ExxonMobil Earns $14.3 Billion in 2019; $5.7 Billion in Fourth Quarter

  • Achieved first oil in Guyana, ahead of schedule; resource estimate increases to over 8 billion barrels
  • Grew fourth quarter liquids production by 4 percent over the prior year, driven by Permian Basin
  • Generated $29.7 billion of cash flow from operating activities in 2019; $6.4 billion in fourth quarter
Jan 31, 2020 - 07:30 AM EST

Dateline:

IRVING, Texas

Public Company Information:

NYSE:
XOM

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM):

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

   

Third

   

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

 

 

   

Quarter

   

 

 

 

Twelve Months

 

 

 

 

 

2019

2018

 

 

%

   

2019

   

%

 

 

2019

   

2018

 

 

%

Earnings Summary

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

 

 

 

 

Earnings (U.S. GAAP)

 

5,690

6,000

 

 

-5

   

3,170

   

79

 

 

14,340

   

20,840

 

 

-31

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

 

 

 

 

Earnings Per Common Share

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

 

 

 

 

Assuming Dilution

 

1.33

1.41

 

 

-6

   

0.75

   

77

 

 

3.36

   

4.88

 

 

-31

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

 

 

 

Capital and Exploration

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

 

 

 

Expenditures

 

8,460

7,843

 

 

8

   

7,719

   

10

 

 

31,148

   

25,923

 

 

20

Exxon Mobil Corporation (NYSE:XOM) today announced estimated fourth quarter 2019 earnings of $5.7 billion, or $1.33 per share assuming dilution. Earnings included favorable identified items of about $3.9 billion, or $0.92 per share assuming dilution, mainly a $3.7 billion gain from the Norway upstream divestment. Capital and exploration expenditures were $8.5 billion, including key investments in the Permian Basin.

Oil-equivalent production was in line with the fourth quarter of 2018, at 4 million barrels per day, with a 4 percent increase in liquids offset by a 5 percent decrease in gas. Excluding entitlement effects and divestments, liquids production increased 2 percent driven by Permian Basin growth, while natural gas volumes decreased 4 percent.

“Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results,” said Darren W. Woods, chairman and chief executive officer. “Growth in demand for the products that underpin our businesses remains strong. We remain focused on improving our base businesses, driving efficiencies, and optimizing the value of our investment portfolio.”

Fourth Quarter 2019 Business Highlights

 

Upstream

 

Average crude and natural gas realizations were essentially in line with third quarter.

 

Liquids volumes increased 2 percent from third quarter, on growth and lower scheduled maintenance. Natural gas volumes increased 5 percent driven by seasonal demand.

 

Permian unconventional development continued with production up 54 percent from the fourth quarter of last year.

 

Downstream

 

Industry fuels margins were significantly lower than third quarter, reflecting seasonally lower demand and increased supply from reduced industry maintenance.

 

Scheduled refinery maintenance was higher in the fourth quarter, including turnarounds at the company’s refineries in Beaumont, Texas, Altona (Australia), Fawley (United Kingdom), Nanticoke (Canada), Sarnia (Canada), and Sriracha (Thailand).

 

Chemical

 

Margins weakened further during the quarter from already depressed levels, with supply length from recent industry capacity additions and higher feed costs.

 

Strengthening the Portfolio

 

ExxonMobil announced that oil production started from the Liza field offshore Guyana, less than five years after the first discovery of hydrocarbons – well ahead of industry average. Gross production from the Liza Phase 1 development, located in the Stabroek block, is expected to reach capacity of 120,000 gross barrels of oil per day in coming months. A second floating production, storage and offloading vessel (FPSO), with production capacity up to 220,000 gross barrels of oil per day, is under construction to support the Liza Phase 2 development. During the quarter, the company also announced its 15th discovery on the Stabroek block, at the Mako-1 well southeast of the Liza field. Inclusive of other recent discoveries, the estimated recoverable resource offshore Guyana now exceeds 8 billion gross oil-equivalent barrels. ExxonMobil anticipates that by 2025 at least five FPSOs will be producing more than 750,000 gross barrels of oil per day.

