- Generates $48 billion of cash flow from operating activities,
the highest level since 2012, more than covering capital
investments, debt reduction, and dividend
- Reduces structural costs by an additional $1.9 billion,
increasing total savings to nearly $5 billion versus 2019
- Strengthens balance sheet to pre-pandemic levels by paying down
$20 billion in debt
- Expects to achieve 2025 emission-reduction plans four years
ahead of schedule
- Aims to achieve net zero Scope 1 and 2 greenhouse gas emissions
for operated assets by 2050, with plans to achieve net zero in the
Permian Basin by 2030
Exxon Mobil Corporation (NYSE:XOM):
Third
Fourth Quarter
Quarter
Twelve Months
2021
2020
2021
2021
2020
Results Summary
(Dollars in millions, except per share
data)
Earnings/(Loss) (U.S. GAAP)
8,870
(20,070)
6,750
23,040
(22,440)
Earnings/(Loss) Per Common Share
Assuming Dilution
2.08
(4.70)
1.57
5.39
(5.25)
Identified Items Per Common Share
Assuming Dilution
0.03
(4.73)
(0.01)
0.01
(4.92)
Earnings/(Loss) Excluding Identified
Items
Per Common Share Assuming Dilution
2.05
0.03
1.58
5.38
(0.33)
Capital and Exploration Expenditures
5,808
4,771
3,851
16,595
21,374
Exxon Mobil Corporation today announced fourth-quarter 2021
earnings of $8.9 billion, or $2.08 per share assuming dilution,
resulting in full-year earnings of $23 billion, or $5.39 per share
assuming dilution. Capital and exploration expenditures were $5.8
billion in the fourth quarter and $16.6 billion for the full year
2021, in line with guidance.
“Our effective pandemic response, focused investments during the
down-cycle, and structural cost savings positioned us to realize
the full benefits of the market recovery in 2021,” said Darren
Woods, chairman and chief executive officer. “Our new streamlined
business structure is another example of the actions we are taking
to further strengthen our competitive advantages and grow
shareholder value. We've made great progress in 2021 and our
forward plans position us to lead in cash flow and earnings growth,
operating performance, and the energy transition.”
Fourth-Quarter and Full-Year Business Highlights
Upstream
- Average realizations for crude oil increased 8% from the third
quarter. Natural gas realizations increased 63% from the prior
quarter.
- Oil-equivalent production in the fourth quarter was 3.8 million
barrels per day. Excluding entitlement effects, divestments, and
government mandates, oil-equivalent production increased 2% versus
the prior-year quarter, and was also up 2% versus the prior year,
driven by demand recovery.
- In 2021, production volumes in the Permian increased nearly
100,000 oil-equivalent barrels per day, with improved capital
efficiency. The focus remains on continuing to grow free cash flow
by increasing recovery through efficiency gains and technology
applications.
- ExxonMobil continued to progress its low cost of supply
deepwater developments in Guyana, with estimated recoverable
resources increasing to approximately 10 billion oil-equivalent
barrels, supported by six commercial discoveries in 2021. The Liza
Unity floating production, storage, and offloading vessel arrived
in Guyanese waters in October 2021.
- The sale of certain United Kingdom North Sea assets to Neo
Energy was completed in December 2021.
Downstream
- Global refining margins improved from the third quarter with
increased transportation demand driven by easing mobility
restrictions, partly offset by higher energy prices in Europe.
Fourth-quarter margins improved to the low end of the 10-year
range, although jet demand remains challenged.
- Refining throughput in the quarter was the highest since 2013,
up 2% from the third quarter, allowing the company to capture the
benefit of improved industry margins.
- Lubricants earnings were a full-year record, as strong
reliability performance enabled full capture of robust basestocks
margins.
- The company acquired a 49.9% stake in BioJet AS, a Norwegian
biofuels company that plans to convert forestry and wood-based
construction waste into lower-emissions advanced biofuels,
providing ExxonMobil the opportunity to purchase as much as 3
million barrels of lower-emission biofuel products per year.
Chemical
- Fourth-quarter industry margins declined from historically high
levels to the middle of the 10-year range due to increased industry
supply and higher feed and energy costs.
- Annual earnings of $7.8 billion were a full-year record,
reflecting robust industry demand, strong reliability, structural
cost reductions, and the company's global supply and logistics
advantages.
