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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

☐ 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 Jersey		13-5409005
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		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:

		Name of Each Exchange
Title of Each Class	Trading Symbol	on Which Registered
Common Stock, without par value	XOM	New York Stock Exchange

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, 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 filer	☐	Smaller 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐No ☑

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class		Outstanding as of June 30, 2019
Common stock, without par value		4,231,106,294

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

Condensed Consolidated Statement of Income Three and six months ended June 30, 2019 and 2018	3

Condensed Consolidated Statement of Comprehensive Income Three and six months ended June 30, 2019 and 2018	4

Condensed Consolidated Balance Sheet As of June 30, 2019 and December 31, 2018	5

Condensed Consolidated Statement of Cash Flows Six months ended June 30, 2019 and 2018	6

Condensed Consolidated Statement of Changes in Equity Three months ended June 30, 2019 and 2018	7

Condensed Consolidated Statement of Changes in Equity Six months ended June 30, 2019 and 2018	8

Notes to Condensed Consolidated Financial Statements	9

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3.Quantitative and Qualitative Disclosures About Market Risk	28

Item 4.Controls and Procedures	28


PART II. OTHER INFORMATION
Item 1.Legal Proceedings	29

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds	30

Item 6.Exhibits	30

Index to Exhibits	31

Signature	32

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)

			Three Months Ended		Six Months Ended
			June 30,		June 30,
			2019	2018	2019	2018
Revenues and other income
	Sales and other operating revenue		67,491	71,456	129,137	136,892
	Income from equity affiliates		1,359	1,729	3,068	3,639
	Other income		241	316	511	1,181
		Total revenues and other income	69,091	73,501	132,716	141,712
Costs and other deductions
	Crude oil and product purchases		38,942	41,327	73,743	77,615
	Production and manufacturing expenses		9,522	8,918	18,492	17,409
	Selling, general and administrative expenses		2,827	2,993	5,597	5,740
	Depreciation and depletion		4,631	4,589	9,202	9,059
	Exploration expenses, including dry holes		333	332	613	619
	Non-service pension and postretirement benefit expense		313	308	671	645
	Interest expense		216	147	397	351
	Other taxes and duties		7,675	8,375	15,080	16,522
		Total costs and other deductions	64,459	66,989	123,795	127,960
Income before income taxes			4,632	6,512	8,921	13,752
	Income taxes		1,241	2,526	3,124	4,983
Net income including noncontrolling interests			3,391	3,986	5,797	8,769
	Net income attributable to noncontrolling interests		261	36	317	169
Net income attributable to ExxonMobil			3,130	3,950	5,480	8,600


Earnings per common share (dollars)			0.73	0.92	1.28	2.01

Earnings per common share - assuming dilution (dollars)			0.73	0.92	1.28	2.01

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)

				Three Months Ended		Six Months Ended
				June 30,		June 30,
				2019	2018	2019	2018

Net income including noncontrolling interests				3,391	3,986	5,797	8,769
Other comprehensive income (net of income taxes)
	Foreign exchange translation adjustment			600	(2,040)	1,349	(2,844)
	Adjustment for foreign exchange translation (gain)/loss
			included in net income	-	18	-	186
	Postretirement benefits reserves adjustment
			(excluding amortization)	(34)	43	(60)	(391)
	Amortization and settlement of postretirement benefits reserves
			adjustment included in net periodic benefit costs	141	229	326	466
		Total other comprehensive income		707	(1,750)	1,615	(2,583)
Comprehensive income including noncontrolling interests				4,098	2,236	7,412	6,186
	Comprehensive income attributable to
			noncontrolling interests	391	(97)	573	(106)
Comprehensive income attributable to ExxonMobil				3,707	2,333	6,839	6,292

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)

				June 30,	Dec. 31,
				2019	2018
Assets
	Current assets
		Cash and cash equivalents		4,213	3,042
		Notes and accounts receivable – net		27,132	24,701
		Inventories
			Crude oil, products and merchandise	14,379	14,803
			Materials and supplies	4,456	4,155
		Other current assets		1,563	1,272
			Total current assets	51,743	47,973
	Investments, advances and long-term receivables			42,533	40,790
	Property, plant and equipment – net			250,853	247,101
	Other assets, including intangibles – net			15,600	10,332
			Total assets	360,729	346,196

Liabilities
	Current liabilities
		Notes and loans payable		26,195	17,258
		Accounts payable and accrued liabilities		41,480	37,268
		Income taxes payable		2,612	2,612
			Total current liabilities	70,287	57,138
	Long-term debt			19,001	20,538
	Postretirement benefits reserves			19,822	20,272
	Deferred income tax liabilities			26,846	27,244
	Long-term obligations to equity companies			4,181	4,382
	Other long-term obligations			22,127	18,094
			Total liabilities	162,264	147,668

Commitments and contingencies (Note 3)				-	-

Equity
	Common stock without par value
		(9,000 million shares authorized, 8,019 million shares issued)		15,639	15,258
	Earnings reinvested			419,913	421,653
	Accumulated other comprehensive income			(18,205)	(19,564)
	Common stock held in treasury
		(3,788 million shares at June 30, 2019 and
		3,782 million shares at December 31, 2018)		(225,970)	(225,553)
			ExxonMobil share of equity	191,377	191,794
	Noncontrolling interests			7,088	6,734
			Total equity	198,465	198,528
			Total liabilities and equity	360,729	346,196

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)

				Six Months Ended
				June 30,
				2019	2018
Cash flows from operating activities
	Net income including noncontrolling interests			5,797	8,769
	Depreciation and depletion			9,202	9,059
	Changes in operational working capital, excluding cash and debt			1,014	(982)
	All other items – net			(1,728)	(547)
			Net cash provided by operating activities	14,285	16,299

