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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): October 30, 2020
 
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
 
New Jersey1-225613-5409005
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)

 5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(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)
 
Securities registered pursuant to Section 12(b) of the Act:
  Name of Each Exchange
Title of Each ClassTrading Symbolon Which Registered
Common Stock, without par valueXOMNew 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
 
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:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
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 2.02Results of Operations and Financial Condition
Item 7.01Regulation FD Disclosure
 The following information is furnished pursuant to both Item 2.02 and Item 7.01.
 
 
The Registrant hereby furnishes the information set forth in its News Release, dated October 30, 2020, announcing third quarter 2020 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 3Q20 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing.

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INDEX TO EXHIBITS
 
 
 
Exhibit No.Description
  
Exxon Mobil Corporation News Release, dated October 30, 2020, announcing third quarter 2020 results.
  
3Q20 Investor Relations Data Summary.
  
104Cover Page Interactive Data File (formatted as Inline XBRL).
  
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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: October 30, 2020
By:/s/ DAVID S. ROSENTHAL
  David S. Rosenthal
  Vice President and Controller
  (Principal Accounting Officer)
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Document

EXHIBIT 99.1
News Release
https://cdn.kscope.io/6d37d4eac2e098845638d97d475b102c-f8k991001x0x01a.gif
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039
972 940 6007 Telephone
972 940 6143 Facsimile
FOR IMMEDIATE RELEASE
FRIDAY, OCTOBER 30, 2020

ExxonMobil Reports Results for Third Quarter 2020

•Third quarter results improved by $400 million from the second quarter, primarily driven by early stages of demand recovery; excluding identified items, results improved by $2.2 billion
•On track to exceed reduction targets for 2020 capital and cash expenses; further reductions anticipated in 2021
•Continued Guyana progress with third major deepwater development approval and two new discoveries

Second
Third QuarterQuarterFirst Nine Months
20202019202020202019
Results Summary   
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)(680)3,170(1,080)(2,370)8,650
Earnings/(Loss) Per Common Share
Assuming Dilution(0.15)0.75(0.26)(0.55)2.03
Identified Items Per Common Share
Assuming Dilution0.030.070.44(0.20)0.19
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution (0.18)0.68(0.70)(0.35)1.84
Capital and Exploration Expenditures4,1337,7195,32716,60322,688
 
IRVING, Texas – October 30, 2020 – Exxon Mobil Corporation today announced an estimated third quarter 2020 loss of $680 million, or $0.15 per share assuming dilution. Third quarter capital and exploration expenditures were $4.1 billion, bringing year-to-date spending to $16.6 billion, more than $6 billion lower than the prior year period.

Oil-equivalent production was 3.7 million barrels per day, up 1 percent from the second quarter of 2020. Production continued to reflect COVID-19 demand impacts, including economic and government mandated curtailments. Excluding entitlement effects, divestments, and government mandates, liquids production increased 2 percent, while natural gas volumes decreased 1 percent.

“We remain confident in our long-term strategy and the fundamentals of our business, and are taking the necessary actions to preserve value while protecting the balance sheet and dividend,” said Darren W. Woods, chairman and chief executive officer. “We are on pace to achieve our 2020 cost-reduction targets and are progressing additional savings next year as we manage through this unprecedented down cycle.”



The company’s preliminary 2021 capital program, which will be reviewed by the board of directors in the fourth quarter, is expected to be in the range of $16 billion to $19 billion, a reduction from the 2020 target of $23 billion announced in April. The company expects to identify further structural efficiencies as it continues previously announced country-by-country reviews.

Third Quarter 2020 Business Highlights

Upstream
•Average third quarter realizations for crude oil improved significantly, as market prices increased following the second quarter's challenging environment. Natural gas realizations declined, primarily due to a lag in crude-linked LNG contract pricing.

•Improved market conditions enabled full recovery of production impacted by economic curtailments. Government mandated curtailments negatively impacted third quarter results and are anticipated to continue in the fourth quarter.