- High-value, performance products grew 7% and the organization
advanced key projects supporting future growth. The Corpus Christi
Chemical Complex started up ahead of schedule and under budget, and
a final investment decision was reached to proceed with a chemical
complex in the Dayawan Petrochemical Industrial Park in Huizhou,
Guangdong Province in China.
- ExxonMobil announced the acquisition of Materia, Inc., a
technology company that pioneered the development of a Nobel
prize-winning technology for manufacturing high-performance
structural polymers. The innovative materials can be used in a
number of applications, including wind turbine blades, electric
vehicle parts, sustainable construction, and anticorrosive
coatings.
- The company made its first commercial sale of certified
circular polymer from recycled plastic, manufactured in Baytown,
Texas, using proprietary advanced recycling technology. The
advanced recycling operation in Baytown will be among the largest
in North America with initial planned capacity to recycle 30,000
metric tons of plastic waste per year.
- ExxonMobil completed the sale of its global Santoprene™
business to Celanese in December for a total price of $1.15
billion.
Leading the Drive to Net Zero
- The company expects to meet its 2025 emission-reduction plans
four years ahead of schedule. This includes a 15-20% reduction in
greenhouse gas intensity of upstream operations; a 40-50% reduction
in methane intensity; and a 35-45% reduction in flaring intensity
across the corporation versus 2016.
- In the fourth quarter, the company announced new
emission-reduction plans through 2030, which include plans to
achieve Scope 1 and 2 net zero greenhouse gas emissions by 2030 in
the Permian Basin, and are consistent with Paris-aligned pathways,
the U.S. and European Union's Global Methane Pledge, and the U.S.
Methane Emissions Reduction Action Plan. The company plans to
invest $15 billion in lower-emission solutions to both reduce its
Scope 1 and 2 greenhouse gas emissions and support customers in
decarbonizing, with a focus on carbon capture and storage, hydrogen
and biofuels.
- In January, ExxonMobil announced its ambition to achieve net
zero emissions from operated assets by 2050, backed by a
comprehensive approach to develop detailed emission-reduction
roadmaps for major operated assets. This ambition applies to Scope
1 and 2 greenhouse gas emissions and builds on the company’s 2030
emission-reduction plans. The Company’s roadmap approach identifies
greenhouse gas emission-reduction opportunities for individual
operated assets and the investment and future policy needs required
to achieve net zero.
- ExxonMobil and Scepter, Inc. agreed to work together to deploy
advanced satellite technology and proprietary data processing
platforms to detect methane emissions at a global scale. Initially
focused on Permian Basin operations, the agreement has the
potential to redefine methane detection and mitigation efforts and
could contribute to broader satellite-based emission-reduction
efforts across a dozen global industries, including energy,
agriculture, manufacturing and transportation.
- Since establishing the Low Carbon Solutions business in early
2021, ExxonMobil announced progress on 10 carbon capture and
storage opportunities. The initiatives are in Houston, Texas;
LaBarge, Wyoming; Edmonton, Canada; St. Fergus, U.K.; Southampton,
U.K.; Fife, U.K.; Normandy, France; Malaysia; Indonesia; and
Russia. These are in addition to previously announced projects in
Qatar; Antwerp, Belgium; Rotterdam, Netherlands; and
Australia.
Capital Allocation and Structural Cost Improvement
- In the fourth quarter, the company paid down debt by an
additional $9 billion, bringing the full-year reduction to $20
billion, strengthening the balance sheet and returning debt to
pre-pandemic levels.
- The company captured an additional $1.9 billion in structural
savings in 2021, increasing total savings to roughly $5 billion
relative to 2019. The company is on pace to exceed total annual
structural cost reductions of $6 billion by 2023. Building on this
work, the company recently announced additional efforts to
streamline its business structure to enhance effectiveness, grow
value, and reduce costs. These changes will more fully leverage
global functional capabilities, improve line of site to markets,
and enhance resource allocation to the highest corporate
priorities.
- During the fourth quarter, ExxonMobil’s board of directors
approved the company’s corporate plan for 2022, with capital
spending anticipated to be in the range of $21 billion to $24
billion.
- Beginning in the first quarter of 2022, the company initiated
share repurchases associated with the previously announced buyback
program of up to $10 billion over the next 12 to 24 months.
Earnings
and Volume Summary
Millions of Dollars
4Q
4Q
(unless noted)
2021
2020
Change
Comments
Upstream
U.S.