 

The company completed the previously announced sale of its non-operated upstream assets in Norway to Vår Energi AS for $4.5 billion as part of its plans to divest approximately $15 billion in non-strategic assets by 2021. Estimated total cash flow from the divestment is around $4 billion after closing adjustments, including $2.9 billion received in the fourth quarter and estimated cash flow in future periods associated with deferred consideration of $0.3 billion and a refund of income tax payments of $0.6 billion. The corporation’s fourth quarter earnings include a $3.7 billion gain on the sale. 

Investing for Growth

 

ExxonMobil secured more than 1.7 million acres for exploration offshore Egypt during the quarter. The acquisition includes 1.2 million acres in the North Marakia Offshore block, which is located approximately five miles offshore Egypt’s northern coast in the Herodotus basin. The remaining 0.5 million acres are in the North East El Amriya Offshore block in the Nile Delta. Exploration activities are scheduled to begin in 2020.

 

 

ExxonMobil, Tencent, Tuhu and a distribution holding company announced a joint venture establishing an integrated car care network in China. Expected to launch in the spring of 2020, the venture will create a digital automotive maintenance ecosystem that integrates suppliers and customers of Mobil-branded lubricants and other vehicle maintenance products and services, while growing the strong Mobil lubricant brand and Mobil-branded car care network in China.

 

Advancing Innovative Technologies and Products

 

The company continues to progress the development of lower-emissions technologies to address the risks of climate change. ExxonMobil and FuelCell Energy, Inc. announced a new, two-year expanded joint-development agreement to further enhance carbonate fuel cell technology for the purpose of capturing carbon dioxide from industrial facilities. The agreement will focus efforts on optimizing the core technology, overall process integration and large-scale deployment of carbon capture solutions. ExxonMobil also signed an agreement with Porthos, the Port of Rotterdam’s transport hub and offshore storage project. The Porthos project intends to construct a pipeline system to collect carbon dioxide from industrial sites within the Port of Rotterdam and transport the molecules offshore for safe, secure and permanent geologic storage.

 

 

ExxonMobil extended its support of the Massachusetts Institute of Technology Energy Initiative’s (MITEI) low-carbon energy research and education mission by renewing its status as a founding member for another five years. This membership supports MITEI researchers as they evaluate innovative solutions to reduce carbon dioxide emissions in areas including carbon capture, energy storage, and mobility. The company also announced that it has signed agreements with two Indian Institute of Technology locations in Madras and Bombay, further expanding its extensive portfolio of research collaboration with India’s universities in the areas of biofuels and bio-products, gas transport and environment, and low-emissions technologies for the power and industrial sectors.

Earnings and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

4Q

 

4Q

 

 

 

 

(unless noted)

2019

 

2018

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

68

 

265

 

-197

 

Lower gas prices and higher growth-related expenses partly offset by prior year identified impairment item (+274)

Non-U.S.

6,069

 

3,048

 

+3,021

 

Norway asset sale (+3,679), other identified items (+364) and higher liquids realizations, partly offset by lower gas prices, higher maintenance and unfavorable tax impacts

Total

6,137

 

3,313

 

+2,824

 

Gas prices -680, liquids prices +230, volumes -140, expenses -130, tax -180, identified items +4,320, other -600

Production (koebd)

4,018

 

4,010

 

+8

 

Liquids +88 kbd: growth and higher entitlements, partly offset by higher downtime

 

Gas -479 mcfd: higher entitlements and growth, more than offset by higher downtime and divestments

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

U.S.

895

 

987

 

-92

 

Lower fuels margins including narrower North America crude differentials and unfavorable mark-to-market derivatives partly offset by reduced downtime/maintenance and LIFO inventory benefit (+420)

Non-U.S.

3

 

1,717

 

-1,714

 

Lower margins including unfavorable mark-to-market derivatives partly offset by portfolio/projects contribution and favorable foreign exchange; absence of prior year identified items (-945)

Total

898

 

2,704

 

-1,806

 

Margins -1,620, portfolio/projects +180, downtime/maintenance +100, LIFO inventory benefit +450, identified items -950, other +30

Petroleum Product Sales (kbd)

5,482

 

5,495

 

-13

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

U.S.

(2)

 

282

 

-284

 

Lower margins

Non-U.S.

