Represents 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. Represents and includes all volume/mix
factors not included in Advantaged volume growth factor defined
above.
Structural cost savings. Represents 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. Represents and includes all expenses otherwise
not included in other earnings factors.
Timing effects. Represents timing effects that 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, future
earnings power, 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, lithium, direct air capture, and other low carbon business
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; changes in market
strategy by national oil companies; 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 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 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
in May 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, Proxxima™
Venture, USGC Reconfiguration, additional advanced recycling
projects under evaluation worldwide, and additional projects in
plan yet to be publicly announced.
Total shareholder return (TSR) measures the change in value of
an investment in common stock over a specified period of time,
assuming dividend reinvestment. Shareholder return over a
particular measurement period is calculated by: dividing (1) the
sum of (a) the cumulative value of dividends received during the
measurement period, assuming reinvestment, plus (b) the difference
between the stock price at the end and at the beginning of the
measurement period; by (2) the stock price at the beginning of the
measurement period. For this purpose, dividends are assumed to be
reinvested in stock at market prices at approximately the same time
actual dividends are paid. Unless stated otherwise, total
shareholder return is quoted on an annualized basis.
This press release also references Structural Cost Savings, for
more details see page 8.
Unless otherwise indicated, year-to-date (“YTD”) means as of the
last business day of the most recent fiscal quarter.
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.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF
INCOME
(Preliminary)
Dollars in millions (unless otherwise
noted)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenues and other income
Sales and other operating revenue
87,792
88,570
258,189
253,009
Income from equity affiliates
1,481
1,457
5,067
5,220
Other income
743
733
2,903
2,009
Total revenues and other income
90,016
90,760
266,159
260,238
Costs and other deductions
Crude oil and product purchases
51,261
53,076
153,061
146,677
Production and manufacturing expenses
9,881
8,696
28,776
26,992
Selling, general and administrative
expenses
2,296
2,489
7,359
7,328
Depreciation and depletion (includes
impairments)
6,258
4,415
16,857
12,901
Exploration expenses, including dry
holes
339
338
640
612
Non-service pension and postretirement
benefit expense
33
166
90
497
Interest expense
207
169
699
577
Other taxes and duties
6,715
7,712
19,617
22,496
Total costs and other
deductions
76,990
77,061
227,099
218,080
Income/(Loss) before income
taxes
13,026
13,699
39,060
42,158
Income tax expense/(benefit)
4,055
4,353
11,952
12,816
Net income/(loss) including
noncontrolling interests
8,971
9,346
27,108
29,342
Net income/(loss) attributable to
noncontrolling interests
361
276
1,038
962
Net income/(loss) attributable to
ExxonMobil
8,610
9,070
26,070
28,380
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise
noted)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Earnings per common share (U.S.
dollars)
1.92
2.25
6.12
6.98
Earnings per common share - assuming
dilution (U.S. dollars)
1.92
2.25
6.12
6.98
Dividends on common stock
Total
4,240
3,663
12,333
11,102
Per common share (U.S. dollars)
0.95
0.91
2.85
2.73
Millions of common shares
outstanding
Average - assuming dilution¹
4,462
4,025
4,260
4,064
Taxes
Income taxes
4,055
4,353
11,952
12,816
Total other taxes and duties
7,609
8,460
22,300
24,883
Total taxes
11,664
12,813
34,252
37,699
Sales-based taxes
5,174
6,588
17,062
18,901
Total taxes including sales-based
taxes
16,838
19,401
51,314
56,600
ExxonMobil share of income taxes of equity
companies (non-GAAP)
682
482
2,587
2,215
1 Includes restricted shares not vested as
well as 545 million shares issued for the Pioneer merger on May 3,
2024.
ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE
SHEET
(Preliminary)
Dollars in millions (unless otherwise
noted)
September 30,
2024
December 31,
2023
ASSETS
Current assets
Cash and cash equivalents
26,926
31,539
Cash and cash equivalents – restricted
46
29
Notes and accounts receivable – net
41,505
38,015
Inventories
Crude oil, products and merchandise
19,183
20,528
Materials and supplies
4,692
4,592
Other current assets
1,997
1,906
Total current assets
94,349
96,609
Investments, advances and long-term
receivables
48,869
47,630
Property, plant and equipment – net
299,543
214,940
Other assets, including intangibles –
net
19,155
17,138
Total Assets
461,916
376,317
LIABILITIES
Current liabilities
Notes and loans payable
5,632
4,090
Accounts payable and accrued
liabilities
60,518
58,037
Income taxes payable
3,843
3,189
Total current liabilities
69,993
65,316
Long-term debt
36,918
37,483
Postretirement benefits reserves
10,677
10,496
Deferred income tax liabilities
40,281
24,452
Long-term obligations to equity
companies
1,637
1,804
Other long-term obligations
26,010
24,228
Total Liabilities
185,516
163,779
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019
million shares issued)
46,936
17,781
Earnings reinvested
467,664
453,927
Accumulated other comprehensive income
(11,959)
(11,989)
Common stock held in treasury
(3,624 million shares at September 30,
2024, and 4,048 million shares at December 31, 2023)
(234,049)
(254,917)
ExxonMobil share of equity
268,592
204,802
Noncontrolling interests
7,808
7,736
Total Equity
276,400
212,538
Total Liabilities and Equity
461,916
376,317
ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise
noted)
Nine Months Ended
September 30,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income/(loss) including noncontrolling
interests
27,108
29,342
Depreciation and depletion (includes
impairments)
16,857
12,901
Changes in operational working capital,
excluding cash and debt
(274)
(2,064)
All other items – net
(898)
1,508
Net cash provided by operating
activities
42,793
41,687
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property, plant and
equipment
(17,469)
(15,691)
Proceeds from asset sales and returns of
investments
1,756
3,058
Additional investments and advances
(1,038)
(1,141)
Other investing activities including
collection of advances
311
214
Cash acquired from mergers and
acquisitions
754
—
Net cash used in investing
activities
(15,686)
(13,560)
CASH FLOWS FROM FINANCING
ACTIVITIES
Additions to long-term debt
426
805
Reductions in long-term debt
(1,142)
(11)
Reductions in short-term debt
(3,835)
(222)
Additions/(Reductions) in debt with three
months or less maturity
(5)
(283)
Contingent consideration payments
(27)
(68)
Cash dividends to ExxonMobil
shareholders
(12,333)
(11,102)
Cash dividends to noncontrolling
interests
(580)
(511)
Changes in noncontrolling interests
(301)
(258)
Common stock acquired
(13,849)
(13,092)
Net cash provided by (used in)
financing activities
(31,646)
(24,742)
Effects of exchange rate changes on
cash
(57)
(77)
Increase/(Decrease) in cash and cash
equivalents
(4,596)
3,308
Cash and cash equivalents at beginning of
period
31,568
29,665
Cash and cash equivalents at end of
period
26,972
32,973
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.
ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS
3Q24
2Q24
Dollars in millions (unless otherwise
noted)
YTD
2024
YTD
2023
8,610
9,240
Earnings/(Loss) (U.S. GAAP)
26,070
28,380
Identified Items
—
—
Tax-related items
—
(229)
—
—
Total Identified Items
—
(229)
8,610
9,240
Earnings/(Loss) Excluding Identified
Items (non-GAAP)
26,070
28,609
3Q24
2Q24
Dollars per common share
YTD
2024
YTD
2023
1.92
2.14
Earnings/(Loss) Per Common Share (U.S.
GAAP) ¹
6.12
6.98
Identified Items Per Common Share
¹
—
—
Tax-related items
—
(0.06)
—
—
Total Identified Items Per Common Share
¹
—
(0.06)
1.92
2.14
Earnings/(Loss) Excl. Identified Items
Per Common Share (non-GAAP) ¹
6.12
7.04
1 Assuming dilution.
ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY
SEGMENT
Third Quarter 2024
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)
1,686
4,472
517
792
367
526
375
419
(544)
8,610
Total Identified Items
—
—
—
—
—
—
—
—
—
—
Earnings/(Loss) Excl. Identified Items
(non-GAAP)
1,686
4,472
517
792
367
526
375
419
(544)
8,610
Second Quarter 2024
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)
2,430
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
YTD 2024
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)
5,170
13,722
1,803
1,828
1,397
1,060
1,226
1,080
(1,216)
26,070
Total Identified Items
—
—
—
—
—
—
—
—
—
—
Earnings/(Loss) Excl. Identified Items
(non-GAAP)
5,170
13,722
1,803
1,828
1,397
1,060
1,226
1,080
(1,216)
26,070
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)
4,118
13,041
4,794
4,141
1,148
300
1,150
914
(1,226)
28,380
Identified Items
Tax-related items
—
(184)
—
(45)
—
—
—
—
—
(229)
Total Identified Items
—
(184)
—
(45)
—
—
—
—
—
(229)
Earnings/(Loss) Excl. Identified Items
(non-GAAP)
4,118
13,225
4,794
4,186
1,148
300
1,150
914
(1,226)
28,609
ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
3Q24
2Q24
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil, thousand barrels per day
(kbd)
YTD
2024
YTD
2023
1,444
1,261
United States
1,174
787
772
760
Canada/Other Americas
770
648
4
4
Europe
4
4
199
215
Africa
213
218
734
714
Asia
719
721
34
30
Australia/Oceania
31
37
3,187
2,984
Worldwide
2,911
2,415
3Q24
2Q24
Net natural gas production available for
sale, million cubic feet per day (mcfd)
YTD
2024
YTD
2023
3,140
2,900
United States
2,762
2,328
103
114
Canada/Other Americas
103
96
350
331
Europe
353
429
140
167
Africa
152
116
3,347
3,486
Asia
3,369
3,491
1,289
1,245
Australia/Oceania
1,254
1,303
8,369
8,243
Worldwide
7,993
7,763
4,582
4,358
Oil-equivalent production (koebd)¹
4,243
3,709
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
3Q24
2Q24
Refinery throughput, thousand barrels per
day (kbd)
YTD
2024
YTD
2023
1,855
1,746
United States
1,834
1,819
389
387
Canada
395
407
1,135
987
Europe
1,026
1,217
449
446
Asia Pacific
432
515
157
174
Other
169
171
3,985
3,740
Worldwide
3,856
4,129
3Q24
2Q24
Energy Products sales, thousand barrels
per day (kbd)
YTD
2024
YTD
2023
2,822
2,639
United States
2,680
2,610
2,758
2,681
Non-U.S.
