Fourth Quarter and Full-Year 2020 Results
- Fourth quarter loss of $20.1 billion included unfavorable
identified items of $20.2 billion, primarily non-cash impairments;
earnings excluding identified items were $110 million, or $0.03 per
share assuming dilution
- Exceeded cost-reduction objectives, with 2020 capital spending
of $21 billion below target by $2 billion; cash operating expense
more than 15% below 2019, of which $3 billion is a structural
reduction
- Met 2020 methane emissions (15%) and flaring (25%) reduction
targets versus 20161, and announced 2025 emission reduction plans;
projected to be consistent with the Paris Agreement
Management Perspectives on Forward Plans
- Additional annual structural operating expense reductions of $3
billion expected by 2023, resulting in total annual structural
reductions of $6 billion versus 2019
- Cash flow this year expected to cover capex and maintain
dividend and strong balance sheet. Assumptions include Brent prices
of $50 per barrel and lowest annual Downstream and Chemical margins
during 2010-2019; portfolio flexibility enables further
adjustments
- ExxonMobil Low Carbon Solutions business created and new
independent director elected
Exxon Mobil Corporation (NYSE:XOM)
Third
Fourth Quarter
Quarter
Twelve Months
2020
2019
2020
2020
2019
Results Summary
(Dollars in millions, except per share
data)
Earnings/(Loss) (U.S. GAAP)
(20,070)
5,690
(680)
(22,440)
14,340
Earnings/(Loss) Per Common Share
Assuming Dilution
(4.70)
1.33
(0.15)
(5.25)
3.36
Identified Items Per Common Share
Assuming Dilution
(4.73)
0.92
0.03
(4.92)
1.11
Earnings/(Loss) Excluding Identified
Items
Per Common Share Assuming Dilution
0.03
0.41
(0.18)
(0.33)
2.25
Capital and Exploration Expenditures
4,771
8,460
4,133
21,374
31,148
________________________________
1 Compared to 2016 levels based on assets
operated by ExxonMobil. Preliminary analysis assumes performance
from OBO assets is similar to 2019.
Exxon Mobil Corporation today announced an estimated fourth
quarter 2020 loss of $20.1 billion, or $4.70 per share assuming
dilution. Fourth quarter capital and exploration expenditures were
$4.8 billion, bringing full-year spending to $21.4 billion, $9.8
billion lower than the prior year.
Oil-equivalent production in the fourth quarter was 3.7 million
barrels per day, consistent with the third quarter of 2020.
Production was reduced by government mandated curtailments.
Excluding entitlement effects, divestments, and government
mandates, liquids production increased 5 percent, while natural gas
volumes increased 2 percent.
“The past year presented the most challenging market conditions
ExxonMobil has ever experienced,” said Darren W. Woods, chairman
and chief executive officer. “While the effects of the pandemic
significantly impacted our 2020 results, our previously executed
strategic initiatives and reorganizations enabled us to respond
decisively to permanently improve our cost structure, drive greater
efficiencies across our businesses, and emerge a stronger company.
These improvements are expected to deliver structural expense
savings of $6 billion per year by 2023, relative to 2019.”
“We remain focused on increasing long-term value for our
shareholders by investing in our highest-return assets, preserving
the strength of the balance sheet, and paying a reliable dividend.
We’ve built a flexible capital program that is robust to a range of
market scenarios and focused on our highest-return opportunities to
drive greater cash flow, cover the dividend, and increase the
earnings potential of our business in the near and longer
term.”
Fourth Quarter and Full-Year 2020
Results and Business Highlights
Upstream
- Average realizations for crude oil were in line with the third
quarter. Natural gas realizations rose by 39 percent in the
quarter, reflecting market supply disruptions and seasonal
demand.
- Liquid volumes increased 2 percent from the third quarter
driven by lower maintenance and downtime. Natural gas volumes
decreased 2 percent driven by reduced entitlements.
- Upstream full-year 2020 reliability matched best-ever
performance with focus on best-in-class operations.
Downstream
- The Downstream delivered full-year cost reductions in line with
revised targets, and achieved best-ever personnel safety, process
safety, and reliability performance.
- Industry fuels margins improved slightly from the third
quarter, but remained near historic lows driven by market
oversupply and high product inventory levels. Lubricants delivered
strong fourth quarter and full-year performance underpinned by
improved margins and cost control, despite pandemic-related
challenges.
Chemical
- Fourth quarter earnings of $691 million represent the best
quarterly result since 2018, underpinned by strong safety and
operational performance, and advantages from integration with
refining. Chemical also achieved best-ever full-year 2020 personnel
safety, process safety, and reliability performance.