1,768
(16,803)
+18,571
Higher prices; identified items (+16,514;
impairments)
Non-U.S.
4,317
(1,729)
+6,046
Higher prices; identified items (+2,220;
impairments +1,714, asset sale +459, tax items +297, contractual
provisions -250)
Total
6,085
(18,532)
+24,617
Price +5,880, volume/mix -170, expenses
-140, other +320, identified items +18,730
Production (koebd)
3,816
3,689
+127
Liquids +60 kbd: lower government mandates
and net growth, partly offset by lower entitlements and
divestments
Gas +399 mcfd: less downtime and higher
entitlements, partly offset by divestments
Downstream
U.S.
913
(514)
+1,427
Higher margins driven by stronger industry
refining conditions, favorable LIFO inventory impact, and reduced
expenses, partly offset by lower volumes
Non-U.S.
554
(697)
+1,251
Higher margins reflecting stronger
industry refining conditions, higher volumes, and reduced expenses,
partly offset by unfavorable LIFO inventory impact; identified
items (+520; impairments +258, tax items +262)
Total
1,467
(1,211)
+2,678
Margin +2,060, volume +60, expenses
+150, other -110, identified items +520
Petroleum Product Sales (kbd)
5,391
4,833
+558
Chemical
U.S.
1,322
461
+861
Higher margins partly offset by increased
expenses on higher turnaround, maintenance and project activity;
identified items (+494; asset sale)
Non-U.S.
599
230
+369
Higher margins, favorable LIFO inventory
impact, and lower expenses; identified items (+158; mainly asset
sale)
Total
1,921
691
+1,230
Margin +580, expenses -90, volume -10,
other +100, identified items +650
Prime Product Sales (kt)
6,701
6,643
+58
Corporate and financing
(603)
(1,018)
+415
Identified items +345 (mainly prior
year severance)
Earnings
and Volume Summary
Millions of Dollars
4Q
3Q
(unless noted)
2021
2021
Change
Comments
Upstream
U.S.
1,768
869
+899
Higher prices and favorable unsettled
derivative impacts; identified items (-263; impairments)
Non-U.S.
4,317
3,082
+1,235
Higher prices, favorable unsettled
derivative impacts, higher gas demand, and favorable one-time asset
management items, partly offset by seasonally higher expenses;
identified items (-280; impairments -489, asset sale +459,
contractual provisions -250)
Total
6,085
3,951
+2,134
Price +2,230, volume +290, expenses
-320, other +470, identified items -540
Production (koebd)
3,816
3,665
+151
Liquids +72 kbd: primarily lower
government mandates
Gas +474 mcfd: seasonally higher demand
and entitlement impacts
Downstream
U.S.
913
663
+250
Higher marketing-driven margins, higher
volumes, and favorable one-time items, partly offset by seasonally
higher expenses
Non-U.S.
554
592
-38
Favorable unsettled derivative impacts
more than offset by unfavorable one-time items and seasonally
higher expenses
Total
1,467
1,255
+212
Margin +490, volume +80, expenses -250,
other -110
Petroleum Product Sales (kbd)
5,391
5,327
+64
Chemical
U.S.
1,322
1,183
+139
Lower margins and higher maintenance,
turnaround and project expenses; identified items (+494; asset
sale)
Non-U.S.
599
957
-358
Lower margins, seasonally higher expenses,
and unfavorable foreign exchange; identified items (+136; asset
sale)
Total
1,921
2,140
-219
Margin -680, expenses -110, volume -30,
other -30, identified items +630
Prime Product Sales (kt)
6,701
6,672
+29
Corporate and financing
(603)
(596)
-7
Earnings
and Volume Summary
Millions of Dollars
Full Year
Full Year
(unless noted)
2021
2020
Change
Comments
Upstream
U.S.
3,663
(19,385)
+23,048
Higher prices, reduced expenses,
and increased liquids volumes; identified items (+16,829;
impairments)
Non-U.S.
12,112
(645)
+12,757
Higher prices and favorable one-time tax
items, partly offset by lower liquids volumes driven by entitlement
effects; identified items (+2,322; impairments +1,755, asset sale
+459, tax +297, inventory valuation +61, contractual provisions
-250)
Total
15,775
(20,030)
+35,805
Price +15,930, volume -340, expenses
+390, other +680, identified items +19,150
Production (koebd)
3,712
3,761
-49
Liquids -60 kbd: higher demand reflecting
the absence of economic curtailments, and growth, more than offset
by lower entitlements, decline and divestments
Gas +66 mcfd: higher demand, partly offset
by divestments and Groningen production limit
Downstream
U.S.