Downstream
•Supply chain optimization, higher product sales due to increased demand, and higher marketing margins more than offset lower industry fuels margins driven by market oversupply and high product inventory levels.

•Third quarter saw the best reliability and process performance in the last 10 years, while average refinery utilization increased about 6 percent from the second quarter on demand recovery. Refining capacity sparing decreased to about 25 percent.

Chemical 
▪Chemical sales volumes were higher than second quarter, benefiting from resilient packaging demand and recovering automotive and construction markets. Chemical margins were negatively impacted by higher feed costs.

▪The company's Corpus Christi chemical complex joint venture is approximately 80 percent complete, with start-up activities expected to commence in the fourth quarter of 2021.

Strengthening the Portfolio
▪ExxonMobil announced that is has funded the Payara development offshore Guyana, following government and regulatory approvals. The third major project in the Stabroek Block will have the capacity to produce up to 220,000 oil-equivalent barrels per day after expected startup in 2024. The company also made its 17th and 18th discoveries at the Yellowtail-2 and Redtail-1 wells, respectively, increasing the estimated recoverable resource to nearly 9 billion oil-equivalent barrels on the Stabroek block.

•During the quarter, production volumes in the Permian averaged 401,000 oil-equivalent barrels per day which included full recovery of volumes curtailed in the prior quarter. Full year 2020 production is anticipated to be approximately 360,000 oil-equivalent barrels per day. Focus remains on lowering overall development costs through efficiency gains and technology applications. Compared to 2019, drilling and completion costs decreased more than 20 percent, while drilling rates (lateral feet per day) and fracturing rates (stages per day) both increased more than 30 percent. Rig count reductions continue, with 10-15 rigs expected to be operating by year-end.

•ExxonMobil continues to improve its industry-leading development opportunities, as illustrated by the growth of the recoverable resource base in Guyana to nearly 9 billion barrels of oil equivalent, and other high-value assets in the U.S. Permian Basin, Mozambique, Papua New Guinea and Brazil. Given the high quality opportunities in ExxonMobil's portfolio and the constraints of the current market environment, the corporation is assessing its full portfolio to prioritize assets with the highest value potential within its broad range of available opportunities. This effort includes an ongoing re-assessment of North American dry gas
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assets currently included in the corporation’s development plan. Depending on the outcome of the planning process, including in particular any significant future changes to the corporation’s current development plans for its dry gas portfolio, long-lived assets with carrying values of approximately $25 billion to $30 billion could be at risk for significant impairment. If these assets remain in our long-term development plan, similar to previous years, it is unlikely the assets would be subject to material impairment. The company expects to complete this assessment in the fourth quarter.

Disciplined Investing and Cost Management
▪ExxonMobil made significant progress during the quarter on previously announced capital and cash operating expense reductions. Planned reductions to the 2020 capital spending program, from $33 billion to $23 billion, are ahead of schedule, reflecting increased efficiencies, lower market prices, and slower project pace. An expected decrease in cash operating expenses of about 15 percent is also ahead of schedule, capturing savings from increased efficiencies, reduced activity, and lower energy costs and volumes.

Advancing Innovative Technologies and Products
▪The company continued to progress work on scaling carbon-capture technologies aimed at reducing emissions. Following 12 months of technical evaluation, ExxonMobil and Global Thermostat announced an expanded joint development agreement to advance and bring to scale breakthrough technology that removes carbon dioxide directly from the atmosphere. ExxonMobil also announced, in collaboration with the University of California, Berkeley and the Lawrence Berkeley National Laboratory, the discovery of a new material that could capture more than 90 percent of carbon dioxide from industrial sources, such as natural gas-fired power plants.