(353)

 

455

 

-808

 

Lower margins, absence of identified tax item (-212), and higher growth-related expenses

Total

(355)

 

737

 

-1,092

 

Margins -670, identified items -210, growth-related expenses -130, other -80

Prime Product Sales (kt)

6,569

 

6,672

 

-103

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(990)

 

(754)

 

-236

 

Unfavorable tax impacts

Earnings and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

4Q

 

3Q

 

 

 

 

(unless noted)

2019

 

2019

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

68

 

37

 

+31

 

Higher gas prices

Non-U.S.

6,069

 

2,131

 

+3,938

 

Net favorable identified items (+3,947) and higher volumes

Total

6,137

 

2,168

 

+3,969

 

Prices +100, volumes +210, identified items +3,950, other -290

Production (koebd)

4,018

 

3,899

 

+119

 

Liquids +44 kbd: growth and higher entitlements, partly offset by divestments

 

Gas +450 mcfd: higher demand and entitlements, partly offset by divestments

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

U.S.

895

 

673

 

+222

 

Lower margins including unfavorable mark-to-market derivatives; improved reliability and favorable yield/sales mix exceed increased scheduled maintenance; LIFO inventory benefit (+460)

Non-U.S.

3

 

557

 

-554

 

Lower margins including unfavorable mark-to-market derivatives; improved reliability, projects contribution, favorable foreign exchange and LIFO inventory benefit (+80) exceed higher seasonal expenses

Total

898

 

1,230

 

-332

 

Margins -770, yield/sales mix +60, portfolio/projects +40, downtime/maintenance +40, foreign exchange +60, seasonal expenses -250, LIFO inventory benefit +540, other -50

Petroleum Product Sales (kbd)

5,482

 

5,504

 

-22

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

U.S.

(2)

 

53

 

-55

 

Lower margins

Non-U.S.

(353)

 

188

 

-541

 

Lower margins and higher growth-related expenses

Total

(355)

 

241

 

-596

 

Margins -410, growth-related expenses -160, other -30

 

 

Prime Product Sales (kt)

6,569

 

6,476

 

+93

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(990)

 

(469)

 

-521

 

Unfavorable tax impacts including absence of identified item (-307)

 

 

 

 

 

 

 

 

Earnings and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

Full Year

 

Full Year

 

 

 

 

(unless noted)

2019

 

2018

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

536

 

1,739

 

-1,203

 

Lower prices; unconventional growth partly offset by higher expenses; prior year identified impairment item (+274) and net unfavorable one-time items

Non-U.S.

13,906

 

12,340

 

+1,566

 

Net favorable identified items (+3,893) and higher liquids volumes, partly offset by lower prices, higher production expenses and net unfavorable one-time items

Total

14,442

 

14,079

 

+363

 

Prices -2,710, volume +860, expenses -1,100, identified items +4,170, net unfavorable one-time items -830, other -30

Production (koebd)

3,952

 

3,833

 

+119

 

Liquids +120 kbd: growth and higher entitlements

 

Gas -11 mcfd: divestments and higher downtime offset by growth and higher entitlements

Downstream

 

 

 

 

 

 

 

U.S.

1,717

 

2,962

 

-1,245

 

Lower margins including narrower North America crude differentials; improved reliability more than offset by increased scheduled maintenance; LIFO inventory benefit (+420)

Non-U.S.

606

 

3,048

 

-2,442

 

Lower margins including unfavorable mark-to-market derivatives; projects contribution and favorable foreign exchange; absence of prior year identified items (-945)

Total

2,323

 

6,010

 

-3,687

 

Margins -2,980, portfolio/projects +350, downtime/maintenance -650, LIFO inventory benefit +450, identified items -950, other +90

Petroleum Product Sales (kbd)

5,452

 

5,512

 

-60

 

 

Chemical

 

 

 

 

 

 

 

U.S.

206

 

1,642

 

-1,436

 

Lower margins, higher downtime/maintenance, lower volumes, and higher growth-related expenses

Non-U.S.