1,314
(852)
+2,166
Higher margins driven by improved industry
refining conditions and reduced expenses
Non-U.S.
791
(225)
+1,016
Reduced expenses and higher volumes,
partly offset by unfavorable foreign exchange and LIFO impacts;
identified items (+855; impairments +593, tax items +262)
Total
2,105
(1,077)
+3,182
Margin +1,920, volume +100, expenses
+560, other -260, identified items +860
Petroleum Product Sales (kbd)
5,162
4,895
+267
Chemical
U.S.
4,502
1,277
+3,225
Higher margins and increased volumes;
identified items (+584; mainly asset sale)
Non-U.S.
3,294
686
+2,608
Higher margins, favorable foreign
exchange, and reduced expenses; identified items (+160; mainly
asset sale)
Total
7,796
1,963
+5,833
Margin +4,480, volume +250, expenses
+80, other +280, identified items +740
Prime Product Sales (kt)
26,332
25,449
+883
Corporate and financing
(2,636)
(3,296)
+660
Identified items +297 (mainly prior
year severance), lower financing costs +191
Cash
Flow from Operations and Asset Sales excluding Working
Capital
Millions of Dollars
4Q
Full Year
2021
2021
Notes
Net income (loss) including noncontrolling
interests
9,079
23,598
Including noncontrolling interests of $209
million in the quarter and $558 million for the full year
Depreciation
5,661
20,607
Changes in operational working capital
1,930
4,162
Other
454
(238)
Cash Flow from Operating
17,124
48,129
Activities (U.S. GAAP)
Asset sales
2,601
3,176
Cash Flow from Operations
19,725
51,305
and Asset Sales
Changes in operational working capital
(1,930)
(4,162)
Cash Flow from Operations
17,795
47,143
and Asset Sales excluding Working
Capital
ExxonMobil will discuss financial and operating results and
other matters during a webcast at 8:30 a.m. Central Time on
February 1, 2022. To listen to the event or access an archived
replay, please visit www.exxonmobil.com.
Cautionary Statement
Outlooks, projections, descriptions of strategic, operating, and
financial plans and objectives, statements of future ambitions and
goals, and other statements of future events or conditions in this
release, are forward-looking statements. Similarly, the
emission-reduction roadmaps are dependent on future market factors,
such as continued technological progress and policy support, and
represent forward-looking statements. Actual future results,
including financial and operating performance; total capital
expenditures and mix, including allocations of capital to low
carbon solutions; cost reductions and efficiency gains, including
the ability to meet or exceed announced cost and expense reduction
objectives; plans to reduce future emissions and emissions
intensity; timing and outcome of projects to capture and store CO2;
timing and outcome of biofuel and plastic waste recycling projects;
cash flow, dividends and shareholder returns, including the timing
and amounts of share repurchases; future debt levels and credit
ratings; business and project plans, timing, costs, capacities and
returns; achievement of ambitions to reach Scope 1 and Scope 2 net
zero from operated assets by 2050; achievement of plans to reach
Scope 1 and 2 net zero in Upstream Permian Basin operated assets by
2030; and resource recoveries and production rates could differ
materially due to a number of factors. These include global or
regional changes in the supply and demand for oil, natural gas,
petrochemicals, and feedstocks and other market conditions that
impact prices and differentials for our products; actions of
competitors and commercial counterparties; the outcome of
commercial negotiations, including final agreed terms and
conditions; the ability to access short- and long-term debt markets
on a timely and affordable basis; the ultimate impacts of COVID-19,
including the extent and nature of further outbreaks and the
effects of government responses on people and economies; reservoir
performance; the outcome of exploration projects; 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; changes in law, taxes, or
regulation including environmental regulations, trade sanctions,
and timely granting of governmental permits and certifications;
government policies and support and market demand for low carbon
technologies; war, and other political or security disturbances;
opportunities for potential investments or divestments and
satisfaction of applicable conditions to closing, including
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 2020 Form 10-K.
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 2021 periods is shown on page 7 and for 2021 and
2020 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 2021 periods is shown on page 7 and for
2021 and 2020 periods in Attachment V.
