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2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g1.gif
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to               
Commission File Number 1-2256
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey13-5409005
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code)
(972) 940-6000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, without par value XOM New York Stock Exchange
0.142% Notes due 2024XOM24BNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes No ☑
The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2022, the last business day of the registrant’s most recently completed second fiscal quarter, based on the closing price on that date of $85.64 on the New York Stock Exchange composite tape, was in excess of $356 billion.
Class Outstanding as of January 31, 2023
Common stock, without par value 4,070,984,988
Documents Incorporated by Reference: Proxy Statement for the 2023 Annual Meeting of Shareholders (Part III)



EXXON MOBIL CORPORATION
FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022
 
TABLE OF CONTENTS
 
PART I
 
Item 1.Business
Item 1A.Risk Factors
Item 1B.Unresolved Staff Comments
Item 2.Properties
Item 3.Legal Proceedings
Item 4.Mine Safety Disclosures
Information about our Executive Officers
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A.Quantitative and Qualitative Disclosures About Market Risk
Item 8.Financial Statements and Supplementary Data
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9A.Controls and Procedures
Item 9B.Other Information
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
 
PART III
Item 10.Directors, Executive Officers and Corporate Governance
Item 11.Executive Compensation
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13.Certain Relationships and Related Transactions, and Director Independence
Item 14.Principal Accounting Fees and Services
PART IV
Item 15.Exhibit and Financial Statement Schedules
Item 16.Form 10-K Summary
Financial Section
Index to Exhibits
Signatures
Exhibits 31 and 32 — Certifications 




PART I

ITEM 1. BUSINESS
Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. Our principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and lower-emission fuels. Affiliates of ExxonMobil conduct extensive research programs in support of these businesses.
Exxon Mobil Corporation has several divisions and hundreds of affiliates, many with names that include ExxonMobil, Exxon, Esso, Mobil or XTO. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso, Mobil, and XTO, as well as terms like Corporation, Company, our, we, and its, are sometimes used as abbreviated references to specific affiliates or groups of affiliates. The precise meaning depends on the context in question.
The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel, and chemical needs of industrial and individual consumers. Certain industry participants, including ExxonMobil, are expanding investments in lower-emission energy and emission-reduction services and technologies. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.
Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: “Management's Discussion and Analysis of Financial Condition and Results of Operations: Business Results” and “Note 18: Disclosures about Segments and Related Information”. Information on oil and gas reserves is contained in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report.
ExxonMobil has a long-standing commitment to the development of proprietary technology. We have a wide array of research programs designed to meet the needs identified in each of our business segments. ExxonMobil held over 8 thousand active patents worldwide at the end of 2022. For technology licensed to third parties, revenues totaled approximately $129 million in 2022. Although technology is an important contributor to the overall operations and results of our Company, the profitability of each business segment is not dependent on any individual patent, trade secret, trademark, license, franchise, or concession.
ExxonMobil operates in a highly complex, competitive, and changing global energy business environment where decisions and risks play out over time horizons that are often decades in length. This long-term orientation underpins the Corporation's philosophy on talent development.
Talent development begins with recruiting exceptional candidates and continues with individually planned experiences and training designed to facilitate broad development and a deep understanding of our business across the business cycle. Our career-oriented approach to talent development results in strong retention and an average length of service of about 30 years for our career employees. Compensation, benefits, and workplace programs support the Corporation's talent management approach, and are designed to attract and retain employees for a career through compensation that is market competitive, long-term oriented, and highly differentiated by individual performance.
Over 60 percent of our global employee workforce is from outside the U.S., and over the past decade 39 percent of our global hires for management, professional and technical positions were female and 35 percent of our U.S. hires for management, professional and technical positions were minorities. With over 160 nationalities represented in the company, we encourage and respect diversity of thought, ideas, and perspective from our workforce. We consider and monitor diversity through all stages of employment, including recruitment, training, and development of our employees. We also work closely with the communities where we operate to identify and invest in initiatives that help support local needs, including local talent and skill development.
The number of regular employees was 62 thousand, 63 thousand, and 72 thousand at years ended 2022, 2021, and 2020, respectively. Regular employees are defined as active executive, management, professional, technical, and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs.
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As discussed in item 1A. Risk Factors in this report, compliance with existing and potential future government regulations, including taxes, environmental regulations, and other government regulations and policies that directly or indirectly affect the production and sale of our products, may have material effects on the capital expenditures, earnings, and competitive position of ExxonMobil. With respect to the environment, throughout ExxonMobil’s businesses, new and ongoing measures are taken to prevent and minimize the impact of our operations on air, water, and ground, including, but not limited to, compliance with environmental regulations. These include a significant investment in refining infrastructure and technology to manufacture clean fuels, as well as projects to monitor and reduce air, water, and waste emissions, and expenditures for asset retirement obligations. Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil’s 2022 worldwide environmental expenditures for all such preventative and remediation steps, including ExxonMobil’s share of equity company expenditures, were $5.7 billion, of which $3.8 billion were included in expenses with the remainder in capital expenditures. As the Corporation progresses its emission-reduction plans, worldwide environmental expenditures are expected to increase to approximately $7.3 billion in 2023, with capital expenditures expected to account for approximately 46 percent of the total. Costs for 2024 are anticipated to increase to approximately $8.2 billion, with capital expenditures expected to account for approximately 51 percent of the total.
Information concerning the source and availability of raw materials used in the Corporation’s business, the extent of seasonality in the business, the possibility of renegotiation of profits or termination of contracts at the election of governments, and risks attendant to foreign operations may be found in “Item 1A. Risk Factors” and “Item 2. Properties” in this report.
ExxonMobil maintains a website at exxonmobil.com. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available through our website as soon as reasonably practical after we electronically file or furnish the reports to the Securities and Exchange Commission (SEC). Also available on the Corporation’s website are the company’s Corporate Governance Guidelines, Code of Ethics and Business Conduct, and additional policies as well as the charters of the audit, compensation, and other committees of the Board of Directors. Information on our website is not incorporated into this report.
The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
ITEM 1A. RISK FACTORS
ExxonMobil’s financial and operating results are subject to a variety of risks inherent in the global oil, gas, and petrochemical businesses, and the pursuit of lower-emission business opportunities. Many of these risk factors are not within the company’s control and could adversely affect our business, our financial and operating results, or our financial condition. These risk factors include:
Supply and Demand
The oil, gas, and petrochemical businesses are fundamentally commodity businesses. This means ExxonMobil’s operations and earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined products. Oil, gas, petrochemical, and product prices and margins in turn depend on local, regional, and global events or conditions that affect supply and demand for the relevant commodity or product. Any material decline in oil or natural gas prices could have a material adverse effect on the company’s operations, financial condition, and proved reserves, especially in the Upstream segment. On the other hand, a material increase in oil or natural gas prices could have a material adverse effect on the company’s operations, especially in the Energy Products, Chemical Products, and Specialty Products segments. Our pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and lower-emission fuels also depends on the growth and development of markets for those products and services, including implementation of supportive government policies and developments in technology to enable those products and services to be provided on a cost-effective basis at commercial scale. See "Climate Change and the Energy Transition" in this Item 1A.
Economic conditions. The demand for energy and petrochemicals is generally linked closely with broad-based economic activities and levels of prosperity. The occurrence of recessions or other periods of low or negative economic growth will typically have a direct adverse impact on our results. Other factors that affect general economic conditions in the world or in a major region, such as changes in population growth rates, periods of civil unrest, government regulation or austerity programs, trade tariffs or broader breakdowns in global trade, security or public health issues and responses, or currency exchange rate fluctuations, can also impact the demand for energy and petrochemicals. Sovereign debt downgrades, defaults, inability to access debt markets due to rating, banking, or legal constraints, liquidity crises, the breakup or restructuring of fiscal, monetary, or political systems such as the European Union, and other events or conditions that impair the functioning of financial markets and institutions also pose risks to ExxonMobil, including risks to the safety of our financial assets and to the ability of our partners and customers to fulfill their commitments to ExxonMobil. Our future business results, including cash flows and financing needs, will also be affected by the rate of recovery from the COVID-19 pandemic, as well as the occurrence and severity of future outbreaks, the responsive actions taken by governments and others, and the resulting effects on regional and global markets and economies.
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Other demand-related factors. Other factors that may affect the demand for oil, gas, and petrochemicals, and therefore impact our results, include technological improvements in energy efficiency; seasonal weather patterns; increased competitiveness of, or government policy support for, alternative energy sources; changes in technology that alter fuel choices, such as technological advances in energy storage that make wind and solar more competitive for power generation; changes in consumer preferences for our products, including consumer demand for alternative fueled or electric transportation or alternatives to plastic products; and broad-based changes in personal income levels. See also “Climate Change and the Energy Transition” below.
Other supply-related factors. Commodity prices and margins also vary depending on a number of factors affecting supply. For example, increased supply from the development of new oil and gas supply sources and technologies to enhance recovery from existing sources tends to reduce commodity prices to the extent such supply increases are not offset by commensurate growth in demand. Similarly, increases in industry refining or petrochemical manufacturing capacity relative to demand tend to reduce margins on the affected products. World oil, gas, and petrochemical supply levels can also be affected by factors that reduce available supplies, such as the level of and adherence by participating countries to production quotas established by OPEC or "OPEC+" and other agreements among sovereigns; government policies, including actions intended to reduce greenhouse gas emissions, that restrict oil and gas production or increase associated costs; and the occurrence of wars, hostile actions, natural disasters, disruptions in competitors’ operations, logistics constraints, or unexpected unavailability of distribution channels that may disrupt supplies. Technological change can also alter the relative costs for competitors to find, produce, and refine oil and gas and to manufacture petrochemicals.
Other market factors. ExxonMobil’s business results are also exposed to potential negative impacts due to changes in interest rates, inflation, currency exchange rates, and other local or regional market conditions. In addition to direct potential impacts on our costs and revenues, market factors such as rates of inflation may indirectly impact our results to the extent such factors reduce general rates of economic growth and therefore energy demand, as discussed under “Economic conditions”. Market factors may also result in losses from commodity derivatives and other instruments we use to hedge price exposures or for trading purposes. Additional information regarding the potential future impact of market factors on our businesses is included or incorporated by reference under Item 7A. Quantitative and Qualitative Disclosures About Market Risk in this report.
Government and Political Factors
ExxonMobil’s results can be adversely affected by political or regulatory developments affecting our operations.
Access limitations. A number of countries limit access to their oil and gas resources, including by restricting leasing or permitting activities, or may place resources off-limits from development altogether. Restrictions on production of oil and gas could increase to the extent governments view such measures as a viable approach for pursuing national and global energy and climate policies. Restrictions on foreign investment in the oil and gas sector tend to increase in times of high commodity prices, when national governments may have less need for outside sources of private capital. Many countries also restrict the import or export of certain products based on point of origin.
Restrictions on doing business. ExxonMobil is subject to laws and sanctions imposed by the United States or by other jurisdictions where we do business that may prohibit ExxonMobil or its affiliates from doing business in certain countries, or restricting the kind of business that may be conducted. Such restrictions may provide a competitive advantage to competitors who may not be subject to comparable restrictions.
Lack of legal certainty. Some countries in which we do business lack well-developed legal systems, or have not yet adopted, or may be unable to maintain, clear regulatory frameworks for oil and gas development. Lack of legal certainty exposes our operations to increased risk of adverse or unpredictable actions by government officials, and also makes it more difficult for us to enforce our contracts. In some cases these risks can be partially offset by agreements to arbitrate disputes in an international forum, but the adequacy of this remedy may still depend on the local legal system to enforce an award.
Regulatory and litigation risks. Even in countries with well-developed legal systems where ExxonMobil does business, we remain exposed to changes in law or interpretation of settled law (including changes that result from international treaties and accords) and changes in policy that could adversely affect our results, such as:
increases in taxes, duties, or government royalty rates (including retroactive claims);
price controls;
changes in environmental regulations or other laws that increase our cost of compliance or reduce or delay available business opportunities (including changes in laws affecting offshore drilling operations, water use, emissions, hydraulic fracturing, or production or use of new or recycled plastics);
actions by policy-makers, regulators, or other actors to delay or deny necessary licenses and permits, restrict the availability of oil and gas leases or the transportation of our products, or otherwise require changes in the company's business or strategy that could result in reduced returns;
adoption of regulations mandating efficiency standards, the use of alternative fuels or uncompetitive fuel components;
adoption of government payment transparency regulations that could require us to disclose competitively sensitive commercial information, or that could cause us to violate the non-disclosure laws of other countries; and
government actions to cancel contracts, redenominate the official currency, renounce or default on obligations, renegotiate terms unilaterally, or expropriate assets.
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Legal remedies available to compensate us for expropriation or other takings may be inadequate.
We also may be adversely affected by the outcome of litigation, especially in countries such as the United States in which very large and unpredictable punitive damage awards may occur; by government enforcement proceedings alleging non-compliance with applicable laws or regulations; or by state and local government actors as well as private plaintiffs acting in parallel that attempt to use the legal system to promote public policy agendas (including seeking to reduce the production and sale of hydrocarbon products through litigation targeting the company or other industry participants), gain political notoriety, or obtain monetary awards from the company. The adoption of similar legal practices in the European Union or elsewhere would broaden this risk and has begun to be applied to some of our competitors in the European Union.
Security concerns. Successful operation of particular facilities or projects may be disrupted by civil unrest, acts of sabotage or terrorism, cybersecurity attacks, the application of national security laws or policies that result in restricting our ability to do business in a particular jurisdiction, and other local security concerns. Such concerns may be directed specifically at our company, our industry, or as part of broader movements and may require us to incur greater costs for security or to shut down operations for a period of time.
Climate Change and the Energy Transition
Net-zero scenarios. Driven by concern over the risks of climate change, a number of countries have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions including emissions from the production and use of oil and gas and their products. These actions are being taken both independently by national and regional governments and within the framework of United Nations Conference of the Parties summits under which many countries of the world have endorsed objectives to reduce the atmospheric concentration of CO2 over the coming decades, with an ambition ultimately to achieve “net zero”. Net zero means that emissions of greenhouse gases from human activities would be balanced by actions that remove such gases from the atmosphere. Expectations for transition of the world’s energy system to lower-emission sources, and ultimately net-zero, derive from hypothetical scenarios that reflect many assumptions about the future and reflect substantial uncertainties. The company’s objective to play a leading role in the energy transition, including the company’s announced ambition ultimately to achieve net zero with respect to Scope 1 and 2 emissions from operations where ExxonMobil is the operator, carries risks that the transition, including underlying technologies, policies, and markets as discussed in more detail below, will not develop at the pace or in the manner expected by current net-zero scenarios. The success of our strategy for the energy transition will also depend on our ability to recognize key signposts of change in the global energy system on a timely basis, and our corresponding ability to direct investment to the technologies and businesses, at the appropriate stage of development, to best capitalize on our competitive strengths.
Greenhouse gas restrictions. Government actions intended to reduce greenhouse gas emissions include adoption of cap and trade regimes, carbon taxes, carbon-based import duties or other trade tariffs, minimum renewable usage requirements, restrictive permitting, increased mileage and other efficiency standards, mandates for sales of electric vehicles, mandates for use of specific fuels or technologies, and other incentives or mandates designed to support transitioning to lower-emission energy sources. Political and other actors and their agents also increasingly seek to advance climate change objectives indirectly, such as by seeking to reduce the availability or increase the cost of financing and investment in the oil and gas sector and taking actions intended to promote changes in business strategy for oil and gas companies. Depending on how policies are formulated and applied, such policies could negatively affect our investment returns, make our hydrocarbon-based products more expensive or less competitive, lengthen project implementation times, and reduce demand for hydrocarbons, as well as shift hydrocarbon demand toward relatively lower-carbon alternatives. Current and pending greenhouse gas regulations or policies may also increase our compliance costs, such as for monitoring or sequestering emissions.
Technology and lower-emission solutions. Achieving societal ambitions to reduce greenhouse gas emissions and ultimately achieve net zero will require new technologies to reduce the cost and increase the scalability of alternative energy sources, as well as technologies such as carbon capture and storage (CCS). CCS technologies, focused initially on capturing and sequestering CO2 emissions from high-intensity industrial activities, can assist in meeting society’s objective to mitigate atmospheric greenhouse gas levels while also helping ensure the availability of the reliable and affordable energy the world requires. ExxonMobil has established a Low Carbon Solutions (LCS) business unit to advance the development and deployment of these technologies and projects, including CCS, hydrogen, and lower-emission fuels, breakthrough energy efficiency processes, advanced energy-saving materials, and other technologies. The company’s efforts include both in-house research and development as well as collaborative efforts with leading universities and with commercial partners involved in advanced lower-emission energy technologies. Our future results and ability to grow our LCS business, help nations meet their emission-reduction goals, and succeed through the energy transition will depend in part on the success of these research and collaboration efforts and on our ability to adapt and apply the strengths of our current business model to providing the energy products of the future in a cost-competitive manner.
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Policy and market development. The scale of the world’s energy system means that, in addition to developments in technology as discussed above, a successful energy transition will require appropriate support from governments and private participants throughout the global economy. Our ability to develop and deploy CCS and other lower-emission energy technologies at commercial scale, and the growth and future returns of LCS and other emerging businesses in which we invest, will depend in part on the continued development of supportive government policies and markets. Failure or delay of these policies or markets to materialize or be maintained could adversely impact these investments. Policy and other actions that result in restricting the availability of hydrocarbon products without commensurate reduction in demand may have unpredictable adverse effects, including increased commodity price volatility; periods of significantly higher commodity prices and resulting inflationary pressures; and local or regional energy shortages. Such effects in turn may depress economic growth or lead to rapid or conflicting shifts in policy by different actors, with resulting adverse effects on our businesses. In addition, the existence of supportive policies in any jurisdiction is not a guarantee that those policies will continue in the future. See also the discussion of “Supply and Demand,” “Government and Political Factors,” and “Operational and Other Factors” in this Item 1A.
Operational and Other Factors
In addition to external economic and political factors, our future business results also depend on our ability to manage successfully those factors that are, at least in part, within our control. The extent to which we manage these factors will impact our performance relative to competition. For projects in which we are not the operator, we depend on the management effectiveness of one or more co-venturers whom we do not control.
Exploration and development program. Our ability to maintain and grow our oil and gas production depends on the success of our exploration and development efforts. Among other factors, we must continuously improve our ability to identify the most promising resource prospects and apply our project management expertise to bring discovered resources online as scheduled and within budget.
Project and portfolio management. The long-term success of ExxonMobil’s Upstream and Product Solutions businesses, as well as the future success of LCS and other emerging lower-emission investments, depends on complex, long-term, capital intensive projects. These projects in turn require a high degree of project management expertise to maximize efficiency. Specific factors that can affect the performance of major projects include our ability to: negotiate successfully with joint venturers, partners, governments, suppliers, customers, or others; model and optimize reservoir performance; develop markets for project outputs, whether through long-term contracts or the development of effective spot markets; manage changes in operating conditions and costs, including costs of third party equipment or services such as drilling rigs and shipping, supply-chain disruptions, and inflationary cost pressures; prevent, to the extent possible, and respond effectively to unforeseen technical difficulties that could delay project start-up or cause unscheduled project downtime; and influence the performance of project operators where ExxonMobil does not perform that role. In addition to the effective management of individual projects, ExxonMobil’s success, including our ability to mitigate risk and provide attractive returns to shareholders, depends on our ability to successfully manage our overall portfolio, including diversification among types and locations of our projects, products produced, and strategies to divest assets. We may not be able to divest assets at a price or on the timeline we contemplate in our strategies. Additionally, we may retain certain liabilities following a divestment and could be held liable for past use or for different liabilities than anticipated.
The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
Operational efficiency. An important component of ExxonMobil’s competitive performance, especially given the commodity-based nature of many of our businesses, is our ability to operate efficiently, including our ability to manage expenses and improve production yields on an ongoing basis. This requires continuous management focus, including technology improvements, cost control, productivity enhancements, regular reappraisal of our asset portfolio, and the recruitment, development, and retention of high caliber employees.
Research and development and technological change. To maintain our competitive position, especially in light of the technological nature of our businesses and the need for continuous efficiency improvement, ExxonMobil’s technology, research, and development organizations must be successful and able to adapt to a changing market and policy environment, including developing technologies to help reduce greenhouse gas emissions. To remain competitive we must also continuously adapt and capture the benefits of new and emerging technologies, including successfully applying advances in the ability to process very large amounts of data to our businesses.
Safety, business controls, and environmental risk management. Our results depend on management’s ability to minimize the inherent risks of oil, gas, and petrochemical operations, to effectively control our business activities, and to minimize the potential for human error. We apply rigorous management systems and continuous focus on workplace safety and avoiding spills or other adverse environmental events. For example, we work to minimize spills through a combined program of effective operations integrity management, ongoing upgrades, key equipment replacements, and comprehensive inspection and surveillance. Similarly, we are implementing cost-effective new technologies and adopting new operating practices to reduce emissions, not only in response to government requirements but also to address community priorities. We employ a comprehensive enterprise risk management system to identify and manage risk across our businesses. We also maintain a disciplined framework of internal controls and apply a controls management system for monitoring compliance with this framework. Substantial liabilities and other adverse impacts could result if we do not timely identify and mitigate applicable risks, or if our management systems and controls do not function as intended.
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Cybersecurity. ExxonMobil is regularly subject to attempted cybersecurity disruptions from a variety of sources including state-sponsored actors. ExxonMobil’s defensive preparedness includes multi-layered technological capabilities for prevention and detection of cybersecurity disruptions; non-technological measures such as threat information sharing with governmental and industry groups; annual internal training and awareness campaigns including routine testing of employee awareness and an emphasis on resiliency, including business response and recovery. If the measures we are taking to protect against cybersecurity disruptions prove to be insufficient or if our proprietary data is otherwise not protected, ExxonMobil, as well as our customers, employees, or third parties, could be adversely affected. We are also exposed to potential harm from cybersecurity events that may affect the operations of third-parties, including our partners, suppliers, service providers (including providers of cloud-hosting services for our data or applications), and customers. Cybersecurity disruptions could cause physical harm to people or the environment; damage or destroy assets; compromise business systems; result in proprietary information being altered, lost, or stolen; result in employee, customer, or third-party information being compromised; or otherwise disrupt our business operations. We could incur significant costs to remedy the effects of a major cybersecurity disruption in addition to costs in connection with resulting regulatory actions, litigation, or reputational harm.
Preparedness. Our operations may be disrupted by severe weather events, natural disasters, human error, and similar events. For example, hurricanes may damage our offshore production facilities or coastal refining and petrochemical plants in vulnerable areas. Our facilities are designed, engineered, constructed, and operated to withstand a variety of extreme climatic and other conditions, with safety factors built in to cover a number of uncertainties, including those associated with wave, wind, and current intensity, marine ice flow patterns, permafrost stability, storm surge magnitude, temperature extremes, extreme rainfall events, and earthquakes. Our consideration of changing weather conditions and inclusion of safety factors in design covers the engineering uncertainties that climate change and other events may potentially introduce. Our ability to mitigate the adverse impacts of these events depends in part upon the effectiveness of our robust facility engineering, our rigorous disaster preparedness and response, and business continuity planning.
Insurance limitations. The ability of the Corporation to insure against many of the risks it faces as described in this Item 1A is limited by the availability and cost of coverage, which may not be economic, as well as the capacity of the applicable insurance markets, which may not be sufficient.
Competition. As noted in Item 1 above, the energy and petrochemical industries are highly competitive. We face competition not only from other private firms, but also from state-owned companies that are increasingly competing for opportunities outside of their home countries and as partners with other private firms. In some cases, these state-owned companies may pursue opportunities in furtherance of strategic objectives of their government owners, with less focus on financial returns than companies owned by private shareholders, such as ExxonMobil. Technology and expertise provided by industry service companies may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources. As described in more detail above, our hydrocarbon-based energy products are also subject to growing and, in many cases, government-supported competition from alternative energy sources.
Reputation. Our reputation is an important corporate asset. Factors that could have a negative impact on our reputation include an operating incident or significant cybersecurity disruption; changes in consumer views concerning our products; a perception by investors or others that the Corporation is making insufficient progress with respect to our ambition to play a leading role in the energy transition, or that pursuit of this ambition may result in allocation of capital to investments with reduced returns; and other adverse events such as those described in this Item 1A. Negative impacts on our reputation could in turn make it more difficult for us to compete successfully for new opportunities, obtain necessary regulatory approvals, obtain financing, and attract talent, or they could reduce consumer demand for our branded products. ExxonMobil’s reputation may also be harmed by events which negatively affect the image of our industry as a whole.
Projections, estimates, and descriptions of ExxonMobil’s plans and objectives included or incorporated in Items 1, 1A, 2, 7, and 7A of this report are forward-looking statements. Actual future results, including project completion dates, production rates, capital expenditures, costs, and business plans could differ materially due to, among other things, the factors discussed above and elsewhere in this report.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
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ITEM 2. PROPERTIES
Information with regard to oil and gas producing activities follows:
1. Disclosure of Reserves
A. Summary of Oil and Gas Reserves at Year-End 2022
The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidated subsidiaries and equity companies. Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels. The Corporation has reported proved reserves on the basis of the average of the first-day-of-the-month price for each month during the last 12-month period. No major discovery or other favorable or adverse event has occurred since December 31, 2022 that would cause a significant change in the estimated proved reserves as of that date.

Proved ReservesCrude
Oil
Natural Gas
Liquids
BitumenSynthetic
Oil
 Natural
Gas
Oil-Equivalent
Total
All Products
 (million bbls)(million bbls)(million bbls)(million bbls)(billion cubic ft)(million bbls)
Developed      
Consolidated Subsidiaries      
United States1,174 514 — — 9,577 3,284 
Canada/Other Americas (1)
377 2,288 248 371 2,976 
Europe— — — 408 73 
Africa236 23 — — 307 310 
Asia2,020 47 — — 2,037 2,407 
Australia/Oceania38 12 — — 3,162 577 
Total Consolidated3,850 597 2,288 248 15,862 9,627 
Equity Companies      
United States119 — — 127 147 
Europe— — — 326 56 
Africa— — — 663 116 
Asia235 125 — — 5,020 1,197 
Total Equity Company361 132 — — 6,136 1,516 
Total Developed4,211 729 2,288 248 21,998 11,143 
Undeveloped      
Consolidated Subsidiaries      
United States1,030 538 — — 4,068 2,246 
Canada/Other Americas (1)
568 — 132 105 337 861 
Europe— — — — 
Africa35 — — — 36 
Asia774 39 — — 1,024 983 
Australia/Oceania28 — — 2,846 504 
Total Consolidated2,435 579 132 105 8,285 4,631 
Equity Companies      
United States— — — — — — 
Europe— — — — 54 
Africa— — — — — — 
Asia521 223 — — 7,289 1,959 
Total Equity Company521 223 — — 7,343 1,968 
Total Undeveloped2,956 802 132 105 15,628 6,599 
Total Proved Reserves7,167 1,531 2,420 353 37,626 17,742 
(1) Other Americas includes proved developed reserves of 243 million barrels of crude oil and 191 billion cubic feet of natural gas, as well as proved undeveloped reserves of 549 million barrels of crude oil and 311 billion cubic feet of natural gas.
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In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately. However, the Corporation operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries.
The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment; international trade patterns and relations; and other factors described in Item 1A. Risk Factors.
The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments and detailed analysis of well and reservoir information such as flow rates and reservoir pressures. Furthermore, the Corporation only records proved reserves for projects which have received significant funding commitments by management toward the development of the reserves. Although the Corporation is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, and significant changes in crude oil and natural gas price levels. In addition, proved reserves could be affected by an extended period of low prices which could reduce the level of the Corporation’s capital spending and also impact our partners’ capacity to fund their share of joint projects.

B. Technologies Used in Establishing Proved Reserves Additions in 2022
Additions to ExxonMobil’s proved reserves in 2022 were based on estimates generated through the integration of available and appropriate geological, engineering and production data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results.
Data used in these integrated assessments included information obtained directly from the subsurface via wellbores, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data utilized also included subsurface information obtained through indirect measurements including high-quality 3‑D and 4‑D seismic data, calibrated with available well control information. The tools used to interpret the data included seismic processing software, reservoir modeling and simulation software, and data analysis packages.
In some circumstances, where appropriate analog reservoirs were available, reservoir parameters from these analogs were used to increase the quality of and confidence in the reserves estimates.

C. Qualifications of Reserves Technical Oversight Group and Internal Controls over Proved Reserves
ExxonMobil has a dedicated Global Reserves and Resources group that provides technical oversight and is separate from the operating organization. Primary responsibilities of this group include oversight of the reserves estimation process for compliance with Securities and Exchange Commission (SEC) rules and regulations, review of annual changes in reserves estimates, and the reporting of ExxonMobil’s proved reserves. This group also maintains the official company reserves estimates for ExxonMobil’s proved reserves of crude oil, natural gas liquids, bitumen, synthetic oil, and natural gas. In addition, the group provides training to personnel involved in the reserves estimation and reporting process within ExxonMobil and its affiliates. The Global Reserves and Resources Manager has more than 30 years of experience in reservoir engineering and reserves assessment, has a degree in Engineering, and served on the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE). The group is staffed with individuals that have an average of more than 15 years of technical experience in the petroleum industry, including expertise in the classification and categorization of reserves under SEC guidelines. This group includes individuals who hold degrees in either Engineering or Geology.
The Global Reserves and Resources group maintains a central database containing the official company reserves estimates. Appropriate controls, including limitations on database access and update capabilities, are in place to ensure data integrity within this central database. An annual review of the system’s controls is performed by internal audit. Key components of the reserves estimation process include technical evaluations, commercial and market assessments, analysis of well and field performance, and long-standing approval guidelines. No changes may be made to the reserves estimates in the central database, including additions of any new initial reserves estimates or subsequent revisions, unless these changes have been thoroughly reviewed and evaluated by duly authorized geoscience and engineering professionals within the operating organization. In addition, changes to reserves estimates that exceed certain thresholds require further review and approval by the appropriate level of management within the operating organization before the changes may be made in the central database. Endorsement by the Global Reserves and Resources group for all proved reserves changes is a mandatory component of this review process. After all changes are made, reviews are held with senior management for final endorsement.
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2. Proved Undeveloped Reserves
At year-end 2022, approximately 6.6 billion oil-equivalent barrels (GOEB) of ExxonMobil’s proved reserves were classified as proved undeveloped. This represents 37 percent of the 17.7 GOEB reported in proved reserves. This compares to 6.3 GOEB of proved undeveloped reserves reported at the end of 2021. During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.0 GOEB from proved undeveloped to proved developed reserves by year end. The largest transfers were related to development activities in the United States, Mozambique, Guyana, and the United Arab Emirates. During 2022, extensions and discoveries, primarily in the United States and Guyana, resulted in the addition of approximately 1.4 GOEB of proved undeveloped reserves, along with an increase of approximately 0.7 GOEB due to purchases in Asia. Also, the Corporation reclassified approximately 0.8 GOEB of proved undeveloped reserves which no longer met the SEC definition of proved reserves, primarily in the United States and Canada.
Overall, investments of $12.1 billion were made by the Corporation during 2022 to progress the development of reported proved undeveloped reserves, including $12.0 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities. These investments represented 71 percent of the $17.0 billion in total reported Upstream capital and exploration expenditures.
One of ExxonMobil’s requirements for reporting proved reserves is that management has made significant funding commitments toward the development of the reserves. ExxonMobil has a disciplined investment strategy and many major fields require long lead-time in order to be developed. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. Proved undeveloped reserves in Australia, Kazakhstan, the United States, and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects. The Corporation is reasonably certain that these proved reserves will be produced; however, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, the pace of co-venturer/government funding, changes in the amount and timing of capital investments, and significant changes in crude oil and natural gas price levels. Of the proved undeveloped reserves that have been reported for five or more years, over 80 percent are contained in the aforementioned countries. In Australia, proved undeveloped reserves are associated with future compression for the Gorgon Jansz LNG project. In Kazakhstan, the proved undeveloped reserves are related to the remainder of the Tengizchevroil joint venture development that includes a production license in the Tengiz - Korolev field complex. The Tengizchevroil joint venture is producing, and proved undeveloped reserves will continue to move to proved developed as approved development phases progress. In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field.
9


3. Oil and Gas Production, Production Prices and Production Costs
A. Oil and Gas Production
The table below summarizes production by final product sold and by geographic area for the last three years.
(thousands of barrels daily)202220212020
Crude OilNGLCrude OilNGLCrude OilNGL
Crude oil and natural gas liquids production
Consolidated Subsidiaries      
United States523 211 482 195 481 154 
Canada/Other Americas (1)
196 130 121 
Europe— 16 22 
Africa233 241 301 11 
Asia407 23 407 21 449 23 
Australia/Oceania27 16 28 15 29 15 
Total Consolidated Subsidiaries1,388 257 1,304 244 1,403 213 
Equity Companies      
United States41 43 49 
Europe— — — 
Africa— — — — — — 
Asia216 59 207 60 208 62 
Total Equity Companies259 60 253 61 260 63 
Total crude oil and natural gas liquids production1,647 317 1,557 305 1,663 276 
Bitumen production     
Consolidated Subsidiaries      
Canada/Other Americas327 365 342  
Synthetic oil production 
Consolidated Subsidiaries 
Canada/Other Americas63 62 68  
Total liquids production2,354 2,289 2,349  
(millions of cubic feet daily)
Natural gas production available for sale      
Consolidated Subsidiaries      
United States2,531 2,724 2,668  
Canada/Other Americas (1)
148 195 277  
Europe306 377 447  
Africa64 43  
Asia779 807 872  
Australia/Oceania1,440 1,280 1,219  
Total Consolidated Subsidiaries5,268 5,426 5,492  
Equity Companies 
United States20 22 23  
Europe361 431 342  
Africa— — 
Asia2,639 2,658 2,614  
Total Equity Companies3,027 3,111 2,979  
Total natural gas production available for sale8,295 8,537 8,471  
(thousands of oil-equivalent barrels daily)
Oil-equivalent production3,737 3,712 3,761  
(1) Other Americas includes crude oil production for 2022, 2021, and 2020 of 120 thousand, 48 thousand, and 29 thousand barrels daily, respectively; and natural gas production available for sale for 2022, 2021, and 2020 of 45 million, 36 million, and 45 million cubic feet daily, respectively.
10


B. Production Prices and Production Costs
The table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.
(dollars per unit)United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
2022
Consolidated Subsidiaries       
Average production prices       
Crude oil, per barrel93.60 97.05 91.32 103.45 94.94 94.43 96.16 
NGL, per barrel38.54 45.22 71.43 57.83 35.77 46.91 39.37 
Natural gas, per thousand cubic feet5.37 4.40 21.17 2.57 2.60 11.47 7.48 
Bitumen, per barrel— 64.12 — — — — 64.12 
Synthetic oil, per barrel— 96.08 — — — — 96.08 
Average production costs, per oil-equivalent barrel - total9.40 24.63 23.77 21.68 7.31 4.97 13.09 
Average production costs, per barrel - bitumen— 29.90 — — — — 29.90 
Average production costs, per barrel - synthetic oil— 51.52 — — — — 51.52 
Equity Companies
Average production prices
Crude oil, per barrel94.58 — 90.91 60.00 94.32 — 94.32 
NGL, per barrel39.53 — — — 59.52 — 59.05 
Natural gas, per thousand cubic feet5.49 — 21.10 2.72 13.08 — 13.97 
Average production costs, per oil-equivalent barrel - total40.42 — 26.86 42.24 1.45 — 5.57 
Total
Average production prices
Crude oil, per barrel93.67 97.05 91.15 103.42 94.73 94.43 95.88 
NGL, per barrel38.55 45.22 71.43 57.83 52.85 46.91 43.09 
Natural gas, per thousand cubic feet5.37 4.40 21.14 2.59 10.70 11.47 9.85 
Bitumen, per barrel— 64.12 — — — — 64.12 
Synthetic oil, per barrel— 96.08 — — — — 96.08 
Average production costs, per oil-equivalent barrel - total10.57 24.63 25.43 21.79 4.02 4.97 11.43 
Average production costs, per barrel - bitumen— 29.90 — — — — 29.90 
Average production costs, per barrel - synthetic oil— 51.52 — — — — 51.52 
2021
Consolidated Subsidiaries
Average production prices
Crude oil, per barrel65.03 68.56 66.20 70.21 67.28 69.00 67.14 
NGL, per barrel32.24 30.51 42.31 54.57 32.62 43.07 33.65 
Natural gas, per thousand cubic feet3.02 2.92 11.83 1.67 2.11 6.64 4.33 
Bitumen, per barrel— 44.26 — — — — 44.26 
Synthetic oil, per barrel— 64.73 — — — — 64.73 
Average production costs, per oil-equivalent barrel - total8.33 22.47 25.31 18.92 7.16 5.14 12.15 
Average production costs, per barrel - bitumen— 22.69 — — — — 22.69 
Average production costs, per barrel - synthetic oil— 48.87 — — — — 48.87 
Equity Companies
Average production prices
Crude oil, per barrel67.06 — 62.60 — 65.85 — 66.01 
NGL, per barrel29.94 — — — 52.14 — 51.64 
Natural gas, per thousand cubic feet3.11 — 8.19 — 6.54 — 6.74 
Average production costs, per oil-equivalent barrel - total30.51 — 38.82 — 1.59 — 6.67 
Total
Average production prices
Crude oil, per barrel65.20 68.56 65.54 70.21 66.80 69.00 66.96 
NGL, per barrel32.23 30.51 42.31 54.57 47.10 43.07 37.27 
Natural gas, per thousand cubic feet3.02 2.92 9.89 1.67 5.50 6.64 5.21 
Bitumen, per barrel— 44.26 — — — — 44.26 
Synthetic oil, per barrel— 64.73 — — — — 64.73 
Average production costs, per oil-equivalent barrel - total9.24 22.47 31.79 19.04 4.06 5.14 10.92 
Average production costs, per barrel - bitumen— 22.69 — — — — 22.69 
Average production costs, per barrel - synthetic oil— 48.87 — — — — 48.87 
11


(dollars per unit)United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
2020
Consolidated Subsidiaries       
Average production prices       
Crude oil, per barrel34.97 37.26 41.39 42.27 39.39 36.67 38.31 
NGL, per barrel13.83 10.34 20.11 21.32 21.37 27.92 16.05 
Natural gas, per thousand cubic feet0.98 1.56 3.13 1.24 1.49 4.34 2.01 
Bitumen, per barrel— 17.71 — — — — 17.71 
Synthetic oil, per barrel— 37.32 — — — — 37.32 
Average production costs, per oil-equivalent barrel - total9.82 18.40 21.22 16.67 6.50 5.35 11.57 
Average production costs, per barrel - bitumen— 19.22 — — — — 19.22 
Average production costs, per barrel - synthetic oil— 33.61 — — — — 33.61 
Equity Companies
Average production prices
Crude oil, per barrel39.10 — 38.95 — 35.18 — 35.97 
NGL, per barrel11.05 — — — 30.02 — 29.58 
Natural gas, per thousand cubic feet1.19 — 3.85 — 3.14 — 3.20 
Average production costs, per oil-equivalent barrel - total25.13 — 30.74 — 1.63 — 5.34 
Total
Average production prices
Crude oil, per barrel35.35 37.26 41.11 42.27 38.07 36.67 37.95 
NGL, per barrel13.80 10.34 20.11 21.32 27.65 27.92 19.16 
Natural gas, per thousand cubic feet0.98 1.56 3.44 1.24 2.72 4.34 2.43 
Bitumen, per barrel— 17.71 — — — — 17.71 
Synthetic oil, per barrel— 37.32 — — — — 37.32 
Average production costs, per oil-equivalent barrel - total10.55 18.40 24.76 16.73 3.91 5.35 10.21 
Average production costs, per barrel - bitumen— 19.22 — — — — 19.22 
Average production costs, per barrel - synthetic oil— 33.61 — — — — 33.61 

Average production prices have been calculated by using sales quantities from the Corporation’s own production as the divisor. Average production costs have been computed by using net production quantities for the divisor. The volumes of crude oil and natural gas liquids (NGL) production used for this computation are shown in the oil and gas production table in section 3.A. The volumes of natural gas used in the calculation are the production volumes of natural gas available for sale and are also shown in section 3.A. The natural gas available for sale volumes are different from those shown in the reserves table in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report due to volumes consumed or flared. Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
12


4. Drilling and Other Exploratory and Development Activities
A. Number of Net Productive and Dry Wells Drilled
 202220212020
Net Productive Exploratory Wells Drilled   
Consolidated Subsidiaries   
United States
Canada/Other Americas
Europe— — — 
Africa— — 
Asia— — — 
Australia/Oceania— — — 
Total Consolidated Subsidiaries
Equity Companies
United States— — — 
Europe— — — 
Africa— — — 
Asia— — — 
Total Equity Companies— — — 
Total productive exploratory wells drilled4 6 7 
Net Dry Exploratory Wells Drilled
Consolidated Subsidiaries
United States— — 
Canada/Other Americas
Europe— — — 
Africa— — — 
Asia— — 
Australia/Oceania— — — 
Total Consolidated Subsidiaries
Equity Companies
United States— — — 
Europe— — — 
Africa— — — 
Asia— — — 
Total Equity Companies— — — 
Total dry exploratory wells drilled4 4 2 
13


 202220212020
Net Productive Development Wells Drilled   
Consolidated Subsidiaries   
United States473 433 412 
Canada/Other Americas33 28 36 
Europe— 
Africa
Asia15 
Australia/Oceania— — 
Total Consolidated Subsidiaries514 467 471 
Equity Companies
United States49 13 60 
Europe— 
Africa— — 
Asia10 
Total Equity Companies59 20 66 
Total productive development wells drilled573 487 537 
Net Dry Development Wells Drilled
Consolidated Subsidiaries
United States— 
Canada/Other Americas— — — 
Europe— — — 
Africa— — — 
Asia— — — 
Australia/Oceania— — 
Total Consolidated Subsidiaries— 
Equity Companies
United States— — — 
Europe— — — 
Africa— — — 
Asia— — — 
Total Equity Companies— — — 
Total dry development wells drilled 4 7 
Total number of net wells drilled581 501 553 
14


B. Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining Technologies
Syncrude Operations. Syncrude is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil. Imperial Oil Limited is the owner of a 25 percent interest in the joint venture. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited. In 2022, the company’s share of net production of synthetic crude oil was about 63 thousand barrels per day and share of net acreage was about 55 thousand acres in the Athabasca oil sands deposit.
Kearl Operations. Kearl is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen. Imperial Oil Limited holds a 70.96 percent interest in the joint venture and ExxonMobil Canada Properties holds the other 29.04 percent. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited and a 100 percent interest in ExxonMobil Canada Properties. Kearl is comprised of six oil sands leases covering about 49 thousand acres in the Athabasca oil sands deposit.
Kearl is located approximately 40 miles north of Fort McMurray, Alberta, Canada. Bitumen is extracted from oil sands and processed through bitumen extraction and froth treatment trains. The product, a blend of bitumen and diluent, is shipped to our refineries and to other third parties. Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation by pipeline and rail. During 2022, average net production at Kearl was about 221 thousand barrels per day.
5. Present Activities
A. Wells Drilling
Wells Drilling
Year-End 2022
Year-End 2021
GrossNetGrossNet
    
Consolidated Subsidiaries    
United States804 472 1,059 588 
Canada/Other Americas54 40 44 33 
Europe
Africa10 11 
Asia18 11 
Australia/Oceania— — — 
Total Consolidated Subsidiaries889 520 1,127 627 
Equity Companies
United States13 12 — 
Europe— — — — 
Africa— — — — 
Asia
Total Equity Companies21 14 
Total gross and net wells drilling910 525 1,141 628 
15


B. Review of Principal Ongoing Activities
United States
ExxonMobil’s year-end 2022 acreage holdings totaled 9.5 million net acres, of which 0.2 million net acres were offshore. In 2022, ExxonMobil relinquished 1 million net acres, of which 0.2 million were offshore. ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska. Development activities continued on the Golden Pass liquefied natural gas export project.
During the year, a total of 519.9 net exploratory and development wells were completed in the inland lower 48 states. Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico.
ExxonMobil’s net acreage in the Gulf of Mexico at year-end 2022 was 0.1 million acres. A total of 0.9 net development wells were completed during the year.
Participation in Alaska production and development continued with a total of 2.6 net development wells completed.
Canada / Other Americas
Canada
Oil and Gas Operations: ExxonMobil’s year-end 2022 acreage holdings totaled 4.3 million net acres, of which 2.5 million net acres were offshore. In 2022, ExxonMobil relinquished 2.5 million net acres, of which 1.5 million were offshore. A total of 1.3 net exploratory and development wells were completed during the year.
In Situ Bitumen Operations: ExxonMobil’s year-end 2022 in situ bitumen acreage holdings totaled 0.5 million net onshore acres. A total of 24 net development wells at Cold Lake were completed during the year.
Argentina
ExxonMobil’s net acreage totaled 2.9 million acres at year-end 2022, of which 2.6 million net acres were offshore. During the year, a total of 5.4 net development wells were completed.
Brazil
ExxonMobil’s net acreage totaled 2.6 million offshore acres at year-end 2022. During the year, a total of 1.5 net exploratory wells were completed. Development activities continued on the Bacalhau Phase 1 project.
Guyana
ExxonMobil’s net acreage totaled 4.6 million offshore acres at year-end 2022. During the year, a total of 6 net exploratory and development wells were completed. The Liza Phase 2 Unity floating production, storage and offloading vessel commenced operations, and development activities continued on the Payara project. The Yellowtail project was funded in 2022.
Europe
Germany
ExxonMobil’s net acreage totaled 1.4 million onshore acres at year-end 2022.
Netherlands
ExxonMobil’s net interest in licenses totaled 1.4 million acres at year-end 2022, of which 0.4 million acres were offshore. During the year, a total of 0.2 net development well was completed. In 2022, the Dutch Government further reduced Groningen gas extraction and continues to evaluate the timing for cessation of production.
United Kingdom
ExxonMobil’s net interest in licenses totaled 0.1 million offshore acres at year-end 2022.


