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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, 2020

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 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

0.142% Notes due 2024

 

XOM24B

 

New York Stock Exchange

0.524% Notes due 2028

 

XOM28

 

New York Stock Exchange

0.835% Notes due 2032

 

XOM32

 

New York Stock Exchange

1.408% Notes due 2039

 

XOM39A

 

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, 2020

Common stock, without par value

 

4,228,233,288

 

 


 

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

 

TABLE OF CONTENTS

 

 

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.Financial Statements

 

 

 

Condensed Consolidated Statement of Income

Three and six months ended June 30, 2020 and 2019

3

 

 

Condensed Consolidated Statement of Comprehensive Income

Three and six months ended June 30, 2020 and 2019

4

 

 

Condensed Consolidated Balance Sheet

As of June 30, 2020 and December 31, 2019

5

 

 

Condensed Consolidated Statement of Cash Flows

Six months ended June 30, 2020 and 2019

6

 

 

Condensed Consolidated Statement of Changes in Equity

Three months ended June 30, 2020 and 2019

7

 

 

Condensed Consolidated Statement of Changes in Equity

Six months ended June 30, 2020 and 2019

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

29

 

 

Item 4.Controls and Procedures

29

 

 

 

 

PART II. OTHER INFORMATION

 

Item 1.Legal Proceedings

30

 

 

Item 1A.Risk Factors

30

 

 

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

31

 

 

Item 6.Exhibits

31

 

 

Index to Exhibits

32

 

 

Signature

33

 

 

 

 


2


 

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,

 

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

Revenues and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and other operating revenue

 

 

32,277

 

 

67,491

 

 

87,411

 

 

129,137

 

Income from equity affiliates

 

 

103

 

 

1,359

 

 

878

 

 

3,068

 

Other income

 

 

225

 

 

241

 

 

474

 

 

511

 

 

Total revenues and other income

 

 

32,605

 

 

69,091

 

 

88,763

 

 

132,716

Costs and other deductions

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil and product purchases

 

 

14,069

 

 

38,942

 

 

46,152

 

 

73,743

 

Production and manufacturing expenses

 

 

6,895

 

 

9,522

 

 

15,192

 

 

18,492

 

Selling, general and administrative expenses

 

 

2,409

 

 

2,827

 

 

4,988

 

 

5,597

 

Depreciation and depletion

 

 

4,916

 

 

4,631

 

 

10,735

 

 

9,202

 

Exploration expenses, including dry holes

 

 

214

 

 

333

 

 

502

 

 

613

 

Non-service pension and postretirement benefit expense

 

 

271

 

 

313

 

 

540

 

 

671

 

Interest expense

 

 

317

 

 

216

 

 

566

 

 

397

 

Other taxes and duties

 

 

5,154

 

 

7,675

 

 

11,986

 

 

15,080

 

 

Total costs and other deductions

 

 

34,245

 

 

64,459

 

 

90,661

 

 

123,795

Income (Loss) before income taxes

 

 

(1,640)

 

 

4,632

 

 

(1,898)

 

 

8,921

 

Income taxes

 

 

(471)

 

 

1,241

 

 

41

 

 

3,124

Net income (loss) including noncontrolling interests

 

 

(1,169)

 

 

3,391

 

 

(1,939)

 

 

5,797

 

Net income (loss) attributable to noncontrolling interests

 

 

(89)

 

 

261

 

 

(249)

 

 

317

Net income (loss) attributable to ExxonMobil

 

 

(1,080)

 

 

3,130

 

 

(1,690)

 

 

5,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) per common share (dollars)

 

 

(0.26)

 

 

0.73

 

 

(0.40)

 

 

1.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) per common share - assuming dilution (dollars)

 

 

(0.26)

 

 

0.73

 

 

(0.40)

 

 

1.28



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


3


 

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) including noncontrolling interests

 

 

(1,169)

 

 

3,391

 

 

(1,939)

 

 

5,797

Other comprehensive income (loss) (net of income taxes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange translation adjustment

 

 

2,875

 

 

600

 

 

(2,774)

 

 

1,349

 

Postretirement benefits reserves adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(excluding amortization)

 

 

(136)

 

 

(34)

 

 

(49)

 

 

(60)

 

Amortization and settlement of postretirement benefits reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

adjustment included in net periodic benefit costs

 

 

203

 

 

141

 

 

407

 

 

326

 

 

Total other comprehensive income (loss)

 

 

2,942

 

 

707

 

 

(2,416)

 

 

1,615

Comprehensive income (loss) including noncontrolling interests

 

 

1,773

 

 

4,098

 

 

(4,355)

 

 

7,412

 

Comprehensive income (loss) attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

noncontrolling interests

 

 

131

 

 

391

 

 

(541)

 

 