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
periods or several segments. Management uses these figures to
improve comparability of the underlying business across multiple
periods by isolating and removing significant non-operational
events from business results. The Corporation believes this view
provides investors increased transparency into business results and
trends and provides investors with a view of the business as seen
through the eyes of management. Earnings excluding Identified Items
is not meant to be viewed in isolation or as a substitute for net
income (loss) attributable to ExxonMobil as prepared in accordance
with U.S. GAAP. A reconciliation to earnings is shown for 2021 and
2020 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.
This press release also references free cash flow. Free cash
flow is the sum of net cash provided by operating activities and
net cash flow used in investing activities. This measure is useful
when evaluating cash available for financing activities, including
shareholder distributions, after investment in the business. Free
cash flow is not meant to be viewed in isolation or as a substitute
for net cash provided by operating activities.
This press release also references structural cost reductions
(also "structural cost savings", "structural savings", "structural
cost improvement"). Structural cost reductions describe decreases
in the below expenses as a result of operational efficiencies,
workforce reductions and other cost saving measures that are
expected to be sustainable compared to 2019 levels. Relative to
2019, estimated cumulative annual structural cost reductions
totaled $4.9 billion, of which $1.9 billion was achieved in 2021.
The total change between periods in expenses below will reflect
both structural cost reductions and other changes in spend,
including market factors, such as energy costs, inflation, and
foreign exchange impacts, as well as changes in activity levels and
costs associated with new operations. Structural cost reductions
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.
Millions of Dollars
2021
2020
2019
Subset of total Costs and other
deductions
Production and manufacturing expenses
36,035
30,431
36,826
Selling, general and administrative
expenses
9,574
10,168
11,398
Exploration expenses, including dry
holes
1,054
1,285
1,269
Total
46,663
41,884
49,493
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. 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 of even date
herewith. 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.
ExxonMobil reported emissions, including reductions and
avoidance performance data, are based on a combination of measured
and estimated data. Calculations are based on industry standards
and best practices, including guidance from the American Petroleum
Institute (API) and IPIECA. The uncertainty associated with the
emissions, reductions and avoidance performance data depends on
variation in the processes and operations, the availability of
sufficient data, the quality of those data and methodology used for
measurement and estimation. Changes to the performance data may be
reported as updated data and/or emission methodologies become
available. ExxonMobil works with industry, including API and
IPIECA, to improve emission factors and methodologies, including
measurements and estimates.
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. 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.
Estimated Key Financial and Operating Data
Attachment I
Exxon Mobil
Corporation
Fourth Quarter 2021
(millions of dollars, unless
noted)
Third
Fourth Quarter
Quarter
Twelve Months
2021
2020
2021
2021
2020
Earnings (Loss) / Earnings (Loss) Per
Share
Total revenues and other income
84,965
46,540
73,786
285,640
181,502
Total costs and other deductions
73,236
73,153
64,180
254,406
210,385
Income (loss) before income taxes
11,729
(26,613)
9,606
31,234
(28,883)
Income taxes
2,650
(6,010)
2,664
7,636
(5,632)
Net income (loss) including noncontrolling
interests
9,079
(20,603)
6,942
23,598
(23,251)
Net income (loss) attributable to