16


Africa
Angola
ExxonMobil’s net acreage totaled 3 million acres at year-end 2022, of which 2.9 million net acres were offshore. During the year, a total of 3.3 net exploratory and development wells were completed.
Equatorial Guinea
ExxonMobil’s net acreage totaled 0.1 million offshore acres at year-end 2022.
Mozambique
ExxonMobil’s net acreage totaled 0.7 million offshore acres at year-end 2022. In 2022, ExxonMobil relinquished 1 million net offshore acres outside of the core Area 4 development. The Coral South Floating LNG development began production in October 2022.
Nigeria
ExxonMobil’s net acreage totaled 0.9 million offshore acres at year-end 2022. During the year, a total of 0.4 net exploratory and development wells were completed.
Asia
Azerbaijan
ExxonMobil's net acreage totaled 7 thousand offshore acres at year-end 2022. During the year, a total of 1 net development wells were completed.
Indonesia
ExxonMobil’s net acreage totaled 0.1 million onshore acres at year-end 2022.
Iraq
ExxonMobil’s net acreage totaled 36 thousand onshore acres at year-end 2022. During the year, a total of 0.3 net development well was completed. Oil field rehabilitation activities continued during 2022 and across the life of this project will include drilling of new wells; working over of existing wells; and optimization, debottlenecking and expansion of facilities.
Kazakhstan
ExxonMobil’s net acreage totaled 0.3 million acres at year-end 2022, of which 0.2 million net acres were offshore. During the year, a total of 2.3 net development wells were completed. Development activities continued on the Tengiz Expansion project.
Malaysia
ExxonMobil’s interests in production sharing contracts covered 0.2 million net offshore acres at year-end 2022.
Qatar
Through our joint ventures with QatarEnergy, ExxonMobil’s net acreage totaled 80 thousand offshore acres at year-end 2022. ExxonMobil participated in 52.3 million tonnes per year gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year end. During the year, a total of 8.2 net development wells were completed. The North Field Production Sustainment Compression project was funded in 2022. ExxonMobil also announced participation in Qatar's North Field East project via the Qatar Liquefied Gas Company Limited (QG7) venture, representing 18.5 thousand net acres and 8 million tonnes per year gross liquefied natural gas capacity expected to begin in 2026.
Russia
Effective October 14, 2022, the Russian government unilaterally terminated the Corporation's interests in Sakhalin, transferring operations to a Russian operator.
Refer to "Note 2: Russia" of the Financial Section of this report for additional information.
Thailand
ExxonMobil’s net onshore acreage in Thailand concessions totaled 16 thousand acres at year-end 2022. During the year, a total of 0.1 net development well was completed.

17


United Arab Emirates
ExxonMobil’s net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 81 thousand acres at year-end 2022. During the year, a total of 2.8 net development wells were completed. Development activities continued on the Upper Zakum 1 MBD Sustainment project.
Australia / Oceania
Australia
ExxonMobil’s net acreage totaled 1.2 million offshore acres and 10 thousand onshore acres at year-end 2022. In 2022, 0.6 million net offshore acres were relinquished.
The co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) development consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million tonnes per year LNG facility and a 280 million cubic feet per day domestic gas plant located on Barrow Island, Western Australia. Development activities continued on the Gorgon Stage 2 project and Jansz Io Compression project during the year.
Papua New Guinea
ExxonMobil’s net acreage totaled 2.1 million onshore acres at year-end 2022. In 2022, ExxonMobil relinquished 1.2 million net offshore acres. The Papua New Guinea (PNG) liquefied natural gas integrated development includes gas production and processing facilities in the PNG Highlands, onshore and offshore pipelines, and a 6.9 million tonnes per year liquefied natural gas facility near Port Moresby.
Worldwide Exploration
At year-end 2022, exploration activities were under way in several areas in which ExxonMobil has no established production operations and thus are not included above. A total of 18.8 million net acres were held at year-end 2022 and 1.2 net exploratory wells were completed during the year in these countries.

6. Delivery Commitments
ExxonMobil sells crude oil and natural gas from its producing operations under a variety of contractual obligations, some of which may specify the delivery of a fixed and determinable quantity for periods longer than one year. ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and the spot market. Worldwide, we are contractually committed to deliver approximately 36 million barrels of oil and 2.3 trillion cubic feet of natural gas for the period from 2023 through 2025. We expect to fulfill the majority of these delivery commitments with production from our proved developed reserves. Any remaining commitments will be fulfilled with production from our proved undeveloped reserves and purchases on the open market as necessary.
18


7. Oil and Gas Properties, Wells, Operations and Acreage
A. Gross and Net Productive Wells
 Gross and Net Productive Wells
Year-End 2022
Year-End 2021
OilGasOilGas
GrossNetGrossNetGrossNetGrossNet
Consolidated Subsidiaries        
United States19,006 7,576 11,495 7,516 19,401 7,566 18,670 10,773 
Canada/Other Americas4,394 4,310 2,903 1,033 4,656 4,548 3,209 1,247 
Europe536 127 433 205 439 116 441 207 
Africa590 191 24 10 1,102 416 24 10 
Asia999 318 147 86 1,038 333 137 80 
Australia/Oceania473 89 92 38 522 99 94 40 
Total Consolidated Subsidiaries25,998 12,611 15,094 8,888 27,158 13,078 22,575 12,357 
Equity Companies
United States12,068 4,777 3,341 331 12,108 4,793 3,355 333 
Europe57 20 482 150 57 20 547 171 
Africa— — — — — — 
Asia233 58 145 33 225 56 168 35 
Total Equity Companies12,358 4,855 3,974 516 12,390 4,869 4,070 539 
Total gross and net productive wells38,356 17,466 19,068 9,404 39,548 17,947 26,645 12,896 
 
There were 19,571 gross and 17,165 net operated wells at year-end 2022 and 23,645 gross and 20,528 net operated wells at year-end 2021. The number of wells with multiple completions was 1,010 gross in 2022 and 1,082 gross in 2021.

19


B. Gross and Net Developed Acreage
Gross and Net Developed Acreage 
(thousands of acres)
Year-End 2022
Year-End 2021
GrossNetGrossNet
    
Consolidated Subsidiaries    
United States11,022 6,681 12,180 7,503 
Canada/Other Americas (1)
2,113 1,509 2,905 2,075 
Europe (2)
1,238 580 1,234 580 
Africa2,186 736 2,409 818 
Asia1,582 462 1,929 557 
Australia/Oceania3,242 1,067 3,242 1,067 
Total Consolidated Subsidiaries21,383 11,035 23,899 12,600 
Equity Companies
United States702 166 687 163 
Europe3,646 1,117 3,646 1,116 
Africa178 44 — — 
Asia665 157 701 160 
Total Equity Companies5,191 1,484 5,034 1,439 
Total gross and net developed acreage26,574 12,519 28,933 14,039 
(1) Includes developed acreage in Other Americas of 490 gross and 311 net thousands of acres for 2022 and 2021.
(2) Year-end 2021 developed acreage in Europe was restated for gross and net.
Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage.
C. Gross and Net Undeveloped Acreage
Gross and Net Undeveloped Acreage
(thousands of acres)
Year-End 2022
Year-End 2021
GrossNetGrossNet
    
Consolidated Subsidiaries    
United States6,455 2,587 6,751 2,807 
Canada/Other Americas (1)
32,441 15,838 36,764 18,246 
Europe (2)
12,592 8,231 14,811 6,163 
Africa20,620 13,113 23,797 15,186 
Asia766 227 766 227 
Australia/Oceania4,811 2,309 8,638 4,112 
Total Consolidated Subsidiaries77,685 42,305 91,527 46,741 
Equity Companies
United States150 61 159 64 
Europe482 131 596 139 
Africa418 104 596 149 
Asia296 19 — — 
Total Equity Companies1,346 315 1,351 352 
Total gross and net undeveloped acreage79,031 42,620 92,878 47,093 
(1) Includes undeveloped acreage in Other Americas of 25,096 gross and 11,977 net thousands of acres for 2022 and 26,084 gross and 12,471 net thousands of acres for 2021.
(2) Year-end 2021 undeveloped acreage in Europe was restated for gross and net.
ExxonMobil’s investment in developed and undeveloped acreage is comprised of numerous concessions, blocks, and leases. The terms and conditions under which the Corporation maintains exploration and/or production rights to the acreage are property-specific, contractually defined, and vary significantly from property to property. Work programs are designed to ensure that the exploration potential of any property is fully evaluated before expiration. In some instances, the Corporation may elect to relinquish acreage in advance of the contractual expiration date if the evaluation process is complete and there is not a business basis for extension. In cases where additional time may be required to fully evaluate acreage, the Corporation has generally been successful in obtaining extensions. The scheduled expiration of leases and concessions for undeveloped acreage over the next three years is not expected to have a material adverse impact on the Corporation.
20


D. Summary of Acreage Terms
United States
Oil and gas exploration and production rights are acquired from mineral interest owners through a lease. Mineral interest owners include the Federal and State governments, as well as private mineral interest owners. Leases typically have an exploration period ranging from one to 10 years, and a production period that normally remains in effect until production ceases. Under certain circumstances, a lease may be held beyond its exploration term even if production has not commenced. In some instances regarding private property, a “fee interest” is acquired where the underlying mineral interests are owned outright.
Canada / Other Americas
Canada
Exploration licenses or leases in onshore areas are acquired for varying periods of time with renewals or extensions possible. These licenses or leases entitle the holder to continue existing licenses or leases upon completing specified work. In general, these license and lease agreements are held as long as there is proven production capability on the licenses and leases. Exploration licenses in offshore eastern Canada and the Beaufort Sea are held by work commitments of various amounts and rentals. They are valid for a term of nine years. Offshore production licenses are valid for 25 years, with rights of extension for continued production. Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term.
Argentina
The Federal Hydrocarbon Law was amended in 2014. Pursuant to the amended law, the production term for an onshore unconventional concession is 35 years and 25 years for a conventional concession, with unlimited 10-year extensions possible once a field has been developed. In 2019, the government granted three offshore exploration licenses, with terms of eight years, divided into two exploration periods of four years, with an optional extension of five years for each license.
Brazil
The exploration and production of oil and gas are governed by concession contracts and production sharing contracts. Concession contracts provide for an exploration period of up to eight years and a production period of 27 years. Production sharing contracts provide for an exploration period of up to seven years and a production period of up to 28 years.
Guyana
The Petroleum (Exploration and Production) Act authorizes the government of Guyana to grant petroleum prospecting and production licenses and to enter into petroleum agreements for the exploration and production of hydrocarbons. Petroleum agreements provide for an exploration period of up to 10 years and a production period of 20 years, with a 10-year extension.
Europe
Germany
Exploration concessions are granted for an initial maximum period of five years, with an unlimited number of extensions up to three years each. Extensions are subject to specific minimum work commitments. Production licenses are normally granted for 20 to 25 years with multiple possible extensions subject to production on the license.
Netherlands
Under the Mining Law, effective January 1, 2003, exploration and production licenses for both onshore and offshore areas are issued for a period as explicitly defined in the license. The term is based on the period of time necessary to perform the activities for which the license is issued. License conditions are stipulated in the license and are based on the Mining Law.
Production rights granted prior to January 1, 2003, remain subject to their existing terms and differ slightly for onshore and offshore areas. Onshore production licenses issued prior to 1988 were indefinite; from 1988 they were issued for a period as explicitly defined in the license, ranging from 35 to 45 years. Offshore production licenses issued before 1976 were issued for a fixed period of 40 years; from 1976 they were again issued for a period as explicitly defined in the license, ranging from 15 to 40 years.
21


United Kingdom
Acreage terms are fixed by the government and are periodically changed. For example, many of the early licenses issued under the first four licensing rounds provided an initial term of six years with relinquishment of at least one-half of the original area at the end of the initial term, subject to extension for a further 40 years. At the end of any such 40-year term, licenses may continue in producing areas until cessation of production; or licenses may continue in development areas for periods agreed on a case-by-case basis until they become producing areas; or licenses terminate in all other areas. The majority of traditional licenses currently issued have an initial exploration term of four years with a second term extension of four years, and a final production term of 18 years, with a mandatory relinquishment of 50 percent of the acreage after the initial term and of all acreage that is not covered by a development plan at the end of the second term.
Africa
Angola
Exploration and production activities are governed by either production sharing agreements or other contracts with initial exploration terms ranging from three to four years with options to extend from one to five years. The production periods range from 20 to 30 years, and the agreements generally provide for negotiated extensions.
Equatorial Guinea
Exploration, development and production activities are governed by production sharing contracts negotiated with the State Ministry of Mines and Hydrocarbons. The production period for crude oil is 30 years.
Mozambique
Exploration and production activities are generally governed by concession contracts with the Government of the Republic of Mozambique, represented by the Ministry of Mineral Resources and Energy. An interest in Area 4 offshore Mozambique was acquired in 2017. Terms for Area 4 are governed by the Exploration and Production Concession Contract (EPCC) for Area 4 Offshore of the Rovuma Block. The EPCC expires 30 years after an approved plan of development becomes effective for a given discovery area.
In 2018, an interest was acquired in offshore blocks A5-B, Z5-C, and Z5-D. Terms for the three blocks are governed by their respective EPCCs, with blocks Z5-C and Z5-D having an initial exploration phase that expired in 2022, resulting in a relinquishment of acreage in those blocks. Block A5-B's initial exploration phase expires in 2023. A5-B's EPCC provides a development and production period that expires 30 years after the approval of a plan of development.
Nigeria
Exploration and production activities in the deepwater offshore areas are typically governed by production sharing contracts (PSCs) with the national oil company, the Nigerian National Petroleum Corporation (NNPC). NNPC typically holds the underlying Oil Prospecting License (OPL) and any resulting Oil Mining Lease (OML). The terms of the PSCs are generally 30 years, including a 10-year exploration period (an initial exploration phase that can be divided into multiple optional periods) covered by an OPL. Upon commercial discovery, an OPL may be converted to an OML. Partial relinquishment is required under the PSC at the end of the 10-year exploration period, and OMLs have a 20-year production period that may be extended, subject to the partial relinquishment. In August 16, 2021, the Petroleum Industry Act (PIA) was enacted to replace the Petroleum Act of 1969. This granted Petroleum Prospecting Licenses (PPLs - replacing OPLs) with an initial term of five years and optional five-year extension. Petroleum Mining Leases (PMLs - replacing OMLs) are granted for each commercial discovery in the PPL for a 20-year term. The PIA also had a "savings provision" which allowed NNPC to renegotiate its PSCs and renew their OMLs for 20 years under existing 1969 Act terms, within 12 months from the enactment of the PIA. On August 11, 2022, the leases for OML 133 and 138 were renewed under the savings provision.
OMLs granted under the 1969 Petroleum Act, which include all deepwater OMLs, have a maximum term of 20 years without distinction for onshore or offshore location and are renewable, upon 12-months written notice. All future renewals will be conducted under PIA terms.
OMLs granted prior to the 1969 Petroleum Act (i.e., under the Mineral Oils Act 1914, repealed by the 1969 Petroleum Act) were for 30 years onshore and 40 years in offshore areas and have been renewed, effective March 11, 2011, for a further period of 20 years. Operations under these pre-1969 OMLs are conducted under a joint venture agreement with NNPC rather than a PSC. Commercial terms applicable to the existing joint venture oil production are defined by the Petroleum Profits Tax Act (PPT). This was also repealed by the PIA in August 2021 with lease holders having the option to convert to PIA terms or retain PPT terms until their current leases expire.

22


Asia
Azerbaijan
The production sharing agreement (PSA) for the development of the Azeri-Chirag-Gunashli field was established for an initial period of 30 years starting from the PSA execution date in 1994. The PSA was amended in September 2017 to extend the term by 25 years to 2049.
Indonesia
Exploration and production activities in Indonesia are generally governed by cooperation contracts, usually in the form of a production sharing contract (PSC). The current PSCs have an exploration period of six years, which can be extended once for a period of four years with a total contract period of 30 years including an exploitation period. PSC terms can be extended for a maximum of 20 years for each extension with the approval of the government.
Iraq
Development and production activities in the state-owned oil and gas fields are governed by contracts with regional oil companies of the Iraqi Ministry of Oil. An ExxonMobil affiliate entered into a contract with Basra Oil Company of the Iraqi Ministry of Oil for the rights to participate in the development and production activities of the West Qurna Phase I oil and gas field effective March 1, 2010. The term of the contract is 20 years with the right to extend for a period of five to 15 years. The contract provides for cost recovery plus per-barrel fees for incremental production above specified levels.
Kazakhstan
Onshore exploration and production activities are governed by the production license, exploration license, and joint venture agreements negotiated with the Republic of Kazakhstan. Existing production operations have a 40-year production period that commenced in 1993.
Offshore exploration and production activities are governed by a production sharing agreement negotiated with the Republic of Kazakhstan. The exploration period is six years followed by separate appraisal periods for each discovery. The production period for each discovery, which includes development, is 20 years from the date of declaration of commerciality with the possibility of two 10-year extensions.
Malaysia
Production activities are governed by production sharing contracts (PSCs) negotiated with the national oil company. The PSCs have production terms of 25 years. Extensions are generally subject to the national oil company’s prior written approval.
Qatar
The State of Qatar grants gas production development project rights to develop and supply gas from the offshore North Field to permit the economic development and production of gas reserves sufficient to satisfy the gas and LNG sales obligations of these projects. The initial terms for these rights generally extend for 25 years. Extensions and terms are subject to State of Qatar approval.
Russia
Terms for ExxonMobil’s Sakhalin acreage were fixed by a production sharing agreement between the Russian government and the Sakhalin-1 consortium, of which ExxonMobil was the operator. Effective October 14, 2022, the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator.
Refer to “Note 2: Russia” of the Financial Section of this report for additional information.
Thailand
The Petroleum Act of 1971 allows production under ExxonMobil’s concessions for 30 years with a 10-year extension at terms generally prevalent at the time.
United Arab Emirates
An interest in the development and production activities of the offshore Upper Zakum field was acquired in 2006. In 2017, the governing agreements were extended to 2051.

23


Australia / Oceania
Australia
Exploration and production activities conducted offshore in Commonwealth waters are governed by Federal legislation. Exploration permits are granted for an initial term of six years with two possible five-year renewal periods. Retention leases may be granted for resources that are not commercially viable at the time of application but are likely to become commercially viable within 15 years. These are granted for periods of five years, and renewals may be requested. Prior to July 1998, production licenses were granted initially for 21 years, with a further renewal of 21 years and thereafter indefinitely, i.e., for the life of the field. Effective from July 1998, new production licenses are granted indefinitely. In each case, a production license may be terminated if no production operations have been carried on for five years.
Papua New Guinea
Exploration and production activities are governed by the Oil and Gas Act. Petroleum prospecting licenses are granted for an initial term of six years with a five-year extension possible (an additional extension of three years is possible in certain circumstances). Generally, a 50-percent relinquishment of the license area is required at the end of the initial six-year term, if extended. Petroleum development licenses are granted for an initial 25-year period. An extension for further consecutive period(s) of up to 20 years may be granted at the Minister’s discretion. Petroleum retention licenses may be granted for gas resources that are not commercially viable at the time of application but may become commercially viable within the maximum possible retention time of 15 years. Petroleum retention licenses are granted for an initial five-year period, and may only be extended, at the Minister’s discretion, twice for the maximum retention time of 15 years.
24


Information with regard to refining capacity:
ExxonMobil manufactures, trades, and sells petroleum products. The refining and supply operations encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a range of fuels, lubricants, feedstocks, and other products to our customers around the world.
Refining Capacity At Year-End 2022 (1)
  
ExxonMobil
Share KBD (2)
ExxonMobil
Interest %
United States   
JolietIllinoisn258 100
Baton RougeLouisianan523 100
Billings (3)
Montanan60 100
BaytownTexasn565 100
BeaumontTexasn369 100
Total United States 1,775  
Canada   
StrathconaAlbertan197 69.6
NanticokeOntarion113 69.6
SarniaOntarion123 69.6
Total Canada 433  
Europe   
AntwerpBelgiumn307 100
Fos-sur-MerFrancen133 82.9
GravenchonFrancen244 82.9
KarlsruheGermanyn78 25
Trecate (3)
Italyn132 75
RotterdamNetherlandsn192 100
FawleyUnited Kingdomn262 100
Total Europe 1,348  
Asia Pacific   
FujianChinan67 25
Jurong/PACSingaporen592 100
Sriracha (3)
Thailandn167 66
Total Asia Pacific 826  
Middle East   
YanbuSaudi Arabian200 50
Total Worldwide 4,582  
n Energy Products Specialty Products
(1) Capacity data is based on 100 percent of rated refinery process unit stream-day capacities under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time. The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment.
(2) Thousands of barrels per day (KBD). ExxonMobil share reflects 100 percent of atmospheric distillation capacity in operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil’s interest or that portion of distillation capacity normally available to ExxonMobil.
(3) The Corporation announced sales agreements relating to these assets and expects the transactions to close in 2023.

25


Information with regard to retail fuel sites:
Within the Energy Products segment, retail fuels sites sell products and services throughout the world through our Exxon, Esso, and Mobil brands.
Number of Retail Fuel Sites At Year-End 2022
Owned/leasedDistributors/resellersTotal
United States (1)
— 11,139 11,139 
Canada— 2,415 2,415 
Europe (2)
197 5,830 6,027 
Asia Pacific (3)
563 1,438 2,001 
Latin America— 510 510 
Middle East/Africa221 200 421 
Worldwide981 21,532 22,513 
(1) In October 2022, the Corporation reached an agreement with Par Pacific Holdings for the sale of the Billings refinery and select midstream assets, which includes about 300 retail fuel sites, and expects the transaction to close in 2023.
(2) In December 2022, the Corporation reached an agreement with Italiana Petroli for the sale of the Italy fuels business, which includes about 2,300 retail fuel sites, and expects the transaction to close in 2023.
(3) In January 2023, the Corporation announced the sale of its interest in Esso Thailand, which includes a network of about 800 retail fuel sites, and expects the transaction to close in 2023.


26


Information with regard to chemical complex capacity:
ExxonMobil manufactures and sells petrochemicals. The large/integrated chemical complexes supply olefins, polyolefins, and a wide variety of other petrochemical products.
Chemical Complex Capacity At Year-End 2022 (1)
 (millions of metric tons per year, unless otherwise noted)EthylenePolyethylenePolypropyleneExxonMobil
Interest %
North America     
Baton RougeLouisiana1.1 1.3 0.9 100 
BaytownTexas4.0 — 0.7 100 
BeaumontTexas0.9 1.7 — 100 
Corpus ChristiTexas0.9 0.7 — 50 
Mont BelvieuTexas— 2.3 — 100 
SarniaOntario0.3 0.5 — 69.6 
Total North America 7.2 6.5 1.6  
Europe     
AntwerpBelgium— 0.4 — 100 
FifeUnited Kingdom0.4 — — 50 
GravenchonFrance0.4 0.4 0.3 100 
MeerhoutBelgium— 0.5 — 100 
Total Europe 0.8 1.3 0.3  
Middle East     
Al JubailSaudi Arabia0.7 0.7 — 50 
YanbuSaudi Arabia1.0 0.7 0.2 50 
Total Middle East 1.7 1.4 0.2  
Asia Pacific     
FujianChina0.3 0.2 0.2 25 
SingaporeSingapore1.9 1.9 0.9 100 
Total Asia Pacific 2.2 2.1 1.1  
Total Worldwide 11.9 11.2 3.2  
(1) Capacity reflects 100 percent for operations of majority-owned subsidiaries. For companies owned 50 percent or less, capacity is ExxonMobil’s interest.
Due to rounding, numbers presented above may not add up precisely to the totals indicated.
27


ITEM 3. LEGAL PROCEEDINGS
ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.
On August 4, 2022, XTO Energy, Inc. (“XTO”) received a letter from the Department of Justice (“DOJ”) notifying XTO of the United States Environmental Protection Agency’s (“EPA”) request to initiate a potential civil action against XTO regarding the Schnegg well in Powhatan Point, Ohio. The letter did not quantify an associated civil penalty potentially sought by the DOJ. The EPA alleges XTO breached its duty under the General Duty Clause of the Clean Air Act for the Schnegg well, and such breaches resulted in the 2018 well blowout. Neither a civil action has been filed nor a draft consent decree has been provided by the DOJ. XTO is assessing the factual basis of the allegation and any associated penalties. In discussions in January 2023, the DOJ indicated it may seek a potential penalty substantially in excess of $1 million and XTO strongly disagrees with DOJ’s initial position.
On November 21, 2022, the State of Texas, acting by and through its Attorney General (“State”), filed a complaint against the Corporation (captioned State of Texas v. Exxon Mobil Corporation) in Travis County District Court, TX, Cause No. D-1-GN-22-006534, for alleged violations of the Texas Clean Air Act at the Baytown Olefins Plant located in Baytown, Texas. The complaint seeks civil penalties for alleged unauthorized air pollution, unauthorized outdoor burning, nuisance, and unauthorized visible emissions associated with multiple alleged air emissions events between 2018 and 2022 in an amount in excess of $1 million and injunctive relief against the Corporation to enjoin a violation or threatened violation of any Texas Commission on Environmental Quality statute. The State also seeks to recover its fees and costs of litigation.
Refer to the relevant portions of “Note 16: Litigation and Other Contingencies” of the Financial Section of this report for additional information on legal proceedings.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
28


Information about our Executive Officers (positions and ages as of February 22, 2023)
NameAgeCurrent and Prior Positions (up to five years)
Darren W. Woods58
Chairman of the Board and Chief Executive Officer (since January 1, 2017)
Director and President (since January 1, 2016)
Neil A. Chapman60
Senior Vice President (since January 1, 2018)
Kathryn A. Mikells57
Senior Vice President and Chief Financial Officer (since August 9, 2021)
Chief Financial Officer and a member of the board of directors for Diageo plc
   (November 2015 - June 2021)
Jack P. Williams, Jr.59
Senior Vice President (since June 1, 2014)
James R. Chapman53
Vice President, Tax and Treasurer (since November 28, 2022)
Dominion Energy, Inc. (prior to November 28, 2022):
Executive Vice President, Chief Financial Officer and Treasurer (January 2019 - November 2022)
Senior Vice President, CFO and Treasurer (November 2018 - December 2018)
Senior Vice President, Mergers & Acquisitions and Treasurer (February 2016 - October 2018)
Len M. Fox
59
Vice President and Controller (since March 1, 2021 following a special assignment)
Assistant Treasurer, Exxon Mobil Corporation (February 1, 2020 - December 31, 2020)
Vice President, Chemical Business Services and Treasurer (June 1, 2015 - January 31, 2020)
Jon M. Gibbs
51
President of ExxonMobil Global Projects Company (since April 1, 2021)
Senior Vice President, Global Project Delivery, ExxonMobil Global Projects Company
   (July 1, 2020 - March 31, 2021)
President, ExxonMobil Global Services Company (April 1, 2019 - June 30, 2020)
Upstream Organization Design Team Lead, ExxonMobil Development Company
   (January 15, 2019 - March 31, 2019)
Vice President, Asia Pacific and Middle East, ExxonMobil Development Company
   (January 1, 2016 - January 14, 2019)
Liam M. Mallon
60
Vice President (since April 1, 2019)
President, ExxonMobil Upstream Company (since April 1, 2022)
President, ExxonMobil Upstream Oil & Gas Company (April 1, 2019 - March 31, 2022)
President, ExxonMobil Development Company (January 1, 2017 - March 31, 2019)
Karen T. McKee
56
Vice President (since April 1, 2019)
President, ExxonMobil Product Solutions Company (since April 1, 2022)
President, ExxonMobil Chemical Company (April 1, 2019 - March 31, 2022)
Senior Vice President, Basic Chemicals, Integration & Growth, ExxonMobil Chemical Company
   (August 1, 2017 - March 31, 2019)
Craig S. Morford
64
Vice President and General Counsel (since November 1, 2020)
Secretary (since March 1, 2022)
Deputy General Counsel (May 1, 2019 - October 31, 2020)
Chief Legal and Compliance Officer of Cardinal Health, Inc. (until March 2019)
Darrin L. Talley
58
Vice President, Corporate Strategic Planning (since April 1, 2022)
President, ExxonMobil Research and Engineering Company (April 1, 2020 - March 31, 2022)
Manager, Corporate Strategy, Corporate Strategic Planning (March 15, 2017 - March 31, 2020)

Officers are generally elected by the Board of Directors at its meeting on the day of each annual election of directors, with each such officer serving until a successor has been elected and qualified. The above-named officers are required to file reports under Section 16 of the Securities Exchange Act of 1934.
29


PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The principal market where ExxonMobil common stock (XOM) is traded is the New York Stock Exchange, although the stock is traded on other exchanges in and outside the United States.
There were 310,437 registered shareholders of ExxonMobil common stock at December 31, 2022. At January 31, 2023, the registered shareholders of ExxonMobil common stock numbered 308,630.
On January 30, 2023, the Corporation declared a $0.91 dividend per common share, payable March 10, 2023.
Reference is made to Item 12 in Part III of this report.
 
Issuer Purchases of Equity Securities for Quarter Ended December 31, 2022
Total Number of Shares Purchased (1)
Average Price Paid per Share (2)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
(Billions of dollars)
October 2022
14,693,713$102.0914,693,705$37.9
November 2022
15,273,566$112.1312,755,411$36.5
December 2022
13,674,403$106.9913,674,403$35.0
Total43,641,682$107.1441,123,519
(1) Includes shares withheld from participants in the company's incentive program for personal income taxes.
(2) The full-year average price paid per share is $93.15.
(3) In its 2022 Corporate Plan Update released December 8, 2022, the Corporation stated that the company expanded its share repurchase program to up to $50 billion through 2024, including $15 billion of repurchases in 2022.
 
During the fourth quarter, the Corporation did not issue or sell any unregistered equity securities.


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Financial Section of this report.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Reference is made to the section entitled “Market Risks” in the Financial Section of this report. All statements, other than historical information incorporated in this Item 7A, are forward-looking statements. The actual impact of future market changes could differ materially due to, among other things, factors discussed in this report.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Reference is made to the following in the Financial Section of this report:
Consolidated financial statements, together with the report thereon of PricewaterhouseCoopers LLP (PCAOB ID 238) dated February 22, 2023, beginning with the section entitled “Report of Independent Registered Public Accounting Firm” and continuing through “Note 20: Divestment Activities”;
“Supplemental Information on Oil and Gas Exploration and Production Activities” (unaudited); and
“Frequently Used Terms” (unaudited).
Financial Statement Schedules have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

ITEM 9A. CONTROLS AND PROCEDURES
Management’s Evaluation of Disclosure Controls and Procedures
As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of December 31, 2022. Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
Management’s Report on Internal Control Over Financial Reporting
Management, including the Corporation’s Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer, is responsible for establishing and maintaining adequate internal control over the Corporation’s financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that Exxon Mobil Corporation’s internal control over financial reporting was effective as of December 31, 2022.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, audited the effectiveness of the Corporation’s internal control over financial reporting as of December 31, 2022, as stated in their report included in the Financial Section of this report.
Changes in Internal Control Over Financial Reporting
There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

31


PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Reference is made to the section of this report titled “Information about our Executive Officers”.
Incorporated by reference to the following from the registrant’s definitive proxy statement for the 2023 annual meeting of shareholders (the “2023 Proxy Statement”):
The section entitled “Election of Directors”;
The portions entitled “Director Qualifications”, “Director Nomination Process and Board Succession”, and “Code of Ethics and Business Conduct” of the section entitled “Corporate Governance”; and
The “Director Independence” portion, “Board Meetings and Annual Meeting Attendance” portion, the membership table of the portion entitled “Board Committees”, the "Audit Committee" portion and the "Nominating and Governance Committee" portion of the section entitled “Corporate Governance”.

ITEM 11. EXECUTIVE COMPENSATION
Incorporated by reference to the sections entitled “Director Compensation”, “Compensation Committee Report”, “Compensation Discussion and Analysis”, “Executive Compensation Tables”, “Pay Ratio”, and "Pay Versus Performance" of the registrant’s 2023 Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required under Item 403 of Regulation S-K is incorporated by reference to the sections “Certain Beneficial Owners” and “Director and Executive Officer Stock Ownership” of the registrant’s 2023 Proxy Statement.

Equity Compensation Plan Information
 (a)(b)(c)
Plan CategoryNumber of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and RightsWeighted-Average Exercise Price of Outstanding Options, Warrants and RightsNumber of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans [Excluding Securities Reflected in Column (a)]
Equity compensation plans approved by security holders42,542,460 
(1)
60,288,068 
(2)(3)
Equity compensation plans not approved by security holders—  —  
Total42,542,460  60,288,068  
(1) The number of restricted stock units to be settled in shares.
(2) Available shares can be granted in the form of restricted stock or other stock-based awards. Includes 59,964,868 shares available for award under the 2003 Incentive Program and 323,200 shares available for award under the 2004 Non-Employee Director Restricted Stock Plan.
(3) Under the 2004 Non-Employee Director Restricted Stock Plan approved by shareholders in May 2004, and the related standing resolution adopted by the Board, each non-employee director automatically receives 8,000 shares of restricted stock when first elected to the Board and, if the director remains in office, an additional 2,500 restricted shares each following year. While on the Board, each non-employee director receives the same cash dividends on restricted shares as a holder of regular common stock, but the director is not allowed to sell the shares. The restricted shares may be forfeited if the director leaves the Board early.


32


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Incorporated by reference to the portion entitled “Related Person Transactions and Procedures” of the section entitled “Director and Executive Officer Stock Ownership”; and the portion entitled “Director Independence” of the section entitled “Corporate Governance” of the registrant’s 2023 Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Incorporated by reference to the portion entitled “Audit Committee” of the section entitled “Corporate Governance” and the section entitled “Ratification of Independent Auditors” of the registrant’s 2023 Proxy Statement.

PART IV
ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES
(a)(1) and (2) Financial Statements:
See Table of Contents of the Financial Section of this report.
(b)(3) Exhibits:
See Index to Exhibits of this report.

ITEM 16. FORM 10-K SUMMARY
None.

33


FINANCIAL SECTION
TABLE OF CONTENTS
Business Profile
Financial Information
Frequently Used Terms
Management’s Discussion and Analysis of Financial Condition and Results of Operations 
Forward-Looking Statements
Overview
Business Environment
Business Results
Liquidity and Capital Resources
Capital and Exploration Expenditures
Taxes
Environmental Matters
Market Risks
Critical Accounting Estimates
Management’s Report on Internal Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm
Consolidated Financial Statements 
Statement of Income
Statement of Comprehensive Income
Balance Sheet
Statement of Cash Flows
Statement of Changes in Equity
Notes to Consolidated Financial Statements 
1. Summary of Accounting Policies
2. Russia
3. Miscellaneous Financial Information
4. Other Comprehensive Income Information
5. Cash Flow Information
6. Additional Working Capital Information
7. Equity Company Information
8. Investments, Advances and Long-Term Receivables
9. Property, Plant and Equipment and Asset Retirement Obligations
10. Accounting for Suspended Exploratory Well Costs
11. Leases
12. Earnings Per Share
13. Financial Instruments and Derivatives
14. Long-Term Debt
15. Incentive Program
16. Litigation and Other Contingencies
17. Pension and Other Postretirement Benefits
18. Disclosures about Segments and Related Information
19. Income and Other Taxes
20. Divestment Activities
Supplemental Information on Oil and Gas Exploration and Production Activities

34

BUSINESS PROFILE

 Earnings (Loss) After
Income Taxes
Average Capital
Employed (Non-GAAP)
Return on
Average Capital
Employed (Non-GAAP)
Capital and
Exploration
Expenditures
Financial20222021202220212022202120222021
 (millions of dollars)(millions of dollars)(percent)(millions of dollars)
Upstream        
United States11,728 3,663 52,555 55,305 22.36.66,968 4,018 
Non-U.S.24,751 12,112 93,250 101,645 26.511.910,034 8,236 
Total36,479 15,775 145,805 156,950 25.010.117,002 12,254 
Energy Products
United States8,340 668 11,787 11,902 70.85.61,351 982 
Non-U.S.6,626 (1,014)18,855 18,537 35.1(5.5)1,059 1,005 
Total14,966 (347)30,642 30,439 48.8(1.1)2,410 1,987 
Chemical Products
United States2,328 3,697 14,694 14,107 15.826.21,123 1,200 
Non-U.S.1,215 3,292 12,513 11,758 9.728.01,842 825 
Total3,543 6,989 27,207 25,865 13.027.02,965 2,025 
Specialty Products
United States1,190 1,452 2,072 1,997 57.472.746 185 
Non-U.S.1,225 1,807 6,207 5,915 19.730.5222 141 
Total2,415 3,259 8,279 7,912 29.241.2268 326 
Corporate and Financing(1,663)(2,636)16,471 1,724 59 
Corporate total55,740 23,040 228,404 222,890 24.910.922,704 16,595 
See Frequently Used Terms for a definition and calculation of capital employed and return on average capital employed.
Due to rounding, numbers presented may not add up precisely to the totals indicated.