386

 

1,709

 

-1,323

 

Lower margins; reduced downtime/maintenance, contributions from new assets; absence of identified tax item (-212), unfavorable foreign exchange and lower volumes

Total

592

 

3,351

 

-2,759

 

Margins -1,820, new assets +60, volumes -260, identified items -210, growth-related expenses -140, foreign exchange -140, downtime/maintenance -110, other -140

Prime Product Sales (kt)

26,516

 

26,869

 

-353

 

 

Corporate and financing

(3,017)

 

(2,600)

 

-417

 

Unfavorable tax impacts and higher financing costs

Cash Flow from Operations and Asset Sales excluding Working Capital

 

 

 

 

 

 

 

 

Millions of Dollars

 

 

4Q

 

 

 

 

 

 

 

2019

 

Comments

Net income including noncontrolling interests

 

5,730

 

Including $40 million for noncontrolling interests

Depreciation

 

4,923

 

 

 

 

Changes in working capital

 

(1,641)

 

Lower payables, inventory impacts

Other

 

(2,660)

 

Includes adjustment for Norway divestment gain and noncash identified tax item

Cash Flow from Operating

 

6,352

 

 

 

 

Activities (U.S. GAAP)

 

 

 

 

 

 

 

Asset sales

 

3,092

 

Mainly Norway upstream divestment

Cash Flow from Operations

 

9,444

 

 

 

 

and Asset Sales

 

 

 

 

 

 

Changes in working capital

 

 

1,641

 

 

 

 

Cash Flow from Operations

 

11,085

 

 

 

 

and Asset Sales excluding Working Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

 

FY

 

 

 

 

 

 

 

2019

 

Comments

Net income including noncontrolling interests

 

14,774

 

Including $434 million for noncontrolling interests

Depreciation

 

18,998

 

 

 

 

Changes in working capital

 

923

 

Mainly driven by higher payables

Other

 

(4,979)

 

Includes adjustment for Norway divestment gain, equity company earnings greater than dividends, and adjustment for noncash identified items

Cash Flow from Operating

 

29,716

 

 

 

 

Activities (U.S. GAAP)

 

 

 

 

 

 

 

Asset sales

 

3,692

 

Including Norway upstream divestment and Mobile Bay sale

Cash Flow from Operations

 

33,408

 

 

 

 

and Asset Sales

 

 

 

 

 

 

Changes in working capital

 

 

(923)

 

 

 

 

Cash Flow from Operations

 

32,485

 

 

 

 

and Asset Sales excluding Working Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months 2019 Financial Updates

During 2019, Exxon Mobil Corporation purchased 5 million shares of its common stock for the treasury at a gross cost of $414 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on January 31, 2020. To listen to the event or access an archived replay, please visit www.exxonmobil.com .

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including business and project plans, capacities, costs, and timing; resource recoveries and production rates; and the impact of new technologies, including to increase capital efficiency and production and to reduce greenhouse gas emissions, could differ materially due to a number of factors. These include global or regional changes in supply and demand for oil, gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; the impact of commercial terms and the outcome of commercial negotiations or acquisitions; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; war, trade agreements and patterns, shipping blockades or harassment, and other political, public health, or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies between business lines; unforeseen technical or operating difficulties; unexpected technological developments; the ability to bring new technologies to commercial scale on a cost-competitive basis, including large-scale hydraulic fracturing projects; general economic conditions including the occurrence and duration of economic recessions; the results of research programs; and other factors discussed under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com and in Item 1A of ExxonMobil’s 2018 Form 10-K. We assume no duty to update these statements as of any future date.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe 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 is shown for 2019 periods on page 7 and for 2019 and 2018 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our 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 is shown for 2019 periods on page 7 and for 2019 and 2018 periods in Attachment V.

This press release also includes earnings excluding identified items, which are earnings excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings impact of an identified item for an individual segment may be less than $250 million when the item impacts several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2019 and 2018 periods in Attachment II.

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. We believe 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 as part of the Estimated Key Financial and Operating Data in Attachment I.

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash flow from operations and asset sales”, and “Total taxes including sales‑based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.

LIFO Inventory

Crude oil, products and merchandise inventories are carried at the lower of current market value or cost, generally determined under the last-in first-out method (LIFO). The corporation’s results for the fourth quarters of 2019 and 2018 included a gain of $523 million and $107 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns driven by operational fluctuations in the corporation’s inventory levels.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

 

Estimated Key Financial and Operating Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment I

Exxon Mobil Corporation

Fourth Quarter 2019

(millions of dollars, unless noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Third
Quarter

 

Twelve Months

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Earnings / Earnings Per Share

 

 

 

 

 

 

 

 

 

Total revenues and other income

67,173

 

71,895

 

65,049

 

264,938

 

290,212

Total costs and other deductions

60,759

 