- Chemical sales volumes were even with the third quarter, while
industry margins strengthened on continued strong packaging demand,
automotive and durables market recovery and industry supply
disruptions.
- Achieved record full-year polyethylene sales driven by strong
performance from recent investments and growing demand for the
company's high-value performance products.
Strengthening the Portfolio
- During the quarter, production volumes in the Permian averaged
418,000 oil-equivalent barrels per day, an increase of 42 percent
from the prior year. Full-year 2020 production averaged 367,000
oil-equivalent barrels per day. Focus remains on lowering overall
development costs and increasing recovery through efficiency gains
and technology applications. Full-year 2020 drilling and completion
costs were more than 25 percent lower than 2019. Over the same
period, drilling rates (lateral feet per day) improved more than 20
percent and fracturing rates (stages per day) improved more than 30
percent.
- ExxonMobil continued to progress major deepwater development in
Guyana. Exploration, appraisal, and development drilling continues
across four rigs with plans to add additional rigs in the first
half of 2021. The Liza Phase 1 development, utilizing the Liza
Destiny floating production, storage, and offloading vessel (FPSO),
is producing at capacity of 120,000 gross barrels of oil per day.
The Liza Unity FPSO, which will be deployed for the second phase of
Liza development and will have a gross production capacity of
220,000 barrels of oil per day, is under construction and is
expected to start production in 2022. Payara, the third major phase
of development, which was fully funded in 2020, will also have a
gross production capacity of 220,000 barrels of oil per day and is
expected to start up in 2024.
Disciplined Investing and Cost Management
- ExxonMobil exceeded its commitments to reduce capital and cash
operating expenses. Full-year 2020 capital spending of $21.4
billion was nearly $12 billion, or 35 percent, lower than the
initial $33 billion plan, and $2 billion below the revised $23
billion plan, reflecting project pacing and optimization, increased
efficiencies, and lower market prices. Cash operating expenses for
the year were 15 percent lower than 2019, capturing savings from
increased efficiencies, reduced activity, and lower energy
costs.
- Driven by the growing strength of ExxonMobil's investment
portfolio, less strategic assets were removed from the company's
Upstream development plan, including certain dry gas resources in
the United States, western Canada and Argentina. Total non-cash,
after-tax fourth quarter impairment charges were $19.3
billion.
- As a result of ExxonMobil's ongoing country-by-country
workforce assessments and associated reductions, the company's
fourth quarter results include an identified item for after-tax
severance charges of $326 million.
Management Perspectives on Forward
Plans
Achieving Structural Cost Reductions
In 2020, ExxonMobil reduced annual cash operating expenses by $8
billion, of which $3 billion are structural reductions. The Company
expects to generate additional annual savings of $3 billion by
2023, resulting in total structural annual expense reductions of $6
billion, including savings from a global workforce reduction.
Newly created value chain organizations for ExxonMobil’s
businesses present ongoing opportunities to better leverage the
scale and integration of the corporation and drive further expense
reductions. These cost savings will improve long-term net cash
margins, and enhance earnings power and cash generation. ExxonMobil
will continue to evaluate its organization and cost structure to
identify additional opportunities to reduce operating expenses.
Capital Investments Flexible to Market Condition
The company expects 2021 cash flow to cover capital expenditures
while maintaining the dividend and a strong balance sheet. These
expectations are valid at Brent prices of $50 per barrel and at the
lowest annual Downstream and Chemical margins during 2010-2019.
Should the price and margin environment fall below these levels,
capital expenditures can be further reduced to enable dividend
coverage and maintenance of balance sheet strength at Brent prices
of approximately $45 per barrel.
The company’s longer-term capital plan focuses on
cost-advantaged opportunities that lower breakeven oil prices even
further, maximizing free cash flow generation. Approximately 90
percent of ExxonMobil’s 2021-2025 upstream development capital
expenditure has a cost-of-supply of $35 Brent per barrel or lower.
The company’s integrated portfolio and low cost-of-supply upstream
projects enable it to maintain the dividend and fund annual
2022-2025 capital investments, while preserving balance sheet
strength, at Brent prices between $45 and $50 per barrel, assuming
2010-2019 average Downstream and Chemical margins. The 2021-2025
start-ups are expected to generate approximately 40 percent of
operating cash flows in 2025. Should prices fall below $45 per
barrel, the company has the ability to further reduce capital
investments, cover the dividend and maintain a strong balance
sheet.
The company’s strategy is to improve earnings power and cash
generation by developing low cost-of-supply, high-value projects
that are resilient to challenging market environments. Making these
industry-advantaged investments in today’s market, while covering
the dividend and maintaining a strong balance sheet, improves
capital efficiency and positions the company to capture even more
upside should commodity prices and margins increase during the
period. An update on these initiatives will be provided during the
company’s March Investor Day and as the year progresses.