Operating20222021 20222021
Net liquids production
(thousands of barrels daily)
  
Refinery throughput
(thousands of barrels daily)
  
United States776 721 United States1,702 1,623 
Non-U.S.1,578 1,568 Non-U.S.2,328 2,322 
Total2,354 2,289 Total4,030 3,945 
Natural gas production available for sale
(millions of cubic feet daily)
  
Energy Products sales (2)
(thousands of barrels daily)
  
United States2,551 2,746 United States2,426 2,267 
Non-U.S.5,744 5,791 Non-U.S.2,921 2,863 
Total8,295 8,537 Total5,347 5,130 
Oil-equivalent production (1)
(thousands of oil-equivalent barrels daily)
3,737 3,712 
Chemical Products sales (2)
(thousands of metric tons)
United States7,270 7,017 
   Non-U.S.11,897 12,126 
Total19,167 19,142 
Specialty Products sales (2)
(thousands of metric tons)
United States2,049 1,943 
Non-U.S.5,762 5,723 
   Total7,810 7,666 
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
(2) Data reported net of purchases/sales contracts with the same counterparty.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
35

FINANCIAL INFORMATION
(millions of dollars, except where stated otherwise)202220212020
Sales and other operating revenue398,675 276,692 178,574 
Net income (loss) attributable to ExxonMobil55,740 23,040 (22,440)
Earnings (loss) per common share (dollars)13.26 5.39 (5.25)
Earnings (loss) per common share – assuming dilution (dollars)13.26 5.39 (5.25)
Earnings (loss) to average ExxonMobil share of equity (percent)30.7 14.1 (12.9)
Working capital28,586 2,511 (11,470)
Ratio of current assets to current liabilities (times)1.41 1.04 0.80 
Additions to property, plant and equipment18,338 12,541 17,342 
Property, plant and equipment, less allowances204,692 216,552 227,553 
Total assets369,067 338,923 332,750 
Exploration expenses, including dry holes1,025 1,054 1,285 
Research and development costs824 843 1,016 
Long-term debt40,559 43,428 47,182 
Total debt41,193 47,704 67,640 
Debt to capital (percent)16.9 21.4 29.2 
Net debt to capital (percent) (1)
5.4 18.9 27.8 
ExxonMobil share of equity at year-end195,049 168,577 157,150 
ExxonMobil share of equity per common share (dollars)47.78 39.77 37.12 
Weighted average number of common shares outstanding (millions)4,205 4,275 4,271 
Number of regular employees at year-end (thousands) (2)
62.3 63.0 72.0 
(1) Debt net of cash.
(2) Regular employees are defined as active executive, management, professional, technical and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs.
 


36

FREQUENTLY USED TERMS
Listed below are definitions of several of ExxonMobil’s key business and financial performance measures. These definitions are provided to facilitate understanding of the terms and their calculation.
Cash Flow From Operations and Asset Sales (Non-GAAP)
Cash flow from operations and asset sales is the sum of the net cash provided by operating activities and proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments from the Consolidated Statement of Cash Flows. This cash flow reflects the total sources of cash both from operating the Corporation’s assets and from the divesting of assets. The Corporation employs a long-standing and regular disciplined review process to ensure that assets are contributing to the Corporation’s strategic objectives. Assets are divested when they are no longer meeting these objectives or are worth considerably more to others. Because of the regular nature of this activity, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

Cash Flow From Operations and Asset Sales
(millions of dollars)
202220212020
Net cash provided by operating activities76,797 48,129 14,668 
Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments5,247 3,176 999 
Cash flow from operations and asset sales (Non-GAAP)
82,044 51,305 15,667 
 
Capital Employed (Non-GAAP)
Capital employed is a measure of net investment. When viewed from the perspective of how the capital is used by the businesses, it includes ExxonMobil’s net share of property, plant and equipment and other assets less liabilities, excluding both short-term and long-term debt. When viewed from the perspective of the sources of capital employed in total for the Corporation, it includes ExxonMobil’s share of total debt and equity. Both of these views include ExxonMobil’s share of amounts applicable to equity companies, which the Corporation believes should be included to provide a more comprehensive measure of capital employed.

Capital Employed
(millions of dollars)
202220212020
Business uses: asset and liability perspective   
Total assets369,067 338,923 332,750 
Less liabilities and noncontrolling interests share of assets and liabilities
Total current liabilities excluding notes and loans payable(68,411)(52,367)(35,905)
Total long-term liabilities excluding long-term debt(56,990)(63,169)(65,075)
Noncontrolling interests share of assets and liabilities(9,205)(8,746)(8,773)
Add ExxonMobil share of debt-financed equity company net assets3,705 4,001 4,140 
Total capital employed (Non-GAAP)
238,166 218,642 227,137 
Total corporate sources: debt and equity perspective
Notes and loans payable634 4,276 20,458 
Long-term debt40,559 43,428 47,182 
ExxonMobil share of equity195,049 168,577 157,150 
Less noncontrolling interests share of total debt(1,781)(1,640)(1,793)
Add ExxonMobil share of equity company debt3,705 4,001 4,140 
Total capital employed (Non-GAAP)
238,166 218,642 227,137 


37

FREQUENTLY USED TERMS
Return on Average Capital Employed (Non-GAAP)
Return on average capital employed (ROCE) is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment capital employed (average of beginning and end-of-year amounts). These segment earnings include ExxonMobil’s share of segment earnings of equity companies, consistent with our capital employed definition, and exclude the cost of financing. The Corporation’s total ROCE is net income attributable to ExxonMobil excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as one of the best measures of historical capital productivity in our capital-intensive, long-term industry. Additional measures, which are more cash flow based, are used to make investment decisions.

Return on Average Capital Employed
(millions of dollars)
202220212020
Net income (loss) attributable to ExxonMobil55,740 23,040 (22,440)
Financing costs (after-tax)
Gross third-party debt(1,213)(1,196)(1,272)
ExxonMobil share of equity companies(198)(170)(182)
All other financing costs – net276 11 666 
Total financing costs(1,135)(1,355)(788)
Earnings (loss) excluding financing costs (Non-GAAP)
56,875 24,395 (21,652)
Average capital employed228,404 222,890 234,031 
Return on average capital employed – corporate total (Non-GAAP)
24.9%10.9%(9.3)%








38

FREQUENTLY USED TERMS
Structural Cost Savings
Structural cost savings describe decreases in certain 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 savings totaled $7 billion. The total change between periods in expenses below will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand the Corporation’s efforts to optimize spending through disciplined expense management.

Calculation of Structural Cost Savings
(billions of dollars)
20192022
Components of operating costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses36.8 42.6 
Selling, general and administrative expenses11.4 10.1 
Depreciation and depletion (includes impairments)19.0 24.0 
Exploration expenses, including dry holes1.3 1.0 
Non-service pension and postretirement benefit expense1.2 0.5 
Subtotal69.7 78.2 
ExxonMobil’s share of equity company expenses9.1 13.0 
Total operating costs (Non-GAAP)
78.8 91.2 
Less:
Depreciation and depletion (includes impairments)19.0 24.0 
Non-service pension and postretirement benefit expense1.2 0.5 
Other adjustments (includes equity company depreciation
and depletion)
3.6 3.5 
Total cash operating expenses (cash opex) (Non-GAAP)
55.0 63.2 
Energy and production taxes 11.0 23.8 
MarketActivity /
Other
Structural
Savings
Total cash operating expenses (cash opex) excluding energy and production taxes (Non-GAAP)
44.0 +3-1-739.4 


39

FREQUENTLY USED TERMS
Earnings (Loss) excluding Identified Items (Non-GAAP)
Earnings (loss) excluding Identified Items, 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 in a given quarter may be less than $250 million when the item impacts several segments or several periods. 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 (loss) 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.
Upstream202220212020
(millions of dollars)U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
Earnings (loss) (U.S. GAAP)11,728 24,751 36,479 3,663 12,112 15,775 (19,385)(645)(20,030)
Impairments— (3,790)(3,790)(263)(489)(752)(17,092)(2,244)(19,336)
Gain/(loss) on sale of assets299 587 886 — 459 459 — — — 
Inventory valuation - lower of cost or market— — — — — — — (61)(61)
Tax-related items— (1,415)(1,415)— — — — (297)(297)
Contractual provisions— — — — (250)(250)— — — 
Other— 1,380 1,380 — — — — — — 
Identified Items299 (3,238)(2,939)(263)(280)(543)(17,092)(2,602)(19,694)
Earnings (loss) excluding Identified Items (Non-GAAP)
11,429 27,989 39,418 3,926 12,392 16,318 (2,293)1,957 (336)

Energy Products202220212020
(millions of dollars)U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
Earnings (loss) (U.S. GAAP)8,340 6,626 14,966 668 (1,014)(347)(1,342)(1,230)(2,572)
Impairments(58)(216)(274)— — — (4)(374)(378)
Tax-related items— (410)(410)— — — — (262)(262)
Identified Items(58)(626)(684)— — — (4)(636)(640)
Earnings (loss) excluding Identified Items (Non-GAAP)
8,398 7,252 15,650 668 (1,014)(347)(1,338)(594)(1,932)

Chemical Products202220212020
(millions of dollars)U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
Earnings (loss) (U.S. GAAP)2,328 1,215 3,543 3,697 3,292 6,989 1,196 1,061 2,257 
Impairments— — — — — — (90)(2)(92)
Tax-related items— — — — — — — (13)(13)
Identified Items— — — — — — (90)(15)(105)
Earnings (loss) excluding Identified Items (Non-GAAP)
2,328 1,215 3,543 3,697 3,292 6,989 1,286 1,076 2,362 

Specialty Products202220212020
(millions of dollars)U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
Earnings (loss) (U.S. GAAP)1,190 1,225 2,415 1,452 1,807 3,259 571 630 1,201 
Impairments— (40)(40)— — — — (219)(219)
Gain/(loss) on sale of assets— — — 498 136 634 — — — 
Tax-related items— — — — — — — (9)(9)
Identified Items— (40)(40)498 136 634 — (228)(228)
Earnings (loss) excluding Identified Items (Non-GAAP)
1,190 1,265 2,455 954 1,672 2,625 571 858 1,429 

40

FREQUENTLY USED TERMS
Corporate and Financing
(millions of dollars)
202220212020
Earnings (loss) (U.S. GAAP)(1,663)(2,636)(3,296)
Impairments(98)— (35)
Gain/(loss) on sale of assets— (12)— 
Tax-related items324 — — 
Severance charges— (52)(326)
Other76 — — 
Identified Items302 (64)(361)
Earnings (loss) excluding Identified Items (Non-GAAP)
(1,965)(2,572)(2,935)

Corporate Total
(millions of dollars)
202220212020
Net income (loss) attributable to ExxonMobil (U.S. GAAP)55,740 23,040 (22,440)
Impairments(4,202)(752)(20,060)
Gain/(loss) on sale of assets886 1,081 — 
Inventory valuation - lower of cost or market— — (61)
Tax-related items(1,501)— (581)
Severance charges— (52)(326)
Contractual provisions— (250)— 
Other1,456 — — 
Identified Items(3,361)27 (21,028)
Earnings (loss) excluding Identified Items (Non-GAAP)
59,101 23,013 (1,412)

References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S. GAAP) from the Consolidated Statement of Income. Unless otherwise indicated, references to earnings (loss), Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing earnings (loss), and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

Due to rounding, numbers presented may not add up precisely to the totals indicated.

41

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions are forward-looking statements. Similarly, discussion of emission-reduction roadmaps or future plans related to carbon capture, biofuel, hydrogen, plastics recycling, and other plans to drive towards net-zero emissions 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 offset inflationary pressure; ambitions to achieve net-zero operated Scope 1 and Scope 2 emissions by 2050; plans to reach net-zero operated Scope 1 and 2 emissions in our unconventional Permian Basis operated assets by 2030, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, and to reach near-zero methane emissions from operated assets, within evolving growth, start-up, divestment, and technological efforts; timing and outcome of projects to capture and store CO2, and produced biofuels; timing and outcome of hydrogen projects; timing to increase the use of plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; 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 factors, economic conditions or seasonal fluctuations that impact prices and differentials for our product; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the impacts of COVID-19 or other public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; 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, civil unrest, attacks against the company or industry, and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; opportunities for potential 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.
Forward-looking and other statements regarding our environmental, social and other sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making.
Energy demand models are forward-looking by nature and aim to replicate system dynamics of the global energy system, requiring simplifications. The reference to any scenario in this report, including any potential net-zero scenarios, does not imply ExxonMobil views any particular scenario as likely to occur. In addition, energy demand scenarios require assumptions on a variety of parameters. As such, the outcome of any given scenario using an energy demand model comes with a high degree of uncertainty. For example, the International Energy Agency (IEA) describes its Net Zero Emissions (NZE) by 2050 scenario as extremely challenging, requiring unprecedented innovation, unprecedented international cooperation and sustained support and participation from consumers. Third-party scenarios discussed in this report reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use by ExxonMobil is not an endorsement by ExxonMobil of their underlying assumptions, likelihood or probability. Investment decisions are made on the basis of ExxonMobil’s separate planning process. Any use of the modeling of a third-party organization within this report does not constitute or imply an endorsement by ExxonMobil of any or all of the positions or activities of such organization.
The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
42

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
The following discussion and analysis of ExxonMobil’s financial results, as well as the accompanying financial statements and related notes to consolidated financial statements to which they refer, are the responsibility of the management of Exxon Mobil Corporation. The Corporation’s accounting and financial reporting fairly reflect its integrated business model involving exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and lower-emission fuels. ExxonMobil's operating segments are Upstream, Energy Products, Chemical Products, and Specialty Products. Where applicable, ExxonMobil voluntarily discloses additional U.S., Non-U.S., and regional splits to help investors better understand the company's operations.
Effective April 2022, the Corporation streamlined its business structure by combining the Chemical and Downstream businesses into Product Solutions. The company is organized along three businesses – Upstream, Product Solutions, and Low Carbon Solutions, aligning along market-focused value chains. Product Solutions consists of Energy Products, Chemical Products, and Specialty Products. Low Carbon Solutions will continue to be included in Corporate and Financing as the business continues to mature through commercialization and deployment of technology. The businesses are supported by a combined technology organization, and other centralized service-delivery groups, including a global projects organization.
ExxonMobil, with its resource base, financial strength, disciplined investment approach and technology portfolio, is well-positioned to participate in substantial investments to develop new energy supplies. The company’s integrated business model, with significant investments in Upstream, Energy Products, Chemical Products, and Specialty Products segments and Low Carbon Solutions business, generally reduces the Corporation’s risk from changes in commodity prices. While commodity prices depend on supply and demand and may be volatile on a short-term basis, ExxonMobil’s investment decisions are grounded on fundamentals reflected in our long-term business outlook, and use a disciplined approach in selecting and pursuing the most attractive investment opportunities. The Corporate Plan is a fundamental annual management process that is the basis for setting operating and capital objectives in addition to providing the economic assumptions used for investment evaluation purposes. The foundation for the assumptions supporting the Corporate Plan is the Outlook for Energy (Outlook), and Corporate Plan volume projections are based on individual field production profiles, which are also updated at least annually. Price ranges for crude oil, natural gas, including price differentials, refinery and chemical margins, volumes, development and operating costs, including greenhouse gas emissions pricing, and foreign currency exchange rates are based on Corporate Plan assumptions developed annually by major region and are utilized for investment evaluation purposes. Major investment opportunities are evaluated over a range of potential market conditions. Once we make major investments, we complete a reappraisal process to ensure we learn from the investment decision and incorporate the lessons into future projects.
BUSINESS ENVIRONMENT
Long-Term Business Outlook
ExxonMobil’s business planning is underpinned by a deep understanding of long-term market fundamentals. These fundamentals include supply and demand trends, the scale and variety of energy needs worldwide; capability, practicality and affordability of energy alternatives including low-carbon solutions; greenhouse gas emission-reduction technologies; and supportive government policies. The company’s Outlook considers these fundamentals to form the basis for the company’s long-term business planning, investment decisions, and research programs. The Outlook reflects the company’s view of global energy demand and supply through 2050. It is a projection based on current trends in technology, government policies, consumer preferences, geopolitics, and economic development.
In addition, ExxonMobil considers a range of scenarios - including remote scenarios - to help inform perspective of the future and enhance strategic thinking over time. Included in the range of these scenarios are the Intergovernmental Panel on Climate Change Lower 2°C scenarios and the IEA NZE by 2050 scenario. The IEA describes the IEA NZE as extremely challenging, requiring all stakeholders – governments, businesses, investors, and citizens – to take immediate, unprecedented action. The IEA acknowledges that society is not currently on the IEA NZE pathway. No single transition pathway can be reasonably predicted, given the wide range of uncertainties. Key unknowns include yet-to-be-developed government policies, market conditions, and advances in technology that may influence the cost, pace, and potential availability of certain pathways. Scenarios that employ a full complement of technology options are likely to provide the most economically efficient pathways.
Using our own experts and third-party sources, we monitor a variety of signposts that may indicate a potential shift in the energy transition. For example, the regional pace of the transition could be influenced by the cost of new technologies compared to existing or alternative energy sources. To effectively evaluate the pace of change, ExxonMobil uses many scenarios to help identify signposts that provide leading indicators of future developments and allow for timely adjustments to future versions of the Outlook.




43

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Non-OECD countries projected to drive energy demand growth
Primary energy, quadrillion BTUs
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g2.jpg
Source: ExxonMobil 2022 Outlook for Energy
By 2050, the world’s population is projected at around 9.7 billion people, or about 2 billion more than in 2021. Coincident with this population increase, the Outlook projects worldwide economic growth to average close to 2.5 percent per year, with economic output growing by around 110 percent by 2050 compared to 2021. As economies and populations grow, and as living standards improve for billions of people, the need for energy is expected to continue to rise. Even with significant efficiency gains, global energy demand is projected to rise by almost 15 percent from 2021 to 2050. This increase in energy demand is expected to be driven by developing countries (i.e., those that are not member nations of the Organization for Economic Co-operation and Development (OECD)).

As expanding prosperity drives global energy demand higher, increasing use of energy-efficient technologies and practices as well as lower-emission products will continue to help significantly reduce energy consumption and CO2 emissions per unit of economic output over time. Substantial efficiency gains are likely in all key aspects of the world’s economy through 2050, affecting energy requirements for power generation, transportation, industrial applications, and residential and commercial needs.
Under our Outlook, global electricity demand is expected to increase over 75 percent from 2021 to 2050, with developing countries likely to account for about 80 percent of the increase. Consistent with this projection, power generation is expected to remain the largest and fastest growing major segment of global primary energy demand, supported by a wide variety of energy sources. The share of coal-fired generation is expected to decline substantially and approach 15 percent of the world’s electricity in 2050, versus nearly 35 percent in 2021, in part due to policies to improve air quality as well as reduce greenhouse gas emissions to address risks related to climate change. From 2021 to 2050, the amount of electricity supplied using natural gas, nuclear power, and renewables is expected to more than double, accounting for the entire growth in electricity supplies and offsetting the reduction of coal. Electricity from wind and solar is expected to increase more than 550 percent, helping total renewables (including other sources, e.g., hydropower) to account for over 80 percent of the increase in electricity supplies worldwide through 2050. Total renewables are expected to reach about 50 percent of global electricity supplies by 2050. Natural gas and nuclear are expected to be about 25 percent and 10 percent, respectively, of global electricity supplies by 2050. Supplies of electricity by energy type will reflect significant differences across regions reflecting a wide range of factors including the cost and availability of various energy supplies and policy developments.
Under our Outlook, energy for transportation - including cars, trucks, ships, trains and airplanes - is expected to increase by over 30 percent from 2021 to 2050. Transportation energy demand is expected to account for around 65 percent of the growth in liquid fuels demand worldwide over this period. Light-duty vehicle demand for liquid fuels is projected to peak by around 2025, and then decline to levels seen in the early-2000s by 2050, as the impact of better fuel economy and significant growth in electric cars, led by China, Europe, and the United States, work to offset growth in the worldwide car fleet of almost 70 percent. By 2050, light-duty vehicles are expected to account for around 15 percent of global liquid fuels demand. During the same time period, nearly all the world’s commercial transportation fleets are expected to continue to run on liquid fuels, including biofuels, which are expected to be widely available and offer practical advantages in providing a large quantity of energy in small volumes.
Almost half of the world’s energy use is dedicated to industrial activity. As the global middle class continues to grow, demand for durable products, appliances, and consumable goods will increase. Industry uses energy products both as a fuel and as a feedstock for chemicals, asphalt, lubricants, waxes, and other specialty products. The Outlook anticipates technology advances, as well as the increasing shift toward cleaner forms of energy, such as electricity and natural gas, with coal declining. Demand for oil will continue to grow as a feedstock for industry.
As populations grow and prosperity rises, more energy will be needed to power homes, offices, schools, shopping centers, hospitals, etc. Combined residential and commercial energy demand is projected to rise by around 15 percent through 2050. Led by the growing economies of developing nations, average worldwide household electricity use will rise about 75 percent between 2021 and 2050.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquid fuels provide the largest share of global energy supplies today reflecting broad-based availability, affordability, ease of transportation, and fitness as a practical solution to meet a wide variety of needs. By 2050, global demand for liquid fuels is projected to grow to approximately 110 million oil equivalent barrels per day, an increase of about 17 percent from 2021. The non-OECD share of global liquid fuels demand is expected to increase to nearly 70 percent by 2050, as liquid fuels demand in the OECD is expected to decline by around 20 percent. Much of the global liquid fuels demand today is met by crude production from conventional sources; these supplies will remain important, and significant development activity is expected to offset much of the natural declines from these fields. At the same time, a variety of emerging supply sources - including tight oil, deepwater, oil sands, natural gas liquids, and biofuels - are expected to grow to help meet rising demand. The world’s resource base is sufficient to meet projected demand through 2050 as technology advances continue to expand the availability of more economic and lower-carbon supply options. However, timely investments will remain critical to meeting global needs with reliable and affordable supplies.
Natural gas is a lower-emission, versatile and practical fuel for a wide variety of applications, and it is expected to grow the most of any primary energy type from 2021 to 2050, meeting about 40 percent of global energy demand growth. Global natural gas demand is expected to rise nearly 25 percent from 2021 to 2050, with around two-thirds of that increase coming from the Asia Pacific region. Significant growth in supplies of unconventional gas - the natural gas found in shale and other tight rock formations - will help meet these needs. In total, about 50 percent of the growth in natural gas supplies is expected to be from unconventional sources. At the same time, conventionally-produced natural gas is likely to remain the cornerstone of global supply, meeting around two-thirds of worldwide demand in 2050. LNG trade will expand significantly, meeting about 50 percent of the increase in global demand growth, with much of this supply expected to help meet rising demand in Asia Pacific.
Oil and natural gas projected to play a critical role in the global energy mix
Primary energy - Quadrillion BtuPercent of primary energy
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g3.jpg
Source: ExxonMobil 2022 Outlook for EnergySource: ExxonMobil 2022 Outlook for Energy
The world’s energy mix is highly diverse and will remain so through 2050. Oil is expected to remain the largest source of energy with its share remaining close to 30 percent in 2050. Coal and gas are the next largest sources of energy today, with the share of natural gas growing to more than 25 percent by 2050, while the share of coal falls to about half that of natural gas. Nuclear power is projected to grow, as many nations are likely to expand nuclear capacity to address rising electricity needs as well as energy security and environmental issues. Total renewable energy is expected to exceed 20 percent of global energy by 2050, with other renewables (e.g., biomass, hydropower, geothermal) contributing a combined share of more than 10 percent. Total energy supplied from wind and solar is expected to increase rapidly, growing over 480 percent from 2021 to 2050, when they are projected to be around 10 percent of the world energy mix.
45

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Decarbonization of industry activities will require a suite of nascent or future lower-carbon technologies and supporting policies. Lower-emission fuels, hydrogen-based fuels, and carbon capture and storage are three key lower-carbon solutions needed to support a lower-emission future, in addition to wind and solar. Along with electrification, lower-emission fuels are expected to play an important role in decarbonization of the transportation sector, particularly in hard-to-decarbonize areas, such as aviation. Low-carbon hydrogen will be a key enabler replacing traditional furnace fuel to decarbonize the industrial sector. Hydrogen and hydrogen-based fuels like ammonia are also expected to make inroads into commercial transportation as technology improves to lower its cost and policy develops to support the needed infrastructure development. Carbon capture and storage on its own, or in combination with hydrogen production, is among the few proven technologies that could enable CO2 emission reductions from high-emitting and hard-to-decarbonize sectors such as power generation and heavy industries, including manufacturing, refining, and petrochemicals.
Significant oil and natural gas investment needed to meet projected global demand
Projected oil supply and demand
Million barrels per day
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g4.jpg
Excludes biofuels; IEA STEPS and IEA NZE Source: IEA WEO 2021; Outlook Source: ExxonMobil 2022 Outlook for Energy; Average IPCC Lower 2°C Source: IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3: 311 “Likely below 2°C” scenarios used
Projected global natural gas supply and demand
Billion cubic feet per day
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g5.jpg
IEA STEPS and IEA NZE Source: IEA WEO 2021; Outlook Source: ExxonMobil 2022 Outlook for Energy; Average IPCC Lower 2°C Source: IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3: 311 “Likely below 2°C” scenarios used
To meet this projected demand under our Outlook and the IEA's Stated Policies Scenario (STEPS), the Corporation anticipates that the world’s available oil and gas resource base will grow, not only from new discoveries, but also from increases in previously discovered fields. Technology will underpin these increases. The investments to develop and supply resources to meet global demand through 2050 will be significant, and would be needed to meet even the rapidly declining demand for oil and gas envisioned in the IEA’s Net Zero Emissions by 2050 scenario.
International accords and underlying regional and national regulations covering greenhouse gas emissions continue to evolve with uncertain timing and outcome, making it difficult to predict their business impact. For many years, the Corporation has taken into account policies established to reduce energy-related greenhouse gas emissions in its long-term Outlook. The climate accord reached at the Conference of the Parties (COP 21) in Paris set many new goals, and many related policies are still emerging. Our Outlook reflects an environment with increasingly stringent climate policies and is consistent with the global aggregation of Nationally Determined Contributions (NDCs), submitted by the nations that are signatories to the Paris Agreement, as available at the end of 2021. Our Outlook seeks to identify potential impacts of climate-related government policies, which often target specific sectors. For purposes of the Outlook, a proxy cost on energy-related CO2 emissions is assumed, based on regional considerations and relative levels of economic development, and by 2050, reaches up to $150 per metric ton for OECD nations and up to $100 per metric ton for non-OECD nations. China and other leading non-OECD nations are expected to trail OECD policy initiatives. Nevertheless, as people and nations look for ways to reduce risks of global climate change, they will continue to need practical solutions that do not jeopardize the affordability or reliability of the energy they need. The Corporation continues to monitor the updates to the NDCs that nations provided around COP 27 in Egypt in November 2022 as well as other policy developments in light of net-zero ambitions formulated by some nations.
The information provided in the Outlook includes ExxonMobil’s internal estimates and projections based upon internal data and analyses as well as publicly available information from external sources including the International Energy Agency.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Progress Reducing Emissions
The Corporation’s strategy seeks to maximize the advantages of our scale, business integration, leading technology, functional excellence, and our people to build globally competitive businesses that lead industry in earnings and cash flow growth across a range of future scenarios. We strive to play a leading role in the energy transition, bringing to bear these same advantages while retaining investment flexibility across a portfolio of evolving opportunities to grow shareholder value.
With advances in technology and the support of clear and consistent government policies, we aim to achieve net-zero operated Scope 1 and 2 greenhouse gas emissions by 2050. To this end, we have taken a comprehensive approach to create greenhouse gas emission-reduction roadmaps for our major operated assets. The roadmaps build on the company’s 2030 emission-reduction plans and, notably, include reaching net-zero emissions (Scopes 1 and 2) in our unconventional Permian Basin operated assets by 2030. We completed these roadmaps in 2022. Many of the required reduction steps are unaffordable with today's technology and policy support. We plan to update the roadmaps as needed to reflect technology, policy, and other necessary developments, including the development and acquisition of major operated assets.
Compared to 2016 levels, our 2030 emission-reduction plans include a 20-30 percent reduction in corporate-wide greenhouse gas intensity, 40-50 percent reduction in upstream greenhouse gas intensity, 70-80 percent reduction in company-wide methane intensity, and 60-70 percent reduction in corporate-wide hydrocarbon flaring intensity. In achieving these objectives, we also expect to see absolute reduction in:
Corporate-wide greenhouse gas emissions by approximately 20 percent;
Upstream greenhouse gas emissions of approximately 30 percent;
Corporate-wide hydrocarbon flaring of approximately 60 percent;
Corporate-wide methane emissions by approximately 70 percent; and
World Bank Zero Routine Flaring by 2030.
These emission-reduction plans cover Scope 1 and 2 emissions from assets we operate.
Since formally launching ExxonMobil’s Low Carbon Solutions business in early 2021, the Corporation has significantly grown the pipeline of emission-reduction opportunities in carbon capture and storage, hydrogen, and lower-emission fuels. Low Carbon Solutions leverages the Corporation’s unique combination of existing assets, technical capabilities, project management skills, and broad relationships with industry and governments to accelerate emission reductions for customers and help to reduce emissions in our existing businesses.
The Corporation plans to invest in initiatives to lower greenhouse gas emissions. These investments are designed to reduce emissions in the company’s operations and are also directed toward reducing others’ emissions through commercializing and scaling carbon capture and storage, hydrogen, and lower-emission fuels. Policy support, along with technology advancements, are important to the development and deployment of lower-emission technologies necessary for a net-zero future.
Recent Business Environment
Prior to the COVID-19 pandemic, many companies in the industry invested below the levels needed to maintain or increase production capacity to meet anticipated demand. During the COVID-19 pandemic, this decline in investments accelerated as industry revenue collapsed resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. In addition, industry rationalization of refining assets resulted in more than 3 million barrels per day of capacity being taken offline. Across late 2021 and the first half of 2022, these reductions, along with supply chain constraints, and a continuation of demand recovery led to a steady increase in oil and natural gas prices and refining margins.
Demand for petroleum and petrochemical products grew in 2022, with the Corporation's financial results benefiting from stronger prices and margins, notably for crude oil and natural gas as well as refining products. The rate and pace of recovery, however, has varied across geographies and business lines, with industry Chemical margins falling below the bottom of the 10-year range late in 2022 reflecting weakening global demand and capacity additions. Commodity and product prices are expected to remain volatile given the current global economic uncertainty and geopolitical events affecting supply and demand.
The general rate of inflation across major countries experienced a brief decline in the initial stage of the COVID-19 pandemic, before starting to increase steadily in 2021 due to an imbalance in supply and demand. The underlying factors include, but are not limited to, time cycle of capacity investments, supply chain disruptions, shipping bottlenecks, labor constraints, and side effects from monetary and fiscal expansions. Inflationary pressure intensified in 2022 with additional impacts from the Russia-Ukraine conflict, and currently remains elevated despite policy tightening by major central banks and a moderating pace of world economic expansion. The Corporation closely monitors market trends and works to mitigate both operating and capital cost impacts in all price environments.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Organizational changes implemented over the past several years enabled the Corporation to realize $7 billion of structural cost savings(1) versus 2019, through increased operational efficiencies and reduced overhead costs. Included in these savings is the completion of the workforce reduction programs, which are estimated to generate savings of approximately $2 billion per year compared to 2019 from lower employee and contractor costs. The company continues to take actions to streamline its business structure to improve effectiveness and reduce costs. The changes more fully leverage global functional capabilities, improve line of sight to markets, and enhance resource allocation to the highest corporate priorities.
(1) Refer to Frequently Used Terms for definition of structural cost savings.
Russia-Ukraine Conflict
In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. The Corporation’s first-quarter results included after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin (refer to Note 2 for further information on Russia). While the Corporation’s affiliate was in force majeure due to the impact of global sanctions, it continued to make concerted attempts to engage in good-faith exit discussions with the Russian government and all Sakhalin partners. The Corporation remained focused on safety of people, protection of the environment, and integrity of operations. Effective October 14, through two decrees the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator.
The Corporation’s fourth-quarter results include an after-tax benefit of $1.1 billion largely reflecting the impact of the expropriation on the company’s various obligations related to Sakhalin. The Corporation's exit from the project results in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022.
The Corporation holds a 25 percent interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and a 16.8 percent working interest in the Kashagan field in Kazakhstan. Oil production from those operations is exported through the Caspian Pipeline Consortium (CPC), in which the Corporation holds a 7.5 percent interest. CPC traverses parts of Kazakhstan and Russia to tanker-loading facilities on the Russian coast of the Black Sea. In the event that Russia takes countermeasures in response to existing sanctions related to its military actions in Ukraine, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration from its operations in Kazakhstan. For reference, after-tax earnings related to the Corporation’s interests in Kazakhstan in 2022 were approximately $2.5 billion, and its share of combined oil and gas production was approximately 246 thousand oil-equivalent barrels per day.
Additional European Taxes on the Energy Sector
On October 6, 2022, European Union (“EU”) Member States adopted an EU Council Regulation which, along with other measures, introduced a new tax described as an emergency intervention to address high energy prices. This regulation imposed a mandatory tax on certain companies active in the crude petroleum, coal, natural gas, and refinery sectors. The regulation required Member States to levy a minimum 33 percent tax on in-scope companies’ 2022 and/or 2023 “surplus profits", defined in the regulation as taxable profits exceeding 120 percent of the annual average profits during the 2018-2021 period. EU Member States were required to implement the tax, or an equivalent national measure, by December 31, 2022. The enactment of these regulations by Member States resulted in an after-tax charge of approximately $1.8 billion to the Corporation’s fourth-quarter 2022 results, mainly reflected in the line “Income tax expense (benefit)” on the Consolidated Statement of Income.
The future impact of this regulation and other measures directed at the energy sector which were imposed by EU Member States and the UK over the last few months could be a reduction to earnings of up to $2 billion depending on commodity prices and levels of taxable income.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
BUSINESS RESULTS
Upstream
ExxonMobil continues to sustain a diverse growth portfolio of exploration and development opportunities, which enables the Corporation to be selective, maximizing shareholder value and mitigating political and technical risks. ExxonMobil’s fundamental strategies guide our global Upstream business, including capturing material and accretive opportunities to continually high-grade the resource portfolio, selectively developing attractive oil and natural gas resources, developing and applying high-impact technologies, and pursuing productivity and efficiency gains as well as a reduction in greenhouse gas emissions. These strategies are underpinned by a relentless focus on operational excellence, development of our employees, and investment in the communities within which we operate.
As future development projects and drilling activities bring new production online, the Corporation expects a shift in the geographic mix and in the type of opportunities from which volumes are produced. Based on current investment plans, the proportion of oil-equivalent production from the Americas is generally expected to increase over the next several years. About half of the Corporation's global production comes from unconventional, deepwater, and LNG resources. This proportion is generally expected to grow over the next few years.
The Upstream capital program continues to prioritize low cost-of-supply opportunities. ExxonMobil has a strong pipeline of development projects including continued growth in Guyana, Brazil, the Permian Basin, as well as LNG expansion opportunities in Qatar, Mozambique, Papua New Guinea, and the United States.
The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment; international trade patterns and relations; and other factors described in Item 1A. Risk Factors.
ExxonMobil believes prices over the long term will continue to be driven by market supply and demand, with the demand side largely being a function of general economic activities, levels of prosperity, technology advances, consumer preference and government policies. On the supply side, prices may be significantly impacted by political events, the actions of OPEC and other large government resource owners, alternative energy sources, and other factors.

Key Recent Events
Significant progress was made on key new developments during 2022.
Guyana: Exploration success continued with 10 additional discoveries in 2022 in the Stabroek block. The Liza Phase 2 Unity floating production, storage and offloading vessel started production in February 2022, and our combined Liza Phase 1 and 2 developments produced above previous expectations, averaging more than 360 thousand oil-equivalent barrels per day in the fourth quarter. On Payara, the third project, development drilling continued and anticipated start-up timing has been accelerated to year-end 2023. Yellowtail is the fourth and largest world-class development project and is expected to achieve first oil in 2025.
Brazil: Development work is progressing on the Bacalhau Phase 1 project.
Permian: Production volumes averaged about 550 thousand oil-equivalent barrels per day (koebd) in 2022, approximately 90 koebd higher than the previous year. The Corporation was successful in increasing drilling performance and continuing to improve capital efficiency. ExxonMobil previously announced plans to achieve net-zero greenhouse gas emissions (Scope 1 and 2) from our operated unconventional operations in the Permian Basin by 2030. Towards this objective, we advanced several emissions-reduction initiatives in 2022 including elimination of all routine flaring(1), progress with pneumatic device replacement, electrification of equipment and enhancements to methane emissions detection technology.
LNG: ExxonMobil continued work to expand its LNG portfolio and secured participation in the Qatar North Field East project, which will increase ExxonMobil’s participation in Qatar LNG production from 52 to 60 million metric tons per year. The Coral South Floating LNG development began production in October 2022 as the first development in Mozambique’s Rovuma Basin, and is expected to produce up to 3.4 million metric tons of LNG per year. The company also completed key commercial milestones to begin the Papua New Guinea expansion, and the Golden Pass LNG project remains on schedule for 2024 start-up in the U.S. Gulf Coast.
(1) References to routine flaring herein are consistent with the World Bank's Zero Routine Flaring Reduction Partnership's (GGFRP) principle of routine flaring, and excludes safety and non-routine flaring.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Upstream Financial Results
(millions of dollars)202220212020
Earnings (loss) (U.S. GAAP)
   
United States11,728 3,663 (19,385)
Non-U.S.24,751 12,112 (645)
Total36,479 15,775 (20,030)
Identified Items (1)
United States299 (263)(17,092)
Non-U.S.(3,238)(280)(2,602)
Total(2,939)(543)(19,694)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States11,429 3,926 (2,293)
Non-U.S.27,989 12,392 1,957 
Total39,418 16,318 (336)
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.

2022 Upstream Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g6.jpg
Price – Higher realizations increased earnings by $21,290 million reflecting tight supply and recovering demand, and favorable mark-to-market impacts of $2,800 million.
Volume/Mix – Volume and mix effects decreased earnings by $110 million. The earnings benefit from volume growth in Guyana and the Permian was offset by the volume loss from divestments, the Russia expropriation, and other impacts including weather-related downtime.
Other – All other items decreased earnings by $880 million as strong cost control partly offset impacts from inflation and increased activity.
Identified Items(1) – 2021 $(543) million loss as a result of impairments of $(752) million and contractual provisions of $(250) million, partly offset by a $459 million gain from the U.K Central and Northern North Sea divestment; 2022 $(2,939) million loss mainly driven by the Russia expropriation $(2,185) million and impacts from additional European taxes $(1,415) million, partly offset by gains of $886 million on the sale of the Romania, U.S. Barnett Shale, and XTO Energy Canada assets.
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
2021 Upstream Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g7.jpg
Price – Higher realizations increased earnings by $14,960 million.
Volume/Mix – Unfavorable volume and mix effects decreased earnings by $340 million.
Other – All other items increased earnings by $2,040 million, primarily driven by lower expenses of $1,360 million and one-time favorable tax items.
Identified Items(1) – 2020 $(19,694) million loss primarily reflected impairments of dry gas assets; 2021 $(543) million loss was as a result of impairments of $(752) million and contractual provisions of $(250) million, partly offset by a $459 million gain from the U.K Central and Northern North Sea divestment.
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.

Upstream Operational Results
 202220212020
Net production of crude oil, natural gas liquids, bitumen and synthetic oil
(thousands of barrels daily)
   
United States776721685
Canada/Other Americas588560536
Europe42230
Africa238248312
Asia705695742
Australia/Oceania434344
Worldwide2,3542,2892,349
Net natural gas production available for sale
(millions of cubic feet daily)
   
United States2,5512,7462,691
Canada/Other Americas148195277
Europe667808789
Africa71439
Asia3,4183,4653,486
Australia/Oceania1,4401,2801,219
Worldwide8,2958,5378,471
Oil-equivalent production (2)
(thousands of oil-equivalent barrels daily)
3,7373,7123,761
(2) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Upstream Additional Information  
(thousands of barrels daily)20222021
Volumes Reconciliation (Oil-equivalent production) (1)
  
Prior Year3,712 3,761 
Entitlements - Net Interest(44)(1)
Entitlements - Price / Spend / Other(34)(97)
Government Mandates80 
Divestments(71)(24)
Growth / Other94 65 
Current Year3,737 3,712 
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
2022 versus 2021
2022 production of 3.7 million oil-equivalent barrels per day increased 25 thousand barrels per day from 2021. Growth in the Permian and Guyana, and easing government-mandated curtailments more than offset the impacts from divestments, the Russia expropriation, and lower entitlements due to higher prices.
2021 versus 2020
2021 production of 3.7 million oil-equivalent barrels per day decreased 49 thousand barrels per day from 2020, as higher demand and growth were more than offset by lower entitlements due to higher prices, decline, and divestments.

Listed below are descriptions of ExxonMobil’s volumes reconciliation factors, which are provided to facilitate understanding of the terms.
Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining factors. These factors consist of net interest changes specified in Production Sharing Contracts (PSCs), which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices. 
Entitlements - Price, Spend and Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining factors. These factors include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such factors can also include other temporary changes in net interest as dictated by specific provisions in production agreements. 
Government Mandates are changes to ExxonMobil's sustainable production levels as a result of temporary non-operational production limits or sanctions imposed by governments, generally upon a country, sector, type or method of production.
Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration. 
Growth and Other factors comprise all other operational and non-operational factors not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such factors include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements. 

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Energy Products
ExxonMobil's Energy Products is one of the largest, most integrated businesses of its kind among international oil companies, with significant representation across the entire fuels value chain including refining, logistics, trading, and marketing. This segment brings fuels and aromatics value chains together, recognizing their history of working closely to optimize manufacturing sites, and includes catalysts and licensing.
With the largest refining footprint among international oil companies, ExxonMobil’s Energy Products earnings are closely tied to industry refining margins. Refining margins are largely driven by differences in commodity prices and are a function of the difference between what a refinery pays for its raw materials and the market prices for the products produced. Crude oil and many products are widely traded with published prices, including those quoted on multiple exchanges around the world (e.g. New York Mercantile Exchange and Intercontinental Exchange). Prices for these commodities are determined by the global marketplace and are influenced by many factors, including global and regional supply/demand balances, inventory levels, industry refinery operations, import/export balances, currency fluctuations, seasonal demand, weather, and political considerations. While industry refining margins significantly impact Energy Products earnings, strong operations performance, product mix optimization, and disciplined cost control are also critical to strong financial performance.
Refining margins increased sharply in 2022, well above the top of the 10-year historical range (2010–2019). Demand for gasoline and diesel recovered to pre-pandemic levels, while jet fuel demand remained below historical levels reflecting continued COVID-19 impacts. Refinery shutdowns and lack of investments driven by the pandemic reduced industry capacity and resulted in a tight market.
Refining margins are anticipated to remain volatile in the near term as a result of significant global factors including China demand recovery and export quotas, recession fears, impacts from price caps and sanctions, low inventory levels, and new refining capacity additions.