noncontrolling interests
209
(533)
192
558
(811)
Net income (loss) attributable to
ExxonMobil (U.S. GAAP)
8,870
(20,070)
6,750
23,040
(22,440)
Earnings (loss) per common share
(dollars)
2.08
(4.70)
1.57
5.39
(5.25)
Earnings (loss) per common share
- assuming dilution (dollars)
2.08
(4.70)
1.57
5.39
(5.25)
Exploration expenses, including dry
holes
524
595
190
1,054
1,285
Other Financial Data
Dividends on common stock
Total
3,763
3,715
3,720
14,924
14,865
Per common share (dollars)
0.88
0.87
0.87
3.49
3.48
Millions of common shares outstanding
At period end
4,239
4,233
Average - assuming dilution
4,275
4,272
4,276
4,275
4,271
ExxonMobil share of equity at period
end
168,577
157,150
ExxonMobil share of capital employed at
period end
218,642
227,137
Income taxes
2,650
(6,010)
2,664
7,636
(5,632)
Total other taxes and duties
8,659
7,344
8,572
32,955
28,425
Total taxes
11,309
1,334
11,236
40,591
22,793
Sales-based taxes
5,987
4,364
5,775
21,872
16,281
Total taxes including sales-based
taxes
17,296
5,698
17,011
62,463
39,074
ExxonMobil share of income taxes of
equity companies
918
285
713
2,756
861
Attachment II-a
Exxon Mobil
Corporation
Fourth Quarter 2021
Third
$
Millions
Fourth Quarter
Quarter
Twelve Months
2021
2020
2021
2021
2020
Earnings/(Loss) (U.S. GAAP)
8,870
(20,070)
6,750
23,040
(22,440)
Identified Items Included in
Earnings/(Loss)
Impairments
(752)
(19,273)
—
(752)
(20,060)
Tax items
—
(581)
—
—
(581)
Asset sales
1,081
—
—
1,081
—
Noncash inventory valuation - lower of
cost or market
—
—
—
—
(61)
Contractual provisions
(250)
—
—
(250)
—
Other items (severance - global workforce
review)
(4)
(326)
(5)
(52)
(326)
Corporate total
75
(20,180)
(5)
27
(21,028)
Earnings/(Loss) Excluding Identified
Items
8,795
110
6,755
23,013
(1,412)
$ Per Common
Share1
Earnings/(Loss) Per Common
Share
Assuming Dilution (U.S. GAAP)
2.08
(4.70)
1.57
5.39
(5.25)
Identified Items Included in
Earnings/(Loss)
Per Common Share Assuming
Dilution
Impairments
(0.17)
(4.51)
—
(0.17)
(4.69)
Tax items
—
(0.14)
—
—
(0.13)
Asset sales
0.26
—
—
0.26
—
Noncash inventory valuation - lower of
cost or market
—
—
—
—
(0.02)
Contractual provisions
(0.06)
—
—
(0.06)
—
Other items (severance - global workforce
review)
—
(0.08)
(0.01)
(0.02)
(0.08)
Corporate total
0.03
(4.73)
(0.01)
0.01
(4.92)
Earnings/(Loss) Excluding Identified
Items
Per Common Share Assuming
Dilution
2.05
0.03
1.58
5.38
(0.33)
1 Computed using the average number of
shares outstanding during each period.
Attachment II-b
Exxon Mobil
Corporation
Fourth Quarter 2021
(millions of dollars)
Third
Fourth Quarter
Quarter
Twelve Months
2021
2020
2021
2021
2020
Earnings/(Loss) (U.S. GAAP)
Upstream
United States
1,768
(16,803)
869
3,663
(19,385)
Non-U.S.
4,317
(1,729)
3,082
12,112
(645)
Downstream
United States
913
(514)
663
1,314
(852)
Non-U.S.
554
(697)
592
791
(225)
Chemical
United States
1,322
461
1,183
4,502
1,277
Non-U.S.
599
230
957
3,294
686
Corporate and financing
(603)
(1,018)
(596)
(2,636)
(3,296)
Net income (loss) attributable to
ExxonMobil
8,870
(20,070)
6,750
23,040
(22,440)
Identified Items Included in
Earnings/(Loss)
U.S. Upstream
Impairments
(263)
(16,777)
—
(263)
(17,092)
Non-U.S. Upstream
Impairments
(489)
(2,203)
—
(489)
(2,244)
Tax Items
—
(297)
—
—
(297)
Asset sales
459
—
—
459
—
Contractual provisions
(250)
—
—
(250)
—
Inventory valuation
—
—
—
—
(61)
U.S. Downstream
Other items (asset sales, impairments)
4
—
—
4
(4)
Non-U.S. Downstream
Impairments
—
(258)
—
—
(593)
Tax Items
—
(262)
—
—
(262)
U.S. Chemical
Impairments
—
—
—
—
(90)
Asset sales
494
—
—
494
—
Non-U.S. Chemical
Asset sales
136
—
—
136
—
Other Items (tax items, impairments)
—
(22)
—
—
(24)
Corporate and financing
Severance - global workforce review
(4)
(326)
(5)
(52)
(326)
Other Items (asset sales, impairments)
(12)
(35)
—
(12)
(35)
Corporate total
75
(20,180)
(5)
27
(21,028)
Earnings/(Loss) Excluding Identified
Items
Upstream
United States
2,031
(26)
869
3,926
(2,293)
Non-U.S.
4,597
771
3,082
12,392
1,957
Downstream
United States
909
(514)
663
1,310
(848)
Non-U.S.
554
(177)
592
791
630
Chemical
United States
828
461
1,183
4,008
1,367
Non-U.S.
