UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 4, 2023
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972 ) 940-6000
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Name of Each Exchange | ||||||||
| Title of Each Class | Trading Symbol | on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
| Item 7.01 | Regulation FD Disclosure | ||||
| The following information is furnished pursuant to Item 7.01. | |||||
2
INDEX TO EXHIBITS
| Exhibit No. | Description | ||||
Exxon Mobil Corporation 1Q23 Earnings Considerations. | |||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | ||||
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXXON MOBIL CORPORATION | ||||||||
Date: April 4, 2023 | By: | /s/ LEN M. FOX | ||||||
| Len M. Fox | ||||||||
| Vice President and Controller | ||||||||
| (Principal Accounting Officer) | ||||||||
4
EXHIBIT 99.1
1Q23 Earnings Considerations
To give perspective regarding market and planned factors affecting 1Q 2023 results, we are providing the following summary of items management believes will impact 1Q 2023 results relative to 4Q 2022 results. These factors are generally limited to significant planned activities, market dynamics, and seasonal demand patterns. This is only intended to provide information regarding current estimates of these factors. It is not comprehensive of all changes between 4Q 2022 and 1Q 2023 results and is not an estimate of 1Q 2023 earnings for the Corporation. For example, the table below does not reflect operating performance; ongoing improvement initiatives; impacts from the seasonality of base operating expenses; unscheduled downtime; or foreign exchange fluctuation, among other factors. Further, this list may not account for all adjustments and charges required to fully reflect the changes in industry conditions and are subject to finalization of the Corporation’s financial reporting process for 1Q 2023.
| $ billions | Upstream | Energy Products | Chemical Products | Specialty Products | Corp & Fin | Total | |||||||||||||||||
| 4Q22 earnings (loss), U.S. GAAP | 8.2 | 4.1 | 0.3 | 0.8 | (0.5) | 12.8 | |||||||||||||||||
| 4Q22 Identified Items | |||||||||||||||||||||||
| Tax-related items | (1.4) | (0.4) | (1.8) | ||||||||||||||||||||
| Other | 1.1 | 1.1 | |||||||||||||||||||||
| Impairments | (0.2) | (0.3) | (0.0) | (0.5) | |||||||||||||||||||
| 4Q22 earnings (loss) excluding Identified Items (non-GAAP) | 8.8 | 4.8 | 0.3 | 0.8 | (0.5) | 14.0 | |||||||||||||||||
Estimated effects of market factors impacting 1Q23 results | |||||||||||||||||||||||
| Change in liquids prices | (1.0) - (0.6) | ||||||||||||||||||||||
| Change in gas prices | (0.8) - (0.4) | ||||||||||||||||||||||
| Change in industry margins | (0.2) - 0.0 | (0.1) - 0.1 | (0.3) - (0.1) | ||||||||||||||||||||
| Change in unsettled derivatives (mark-to-market) | (2.2) - (1.8) | 0.3 - 0.7 | |||||||||||||||||||||
Estimated effects of planned and seasonal factors, and other items impacting 1Q23 results | |||||||||||||||||||||||
| Change in scheduled maintenance | (0.1) - 0.1 | (0.6) - (0.4) | (0.1) - 0.1 | (0.1) - 0.1 | |||||||||||||||||||
| Change in seasonal gas demand | (0.1) - 0.1 | ||||||||||||||||||||||
| Estimated day effect (fewer days in 1Q23 versus 4Q22) | (0.2) | (0.1) | |||||||||||||||||||||
| Absence of year-end inventory effects | 0.7 | (0.3) | (0.1) | ||||||||||||||||||||
| Identified Items | |||||||||||||||||||||||
| Additional European taxes on the energy sector | (0.2) - (0.1) | (0.1) - (0.0) | |||||||||||||||||||||
1
Outlooks, estimates, projections, and other statements of future financial impacts of certain factors as provided in this publication are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Actual future impacts of these certain factors for 1Q 2023 may vary from our estimates for a number of reasons, including additional unidentified factors related to: sales volume and sales mix numbers; supply and demand imbalances; regional pricing differentials and refining and chemical margins; seasonal impacts on product demand and operating expenses; resolution of trading and derivative positions for the quarter; global and regional hostilities, nationalizations, war, terrorism, or civil unrest and its impact on markets and our assets around the world; price impacts and the broader government responses to inflationary pressures; changes in interest and exchange rates; supply chain disruptions; planned cash and operating expense reductions; total capital expenditures and mix; maintenance costs and incidents; production shut-ins and mix; financing costs; the resolution of any contingencies and uncertain tax positions; environmental expenditures; impact of fiscal, contractual, and commercial terms applicable to the quarter; the outcome of commercial negotiations related to the quarter; the timing and regulatory approval of any acquisitions or divestments; regional differences for product demand; changes in consumer behavior including the impact of inflation and/or recession; changes in regulatory policies and any associated liabilities; changes in asset valuation or estimates of fair value as of a certain date; updates or corrections of any estimate used herein; and other market conditions in the oil, natural gas, petroleum, and petrochemical industries. Furthermore, additional factors may exist that will be relevant to 1Q 2023 results that are not currently known or fully understood, including our participation in joint ventures or developments operated by third parties and other factors cited in Item 1A. Risk Factors of our most recent Annual and Quarterly Reports available on the Investors page of our website at www.exxonmobil.com. All forward-looking statements and the assumptions in this filing speak only as of the date hereof. We do not assume or undertake any obligation to update these forward-looking statements or assumptions as of any future date. Any future update or expansion of the forward-looking statements in this filing will be provided only through a public disclosure indicating that fact.
Earnings (loss) excluding Identified Items (non-GAAP) is defined as earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an Identified Item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings (loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is material in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings (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.
In accordance with Regulation FD, we are hereby providing notice the Company currently intends to furnish its 1Q 2023 financial results both (1) by posting them on our website at www.exxonmobil.com and (2) in a filing on Form 8-K in the Securities and Exchange Commission EDGAR system, each at approximately 5:30 a.m. CT Friday, April 28, 2023. In the event the EDGAR system experiences technical difficulties or the Company is unable to successfully complete its 8-K filing at the intended time, investors and the public should look for this information at that time on our website. In case of a failed filing, the Company intends to furnish the information on EDGAR as soon as possible after 5:30 a.m. CT Friday, April 28, 2023.
2