Key Recent Events
Future capacity additions: The company mechanically completed its Beaumont Refinery expansion. This expansion will bring 250,000 barrels per day of crude distillation capacity to the market in first quarter 2023.
Strathcona Renewable Diesel Project: Progressed 20,000 barrels per day renewable diesel project, culminating in final investment decision in January 2023 for the largest such facility in Canada.
Billings divestment(1): In October 2022, ExxonMobil and its affiliates reached an agreement with Par Pacific Holdings for the sale of the Billings Refinery and select midstream assets in Montana and Washington.
Italy Fuels divestment(1): In December 2022, ExxonMobil reached an agreement with Italiana Petroli to sell its interest in the Trecate Refinery joint venture, select midstream assets, and the fuels marketing business.
Esso Thailand divestment(1): In January 2023, ExxonMobil reached an agreement with Bangchak Corporation to sell its interest in Esso Thailand, which includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations.

(1) The Corporation expects the transactions to close in 2023.


53

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Energy Products Financial Results
(millions of dollars)202220212020
Earnings (loss) (U.S. GAAP)
   
United States8,340 668 (1,342)
Non-U.S.6,626 (1,014)(1,230)
Total14,966 (347)(2,572)
Identified Items (1)
United States(58)— (4)
Non-U.S.(626)— (636)
Total(684) (640)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States8,398 668 (1,338)
Non-U.S.7,252 (1,014)(594)
Total15,650 (347)(1,932)
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
 
2022 Energy Products Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g8.jpg
Margins – Increased earnings by $14,360 million as industry refining conditions significantly improved from increased demand and low inventories, as well as stronger trading and marketing margins.
Volume/Mix – Increased earnings by $1,060 million reflecting improved product yields and higher throughput.
Other – Increased earnings by $570 million due to favorable foreign exchange and year-end inventory effects.
Identified Items (1) – 2022 $(684) million loss was driven by additional European taxes on the energy sector and impairments.
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.


54

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
2021 Energy Products Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g9.jpg
Margins – Increased earnings by $1,360 million as industry refining conditions improved.
Volume/Mix – Decreased earnings by $90 million reflecting higher planned maintenance.
Other – Increased earnings by $320 million due to lower expenses, partly offset by unfavorable foreign exchange impacts.
Identified Items (1) – 2020 $(640) million loss was primarily as a result of impairments and unfavorable tax items.
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.

Energy Products Operational Results
(thousands of barrels daily)202220212020
Refinery throughput
United States1,7021,6231,549
Canada418379340
Europe1,1921,2101,173
Asia Pacific539571553
Other179162158
Worldwide4,0303,9453,773
Energy Products sales (2)
United States2,4262,2672,159
Non-U.S.2,9212,8632,704
Worldwide5,3475,1304,863
Gasoline, naphthas2,2322,1581,994
Heating oils, kerosene, diesel1,7741,7491,751
Aviation fuels338220213
Heavy fuels235269249
Other energy products768734656
Worldwide5,3475,1304,863
(2) Data reported net of purchases/sales contracts with the same counterparty.
55

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Chemical Products
ExxonMobil is a leading global manufacturer and marketer of petrochemicals that support modern living. Chemical Products helps meet society’s evolving needs by providing a wide range of innovative, valuable products in an efficient and responsible manner. This is supported by our unique combination of industry-leading scale and integration along with ExxonMobil’s proprietary technology, which is fundamental to producing performance products that enable lighter, more durable solutions that use less material, save energy, and reduce costs and waste. These competitive advantages are underpinned by operational excellence, advantaged investments, and cost discipline. This segment includes olefins, polyolefins, and intermediates.
Over the long term, worldwide demand for chemicals is expected to grow faster than the economy as a whole, driven by global population growth, an expanding middle class, and improving living standards. Chemical Products integration with refineries, performance product mix, and project execution capability improves returns on investments across a range of market environments.
In 2022, chemical industry margins decreased, falling below the 10-year historical range (2010-2019), reflecting bottom-of-cycle conditions in Asia Pacific, increased industry capacity, and the closure of the regional pricing disconnect between Asia and the Atlantic Basin. Despite the decline in industry margins, Chemical Products earnings remained above the segment’s 10-year average, benefiting from strong reliability, expense management, and mix of performance products.

Key Recent Events
Polypropylene expansion: ExxonMobil successfully started up a new polypropylene unit in Baton Rouge, Louisiana. This increased capacity by 450,000 metric tons per year, meeting growing demand for high-performance, lightweight, and durable plastics.
Advanced recycling: ExxonMobil started up one of North America’s largest advanced recycling units at our integrated manufacturing complex in Baytown, Texas. This facility uses proprietary technology to break down hard-to-recycle plastics and transform them into raw materials for new products. It is capable of processing more than 80 million pounds of plastic waste per year, supporting a circular economy for post-use plastics and helping divert plastic waste currently sent to landfills.
Future capacity additions: ExxonMobil is making additional, long-term chemical investments with our Chemical expansion in Baytown, Texas, which will produce performance chemicals such as Vistamaxx™ polymers and Elevexx™ linear alpha olefins, and in China, where we continue to progress construction of our multi-billion dollar chemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province.
56

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Chemical Products Financial Results
(millions of dollars)202220212020
Earnings (loss) (U.S. GAAP)
   
United States2,328 3,697 1,196 
Non-U.S.1,215 3,292 1,061 
Total3,543 6,989 2,257 
Identified Items (1)
United States— — (90)
Non-U.S.— — (15)
Total  (105)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States2,328 3,697 1,286 
Non-U.S.1,215 3,292 1,076 
Total3,543 6,989 2,362 
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.
2022 Chemical Products Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g10.jpg
Margins – Lower margins decreased earnings by $3,030 million with normalization of regional prices during the year, increased supply, and bottom-of-cycle conditions in Asia Pacific.
Volume/Mix – Product mix decreased earnings by $170 million.
Other – All other items decreased earnings by $250 million primarily as a result of higher expenses from production capacity additions, and foreign exchange effects from a stronger U.S. dollar.
57

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
2021 Chemical Products Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g11.jpg
Margins – Stronger margins increased earnings by $4,370 million.
Volume/Mix – Higher volumes increased earnings by $130 million.
Other – All other items increased earnings by $130 million primarily as a result of lower expenses.
Identified Items (1) – 2020 $(105) million loss was driven by impairments.
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.

Chemical Products Operational Results
(thousands of metric tons)202220212020
Chemical prime product sales (2)
United States7,270 7,017 6,602 
Non-U.S.11,897 12,126 12,186 
Worldwide19,167 19,142 18,787 
(2) Data reported net of purchases/sales contracts with the same counterparty.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
58

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Specialty Products
ExxonMobil Specialty Products is a combination of business units that manufacture and market a range of performance products including high-quality lubricants, basestocks, waxes, synthetics, elastomers, and resins. Leveraging ExxonMobil’s proprietary technologies, Specialty Products focuses on providing performance products that help customers improve efficiency in the transportation and industrial sectors.
Demand for lubricants is expected to remain strong and grow in the industrial, aviation, and marine sectors. Specialty Products is well-positioned to help meet that demand through advantaged projects that leverage ExxonMobil's integration and world-class brands, such as Mobil 1.
In 2021, ExxonMobil completed the acquisition of Materia, a U.S.-based specialty chemical company. This business, built on proprietary technology, is now a part of the Specialty Products segment. Materia’s new class of polymers has properties well-suited for infrastructure, oil and gas, and mobility segments, notably wind turbine blades, steel rebar replacement, and anti-corrosion paints. Plans are being progressed to bring the product to market at scale.

Key Recent Events
Singapore Resid Upgrade Project: Progressed project which will leverage two proprietary technologies to upgrade fuel oil to Group II lubes and clean products, further strengthening ExxonMobil’s position as the largest basestock producer in the world.

59

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Specialty Products Financial Results
(millions of dollars)202220212020
Earnings (loss) (U.S. GAAP)
   
United States1,190 1,452 571 
Non-U.S.1,225 1,807 630 
Total2,415 3,259 1,201 
Identified Items (1)
United States— 498 — 
Non-U.S.(40)136 (228)
Total(40)634 (228)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States1,190 954 571 
Non-U.S.1,265 1,672 858 
Total2,455 2,625 1,429 
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
 
2022 Specialty Products Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g12.jpg
Margins – Margins decreased earnings by $220 million driven by higher feed costs and energy prices.
Volume/Mix – Higher volumes increased earnings by $20 million on robust demand.
Other – All other items increased earnings by $30 million primarily as a result of positive year-end inventory effects, offset by increased expenses from higher maintenance and inflation, and unfavorable foreign exchange impacts.
Identified Items (1) – 2021 $634 million gain resulted from the Santoprene divestment; 2022 $(40) million loss from impairments.
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.
60

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
2021 Specialty Products Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g13.jpg
Margins – Stronger margins, particularly for basestocks, increased earnings by $680 million.
Volume/Mix – Higher volumes increased earnings by $300 million.
Other – All other items increased earnings by $220 million primarily as a result of lower expenses.
Identified Items (1) – 2020 $(228) million loss was driven by impairments; 2021 $634 million gain came from the Santoprene divestment.
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.

Specialty Products Operational Results
(thousands of metric tons)202220212020
Specialty Products sales (2)
United States2,049 1,943 1,897 
Non-U.S.5,762 5,723 5,340 
Worldwide7,810 7,666 7,237 
(2) Data reported net of purchases/sales contracts with the same counterparty.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
61

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Corporate and Financing
Corporate and Financing is comprised of corporate activities that support the Corporation’s operating segments and ExxonMobil’s Low Carbon Solutions business. Corporate activities include general administrative support functions, financing and insurance activities. Low Carbon Solutions activities will be included in Corporate and Financing until the business is established with a material level of assets and customer contracts.

Corporate and Financing Financial Results
 (millions of dollars)202220212020
Earnings (loss) (U.S. GAAP)(1,663)(2,636)(3,296)
Identified Items (1)
302 (64)(361)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
(1,965)(2,572)(2,935)
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items.

2022
Corporate and Financing expenses were $1,663 million in 2022 compared to $2,636 million in 2021, with the decrease mainly due to lower pension-related expenses, favorable one-time tax impacts, and lower financing costs.
2021
Corporate and Financing expenses were $2,636 million in 2021 compared to $3,296 million in 2020, with the decrease mainly due to the absence of prior year severance costs and lower financing costs.

62

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
Sources and Uses of Cash 
 (millions of dollars)202220212020
Net cash provided by/(used in)   
Operating activities76,797 48,129 14,668 
Investing activities(14,742)(10,235)(18,459)
Financing activities(39,114)(35,423)5,285 
Effect of exchange rate changes(78)(33)(219)
Increase/(decrease) in cash and cash equivalents22,863 2,438 1,275 
Total cash and cash equivalents (December 31)29,665 6,802 4,364 

Total cash and cash equivalents were $29.7 billion at the end of 2022, up $22.9 billion from the prior year. The major sources of funds in 2022 were net income including noncontrolling interests of $57.6 billion, the adjustment for the noncash provision of $24.0 billion for depreciation and depletion, proceeds from asset sales of $5.2 billion, and other investing activities of $1.5 billion. The major uses of funds included spending for additions to property, plant and equipment of $18.4 billion; dividends to shareholders of $14.9 billion; the purchase of ExxonMobil stock of $15.2 billion; a debt reduction of $7.2 billion; and additional investments and advances of $3.1 billion.
Total cash and cash equivalents were $6.8 billion at the end of 2021, up $2.4 billion from the prior year. The major sources of funds in 2021 were net income including noncontrolling interests of $23.6 billion, the adjustment for the noncash provision of $20.6 billion for depreciation and depletion, contributions from operational working capital of $4.2 billion, proceeds from asset sales of $3.2 billion, and other investing activities of $1.5 billion. The major uses of funds included a debt reduction of $19.7 billion; spending for additions to property, plant and equipment of $12.1 billion; dividends to shareholders of $14.9 billion; and additional investments and advances of $2.8 billion.
The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are expected to cover the majority of financial requirements, supplemented by long-term and short-term debt. On December 31, 2022, the Corporation had undrawn short-term committed lines of credit of $0.3 billion and undrawn long-term lines of credit of $1.2 billion.
To support cash flows in future periods, the Corporation will need to continually find or acquire and develop new fields, and continue to develop and apply new technologies and recovery processes to existing fields, in order to maintain or increase production. After a period of production at plateau rates, it is the nature of oil and gas fields to eventually produce at declining rates for the remainder of their economic life. Decline rates can vary widely by individual field due to a number of factors, including, but not limited to, the type of reservoir, fluid properties, recovery mechanisms, work activity, and age of the field. In particular, the Corporation’s key tight-oil plays have higher initial decline rates which tend to moderate over time. Furthermore, the Corporation’s net interest in production for individual fields can vary with price and the impact of fiscal and commercial terms.
The Corporation has long been successful at mitigating the effects of natural field decline through disciplined investments in quality opportunities and project execution. The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of investments that may vary depending on the oil and gas price environment; and international trade patterns and relations. The Corporation’s cash flows are also highly dependent on crude oil and natural gas prices. Please refer to Item 1A. Risk Factors for a more complete discussion of risks.
The Corporation’s financial strength enables it to make large, long-term capital expenditures. Capital and exploration expenditures in 2022 were $22.7 billion, reflecting the Corporation’s continued active investment program. The Corporation plans to invest in the range of $23 billion to $25 billion in 2023.
Actual spending could vary depending on the progress of individual projects and property acquisitions. The Corporation has a large and diverse portfolio of development projects and exploration opportunities, which helps mitigate the overall political and technical risks of the Corporation’s Upstream segment and associated cash flow. Further, due to its financial strength and diverse portfolio of opportunities, the risk associated with failure or delay of any single project would not have a significant impact on the Corporation’s liquidity or ability to generate sufficient cash flows for operations and its fixed commitments.
63

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include strategic fit, potential for future growth and attractive current valuations. Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.
ExxonMobil closely monitors the potential impact of Interbank Offered Rate (IBOR) reform, including LIBOR, under a number of scenarios and has taken steps to mitigate the potential impact. Accordingly, ExxonMobil does not believe this event represents a material risk to the Corporation’s consolidated results of operations or financial condition.
 
Cash Flow from Operating Activities
2022
Cash provided by operating activities totaled $76.8 billion in 2022, $28.7 billion higher than 2021. The major source of funds was net income including noncontrolling interests of $57.6 billion, an increase of $34.0 billion. The noncash provision for depreciation and depletion was $24.0 billion, up $3.4 billion from the prior year. The adjustment for the net gain on asset sales was $1.0 billion, a decrease of $0.2 billion. The adjustment for dividends received less than equity in current earnings of equity companies was a reduction of $2.4 billion, compared to a reduction of $0.7 billion in 2021. Changes in operational working capital, excluding cash and debt, decreased cash in 2022 by $0.2 billion.
2021
Cash provided by operating activities totaled $48.1 billion in 2021, $33.5 billion higher than 2020. The major source of funds was net income including noncontrolling interests of $23.6 billion, an increase of $46.8 billion. The noncash provision for depreciation and depletion was $20.6 billion, down $25.4 billion from the prior year. The adjustment for the net gain on asset sales was $1.2 billion, an increase of $1.2 billion. The adjustment for dividends received less than equity in current earnings of equity companies was a reduction of $0.7 billion, compared to a reduction of $1.0 billion in 2020. Changes in operational working capital, excluding cash and debt, increased cash in 2021 by $4.2 billion.
 
Cash Flow from Investing Activities
2022
Cash used in investing activities netted to $14.7 billion in 2022, $4.5 billion higher than 2021. Spending for property, plant and equipment of $18.4 billion increased $6.3 billion from 2021. Proceeds from asset sales and returns of investments of $5.2 billion compared to $3.2 billion in 2021. Additional investments and advances were $0.3 billion higher in 2022, while proceeds from other investing activities including collection of advances were $1.5 billion during the year. 
2021
Cash used in investing activities netted to $10.2 billion in 2021, $8.2 billion lower than 2020. Spending for property, plant and equipment of $12.1 billion decreased $5.2 billion from 2020. Proceeds from asset sales and returns of investments of $3.2 billion compared to $1.0 billion in 2020. Additional investments and advances were $2.0 billion lower in 2021, while proceeds from other investing activities including collection of advances decreased by $1.2 billion.

64

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cash Flow from Financing Activities
2022
Cash used in financing activities was $39.1 billion in 2022, $3.7 billion higher than 2021. Dividend payments on common shares increased to $3.55 per share from $3.49 per share and totaled $14.9 billion. During 2022, the Corporation utilized cash to reduce debt by $7.2 billion.
ExxonMobil share of equity increased $26.5 billion to $195.0 billion. The addition to equity for earnings was $55.7 billion. This was offset by reductions for dividends to ExxonMobil shareholders of $14.9 billion. Foreign exchange translation effects of $3.1 billion for the stronger U.S. dollar reduced equity, and a $3.6 billion change in the funded status of the postretirement benefits reserves increased equity.
During 2022, Exxon Mobil Corporation restarted its share repurchase program for up to $50 billion in shares through 2024, including the purchase of 162 million shares at a cost of $15 billion in 2022.
2021
Cash flow from financing activities was $35.4 billion in 2021, $40.7 billion higher than 2020. Dividend payments on common shares increased to $3.49 per share from $3.48 per share and totaled $14.9 billion. During 2021, the Corporation utilized cash to reduce debt by $19.7 billion.
ExxonMobil share of equity increased $11.4 billion to $168.6 billion. The addition to equity for earnings was $23.0 billion. This was offset by reductions for distributions to ExxonMobil shareholders of $14.9 billion, all in the form of dividends. Foreign exchange translation effects of $0.9 billion for the stronger U.S. dollar reduced equity, and a $3.8 billion change in the funded status of the postretirement benefits reserves increased equity.
During 2021, Exxon Mobil Corporation suspended its share repurchase program used to offset shares or units settled in shares issued in conjunction with the company’s benefit plans and programs.

Contractual Obligations
The Corporation has contractual obligations involving commitments to third parties that impact its liquidity and capital resource needs. These contractual obligations are primarily for leases, debt, asset retirement obligations, pension and other postretirement benefits, take-or-pay and unconditional purchase obligations, and firm capital commitments. See Notes 9, 11, 14 and 17 for information related to asset retirement obligations, leases, long-term debt and pensions, respectively.
In addition, the Corporation also enters into commodity purchase obligations (volumetric commitments but no fixed or minimum price) which are resold shortly after purchase, either in an active, highly liquid market or under long-term, unconditional sales contracts with similar pricing terms. Examples include long-term, noncancelable LNG and natural gas purchase commitments and commitments to purchase refinery products at market prices. These commitments are not meaningful in assessing liquidity and cash flow, because the purchases will be offset in the same periods by cash received from the related sales transactions.
Take-or-pay obligations are noncancelable, long-term commitments for goods and services. Unconditional purchase obligations are those long-term commitments that are noncancelable or cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services. These obligations mainly pertain to pipeline, manufacturing supply and terminal agreements. The total obligation at year-end 2022 for take-or-pay and unconditional purchase obligations was $38.2 billion. Cash payments expected in 2023 and 2024 are $3.8 billion and $3.5 billion, respectively.

Guarantees
The Corporation and certain of its consolidated subsidiaries were contingently liable at December 31, 2022 for guarantees relating to notes, loans and performance under contracts (Note 16). Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence. Guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
 
65

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Financial Strength
On December 31, 2022, the Corporation had total unused short-term committed lines of credit of $0.3 billion (Note 6) and total unused long-term committed lines of credit of $1.2 billion (Note 14). The table below shows the Corporation’s consolidated debt to capital ratios.
 (percent)202220212020
Debt to capital16.921.429.2
Net debt to capital5.418.927.8
 
Management views the Corporation’s financial strength to be a competitive advantage of strategic importance. The Corporation’s financial position gives it the opportunity to access the world’s capital markets across a range of market conditions, and enables the Corporation to take on large, long-term capital commitments in the pursuit of maximizing shareholder value.
Stronger industry conditions in 2021 and 2022 enabled the Corporation to strengthen the balance sheet and return debt to pre-pandemic levels. The Corporation reduced debt by $19.9 billion in 2021 and an additional $6.5 billion in 2022, ending the year with $41.2 billion in total debt.
 
Litigation and Other Contingencies
As discussed in Note 16, a variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation’s operations, financial condition, or financial statements taken as a whole. There are no events or uncertainties beyond those already included in reported financial information that would indicate a material change in future operating results or financial condition. Refer to Note 16 for additional information on legal proceedings and other contingencies.
66

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CAPITAL AND EXPLORATION EXPENDITURES
Capital and exploration expenditures (Capex) represent the combined total of additions at cost to property, plant and equipment, and exploration expenses on a before-tax basis from the Consolidated Statement of Income. ExxonMobil’s Capex includes its share of similar costs for equity companies. Capex excludes assets acquired in nonmonetary exchanges, the value of ExxonMobil shares used to acquire assets, and depreciation on the cost of exploration support equipment and facilities recorded to property, plant and equipment when acquired. While ExxonMobil’s management is responsible for all investments and elements of net income, particular focus is placed on managing the controllable aspects of this group of expenditures.
(millions of dollars)20222021
U.S.Non-U.S.TotalU.S.Non-U.S.Total
Upstream (including exploration expenses)6,968 10,034 17,002 4,018 8,236 12,254 
Energy Products1,351 1,059 2,410 982 1,005 1,987 
Chemical Products1,123 1,842 2,965 1,200 825 2,025 
Specialty Products46 222 268 185 141 326 
Other59 — 59 — 
Total9,547 13,157 22,704 6,388 10,207 16,595 
Capex in 2022 was $22.7 billion, as the Corporation continued to pursue opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy. The Corporation plans to invest in the range of $23 billion to $25 billion in 2023. Included in the 2023 capital spend range is $11.6 billion of firm capital commitments. An additional $11.4 billion of firm capital commitments have been made for years 2024 and beyond. Actual spending could vary depending on the progress of individual projects and property acquisitions.
Upstream spending of $17.0 billion in 2022 was up 39 percent from 2021, reflecting higher spend in the U.S. Permian Basin and advantaged projects in Guyana. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. The percentage of proved developed reserves was 63 percent of total proved reserves at year-end 2022, and has been over 60 percent for the last ten years.
Capital investments in Energy Products totaled $2.4 billion in 2022, an increase of $0.4 billion from 2021, reflecting higher global project spending, including the refinery expansion in Beaumont, Texas. Chemical Products capital expenditures of $3.0 billion increased $0.9 billion, representing increased spend on key growth projects such as the China chemical complex. Specialty Products capital expenditures of $0.3 billion decreased $0.1 billion.
TAXES
(millions of dollars)202220212020
Income taxes20,176 7,636 (5,632)
Effective income tax rate33%31%17%
Total other taxes and duties31,455 32,955 28,425 
Total51,631 40,591 22,793 
2022
Total taxes on the Corporation’s income statement were $51.6 billion in 2022, an increase of $11.0 billion from 2021. Income tax expense, both current and deferred, was $20.2 billion compared to $7.6 billion in 2021. The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil’s share of equity company income taxes, was 33 percent compared to 31 percent in the prior year driven by impacts from additional European taxes on the energy sector. Total other taxes and duties of $31.5 billion in 2022 decreased $1.5 billion.
2021
Total taxes on the Corporation’s income statement were $40.6 billion in 2021, an increase of $17.8 billion from 2020. Income tax expense, both current and deferred, was $7.6 billion compared to a $5.6 billion benefit in 2020. The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil’s share of equity company income taxes, was 31 percent compared to 17 percent in the prior year due primarily to a change in mix of results in jurisdictions with varying tax rates. Total other taxes and duties of $33.0 billion in 2021 increased $4.5 billion.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ENVIRONMENTAL MATTERS
Environmental Expenditures
(millions of dollars)20222021
Capital expenditures1,864 1,202 
Other expenditures3,835 3,361 
Total5,699 4,563 
 
Throughout ExxonMobil’s businesses, new and ongoing measures are taken to prevent and minimize the impact of our operations on air, water and ground. These include a significant investment in refining infrastructure and technology to manufacture clean fuels, as well as projects to monitor and reduce air, water, and waste emissions, and expenditures for asset retirement obligations. Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil’s 2022 worldwide environmental expenditures for all such preventative and remediation steps, including ExxonMobil’s share of equity company expenditures, were $5.7 billion, of which $3.8 billion were included in expenses with the remainder in capital expenditures. As the Corporation progresses its emission-reduction plans, worldwide environmental expenditures are expected to increase to approximately $7.3 billion in 2023, with capital expenditures expected to account for approximately 46 percent of the total. Costs for 2024 are anticipated to increase to approximately $8.2 billion, with capital expenditures expected to account for approximately 51 percent of the total.
Environmental Liabilities
The Corporation accrues environmental liabilities when it is probable that obligations have been incurred and the amounts can be reasonably estimated. This policy applies to assets or businesses currently owned or previously disposed. ExxonMobil has accrued liabilities for probable environmental remediation obligations at various sites, including multiparty sites where the U.S. Environmental Protection Agency has identified ExxonMobil as one of the potentially responsible parties. The involvement of other financially responsible companies at these multiparty sites could mitigate ExxonMobil’s actual joint and several liability exposure. At present, no individual site is expected to have losses material to ExxonMobil’s operations or financial condition. Consolidated company provisions made in 2022 for environmental liabilities were $185 million ($146 million in 2021), and the balance sheet reflects liabilities of $730 million as of December 31, 2022, and $807 million as of December 31, 2021.
MARKET RISKS
Worldwide Average Realizations (1)
202220212020
Crude oil and NGL ($ per barrel)87.25 61.89 35.41 
Natural gas ($ per thousand cubic feet)7.48 4.33 2.01 
(1) Consolidated subsidiaries.
Crude oil, natural gas, petroleum product, and chemical prices have fluctuated in response to changing market forces. The impacts of these price fluctuations on earnings have varied across the Corporation's operating segments. For the year 2023, a $1 per barrel change in the weighted-average realized price of oil would have approximately a $500 million annual after-tax effect on Upstream consolidated plus equity company earnings, excluding the impact of derivatives. Similarly, a $0.10 per thousand cubic feet change in the worldwide average gas realization would have approximately a $140 million annual after-tax effect on Upstream consolidated plus equity company earnings, excluding the impact of derivatives. For any given period, the extent of actual benefit or detriment will be dependent on the price movements of individual types of crude oil, results of trading activities, taxes and other government take impacts, price adjustment lags in long-term gas contracts, and crude and gas production volumes. Accordingly, changes in benchmark prices for crude oil and natural gas only provide broad indicators of changes in the earnings experienced in any particular period.
In the very competitive petroleum and petrochemical environment, earnings are primarily determined by margin capture rather than absolute price levels of products sold. Refining margins are a function of the difference between what a refiner pays for its raw materials (primarily crude oil) and the market prices for the range of products produced. These prices in turn depend on global and regional supply/demand balances, inventory levels, refinery operations, import/export balances and weather.
The global energy markets can give rise to extended periods in which market conditions are adverse to one or more of the Corporation’s businesses. Such conditions, along with the capital-intensive nature of the industry and very long lead times associated with many of our projects, underscore the importance of maintaining a strong financial position. Management views the Corporation’s financial strength as a competitive advantage.
68

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In general, segment results are not dependent on the ability to sell and/or purchase products to/from other segments. Instead, where such sales take place, they are the result of efficiencies and competitive advantages of integrated refinery and chemical complexes. Additionally, intersegment sales are at market-based prices. The products bought and sold between segments can also be acquired in worldwide markets that have substantial liquidity, capacity, and transportation capabilities. Refer to Note 18 for additional information on intersegment revenue.
Although price levels of crude oil and natural gas may rise or fall significantly over the short to medium term due to global economic conditions, political events, decisions by OPEC and other major government resource owners and other factors, industry economics over the long term will continue to be driven by market supply and demand. The Corporation evaluates investments over a range of prices, including estimated greenhouse gas emission costs even in jurisdictions without a current greenhouse gas pricing policy.
The Corporation has an active asset management program in which nonstrategic assets are considered for divestment. The asset management program includes a disciplined, regular review to ensure that assets are contributing to the Corporation’s strategic objectives.
Risk Management
The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates, and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of December 31, 2022 and 2021, or results of operations for the years ended 2022, 2021, and 2020. Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. No material market or credit risks to the Corporation’s financial position, results of operations or liquidity exist as a result of the derivatives described in Note 13. The Corporation maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The Corporation is exposed to changes in interest rates, primarily on its short-term debt and the portion of long-term debt that carries floating interest rates. The impact of a 100-basis-point change in interest rates affecting the Corporation’s debt would not be material to earnings or cash flow. The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are generally expected to cover financial requirements, supplemented by long-term and short-term debt as required. Commercial paper is used to balance short-term liquidity requirements. Some joint-venture partners are dependent on the credit markets, and their funding ability may impact the development pace of joint-venture projects.
The Corporation conducts business in many foreign currencies and is subject to exchange rate risk on cash flows related to sales, expenses, financing and investment transactions. Fluctuations in exchange rates are often offsetting and the impacts on ExxonMobil’s geographically and functionally diverse operations are varied. The Corporation makes limited use of currency exchange contracts to mitigate the impact of changes in currency values, and exposures related to the Corporation’s use of these contracts are not material.
69

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CRITICAL ACCOUNTING ESTIMATES
The Corporation’s accounting and financial reporting fairly reflect its integrated business model involving exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and lower-emission fuels. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. The Corporation’s accounting policies are summarized in Note 1.
Oil and Natural Gas Reserves
The estimation of proved oil and natural gas reserve volumes is an ongoing process based on rigorous technical evaluations, commercial and market assessments, and detailed analysis of well information such as flow rates and reservoir pressure declines, development and production costs, and other factors. The estimation of proved reserves is controlled by the Corporation through long-standing approval guidelines. Reserve changes are made within a well-established, disciplined process driven by senior level geoscience and engineering professionals, assisted by the Global Reserves and Resources Group which has significant technical experience, culminating in reviews with and approval by senior management. Notably, the Corporation does not use specific quantitative reserve targets to determine compensation. Key features of the reserve estimation process are covered in Disclosure of Reserves in Item 2.
Oil and natural gas reserves include both proved and unproved reserves.
Proved oil and natural gas reserves are determined in accordance with Securities and Exchange Commission (SEC) requirements. Proved reserves are those quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible under existing economic and operating conditions and government regulations. Proved reserves are determined using the average of first-of-month oil and natural gas prices during the reporting year.
Proved reserves can be further subdivided into developed and undeveloped reserves. Proved developed reserves include amounts which are expected to be recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves include amounts expected to be recovered from new wells on undrilled proved acreage or from existing wells where a relatively major expenditure is required for completion. Proved undeveloped reserves are recognized only if a development plan has been adopted indicating that the reserves are scheduled to be drilled within five years, unless specific circumstances support a longer period of time.
The Corporation is reasonably certain that proved reserves will be produced. However, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policy, consumer preferences, and significant changes in oil and natural gas price levels.
Unproved reserves are quantities of oil and natural gas with less than reasonable certainty of recoverability and include probable reserves. Probable reserves are reserves that, together with proved reserves, are as likely as not to be recovered.
Revisions in previously estimated volumes of proved reserves for existing fields can occur due to the evaluation or re-evaluation of (1) already available geologic, reservoir, or production data, (2) new geologic, reservoir, or production data, or (3) changes in the average of first-of-month oil and natural gas prices and/or costs that are used in the estimation of reserves. Revisions can also result from significant changes in development strategy or production equipment and facility capacity.
Unit-of-Production Depreciation
Oil and natural gas reserve volumes are used as the basis to calculate unit-of-production depreciation rates for most upstream assets. Depreciation is calculated by taking the ratio of asset cost to total proved reserves or proved developed reserves applied to actual production. The volumes produced and asset cost are known, while proved reserves are based on estimates that are subject to some variability.
In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the Corporation uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life.
To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes.
70

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Impairment
The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932, and relies, in part, on the Corporation’s planning and budgeting cycle.
Because the lifespans of the vast majority of the Corporation’s major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices and industry margins, development costs, and production costs. Significant reductions in the Corporation’s view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce, or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances, including indicators outlined in ASC 360, can be indicators of potential impairment as well.
In general, the Corporation does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources, and levels of prosperity. During the lifespan of its major assets, the Corporation expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins.
Outlook for Energy and Cash Flow Assessment. The annual planning and budgeting process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Outlook for Energy (Outlook), which contains the Corporation’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation’s business plans will be updated accordingly.
If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the Corporate Plan, which is reviewed and approved by the Board of Directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the Corporation’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates. Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its 2030 greenhouse gas emission-reduction plans, including its goal of net-zero greenhouse gas emissions (Scope 1 and 2) from unconventional operated assets in the Permian Basin. Volumes are based on projected field and facility production profiles, throughput, or sales. Management’s estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. ExxonMobil considers a range of scenarios - including remote scenarios - to help inform perspective of the future and enhance strategic thinking over time. While third-party scenarios, such as the International Energy Agency's Net Zero Emissions by 2050, may be used for these purposes, they are not used as a basis for developing future cash flows for impairment assessments. As part of the Corporate Plan, the Company considers estimated greenhouse gas emission costs, even for jurisdictions without a current greenhouse gas pricing policy.
Fair Value of Impaired Assets. An asset group is impaired if its estimated undiscounted cash flows are less than the asset group’s carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based upon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices which are consistent with the average of third-party industry experts and government agencies, refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group.

71

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Other Impairment Estimates. Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the Corporation's future development plans, the estimated economic chance of success, and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period.
Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the assets are considered impaired and adjusted to the lower value. Judgment is required to determine if assets are held for sale and to determine the fair value less cost to sell.
Investments accounted for by the equity method are assessed for possible impairment when events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Examples of key indicators include a history of operating losses, negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee’s business segment or geographic region. If the decline in value of the investment is other than temporary, the carrying value of the investment is written down to fair value. In the absence of market prices for the investment, discounted cash flows are used to assess fair value, which requires significant judgment.
Recent Impairments. In early 2022, in response to Russia’s military action in Ukraine, the Corporation announced that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. The Corporation’s first quarter results included after-tax charges of $3.0 billion representing the impairment of its Upstream operations related to Sakhalin. (Refer to Note 2 for further information on Russia.) Other after-tax impairment charges of $1.6 billion and $0.3 billion were recognized in Upstream and Energy Products, respectively.
In 2021, largely as a result of changes to Upstream development plans, the Corporation recognized after-tax impairment charges of approximately $1 billion. In 2020, as part of the Corporation's annual review and approval of its business and strategic plan, a decision was made to no longer develop a significant portion of the dry gas portfolio in the United States, Canada, and Argentina. The impairment of these assets resulted in after-tax charges of $18.4 billion in Upstream. Other after-tax impairment charges of $1.8 billion across the year related mainly to impairments of property, plant, and equipment, goodwill, and equity method investments.
Factors which could put further assets at risk of impairment in the future include reductions in the Corporation’s price or margin outlooks, changes in the allocation of capital or development plans, reduced long-term demand for the Corporation's products, and operating cost increases which exceed the pace of efficiencies or the pace of oil and natural gas price or margin increases. However, due to the inherent difficulty in predicting future commodity prices or margins, and the relationship between industry prices and costs, it is not practicable to reasonably estimate the existence or range of any potential future impairment charges related to the Corporation’s long-lived assets.
For further information regarding impairments in goodwill, equity method investments, property, plant, and equipment, and suspended wells, refer to Notes 3, 7, 9, and 10, respectively.
Asset Retirement Obligations
The Corporation is subject to retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the Corporation uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates, and inflation rates. See Note 9 for further information regarding asset retirement obligations.
Suspended Exploratory Well Costs
The Corporation continues capitalization of exploratory well costs when it has found a sufficient quantity of reserves to justify completion as a producing well and the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Assessing whether the Corporation is making sufficient progress on a project requires careful consideration of the facts and circumstances. The facts and circumstances that support continued capitalization of suspended wells at year-end are disclosed in Note 10.

72

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Pension Benefits
The Corporation and its affiliates sponsor 75 defined benefit (pension) plans in 40 countries. The Pension and Other Postretirement Benefits footnote (Note 17) provides details on pension obligations, fund assets, and pension expense.
Some of these plans (primarily non-U.S.) provide pension benefits that are paid directly by their sponsoring affiliates out of corporate cash flow rather than a separate pension fund because applicable tax rules and regulatory practices do not encourage advance funding. Book reserves are established for these plans. The portion of the pension cost attributable to employee service is expensed as services are rendered. The portion attributable to the increase in pension obligations due to the passage of time is expensed over the term of the obligations, which ends when all benefits are paid. The primary difference in pension expense for unfunded versus funded plans is that pension expense for funded plans also includes a credit for the expected long-term return on fund assets.
For funded plans, including those in the U.S., pension obligations are financed in advance through segregated assets or insurance arrangements. These plans are managed in compliance with the requirements of governmental authorities and meet or exceed required funding levels as measured by relevant actuarial and government standards at the mandated measurement dates. In determining liabilities and required contributions, these standards often require approaches and assumptions that differ from those used for accounting purposes.
The Corporation will continue to make contributions to these funded plans as necessary. All defined-benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.
Pension accounting requires explicit assumptions regarding, among others, the long-term expected earnings rate on fund assets, the discount rate for the benefit obligations, and the long-term rate for future salary increases. Pension assumptions are reviewed annually by outside actuaries and senior management. These assumptions are adjusted as appropriate to reflect changes in market rates and outlook. The long-term expected earnings rate on U.S. pension plan assets in 2022 was 4.6 percent. The 10-year and 20-year actual returns on U.S. pension plan assets were 4 percent and 7 percent, respectively. The Corporation establishes the long-term expected rate of return by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. A worldwide reduction of 0.5 percent in the long-term rate of return on assets would increase annual pension expense by approximately $140 million before tax.
Differences between actual returns on fund assets and the long-term expected return are not recognized in pension expense in the year that the difference occurs. Such differences are deferred, along with other actuarial gains and losses, and are amortized into pension expense over the expected remaining service life of employees.
Litigation and Tax Contingencies
A variety of claims have been made against the Corporation and certain of its consolidated subsidiaries in a number of pending lawsuits. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. For contingencies where an unfavorable outcome is reasonably possible and significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The status of significant claims is summarized in Note 16.
Management judgment is required related to contingent liabilities and the outcome of litigation because both are difficult to predict. However, the Corporation has been successful in defending litigation in the past. Payments have not had a material adverse effect on our operations or financial condition. In the Corporation’s experience, large claims often do not result in large awards. Large awards are often reversed or substantially reduced as a result of appeal or settlement.
The Corporation is subject to income taxation in many jurisdictions around the world. The benefits of uncertain tax positions that the Corporation has taken or expects to take in its income tax returns are recognized in the financial statements if management concludes that it is more likely than not that the position will be sustained with the tax authorities. For a position that is likely to be sustained, the benefit recognized in the financial statements is measured at the largest amount that is greater than 50 percent likely of being realized. Significant management judgment is required in the accounting for income tax contingencies and tax disputes because the outcomes are often difficult to predict. The Corporation’s unrecognized tax benefits and a description of open tax years are summarized in Note 19.

73

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management, including the Corporation’s Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer, is responsible for establishing and maintaining adequate internal control over the Corporation’s financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that Exxon Mobil Corporation’s internal control over financial reporting was effective as of December 31, 2022.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, audited the effectiveness of the Corporation’s internal control over financial reporting as of December 31, 2022, as stated in their report included in the Financial Section of this report.
 
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https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g15.jpg
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xom-20221231_g16.jpg
Darren W. Woods
Chief Executive Officer
Kathryn A. Mikells
Senior Vice President and
Chief Financial Officer
Len M. Fox
Vice President and Controller
(Principal Accounting Officer)

74

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Exxon Mobil Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheet of Exxon Mobil Corporation and its subsidiaries (the “Corporation”) as of December 31, 2022 and 2021, and the related consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Corporation's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Corporation as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Corporation's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Corporation’s consolidated financial statements and on the Corporation's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
75

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
The Impact of Proved Oil and Natural Gas Reserves on Upstream Property, Plant and Equipment, Net
As described in Notes 1, 9 and 18 to the consolidated financial statements, the Corporation's consolidated upstream property, plant and equipment (PP&E), net balance was $144.1 billion as of December 31, 2022, and the related depreciation and depletion expense for the year ended December 31, 2022 was $19.8 billion. Management uses the successful efforts method to account for its exploration and production activities. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. As disclosed by management, proved oil and natural gas reserve volumes are used as the basis to calculate unit-of-production depreciation rates for most upstream assets. The estimation of proved oil and natural gas reserve volumes is an ongoing process based on technical evaluations, commercial and market assessments, and detailed analysis of well information such as flow rates and reservoir pressure declines, development and production costs, among other factors. As further disclosed by management, reserve changes are made within a well-established, disciplined process driven by senior level geoscience and engineering professionals, assisted by the Global Reserves and Resources Group (together "management's specialists").
The principal considerations for our determination that performing procedures relating to the impact of proved oil and natural gas reserves on upstream PP&E, net is a critical audit matter are (i) the significant judgment by management, including the use of management's specialists, when developing the estimates of proved oil and natural gas reserve volumes, as the reserve volumes are based on engineering assumptions and methods, which in turn led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the data, methods and assumptions used by management and its specialists in developing the estimates of proved oil and natural gas reserve volumes and the assumptions applied to the data related to future development costs, as applicable.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's estimates of proved oil and natural gas reserve volumes. The work of management's specialists was used in performing the procedures to evaluate the reasonableness of the proved oil and natural gas reserve volumes. As a basis for using this work, the specialists' qualifications were understood and the Corporation's relationship with the specialists was assessed. The procedures performed also included evaluation of the methods and assumptions used by the specialists, tests of the data used by the specialists, and an evaluation of the specialists' findings. These procedures also included, among others, testing the completeness and accuracy of the data related to future development costs. Additionally, these procedures included evaluating whether the assumptions applied to the data related to future development costs were reasonable considering the past performance of the Corporation.

/s/ PricewaterhouseCoopers LLP
Dallas, Texas
February 22, 2023

We have served as the Corporation’s auditor since 1934. 