Reducing Emissions and Advancing Low Carbon Solutions
ExxonMobil has announced the creation of a new business –
ExxonMobil Low Carbon Solutions – to commercialize its extensive
low-carbon technology portfolio. The organization will advance
plans for more than 20 new carbon capture and sequestration (CCS)
opportunities around the world to enable large-scale emission
reductions.
ExxonMobil Low Carbon Solutions builds on more than two decades
of R&D for lower emission solutions, efficiency improvements in
operations and an industry leading CCS position, all of which have
enabled ExxonMobil to reduce its Scope 1 and Scope 2 greenhouse gas
emissions from operated assets by 6 percent since the adoption of
the Paris Agreement in 20162.
In the fourth quarter, ExxonMobil announced plans to further
reduce the intensity of its operated upstream greenhouse gas
emissions by 15 to 20 percent by 2025, compared to 2016 levels.
This will be supported by a 40 to 50 percent decrease in methane
intensity, and a 35 to 45 percent decrease in flaring intensity
across its global operations. The 2025 emission reduction plans are
expected to reduce absolute greenhouse gas emissions by an
estimated 30 percent for the Company’s upstream business.
Similarly, absolute flaring and methane emissions are expected to
decrease by 40 to 50 percent. The emission reduction plans, which
cover Scope 1 and Scope 2 emissions from operated assets, are
projected to be consistent with the goals of the Paris Agreement
and position ExxonMobil to be an industry leader in greenhouse gas
performance by 2030. The Company’s plans are outlined in its newly
released Energy & Carbon Summary.
At year-end 2020, the Company achieved its earlier emission
reduction goals outlined in 2018. These included a 15 percent
reduction in methane emissions versus 2016 levels, and 25 percent
reduction in flaring versus 2016 levels3.
Ongoing Board Refreshment
ExxonMobil announced today the election of Tan Sri Wan Zulkiflee
Wan Ariffin, former Petronas president and Group CEO, to its board
of directors. ExxonMobil continues discussions with other director
candidates with a range of skills sets for potential addition to
its board, as part of its ongoing refreshment process. The board
expects to take further action in the near term.
________________________________
2 As of 2019.
3 Compared to 2016 levels based on assets
operated by ExxonMobil. Preliminary analysis assumes performance
from OBO assets is similar to 2019.
Results
and Volume Summary
Millions of Dollars
4Q
4Q
(unless noted)
2020
2019
Change
Comments
Upstream
U.S.
(16,803)
68
-16,871
Lower liquids prices partly offset by
reduced expenses and higher volumes; unfavorable identified item
(impairment -16,777)
Non-U.S.
(1,729)
6,069
-7,798
Lower prices and reduced volumes, partly
offset by favorable one-time tax items and reduced expenses;
unfavorable identified items (prior year Norway divestment -3,679,
impairment -2,203, net tax items -565)
Total
(18,532)
6,137
-24,669
Prices -2,150, volume +20, expenses
+350, identified items -23,220, other +330
Production (koebd)
3,689
4,018
-329
Liquids -111 kbd: government mandates and
divestments, partly offset by lower downtime/maintenance and growth
Gas -1,310 mcfd: reduced demand, lower entitlements and
divestments
Downstream
U.S.
(514)
895
-1,409
Lower margins on weaker industry refining
conditions and unfavorable LIFO inventory impact (-536), partly
offset by reduced expenses and net favorable one-time items
Non-U.S.
(697)
3
-700
Lower margins on weaker industry refining
conditions, lower market demand, and net unfavorable one-time
items, partly offset by reduced expenses and favorable LIFO
inventory impact (+124); unfavorable identified items (impairment
-258, tax item -262)
Total
(1,211)
898
-2,109
Margins -1,540, market demand -100,
expenses +440, manufacturing / yield improvement +70, identified
items -520, LIFO/other -460
Petroleum Product Sales (kbd)
4,833
5,482
-649
Chemical
U.S.
461
(2)
+463
Higher margins and lower expenses
Non-U.S.
230
(353)
+583
Higher margins and lower expenses partly
offset by unfavorable LIFO inventory impact (-71)
Total
691
(355)
+1,046
Margins +790, volumes +30, expenses
+340, identified items -20, LIFO/other -90
Prime Product Sales (kt)
6,643
6,569
+74
Corporate and financing
(1,018)
(990)
-28
Identified items -337 (mainly
severance), largely offset by lower corporate costs and tax
impacts
Results
and Volume Summary
Millions of Dollars
4Q
3Q
(unless noted)
2020
2020
Change
Comments
Upstream
U.S.