▪ExxonMobil built on the company's longstanding efforts to develop and deliver products that help meet society's energy needs while reducing environmental impacts. These efforts included an agreement with Global Clean Energy Holdings to purchase 2.5 million barrels of renewable diesel per year for five years from a Bakersfield, CA biorefinery starting in 2022. Based on analysis of California Air Resources Board (CARB) data, renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40 percent to 80 percent compared to petroleum-based diesel.
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Results and Volume Summary
Millions of Dollars3Q3Q  
(unless noted)20202019ChangeComments
Upstream    
U.S.(681)37-718Lower prices partly offset by reduced expenses
Non-U.S.2982,131-1,833Lower prices and one-time tax items, partly offset by reduced expenses
Total(383)2,168-2,551Prices -2,630, volume -60, expenses +500, other -350, identified item -10
Production (koebd)3,6723,899-227Liquids -106 kbd: higher entitlements, lower downtime/maintenance, and growth, more than offset by government mandates, divestments, and lower demand including economic curtailments

Gas -729 mcfd: higher entitlements more than offset by divestments, higher downtime/maintenance, and decline
Downstream   
U.S.(136)673-809Lower margins on weaker industry refining conditions, partly offset by reduced expenses and improved manufacturing
Non-U.S.(95)557-652Lower margins on weaker industry refining conditions and lower market demand, partly offset by reduced expenses and improved manufacturing
Total(231)1,230-1,461Margins -1,880, market demand -80, expenses +360, other +140
Petroleum Product Sales (kbd)5,0235,504-481
Chemical   
U.S.35753+304Higher margins and lower expenses; favorable identified item (noncash inventory valuation +29)
Non-U.S.304188+116
Lower margins more than offset by lower expenses and favorable identified item (noncash inventory valuation +86)
Total661241+420Margins +70, volumes +30, expenses +170, identified items +120,
forex/other +30
Prime Product Sales (kt)6,6246,476+148
Corporate and financing(727)(469)-258Absence of prior year identified item (-307, tax)
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Results and Volume Summary
Millions of Dollars3Q2Q  
(unless noted)20202020ChangeComments
Upstream    
U.S.(681)(1,197)+516Higher liquids prices and lower expenses; unfavorable identified item (noncash inventory valuation -45)
Non-U.S.298(454)+752Higher liquids prices partly offset by lower LNG prices; favorable volume/mix and lower expenses; unfavorable identified item (noncash inventory valuation -179)
Total(383)(1,651)+1,268Prices +1,390, volume +140, expenses +110, identified items -220, other -150
Production (koebd)3,6723,638+34Liquids -20 kbd: higher demand including reduced economic curtailments, more than offset by higher downtime/maintenance, lower entitlements and decline

Gas +326 mcfd: higher entitlements and demand including reduced economic curtailments, partly offset by decline
Downstream   
U.S.(136)(101)-35Higher margins with favorable trading activity more than offsetting weaker industry refining conditions, higher market demand, and improved manufacturing more than offset by unfavorable identified item (noncash inventory valuation -401)
Non-U.S.(95)1,077-1,172Lower margins on weaker industry refining conditions more than offset by higher market demand and lower expenses; unfavorable forex and unfavorable identified item (noncash inventory valuation -1,184)
Total(231)976-1,207Margins +70, market demand +300, expenses +60, identified items -1,580, other -60
Petroleum Product Sales (kbd)5,0234,437+586
Chemical   
U.S.357171+186Higher volumes; favorable identified item (noncash inventory valuation +58)
Non-U.S.304296+8
Lower margins more than offset by higher volumes and lower expenses; unfavorable identified item (noncash inventory valuation -58)
Total661467+194Margins -80, volumes +220, expenses +40, forex/other +10
Prime Product Sales (kt)6,6245,945+679
Corporate and financing(727)(872)+145Lower financing and corporate costs


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Results and Volume Summary
Millions of DollarsYTDYTD
(unless noted)20202019ChangeComments
Upstream
U.S.(2,582)468-3,050Lower prices partly offset by reduced expenses; unfavorable identified item (impairment -315)
Non-U.S.1,0847,837-6,753Lower prices and volumes, partly offset by reduced expenses and favorable foreign exchange effects; unfavorable identified items (noncash inventory valuation -61, impairment -41, prior year tax item -487)
Total(1,498)8,305-9,803Prices -9,050, volume -320, expenses +630, identified items -900, other -160
Production (koebd)3,7853,929-144Liquids -12 kbd: growth, higher entitlements, and lower downtime/maintenance, more than offset by divestments, government mandates, and lower demand including economic curtailments