76


CONSOLIDATED STATEMENT OF INCOME
 (millions of dollars)
Note
Reference
Number
202220212020
Revenues and other income    
Sales and other operating revenue18398,675 276,692 178,574 
Income from equity affiliates711,463 6,657 1,732 
Other income 3,542 2,291 1,196 
Total revenues and other income 413,680 285,640 181,502 
Costs and other deductions 
Crude oil and product purchases 228,959 155,164 94,007 
Production and manufacturing expenses 42,609 36,035 30,431 
Selling, general and administrative expenses10,095 9,574 10,168 
Depreciation and depletion (includes impairments)2, 924,040 20,607 46,009 
Exploration expenses, including dry holes 1,025 1,054 1,285 
Non-service pension and postretirement benefit expense17482 786 1,205 
Interest expense 798 947 1,158 
Other taxes and duties1927,919 30,239 26,122 
Total costs and other deductions 335,927 254,406 210,385 
Income (loss) before income taxes 77,753 31,234 (28,883)
Income tax expense (benefit)1920,176 7,636 (5,632)
Net income (loss) including noncontrolling interests 57,577 23,598 (23,251)
Net income (loss) attributable to noncontrolling interests 1,837 558 (811)
Net income (loss) attributable to ExxonMobil 55,740 23,040 (22,440)
Earnings (loss) per common share (dollars)
1213.26 5.39 (5.25)
Earnings (loss) per common share - assuming dilution (dollars)
1213.26 5.39 (5.25)
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

77


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
 
(millions of dollars)202220212020
Net income (loss) including noncontrolling interests57,577 23,598 (23,251)
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment(3,482)(872)1,916 
Adjustment for foreign exchange translation (gain)/loss included in net income (2)14 
Postretirement benefits reserves adjustment (excluding amortization)3,395 3,118 30 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs403 925 896 
Total other comprehensive income (loss)316 3,169 2,856 
Comprehensive income (loss) including noncontrolling interests57,893 26,767 (20,395)
Comprehensive income (loss) attributable to noncontrolling interests1,659 786 (743)
Comprehensive income (loss) attributable to ExxonMobil56,234 25,981 (19,652)
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
 

78


CONSOLIDATED BALANCE SHEET
(millions of dollars)Note
Reference
Number
December 31, 2022December 31, 2021
ASSETS   
Current assets   
Cash and cash equivalents 29,640 6,802 
Cash and cash equivalents – restricted25  
Notes and accounts receivable – net641,749 32,383 
Inventories 
Crude oil, products and merchandise320,434 14,519 
Materials and supplies 4,001 4,261 
Other current assets 1,782 1,189 
Total current assets 97,631 59,154 
Investments, advances and long-term receivables849,793 45,195 
Property, plant and equipment, at cost, less accumulated depreciation and depletion9204,692 216,552 
Other assets, including intangibles – net 16,951 18,022 
Total Assets 369,067 338,923 
LIABILITIES 
Current liabilities 
Notes and loans payable6634 4,276 
Accounts payable and accrued liabilities663,197 50,766 
Income taxes payable 5,214 1,601 
Total current liabilities 69,045 56,643 
Long-term debt1440,559 43,428 
Postretirement benefits reserves1710,045 18,430 
Deferred income tax liabilities1922,874 20,165 
Long-term obligations to equity companies 2,338 2,857 
Other long-term obligations 21,733 21,717 
Total Liabilities 166,594 163,240 
Commitments and contingencies16
EQUITY 
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
 15,752 15,746 
Earnings reinvested 432,860 392,059 
Accumulated other comprehensive income (13,270)(13,764)
Common stock held in treasury
(3,937 million shares in 2022 and 3,780 million shares in 2021)
 (240,293)(225,464)
ExxonMobil share of equity 195,049 168,577 
Noncontrolling interests 7,424 7,106 
Total Equity 202,473 175,683 
Total Liabilities and Equity 369,067 338,923 
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
 
79


CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)Note Reference Number202220212020
  
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) including noncontrolling interests 57,577 23,598 (23,251)
Adjustments for noncash transactions 
Depreciation and depletion (includes impairments)2, 924,040 20,607 46,009 
Deferred income tax charges/(credits)193,758 303 (8,856)
Postretirement benefits expense in excess of/(less than) net payments (2,981)754 498 
Other long-term obligation provisions in excess of/(less than) payments (1,932)50 (1,269)
Dividends received greater than/(less than) equity in current earnings of equity companies (2,446)(668)979 
Changes in operational working capital, excluding cash and debt
Notes and accounts receivable reduction/(increase)
(11,019)(12,098)5,384 
Inventories reduction/(increase)
 (6,947)(489)(315)
Other current assets reduction/(increase)
 (688)(71)420 
Accounts and other payables increase/(reduction)
 18,460 16,820 (7,142)
Net (gain)/loss on asset sales5(1,034)(1,207)4 
All other items - net 9 530 2,207 
Net cash provided by operating activities 76,797 48,129 14,668 
CASH FLOWS FROM INVESTING ACTIVITIES 
Additions to property, plant and equipment (18,407)(12,076)(17,282)
Proceeds from asset sales and returns of investments 5,247 3,176 999 
Additional investments and advances (3,090)(2,817)(4,857)
Other investing activities including collection of advances 1,508 1,482 2,681 
Net cash used in investing activities (14,742)(10,235)(18,459)
CASH FLOWS FROM FINANCING ACTIVITIES 
Additions to long-term debt 637 46 23,186 
Reductions in long-term debt (5)(8)(8)
Additions to short-term debt (1)
 198 12,687 35,396 
Reductions in short-term debt (1)
 (8,075)(29,396)(28,742)
Additions/(reductions) in commercial paper, and debt with three months or less maturity25 (2,983)(9,691)
Contingent consideration payments(58)(30)(21)
Cash dividends to ExxonMobil shareholders (14,939)(14,924)(14,865)
Cash dividends to noncontrolling interests (267)(224)(188)
Changes in noncontrolling interests (1,475)(436)623 
Common stock acquired (15,155)(155)(405)
Net cash provided by (used in) financing activities (39,114)(35,423)5,285 
Effects of exchange rate changes on cash (78)(33)(219)
Increase/(decrease) in cash and cash equivalents 22,863 2,438 1,275 
Cash and cash equivalents at beginning of year 6,802 4,364 3,089 
Cash and cash equivalents at end of year 29,665 6,802 4,364 
(1) Includes commercial paper with a maturity greater than three months.
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
 


80


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 ExxonMobil Share of Equity  
 (millions of dollars)
Common
Stock
Earnings
Reinvested
Accumulated Other Comprehensive IncomeCommon
Stock Held in
Treasury
ExxonMobil
 Share of
Equity
Non-controlling InterestsTotal
Equity
 
Balance as of December 31, 201915,637 421,341 (19,493)(225,835)191,650 7,288 198,938 
Amortization of stock-based awards696 — — — 696 — 696 
Other(645)— — — (645)692 47 
Net income (loss) for the year— (22,440)— — (22,440)(811)(23,251)
Dividends - common shares— (14,865)— — (14,865)(188)(15,053)
Cumulative effect of accounting change— (93) — (93)(1)(94)
Other comprehensive income— — 2,788 — 2,788 68 2,856 
Acquisitions, at cost— — — (405)(405)(68)(473)
Dispositions— — — 464 464 — 464 
Balance as of December 31, 202015,688 383,943 (16,705)(225,776)157,150 6,980 164,130 
Amortization of stock-based awards534 — — — 534 — 534 
Other(476)— — — (476)115 (361)
Net income (loss) for the year— 23,040 — — 23,040 558 23,598 
Dividends - common shares— (14,924)— — (14,924)(224)(15,148)
Other comprehensive income— — 2,941 — 2,941 228 3,169 
Acquisitions, at cost— — — (155)(155)(551)(706)
Dispositions— — — 467 467 — 467 
Balance as of December 31, 202115,746 392,059 (13,764)(225,464)168,577 7,106 175,683 
Amortization of stock-based awards481 — — — 481 — 481 
Other(475)— — — (475)405 (70)
Net income (loss) for the year— 55,740 — — 55,740 1,837 57,577 
Dividends - common shares— (14,939)— — (14,939)(267)(15,206)
Other comprehensive income— — 494 — 494 (178)316 
Acquisitions, at cost— — — (15,295)(15,295)(1,479)(16,774)
Dispositions— — — 466 466 — 466 
Balance as of December 31, 202215,752 432,860 (13,270)(240,293)195,049 7,424 202,473 
 
Common Stock Share Activity
(millions of shares)
IssuedHeld in
Treasury
Outstanding
Balance as of December 31, 20198,019 (3,785)4,234 
Acquisitions— (8)(8)
Dispositions— 7 7 
Balance as of December 31, 20208,019 (3,786)4,233 
Acquisitions— (2)(2)
Dispositions— 8 8 
Balance as of December 31, 20218,019 (3,780)4,239 
Acquisitions— (165)(165)
Dispositions— 8 8 
Balance as of December 31, 20228,019 (3,937)4,082 
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.




81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated financial statements and the supporting and supplemental material are the responsibility of the management of Exxon Mobil Corporation.
The Corporation’s principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen and lower-emission fuels.
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Prior years’ data have been reclassified in certain cases to conform to the 2022 presentation basis.

1. Summary of Accounting Policies
Principles of Consolidation and Accounting for Investments
The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls and any variable interest entities where it is deemed the primary beneficiary. They also include the Corporation’s share of the undivided interest in certain upstream assets, liabilities, revenues, and expenses. Amounts representing the Corporation’s interest in entities that it does not control, but over which it exercises significant influence, are included in “Investments, advances and long-term receivables”. Under the equity method of accounting, the Corporation recognizes its share of the net income of these companies in “Income from equity affiliates”.
Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and, therefore, should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted, by law or by contract, substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans.
Investments accounted for by the equity method are assessed for possible impairment when events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Examples of key indicators include a history of operating losses, negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee’s business segment or geographic region. If the decline in value of the investment is other than temporary, the carrying value of the investment is written down to fair value. In the absence of market prices for the investment, discounted cash flows are used to assess fair value. The Corporation’s share of the cumulative foreign exchange translation adjustment for equity method investments is reported in “Accumulated other comprehensive income”.
Investments in equity securities, other than consolidated subsidiaries and equity method investments, are measured at fair value with changes in fair value recognized in net income. The Corporation uses the modified approach for equity securities that do not have a readily determinable fair value. This modified approach measures investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions in a similar investment of the same issuer.
Revenue Recognition
The Corporation generally sells crude oil, natural gas, and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments to reflect market conditions. Revenue is recognized at the amount the Corporation expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risks and rewards of ownership. The prices of certain sales are based on price indices that are sometimes not available until the next period. In such cases, estimated realizations are accrued when the sale is recognized, and are finalized when the price is available. Such adjustments to revenue from performance obligations satisfied in previous periods are not significant. Payment for revenue transactions is typically due within 30 days. Future volume delivery obligations that are unsatisfied at the end of the period are expected to be fulfilled through ordinary production or purchases. These performance obligations are based on market prices at the time of the transaction and are fully constrained due to market price volatility.
Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold.
“Sales and other operating revenue” and “Notes and accounts receivable” include revenue and receivables both within the scope of ASC 606 "Revenue from Contracts with Customers” and those outside the scope of ASC 606. Long-term receivables are primarily from receivables outside the scope of ASC 606. Contract assets are mainly from marketing assistance programs and are not significant. Contract liabilities are mainly customer prepayments and accruals of expected volume discounts and are not significant.
82

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Income and Other Taxes
The Corporation excludes from the Consolidated Statement of Income certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities. Similar taxes, for which the Corporation is not considered to be an agent for the government, are reported on a gross basis (included in both “Sales and other operating revenue” and “Other taxes and duties”).
The Corporation accounts for U.S. tax on global intangible low-taxed income as an income tax expense in the period in which it is incurred.
Derivative Instruments
The Corporation may use derivative instruments for trading purposes and to offset exposures associated with commodity prices, foreign currency exchange rates, and interest rates that arise from existing assets, liabilities, firm commitments, and forecasted transactions. All derivative instruments, except those designated as normal purchase and normal sale, are recorded at fair value. Derivative assets and liabilities with the same counterparty are netted if the right of offset exists and certain other criteria are met. Collateral payables or receivables are netted against derivative assets and derivative liabilities, respectively.
Recognition and classification of the gain or loss that results from adjusting a derivative to fair value depends on the purpose for the derivative. All gains and losses from derivative instruments for which the Corporation does not apply hedge accounting are immediately recognized in earnings. The Corporation may designate derivatives as fair value or cash flow hedges. For fair value hedges, the gain or loss from derivative instruments and the offsetting gain or loss from the hedged item are recognized in earnings. For cash flow hedges, the gain or loss from the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the period that the forecasted transaction affects earnings.
Fair Value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy levels 1, 2, and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy level 2 inputs are inputs other than quoted prices included within level 1 that are directly or indirectly observable for the asset or liability. Hierarchy level 3 inputs are inputs that are not observable in the market.
Inventories
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). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of materials and supplies are valued at cost or less.
Property, Plant, and Equipment
Cost Basis. The Corporation uses the “successful efforts” method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. Exploratory well costs are carried as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Development costs, including costs of productive wells and development dry holes, are capitalized.
Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant, and equipment and are depreciated over the service life of the related assets.
83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Depreciation, Depletion, and Amortization. Depreciation, depletion, and amortization are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life, taking obsolescence into consideration.
Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and natural gas reserve volumes. Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using the unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods. Under the unit-of-production method, oil and natural gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.
In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the Corporation uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life.
To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes.
Investments in refinery, chemical process, and lubes basestock manufacturing equipment are generally depreciated on a straight-line basis over a 25-year life. Service station buildings and fixed improvements are generally depreciated over a 20-year life. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized, and the assets replaced are retired.
Impairment Assessment. The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Among the events or changes in circumstances which could indicate that the carrying value of an asset or asset group may not be recoverable are the following:
a significant decrease in the market price of a long-lived asset;
a significant adverse change in the extent or manner in which an asset is being used or in its physical condition, including a significant decrease in current and projected reserve volumes;
a significant adverse change in legal factors or in the business climate that could affect the value, including an adverse action or assessment by a regulator;
an accumulation of project costs significantly in excess of the amount originally expected;
a current-period operating loss combined with a history and forecast of operating or cash flow losses; and
a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932, and relies, in part, on the Corporation’s planning and budgeting cycle. Asset valuation analysis, profitability reviews, and other periodic control processes assist the Corporation in assessing whether events or changes in circumstances indicate the carrying amounts of any of its assets may not be recoverable.
Because the lifespans of the vast majority of the Corporation’s major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices and industry margins, development costs, and production costs. Significant reductions in the Corporation’s view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce, or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances can be indicators of potential impairment as well.
84

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In general, the Corporation does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources, and levels of prosperity. During the lifespan of its major assets, the Corporation expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins.
In the Upstream, the standardized measure of discounted cash flows included in the Supplemental Information on Oil and Gas Exploration and Production Activities is required to use prices based on the average of first-of-month prices in the year. These prices represent discrete points in time and could be higher or lower than the Corporation’s price assumptions which are used for impairment assessments. The Corporation believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves, and therefore, does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment.
Outlook for Energy and Cash Flow Assessment. The annual planning and budgeting process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Outlook for Energy (Outlook), which contains the Corporation’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation’s business plans will be updated accordingly.
If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the Corporate Plan, which is reviewed and approved by the Board of Directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the Corporation’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates. Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its 2030 greenhouse gas emission-reduction plans, including its goal of net-zero greenhouse gas emissions (Scope 1 and 2) from unconventional operated assets in the Permian Basin. Volumes are based on projected field and facility production profiles, throughput, or sales. Management’s estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. Cash flow estimates for impairment testing exclude the effects of derivative instruments. As part of the Corporate Plan, the Company considers estimated greenhouse gas emission costs, even for jurisdictions without a current greenhouse gas pricing policy.
Fair Value of Impaired Assets. An asset group is impaired if its estimated undiscounted cash flows are less than the asset group's carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based upon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices which are consistent with the average of third-party industry experts and government agencies, refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group.
Other Impairments Related to Property, Plant and Equipment. Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the Corporation's future development plans, the estimated economic chance of success, and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period.
Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the assets are considered impaired and adjusted to the lower value. Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the Corporation.
85

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Environmental Liabilities
Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties, and projected cash expenditures are not discounted.
Foreign Currency Translation
The Corporation selects the functional reporting currency for its international subsidiaries based on the currency of the primary economic environment in which each subsidiary operates. Operations in the Product Solutions businesses use the local currency. However, the U.S. dollar is used in countries with a history of high inflation (primarily in Latin America) and Singapore, which predominantly sells into the U.S. dollar export market. Upstream operations which are relatively self-contained and integrated within a particular country, such as in Canada and Europe, use the local currency. Some Upstream operations, primarily in Asia and Africa, use the U.S. dollar because they predominantly sell crude and natural gas production into U.S. dollar-denominated markets.
For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income.
86

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2. Russia
In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s first-quarter earnings included after-tax charges of $3.4 billion largely representing the full impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (including impairments)” on the Consolidated Statement of Income. Effective October 14, the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator. The Corporation’s fourth-quarter results include an after-tax benefit of $1.1 billion largely reflecting the impact of the expropriation on the company’s various obligations related to Sakhalin. The Corporation's exit from the project results in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022.


87

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. Miscellaneous Financial Information
Research and development expenses totaled $824 million in 2022, $843 million in 2021, and $1,016 million in 2020.
Net income included before-tax aggregate foreign exchange transaction losses of $218 million, $18 million, and $24 million in 2022, 2021, and 2020, respectively.
LIFO Inventory. In 2022, 2021, and 2020, net income included gains of $367 million, $54 million, and $41 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $14.9 billion and $14.0 billion at December 31, 2022 and 2021, respectively.
Crude oil, products. and merchandise as of year-end 2022 and 2021 consist of the following:
(millions of dollars)Dec 31, 2022Dec 31, 2021
Crude oil6,909 4,162 
Petroleum products6,291 5,081 
Chemical products (1)
3,806 3,354 
Gas/other3,428 1,922 
Total20,434 14,519 
(1) Chemical products includes basic chemicals (olefins and aromatics), polymers (such as polyolefins, adhesions, specialty elastomers, & butyl), intermediates (e.g. hydrocarbon fluids, plasticizers) and synthetics.
 
Goodwill Impairments. Mainly as a result of declines in prices for crude oil, natural gas and petroleum products and a significant decline in its market capitalization at the end of the first quarter of 2020, the Corporation recognized before-tax goodwill impairment charges of $611 million. Fair value of the goodwill reporting units primarily reflected market-based estimates of historical EBITDA multiples at the end of the first quarter. Charges related to goodwill impairments in 2020 are included in “Depreciation and depletion” on the Consolidated Statement of Income.
Restructuring. During 2020, ExxonMobil conducted an extensive global review of staffing levels and subsequently commenced targeted workforce reductions within a number of countries to improve efficiency and reduce costs. The programs were completed by the end of 2021 and included both voluntary and involuntary employee separations as well as reductions in contractors.
In 2020 and 2021, the Corporation recorded before-tax charges of $450 million and $58 million respectively, consisting primarily of employee separation costs, associated with announced workforce reduction programs. These costs are captured in “Selling, general and administrative expenses” on the Consolidated Statement of Income and reported within Corporate and Financing. No charges related to the disclosed workforce reduction programs were recorded in 2022, and no further charges are expected.
The reserves recorded in “Accounts payable and accrued liabilities” on the Consolidated Balance Sheet were $403 million at December 31, 2020, and were not material at year-end 2021 and 2022. The cash outflows associated with this liability balance occurred primarily in 2021, and the remainder will occur over the next few years, mainly in the form of monthly payments.
Government Assistance. ASC 832 "Government Assistance" requires disclosure of certain types of government assistance not otherwise covered by authoritative accounting guidance. During 2022, certain governments outside the United States provided payments which, individually and in aggregate, were immaterial to the Corporation's financial results. Among these are programs where governments endeavor to stabilize or cap fuel and energy costs for local consumers. To compensate producers who sell at the government-mandated prices, these governments provide reimbursements to the producers. In 2022, these reimbursements totaled approximately $1.5 billion before tax, and were reflected as reductions to the line captioned "Crude oil and product purchases" on the Consolidated Statement of Income. At December 31, 2022, "Notes and accounts receivable - net" on the Consolidated Balance Sheet included $0.5 billion related to pending government reimbursements. The terms and conditions of these programs, including their duration, vary by country. In the event that any of these programs are discontinued, the Corporation does not expect a significant impact to its financial results. Additionally, in connection with cap and trade programs in certain countries outside the United States, companies receive allowances from governments covering a specified level of emissions from facilities they operate. The terms of these programs vary by country. The Corporation records these allowances at a nominal amount in “Other assets, including intangibles – net” on the Consolidated Balance Sheet.
88

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income
(millions of dollars)
Cumulative Foreign Exchange Translation AdjustmentPostretirement Benefits Reserves AdjustmentTotal
 
Balance as of December 31, 2019(12,446)(7,047)(19,493)
Current period change excluding amounts reclassified from accumulated other comprehensive income1,818 95 1,913 
Amounts reclassified from accumulated other comprehensive income14 861 875 
Total change in accumulated other comprehensive income1,832 956 2,788 
Balance as of December 31, 2020(10,614)(6,091)(16,705)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(883)2,938 2,055 
Amounts reclassified from accumulated other comprehensive income(2)888 886 
Total change in accumulated other comprehensive income(885)3,826 2,941 
Balance as of December 31, 2021(11,499)(2,265)(13,764)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(3,092)3,205 113 
Amounts reclassified from accumulated other comprehensive income 381 381 
Total change in accumulated other comprehensive income(3,092)3,586 494 
Balance as of December 31, 2022(14,591)1,321 (13,270)
(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $230 million and $329 million in 2022 and 2021, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense)
(millions of dollars)
202220212020
 
Foreign exchange translation gain/(loss) included in net income
(Statement of Income line: Other income)
 2 (14)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (Statement of Income line: Non-service pension and postretirement benefit expense)(519)(1,229)(1,158)

Income Tax (Expense)/Credit For
Components of Other Comprehensive Income
(millions of dollars)
202220212020
 
Foreign exchange translation adjustment54 (114)118 
Postretirement benefits reserves adjustment (excluding amortization)(1,120)(983)109 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs(116)(304)(262)
Total(1,182)(1,401)(35)
 
89

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. Cash Flow Information
The Consolidated Statement of Cash Flows provides information about changes in cash and cash equivalents. Highly liquid investments with maturities of three months or less when acquired are classified as cash equivalents.
For 2022, the “Net (gain)/loss on asset sales” on the Consolidated Statement of Cash Flows includes before-tax amounts from the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments. For 2021, the “Net (gain)/loss on asset sales” line includes before-tax amounts from the sale of non-operated upstream assets in the United Kingdom Central and Northern North Sea and the sale of ExxonMobil's global Santoprene business.
For 2020, the “Depreciation and depletion” and “Deferred income tax charges/(credits)” on the Consolidated Statement of Cash Flows include impacts from asset impairments, primarily in Upstream.
(millions of dollars)202220212020
 
Income taxes paid15,364 5,341 2,428 
Cash interest paid
Included in cash flows from operating activities666 819 786 
Capitalized, included in cash flows from investing activities838 655 665 
Total cash interest paid1,504 1,474 1,451 

6. Additional Working Capital Information
(millions of dollars)Dec 31, 2022Dec 31, 2021
 
Notes and accounts receivable  
Trade, less reserves of $168 million and $159 million
32,844 26,883 
Other, less reserves of $402 million and $381 million
8,905 5,500 
Total41,749 32,383 
Notes and loans payable
Bank loans379 276 
Commercial paper74 1,608 
Long-term debt due within one year181 2,392 
Total634 4,276 
Accounts payable and accrued liabilities
Trade payables33,169 26,623 
Payables to equity companies14,585 8,885 
Accrued taxes other than income taxes3,969 3,896 
Other11,474 11,362 
Total63,197 50,766 

Trade notes and accounts receivables include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between receivables within the scope of ASC 606 and those outside it.
The Corporation has short-term committed lines of credit of $0.3 billion which were unused as of December 31, 2022. These lines are available for general corporate purposes.
The weighted-average interest rate on short-term borrowings outstanding was 1.5 percent and 0.2 percent at December 31, 2022 and 2021, respectively.
90

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7. Equity Company Information
The summarized financial information below includes amounts related to certain less-than-majority-owned companies and majority-owned subsidiaries where minority shareholders possess the right to participate in significant management decisions (see Note 1). These companies are primarily engaged in oil and gas exploration and production, natural gas marketing, transportation of crude oil, and petrochemical manufacturing in North America; natural gas exploration, production and distribution in Europe; liquefied natural gas (LNG) operations in Africa; and exploration, production, LNG operations, and the manufacture and sale of petroleum and petrochemical products in Asia and the Middle East. Also included are several refining and marketing ventures.
The share of total equity company revenues from sales to ExxonMobil consolidated companies was 11 percent, 10 percent and 11 percent in the years 2022, 2021 and 2020, respectively.
The Corporation’s ownership in these ventures is in the form of shares in corporate joint ventures as well as interests in partnerships. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned, to the extent practicable, to specific assets and liabilities based on the company’s analysis of the factors giving rise to the difference. The amortization of this difference, as appropriate, is included in “Income from equity affiliates” on the Consolidated Statement of Income.
Impairments related to upstream equity investments of $0.6 billion, $0.2 billion and $0.6 billion in 2022, 2021, and 2020, respectively, are included in “Income from equity affiliates” or “Other income” on the Consolidated Statement of Income.
Equity Company
Financial Summary
(millions of dollars)
202220212020
TotalExxonMobil
Share
TotalExxonMobil ShareTotalExxonMobil
Share
 
Total revenues183,812 57,528 116,972 34,995 69,954 21,282 
Income before income taxes61,550 19,279 35,142 9,278 12,743 2,830 
Income taxes23,149 7,603 11,010 2,763 4,333 870 
Income from equity affiliates38,401 11,676 24,132 6,515 8,410 1,960 
Current assets77,457 24,994 45,267 15,542 33,419 11,969 
Long-term assets153,186 42,921 150,699 41,614 150,358 41,457 
Total assets230,643 67,915 195,966 57,156 183,777 53,426 
Current liabilities53,640 15,555 28,862 8,297 18,827 5,245 
Long-term liabilities62,009 18,929 63,138 19,084 66,053 19,927 
Net assets114,994 33,431 103,966 29,775 98,897 28,254 

91

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A list of significant equity companies as of December 31, 2022, together with the Corporation’s percentage ownership interest, is detailed below:
 Percentage Ownership Interest
Upstream 
Aera Energy LLC48
Barzan Gas Company Limited7
BEB Erdgas und Erdoel GmbH & Co. KG50
Caspian Pipeline Consortium8
Coral FLNG S.A.25
Cross Timbers Energy LLC50
GasTerra B.V.25
Golden Pass LNG Terminal LLC30
Golden Pass Pipeline LLC30
Marine Well Containment Company LLC10
Mozambique Rovuma Venture S.p.A.36
Nederlandse Aardolie Maatschappij B.V.50
Papua New Guinea Liquefied Natural Gas Global Company LDC33
Permian Highway Pipeline LLC20
Qatar Liquefied Gas Company Limited (2)24
Qatar Liquefied Gas Company Limited (7)25
Ras Laffan Liquefied Natural Gas Company Limited25
Ras Laffan Liquefied Natural Gas Company Limited (II)31
Ras Laffan Liquefied Natural Gas Company Limited (3)30
South Hook LNG Terminal Company Limited24
Tengizchevroil LLP25
Terminale GNL Adriatico S.r.l.71
Energy Products, Chemical Products, and/or Specialty Products
Al-Jubail Petrochemical Company50
Alberta Products Pipe Line Ltd.45
Fujian Refining & Petrochemical Co. Ltd.25
Gulf Coast Growth Ventures LLC50
Infineum USA L.P.50
Permian Express Partners LLC12
Saudi Aramco Mobil Refinery Company Ltd.50
Saudi Yanbu Petrochemical Co.50

92

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8. Investments, Advances and Long-Term Receivables
(millions of dollars)Dec 31, 2022Dec 31, 2021
Equity method company investments and advances  
Investments34,522 31,225 
Advances, net of allowances of $28 million and $34 million
8,049 8,326 
Total equity method company investments and advances42,571 39,551 
Equity securities carried at fair value and other investments at adjusted cost basis278 138 
Long-term receivables and miscellaneous, net of reserves of $1,623 million and $5,974 million
6,944 5,506 
Total49,793 45,195 

9. Property, Plant and Equipment and Asset Retirement Obligations
Property, Plant and Equipment
(millions of dollars)
December 31, 2022December 31, 2021
CostNetCostNet
 
Upstream350,748 144,146 375,813 156,951 
Energy Products58,393 26,765 58,504 27,354 
Chemical Products36,322 19,064 33,514 17,409 
Specialty Products8,895 4,303 9,217 4,447 
Other18,335 10,414 18,014 10,391 
Total472,693 204,692 495,062 216,552 
 
In 2022, the Corporation identified situations where events or changes in circumstances indicated that the carrying value of certain long-lived assets may not be recoverable and conducted impairment assessments. Before-tax impairment charges of $4.5 billion were recognized during the first quarter as a result of the Corporation's plans to discontinue operations on the Sakhalin-1 project and develop steps to exit the venture in response to Russia's military action in Ukraine (Refer to Note 2 for additional information.) Other before-tax impairment charges recognized during 2022 included $1.5 billion in Upstream and $0.4 billion in Energy Products.
In 2021, the Corporation recognized before-tax impairment charges of $1.2 billion largely as a result of changes to Upstream development plans. In 2020, as part of the Corporation's annual review and approval of its business and strategic plan, a decision was made to no longer develop a significant portion of the dry gas portfolio in the United States, Canada and Argentina. The impairment of these assets resulted in before-tax charges of $24.4 billion in Upstream. Other before-tax impairment charges during 2020 included $0.9 billion in Upstream and $0.6 billion in Energy Products.
Impairment charges are primarily recognized in the lines “Depreciation and depletion” and “Exploration expenses, including dry holes” on the Consolidated Statement of Income. Accumulated depreciation and depletion totaled $268,001 million at the end of 2022 and $278,510 million at the end of 2021.

93

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Asset Retirement Obligations
The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the Corporation uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates, and inflation rates. Asset retirement obligations incurred in the current period were Level 3 fair value measurements. The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced. Over time, the liabilities are accreted for the change in their present value.
Asset retirement obligations for facilities in the Product Solutions business generally become firm at the time the facilities are permanently shut down and dismantled. These obligations may include the costs of asset disposal and additional soil remediation. However, these sites generally have indeterminate lives based on plans for continued operations and as such, the fair value of the conditional legal obligations cannot be measured, since it is impossible to estimate the future settlement dates of such obligations.
The following table summarizes the activity in the liability for asset retirement obligations:
(millions of dollars)202220212020
 
Balance at January 110,630 11,247 11,280 
Accretion expense and other provisions744 548 584 
Reduction due to property sales(328)(1,002)(77)
Payments made(518)(444)(669)
Liabilities incurred119 42 26 
Foreign currency translation(330)(147)239 
Revisions174 386 (136)
Balance at December 3110,491 10,630 11,247 
 
The long-term Asset Retirement Obligations were $9,650 million and $9,985 million at December 31, 2022 and 2021, respectively, and are included in “Other long-term obligations” on the Consolidated Balance Sheet. Estimated cash payments in 2023 and 2024 are $841 million and $806 million, respectively.

 
94

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10. Accounting for Suspended Exploratory Well Costs
The Corporation continues capitalization of exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
The following two tables provide details of the changes in the balance of suspended exploratory well costs, including an aging summary of those costs.
Change in capitalized suspended exploratory well costs
(millions of dollars)
202220212020
 
Balance beginning at January 14,120 4,382 4,613 
Additions pending the determination of proved reserves378 420 208 
Charged to expense(259)(325)(318)
Reclassifications to wells, facilities and equipment based on the determination of proved reserves(142)(328)(174)
Divestments/Other(585)(29)53 
Ending balance at December 313,512 4,120 4,382 
Ending balance attributed to equity companies included above306 306 306 
 
Period-end capitalized suspended exploratory well costs
(millions of dollars)
202220212020
 
Capitalized for a period of one year or less378 420 208 
Capitalized for a period of between one and five years969 1,642 1,828 
Capitalized for a period of between five and ten years1,410 1,657 1,932 
Capitalized for a period of greater than ten years755 401 414 
Capitalized for a period greater than one year - subtotal3,134 3,700 4,174 
Total3,512 4,120 4,382 
 
Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project. The table below provides a breakdown of the number of projects with only exploratory well costs capitalized for a period of one year or less and those that have had exploratory well costs capitalized for a period greater than one year.
 202220212020
Number of projects that only have exploratory well costs capitalized for a period of one year or less10 4 3 
Number of projects that have exploratory well costs capitalized for a period greater than one year26 30 34 
Total36 34 37 
 
Of the 26 projects that have exploratory well costs capitalized for a period greater than one year as of December 31, 2022, 11 projects have drilling in the preceding year or exploratory activity planned in the next two years, while the remaining 15 projects are those with completed exploratory activity progressing toward development.
95

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The table below provides additional detail for those 15 projects, which total $2,324 million.
 
Country/ProjectDecember 31, 2022Years Wells Drilled / AcquiredComment
(millions of dollars)
Angola
Block 32 Central NE Hub
662007-2021Evaluating development plan for tieback to existing infrastructure.
Argentina
La Invernada
722014Evaluating development plan to tie into planned infrastructure.
Australia
Gorgon Area Ullage
3051994-2015Evaluating development plans to tie into existing LNG facilities.
Canada
Hibernia North
242019Awaiting capacity in existing/planned infrastructure.
Guyana
Uaru
1172017-2021Continuing discussions with the government regarding development plan.
Kazakhstan
Kairan
532004-2007Evaluating commercialization and field development alternatives, while continuing discussions with the government regarding the development plan.
Mozambique
Rovuma LNG Future Non-Straddling Train
1202017Evaluating/progressing development plan to tie into planned LNG facilities.
Rovuma LNG Phase 1
1502017Progressing development plan to tie into planned LNG facilities.
Rovuma LNG Unitized Trains
352017Evaluating/progressing development plan to tie into planned LNG facilities.
Nigeria
Bonga North
342004-2009Evaluating/progressing development plan for tieback to existing/planned infrastructure.
Papua New Guinea
Muruk    
1652017-2019Evaluating/progressing development plans.
Papua LNG
2462017Evaluating/progressing development plans.
P'nyang
1162012-2018Evaluating/progressing development plans.
Tanzania
Block 2
5252012-2015Evaluating development alternatives, while continuing discussions with the government regarding development plan.
Vietnam
Blue Whale
2962011-2015Evaluating/progressing development plans.
Total 2022 (15 projects)
2,324

 
96

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. Leases
The Corporation and its consolidated affiliates generally purchase the property, plant and equipment used in operations, but there are situations where assets are leased, primarily for drilling equipment, tankers, office buildings, railcars, and other moveable equipment. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for drilling equipment, tankers and finance leases is excluded from the calculation of right of use assets and lease liabilities. Generally, assets are leased only for a portion of their useful lives, and are accounted for as operating leases. In limited situations assets are leased for nearly all of their useful lives, and are accounted for as finance leases.
Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant. In general, leases are capitalized using the incremental borrowing rate of the leasing affiliate. The Corporation’s activities as a lessor are not significant.
Lease Cost
(millions of dollars)
Operating LeasesFinance Leases
202220212020202220212020
 
Operating lease cost1,776 1,542 1,553 
Short-term and other (net of sublease rental income)1,389 1,351 1,613 
Amortization of right of use assets243 133 143 
Interest on lease liabilities210 158 169 
Total (1)
3,165 2,893 3,166 453 291 312 
(1) Includes $908 million, $681 million and $827 million for drilling rigs and related equipment operating leases in 2022, 2021, and 2020, respectively.

Balance Sheet
(millions of dollars)
Operating LeasesFinance Leases
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Right of use assets    
Included in Other assets, including intangibles - net6,451 6,082 
Included in Property, plant and equipment - net2,090 2,412 
Total right of use assets6,451 6,082 2,090 2,412 
Lease liability due within one year
Included in Accounts payable and accrued liabilities1,527 1,367 5 4 
Included in Notes and loans payable69 111 
Long-term lease liability
Included in Other long-term obligations4,067 3,823 
Included in Long-term debt1,389 1,761 
Included in Long-term obligations to equity companies126 131 
Total lease liability (2)
5,594 5,190 1,589 2,007 
Weighted-average remaining lease term (years)9102220
Weighted-average discount rate (percent)2.4 %2.3 %8.0 %7.7 %
(2) Includes $1,646 million and $935 million for drilling rigs and related equipment operating leases in 2022 and 2021, respectively.

 
97

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Maturity Analysis of Lease Liabilities
(millions of dollars)
Operating LeasesFinance Leases
December 31, 2022
20231,623 195 
20241,231 193 
2025914 187 
2026401 184 
2027334 176 
2028 and beyond1,861 1,960 
Total lease payments6,364 2,895 
Discount to present value(770)(1,306)
Total lease liability5,594 1,589 
 
In addition to the lease liabilities in the table immediately above, at December 31, 2022, undiscounted commitments for leases not yet commenced totaled $4,246 million for operating leases and $3,054 million for finance leases. Estimated cash payments for operating and finance leases not yet commenced are $268 million and $260 million for 2023 and 2024 respectively. The finance leases relate to LNG transportation vessels, a wastewater treatment facility, a CO2 transportation and service agreement, and a long-term hydrogen purchase agreement. The underlying assets for these finance leases were primarily designed by, and are being constructed by, the lessors.
Other Information
(millions of dollars)
Operating LeasesFinance Leases
202220212020202220212020
Cash paid for amounts included in the measurement of lease liabilities
Cash flows from operating activities1,119 1,135 1,159 20 20 31 
Cash flows from investing activities500 291 283 
Cash flows from financing activities149 110 94 
Noncash right of use assets recorded for lease liabilities
In exchange for lease liabilities during the period1,997 1,405 735 73 200 108 



98

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12. Earnings Per Share
Earnings per common share202220212020
Net income (loss) attributable to ExxonMobil (millions of dollars)
55,740 23,040 (22,440)
Weighted-average number of common shares outstanding (millions of shares)
4,205 4,275 4,271 
Earnings (loss) per common share (dollars) (1)
13.26 5.39 (5.25)
Dividends paid per common share (dollars)
3.55 3.49 3.48 
(1) The earnings (loss) per common share and earnings (loss) per common share - assuming dilution are the same in each period shown.
99

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
13. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at December 31, 2022 and December 31, 2021, and the related hierarchy level for the fair value measurement was as follows:
 December 31, 2022
 
Fair Value    
(millions of dollars)Level 1Level 2Level 3Total Gross Assets & LiabilitiesEffect of Counterparty NettingEffect of Collateral NettingDifference in Carrying Value and Fair ValueNet Carrying Value
Assets        
Derivative assets (1)
4,309 3,455 — 7,764 (5,778)(969)— 1,017 
Advances to/receivables from equity
companies (2)(6)
— 2,406 4,958 7,364 — — 685 8,049 
Other long-term financial assets (3)
1,208 — 1,413 2,621 — — 346 2,967 
Liabilities
Derivative liabilities (4)
3,417 3,264 — 6,681 (5,778)(79)— 824 
Long-term debt (5)
33,112 1,880 6 34,998 — — 4,173 39,171 
Long-term obligations to equity companies (6)
— — 2,467 2,467 — — (129)2,338 
Other long-term financial liabilities (7)
— — 679 679 — — 38 717 
 December 31, 2021
 
 Fair Value    
(millions of dollars)Level 1Level 2Level 3Total Gross Assets & LiabilitiesEffect of Counterparty NettingEffect of Collateral NettingDifference in Carrying Value and Fair ValueNet Carrying Value
Assets        
Derivative assets (1)
1,422 1,523 — 2,945 (1,930)(28)— 987 
Advances to/receivables from equity
companies (2)(6)
— 3,076 5,373 8,449 — — (123)8,326 
Other long-term financial assets (3)
1,134 — 1,058 2,192 — — 181 2,373 
Liabilities
Derivative liabilities (4)
1,701 2,594 — 4,295 (1,930)(306)— 2,059 
Long-term debt (5)
44,454 88 3 44,545 — — (2,878)41,667 
Long-term obligations to equity companies (6)
— — 3,084 3,084 — — (227)2,857 
Other long-term financial liabilities (7)
— — 902 902 — — 58 960 
(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net.
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables.
(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net.
(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations.
(5) Excluding finance lease obligations.
(6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.
(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.
.
 
At December 31, 2022 and December 31, 2021, respectively, the Corporation had $1,494 million and $641 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.
100

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Derivative Instruments. The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates, and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of December 31, 2022 and 2021, or results of operations for 2022, 2021, and 2020.
Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments at December 31, 2022 and December 31, 2021, was as follows:

(millions)December 31,December 31,
20222021
Crude oil (barrels)4 82 
Petroleum products (barrels)(52)(48)
Natural gas (MMBTUs)(64)(115)

Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income are included in the following lines on a before-tax basis:
 
(millions of dollars)202220212020
Sales and other operating revenue(1,763)(3,818)404 
Crude oil and product purchases314 48 (407)
Total(1,449)(3,770)(3)
 
14. Long-Term Debt
At December 31, 2022, long-term debt consisted of $34,507 million due in U.S. dollars and $6,052 million representing the U.S. dollar equivalent at year-end exchange rates of amounts payable in foreign currencies. These amounts exclude that portion of long-term debt, totaling $181 million, which matures within one year and is included in current liabilities.
On December 22, 2022, the Company irrevocably deposited sufficient cash with the Trustee to fund (i) the redemption of its 2.726% notes due 2023 and (ii) the redemption of its 1.571% notes due 2023. After the deposit of the funds, the Corporation was released from its obligation and the debt was extinguished.
The amounts of long-term debt, excluding finance lease obligations, maturing in each of the four years after December 31, 2023, in millions of dollars, are: 2024 – $4,665; 2025 – $4,667; 2026 – $3,644; and 2027 – $1,090. At December 31, 2022, the Corporation's unused long-term lines of credit were $1.2 billion.
The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of December 31, 2022, the Corporation has designated its $4.8 billion of Euro-denominated long-term debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.