(16,803)
(681)
-16,122
Higher prices and volumes; unfavorable
identified item (impairment -16,777)
Non-U.S.
(1,729)
298
-2,027
Higher prices, favorable one-time tax
items, and higher liquids volumes, partly offset by increased
exploration expenses and unfavorable foreign exchange effects;
unfavorable identified items (impairment -2,203, tax item -297)
Total
(18,532)
(383)
-18,149
Prices +650, volume +160, expenses -90,
identified items -19,270, other +400
Production (koebd)
3,689
3,672
+17
Liquids +39 kbd: lower
downtime/maintenance, higher demand including economic curtailment
recovery and growth, partly offset by government mandates and lower
entitlements
Gas -131 mcfd: lower entitlements and
increased downtime/maintenance, partly offset by higher demand
Downstream
U.S.
(514)
(136)
-378
Lower margins on the absence of prior
period favorable supply and trading impacts, higher maintenance
expenses, unfavorable LIFO inventory impact (-78), lower market
demand, and unfavorable foreign exchange impacts, partly offset by
net favorable one-time items and manufacturing / yield
improvement
Non-U.S.
(697)
(95)
-602
Lower margins on unfavorable
mark-to-market and product price lag, higher maintenance expenses,
and unfavorable tax impacts, partly offset by favorable LIFO
inventory impact (+207) and manufacturing / yield improvement;
unfavorable identified items (impairment -258, tax item -262)
Total
(1,211)
(231)
-980
Margins -430, market demand -40,
expenses -300, manufacturing / yield improvement +160, identified
items -530, LIFO/other +160
Petroleum Product Sales (kbd)
4,833
5,023
-190
Chemical
U.S.
461
357
+104
Higher margins
Non-U.S.
230
304
-74
Higher margins partly offset by higher
expenses on increased maintenance and unfavorable LIFO inventory
impact (-84); unfavorable identified items (-108, mainly prior
quarter noncash inventory valuation)
Total
691
661
+30
Margins +300, volumes +30, expenses
-80, identified items -140, LIFO/other -80
Prime Product Sales (kt)
6,643
6,624
+19
Corporate and financing
(1,018)
(727)
-291
Identified items -361 (mainly
severance)
Results
and Volume Summary
Millions of Dollars
Full Year
Full Year
(unless noted)
2020
2019
Change
Comments
Upstream
U.S.
(19,385)
536
-19,921
Lower prices partly offset by reduced
expenses and higher volumes; unfavorable identified items
(impairments -17,092)
Non-U.S.
(645)
13,906
-14,551
Lower prices and volumes, partly offset by
reduced expenses and favorable one-time tax items and foreign
exchange effects; unfavorable identified items (prior year Norway
divestment -3,679, impairments -2,244, net tax items -1,052,
noncash inventory valuation -61)
Total
(20,030)
14,442
-34,472
Prices -11,210, volume -300, expenses
+960, identified items -24,130, other +210
Production (koebd)
3,761
3,952
-191
Liquids -37 kbd: government mandates,
divestments and lower demand including economic curtailments,
partly offset by growth and reduced downtime/maintenance
Gas -923 mcfd: divestments, Groningen
production limit, lower demand including economic curtailments and
higher downtime/maintenance, partly offset by growth
Downstream
U.S.
(852)
1,717
-2,569
Lower margins on weaker industry refining
conditions, reduced market demand, and unfavorable LIFO inventory
impact (-536), partly offset by reduced expenses, manufacturing /
yield improvement, and net favorable one-time items
Non-U.S.
(225)
606
-831
Lower margins on weaker industry refining
conditions and reduced market demand, partly offset by reduced
expenses, manufacturing / yield improvement, and LIFO inventory
impacts (+124); unfavorable identified items (impairments -593, net
tax items -253)
Total
(1,077)
2,323
-3,400
Margins -3,820, market demand -620,
manufacturing / yield improvement +990, expenses +1,290, identified
items -850, LIFO/other -390
Petroleum Product Sales (kbd)
4,895
5,452
-557
Chemical
U.S.
1,277
206
+1,071
Higher margins and lower expenses partly
offset by lower volumes; unfavorable identified item (-90,
impairment)
Non-U.S.