463
252
957
3,158
710
Corporate and financing
(587)
(657)
(591)
(2,572)
(2,935)
Corporate total
8,795
110
6,755
23,013
(1,412)
Attachment III
Exxon Mobil
Corporation
Fourth Quarter 2021
Third
Fourth Quarter
Quarter
Twelve Months
2021
2020
2021
2021
2020
Net production of crude oil, natural
gas
liquids, bitumen and synthetic oil,
thousand barrels per day (kbd)
United States
770
719
758
721
685
Canada / Other Americas
571
619
569
560
536
Europe
17
32
21
22
30
Africa
235
258
248
248
312
Asia
752
658
668
695
742
Australia / Oceania
40
39
49
43
44
Worldwide
2,385
2,325
2,313
2,289
2,349
Natural gas production available for
sale,
million cubic feet per day (mcfd)
United States
2,713
2,686
2,701
2,746
2,691
Canada / Other Americas
189
253
184
195
277
Europe
844
848
343
808
789
Africa
48
12
53
43
9
Asia
3,468
3,225
3,365
3,465
3,486
Australia / Oceania
1,322
1,161
1,464
1,280
1,219
Worldwide
8,584
8,185
8,110
8,537
8,471
Oil-equivalent production (koebd)1
3,816
3,689
3,665
3,712
3,761
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 2021
Third
Fourth Quarter
Quarter
Twelve Months
2021
2020
2021
2021
2020
Refinery throughput (kbd)
United States
1,740
1,594
1,684
1,623
1,549
Canada
416
359
404
379
340
Europe
1,246
1,130
1,215
1,210
1,173
Asia Pacific
546
522
585
571
553
Other
170
150
163
162
158
Worldwide
4,118
3,755
4,051
3,945
3,773
Petroleum product sales (kbd)
United States
2,383
2,128
2,346
2,257
2,154
Canada
488
415
472
448
418
Europe
1,384
1,227
1,404
1,340
1,253
Asia Pacific
643
645
648
653
651
Other
493
418
457
464
419
Worldwide
5,391
4,833
5,327
5,162
4,895
Gasolines, naphthas
2,325
2,039
2,191
2,158
1,994
Heating oils, kerosene, diesel
1,804
1,739
1,796
1,749
1,751
Aviation fuels
267
172
228
220
213
Heavy fuels
265
237
276
269
249
Specialty products
730
646
836
766
688
Worldwide
5,391
4,833
5,327
5,162
4,895
Chemical prime product sales,
thousand metric tons (kt)
United States
2,512
2,467
2,531
9,724
9,010
Non-U.S.
4,189
4,176
4,141
16,608
16,439
Worldwide
6,701
6,643
6,672
26,332
25,449
Attachment V
Exxon Mobil
Corporation
Fourth Quarter 2021
(millions of dollars)
Third
Fourth Quarter
Quarter
Twelve Months
2021
2020
2021
2021
2020
Capital and Exploration
Expenditures
Upstream
United States
1,307
1,122
976
4,018
6,817
Non-U.S.
2,934
1,812
1,863
8,236
7,614
Total
4,241
2,934
2,839
12,254
14,431
Downstream
United States
337
488
199
1,000
2,344
Non-U.S.
367
674
267
1,095
1,877
Total
704
1,162
466
2,095
4,221
Chemical
United States
461
435
385
1,367
2,002
Non-U.S.
401
240
160
876
714
Total
862
675
545
2,243
2,716
Other
1
—
1
3
6
Worldwide
5,808
4,771
3,851
16,595
21,374
Cash Flow from Operations and Asset
Sales excluding Working Capital
Net cash provided by operating
activities
(U.S. GAAP)
17,124
4,005
12,091
48,129
14,668
Proceeds associated with asset sales
2,601
770
18
3,176
999
Cash flow from operations and asset
sales
19,725
4,775
12,109
51,305
15,667
Changes in operational working capital
(1,930)
114
(659)
(4,162)
1,653
Cash flow from operations and asset
sales
17,795
4,889
11,450
47,143
17,320
excluding working capital
Attachment VI
Exxon Mobil
Corporation
Earnings/(Loss)
$
Millions
$ Per
Common Share1
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)
2021
First Quarter
2,730
0.64
Second Quarter
4,690
1.10
Third Quarter
6,750
1.57
Fourth Quarter
8,870
2.08
Year
23,040
5.39
1 Computed using the average number of
shares outstanding during each period.
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