101

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Summarized long-term debt at year-end 2022 and 2021 are shown in the table below:
(millions of dollars, except where stated otherwise)
Average
Rate (1)
Dec 31, 2022Dec 31, 2021
 
Exxon Mobil Corporation (2)
   
1.571% notes due 2023
 2,750 
2.726% notes due 2023
 1,250 
3.176% notes due 2024
1,000 1,000 
2.019% notes due 2024
1,000 1,000 
2.709% notes due 2025
1,750 1,750 
2.992% notes due 2025
2,781 2,794 
3.043% notes due 2026
2,500 2,500 
2.275% notes due 2026
1,000 1,000 
3.294% notes due 2027
1,000 1,000 
2.440% notes due 2029
1,250 1,250 
3.482% notes due 2030
2,000 2,000 
2.610% notes due 2030
2,000 2,000 
2.995% notes due 2039
750 750 
4.227% notes due 2040
2,084 2,087 
3.567% notes due 2045
1,000 1,000 
4.114% notes due 2046
2,500 2,500 
3.095% notes due 2049
1,500 1,500 
4.327% notes due 2050
2,750 2,750 
3.452% notes due 2051
2,750 2,750 
Exxon Mobil Corporation - Euro-denominated
0.142% notes due 2024
1,600 1,698 
0.524% notes due 2028
1,066 1,133 
0.835% notes due 2032
1,066 1,133 
1.408% notes due 2039
1,066 1,133 
XTO Energy Inc. (3)
6.100% senior notes due 2036
189 191 
6.750% senior notes due 2037
289 291 
6.375% senior notes due 2038
224 226 
Industrial revenue bonds due 2022-20511.000%2,245 2,244 
Finance leases & other obligations 5.856%3,299 1,862 
Debt issuance costs(100)(114)
Total long-term debt40,559 43,428 
(1) Average effective or imputed interest rates at December 31, 2022.
(2) Includes premiums of $115 million in 2022 and $131 million in 2021.
(3) Includes premiums of $76 million in 2022 and $82 million in 2021.


102

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15. Incentive Program
The 2003 Incentive Program provides for grants of stock options, stock appreciation rights (SARs), restricted stock, and other forms of awards. Awards may be granted to eligible employees of the Corporation and those affiliates at least 50 percent owned. Outstanding awards are subject to certain forfeiture provisions contained in the program or award instrument. Options and SARs may be granted at prices not less than 100 percent of market value on the date of grant and have a maximum life of 10 years. The maximum number of shares of stock that may be issued under the 2003 Incentive Program is 220 million. Awards that are forfeited, expire, or are settled in cash, do not count against this maximum limit. The 2003 Incentive Program does not have a specified term. New awards may be made until the available shares are depleted, unless the Board terminates the plan early. At the end of 2022, remaining shares available for award under the 2003 Incentive Program were 60 million.
Restricted Stock and Restricted Stock Units. Awards totaling 9,392 thousand, 8,133 thousand, and 8,681 thousand of restricted (nonvested) common stock units were granted in 2022, 2021, and 2020, respectively. Compensation expense for these awards is based on the price of the stock at the date of grant and is recognized in income over the requisite service period. Shares for these awards are issued to employees from treasury stock. The units that are settled in cash are recorded as liabilities, and their changes in fair value are recognized over the vesting period. During the applicable restricted periods, the shares and units may not be sold or transferred and are subject to forfeiture. The majority of the awards have graded vesting periods, with 50 percent of the shares and units in each award vesting after three years, and the remaining 50 percent vesting after seven years. As a result of an expansion of the program in 2022, some new participants will be eligible for awards that vest in full after three years. Awards granted to a small number of senior executives have vesting periods of five years for 50 percent of the award and of 10 years for the remaining 50 percent of the award, except that for awards granted prior to 2020 the vesting of the 10-year portion of the award is delayed until retirement if later than 10 years.
The following tables summarize information about restricted stock and restricted stock units for the year ended December 31, 2022.
Restricted stock and units outstanding2022
SharesWeighted-Average
Grant-Date
Fair Value per Share
 (thousands)(dollars)
Issued and outstanding at January 138,922 70.38 
Awards issued in 20228,222 63.49 
Vested(9,235)76.31 
Forfeited(336)63.67 
Issued and outstanding at December 3137,573 67.47 

Value of restricted stock units202220212020
Grant price (dollars)
110.46 62.76 41.15 
Value at date of grant:(millions of dollars)
Units settled in stock931 461 325 
Units settled in cash106 49 32 
Total value1,037 510 357 
 
As of December 31, 2022, there was $1,765 million of unrecognized compensation cost related to the nonvested restricted awards. This cost is expected to be recognized over a weighted-average period of 4.8 years. The compensation cost charged against income for the restricted stock and restricted stock units was $648 million, $612 million, and $672 million for 2022, 2021, and 2020, respectively. The income tax benefit recognized in income related to this compensation expense was $52 million, $49 million, and $51 million for the same periods, respectively. The fair value of shares and units vested in 2022, 2021, and 2020 was $1,027 million, $562 million, and $367 million, respectively. Cash payments of $89 million, $48 million, and $34 million for vested restricted stock units settled in cash were made in 2022, 2021, and 2020, respectively.
 
103

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
16. Litigation and Other Contingencies
Litigation. A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters, which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation’s operations, financial condition, or financial statements taken as a whole.
Other Contingencies. The Corporation and certain of its consolidated subsidiaries were contingently liable at December 31, 2022, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence.

December 31, 2022
(millions of dollars)
Equity Company Obligations (1)
Other Third-Party ObligationsTotal
 
Guarantees   
Debt-related1,206 152 1,358 
Other728 5,374 6,102 
Total1,934 5,526 7,460 
(1) ExxonMobil share.
 
Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition.

104

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
17. Pension and Other Postretirement Benefits
The benefit obligations and plan assets associated with the Corporation’s principal benefit plans are measured on December 31.
 Pension BenefitsOther Postretirement Benefits
(millions of dollars, except where stated otherwise)U.S.Non-U.S.
202220212022202120222021
 
Weighted-average assumptions used to determine benefit obligations at December 31      
Discount rate (percent)
5.60 3.00 4.90 2.20 5.60 3.10 
Long-term rate of compensation increase (percent)
4.50 4.50 5.20 4.20 4.50 4.50 
Change in benefit obligation
Benefit obligation at January 118,511 21,662 29,492 33,626 7,265 8,135 
Service cost712 919 570 774 138 188 
Interest cost518 558 614 526 216 221 
Actuarial loss/(gain) (1)
(4,432)(747)(7,742)(2,803)(1,990)(881)
Benefits paid (2)(3)
(2,959)(3,810)(1,415)(1,550)(492)(517)
Foreign exchange rate changes— — (2,258)(1,162)(47)3 
Amendments, divestments and other (71)81 81 121 116 
Benefit obligation at December 3112,350 18,511 19,342 29,492 5,211 7,265 
Accumulated benefit obligation at December 3110,367 15,781 18,047 27,373 — — 
(1) Actuarial loss/(gain) primarily reflects higher discount rates.
(2) Benefit payments for funded and unfunded plans.
(3) For 2022 and 2021, other postretirement benefits paid are net of $24 million and $9 million of Medicare subsidy receipts, respectively.
 
For selection of the discount rate for U.S. plans, several sources of information are considered, including interest rate market indicators and the effective discount rate determined by use of a yield curve based on high-quality, noncallable bonds applied to the estimated cash outflows for benefit payments. For major non-U.S. plans, the discount rate is determined by using a spot yield curve of high-quality, local-currency-denominated bonds at an average maturity approximating that of the liabilities.
The measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.0 percent in 2024 and subsequent years.
 Pension BenefitsOther Postretirement Benefits
 (millions of dollars)U.S.Non-U.S.
202220212022202120222021
Change in plan assets      
Fair value at January 113,266 15,300 24,880 26,216 440 446 
Actual return on plan assets(3,265)479 (5,287)571 (66)20 
Foreign exchange rate changes— — (2,012)(605)— — 
Company contribution3,596 794 655 293 27 28 
Benefits paid (1)
(2,608)(3,307)(1,070)(1,167)(53)(54)
Other— — (409)(428)— — 
Fair value at December 3110,989 13,266 16,757 24,880 348 440 
(1) Benefit payments for funded plans.
105

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The funding levels of all qualified pension plans are in compliance with standards set by applicable law or regulation. As shown in the table below, certain smaller U.S. pension plans and a number of non-U.S. pension plans are not funded because local applicable tax rules and regulatory practices do not encourage funding of these plans. All defined benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.
 Pension Benefits
(millions of dollars)U.S.Non-U.S.
2022202120222021
Assets in excess of/(less than) benefit obligation 
Balance at December 31    
Funded plans(23)(3,570)1,019 554 
Unfunded plans(1,338)(1,675)(3,604)(5,166)
Total(1,361)(5,245)(2,585)(4,612)
 
The authoritative guidance for defined benefit pension and other postretirement plans requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income.
 Pension BenefitsOther Postretirement Benefits
(millions of dollars)U.S.Non-U.S.
202220212022202120222021
Assets in excess of/(less than) benefit obligation      
Balance at December 31 (1)
(1,361)(5,245)(2,585)(4,612)(4,863)(6,825)
Amounts recorded in the consolidated balance sheet consist of:
Other assets— — 1,962 2,544 — — 
Current liabilities(168)(206)(254)(267)(304)(323)
Postretirement benefits reserves(1,193)(5,039)(4,293)(6,889)(4,559)(6,502)
Total recorded(1,361)(5,245)(2,585)(4,612)(4,863)(6,825)
Amounts recorded in accumulated other comprehensive income consist of:
Net actuarial loss/(gain)897 1,865 846 2,841 (1,726)197 
Prior service cost(295)(324)278 262 (190)(232)
Total recorded in accumulated other comprehensive income602 1,541 1,124 3,103 (1,916)(35)
(1) Fair value of assets less benefit obligation shown on the preceding page.
106

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The long-term expected rate of return on funded assets shown below is established for each benefit plan by developing a forward-looking, long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class.
 Pension BenefitsOther Postretirement
Benefits
(millions of dollars, except where stated otherwise)U.S.Non-U.S.
202220212020202220212020202220212020
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31
Discount rate (percent)
3.00 2.80 3.50 2.20 1.60 2.30 3.10 2.80 3.50 
Long-term rate of return on funded assets (percent)
4.60 5.30 5.30 3.50 4.10 4.10 3.80 4.60 4.60 
Long-term rate of compensation increase (percent)
4.50 5.50 5.75 4.20 4.20 4.80 4.50 5.50 5.75 
Components of net periodic benefit cost
Service cost712 919 965 570 774 707 138 188 181 
Interest cost518 558 708 614 526 657 216 221 277 
Expected return on plan assets(560)(722)(703)(815)(1,031)(897)(14)(19)(18)
Amortization of actuarial loss/(gain)156 244 310 180 420 416 6 76 95 
Amortization of prior service cost(29)(23)5 43 57 68 (42)(42)(42)
Net pension enhancement and curtailment/settlement cost205 489 280 4 32 49 — — — 
Net periodic benefit cost1,002 1,465 1,565 596 778 1,000 304 424 493 
Changes in amounts recorded in accumulated other comprehensive income:
Net actuarial loss/(gain)(607)(504)(279)(1,641)(2,361)446 (1,910)(891)(92)
Amortization of actuarial (loss)/gain(361)(733)(590)(183)(430)(442)(6)(76)(95)
Prior service cost/(credit) (72)(271)84 92 (82)   
Amortization of prior service (cost)/credit29 23 (5)(40)(55)(68)42 42 42 
Foreign exchange rate changes— — — (199)(255)236 (7) 11 
Total recorded in other comprehensive income(939)(1,286)(1,145)(1,979)(3,009)90 (1,881)(925)(134)
Total recorded in net periodic benefit cost and other comprehensive income, before tax63 179 420 (1,383)(2,231)1,090 (1,577)(501)359 
 
Costs for defined contribution plans were $365 million, $177 million and $358 million in 2022, 2021, and 2020, respectively.
107

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A summary of the change in accumulated other comprehensive income is shown in the table below:
Total Pension and Other Postretirement Benefits
 (millions of dollars)
202220212020
 
(Charge)/credit to other comprehensive income, before tax   
U.S. pension939 1,286 1,145 
Non-U.S. pension1,979 3,009 (90)
Other postretirement benefits1,881 925 134 
Total (charge)/credit to other comprehensive income, before tax4,799 5,220 1,189 
(Charge)/credit to income tax (see Note 4)(1,236)(1,287)(153)
(Charge)/credit to investment in equity companies235 110 (110)
(Charge)/credit to other comprehensive income including noncontrolling interests, after tax3,798 4,043 926 
Charge/(credit) to equity of noncontrolling interests(212)(217)30 
(Charge)/credit to other comprehensive income attributable to ExxonMobil3,586 3,826 956 
 
The Corporation’s investment strategy for benefit plan assets reflects a long-term view, a careful assessment of the risks inherent in plan assets and liabilities, and broad diversification to reduce the risk of the portfolio. The benefit plan assets are primarily invested in passive global equity and local currency fixed income index funds to diversify risk while minimizing costs. The equity funds hold ExxonMobil stock only to the extent necessary to replicate the relevant equity index. The fixed income funds are largely invested in investment grade corporate and government debt securities with interest rate sensitivity designed to approximate the interest rate sensitivity of plan liabilities.
Target asset allocations for benefit plans are reviewed periodically and set based on considerations such as risk, diversification, liquidity, and funding level. The target asset allocations for the major benefit plans range from 10 to 30 percent in equity securities and the remainder in fixed income securities. The equity for the U.S. and certain non-U.S. plans include allocations to private equity partnerships that primarily focus on early-stage venture capital of less than 5 percent.
The fair value measurement levels are accounting terms that refer to different methods of valuing assets. The terms do not represent the relative risk or credit quality of an investment.
108

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The 2022 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:
 U.S. PensionNon-U.S. Pension
(millions of dollars)
Fair Value Measurement at
December 31, 2022, Using:
Fair Value Measurement at
December 31, 2022, Using:
Level 1Level 2 Level 3Net Asset ValueTotalLevel 1 Level 2 Level 3Net Asset ValueTotal
 
Asset category:            
Equity securities            
U.S.— —  — 1,726 1,726 —  —  — 2,318 2,318 
Non-U.S.— —  — 1,131 1,131 61 (1)—  — 1,676 1,737 
Private equity— —  — 506 506 —  —  — 472 472 
Debt securities   
Corporate— 4,582 (2)— 1 4,583 —  63 (2)— 4,199 4,262 
Government— 2,869 (2)— 2 2,871 202 (3)144 (2)— 7,189 7,535 
Asset-backed— —  — 1 1 —  22 (2)— 185 207 
Cash— —  — 168 168 88  40 (4)— 77 205 
Total at fair value 7,451   3,535 10,986 351  269   16,116 16,736 
Insurance contracts at contract value   3    21 
Total plan assets   10,989    16,757 
(1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
(3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
(4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.

 Other Postretirement
(millions of dollars)Fair Value Measurement at December 31, 2022, Using: 
Level 1Level 2Level 3Net Asset ValueTotal
 
Asset category:     
Equity securities     
U.S.70 (1)— —  70 
Non-U.S.37 (1)— —  37 
Debt securities
Corporate— 59 (2)— — 59 
Government— 175 (2)— — 175 
Asset-backed— 4 (2)— — 4 
Cash— 3 —  3 
Total at fair value107 241   348 
(1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
109

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The 2021 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below: 
 U.S. PensionNon-U.S. Pension
 (millions of dollars)
Fair Value Measurement at
December 31, 2021, Using:
Fair Value Measurement at
December 31, 2021, Using:
Level 1Level 2 Level 3Net Asset ValueTotal Level 1 Level 2 Level 3Net Asset ValueTotal
 
Asset category:            
Equity securities            
U.S.— —  — 1,956 1,956 —  —  — 3,416 3,416 
Non-U.S.— —  — 1,290 1,290 76 (1)—  — 2,424 2,500 
Private equity— —  — 661 661 —  —  — 627 627 
Debt securities   
Corporate— 5,242 (2)— 1 5,243 —  119 (2)— 5,831 5,950 
Government— 3,945 (2)— 2 3,947 209 (3)97 (2)— 11,620 11,926 
Asset-backed— —  — 1 1 —  25 (2)— 191 216 
Cash— —  — 162 162 62  53 (4)— 108 223 
Total at fair value 9,187   4,073 13,260 347  294   24,217 24,858 
Insurance contracts at contract value   6     22 
Total plan assets   13,266     24,880 
(1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
(3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
(4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
 

 Other Postretirement
(millions of dollars)Fair Value Measurement at December 31, 2021, Using: 
Level 1Level 2Level 3Net Asset ValueTotal
 
Asset category:     
Equity securities     
U.S.91 (1)— —  91 
Non-U.S.45 (1)— —  45 
Debt securities
Corporate— 95 (2)— — 95 
Government— 206 (2)— — 206 
Asset-backed— — — — — 
Cash— 3 —  3 
Total at fair value136 304   440 
(1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
110

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A summary of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below:
 Pension Benefits
(millions of dollars)U.S.Non-U.S.
2022202120222021
 
For funded pension plans with an accumulated benefit obligation in excess of plan assets:
   
Accumulated benefit obligation 14,511 1,098 3,108 
Fair value of plan assets 13,266 400 1,711 
For funded pension plans with a projected benefit obligation in
excess of plan assets:
Projected benefit obligation11,012 16,836 1,956 4,840 
Fair value of plan assets10,989 13,266 1,012 2,849 
For unfunded pension plans:
Projected benefit obligation1,338 1,675 3,604 5,166 
Accumulated benefit obligation1,045 1,270 3,261 4,685 
 
All other postretirement benefit plans are unfunded or underfunded.

 Pension BenefitsOther Postretirement Benefits
(millions of dollars)U.S.Non-U.S.GrossMedicare Subsidy Receipt
 
Contributions expected in 2023
 570 — — 
Benefit payments expected in:
2023956 1,149 399 21 
2024963 1,140 395 22 
2025985 1,123 391 23 
20261,009 1,109 385 24 
20271,024 1,154 382 24 
2028 - 2032
5,430 5,978 1,930 128 

18. Disclosures about Segments and Related Information
The Upstream, Energy Products, Chemical Products, and Specialty Products functions best define the operating segments of the business that are reported separately. The factors used to identify these reportable segments are based on the nature of the operations that are undertaken by each segment. The Upstream segment is organized and operates to explore for and produce crude oil and natural gas. Energy Products, Chemical Products, and Specialty Products segments are organized and operate to manufacture and sell petroleum products and petrochemicals.
Energy Products: Fuels, aromatics, and catalysts and licensing
Chemical Products: Olefins, polyolefins, and intermediates
Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins
These functions have been defined as the operating segments of the Corporation because they are the segments (1) that engage in business activities from which revenues are recognized and expenses are incurred; (2) whose operating results are regularly reviewed by the Corporation’s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance; and (3) for which discrete financial information is available.
Earnings after income tax include transfers at estimated market prices.
In Corporate and Financing, interest revenue relates to interest earned on cash deposits and marketable securities. Interest expense includes non-debt-related interest expense of $117 million in 2022, $103 million in 2021, and $148 million in 2020.
111

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(millions of dollars)UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate and FinancingCorporate Total
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
 
As of December 31, 2022        
Earnings (loss) after income tax11,728 24,751 8,340 6,626 2,328 1,215 1,190 1,225 (1,663)55,740 
Earnings of equity companies included above411 10,133 126 322 91 771  (23)(368)11,463 
Sales and other operating revenue14,579 30,585 117,824 188,153 10,670 16,949 6,152 13,727 36 398,675 
Intersegment revenue25,658 46,076 29,001 36,894 9,081 5,201 2,587 825 241  
Depreciation and depletion expense5,791 14,013 741 1,246 542 446 95 193 973 24,040 
Interest revenue— — — — — — — — 446 446 
Interest expense51 38 1 7 — 1 — 1 699 798 
Income tax expense (benefit)3,330 11,575 2,615 2,420 520 292 334 252 (1,162)20,176 
Additions to property, plant and equipment5,940 6,441 1,141 964 1,026 1,692 37 200 897 18,338 
Investments in equity companies4,893 21,502 368 1,154 3,124 2,417  1,177 (113)34,522 
Total assets66,695 139,764 31,729 41,836 17,342 15,875 2,839 8,316 44,671 369,067 
As of December 31, 2021
Earnings (loss) after income tax3,663 12,112 668 (1,014)3,697 3,292 1,452 1,807 (2,636)23,040 
Earnings of equity companies included above288 5,535 122 100 (139)1,141  (36)(354)6,657 
Sales and other operating revenue8,883 12,914 78,500 130,406 11,995 16,633 4,858 12,473 30 276,692 
Intersegment revenue16,692 33,405 16,735 25,097 5,993 4,082 2,193 749 227  
Depreciation and depletion expense6,831 9,918 700 1,036 505 450 97 195 875 20,607 
Interest revenue— — — — — — — — 33 33 
Interest expense58 36 1 6 — 1 — 1 844 947 
Income tax expense (benefit)1,116 4,871 156 (165)1,235 684 464 329 (1,054)7,636 
Additions to property, plant and equipment3,308 5,308 979 874 538 712 28 136 658 12,541 
Investments in equity companies4,999 18,544 353 972 3,019 2,490  1,185 (337)31,225 
Total assets67,294 141,978 26,932 37,698 16,695 14,555 2,878 8,030 22,863 338,923 
As of December 31, 2020
Earnings (loss) after income tax(19,385)(645)(1,342)(1,230)1,196 1,061 571 630 (3,296)(22,440)
   Effect of asset impairments - noncash
(17,138)(2,287)(15)(412)(100)(21) (245)(35)(20,253)
Earnings of equity companies included above(559)2,101 134 (192)(21)750  (97)(384)1,732 
Sales and other operating revenue5,876 8,673 46,401 86,966 6,391 11,243 3,993 8,993 38 178,574 
Intersegment revenue8,508 19,642 9,847 13,417 4,313 2,191 1,620 361 221  
Depreciation and depletion expense28,627 12,723 693 1,508 607 461 101 397 892 46,009 
Interest revenue— — — — — — — — 49 49 
Interest expense52 93 1 20 —  — 1 991 1,158 
Income tax expense (benefit)(5,958)742 (493)89 421 277 188 299 (1,197)(5,632)
Additions to property, plant and equipment5,726 4,418 2,937 1,446 1,158 546 109 331 671 17,342 
Investments in equity companies4,792 18,135 352 952 2,543 2,413  1,028 (443)29,772 
Total assets71,287 144,730 23,192 33,566 15,529 13,653 2,872 7,849 20,072 332,750 
Due to rounding, numbers presented may not add up precisely to the totals indicated.
112

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Revenue from Contracts with Customers
Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Revenue outside the scope of ASC 606 primarily relates to physically settled commodity contracts accounted for as derivatives. Contractual terms and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Sales and other operating revenue
(millions of dollars)
202220212020
 
Revenue from contracts with customers304,758 228,968 153,478 
Revenue outside the scope of ASC 60693,917 47,724 25,096 
Total398,675 276,692 178,574 

Geographic
Sales and other operating revenue
(millions of dollars)
202220212020
 
United States149,225 104,236 62,663 
Non-U.S.249,450 172,456 115,911 
Total398,675 276,692 178,574 
Significant non-U.S. revenue sources include: (1)
United Kingdom33,988 14,759 11,055 
Canada32,970 22,166 13,093 
Singapore19,029 15,031 9,442 
France17,727 13,236 8,676 
Italy11,496 10,056 7,091 
Australia11,316 7,646 5,839 
Belgium11,279 9,153 6,231 
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.
Long-lived assets
(millions of dollars)
December 31,
202220212020
 
United States90,051 90,412 94,732 
Non-U.S.114,641 126,140 132,821 
Total204,692 216,552 227,553 
Significant non-U.S. long-lived assets include:
Canada31,106 34,907 36,232 
Singapore11,972 11,969 12,129 
Australia11,372 12,988 14,792 
Kazakhstan8,172 8,463 8,882 
Papua New Guinea7,338 7,534 7,803 
Guyana6,766 4,892 3,547 
United Arab Emirates5,448 5,392 5,381 
Nigeria4,090 5,235 6,345 
Brazil3,649 4,337 3,281 
Angola2,793 3,207 4,405 
Russia 4,055 4,616 

113

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. Income and Other Taxes
Income tax expense (benefit)
(millions of dollars)
202220212020
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
       
Federal and non-U.S.         
Current696 15,071 15,767 236 6,948 7,184 262 2,908 3,170 
Deferred - net4,122 (539)3,583 870 (914)(44)(6,045)(2,007)(8,052)
U.S. tax on non-U.S. operations65 — 65 26 — 26 13 — 13 
Total federal and non-U.S.4,883 14,532 19,415 1,132 6,034 7,166 (5,770)901 (4,869)
State761 — 761 470 — 470 (763)— (763)
Total income tax expense (benefit) 5,644 14,532 20,176 1,602 6,034 7,636 (6,533)901 (5,632)
All other taxes and duties
Other taxes and duties4,087 23,832 27,919 3,731 26,508 30,239 3,108 23,014 26,122 
Included in production and manufacturing expenses2,204 862 3,066 1,589 674 2,263 1,148 663 1,811 
Included in SG&A expenses151 319 470 170 283 453 164 328 492 
Total other taxes and duties6,442 25,013 31,455 5,490 27,465 32,955 4,420 24,005 28,425 
Total12,086 39,545 51,631 7,092 33,499 40,591 (2,113)24,906 22,793 
 
The above provisions for deferred income taxes include net expenses of $30 million in 2022, and net benefits of $53 million in 2021, and $25 million in 2020 related to changes in tax laws and rates, and a benefit of $6.3 billion in 2020 related to asset impairments.

Additional European Taxes on the Energy Sector. On October 6, 2022, European Union (“EU”) Member States adopted an EU Council Regulation which, along with other measures, introduced a new tax described as an emergency intervention to address high energy prices. This regulation imposed a mandatory tax on certain companies active in the crude petroleum, coal, natural gas, and refinery sectors. The regulation required Member States to levy a minimum 33 percent tax on in-scope companies’ 2022 and/or 2023 “surplus profits”, defined in the regulation as taxable profits exceeding 120 percent of the annual average profits during the 2018-2021 period. EU Member States were required to implement the tax, or an equivalent national measure, by December 31, 2022. The enactment of these regulations resulted in an after-tax charge of approximately $1.8 billion to the Corporation’s fourth-quarter 2022 results, mainly reflected in the line “Income tax expense (benefit)” on the Consolidated Statement of Income.
114

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2022, 2021, and 2020 is as follows:
(millions of dollars)202220212020
 
Income (loss) before income taxes   
United States28,281 9,478 (27,704)
Non-U.S.49,472 21,756 (1,179)
Total77,753 31,234 (28,883)
Theoretical tax16,328 6,559 (6,065)
Effect of equity method of accounting(2,407)(1,398)(364)
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1)(2)
6,423 2,809 1,606 
State taxes, net of federal tax benefit (1)
601 371 (603)
Other
(769)(705)(206)
Total income tax expense (credit)20,176 7,636 (5,632)
Effective tax rate calculation
Income tax expense (credit)20,176 7,636 (5,632)
ExxonMobil share of equity company income taxes7,594 2,756 861 
Total income tax expense (credit)27,770 10,392 (4,771)
Net income (loss) including noncontrolling interests57,577 23,598 (23,251)
Total income (loss) before taxes85,347 33,990 (28,022)
Effective income tax rate33%31%17%
(1) 2020 includes the impact of an increase in valuation allowance of $647 million in non-U.S. and $115 million in U.S. state jurisdictions.
(2) 2022 includes the impact of the additional European taxes on the energy sector of $1,825 million.


115

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.
Deferred tax liabilities/(assets) are comprised of the following at December 31:
Tax effects of temporary differences for:
(millions of dollars)
20222021
 
Property, plant and equipment25,607 27,888 
Other liabilities7,401 6,353 
Total deferred tax liabilities33,008 34,241 
Pension and other postretirement benefits(1,754)(3,687)
Asset retirement obligations(3,045)(2,865)
Tax loss carryforwards(4,862)(6,914)
Other assets(6,948)(7,694)
Total deferred tax assets(16,609)(21,160)
Asset valuation allowances2,650 2,634 
Net deferred tax liabilities19,049 15,715 
 
In 2022, asset valuation allowances of $2,650 million increased by $16 million and included net provisions of $202 million and foreign currency effects of $186 million. 
Balance sheet classification
(millions of dollars)
20222021
 
Other assets, including intangibles, net(3,825)(4,450)
Deferred income tax liabilities22,874 20,165 
Net deferred tax liabilities19,049 15,715 
 
The Corporation’s undistributed earnings from subsidiary companies outside the United States include amounts that have been retained to fund prior and future capital project expenditures. Deferred income taxes have not been recorded for potential future tax obligations, such as foreign withholding tax and state tax, as these undistributed earnings are expected to be indefinitely reinvested for the foreseeable future. As of December 31, 2022, it is not practicable to estimate the unrecognized deferred tax liability. However, unrecognized deferred taxes on remittance of these funds are not expected to be material.

Unrecognized Tax Benefits. The Corporation is subject to income taxation in many jurisdictions around the world. The benefits of uncertain tax positions that the Corporation has taken or expects to take in its income tax returns are recognized in the financial statements if management concludes that it is more likely than not that the position will be sustained with the tax authorities. For a position that is likely to be sustained, the benefit recognized in the financial statements is measured at the largest amount that is greater than 50 percent likely of being realized. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. The following table summarizes the movement in unrecognized tax benefits: 
Gross unrecognized tax benefits
(millions of dollars)
202220212020
 
Balance at January 19,130 8,764 8,844 
Additions based on current year's tax positions539 358 253 
Additions for prior years' tax positions294 100 218 
Reductions for prior years' tax positions(6,243)(79)(201)
Reductions due to lapse of the statute of limitations(16)(2)(237)
Settlements with tax authorities(277)(11)(113)
Foreign exchange effects/other(29)  
Balance at December 313,398 9,130 8,764 

116

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The gross unrecognized tax benefit balances are predominantly related to tax positions that would reduce the Corporation’s effective tax rate if the positions are favorably resolved. Unfavorable resolution of these tax positions generally would not increase the effective tax rate. The 2022, 2021, and 2020 changes in unrecognized tax benefits did not have a material effect on the Corporation’s net income.
Resolution of these tax positions through negotiations with the relevant tax authorities or through litigation will take many years to complete. It is difficult to predict the timing of resolution for these tax positions since the timing is not entirely within the control of the Corporation. In the United States, the Corporation filed a refund suit for tax years 2006-2009 with respect to positions at issue for those years. These positions were reflected in the 2021 unrecognized tax benefit table. The IRS asserted penalties associated with several of those positions. The Corporation did not recognize those penalties as an expense because it did not expect the penalties to be sustained in litigation. On August 3, 2022, the Corporation received an adverse ruling on the tax positions and a favorable ruling on the related penalties from the U.S. Court of Appeals for the Fifth Circuit. Neither the Corporation nor the government appealed the ruling. As a result of this litigation, the tax positions that were at issue are not reflected in the ending balance of the 2022 unrecognized tax benefits table. The Corporation has various U.S. federal income tax positions at issue with the Internal Revenue Service (IRS) for tax years beginning in 2010. Unfavorable resolution of these issues would not have a material adverse effect on the Corporation’s operations or financial condition.
It is reasonably possible that the total amount of unrecognized tax benefits could increase by up to 20 percent or decrease by up to 10 percent in the next 12 months.
The following table summarizes the tax years that remain subject to examination by major tax jurisdiction: 
Country of OperationOpen Tax Years
Abu Dhabi20212022
Angola20182022
Australia20102022
Belgium20172022
Canada20012022
Equatorial Guinea20092022
Indonesia20082022
Iraq20172022
Malaysia20182022
Nigeria20062022
Papua New Guinea20082022
United Kingdom20152022
United States20102022

The Corporation classifies interest on income tax-related balances as interest expense or interest income and classifies tax-related penalties as operating expense.
For 2022 and 2021 the Corporation's net interest expense on income tax reserves was $16 million and $0 million, respectively. For 2020, the Corporation's net interest expense was a credit of $6 million. The related interest payable balances were $63 million and $61 million at December 31, 2022 and 2021, respectively.

117

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
20. Divestment Activities
The Corporation realized proceeds of approximately $5 billion and recognized net after-tax earnings of approximately $0.4 billion from its divestment activities in 2022. This included the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments.
In August 2022, the Corporation executed an agreement for the sale of Mobil California Exploration and Producing Asset Company (United States), consisting of ExxonMobil's interest in the Aera Energy joint venture, to Green Gate Resources E, LLC. The transaction is anticipated to close in first quarter 2023.
In November 2022, the Corporation executed an agreement for the sale of the Santa Ynez Unit and associated assets in California. The agreement is subject to certain conditions precedent and government approvals and does not yet meet held-for-sale criteria under ASC 360. Should the conditions precedent be met and the potential transaction close, the Corporation would expect to recognize a loss of up to $2 billion.
In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In early July, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of these matters.




118


SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (unaudited)
The results of operations for producing activities shown below do not include earnings from other activities that ExxonMobil includes in the Upstream function, such as oil and gas transportation operations, LNG liquefaction and transportation operations, coal and power operations, technical service agreements, gains and losses from derivative activity, other nonoperating activities and adjustments for noncontrolling interests. These excluded amounts for both consolidated and equity companies totaled $4,802 million in 2022, $(1,380) million in 2021 and $274 million in 2020. Oil sands mining operations are included in the results of operations in accordance with Securities and Exchange Commission and Financial Accounting Standards Board rules.
Results of Operations
(millions of dollars)
United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
 
2022
Consolidated Subsidiaries       
Sales to third parties8,801 4,401 2,388 463 2,710 6,222 24,985 
Transfers17,020 12,568 60 8,634 12,274 996 51,552 
Revenue25,821 16,969 2,448 9,097 14,984 7,218 76,537 
Production costs excluding taxes3,965 5,519 464 1,965 1,492 513 13,918 
Exploration expenses18 698 28 168 51 62 1,025 
Depreciation and depletion5,472 3,700 193 2,293 5,672 829 18,159 
Taxes other than income2,314 120 140 729 2,312 689 6,304 
Related income tax3,294 1,112 1,048 2,004 6,008 1,549 15,015 
Results of producing activities for consolidated subsidiaries10,758 5,820 575 1,938 (551)3,576 22,116 
Equity Companies       
Sales to third parties820 — 2,791 10 20,750 — 24,371 
Transfers640 — 51 — 316 — 1,007 
Revenue1,460 — 2,842 10 21,066 — 25,378 
Production costs excluding taxes667 — 607 21 379 — 1,674 
Exploration expenses— — — — — 
Depreciation and depletion280 — 48 717 — 1,046 
Taxes other than income37 — 232 — 6,857 — 7,126 
Related income tax— — 1,413 (2)4,559 — 5,970 
Results of producing activities for equity companies476  541 (10)8,554  9,561 
Total results of operations11,234 5,820 1,116 1,928 8,003 3,576 31,677 
119


Results of Operations
(millions of dollars)
United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
 
2021
Consolidated Subsidiaries       
Sales to third parties5,797 2,480 1,628 253 2,110 3,182 15,450 
Transfers10,938 8,492 412 6,087 8,829 812 35,570 
Revenue16,735 10,972 2,040 6,340 10,939 3,994 51,020 
Production costs excluding taxes3,436 4,867 754 1,759 1,471 481 12,768 
Exploration expenses19 464 26 359 146 40 1,054 
Depreciation and depletion6,185 2,690 408 2,799 1,965 1,002 15,049 
Taxes other than income1,367 113 11 490 1,258 423 3,662 
Related income tax1,276 55 235 311 3,858 610 6,345 
Results of producing activities for consolidated subsidiaries4,452 2,783 606 622 2,241 1,438 12,142 
Equity Companies       
Sales to third parties620 — 1,332 — 12,239 — 14,191 
Transfers479 — 33 — 151 — 663 
Revenue1,099 — 1,365 — 12,390 — 14,854 
Production costs excluding taxes538 — 1,065 11 413 — 2,027 
Exploration expenses— — — — — 
Depreciation and depletion509 — 194 — 611 — 1,314 
Taxes other than income33 — 48 — 3,749 — 3,830 
Related income tax— — 13 2,652 — 2,668 
Results of producing activities for equity companies19  43 (14)4,965  5,013 
Total results of operations4,471 2,783 649 608 7,206 1,438 17,155 
2020
Consolidated Subsidiaries       
Sales to third parties2,933 1,034 536 262 1,632 1,983 8,380 
Transfers4,943 3,938 362 4,603 5,584 509 19,939 
Revenue7,876 4,972 898 4,865 7,216 2,492 28,319 
Production costs excluding taxes3,877 3,928 786 1,911 1,471 483 12,456 
Exploration expenses51 573 33 371 112 145 1,285 
Depreciation and depletion27,489 5,118 828 2,788 2,171 733 39,127 
Taxes other than income615 106 32 390 692 152 1,987 
Related income tax(5,650)(944)(343)(258)2,130 241 (4,824)
Results of producing activities for consolidated subsidiaries(18,506)(3,809)(438)(337)640 738 (21,712)
Equity Companies       
Sales to third parties410 — 513 — 6,289 — 7,212 
Transfers308 — 12 — 60 — 380 
Revenue718 — 525 — 6,349 — 7,592 
Production costs excluding taxes500 — 674 421 — 1,601 
Exploration expenses— — — — — 
Depreciation and depletion605 — 224 — 543 — 1,372 
Taxes other than income34 — 22 — 2,274 — 2,330 
Related income tax— — (246)(1)1,126 — 879 
Results of producing activities for equity companies(421) (151)(5)1,985  1,408 
Total results of operations(18,927)(3,809)(589)(342)2,625 738 (20,304)
120


Oil and Gas Exploration and Production Costs
The amounts shown for net capitalized costs of consolidated subsidiaries are $10,785 million less at year-end 2022 and $12,005 million less at year-end 2021 than the amounts reported as investments in property, plant and equipment for the Upstream in Note 9. This is due to the exclusion from capitalized costs of certain transportation and research assets and assets relating to LNG operations. Assets related to oil sands and oil shale mining operations are included in the capitalized costs in accordance with Financial Accounting Standards Board rules.
Capitalized Costs
(millions of dollars)
 United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
As of December 31, 2022
Consolidated Subsidiaries       
Property (acreage) costs– Proved15,547 3,427 1,510 3,023 695 24,211 
 – Unproved13,797 3,011 37 119 2,659 19,628 
Total property costs 29,344 6,438 46 1,629 3,028 3,354 43,839 
Producing assets 96,209 49,923 12,156 53,164 45,405 14,296 271,153 
Incomplete construction 4,169 7,774 172 1,404 3,043 2,276 18,838 
Total capitalized costs 129,722 64,135 12,374 56,197 51,476 19,926 333,830 
Accumulated depreciation and depletion72,686 25,852 11,752 48,606 32,025 9,548 200,469 
Net capitalized costs for consolidated subsidiaries57,036 38,283 622 7,591 19,451 10,378 133,361 
Equity Companies       
Property (acreage) costs– Proved99 — 309 — — 411 
 – Unproved— — 3,111 — — 3,113 
Total property costs 101 — 3,420 — — 3,524 
Producing assets 6,882 — 5,243 281 10,177 — 22,583 
Incomplete construction 160 — 35 550 11,709 — 12,454 
Total capitalized costs 7,143 — 5,281 4,251 21,886 — 38,561 
Accumulated depreciation and depletion4,512 — 4,934 — 7,171 — 16,617 
Net capitalized costs for equity companies2,631  347 4,251 14,715  21,944 
As of December 31, 2021
Consolidated Subsidiaries       
Property (acreage) costs– Proved18,353 3,844 10 1,422 2,994 730 27,353 
 – Unproved21,146 6,231 37 119 2,675 30,213 
Total property costs 39,499 10,075 47 1,541 2,999 3,405 57,566 
Producing assets 101,211 52,092 14,420 56,168 44,228 14,944 283,063 
Incomplete construction 4,125 7,047 889 1,428 2,888 2,044 18,421 
Total capitalized costs144,835 69,214 15,356 59,137 50,115 20,393 359,050 
Accumulated depreciation and depletion86,830 28,428 13,790 49,312 26,519 9,225 214,104 
Net capitalized costs for consolidated subsidiaries58,005 40,786 1,566 9,825 23,596 11,168 144,946 
Equity Companies       
Property (acreage) costs– Proved98 — 309 — — 411 
 – Unproved— — 3,111 — — 3,115 
Total property costs 102 — 3,420 — — 3,526 
Producing assets 6,946 — 5,487 — 8,676 — 21,109 
Incomplete construction 103 — 23 809 11,716 — 12,651 
Total capitalized costs7,151 — 5,514 4,229 20,392 — 37,286 
Accumulated depreciation and depletion4,304 — 5,162 — 6,590 — 16,056 
Net capitalized costs for equity companies2,847  352 4,229 13,802  21,230 


121


Oil and Gas Exploration and Production Costs (continued)
The amounts reported as costs incurred include both capitalized costs and costs charged to expense during the year. Costs incurred also include new asset retirement obligations established in the current year, as well as increases or decreases to the asset retirement obligation resulting from changes in cost estimates or abandonment date. Total consolidated costs incurred in 2022 were $14,513 million, up $4,636 million from 2021, due primarily to higher development costs. In 2021, costs were $9,877 million, down $1,377 million from 2020, due primarily to lower development costs, partially offset by higher acquisition costs of unproved properties. Total equity company costs incurred in 2022 were $1,769 million, up $318 million from 2021, due to higher development costs.
Costs Incurred in Property Acquisitions,
Exploration and Development Activities
(millions of dollars)
United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
  
During 2022
        
Consolidated Subsidiaries       
Property acquisition costs– Proved10 11 — 151 32 — 204 
 – Unproved19 — — — — 26 
Exploration costs 27 736 71 145 38 62 1,079 
Development costs 5,821 4,759 161 533 1,490 440 13,204 
Total costs incurred for consolidated subsidiaries5,877 5,506 232 829 1,560 509 14,513 
Equity Companies       
Property acquisition costs– Proved— — — — — — — 
 – Unproved— — — — — — — 
Exploration costs — — — — — 
Development costs 95 — 13 22 1,638 — 1,768 
Total costs incurred for equity companies95  14 22 1,638  1,769 
During 2021
        
Consolidated Subsidiaries       
Property acquisition costs– Proved37 — — 90 15 — 142 
 – Unproved78 575 — — — 35 688 
Exploration costs 19 903 46 185 47 40 1,240 
Development costs 3,352 2,619 207 389 805 435 7,807 
Total costs incurred for consolidated subsidiaries3,486 4,097 253 664 867 510 9,877 
Equity Companies       
Property acquisition costs– Proved— — — — — — — 
 – Unproved— — — — — — — 
Exploration costs — — — — — 
Development costs — 20 88 1,334 — 1,450 
Total costs incurred for equity companies8  21 88 1,334  1,451 
During 2020
 
Consolidated Subsidiaries
Property acquisition costs– Proved30 — 344 — 382 
 – Unproved80 — 47 — — 130 
Exploration costs 60 702 40 232 110 83 1,227 
Development costs 5,675 2,059 316 (239)974 730 9,515 
Total costs incurred for consolidated subsidiaries5,816 2,794 356 384 1,091 813 11,254 
Equity Companies
Property acquisition costs– Proved— — — — — — — 
 – Unproved— — — — — — — 
Exploration costs — — — — — 
Development costs 135 — 20 71 1,784 — 2,010 
Total costs incurred for equity companies135  22 71 1,784  2,012 

122


Oil and Gas Reserves
The following information describes changes during the years and balances of proved oil and gas reserves at year-end 2020, 2021, and 2022.
The definitions used are in accordance with the Securities and Exchange Commission’s Rule 4-10 (a) of Regulation S-X.
Proved oil and natural gas reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. In some cases, substantial new investments in additional wells and related facilities will be required to recover these proved reserves.
In accordance with the Securities and Exchange Commission’s (SEC) rules, the Corporation’s year-end reserves volumes as well as the reserves change categories shown in the following tables are required to be calculated on the basis of average prices during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period. These reserves quantities are also used in calculating unit-of-production depreciation rates and in calculating the standardized measure of discounted net cash flows.
Revisions can include upward or downward changes in previously estimated volumes of proved reserves for existing fields due to the evaluation or re-evaluation of (1) already available geologic, reservoir or production data, (2) new geologic, reservoir or production data or (3) changes in the average of first-of-month oil and natural gas prices and/or costs that are used in the estimation of reserves. Revisions can also result from significant changes in either development strategy or production equipment/facility capacity.
Proved reserves include 100 percent of each majority-owned affiliate’s participation in proved reserves and ExxonMobil’s ownership percentage of the proved reserves of equity companies, but exclude royalties and quantities due others. Natural gas reserves exclude the gaseous equivalent of liquids expected to be removed from the natural gas on leases, at field facilities and at gas processing plants. These liquids are included in net proved reserves of crude oil and natural gas liquids.
In the proved reserves tables, consolidated reserves and equity company reserves are reported separately. However, the Corporation does not view equity company reserves any differently than those from consolidated companies.
Reserves reported under production sharing and other nonconcessionary agreements are based on the economic interest as defined by the specific fiscal terms in the agreement. The production and reserves reported for these types of arrangements typically vary inversely with oil and natural gas price changes. As oil and natural gas prices increase, the cash flow and value received by the company increase; however, the production volumes and reserves required to achieve this value will typically be lower because of the higher prices. When prices decrease, the opposite effect generally occurs. The percentage of total proved reserves (consolidated subsidiaries plus equity companies) at year-end 2022 that were associated with production sharing contract arrangements was 12 percent on an oil-equivalent basis (natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels).
Net proved developed reserves are those volumes that are expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well. Net proved undeveloped reserves are those volumes that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
Crude oil, natural gas liquids, and natural gas production quantities shown are the net volumes withdrawn from ExxonMobil’s oil and natural gas reserves. The natural gas quantities differ from the quantities of natural gas delivered for sale by the producing function as reported in the Upstream Operational Results due to volumes consumed or flared and inventory changes.
The changes between 2022 year-end proved reserves and 2021 year-end proved reserves include worldwide production of 1.4 billion oil-equivalent barrels (GOEB), asset sales of 0.4 GOEB primarily in the United States, and other downward revisions of 1.2 GOEB including the impact of the Russia expropriation (0.2 GOEB). Additions to proved reserves include 0.7 GOEB from purchases in Asia and 1.4 GOEB from extensions and discoveries primarily in the United States and Guyana.
The changes between 2021 year-end proved reserves and 2020 year-end proved reserves reflect upward revisions of 2.4 billion barrels of bitumen at Kearl and 0.5 billion barrels of bitumen at Cold Lake, primarily as a result of improved prices. In addition, extensions and discoveries of approximately 1.3 GOEB occurred primarily in the United States (0.9 GOEB), Brazil (0.2 GOEB) and Guyana (0.1 GOEB). Worldwide production in 2021 was 1.4 GOEB.
The downward revisions in 2020, primarily as a result of low prices during 2020, include 3.1 billion barrels of bitumen at Kearl, 0.6 billion barrels of bitumen at Cold Lake, and 0.5 GOEB in the United States. In addition, the Corporation’s near-term reduction in capital expenditures resulted in a net reduction to estimates of proved reserves of approximately 1.5 GOEB, mainly related to unconventional drilling in the United States.