686
386
+300
Lower expenses and favorable foreign
exchange impacts partly offset by lower volumes and unfavorable
LIFO inventory impact (-71)
Total
1,963
592
+1,371
Margins +930, volumes -150, expenses
+710, identified items -120
Prime Product Sales (kt)
25,449
26,516
-1,067
Corporate and financing
(3,296)
(3,017)
-279
Higher financing costs more than offset
by lower corporate costs; identified items (-669)
Cash
Flow from Operations and Asset Sales excluding Working
Capital
Millions of Dollars
4Q
2020
Comments
Net income (loss) including noncontrolling
interests
(20,603)
Including ($533) million noncontrolling
interests
Identified items - impairment (after
tax)
19,273
Depreciation
5,030
Changes in operational working capital
(114)
Other
419
Cash Flow from Operating
4,005
Activities (U.S. GAAP)
Asset sales
770
Deferred proceeds from Norway asset
sales
Cash Flow from Operations
4,775
and Asset Sales
Changes in operational working capital
114
Cash Flow from Operations
4,889
and Asset Sales excluding Working
Capital
Millions of Dollars
Full Year
2020
Comments
Net income (loss) including noncontrolling
interests
(23,251)
Including ($811) million noncontrolling
interests
Identified items - impairment (after
tax)
20,060
Depreciation
20,075
Changes in operational working capital
(1,653)
Lower net payables due to market
conditions
Other
(563)
Cash Flow from Operating
14,668
Activities (U.S. GAAP)
Asset sales
999
Cash Flow from Operations
15,667
and Asset Sales
Changes in operational working capital
1,653
Cash Flow from Operations
17,320
and Asset Sales excluding Working
Capital
Twelve Months 2020 Financial Updates
During 2020, Exxon Mobil Corporation purchased 6 million shares
of its common stock for the treasury at a gross cost of $305
million. These shares were acquired to offset dilution in
conjunction with the company’s benefit plans and programs. The
corporation has suspended its first quarter 2021 anti-dilutive
share repurchase program due to current market uncertainty and
intends to resume the program in the future as market conditions
improve.
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on
February 2, 2021. 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 financial and operating performance;
planned capital and cash operating expense reductions and ability
to meet or exceed announced reduction objectives; plans to reduce
future emissions intensity and the expected resulting absolute
emission reductions; carbon capture results and the impact of
operational and technology efforts; total capital expenditures and
mix; cash flow, dividend and shareholder returns; business and
project plans, timing, costs and capacities; resource recoveries
and production rates; accounting and financial reporting effects
resulting from market developments and ExxonMobil’s responsive
actions, including potential impairment charges resulting from any
significant changes in current development plan strategy or
divestments plans; and the impact of the COVID-19 Pandemic on
results, could differ materially due to a number of factors. These
include global or regional changes in the supply and demand for
oil, natural gas, petrochemicals, and feedstocks and other market
conditions that impact prices and differentials; the impact of
company actions to protect the health and safety of employees,
vendors, customers, and communities; actions of competitors and
commercial counterparties; the ability to access short- and
long-term debt markets on a timely and affordable basis; the
severity, length and ultimate impact of COVID-19 and government
responses on people and economies; reservoir performance; the
outcome of exploration projects and timely completion of
development and construction projects; 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 or security
disturbances; opportunities for and regulatory approval of
potential investments or divestments; the actions of competitors;
the capture of efficiencies within and between business lines and
the ability to maintain near-term cost reductions as ongoing
efficiencies while maintaining future competitive positioning;
unforeseen technical or operating difficulties; the development and
competitiveness of alternative energy and emission reduction
technologies; the results of research programs; the ability to
bring new technologies to commercial scale on a cost-competitive
basis; general economic conditions including the occurrence and
duration of economic recessions; and other factors discussed under
Item 1A. Risk Factors of ExxonMobil’s 2019 Form 10-K and subsequent
Forms 10-Q.
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 for 2020 periods is shown on page 8 and for 2020 and
2019 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 for 2020 periods is shown on page 8 and for
2020 and 2019 periods in Attachment V.
This press release also includes references to future cash flow
and future operating cash flows. As used in this press release,
cash flow refers to cash provided by operating activities net of
cash used in investing activities before capex. Operating cash
flows is defined as earnings plus Depreciation, Depletion, and
Amortization. The company feels these terms are important for
investors to understand future cash generation potential across a
range of prices and market assumptions.
This press release also includes references to upstream
development capital expenditures and cost-of-supply. Upstream
development capital expenditures include projects that bring on new
volumes. Cost-of-supply is defined as Brent price per barrel
generating a money forward 10 percent annualized rate of return.
The company feels these terms are important for investors to
understand the investment profile of planned capital expenditures
for 2021-2025.
This press release also includes earnings/(loss) excluding
identified items, which are earnings/(loss) excluding individually
significant non-operational events with an absolute corporate total
earnings impact of at least $250 million in a given quarter. The
earnings/(loss) impact of an identified item for an individual
segment may be less than $250 million when the item impacts several
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 2020 and 2019 periods in
Attachments II-a and II-b. Corresponding per share amounts are
shown on page 1 and in Attachment II-a, including a reconciliation
to earnings/(loss) per common share – assuming dilution (U.S.