63,774

 

60,328

 

244,882

 

259,259

Income before income taxes

6,414

 

8,121

 

4,721

 

20,056

 

30,953

 

Income taxes

684

 

1,915

 

1,474

 

5,282

 

9,532

Net income including noncontrolling interests

5,730

 

6,206

 

3,247

 

14,774

 

21,421

 

Net income attributable to noncontrolling interests

40

 

206

 

77

 

434

 

581

Net income attributable to ExxonMobil (U.S. GAAP)

5,690

 

6,000

 

3,170

 

14,340

 

20,840

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (dollars)

1.33

 

1.41

 

0.75

 

3.36

 

4.88

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

- assuming dilution (dollars)

1.33

 

1.41

 

0.75

 

3.36

 

4.88

 

 

 

 

 

 

 

 

 

 

 

 

Exploration expenses, including dry holes

357

 

555

 

299

 

1,269

 

1,466

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

 

Dividends on common stock

 

 

 

 

 

 

 

 

 

 

Total

3,716

 

3,502

 

3,716

 

14,652

 

13,798

 

Per common share (dollars)

0.87

 

0.82

 

0.87

 

3.43

 

3.23

 

 

 

 

 

 

 

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

 

 

 

 

 

 

At period end

 

 

 

 

 

 

4,234

 

4,237

 

Average - assuming dilution

4,269

 

4,270

 

4,271

 

4,270

 

4,270

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of equity at period end

 

 

 

 

 

 

191,650

 

191,794

ExxonMobil share of capital employed at period end

 

 

 

 

 

 

240,925

 

232,280

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

684

 

1,915

 

1,474

 

5,282

 

9,532

Total other taxes and duties

8,416

 

8,473

 

8,317

 

33,186

 

35,230

 

Total taxes

9,100

 

10,388

 

9,791

 

38,468

 

44,762

Sales-based taxes

5,205

 

5,444

 

5,228

 

20,679

 

21,750

 

Total taxes including sales-based taxes

14,305

 

15,832

 

15,019

 

59,147

 

66,512

 

 

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of income taxes of

 

 

 

 

 

 

 

 

 

equity companies

714

 

992

 

426

 

2,490

 

3,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment II

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Fourth Quarter 2019

(millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Third
Quarter

 

Twelve Months

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Earnings (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

United States

68

 

265

 

37

 

536

 

1,739

 

Non-U.S.

6,069

 

3,048

 

2,131

 

13,906

 

12,340

Downstream

 

 

 

 

 

 

 

 

 

 

United States

895

 

987

 

673

 

1,717

 

2,962

 

Non-U.S.

3

 

1,717

 

557

 

606

 

3,048

Chemical

 

 

 

 

 

 

 

 

 

 

United States

(2)

 

282

 

53

 

206

 

1,642

 

Non-U.S.

(353)

 

455

 

188

 

386

 

1,709

Corporate and financing

(990)

 

(754)

 

(469)

 

(3,017)

 

(2,600)

Net income attributable to ExxonMobil

5,690

 

6,000

 

3,170

 

14,340

 

20,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identified Items Included in Earnings

 

 

 

 

 

 

 

 

 

U.S. Upstream

 

 

 

 

 

 

 

 

 

 

Other Items

-

 

(274)

 

-

 

-

 

(274)

Non-U.S. Upstream

 

 

 

 

 

 

 

 

 

 

Asset Management

3,679

 

-

 

-

 

3,679

 

366

 

Tax Items

268

 

-

 

-

 

755

 

271

 

Other Items

-

 

(96)

 

-

 

-

 

(96)

Non-U.S. Downstream

 

 

 

 

 

 

 

 

 

 

Asset Management

-

 

888

 

-

 

-

 

888

 

Tax Items

-

 

57

 

-

 

(9)

 

57

Non-U.S. Chemical

 

 

 

 

 

 

 

 

 

 

Tax Items

-

 

212

 

-

 

2

 

212

Corporate and financing

 

 

 

 

 

 

 

 

 

 

Asset Management

(24)

 

(6)

 

-

 

(24)

 

(6)

 

Tax Items

-

 

-

 

307

 

332

 

348

Corporate total

3,923

 

781

 

307

 

4,735

 

1,766

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Excluding Identified Items

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

United States

68

 

539

 

37

 

536

 

2,013

 

Non-U.S.