Cash flows from investing activities
	Additions to property, plant and equipment			(11,372)	(8,276)
	Proceeds associated with sales of subsidiaries, property, plant and
		equipment, and sales and returns of investments		140	1,748
	Additional investments and advances			(1,730)	(704)
	Other investing activities including collection of advances			292	277
			Net cash used in investing activities	(12,670)	(6,955)

Cash flows from financing activities
	Additions to long-term debt			43	-
	Reductions in short-term debt			(3,805)	(4,256)
	Additions/(reductions) in commercial paper, and debt with three
		months or less maturity (1)		11,126	2,902
	Cash dividends to ExxonMobil shareholders			(7,220)	(6,793)
	Cash dividends to noncontrolling interests			(100)	(135)
	Changes in noncontrolling interests			(119)	(275)
	Common stock acquired			(421)	(429)
			Net cash used in financing activities	(496)	(8,986)
Effects of exchange rate changes on cash				52	(105)
Increase/(decrease) in cash and cash equivalents				1,171	253
Cash and cash equivalents at beginning of period				3,042	3,177
Cash and cash equivalents at end of period				4,213	3,430

Supplemental Disclosures
	Income taxes paid			3,884	4,426
	Cash interest paid
		Included in cash flows from operating activities		277	144
		Capitalized, included in cash flows from investing activities		355	333
		Total cash interest paid		632	477

(1) Includes a net addition of commercial paper with a maturity of over three months of $6.5 billion in 2019 and $0.9 billion in 2018. The gross amount of commercial paper with a maturity of over three months issued was $12.3 billion in 2019 and $2.2 billion in 2018, while the gross amount repaid was $5.8 billion in 2019 and $1.3 billion in 2018.

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

	EXXON MOBIL CORPORATION
	CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	(millions of dollars)

			ExxonMobil Share of Equity
							Accumulated
								Other		Common
								Compre-		Stock		ExxonMobil		Non-
			Common		Earnings			hensive		Held in		Share of		controlling		Total
			Stock		Reinvested			Income		Treasury		Equity		Interests		Equity

Balance as of March 31, 2018				14,888		415,970			(16,992)		(225,671)		188,195		6,716		194,911
	Amortization of stock-based awards			199		-			-		-		199		-		199
	Other			(1)		-			-		-		(1)		(7)		(8)
	Net income for the period			-		3,950			-		-		3,950		36		3,986
	Dividends - common shares			-		(3,502)			-		-		(3,502)		(92)		(3,594)
	Other comprehensive income			-		-			(1,617)		-		(1,617)		(133)		(1,750)
	Acquisitions, at cost			-		-			-		(2)		(2)		(209)		(211)
Balance as of June 30, 2018				15,086		416,418			(18,609)		(225,673)		187,222		6,311		193,533

Balance as of March 31, 2019				15,476		420,498			(18,782)		(225,970)		191,222		6,799		198,021
	Amortization of stock-based awards			166		-			-		-		166		-		166
	Other			(3)		-			-		-		(3)		-		(3)
	Net income for the period			-		3,130			-		-		3,130		261		3,391
	Dividends - common shares			-		(3,715)			-		-		(3,715)		(57)		(3,772)
	Other comprehensive income			-		-			577		-		577		130		707
	Acquisitions, at cost			-		-			-		-		-		(83)		(83)
	Dispositions			-		-			-		-		-		38		38
Balance as of June 30, 2019				15,639		419,913			(18,205)		(225,970)		191,377		7,088		198,465



			Three Months Ended June 30, 2019									Three Months Ended June 30, 2018
					Held in									Held in
	Common Stock Share Activity		Issued		Treasury			Outstanding				Issued		Treasury		Outstanding
			(millions of shares)									(millions of shares)

	Balance as of March 31			8,019		(3,788)			4,231				8,019		(3,785)		4,234
		Acquisitions		-		-			-				-		-		-
		Dispositions		-		-			-				-		-		-
	Balance as of June 30			8,019		(3,788)			4,231				8,019		(3,785)		4,234

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

	EXXON MOBIL CORPORATION
	CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	(millions of dollars)

			ExxonMobil Share of Equity
							Accumulated
								Other		Common
								Compre-		Stock		ExxonMobil		Non-
			Common		Earnings			hensive		Held in		Share of		controlling		Total
			Stock		Reinvested			Income		Treasury		Equity		Interests		Equity

Balance as of December 31, 2017				14,656		414,540			(16,262)		(225,246)		187,688		6,812		194,500
	Amortization of stock-based awards			436		-			-		-		436		-		436
	Other			(6)		-			-		-		(6)		(7)		(13)
	Net income for the period			-		8,600			-		-		8,600		169		8,769
	Dividends - common shares			-		(6,793)			-		-		(6,793)		(135)		(6,928)
	Cumulative effect of accounting
		change		-		71			(39)		-		32		15		47
	Other comprehensive income			-		-			(2,308)		-		(2,308)		(275)		(2,583)
	Acquisitions, at cost			-		-			-		(429)		(429)		(268)		(697)
	Dispositions			-		-			-		2		2		-		2
Balance as of June 30, 2018				15,086		416,418			(18,609)		(225,673)		187,222		6,311		193,533

Balance as of December 31, 2018				15,258		421,653			(19,564)		(225,553)		191,794		6,734		198,528
	Amortization of stock-based awards			389		-			-		-		389		-		389
	Other			(8)		-			-		-		(8)		-		(8)
	Net income for the period			-		5,480			-		-		5,480		317		5,797
	Dividends - common shares			-		(7,220)			-		-		(7,220)		(100)		(7,320)