GAAP).
This press release also includes total taxes including
sales-based taxes. This is a broader indicator of the total tax
burden on the corporation’s products and earnings, including
certain sales and value-added taxes imposed on and concurrent with
revenue-producing transactions with customers and collected on
behalf of governmental authorities (“sales-based taxes”). It
combines “Income taxes” and “Total other taxes and duties” with
sales-based taxes, which are reported net in the income statement.
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.
For future periods, we are unable to provide a reconciliation of
forward-looking non-GAAP measures to the most comparable GAAP
financial measures because the information needed to reconcile
these measures is dependent on future events, many of which are
outside management’s control. Additionally, estimating such GAAP
measures and providing a meaningful reconciliation consistent with
our accounting policies for future periods is extremely difficult
and requires a level of precision that is unavailable for these
future periods and cannot be accomplished without unreasonable
effort. Forward-looking non-GAAP measures are estimated in a manner
consistent with the relevant definitions and assumptions noted
above and in the release text.
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 2020 and 2019 included a gain of
$41 million and $523 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.
Important Additional Information Regarding
Proxy Solicitation
Exxon Mobil Corporation (“ExxonMobil”) intends to file a proxy
statement and associated BLUE proxy card with the U.S. Securities
and Exchange Commission (the “SEC”) in connection with the
solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the
“Proxy Statement”). ExxonMobil, its directors and certain of its
executive officers will be participants in the solicitation of
proxies from shareholders in respect of the 2021 Annual Meeting.
Information regarding the names of ExxonMobil’s directors and
executive officers and their respective interests in ExxonMobil by
security holdings or otherwise is set forth in ExxonMobil’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2019,
filed with the SEC on February 26, 2020, ExxonMobil’s proxy
statement for the 2020 Annual Meeting of Shareholders, filed with
the SEC on April 9, 2020 and ExxonMobil’s Form 8-K filed with the
SEC on December 1, 2020. To the extent holdings of such
participants in ExxonMobil’s securities are not reported, or have
changed since the amounts described, in the 2020 proxy statement,
such changes have been reflected on Initial Statements of
Beneficial Ownership on Form 3 or Statements of Change in Ownership
on Form 4 filed with the SEC. Details concerning the nominees of
ExxonMobil’s Board of Directors for election at the 2021 Annual
Meeting will be included in the Proxy Statement. BEFORE MAKING ANY
VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE
URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE
SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY
SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD WHEN THEY
BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors and shareholders will be able to obtain a copy of the
definitive Proxy Statement and other relevant documents filed by
ExxonMobil free of charge from the SEC’s website, www.sec.gov.
ExxonMobil’s shareholders will also be able to obtain, without
charge, a copy of the definitive Proxy Statement and other relevant
filed documents by directing a request by mail to ExxonMobil
Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas,
75039-2298 or at shareholderrelations@exxonmobil.com or from the
investor relations section of ExxonMobil’s website,
www.exxonmobil.com/investor.
Estimated Key Financial and Operating
Data
Attachment I
Exxon Mobil
Corporation
Fourth Quarter 2020
(millions of dollars, unless
noted)
Third
Fourth Quarter
Quarter
Twelve Months
2020
2019
2020
2020
2019
Earnings (Loss) / Earnings (Loss) Per
Share
Total revenues and other income
46,540
67,173
46,199
181,502
264,938