2,122

 

3,144

 

2,131

 

9,472

 

11,799

Downstream

 

 

 

 

 

 

 

 

 

 

United States

895

 

987

 

673

 

1,717

 

2,962

 

Non-U.S.

3

 

772

 

557

 

615

 

2,103

Chemical

 

 

 

 

 

 

 

 

 

 

United States

(2)

 

282

 

53

 

206

 

1,642

 

Non-U.S.

(353)

 

243

 

188

 

384

 

1,497

Corporate and financing

(966)

 

(748)

 

(776)

 

(3,325)

 

(2,942)

Corporate total

1,767

 

5,219

 

2,863

 

9,605

 

19,074

 

 

 

 

 

 

 

 

 

 

Attachment III

 

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Fourth Quarter 2019

 

 

 

 

 

Fourth Quarter

 

Third
Quarter

 

Twelve Months

 

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Net production of crude oil, natural gas

 

 

 

 

 

 

 

 

 

liquids, bitumen and synthetic oil,

 

 

 

 

 

 

 

 

 

thousand barrels per day (kbd)

 

 

 

 

 

 

 

 

 

 

 

United States

665

 

583

 

654

 

646

 

551

 

 

Canada / Other Americas

487

 

474

 

464

 

467

 

438

 

 

Europe

93

 

122

 

113

 

108

 

132

 

 

Africa

366

 

376

 

371

 

372

 

387

 

 

Asia

780

 

745

 

738

 

748

 

711

 

 

Australia / Oceania

45

 

48

 

52

 

45

 

47

 

 

 

Worldwide

2,436

 

2,348

 

2,392

 

2,386

 

2,266

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas production available for sale,

 

 

 

 

 

 

 

 

 

million cubic feet per day (mcfd)

 

 

 

 

 

 

 

 

 

 

 

United States

2,713

 

2,581

 

2,883

 

2,778

 

2,574

 

 

Canada / Other Americas

287

 

247

 

254

 

258

 

227

 

 

Europe

1,508

 

1,943

 

1,004

 

1,457

 

1,653

 

 

Africa

10

 

16

 

7

 

7

 

13

 

 

Asia

3,753

 

3,804

 

3,433

 

3,575

 

3,613

 

 

Australia / Oceania

1,224

 

1,383

 

1,464

 

1,319

 

1,325

 

 

 

Worldwide

9,495

 

9,974

 

9,045

 

9,394

 

9,405

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil-equivalent production (koebd)1

4,018

 

4,010

 

3,899

 

3,952

 

3,833

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

 

 

 

 

 

 

 

 

 

Attachment IV

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Fourth Quarter 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Third
Quarter

 

Twelve Months

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Refinery throughput (kbd)

 

 

 

 

 

 

 

 

 

 

United States

1,675

 

1,661

 

1,647

 

1,532

 

1,588

 

Canada

322

 

408

 

363

 

353

 

392

 

Europe

1,304

 

1,366

 

1,325

 

1,317

 

1,422

 

Asia Pacific

570

 

670

 

532

 

598

 

706

 

Other

182

 

193

 

185

 

181

 

164

 

 

Worldwide

4,053

 

4,298

 

4,052

 

3,981

 

4,272

 

 

 

 

 

 

 

 

 

 

 

Petroleum product sales (kbd)

 

 

 

 

 

 

 

 

 

 

United States

2,356

 

2,230

 

2,336

 

2,292

 

2,210

 

Canada

444

 

516

 

492

 

476

 

510

 

Europe

1,456

 

1,474

 

1,508

 

1,479

 

1,556

 

Asia Pacific

729

 

825

 

700

 

738

 

815

 

Other

497

 

450

 

468

 

467

 

421

 

 

Worldwide

5,482

 

5,495

 

5,504

 

5,452

 

5,512

 

 

 

 

 

 

 

 

 

 

 

 

Gasolines, naphthas

2,276

 

2,183

 

2,255

 

2,220

 

2,217

 

Heating oils, kerosene, diesel

1,903

 

1,915

 

1,833

 

1,867

 

1,840

 

Aviation fuels

399

 

376

 

445

 

406

 

402

 

Heavy fuels

217

 

387

 

261

 

270

 

395

 

Specialty products

687

 

634

 

710

 

689

 

658

 

 

Worldwide

5,482

 

5,495

 

5,504

 

5,452

 

5,512

 

 

 

 

 

 

 

 

 

 

Chemical prime product sales,

 

 

 

 

 

 

 

 

 

thousand metric tons (kt)

 

 

 

 

 

 

 

 

 

 

United States

2,294

 

2,577

 

2,216

 

9,127

 

9,824

 

Non-U.S.