123


Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves   
 Crude OilNatural Gas
Liquids
BitumenSynthetic OilTotal
 (millions of barrels)United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
TotalWorldwideCanada/
Other
Americas
Canada/
Other
Americas
Net proved developed and undeveloped reserves of consolidated subsidiaries           
January 1, 2020
3,088 557 39 447 3,335 94 7,560 1,275 3,858 415 13,108 
Revisions(1,139)(14)(9)19 (20)(10)(1,173)(209)(3,653)(79)(5,114)
Improved recovery— — — — — — — — — — — 
Purchases— — — — — — — — — — — 
Sales(1)(2)— — — — (3)(3)— — (6)
Extensions/discoveries187 — — — — 188 65 133 387 
Production(176)(45)(8)(110)(165)(10)(514)(74)(125)(25)(738)
December 31, 2020
1,959 497 22 356 3,150 74 6,058 1,054 81 444 7,637 
Attributable to noncontrolling interests25 135 
Proportional interest in proved reserves of equity companies   
January 1, 2020
251 — 14 897 — 1,168 322 — — 1,490 
Revisions(102)— (4)— — (102)(22)— — (124)
Improved recovery— — — — — — — — — — — 
Purchases— — — — — — — — — — — 
Sales— — — — — — — — — — — 
Extensions/discoveries— — — — — — — — — — — 
Production(18)— (1)— (76)— (95)(23)— — (118)
December 31, 2020
131  9 6 825  971 277   1,248 
Total liquids proved reserves at December 31, 2020
2,090 497 31 362 3,975 74 7,029 1,331 81 444 8,885 
Net proved developed and undeveloped reserves of consolidated subsidiaries           
January 1, 2021
1,959 497 22 356 3,150 74 6,058 1,054 81 444 7,637 
Revisions47 (2)15 67 36 10 173 2,944 17 3,138 
Improved recovery— — — — — — — — — 
Purchases— — — — — — — 
Sales(27)(8)(28)— — — (63)(20)— — (83)
Extensions/discoveries499 329 — — — — 828 183 — — 1,011 
Production(176)(47)(6)(88)(149)(10)(476)(86)(133)(23)(718)
December 31, 2021
2,307 769 3 335 3,037 74 6,525 1,136 2,894 438 10,993 
Attributable to noncontrolling interests674 133 
Proportional interest in proved reserves of equity companies   
January 1, 2021
131 — 825 — 971 277 — — 1,248 
Revisions38 — (1)(8)— 31 15 — — 46 
Improved recovery— — — — — — — — — — — 
Purchases— — — — — — — — — — — 
Sales— — — — — — — — — — — 
Extensions/discoveries— — — — — — — — 
Production(16)— (1)— (76)— (93)(22)— — (115)
December 31, 2021
155  10 5 741  911 270   1,181 
Total liquids proved reserves at December 31, 2021
2,462 769 13 340 3,778 74 7,436 1,406 2,894 438 12,174 
124


Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued)   
 Crude OilNatural Gas
Liquids
BitumenSynthetic OilTotal
 (millions of barrels)United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
TotalWorldwideCanada/
Other
Americas
Canada/
Other
Americas
 
Net proved developed and undeveloped reserves of consolidated subsidiaries           
January 1, 2022
2,307 769 335 3,037 74 6,525 1,136 2,894 438 10,993 
Revisions (1)
(375)52 38 (95)(375)(85)(422)(62)(944)
Improved recovery— — — — — — — — — — — 
Purchases— — — — — — — — 
Sales(3)(12)— (17)— — (32)(20)— — (52)
Extensions/discoveries465 208 — — — — 673 235 67 — 975 
Production(191)(72)(1)(85)(148)(10)(507)(90)(119)(23)(739)
December 31, 2022
2,204 945 5 271 2,794 66 6,285 1,176 2,420 353 10,234 
Attributable to noncontrolling interests14 554 107 
Proportional interest in proved reserves of equity companies           
January 1, 2022
155 — 10 741 — 911 270 — — 1,181 
Revisions(21)— (7)— (17)— (45)(10)— — (55)
Improved recovery— — — — — — — — — — — 
Purchases— — — — 110 — 110 117 — — 227 
Sales— — — — — — — — — — — 
Extensions/discoveries— — — — — — — — — — — 
Production(15)— (1)— (78)— (94)(22)— — (116)
December 31, 2022
119  2 5 756  882 355   1,237 
Total liquids proved reserves at December 31, 2022
2,323 945 7 276 3,550 66 7,167 1,531 2,420 353 11,471 
(1) Includes (118) million barrels in Russia which were expropriated. See Note 2: Russia.

125


Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued)    
 Crude Oil and Natural Gas Liquids BitumenSynthetic OilTotal
(millions of barrels)United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total Canada/
Other
Americas
Canada/
Other
Americas
 
As of December 31, 2020
Proved developed reserves           
Consolidated subsidiaries1,473 293 13 345 2,299 67 4,490 76 311 4,877 
Equity companies111 — — 646 — 765 — — 765 
Proved undeveloped reserves
Consolidated subsidiaries1,342 209 16 42 975 38 2,622 133 2,760 
Equity companies24 — 452 — 483 — — 483 
Total liquids proved reserves at December 31, 2020
2,950 502 38 393 4,372 105 8,360 81 444 8,885 
As of December 31, 2021
Proved developed reserves
Consolidated subsidiaries1,663 268 330 2,154 63 4,481 2,635 326 7,442 
Equity companies133 — 10 — 474 — 617 — — 617 
Proved undeveloped reserves
Consolidated subsidiaries1,621 508 — 31 988 32 3,180 259 112 3,551 
Equity companies28 — — 531 — 564 — — 564 
Total liquids proved reserves at December 31, 2021
3,445 776 13 366 4,147 95 8,842 2,894 438 12,174 
As of December 31, 2022
Proved developed reserves
Consolidated subsidiaries1,688 378 259 2,067 50 4,447 2,288 248 6,983 
Equity companies126 — 360 — 493 — — 493 
Proved undeveloped reserves
Consolidated subsidiaries1,568 568 — 35 813 30 3,014 132 105 3,251 
Equity companies— — — — 744 — 744 — — 744 
Total liquids proved reserves at December 31, 2022
3,382 946 7 299 3,984 80 8,698 
(1)
2,420 353 11,471 
(1) See previous pages for natural gas liquids proved reserves attributable to consolidated subsidiaries and equity companies. For additional information on natural gas liquids proved reserves see Item 2. Properties in ExxonMobil’s 2022 Form 10-K.
126


Natural Gas and Oil-Equivalent Proved Reserves      
 
Natural Gas
(billions of cubic feet)
Oil-Equivalent
Total
All Products (1)

(millions of oil-equivalent barrels)
United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
 
Net proved developed and undeveloped
reserves of consolidated subsidiaries
       
January 1, 2020
19,026 1,466 621 377 4,433 7,001 32,924 18,596 
Revisions(4,904)(753)(4)(23)245 (405)(5,844)(6,088)
Improved recovery— — — — — — — — 
Purchases— — — — — — — — 
Sales(35)(30)— — — — (65)(17)
Extensions/discoveries433 — — — 435 459 
Production(1,081)(123)(177)(34)(369)(462)(2,246)(1,113)
December 31, 2020
13,439 561 441 320 4,309 6,134 25,204 11,837 
Attributable to noncontrolling interests84 
Proportional interest in proved reserves
of equity companies
        
January 1, 2020
213 — 581 908 12,454 — 14,156 3,849 
Revisions(99)— (95)(106)— (291)(172)
Improved recovery— — — — — — — — 
Purchases— — — — — — — — 
Sales— — — — — — — — 
Extensions/discoveries— — — — — — — — 
Production(12)— (126)— (971)— (1,109)(303)
December 31, 2020
102  360 917 11,377  12,756 3,374 
Total proved reserves at December 31, 2020
13,541 561 801 1,237 15,686 6,134 37,960 15,211 
Net proved developed and undeveloped
reserves of consolidated subsidiaries
        
January 1, 2021
13,439 561 441 320 4,309 6,134 25,204 11,837 
Revisions1,432 305 210 39 (276)712 2,422 3,542 
Improved recovery— — — — — — — 
Purchases— — — — — 
Sales(164)(18)(120)— — — (302)(134)
Extensions/discoveries1,381 163 — — — — 1,544 1,269 
Production(1,103)(92)(148)(42)(340)(483)(2,208)(1,086)
December 31, 2021
14,988 919 383 317 3,693 6,363 26,663 15,436 
Attributable to noncontrolling interests124 
Proportional interest in proved reserves
of equity companies
        
January 1, 2021
102 — 360 917 11,377 — 12,756 3,374 
Revisions44 — 206 (111)(236)— (97)30 
Improved recovery— — — — — — — — 
Purchases— — — — — — — — 
Sales— — — — — — — — 
Extensions/discoveries— — — — — 
Production(11)— (158)— (983)— (1,152)(307)
December 31, 2021
140  408 806 10,158  11,512 3,100 
Total proved reserves at December 31, 2021
15,128 919 791 1,123 13,851 6,363 38,175 18,536 
(1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.
127


Natural Gas and Oil-Equivalent Proved Reserves (continued)     
 
Natural Gas
(billions of cubic feet)
Oil-Equivalent
Total
All Products (1)

(millions of oil-equivalent barrels)
 United StatesCanada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
Net proved developed and undeveloped
reserves of consolidated subsidiaries
       
January 1, 2022
14,988 919 383 317 3,693 6,363 26,663 15,436 
Revisions (2)
(990)(38)149 49 (307)187 (950)(1,102)
Improved recovery— — — — — — — — 
Purchases— — — — — 
Sales(1,551)(272)— (1)— — (1,824)(356)
Extensions/discoveries2,232 175 — — — — 2,407 1,376 
Production(1,036)(76)(119)(53)(325)(542)(2,151)(1,097)
December 31, 2022
13,645 708 413 312 3,061 6,008 24,147 14,258 
Attributable to noncontrolling interests77 
Proportional interest in proved reserves
of equity companies
        
January 1, 2022
140 — 408 806 10,158 — 11,512 3,100 
Revisions(3)— 104 (132)29 — (2)(55)
Improved recovery— — — — — — — — 
Purchases— — — — 3,101 — 3,101 744 
Sales— — — — — — — — 
Extensions/discoveries— — — — — — — — 
Production(10)— (132)(11)(979)— (1,132)(305)
December 31, 2022
127  380 663 12,309  13,479 3,484 
Total proved reserves at December 31, 2022
13,772 708 793 975 15,370 6,008 37,626 17,742 
(1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.
(2) Includes (199) billion cubic feet of natural gas and (152) million total oil-equivalent barrels in Russia which were expropriated. See Note 2: Russia.
128


Natural Gas and Oil-Equivalent Proved Reserves (continued)     
 
Natural Gas
(billions of cubic feet)
Oil-Equivalent
 Total
All Products (1)

(millions of oil-equivalent barrels)
 United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
As of December 31, 2020
Proved developed reserves        
Consolidated subsidiaries10,375 472 399 318 3,323 3,344 18,231 7,915 
Equity companies83 — 293 — 8,992 — 9,368 2,326 
Proved undeveloped reserves
Consolidated subsidiaries3,064 89 42 986 2,790 6,973 3,922 
Equity companies19 — 67 917 2,385 — 3,388 1,048 
Total proved reserves at December 31, 2020
13,541 561 801 1,237 15,686 6,134 37,960 15,211 
As of December 31, 2021
Proved developed reserves
Consolidated subsidiaries11,287 574 377 315 2,527 3,513 18,593 10,540 
Equity companies117 — 339 — 6,017 — 6,473 1,696 
Proved undeveloped reserves
Consolidated subsidiaries3,701 345 1,166 2,850 8,070 4,896 
Equity companies23 — 69 806 4,141 — 5,039 1,404 
Total proved reserves at December 31, 2021
15,128 919 791 1,123 13,851 6,363 38,175 18,536 
As of December 31, 2022
Proved developed reserves
Consolidated subsidiaries9,577 371 408 307 2,037 3,162 15,862 9,627 
Equity companies127 — 326 663 5,020 — 6,136 1,516 
Proved undeveloped reserves
Consolidated subsidiaries4,068 337 1,024 2,846 8,285 4,631 
Equity companies— — 54 — 7,289 — 7,343 1,968 
Total proved reserves at December 31, 2022
13,772 708 793 975 15,370 6,008 37,626 17,742 
(1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.
129


Standardized Measure of Discounted Future Cash Flows
As required by the Financial Accounting Standards Board, the standardized measure of discounted future net cash flows is computed by applying first-day-of-the-month average prices, year-end costs and legislated tax rates, and a discount factor of 10 percent to net proved reserves. The standardized measure includes costs for future dismantlement, abandonment, and rehabilitation obligations. The Corporation believes the standardized measure does not provide a reliable estimate of the Corporation’s expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its proved oil and gas reserves. The standardized measure is prepared on the basis of certain prescribed assumptions including first-day-of-the-month average prices, which represent discrete points in time and therefore may cause significant variability in cash flows from year to year as prices change.
Standardized Measure of Discounted
Future Cash Flows
(millions of dollars)
United States
Canada/Other Americas (1)
EuropeAfricaAsiaAustralia/ OceaniaTotal
 
As of December 31, 2020
Consolidated Subsidiaries       
Future cash inflows from sales of oil and gas93,520 38,193 2,734 15,411 138,080 19,794 307,732 
Future production costs53,635 19,971 1,815 6,527 42,378 3,188 127,514 
Future development costs27,668 10,991 4,244 6,223 13,432 7,580 70,138 
Future income tax expenses(2,509)851 (1,121)916 62,223 1,381 61,741 
Future net cash flows14,726 6,380 (2,204)1,745 20,047 7,645 48,339 
Effect of discounting net cash flows at 10%8,564 1,116 (1,565)(511)10,557 3,624 21,785 
Discounted future net cash flows6,162 5,264 (639)2,256 9,490 4,021 26,554 
Equity Companies
Future cash inflows from sales of oil and gas5,304 — 1,511 740 63,105 — 70,660 
Future production costs3,467 — 694 247 29,170 — 33,578 
Future development costs2,243 — 1,054 163 9,929 — 13,389 
Future income tax expenses— — (115)42 8,088 — 8,015 
Future net cash flows(406)— (122)288 15,918 — 15,678 
Effect of discounting net cash flows at 10%(378)— (86)258 7,443 — 7,237 
Discounted future net cash flows(28) (36)30 8,475  8,441 
Total consolidated and equity interests in standardized measure of discounted future net cash flows6,134 5,264 (675)2,286 17,965 4,021 34,995 
(1) Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $(150) million in 2020.
130


Standardized Measure of Discounted
Future Cash Flows (continued)
(millions of dollars)
United States
Canada/Other Americas (1)
EuropeAfricaAsiaAustralia/ OceaniaTotal
 
As of December 31, 2021
Consolidated Subsidiaries       
Future cash inflows from sales of oil and gas217,023 209,711 4,322 24,812 211,255 69,015 736,138 
Future production costs63,464 111,468 1,142 7,700 55,241 14,880 253,895 
Future development costs29,941 31,736 2,113 5,921 14,519 7,286 91,516 
Future income tax expenses24,770 12,004 451 4,319 107,577 13,038 162,159 
Future net cash flows98,848 54,503 616 6,872 33,918 33,811 228,568 
Effect of discounting net cash flows at 10%50,524 25,793 (502)739 17,383 18,751 112,688 
Discounted future net cash flows48,324 28,710 1,118 6,133 16,535 15,060 115,880 
Equity Companies
Future cash inflows from sales of oil and gas10,607 — 5,889 4,553 146,845 — 167,894 
Future production costs5,005 — 785 261 49,810 — 55,861 
Future development costs2,340 — 1,137 62 8,317 — 11,856 
Future income tax expenses— — 1,793 1,168 29,463 — 32,424 
Future net cash flows3,262 — 2,174 3,062 59,255 — 67,753 
Effect of discounting net cash flows at 10%1,553 — 683 1,868 25,710 — 29,814 
Discounted future net cash flows1,709  1,491 1,194 33,545  37,939 
Total consolidated and equity interests in standardized measure of discounted future net cash flows50,033 28,710 2,609 7,327 50,080 15,060 153,819 
As of December 31, 2022
Consolidated Subsidiaries       
Future cash inflows from sales of oil and gas316,486 284,643 11,806 30,040 271,732 114,959 1,029,666 
Future production costs78,939 113,264 2,627 7,489 63,705 21,972 287,996 
Future development costs31,960 34,968 2,016 6,143 9,241 7,089 91,417 
Future income tax expenses45,278 31,603 3,164 8,300 156,595 24,955 269,895 
Future net cash flows160,309 104,808 3,999 8,108 42,191 60,943 380,358 
Effect of discounting net cash flows at 10%83,711 49,861 187 322 21,772 34,896 190,749 
Discounted future net cash flows76,598 54,947 3,812 7,786 20,419 26,047 189,609 
Equity Companies
Future cash inflows from sales of oil and gas12,312 — 13,706 7,194 261,409 — 294,621 
Future production costs5,379 — 1,981 266 96,788 — 104,414 
Future development costs1,773 — 895 60 7,275 — 10,003 
Future income tax expenses— — 5,262 1,965 51,838 — 59,065 
Future net cash flows5,160 — 5,568 4,903 105,508 — 121,139 
Effect of discounting net cash flows at 10%2,236 — 2,234 2,694 44,728 — 51,892 
Discounted future net cash flows2,924  3,334 2,209 60,780  69,247 
Total consolidated and equity interests in standardized measure of discounted future net cash flows79,522 54,947 7,146 9,995 81,199 26,047 258,856 
(1) Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $3,666 million in 2021 and $6,596 million in 2022.


131


Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Consolidated and Equity Interests
(millions of dollars)
2020
Consolidated SubsidiariesShare of Equity Method InvesteesTotal Consolidated and Equity Interests
 
Discounted future net cash flows as of December 31, 2019
67,500 22,416 89,916 
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs169 — 169 
Changes in value of previous-year reserves due to:
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs(15,048)(3,818)(18,866)
Development costs incurred during the year9,969 1,760 11,729 
Net change in prices, lifting and development costs(80,444)(21,739)(102,183)
Revisions of previous reserves estimates2,614 680 3,294 
Accretion of discount10,786 3,011 13,797 
Net change in income taxes31,008 6,131 37,139 
Total change in the standardized measure during the year(40,946)(13,975)(54,921)
Discounted future net cash flows as of December 31, 2020
26,554 8,441 34,995 
Consolidated and Equity Interests
(millions of dollars)
2021
Consolidated SubsidiariesShare of Equity Method InvesteesTotal Consolidated and Equity Interests
 
Discounted future net cash flows as of December 31, 2020
26,554 8,441 34,995 
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs11,922 22 11,944 
Changes in value of previous-year reserves due to:
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs(35,813)(9,948)(45,761)
Development costs incurred during the year7,033 1,563 8,596 
Net change in prices, lifting and development costs118,946 47,434 166,380 
Revisions of previous reserves estimates27,126 2,507 29,633 
Accretion of discount3,762 1,201 4,963 
Net change in income taxes(43,650)(13,281)(56,931)
Total change in the standardized measure during the year89,326 29,498 118,824 
Discounted future net cash flows as of December 31, 2021
115,880 37,939 153,819 
Consolidated and Equity Interests
(millions of dollars)
2022
Consolidated SubsidiariesShare of Equity Method InvesteesTotal Consolidated and Equity Interests
 
Discounted future net cash flows as of December 31, 2021
115,880 37,939 153,819 
Value of reserves added during the year due to extensions, discoveries,
     improved recovery and net purchases/sales less related costs
18,592 3,008 21,600 
Changes in value of previous-year reserves due to:
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs(57,344)(17,037)(74,381)
Development costs incurred during the year11,834 1,849 13,683 
Net change in prices, lifting and development costs139,844 51,094 190,938 
Revisions of previous reserves estimates(1,985)2,140 155 
Accretion of discount14,655 4,938 19,593 
Net change in income taxes(51,867)(14,684)(66,551)
Total change in the standardized measure during the year73,729 31,308 105,037 
Discounted future net cash flows as of December 31, 2022
189,609 69,247 258,856 
132


INDEX TO EXHIBITS
ExhibitDescription
  
Restated Certificate of Incorporation, as restated November 30, 1999, and as further amended effective June 20, 2001 (incorporated by reference to Exhibit 3(i) to the Registrant’s Annual Report on Form 10-K for 2015).
  
By-Laws, as amended effective October 25, 2022 (incorporated by reference to Exhibit 3(ii) to the Registrant’s Report on Form 8-K of October 31, 2022).
  
Description of ExxonMobil Capital Stock (incorporated by reference to Exhibit 4(vi) to the Registrant's Annual Report on Form 10-K for 2019).
  
2003 Incentive Program, as approved by shareholders May 28, 2003 (incorporated by reference to Exhibit 10(iii)(a.1) to the Registrant’s Annual Report on Form 10-K for 2017).*
  
Extended Provisions for Restricted Stock Agreements (incorporated by reference to Exhibit 10(iii)(a.2) to the Registrant’s Annual Report on Form 10-K for 2016).*
  
Extended Provisions for Restricted Stock Unit Agreements – Settlement in Shares.*
  
Short Term Incentive Program, as amended (incorporated by reference to Exhibit 10(iii)(b.1) to the Registrant’s Annual Report on Form 10-K for 2018).*
  
Earnings Bonus Unit instrument (incorporated by reference to Exhibit 10(iii)(b.2) to the Registrant's Annual Report on Form 10-K for 2019).*
  
Amendment of 2018 and 2019 Earnings Bonus Unit instruments, effective November 23, 2021 (incorporated by reference to Exhibit 99.1 to the Registrant's Report on Form 8-K of November 30, 2021).*
ExxonMobil Supplemental Savings Plan.*
  
ExxonMobil Supplemental Pension Plan.*
  
ExxonMobil Additional Payments Plan.*
  
ExxonMobil Executive Life Insurance and Death Benefit Plan (incorporated by reference to Exhibit 10(iii)(d) to the Registrant’s Annual Report on Form 10-K for 2016).*
  
2004 Non-Employee Director Restricted Stock Plan (incorporated by reference to Exhibit 10(iii)(f.1) to the Registrant’s Annual Report on Form 10-K for 2018).*
  
Standing resolution for non-employee director restricted grants dated September 26, 2007 (incorporated by reference to Exhibit 10(iii)(f.2) to the Registrant’s Annual Report on Form 10-K for 2016).*
  
Form of restricted stock grant letter for non-employee directors.*
  
Standing resolution for non-employee director cash fees dated March 1, 2020 (incorporated by reference to Exhibit 10(iii)(f.4) to the Registrant’s Report on Form 10-Q for the quarter ended March 31, 2020).*
  
Code of Ethics and Business Conduct (incorporated by reference to Exhibit 14 to the Registrant’s Annual Report on Form 10-K for 2017).
  
Subsidiaries of the registrant.
  
Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.
  
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
  
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer.
  
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
  
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.
  
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer.
  
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.
  
101Interactive data files (formatted as Inline XBRL).
  
104Cover page interactive data file (formatted as Inline XBRL and contained in Exhibit 101).
_____________________ 
* Compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report on Form 10-K.
The registrant has not filed with this report copies of the instruments defining the rights of holders of long-term debt of the registrant and its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed. The registrant agrees to furnish a copy of any such instrument to the Securities and Exchange Commission upon request.
133


SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
   
 EXXON MOBIL CORPORATION
   
 By:/s/ DARREN W. WOODS
Dated February 22, 2023
 Darren W. Woods, Chairman of the Board


POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints John D. Buchanan, Brian J. Conjelko, and Antony E. Peters and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
   
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated and on February 22, 2023.
Principal Executive Officer Directors
/s/ DARREN W. WOODS/s/ MICHAEL J. ANGELAKIS/s/ KAISA H. HIETALA
Darren W. Woods, Chairman of the Board Michael J. AngelakisKaisa H. Hietala
/s/ SUSAN K. AVERY/s/ JOSEPH L. HOOLEY
Principal Financial OfficerSusan K. AveryJoseph L. Hooley
 
/s/ KATHRYN A. MIKELLS/s/ ANGELA F. BRALY/s/ STEVEN A. KANDARIAN
Kathryn A. Mikells, Senior Vice President and Chief Financial OfficerAngela F. BralySteven A. Kandarian
 
/s/ URSULA M. BURNS/s/ ALEXANDER A. KARSNER
Principal Accounting Officer Ursula M. BurnsAlexander A. Karsner
/s/ LEN M. FOX/s/ GREGORY J. GOFF/s/ LAWRENCE W. KELLNER
Len M. Fox, Vice President
and Controller
Gregory J. GoffLawrence W. Kellner
/s/ JOHN D. HARRIS II/s/ JEFFREY W. UBBEN
John D. Harris IIJeffrey W. Ubben
134
Document

EXHIBIT 10(iii)(a.3)
Exxon Mobil Corporation
2022 Extended Provisions for Restricted Stock Unit Agreements
Settled in Stock

1.Effective Date and Credit of Restricted Stock Units. If Grantee accepts the award on or before March 1, 2023, this Agreement will become effective the date the Corporation receives the award acceptance. After this agreement becomes effective, the Corporation will credit to Grantee the number of restricted stock units specified in the Incentive Award Summary. Subject to the terms and conditions of this Agreement, each restricted stock unit ("unit") will entitle Grantee to receive in settlement of the unit one share of the Corporation's common stock.
2.Conditions. If credited, the units will be subject to the provisions of this Agreement, and to such regulations and requirements as the administrative authority of the Program may establish from time to time. The units will be credited to Grantee only on the condition that Grantee accepts such provisions, regulations, and requirements.
3.Restrictions and Risk of Forfeiture. During the applicable restricted periods specified in section 4 of this Agreement, (a) the units under restriction may not be sold, assigned, transferred, pledged, or otherwise disposed of or encumbered, and any attempt to do so will be null and void; and, (b) the units under restriction may be forfeited as provided in section 6.
4.Restricted Periods. The restricted periods will commence when the units are credited to Grantee and, unless the units have been forfeited earlier under section 6, will expire as follows, whether or not Grantee is still an employee, (a) with respect to 50% of the units on November 30, 2027, and, (b) with respect to the remaining units on November 30, 2032, except that (c) the restricted periods will automatically expire with respect to all units on the death of Grantee.
5.No Obligation to Credit Units. The Corporation will have no obligation to credit any units and will have no other obligation to Grantee with respect to the subject matter of this Agreement if Grantee fails to accept the award on or before March 1, 2023. In addition, whether or not Grantee has accepted the award, the Corporation will have no obligation to credit any units and will have no other obligation to Grantee with respect to the subject matter of this Agreement if, before the units are credited, (a) Grantee terminates (other than by death) before standard retirement time within the meaning of the Program, except to the extent the administrative authority of the Program determines Grantee may receive units under this Agreement; or (b) Grantee is determined to have engaged in detrimental activity within the meaning of the Program.
6.Forfeiture of Units After Crediting. Until the applicable restricted period specified in section 4 has expired, the units under restriction will be forfeited or subject to forfeiture in the following circumstances:
Termination - If Grantee terminates (other than by death) before standard retirement time within the meaning of the Program, all units for which the applicable restricted periods have not expired will be automatically forfeited as of the date of termination, except to the extent the administrative authority determines Grantee may retain units issued under this Agreement.
Detrimental Activity - If Grantee is determined to have engaged in detrimental activity within the meaning of the Program, either before or after termination, all units for which the applicable restricted periods have not expired will be automatically forfeited as of the date of such determination.
Attempted Transfer - The units are subject to forfeiture at the discretion of the administrative authority if Grantee attempts to sell, assign, transfer, pledge, or otherwise dispose of or encumber them during the applicable restricted periods.
Applicable Law - The units are subject to forfeiture in whole or in part as the administrative authority deems necessary to comply with applicable law or Corporation policy including, without limitation, any clawback obligations determined to be owed by Grantee to the Corporation in connection with this or other awards.
7.Taxes. Notwithstanding the restrictions on transfer that otherwise apply, the Corporation in its sole discretion may withhold units, or shares otherwise deliverable in settlement of units, either at the time of crediting, at the time of settlement, or at any other time in order to satisfy any required withholding, Social Security, and similar taxes or contributions (collectively, "required taxes"). Withheld units or shares may be retained by the Corporation or sold on behalf of Grantee. The Corporation in its sole discretion may also withhold any required taxes from dividend equivalents paid on the units.
1


8.Form of Units; No Shareholder Status. The units will be represented by book-entry credits in records maintained by or on behalf of the Corporation. Units will be unfunded and unsecured promises by the Corporation to deliver shares in the future upon the terms and subject to the conditions of this Agreement. Grantee will not be a shareholder of the Corporation with respect to units.
9.Settlement of Units. If and when the applicable restricted period expires with respect to any units, subject to section 7, the Corporation will issue shares, free of restriction and registered in the name of Grantee, in settlement of such units. Such shares will be delivered promptly after such expiration to or for the account of Grantee either in certificated form or by book-entry transfer in accordance with the procedures of the administrative authority in effect at the time
10.Dividend Equivalents. The Corporation will pay to Grantee cash with respect to each credited unit corresponding in amount, currency, and timing to cash dividends that would be payable with respect to a share of common stock outstanding on each record date that occurs during the applicable restricted period. Alternatively, the administrative authority may determine to reinvest such dividend equivalents in additional units which will be held subject to all the terms and conditions otherwise applicable to units under this Agreement.
11.Change in Capitalization. If during the applicable restricted periods a stock split, stock dividend, or other relevant change in capitalization of the Corporation occurs, the administrative authority will make such adjustments in the number of units credited to Grantee, or in the number and type of securities deliverable to Grantee in settlement of such units and used in determining dividend equivalent amounts, as the administrative authority may determine to be appropriate. Any resulting new units or securities credited with respect to previously credited units that are still restricted under this Agreement will be delivered to and held by or on behalf of the Corporation and will be subject to the same provisions, restrictions, and requirements as those previously credited units.
12.Limits on the Corporation’s Obligations. Notwithstanding anything else contained in this Agreement, under no circumstances will the Corporation be required to credit any units or issue or deliver any shares in settlement of units if doing so would violate any law or listing requirement that the administrative authority determines to be applicable.
13.Receipt or Access to Program. Grantee acknowledges receipt of or access to the full text of the Program.
14.Addresses for Communications. To facilitate communications regarding this Agreement, Grantee agrees to notify the Corporation promptly of changes in current mailing and e-mail addresses. Communications to the Corporation in connection with this Agreement should be directed to the Incentive Processing Office or to such other address as the Corporation may designate by further notice to Grantee.

2


15. Transfer of Personal Data. The administration of the Program and this Agreement, including any subsequent ownership of shares; involves the collection, use, and transfer of personal data about Grantee between and among the Corporation, selected subsidiaries and other affiliates of the Corporation, and third-party service providers such as Morgan Stanley and Computershare (the Corporation's transfer agent), as well as various regulatory and tax authorities around the world. This data includes Grantee's name, age, date of birth, contact information, work location, employment status, tax status, Social Security number, salary, nationality, job title, share ownership, and details of incentive awards granted, cancelled, vested or unvested, and related information. By accepting this award, Grantee authorizes such collection, use, and transfer of this data. Grantee may, at any time and without charge, view such data and require necessary corrections to it. Such data will at all times be held in accordance with applicable laws, regulations, and agreements. For more information on data privacy, see the data privacy statement on the Incentive Award Program website.
16. No Employment Contract or Entitlement to Other or Future Awards. This Agreement, the Corporation's incentive programs, and Grantee's selection for incentive awards do not imply or form a part of any contract or assurance of employment, and they do not in any way limit or restrict the ability of Grantee's employer to terminate Grantee's employment. Grantee acknowledges that the Corporation maintains and administers its incentive programs entirely in its discretion and that Grantee is not entitled to any other or future incentive awards of any kind in addition to those that have already been granted.
17. Governing Law and Consent to Jurisdiction. This Agreement and the Program are governed by the laws of the State of New York without regard to any conflict of law rules. Any dispute arising out of or relating to this Agreement or the Program may be resolved in any state or federal court located within Dallas County, Texas, U.S.A. Grantee accepts that venue and submits to the personal jurisdiction of any such court. Similarly, the Corporation accepts such venue and submits to such jurisdiction.
18. Entire Agreement. This Agreement together with the applicable electronically signed acceptance constitutes the entire understanding between Grantee and the Corporation with respect to the subject matter of this Agreement.
3
Document

EXHIBIT 10(iii)(c.1)
EXXONMOBIL SUPPLEMENTAL SAVINGS PLAN

1.    Purpose

The purpose of this Plan is to provide a payment of approximately equivalent value from the general assets of Exxon Mobil Corporation (“Corporation”) to a person participating in the ExxonMobil Savings Plan (“Savings Plan”) who, because of the application of United States Internal Revenue Code (“Code”) sections 415 and 401(a)(17) is precluded from receiving employer contributions to the person's Savings Plan account to which the person would otherwise be entitled.

2.    Benefits

2.1    Eligibility
A person is eligible to receive benefits under this Plan only if any one of the following requirements is met with respect to the person:
(A)    The person becomes a retiree pursuant to section 4.1(A) (relating to age, service and LTD-eligibility requirements) or section 4.1(D) (relating to retiree grow-ins in connection with certain divestments) of the ExxonMobil Common Provisions or a qualified plans retiree within the meaning of the ExxonMobil Pension Plan (“Retiree”);
(C)    the person’s employment is terminated in connection with a sale of the assets to a buyer or the outsourcing of a business operation to an outsourcing company, and the person continues in employment until the closing date of the sale of assets or outsourcing;
(D)    the person receives a severance benefit from the ExxonMobil Special Program of Severance Allowances, or similar severance program sponsored by the Corporation or an affiliate;
(E)    The Plan Administrator determines, in its sole and absolute discretion, that the person is eligible to receive benefits under this Plan. In this regard, the Plan Administrator may from time to time adopt eligibility standards or guidelines that may guide the Plan Administrator’s eligibility determinations, and may in its discretion, modify, suspend, supersede, or cancel such standards or guidelines.
2.2    Benefit Formula
(A)    In General
For any participant eligible to receive benefits under this Plan, the value of such benefit is an amount that is determined by notionally crediting on a monthly basis the amount of employer contributions that cannot be made to the Savings Plan for that person as a result of application to that person of Code sections 415 and 401(a)(17). This amount is enhanced by notional interest at 120 percent of the long-term Applicable Federal Rate, compounded monthly, as of the last month of each calendar quarter as published by the Internal Revenue Service.
1


(B)    Notional Interest Rate for Key Employees after Retirement
Notwithstanding paragraph (A) above, for Participants who have a Classification Level of 35 or above at the time of their termination of employment (“Key Employee”), notional interest for the period between the date of termination of employment and the date of payment shall be credited at the Citibank Prime Lending Rate as of the last business day of each calendar quarter or, if the Key Employee’s last day of employment is on or after November 1, 2022, at the interest rate determined under section 4.4(D)(3)(b)(iii) of Part 1 of the ExxonMobil Pension Plan on the first of the month immediately following the person’s last day of employment, but taking into account only the first segment rate for this purpose.
2.3    Calculation Methodology
The exact methodology used in determining such monthly credits and interest thereon will be established from time to time by the Plan Administrator. General guidelines to be followed are:
(A)    Required Participant Contributions
To the extent determined by those administering this Plan, a person is required to make regular employee contributions to the person's Savings Plan account up to the maximum permitted by the Code to receive credits under this Plan.
(B)    Discretionary Employee Contributions
Prior to July 1, 2002, a person may not enhance the amounts credited under this Plan by making discretionary employee contributions to the person's Savings Plan account.

3.    Payment of Benefits

Payment of the benefit determined under article 2 above shall be made in a lump sum as soon as practicable following the latest of the following times:
(A)    the participant’s termination of employment from ExxonMobil;
(B)    In the case of a Key Employee, the six-month anniversary of the participant's termination of employment;
(C)    In the case of a participant whose Savings Plan account is transferred to a savings plan sponsored by Infineum USA Inc. or any of its affiliates ("Infineum"), the participant’s termination of employment from Infineum; or
(D)    In the case of a participant whose Savings Plan account is transferred to a savings plan sponsored by Tenneco, Inc. or any of its affiliates ("Tenneco"), the participant’s termination of employment from Tenneco.