2,699
2,887
5,580
5,320
Worldwide
5,378
5,496
2,281
2,243
Gasolines, naphthas
2,234
2,299
1,796
1,718
Heating oils, kerosene, diesel
1,752
1,815
366
344
Aviation fuels
350
338
199
181
Heavy fuels
198
224
938
834
Other energy products
844
820
5,580
5,320
Worldwide
5,378
5,496
3Q24
2Q24
Chemical Products sales, thousand metric
tons (kt)
YTD
2024
YTD
2023
1,707
1,802
United States
5,356
5,036
3,123
3,071
Non-U.S.
9,401
9,570
4,830
4,873
Worldwide
14,757
14,606
3Q24
2Q24
Specialty Products sales, thousand metric
tons (kt)
YTD
2024
YTD
2023
488
506
United States
1,489
1,489
1,471
1,428
Non-U.S.
4,363
4,268
1,959
1,933
Worldwide
5,852
5,758
ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION
EXPENDITURES
3Q24
2Q24
Dollars in millions (unless otherwise
noted)
YTD
2024
YTD
2023
Upstream
3,017
2,773
United States
8,059
6,555
2,731
2,974
Non-U.S.
8,018
7,436
5,748
5,747
Total
16,077
13,991
Energy Products
211
185
United States
575
968
370
367
Non-U.S.
1,085
1,095
581
552
Total
1,660
2,063
Chemical Products
192
157
United States
501
540
333
345
Non-U.S.
959
1,321
525
502
Total
1,460
1,861
Specialty Products
27
21
United States
56
41
66
73
Non-U.S.
207
264
93
94
Total
263
305
Other
212
144
Other
577
348
7,159
7,039
Worldwide
20,037
18,568
CASH CAPITAL EXPENDITURES
3Q24
2Q24
Dollars in millions (unless otherwise
noted)
YTD
2024
YTD
2023
6,160
6,235
Additions to property, plant and
equipment
17,469
15,691
207
314
Net investments and advances
727
927
6,367
6,549
Total Cash Capital Expenditures
18,196
16,618
ATTACHMENT VI
KEY FIGURES: EARNINGS/(LOSS)
Results Summary
3Q24
2Q24
Change
vs
2Q24
Dollars in millions (except per share
data)
YTD
2024
YTD
2023
Change
vs YTD
2023
8,610
9,240
-630
Earnings (U.S. GAAP)
26,070
28,380
-2,310
8,610
9,240
-630
Earnings Excluding Identified Items
(non-GAAP)
26,070
28,609
-2,539
1.92
2.14
-0.22
Earnings Per Common Share ¹
6.12
6.98
-0.86
1.92
2.14
-0.22
Earnings Excl. Identified Items per Common
Share (non-GAAP) ¹
6.12
7.04
-0.92
7,159
7,039
+120
Capital and Exploration Expenditures
20,037
18,568
+1,469
1 Assuming dilution.
ATTACHMENT VII
KEY FIGURES: EARNINGS/(LOSS) BY
QUARTER
Dollars in millions (unless otherwise
noted)
2024
2023
2022
2021
2020
First Quarter
8,220
11,430
5,480
2,730
(610)
Second Quarter
9,240
7,880
17,850
4,690
(1,080)
Third Quarter
8,610
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 Quarter
2.06
2.79
1.28
0.64
(0.14)
Second Quarter
2.14
1.94
4.21
1.10
(0.26)
Third Quarter
1.92
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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