573

Comprehensive income (loss) attributable to ExxonMobil

 

 

1,642

 

 

3,707

 

 

(3,814)

 

 

6,839



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


4


 

EXXON MOBIL CORPORATION

 

CONDENSED CONSOLIDATED BALANCE SHEET

 

(millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

Dec. 31,

 

 

 

 

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

12,576

 

 

3,089

 

 

 

Notes and accounts receivable – net

 

 

19,036

 

 

26,966

 

 

 

Inventories

 

 

 

 

 

 

 

 

 

 

Crude oil, products and merchandise

 

 

15,028

 

 

14,010

 

 

 

 

Materials and supplies

 

 

4,629

 

 

4,518

 

 

 

Other current assets

 

 

1,747

 

 

1,469

 

 

 

 

Total current assets

 

 

53,016

 

 

50,052

 

 

Investments, advances and long-term receivables

 

 

43,192

 

 

43,164

 

 

Property, plant and equipment – net

 

 

250,524

 

 

253,018

 

 

Other assets, including intangibles – net

 

 

14,763

 

 

16,363

 

 

 

 

Total assets

 

 

361,495

 

 

362,597

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Notes and loans payable

 

 

22,952

 

 

20,578

 

 

 

Accounts payable and accrued liabilities

 

 

33,216

 

 

41,831

 

 

 

Income taxes payable

 

 

1,102

 

 

1,580

 

 

 

 

Total current liabilities

 

 

57,270

 

 

63,989

 

 

Long-term debt

 

 

46,563

 

 

26,342

 

 

Postretirement benefits reserves

 

 

22,341

 

 

22,304

 

 

Deferred income tax liabilities

 

 

24,725

 

 

25,620

 

 

Long-term obligations to equity companies

 

 

3,831

 

 

3,988

 

 

Other long-term obligations

 

 

19,612

 

 

21,416

 

 

 

 

Total liabilities

 

 

174,342

 

 

163,659

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 3)

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock without par value

 

 

 

 

 

 

 

 

 

(9,000 million shares authorized, 8,019 million shares issued)

 

 

15,812

 

 

15,637

 

 

Earnings reinvested

 

 

412,124

 

 

421,341

 

 

Accumulated other comprehensive income

 

 

(21,617)

 

 

(19,493)

 

 

Common stock held in treasury

 

 

 

 

 

 

 

 

 

(3,791 million shares at June 30, 2020 and

 

 

 

 

 

 

 

 

 

3,785 million shares at December 31, 2019)

 

 

(226,136)

 

 

(225,835)

 

 

 

 

ExxonMobil share of equity

 

 

180,183

 

 

191,650

 

 

Noncontrolling interests

 

 

6,970

 

 

7,288

 

 

 

 

Total equity

 

 

187,153

 

 

198,938

 

 

 

 

Total liabilities and equity

 

 

361,495

 

 

362,597

 



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


5


 

EXXON MOBIL CORPORATION

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

(millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income (loss) including noncontrolling interests

 

 

(1,939)

 

 

5,797

 

 

Depreciation and depletion

 

 

10,735

 

 

9,202

 

 

Noncash inventory adjustment - lower of cost or market

 

 

176

 

 

-

 

 

Changes in operational working capital, excluding cash and debt

 

 

(2,402)

 

 

1,014

 

 

All other items – net

 

 

(296)

 

 

(1,728)

 

 

 

 

Net cash provided by operating activities

 

 

6,274

 

 

14,285

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(10,362)

 

 

(11,372)

 

 

Proceeds associated with sales of subsidiaries, property, plant and

 

 

 

 

 

 

 

 

 

equipment, and sales and returns of investments

 

 

129

 

 

140

 

 

Additional investments and advances

 

 

(1,524)

 

 

(1,730)

 

 

Other investing activities including collection of advances

 

 

309

 

 

292

 

 

 

 

Net cash used in investing activities

 

 

(11,448)

 

 

(12,670)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Additions to long-term debt

 

 

23,186

 

 

43

 

 

Reductions in long-term debt

 

 

(3)

 

 

-

 

 

Reductions in short-term debt

 

 

(1,618)

 

 

(3,805)

 

 

Additions/(reductions) in commercial paper, and debt with three

 

 

 

 

 

 

 

 

 

months or less maturity (1)

 

 

1,033

 

 

11,126

 

 

Contingent consideration payments

 

(21)

 

 

-

 

 

Cash dividends to ExxonMobil shareholders

 

 

(7,434)

 

 

(7,220)

 

 

Cash dividends to noncontrolling interests

 

 

(93)

 

 

(100)

 

 

Changes in noncontrolling interests

 

 

317

 

 

(119)

 

 

Common stock acquired

 

 

(305)

 

 

(421)

 

 