4.    Payment Upon Death

4.1    In General
If a person dies as an employee with eligibility for a pension death benefit under the ExxonMobil Pension Plan or as a Retiree but before his benefit under this Plan is distributed to him, then such benefit shall be distributed as soon as practicable after death to the person’s beneficiary determined under section 4.2 below.
2


4.2    Designation of Beneficiaries
(A)    In General
A person entitled to receive a payment under this Plan may name one or more designated beneficiaries to receive such payment in the event of the person's death. Beneficiary designations shall be made in accordance with such procedures as the Plan Administrator may establish. Spousal consent to any designation is not required.
(B)    Default Beneficiaries
(1)    In General
If no specific designation is in effect, the deceased’s beneficiary is the person or persons in the first of the following classes of successive beneficiaries living at the time of death of the deceased:
(a)    spouse;
(b)    children who survive the participant or who die before the participant leaving children of their own who survive the participant;
(c)    parents;
(d)    brothers and sisters who survive the participant or who die before the participant leaving children of their own who survive the participant.
If there are no members of any class of such beneficiaries, payment is made to the deceased’s executors or administrators.
(2)    Allocation among Default Beneficiaries
If the same class of beneficiaries under paragraph (1) above contains two or more persons, they share equally, with further subdivision of such equal shares as next provided. In class (b), where a child dies before the participant leaving children who survive the participant, such child's share is subdivided equally among those children. In class (d), where a brother or sister dies before the participant leaving children who survive the participant, such brother or sister's share is subdivided equally among those children.
(3)    Definitions
For purposes of this Section 4.2, "child" means a person's son or daughter by legitimate blood relationship or legal adoption; "parent" means a person's father or mother by legitimate blood relationship or legal adoption; "brother" or "sister" means another child of either or both of one's parents.

3


5.    Miscellaneous

5.1    Administration of Plan
The Plan Administrator shall be the Manager, Compensation, Benefit Plans and Policies, Human Resources Department, Exxon Mobil Corporation. The Plan Administrator shall have the right and authority to conclusively interpret this Plan for all purposes, including the determination of any person’s eligibility for benefits hereunder and the resolution of any and all appeals relating to claims by participants or beneficiaries, with any such interpretation being conclusive for all participants and beneficiaries.
5.2    Nature of Payments
Payments provided under this Plan are considered general obligations of the Corporation.
5.3    Assignment or Alienation
Except as provided in section 5.5 below, payments provided under this Plan may not be assigned or otherwise alienated or pledged.
5.4    Amendment or Termination
The Corporation reserves the right to amend or terminate this plan, in whole or in part, including the right at any time to reduce or eliminate any accrued benefits hereunder and to alter or amend the benefit formula set out herein.
5.5    Forfeiture of Benefits
No person shall be entitled to receive payments under this Plan and any payments received under this Plan shall be forfeited and returned if it is determined by the Corporation in its sole discretion, acting through its chief executive or such person or committee as the chief executive may designate, that a person otherwise entitled to a payment under this Plan or who has commenced receiving payments under this Plan:
(A)    engaged in gross misconduct harmful to the Corporation,
(B)    committed a criminal violation harmful to the Corporation,
(C)    had concealed actions described in paragraph (A) or (B) above which would have brought about termination from employment thereby making the person ineligible for benefits under this Plan,
(D)    separated from service prior to attaining age 65 without having received from the Corporation or its delegatee prior written approval for such termination, given in the sole discretion of the Corporation or its delegatee and in the context of recognition that benefits under this Plan would not be forfeited upon such termination, or
(E)    had been terminated for cause.
4
Document

EXHIBIT 10(iii)(c.2)
EXXONMOBIL SUPPLEMENTAL PENSION PLAN


1.    Purpose

The purpose of this Plan is to provide payments of equivalent value from the general assets of Exxon Mobil Corporation (“Corporation”) to those participants in the ExxonMobil Pension Plan (“Pension Plan”) who, because of the application of United States Internal Revenue Code (“Code”) sections 415 and 401(a)(17), are precluded from receiving from Pension Plan funded assets all the payments to which they would otherwise be entitled under the Pension Plan's formula.


2.    Benefits

2.1    Eligibility
A person is eligible to receive benefits under this Plan only if any one of the following requirements is met with respect to the person:
(A)    The person becomes a retiree pursuant to section 4.1(A) (relating to age, service and LTD-eligibility requirements) or section 4.1(D) (relating to retiree grow-ins in connection with certain divestments) of the ExxonMobil Common Provisions, or a qualified plans retiree within the meaning of the ExxonMobil Pension Plan (“Retiree”);
(B)    the person’s employment is terminated in connection with a sale of the assets to a buyer or the outsourcing of a business operation to an outsourcing company, and the person continues in employment until the closing date of the sale of assets or outsourcing;
(C)    the person receives a severance benefit from the ExxonMobil Special Program of Severance Allowances, or similar severance program sponsored by the Corporation or an affiliate;
(D)    The Plan Administrator determines, in its sole and absolute discretion, that the person is eligible to receive benefits under this Plan. In this regard, the Plan Administrator may from time to time adopt eligibility standards or guidelines that may guide the Plan Administrator’s eligibility determinations, and may in its discretion, modify, suspend, supersede, or cancel such standards or guidelines.
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2.2    Benefit Formula
For any participant eligible to receive benefits under this Plan, the value of such benefits is an amount that when added to the normal form amount that can be paid to the participant from the Pension Plan produces a sum equal to the total normal form amount to which the participant would be entitled computed under the Pension Plan formula applicable to that participant disregarding any reductions, restrictions, or limitations brought about by the application of Code sections 415 and 401(a)(17). Where relevant, this computation is performed after taking into account any entitlement the participant may have under the Overseas Contributory Annuity Plan. The resulting benefit is expressed in the form of a monthly five-year-certain and life annuity for the life of the participant commencing at the participant’s age 65 (“Normal Retirement Age”).
2.3    Offsets for Other Pension Benefits
A person’s benefit determined under section 2.2 shall be offset, but not below zero, by any benefit payable to the person under
(A)    an offsetting pension that is not qualified under the terms of the U.S. Internal Revenue Code,
(B)    a separation payment offset, or
(C)    a non-U.S. governmental pension offset,
as such terms are defined under the Pension Plan. The procedure for determining the application of the offsets under this section 2.3 shall be determined in the sole and exclusive discretion of the Plan Administrator.


3.    Payment of Benefits

3.1    Timing of Payment
Payment of a person’s benefit described in article 2 above shall occur as soon as practicable following whichever of the pension commencement dates specified in paragraphs (A), (B), (C), or (D) below is applicable to the person.
(A)    Retirees
Except as provided under paragraph (B) or (D) below, in the case of a Retiree, the person’s pension commencement date is the first of the month next following the person’s last day of employment with ExxonMobil.
(B)    Disability Retirees
Except as provided under paragraph (D) below, in the case of a person who retires from ExxonMobil on account of long-term disability prior to the first of the month in which the person attains age 55, the person’s pension commencement date is the first of the month in which the person attains age 55.
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(C)    Terminees
Except as provided under paragraph (D) below, in the case of a person who is eligible for a benefit under Section 2.1(B), (C), or (D) above, the person’s pension commencement date is the first of the month next following three months from the person’s last day of employment with ExxonMobil.
(D)    Key Employees
Notwithstanding paragraphs (A), (B), or (C) above, in the case of a person who, at the time of his or her termination of employment, has a Classification Level of 35 or above (“Key Employee”), the person’s pension commencement date is the first of the month next following six months from the person’s last day of employment with ExxonMobil.

3.2    Reduction for Early Commencement
If a person’s pension commencement date under section 3.1 above is prior to the month in which the person reaches Normal Retirement Age, the person’s benefit described in article 2 above is reduced by applying the early commencement factors specified under the Pension Plan for a benefit commencing at the person’s then age.
3.3    Form of Payment
Payment of the benefit described in article 2 above shall be made in a lump sum that is the actuarial equivalent of the five-year-certain and life annuity calculated under section 2.2(A) or 2.2(B)(1) or the actuarial equivalent of the PSSP benefit calculated under 2.2(B)(2) measured as of the person’s pension commencement date specified in section 3.1 above. For this purpose, actuarial equivalence shall be determined by the Plan Administrator using the factors and procedures that are used for the calculation of the lump-sum payment option under the Pension Plan.
3.4    Adjustment for Key Employees
A Key Employee's benefit payable hereunder shall not be less than the amount equal to the person’s benefit calculated as of the pension commencement date that would apply if the person were not a Key Employee plus interest from such date until the person’s actual pension commencement date. For this purpose, interest shall be credited at a rate equal to the Citibank prime lending rate in effect on the date the person separates from employment, or, if the person’s last day of employment is on or after November 1, 2022, at the interest rate determined under section 4.4(D)(3)(b)(iii) of Part 1 of the ExxonMobil Pension Plan on the first of the month immediately following the person’s last day of employment, but taking into account only the first segment rate for this purpose.
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4.    Death Benefit

4.1    Benefits Payable On Account of Death
(A)    In General
In the event a portion of a pension death benefit or a “career annuity subject to deferred commencement that commences by reason of death” that becomes payable under the terms of the Pension Plan on account of the death of a participant cannot be paid from the Pension Plan because of the application of Code sections 415 and 401(a)(17), a lump-sum death benefit of equivalent value shall be paid to the participant’s beneficiary (as determined under section 4.2 below) under this Plan. For this purpose, equivalent value shall be determined by the Plan Administrator using the factors and procedures that are used for the calculation of similar benefits under the Pension Plan.
(B)    Death Benefit Payable During Post-termination Deferral Period
If a participant who is a Key Employee is entitled to a benefit under Article 2 above on account of his or her retirement, but dies during the six-month period following the person’s retirement, then the person’s benefit to which he or she would otherwise be entitled shall be immediately payable as a lump-sum death benefit of equivalent value to the participant’s beneficiary (determined under section 4.2 below). For this purpose, equivalent value shall be determined by the Plan Administrator using the factors and procedures that are used for the calculation of similar benefits under the Pension Plan.
(C)    Excluded Benefits
Neither the Qualified Joint and Survivor Annuity payment option, nor the Surviving Spouse Annuity benefit, as such are provided for under the Pension Plan, are provided as benefits under this Plan.
4.2    Designation of Beneficiaries
(A)    In General
A person may name one or more designated beneficiaries to receive the benefits payable under this Plan under section 4.1 above in the event of the person's death. Beneficiary designations shall be made in accordance with such procedures as the Plan Administrator may establish. Spousal consent to any designation is not required.
(B)    Default Beneficiaries
(1)    In General
If no specific designation is in effect, the deceased’s beneficiary is the person or persons in the first of the following classes of successive beneficiaries living at the time of death of the deceased:
(a)    spouse;
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(b)    children who survive the participant or who die before the participant leaving children of their own who survive the participant;
(c)    parents;
(d)    brothers and sisters who survive the participant or who die before the participant leaving children of their own who survive the participant.
If there are no members of any class of such beneficiaries, payment is made to the deceased's executors or administrators.
(2)    Allocation among Default Beneficiaries
If the same class of beneficiaries under paragraph (1) above contains two or more persons, they share equally, with further subdivision of such equal shares as next provided. In class (b), where a child dies before the participant leaving children who survive the participant, such child's share is subdivided equally among those children. In class (d), where a brother or sister dies before the participant leaving children who survive the participant, such brother or sister's share is subdivided equally among those children.
(3)    Definitions
For purposes of this section 4.2, "child" means a person's son or daughter by legitimate blood relationship or legal adoption; "parent" means a person's father or mother by legitimate blood relationship or legal adoption; "brother" or "sister" means another child of either or both of one's parents.


5.    Miscellaneous

5.1    Administration of Plan
The Plan Administrator shall be the Manager, Compensation, Benefit Plans and Policies, Human Resources Department, Exxon Mobil Corporation. The Plan Administrator shall have the right and authority to conclusively interpret this Plan for all purposes, including the determination of any person’s eligibility for benefits hereunder and the resolution of any and all appeals relating to claims by participants or beneficiaries, with any such interpretation being conclusive for all participants and beneficiaries.
5.2    Nature of Payments
Payments provided under this Plan are considered general obligations of the Corporation.
5.3    Assignment or Alienation
Except as provided in section 5.5 below, payments provided under this Plan may not be assigned or otherwise alienated or pledged.
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5.4    Amendment or Termination
The Corporation reserves the right to amend or terminate this Plan, in whole or in part, including the right at any time to reduce or eliminate any accrued benefits hereunder and to alter or amend the benefit formula set out herein.
5.5    Forfeiture of Benefits
No person shall be entitled to receive payments under this Plan and any payments received under this Plan shall be forfeited and returned if it is determined by the Corporation in its sole discretion, acting through its chief executive or such person or committee as the chief executive may designate, that a person otherwise entitled to a payment under this Plan or who has commenced receiving payments under this Plan:
(A)    engaged in gross misconduct harmful to the Corporation,
(B)    committed a criminal violation harmful to the Corporation,
(C)    had concealed actions described in paragraph (A) or (B) above which would have brought about termination from employment thereby making the person ineligible for benefits under this Plan,
(D)    separated from service prior to attaining Normal Retirement Age without having received from the Corporation or its delegatee prior written approval for such termination, given in the sole discretion of the Corporation or its delegatee and in the context of recognition that benefits under this Plan would not be forfeited upon such termination, or
(E)    had been terminated for cause.
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Document

EXHIBIT 10(iii)(c.3)
EXXONMOBIL ADDITIONAL PAYMENTS PLAN

1.    Purpose

The purpose of this Plan is to provide additional payments from the general assets of Exxon Mobil Corporation (the "Corporation") to certain persons. The benefits payable under this Plan consist of two types of pension benefits and a disability benefit. The first pension benefit is a benefit based upon the person's final average incentive compensation ("Incentive Pension Benefit"). The second pension benefit restores certain benefits that are accrued under a pension plan sponsored by a non-U.S. affiliate of the Corporation but which are not paid ("Overseas Makeup Benefit"). The disability benefit is based on incentive compensation and is paid in the event of a long-term disability ("Disability Benefit").

2.    Incentive Pension Benefits

2.1    Eligibility
A person is eligible to receive Incentive Pension Benefits only if any one of the following requirements is met with respect to the person:
(A)    the person becomes a retiree within the meaning of the ExxonMobil Common Provisions ("Retiree");
(B)    the person’s employment is terminated in connection with a sale of the assets to a buyer or the outsourcing of a business operation to an outsourcing company, and the person continues in employment until the closing date of the sale of assets or outsourcing;
(C)    the person receives a severance benefit from the ExxonMobil Special Program of Severance Allowances, or similar severance program sponsored by the Corporation or an affiliate;
(D)    the Plan Administrator determines, in its sole and absolute discretion, that the person is eligible to receive Incentive Pension Benefits. In this regard, the Plan Administrator may from time to time adopt eligibility standards or guidelines that may guide the Plan Administrator’s eligibility determinations, and may in its discretion, modify, suspend, supersede, or cancel such standards or guidelines.
2.2     Benefit Formula
(A)    In General
The amount of a person's Incentive Pension Benefit is determined by multiplying 1.6% of the person's final average incentive compensation by the person's years of pensionable service and dividing the amount so derived by twelve. The result is expressed in the form of a monthly five-year certain and life annuity for the life of the person commencing at the person's age 65 ("Normal Retirement Age").
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(B)    Pensionable Service
For purposes of paragraph (A) above, a person’s “pensionable service” shall be determined as follows:
(1)    Except as provided in paragraph (2) below, it shall be the amount of pension service credited for the person under the ExxonMobil Pension Plan.
(2)    In the event a person
(a)    transfers directly to Exxon Mobil Corporation or one of its U.S. affiliates in connection with an employment localization,
(b)    upon localization is not credited with pension service under the ExxonMobil Pension Plan for the person’s service with the most recent service-oriented employer, and
(c)    immediately prior to localization was a participant in the Canadian Supplemental Pension Arrangement (SPA) Bonus (“Imperial Plan”),
the person’s pensionable service shall be the sum of the service credited under the Imperial Plan at the time of the person’s localization plus the pension service credited thereafter to the person under the ExxonMobil Pension Plan.
(C)    Final Average Incentive Compensation
For the purposes of paragraph (A) above, a person's "final average incentive compensation" shall be determined in accordance with this paragraph (C).
(1)    In General
A person's final average incentive compensation is the average of the person's three highest annual bonus awards (including awards of zero, if any) under the Corporation's Incentive Programs awarded on any of the five most recent annual award dates immediately preceding the person's termination of employment.
(2)    Corporate Acquisitions
If a person commences employment with the Corporation or one of its affiliates in connection with a corporate acquisition, incentive compensation paid by the person's former employer that is the equivalent of bonus awards payable under the Corporation's Incentive Program may, in the sole discretion of the management of the Corporation, be taken into account for purposes of determining the person’s final average incentive compensation under this Paragraph (C).
(3)    Annual Bonus Award
(a)    Items Used in Calculation
For purposes of this paragraph (C), in determining the amount of a person's annual bonus award, only awards granted under the short-term incentive part of the Incentive Programs as cash and bonus units are considered.
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(b)    Item Excluded From Calculation
For purposes of this paragraph (C), in determining the amount of a person's annual bonus award, an award to a person characterized by the granting authority as a special one-time bonus is disregarded, unless deemed specifically includable by the granting authority at the time of grant.
(c)    Calculation of Annual Bonus Award
If an annual bonus award is granted as bonus units, the maximum settlement value obtainable at the time of the grant shall be used in calculating the value of the award.
2.3    Offset for Similar Benefits
If a participant under this Plan is also entitled to payments comparable to the Incentive Pension Benefit for any portion of the same years of pensionable service under a plan of a service-oriented employer, as defined in the ExxonMobil Common Provisions, other than the Corporation, the amount of the Incentive Pension Benefit shall be reduced by the respective amount of such comparable payments. In any given case, the Plan Administrator may determine the precise amount of this offset and if a conversion of currency computation is required, may follow the process established under the ExxonMobil Pension Plan.
2.4    Lapse of Incentive Pension Benefit
The portion of any Incentive Pension Benefit deriving from a provisionally granted bonus that is subsequently annulled lapses as of the date of such annulment.

3.    Overseas Makeup Benefit

3.1    Eligibility
A person is eligible to receive an Overseas Makeup Benefit if the following conditions are met as determined by the Plan Administrator:
(A)    the person accrues a benefit under a pension plan ("non-U.S. plan") sponsored by a non-U.S. affiliate of the Corporation;
(B)    the person terminates active participation in the non-U.S. plan and simultaneously becomes a participant in the ExxonMobil Pension Plan or predecessor plan;
(C)    as a result of terminating active participant status under the non-U.S. plan, the person loses eligibility for all or a portion of the benefit under the non- U.S. plan accrued prior to termination; and
(D)    the amount of the lost benefit is not provided under the terms of the ExxonMobil Pension Plan, the ExxonMobil Supplemental Pension Plan, or otherwise under this Plan.
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3.2    Benefit Formula
The amount of the Overseas Makeup Benefit is the amount, expressed as a monthly benefit in the form of a five-year certain and life annuity that is the actuarial equivalent of the lost benefit under the non-U.S. plan. Such amount shall be conclusively determined by the Plan Administrator.

4.    Payment of Pension Benefits

4.1    Timing of Payment
Payment of a person’s Incentive Pension Benefit and, if applicable, Overseas Makeup Benefit shall occur as soon as practicable following whichever of the pension commencement dates specified in paragraphs (A), (B), (C), or (D) below is applicable to the person.
(A)    Retirees
Except as provided under paragraph (B) or (D) below, in the case of a Retiree, the person’s pension commencement date is the first of the month next following the person’s last day of employment with ExxonMobil.
(B)    Disability Retirees
Except as provided under paragraph (D) below, in the case of a person who retires with eligibility for Disability Benefits under article 6 below prior to the first of the month in which the person attains age 55, the person’s pension commencement date is the first of the month in which the person attains age 55.
(C)    Terminees
Except as provided under paragraph (D) below, in the case of a person who is eligible for an Incentive Pension Benefit under Section 2.1(B), (C), or (D) above, the person’s pension commencement date is the first of the month next following three months from the person’s last day of employment with ExxonMobil.
(D)    Key Employees
Notwithstanding paragraphs (A), (B), or (C) above, in the case of a person who, at the time of his or her termination of employment, has a Classification Level of 35 or above (“Key Employee”), the person’s pension commencement date is the first of the month next following six months from the person’s last day of employment with ExxonMobil.
4.2    Reduction for Early Commencement
If a person’s pension commencement date under section 4.1 above occurs prior to the month in which the person reaches Normal Retirement Age, the person’s Incentive Pension Benefit and/or Overseas Makeup Benefit is reduced by applying the early commencement factors specified under the ExxonMobil Pension Plan for a benefit commencing at the person's then age.
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4.3    Form of Payment
Payment of a person's Incentive Pension Benefit or Overseas Makeup Benefit shall be made in a lump sum that is the actuarial equivalent of the five-year certain and life annuity measured as of the person’s pension commencement date specified under section 4.1 above. For this purpose, actuarial equivalence shall be determined by the Plan Administrator using the factors and procedures that are used for the calculation of the lump-sum payment option under the ExxonMobil Pension Plan.
4.4    Adjustment for Key Employees
A Key Employee's Incentive Pension Benefit and/or Overseas Makeup Benefit shall not be less than the amount equal to the person’s benefit calculated as of the pension commencement date that would apply if the person were not a Key Employee plus interest from such date until the person’s actual pension commencement date. For this purpose, interest shall be credited at a rate equal to the Citibank prime lending rate in effect on the date the person separates from employment, or, if the person’s last day of employment is on or after November 1, 2022, at the interest rate determined under section 4.4(D)(3)(b)(iii) of Part 1 of the ExxonMobil Pension Plan on the first of the month immediately following the person’s last day of employment, but taking into account only the first segment rate for this purpose.

5.    Death Benefit

5.1    In General
If a person dies who, at the time of his death,
(A)    is an active employee with 15 or more years of Benefit Plan Service, as determined under the ExxonMobil Common Provisions, or
(B)    had retired with eligibility for an Incentive Pension Benefit and/or a Overseas Makeup Benefit and had not received such benefit,
a lump-sum death benefit shall be payable to the person's beneficiary (as determined under section 5.2 below). The death benefit payable to the person's beneficiary shall be the lump-sum equivalent value of the amount of the Pension Benefit and Overseas Makeup Benefit to which the person was or would have been entitled. For this purpose, equivalent value shall be determined by the Plan Administrator using the factors and procedures that are used for the calculation of similar benefits under the ExxonMobil Pension Plan.
5.2    Designation of Beneficiaries
(A)    In General
A person may name one or more designated beneficiaries to receive payment of the death benefits payable under section 5.1 above in the event of the person's death. Beneficiary designations shall be made in accordance with such procedures as the Plan Administrator may establish. Spousal consent to any such designation is not required.
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(B)    Default Beneficiaries
(1)    In General
If no specific designation is in effect, the deceased's beneficiary is the person or persons in the first of the following classes of successive beneficiaries living at the time of death of the deceased:
(a)    spouse;
(b)    children who survive the deceased or who die before the deceased leaving children of their own who survive the deceased;
(c)    parents;
(d)    brothers and sisters who survive the deceased or who die before the deceased leaving children of their own who survive the deceased.
If there are no members of any class of such beneficiaries, payment is made to the deceased's executors or administrators.
(2)    Allocation Among Default Beneficiaries
If the same class of beneficiaries under paragraph (1) above contains two or more persons, they share equally, with further subdivision of such equal shares as next provided. In class (b), where a child dies before the deceased leaving children who survive the deceased, such child's share is subdivided equally among those children. In class (d), where a brother or sister dies before the deceased leaving children who survive the deceased, such brother or sister's share is subdivided equally among those children.
(3)    Definitions
For purposes of this section 5.4, "child" means a person's son or daughter by legitimate blood relationship or legal adoption; "parent" means a person's father or mother by legitimate blood relationship or legal adoption; "brother" or "sister" means another child of either or both of one's parents.

6.    Disability Benefit

6.1    Nature of Disability Benefits
The benefits provided under this article 6 ("Disability Benefits") are in the nature of long-term disability benefits, payable on account of and for the duration of a person's incapacity on account of disability. These Disability Benefits are intended to qualify as employee welfare benefits under ERISA and as "disability pay" under section 409A of the Internal Revenue Code and its supporting regulations, thereby being exempt from the scope and application of section 409A.
6.2    Payment of Disability Benefit
If a person who becomes a Retiree also becomes entitled to long-term disability benefits under the ExxonMobil Disability Plan, the person shall receive monthly Disability Benefits under this Plan. Such
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Disability Benefits shall commence at the time the person commences long-term disability benefits under the ExxonMobil Disability Plan and shall continue as long as entitlement to long-term disability or transition benefits under such plan continues.
6.3    Benefit Formula
(A)    In General
The amount of each monthly Disability Benefit payable to a person is determined by dividing one-half of the person's final average incentive compensation, determined under section 2.2(B) above, by 12 and deducting therefrom the offset described in paragraph (B) below.
(B)    Offset
Commencing with the month in which a person's Incentive Pension Benefit is paid, the amount of the person's monthly Disability Benefit shall be reduced by the monthly amount of the person's Incentive Pension Benefit and/or Overseas Makeup Benefit (expressed as a five-year-certain and life annuity). In the case of a Key Employee, the offset provided under this paragraph (B) shall be applied beginning with the month his or her Incentive Pension Benefit would have been paid if he or she were not a Key Employee.
6.4    Offset for Similar Benefit
If a person receiving Disability Benefits hereunder is also entitled to comparable payments under a plan of a service-oriented employer (as defined in the ExxonMobil Common Provisions) other than the Corporation under circumstances where the Plan Administrator determines that such benefits are duplicative of the Disability Benefits payable hereunder, then such Disability Benefits shall be reduced by the amount of such comparable payment. In any given case, the Plan Administrator may determine the precise amount of this offset and if a conversion of currency computation is required, may follow the process established under the ExxonMobil Pension Plan.
6.5    Disability Death Benefit
(A)    Death During Employment
If a person dies as an active employee with 15 or more years of Benefit Plan Service, as determined under the ExxonMobil Common Provisions, then the person's beneficiary (as determined under section 5.2 above) shall receive a disability death benefit equal to the present value of 60 monthly installments of the person's Disability Benefit, calculated as if the person had become eligible for Disability Benefit payments on the day prior to death. For purposes of this paragraph (A), the value of the person's Disability Benefit installments shall be determined by applying the offset under section 6.3(B) above as if the person's Incentive Pension Benefit and/or Overseas Makeup Benefit were payable at the time of death.
(B)    Death After Commencement of Disability Retirement Payments
If a person dies while receiving Disability Benefits under this article 6 but before the receipt of 60 monthly installments, the person's beneficiary (as determined under section 5.2 above) shall receive the lump-sum equivalent value of the remaining 60 monthly installments. If at the time of
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death the person's Incentive Pension Benefit had not been paid, then the value of the person's remaining Disability Benefit installments shall be determined by applying the offset under section 6.3(B) above as if the person's Incentive Pension Benefit and/or Overseas Makeup Benefit were paid at the time of death.

7.    Miscellaneous

7.1    Plan Administrator
The Plan Administrator shall be the Manager, Compensation, Benefit Plans and Policies, Human Resources Department, Exxon Mobil Corporation. The Plan Administrator shall have the right and authority to conclusively interpret this Plan for all purposes, including the determination of any person's eligibility for benefits hereunder and the resolution of any and all appeals relating to claims by participants or beneficiaries, with any such interpretation being conclusive for all participants and beneficiaries.
7.2    Nature of Payments
Payments provided under this Plan are considered general obligations of the Corporation.
7.3    Assignment or Alienation
Except as provided in section 7.5 below, payments provided under this Plan may not be assigned or otherwise alienated or pledged.
7.4    Amendment or Termination
The Corporation reserves the right to amend or terminate this Plan, in whole or in part, including the right at any time to reduce or eliminate any accrued benefits hereunder and to alter or amend the benefit formula set out herein.
7.5    Forfeiture of Benefits
No person shall be entitled to receive payments under this Plan, and any payments received under this Plan shall be forfeited and returned, if it is determined by the Corporation in its sole discretion, acting through its chief executive or such person or committee as the chief executive may designate, that a person otherwise entitled to a payment under this Plan or who has commenced receiving payments under this Plan:
(A)    engaged in gross misconduct harmful to the Corporation,
(B)    committed a criminal violation harmful to the Corporation,
(C)    had concealed actions described in (A) or (B) above which would have brought about termination from employment thereby making the person ineligible for benefits under this Plan,
(D)    separated from service prior to attaining Normal Retirement Age without having received from the Corporation or its delegatee prior written approval for such termination, given in the sole discretion of the Corporation or its delegatee and in the context of recognition that benefits under this Plan would not be forfeited upon such termination, or
(E)    had been terminated for cause.
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Document

EXHIBIT 10(iii)(f.3)

Exxon Mobil CorporationCraig S. Morford
5959 Las Colinas BoulevardVice President, General Counsel & Secretary
Irving, Texas 75039-2298Law Department
https://cdn.kscope.io/054acd3faa09d06c71b628214e9757c8-xomlogo.gif
January 3, 2022


[Name of Non-Employee Director]

I am pleased to inform you that on January 3, 2023, you were granted 2,500 shares of restricted stock under Exxon Mobil Corporation's 2004 Non-Employee Director Restricted Stock Plan (the "Plan") and in accordance with the Board's standing resolution regarding grants under the Plan. This letter summarizes key terms of your award and is qualified by reference to the Plan. You should refer to the text of the Plan for a detailed description of the terms and conditions of your award. Copies of the Plan have been previously distributed to you and are also available on request to me at any time.

The restricted stock has been registered in your name and will be held in book-entry form by the Corporation's agent during the restricted period. As the owner of record, you have the right to vote the shares and receive cash dividends. However, during the restricted period the shares may not be sold, assigned, transferred, pledged, or otherwise disposed of or encumbered, and your restricted stock account will be subject to stop transfer instructions. When the restricted period expires, shares will be delivered to or for your account free of restrictions.

The restricted period for this award began at the time of grant. The restricted period will expire on the earliest of grantee leaving the Board after reaching retirement age (currently age 75), leaving the Board in good standing (as determined by the Board) before reaching retirement age, or by reason of death. By accepting this award, you agree to all its terms and conditions, including the restrictions on transfer and events of forfeiture.

You are entitled to designate a beneficiary for your restricted stock account. Please contact Cindy Kessel Guild at (972) 940-6708 for the necessary form should you wish to do so. Additional information concerning your award, including information on the tax consequences of your award and certain additional information required by the Securities Act of 1933, is also enclosed with this letter.

Should you have any questions concerning the Plan or this award, please feel free to contact me at (972) 940-6215.
                            
Sincerely,
                            

[signed by Craig S. Morford]
                            

Enclosures        

Document

EXHIBIT 21
Subsidiaries of the Registrant (1), (2) and (3) – at December 31, 2022
Percentage of
Voting Securities
Owned Directly
or Indirectly by
Registrant
State or
Country of Organization
Aera Energy LLC (5)
48.2California
AKG Marketing Company Limited87.5Bahamas
Al-Jubail Petrochemical Company (4) (5)
50Saudi Arabia
Alberta Products Pipe Line Ltd. (5)
45Canada
Ancon Insurance Company Inc.100Vermont
Barzan Gas Company Limited (5)
7Qatar
BEB Erdgas und Erdoel GmbH & Co. KG (4) (5)
50Germany
Canada Imperial Oil Limited69.6Canada
Caspian Pipeline Consortium (5)
7.50Russia/Kazakhstan
Coral FLNG S.A. (5)
25Mozambique
Cross Timbers Energy LLC (4) (5)
50Delaware
Ellora Energy Inc.100Delaware
Esso Australia Resources Pty Ltd.100Australia
Esso Deutschland GmbH100Germany
Esso Erdgas Beteiligungsgesellschaft mbH100Germany
Esso Exploration and Production Angola (Overseas) Limited100Bahamas
Esso Exploration and Production Guyana Limited100Bahamas
Esso Exploration and Production Nigeria (Deepwater) Limited100Nigeria
Esso Exploration and Production Nigeria Limited100Nigeria
Esso Exploration and Production UK Limited100United Kingdom
Esso Exploration Angola (Block 15) Limited100Bahamas
Esso Exploration Angola (Block 17) Limited100Bahamas
Esso Italiana S.r.l.100Italy
Esso Nederland B.V.100Netherlands
Esso Norge AS100Norway
Esso Petroleum Company Limited100United Kingdom
Esso Raffinage82.89France
Esso Societe Anonyme Francaise82.89France
Esso (Thailand) Public Company Limited65.99Thailand
Exxon Azerbaijan Limited100Bahamas
Exxon Chemical Arabia Inc.100Delaware
Exxon Neftegas Limited100Bahamas
ExxonMobil (China) Investment Co. Ltd.100China
ExxonMobil (Huizhou) Chemical Co. Ltd.100China
ExxonMobil (Taicang) Petroleum Co. Ltd.100China
ExxonMobil Abu Dhabi Offshore Petroleum Company Limited100Bahamas
ExxonMobil Africa and Middle East Management Ltd.100United Arab Emirates
ExxonMobil Alaska Production Inc.100Delaware
ExxonMobil Asia Pacific Pte. Ltd.100Singapore
ExxonMobil Australia Pty Ltd.100Australia

1


Percentage of
Voting Securities
Owned Directly
or Indirectly by
Registrant
State or
Country of Organization
ExxonMobil Barzan Limited100Bahamas
ExxonMobil Canada Ltd.100Canada
ExxonMobil Canada Properties100Canada
ExxonMobil Capital B.V.100Netherlands
ExxonMobil Central Europe Holding GmbH100Germany
ExxonMobil Chemical France100France
ExxonMobil Chemical Gulf Coast Investments LLC100Delaware
ExxonMobil China Petroleum & Petrochemical Company Private Limited100Singapore
ExxonMobil Development Africa B.V.100Netherlands
ExxonMobil Egypt (S.A.E.)100Egypt
ExxonMobil Exploracao Brasil Ltda100Brazil
ExxonMobil Exploration and Production Malaysia Inc.100Delaware
ExxonMobil Exploration and Production Tanzania Limited100Bahamas
ExxonMobil Exploration Argentina Sociedad de Responsabilidad Limitada70Argentina
ExxonMobil Finance Company Limited100United Kingdom
ExxonMobil Financial Services B.V.100Netherlands
ExxonMobil Gas Marketing Europe Limited100United Kingdom
ExxonMobil Global Services Company100Delaware
ExxonMobil Holding Company Holland LLC100Delaware
ExxonMobil Iraq Limited100Bahamas
ExxonMobil Italiana Gas S.r.l.100Italy
ExxonMobil Kazakhstan Inc.100Bahamas
ExxonMobil Kazakhstan Ventures Inc.100Delaware
ExxonMobil Marine Limited100United Kingdom
ExxonMobil Mexico S.A. de C.V.100Mexico
ExxonMobil Oil Corporation100New York
ExxonMobil Permian Highway Pipeline LLC100Delaware
ExxonMobil Petroleum & Chemical BV100Belgium
ExxonMobil Pipeline Company100Delaware
ExxonMobil PNG Antelope Limited100Papua New Guinea
ExxonMobil PNG Limited100Papua New Guinea
ExxonMobil Qatargas (II) Limited100Bahamas
ExxonMobil Qatargas Inc.100Delaware
ExxonMobil Ras Laffan (III) Limited100Bahamas
ExxonMobil Rasgas Inc.100Delaware
ExxonMobil Technology and Engineering Company100Delaware
ExxonMobil Upstream Integrated Solutions Company100Delaware
ExxonMobil Ventures Cyprus Limited100Cyprus
Fujian Refining & Petrochemical Co. Ltd. (5)
25China
GasTerra B.V. (5)
25Netherlands
Golden Pass LNG Terminal Investments LLC100Delaware
Golden Pass LNG Terminal LLC (5)
30Delaware
Golden Pass Pipeline LLC (5)
30Delaware
Gulf Coast Growth Ventures LLC (4) (5)
50Delaware

2


Percentage of
Voting Securities
Owned Directly
or Indirectly by
Registrant
State or
Country of Organization
Imperial Oil Limited69.6Canada
Imperial Oil Resources Limited69.6Canada
Imperial Oil Resources N.W.T. Limited69.6Canada
Imperial Oil/Petroliere Imperiale69.6Canada
Infineum USA L.P. (4) (5)
50Delaware
Marine Well Containment Company LLC (5)
10Delaware
Mobil Australia Resources Company Pty Limited100Australia
Mobil California Exploration & Producing Asset Company100Delaware
Mobil Equatorial Guinea Inc.100Delaware
Mobil Oil Australia Pty Ltd.100Australia
Mobil Oil Exploration & Producing Southeast Inc.100Delaware
Mobil Oil New Zealand Limited100New Zealand
Mobil Producing Nigeria Unlimited100Nigeria
Mobil Yanbu Petrochemical Company Inc.100Delaware
Mobil Yanbu Refining Company Inc.100Delaware
Mozambique Rovuma Venture S.p.A. (5)
35.714Italy
Nederlandse Aardolie Maatschappij B.V. (4) (5)
50Netherlands
Palmetto Transoceanic LLC100Delaware
Papua New Guinea Liquefied Natural Gas Global Company LDC (5)
33.2Bahamas
Permian Express Partners LLC (5)
12.3Delaware
Permian Highway Pipeline LLC (5)
20Delaware
Phillips Exploration LLC100Delaware
PT ExxonMobil Lubricants Indonesia100Indonesia
Qatar Liquefied Gas Company Limited (2) (5)
24.15Qatar
Qatar Liquefied Gas Company Limited (7) (5)
25Qatar
Ras Laffan Liquefied Natural Gas Company Limited (5)
24.999Qatar
Ras Laffan Liquefied Natural Gas Company Limited (II) (5)
30.517Qatar
Ras Laffan Liquefied Natural Gas Company Limited (3) (5)
30Qatar
Saudi Aramco Mobil Refinery Company Ltd. (4) (5)
50Saudi Arabia
Saudi Yanbu Petrochemical Co. (4) (5)
50Saudi Arabia
SeaRiver Maritime Inc.100Delaware
SeaRiver Maritime LLC100Delaware
South Hook LNG Terminal Company Limited (5)
24.15United Kingdom
Tengizchevroil LLP (5)
25Kazakhstan
Terminale GNL Adriatico S.r.l. (5)
70.678Italy
Wink to Webster Pipeline LLC45Delaware
Worex S.N.C.82.89France
XH LLC100Delaware
XTO Delaware Basin LLC100Texas
XTO Energy Inc.100Delaware
XTO Holdings LLC100Delaware
XTO Permian Midstream LLC100Delaware
XTO Permian Operating LLC100Texas


3


NOTES:
(1)For the purposes of this list, if the registrant owns directly or indirectly approximately 50 percent of the voting securities of any person and approximately 50 percent of the voting securities of such person is owned directly or indirectly by another interest, or if the registrant includes its share of net income of any other unconsolidated person in consolidated net income, such person is deemed to be a subsidiary.
(2)With respect to certain companies, shares in names of nominees and qualifying shares in names of directors are included in the above percentages.
(3)The names of other subsidiaries have been omitted from the above list since considered in the aggregate, they would not constitute a significant subsidiary under Securities and Exchange Commission Regulation S-X, Rule 1-02(w).
(4)The registrant owns directly or indirectly approximately 50 percent of the securities of this person and approximately 50 percent of the voting securities of this person is owned directly or indirectly by another single interest.
(5)The investment in this unconsolidated person is represented by the registrant's percentage interest in the underlying net assets of such person. The accounting for these unconsolidated persons is referred to as the equity method of accounting.

4
Document


EXHIBIT 23







CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-237052) and Form S-8 (Nos. 333-145188, 333-110494, 333-183012, 333-264665 and 333-117980) of Exxon Mobil Corporation of our report dated February 22, 2023 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Dallas, Texas
February 22, 2023

Document

EXHIBIT 31.1
 
Certification by Darren W. Woods
Pursuant to Securities Exchange Act Rule 13a-14(a) 
 
I, Darren W. Woods, certify that:
 
1.I have reviewed this annual report on Form 10-K of Exxon Mobil Corporation;
 
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 
Date: February 22, 2023
 
 
/s/  DARREN W. WOODS
 Darren W. Woods
 Chief Executive Officer

Document

EXHIBIT 31.2
 
Certification by Kathryn A. Mikells
Pursuant to Securities Exchange Act Rule 13a-14(a) 
 
I, Kathryn A. Mikells, certify that:
 
1.I have reviewed this annual report on Form 10-K of Exxon Mobil Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: February 22, 2023
 
/s/  KATHRYN A. MIKELLS
 Kathryn A. Mikells
 Senior Vice President and Chief Financial Officer
 

Document

EXHIBIT 31.3
 
Certification by Len M. Fox
Pursuant to Securities Exchange Act Rule 13a-14(a) 
 
I, Len M. Fox, certify that:
 
1.I have reviewed this annual report on Form 10-K of Exxon Mobil Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
Date: February 22, 2023
 
 
/s/  LEN M. FOX
 Len M. Fox
 Vice President and Controller
 (Principal Accounting Officer)

Document

 EXHIBIT 32.1
 
 
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
 
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Darren W. Woods, the chief executive officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to his knowledge:
 
(i)the Annual Report on Form 10-K of the Company for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
Date: February 22, 2023
 
 
 
/s/  DARREN W. WOODS
 Darren W. Woods
 Chief Executive Officer
 
A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Document

EXHIBIT 32.2
 
 
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
 
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Kathryn A. Mikells, the chief financial officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to her knowledge:
 
(i)the Annual Report on Form 10-K of the Company for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
  
 
 
Date: February 22, 2023 
 
 
 
/s/  KATHRYN A. MIKELLS
 Kathryn A. Mikells
 Senior Vice President and Chief Financial Officer
 
 
A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.



Document

 EXHIBIT 32.3
 
 
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
 
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Len M. Fox, the principal accounting officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to his knowledge:
 
(i)the Annual Report on Form 10-K of the Company for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
  
 
 
Date: February 22, 2023 
 
 
 
/s/  LEN M. FOX
 Len M. Fox
 Vice President and Controller
 (Principal Accounting Officer)
 
A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.