Total costs and other deductions
73,153
60,759
46,571
210,385
244,882
Income (loss) before income taxes
(26,613)
6,414
(372)
(28,883)
20,056
Income taxes
(6,010)
684
337
(5,632)
5,282
Net income (loss) including noncontrolling
interests
(20,603)
5,730
(709)
(23,251)
14,774
Net income (loss) attributable to
noncontrolling interests
(533)
40
(29)
(811)
434
Net income (loss) attributable to
ExxonMobil (U.S. GAAP)
(20,070)
5,690
(680)
(22,440)
14,340
Earnings (loss) per common share
(dollars)
(4.70)
1.33
(0.15)
(5.25)
3.36
Earnings (loss) per common share
- assuming dilution (dollars)
(4.70)
1.33
(0.15)
(5.25)
3.36
Exploration expenses, including dry
holes
595
357
188
1,285
1,269
Other Financial Data
Dividends on common stock
Total
3,715
3,716
3,716
14,865
14,652
Per common share (dollars)
0.87
0.87
0.87
3.48
3.43
Millions of common shares outstanding
At period end
4,233
4,234
Average - assuming dilution
4,272
4,269
4,271
4,271
4,270
ExxonMobil share of equity at period
end
157,150
191,650
ExxonMobil share of capital employed at
period end
227,137
240,925
Income taxes
(6,010)
684
337
(5,632)
5,282
Total other taxes and duties
7,344
8,416
7,901
28,425
33,186
Total taxes
1,334
9,100
8,238
22,793
38,468
Sales-based taxes
4,364
5,205
4,303
16,281
20,679
Total taxes including sales-based
taxes
5,698
14,305
12,541
39,074
59,147
ExxonMobil share of income taxes of
equity companies
285
714
134
861
2,490
Attachment II-a
Exxon Mobil
Corporation
Fourth Quarter 2020
Third
$
Millions
Fourth Quarter
Quarter
Twelve Months
2020
2019
2020
2020
2019
Earnings/(Loss) (U.S. GAAP)
(20,070)
5,690
(680)
(22,440)
14,340
Identified Items Included in
Earnings/(Loss)
Noncash inventory valuation - lower of
cost or market
—
—
113
(61)
—
Impairments
(19,273)
—
—
(20,060)
—
Tax
(581)
268
—
(581)
1,080
Other items (asset management,
severance)
(326)
3,655
—
(326)
3,655
Corporate total
(20,180)
3,923
113
(21,028)
4,735
Earnings/(Loss) Excluding Identified
Items
110
1,767
(793)
(1,412)
9,605
$ Per Common
Share1
Earnings/(Loss) Per Common
Share
Assuming Dilution (U.S. GAAP)
(4.70)
1.33
(0.15)
(5.25)
3.36
Identified Items Included in
Earnings/(Loss)
Per Common Share Assuming
Dilution
Noncash inventory valuation - lower of
cost or market
—
—
0.03
(0.02)
—
Impairments
(4.51)
—
—
(4.69)
—
Tax
(0.14)
0.06
—
(0.13)
0.25
Other items (asset management,
severance)
(0.08)
0.86
—
(0.08)
0.86
Corporate total
(4.73)
0.92
0.03
(4.92)
1.11
Earnings/(Loss) Excluding Identified
Items
Per Common Share Assuming
Dilution
0.03
0.41
(0.18)
(0.33)
2.25
1 Computed using the average number of
shares outstanding during each period.
Attachment II-b
Exxon Mobil
Corporation
Fourth Quarter 2020
(millions of dollars)
Third
Fourth Quarter
Quarter
Twelve Months
2020
2019
2020
2020
2019
Earnings/(Loss) (U.S. GAAP)
Upstream
United States
(16,803)
68
(681)
(19,385)
536
Non-U.S.
(1,729)
6,069
298
(645)
13,906
Downstream
United States
(514)
895
(136)
(852)
1,717
Non-U.S.
(697)
3
(95)
(225)
606
Chemical
United States
461
(2)
357
1,277
206
Non-U.S.
230
(353)
304
686
386
Corporate and financing
(1,018)
(990)
(727)
(3,296)
(3,017)
Net income (loss) attributable to
ExxonMobil
(20,070)
5,690
(680)
(22,440)
14,340
Identified Items Included in
Earnings/(Loss)
U.S. Upstream
Impairments
(16,777)
—
—
(17,092)
—
Non-U.S. Upstream
Impairments
(2,203)
—
—
(2,244)
—
Tax Items
(297)
268
—
(297)
755
Other Items (Asset Management, Inventory
val.)
—
3,679
(11)
(61)
3,679
U.S. Downstream
Impairments
—
—
—
(4)
—
Other Items (Inventory valuation)
—
—
3
—
—
Non-U.S. Downstream
Impairments
(258)
—
—
(593)
—
Tax Items
(262)
—
—
(262)
(9)
Other Items (Inventory valuation)
—
—
6
—
—
U.S. Chemical
Impairments
—
—
—
(90)
—
Other Items (Inventory valuation)
—
—
29
—
—
Non-U.S. Chemical
Impairments
—
—
—
(2)
—
Tax Items
(22)
—
—
(22)
2
Other Items (Inventory valuation)
—
—
86
—
—
Corporate and financing
Impairments
(35)
—
—
(35)
—
Tax Items
—
—
—
—
332
Other Items (Severance, Asset
Management)
(326)
(24)
—
(326)
(24)
Corporate total
(20,180)
3,923
113
(21,028)
4,735
Earnings/(Loss) Excluding Identified
Items
Upstream
United States
(26)
68
(681)
(2,293)
536
Non-U.S.