 

 

Net cash used in financing activities

 

 

15,062

 

 

(496)

 

Effects of exchange rate changes on cash

 

 

(401)

 

 

52

 

Increase/(decrease) in cash and cash equivalents

 

 

9,487

 

 

1,171

 

Cash and cash equivalents at beginning of period

 

 

3,089

 

 

3,042

 

Cash and cash equivalents at end of period

 

 

12,576

 

 

4,213

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosures

 

 

 

 

 

 

 

 

Income taxes paid

 

 

1,768

 

 

3,884

 

 

Cash interest paid

 

 

 

 

 

 

 

 

 

Included in cash flows from operating activities

 

 

290

 

 

277

 

 

 

Capitalized, included in cash flows from investing activities

 

 

335

 

 

355

 

 

 

Total cash interest paid

 

 

625

 

 

632

 



(1) Includes a net addition of commercial paper with a maturity of over three months of $7.0 billion in 2020 and $6.5 billion in 2019. The gross amount of commercial paper with a maturity of over three months issued was $20.5 billion in 2020 and $12.3 billion in 2019, while the gross amount repaid was $13.5 billion in 2020 and $5.8 billion in 2019.

 

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

 


6


 

 

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, 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)

 

 

38

 

 

35

 

Net income (loss) for the period

 

 

-

 

 

3,130

 

 

-

 

 

-

 

 

3,130

 

 

261

 

 

3,391

 

Dividends - common shares

 

 

-

 

 

(3,715)

 

 

-

 

 

-

 

 

(3,715)

 

 

(57)

 

 

(3,772)

 

Other comprehensive income (loss)

 

 

-

 

 

-

 

 

577

 

 

-

 

 

577

 

 

130

 

 

707

 

Acquisitions, at cost

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(83)

 

 

(83)

Balance as of June 30, 2019

 

 

15,639

 

 

419,913

 

 

(18,205)

 

 

(225,970)

 

 

191,377

 

 

7,088

 

 

198,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2020

 

 

15,636

 

 

416,919

 

 

(24,339)

 

 

(226,137)

 

 

182,079

 

 

6,664

 

 

188,743

 

Amortization of stock-based awards

 

 

177

 

 

-

 

 

-

 

 

-

 

 

177

 

 

-

 

 

177

 

Other

 

 

(1)

 

 

-

 

 

-

 

 

-

 

 

(1)

 

 

223

 

 

222

 

Net income (loss) for the period

 

 

-

 

 

(1,080)

 

 

-

 

 

-

 

 

(1,080)

 

 

(89)

 

 

(1,169)

 

Dividends - common shares

 

 

-

 

 

(3,715)

 

 

-

 

 

-

 

 

(3,715)

 

 

(48)

 

 

(3,763)

 

Other comprehensive income (loss)

 

 

-

 

 

-

 

 

2,722

 

 

-

 

 

2,722

 

 

220

 

 

2,942

 

Dispositions

 

 

-

 

 

-

 

 

-

 

 

1

 

 

1

 

 

-

 

 

1

Balance as of June 30, 2020

 

 

15,812

 

 

412,124

 

 

(21,617)

 

 

(226,136)

 

 

180,183

 

 

6,970

 

 

187,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

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

 

 

(3,791)

 

 

4,228

 

 

 

 

 

8,019

 

 

(3,788)

 

 

4,231

 

 

 

Acquisitions

 

 

-

 

 

-

 

 

-

 

 

 

 

 

-

 

 

-

 

 

-

 

 

 

Dispositions

 

 

-

 

 

-

 

 

-

 

 

 

 

 

-

 

 

-

 

 

-

 

Balance as of June 30

 

 

8,019

 

 

(3,791)

 

 

4,228

 

 

 

 

 

8,019

 

 

(3,788)

 

 

4,231



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


7


 

 

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, 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)

 

 

47

 

 

39

 

Net income (loss) for the period

 

 

-

 

 

5,480

 

 

-

 

 

-

 

 

5,480

 

 

317

 

 

5,797

 

Dividends - common shares

 

 

-

 

 

(7,220)

 

 

-

 

 

-

 

 

(7,220)

 

 

(100)

 

 

(7,320)

 

Other comprehensive income (loss)

 

 

-

 

 

-

 

 

1,359

 

 

-

 

 

1,359

 

 

256

 

 

1,615

 

Acquisitions, at cost

 

 

-

 

 

-

 

 

-

 

 

(421)

 

 

(421)

 

 

(166)

 

 

(587)

 

Dispositions

 

 

-

 

 

-

 

 

-

 

 

4

 

 

4

 

 

-

 

 

4

Balance as of June 30, 2019

 

 

15,639

 

 

419,913

 

 

(18,205)

 

 

(225,970)

 

 

191,377