4,275

 

4,095

 

4,260

 

17,389

 

17,045

 

 

Worldwide

6,569

 

6,672

 

6,476

 

26,516

 

26,869

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment V

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Fourth Quarter 2019

(millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Third
Quarter

 

Twelve Months

 

 

 

2019

 

2018

 

2019

 

2019

 

2018

Capital and Exploration Expenditures

 

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

 

 

United States

2,848

 

2,630

 

3,002

 

11,653

 

7,670

 

 

Non-U.S.

3,243

 

3,620

 

2,789

 

11,832

 

12,524

 

 

Total

6,091

 

6,250

 

5,791

 

23,485

 

20,194

 

Downstream

 

 

 

 

 

 

 

 

 

 

 

United States

725

 

325

 

590

 

2,353

 

1,186

 

 

Non-U.S.

635

 

541

 

479

 

2,018

 

2,243

 

 

Total

1,360

 

866

 

1,069

 

4,371

 

3,429

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

United States

786

 

579

 

656

 

2,547

 

1,747

 

 

Non-U.S.

213

 

132

 

196

 

718

 

488

 

 

Total

999

 

711

 

852

 

3,265

 

2,235

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

10

 

16

 

7

 

27

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

8,460

 

7,843

 

7,719

 

31,148

 

25,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations and asset sales excluding working capital

 

 

 

 

 

 

Net cash provided by operating activities

 

 

 

 

 

 

 

 

 

(U.S. GAAP)

6,352

 

8,607

 

9,079

 

29,716

 

36,014

Proceeds associated with asset sales

3,092

 

884

 

460

 

3,692

 

4,123

Cash flow from operations and asset sales

9,444

 

9,491

 

9,539

 

33,408

 

40,137

Changes in working capital

1,641

 

1,331

 

(1,550)

 

(923)

 

1,356

Cash flow from operations and asset sales

11,085

 

10,822

 

7,989

 

32,485

 

41,493

 

 

excluding working capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment VI

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

Earnings

 

 

 

 

 

 

$ Millions

 

$ Per Common Share 1

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

First Quarter

 

4,940

 

 

1.17

 

 

Second Quarter

 

4,190

 

 

1.00

 

 

Third Quarter

 

4,240

 

 

1.01

 

 

Fourth Quarter

 

2,780

 

 

0.67

 

 

 

 

Year

 

16,150

 

 

3.85

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

First Quarter

 

1,810

 

 

0.43

 

 

Second Quarter

 

1,700

 

 

0.41

 

 

Third Quarter

 

2,650

 

 

0.63

 

 

Fourth Quarter

 

1,680

 

 

0.41

 

 

 

 

Year

 

7,840

 

 

1.88

 

 

 

 

 

 

 

 

 

 

2017

 

 

 

 

 

 

 

First Quarter

 

4,010

 

 

0.95

 

 

Second Quarter

 

3,350

 

 

0.78

 

 

Third Quarter

 

3,970

 

 

0.93

 

 

Fourth Quarter

 

8,380

 

 

1.97

 

 

 

 

Year

 

19,710

 

 

4.63

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

First Quarter

 

4,650

 

 

1.09

 

 

Second Quarter

 

3,950

 

 

0.92

 

 

Third Quarter

 

6,240

 

 

1.46

 

 

Fourth Quarter

 

6,000

 

 

1.41

 

 

 

 

Year

 

20,840

 

 

4.88

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

First Quarter

 

2,350

 

 

0.55

 

 

Second Quarter

 

3,130

 

 

0.73

 

 

Third Quarter

 

3,170

 

 

0.75

 

 

Fourth Quarter

 

5,690

 

 

1.33

 

 

 

 

Year

 

14,340

 

 

3.36

 

 

 

 

 

 

 

 

 

 

 

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

 

Contact:

ExxonMobil
Media Relations, 972-940-6007

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