771
2,122
309
1,957
9,472
Downstream
United States
(514)
895
(139)
(848)
1,717
Non-U.S.
(177)
3
(101)
630
615
Chemical
United States
461
(2)
328
1,367
206
Non-U.S.
252
(353)
218
710
384
Corporate and financing
(657)
(966)
(727)
(2,935)
(3,325)
Corporate total
110
1,767
(793)
(1,412)
9,605
Attachment III
Exxon Mobil
Corporation
Fourth Quarter 2020
Third
Fourth Quarter
Quarter
Twelve Months
2020
2019
2020
2020
2019
Net production of crude oil, natural
gas
liquids, bitumen and synthetic oil,
thousand barrels per day (kbd)
United States
719
665
692
685
646
Canada / Other Americas
619
487
487
536
467
Europe
32
93
26
30
108
Africa
258
366
297
312
372
Asia
658
780
735
742
748
Australia / Oceania
39
45
49
44
45
Worldwide
2,325
2,436
2,286
2,349
2,386
Natural gas production available for
sale,
million cubic feet per day (mcfd)
United States
2,686
2,713
2,611
2,691
2,778
Canada / Other Americas
253
287
269
277
258
Europe
848
1,508
401
789
1,457
Africa
12
10
11
9
7
Asia
3,225
3,753
3,791
3,486
3,575
Australia / Oceania
1,161
1,224
1,233
1,219
1,319
Worldwide
8,185
9,495
8,316
8,471
9,394
Oil-equivalent production (koebd)1
3,689
4,018
3,672
3,761
3,952
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 2020
Third
Fourth Quarter
Quarter
Twelve Months
2020
2019
2020
2020
2019
Refinery throughput (kbd)
United States
1,594
1,675
1,601
1,549
1,532
Canada
359
322
341
340
353
Europe
1,130
1,304
1,183
1,173
1,317
Asia Pacific
522
570
486
553
598
Other
150
182
148
158
181
Worldwide
3,755
4,053
3,759
3,773
3,981
Petroleum product sales (kbd)
United States
2,128
2,356
2,297
2,154
2,292
Canada
415
444
446
418
476
Europe
1,227
1,456
1,253
1,253
1,479
Asia Pacific
645
729
614
651
738
Other
418
497
413
419
467
Worldwide
4,833
5,482
5,023
4,895
5,452
Gasolines, naphthas
2,039
2,276
2,077
1,994
2,220
Heating oils, kerosene, diesel
1,739
1,903
1,750
1,751
1,867
Aviation fuels
172
399
152
213
406
Heavy fuels
237
217
242
249
270
Specialty products
646
687
802
688
689
Worldwide
4,833
5,482
5,023
4,895
5,452
Chemical prime product sales,
thousand metric tons (kt)
United States
2,467
2,294
2,363
9,010
9,127
Non-U.S.
4,176
4,275
4,261
16,439
17,389
Worldwide
6,643
6,569
6,624
25,449
26,516
Attachment V
Exxon Mobil
Corporation
Fourth Quarter 2020
(millions of dollars)
Third
Fourth Quarter
Quarter
Twelve Months
2020
2019
2020
2020
2019
Capital and Exploration
Expenditures
Upstream
United States
1,122
2,848
1,260
6,817
11,653
Non-U.S.
1,812
3,243
1,534
7,614
11,832
Total
2,934
6,091
2,794
14,431
23,485
Downstream
United States
488
725
390
2,344
2,353
Non-U.S.
674
635
382
1,877
2,018
Total
1,162
1,360
772
4,221
4,371
Chemical
United States
435
786
407
2,002
2,547
Non-U.S.
240
213
157
714
718
Total
675
999
564
2,716
3,265
Other
0
10
3
6
27
Worldwide
4,771
8,460
4,133
21,374
31,148
Cash flow from operations and asset
sales excluding working capital
Net cash provided by operating
activities
(U.S. GAAP)
4,005
6,352
4,389
14,668
29,716
Proceeds associated with asset sales
770
3,092
100
999
3,692
Cash flow from operations and asset
sales
4,775
9,444
4,489
15,667
33,408
Changes in operational working capital
114
1,641
(863)
1,653
(923)
Cash flow from operations and asset
sales
4,889
11,085
3,626
17,320
32,485
excluding working capital
Attachment VI
Exxon Mobil
Corporation
Earnings/(Loss)
$
Millions
$ Per
Common Share1
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
2020
First Quarter
(610)
(0.14)
Second Quarter
(1,080)
(0.26)
Third Quarter
(680)
(0.15)
Fourth Quarter
(20,070)
(4.70)
Year
(22,440)
(5.25)
1 Computed using the average number of
shares outstanding during each period.
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