Gas -794 mcfd: higher entitlements and growth, more than offset by divestments and lower demand including economic curtailments
Downstream
U.S.(338)822-1,160Lower margins on weaker industry refining conditions and reduced market demand partly offset by lower expenses and improved manufacturing
Non-U.S.472603-131Lower margins on weaker industry refining conditions and reduced market demand partly offset by improved manufacturing and lower expenses; unfavorable identified items (-326, mainly impairment)
Total1341,425-1,291Margins -2,260, market demand -520, manufacturing +920, expenses +860, other +40, identified items -330
Petroleum Product Sales (kbd)4,9165,443-527
Chemical
U.S.816208+608
Higher margins partly offset by lower volumes; lower expenses; unfavorable identified item (-90, impairment)
Non-U.S.456739-283Lower margins and volumes partly offset by lower expenses
Total1,272947+325
Margins +190, volumes -220, expenses +380, identified items -90, forex/other +60
Prime Product Sales (kt)18,80619,947-1,141
Corporate and financing(2,278)(2,027)-251
Absence of prior year identified items (-332, tax) and higher financing costs partly offset by lower corporate costs

6

 Cash Flow from Operations and Asset Sales excluding Working Capital
 Millions of Dollars3Q 
  2020Comments
 Net income (loss) including noncontrolling interests(709)Including ($29) million noncontrolling interests
 Depreciation4,983
 Noncash inventory adjustment(115)Including ($2) million noncontrolling interests
 Changes in operational working capital863Mainly inventory draw
 Other(633)Includes changes in deferred income taxes
 Cash Flow from Operating4,389 
 Activities (U.S. GAAP)  
 Asset sales100 
 Cash Flow from Operations4,489 
 and Asset Sales  
 Changes in operational working capital(863) 
 Cash Flow from Operations3,626 
 and Asset Sales excluding Working Capital  

 Millions of DollarsYTD 
  2020Comments
 Net income (loss) including noncontrolling interests(2,648)Including ($278) million noncontrolling interests
 Depreciation15,718Including impairment impacts
 Noncash inventory adjustment61
 Changes in operational working capital(1,539)Mainly unfavorable payables
 Other(929)Includes changes in deferred income taxes
 Cash Flow from Operating10,663 
 Activities (U.S. GAAP)  
 Asset sales229 
 Cash Flow from Operations10,892 
 and Asset Sales  
 Changes in operational working capital1,539 
 Cash Flow from Operations12,431 
 and Asset Sales excluding Working Capital  

First Nine Months 2020 Financial Updates

During the first nine months of 2020, Exxon Mobil Corporation purchased 6 million shares of its common stock for the treasury at a gross cost of $305 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs.
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ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on October 30, 2020. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance; the impact of the COVID-19 pandemic on results; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; accounting and financial reporting effects resulting from market developments and ExxonMobil’s responsive actions, including potential impairment charges resulting from any significant changes in current development plan strategy or divestments plans; and the impact of new technologies, including to increase capital efficiency and production and to reduce greenhouse gas emissions and intensity, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and global economies and markets; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies while maintaining future competitive positioning; unforeseen technical or operating difficulties; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs; the ability to bring new technologies to commercial scale on a cost-competitive basis; general economic conditions including the occurrence and duration of economic recessions; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2019 Form 10-K and subsequent Forms 10-Q. Statements regarding plans or potential outcomes for the fourth quarter 2020 and 2021 also remain subject to completion of ExxonMobil's annual corporate planning process and approval of the resulting company plan by the Board of Directors, expected in November 2020. We assume no duty to update these statements as of any future date.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for 2020 periods is shown on page 7 and for 2020 and 2019 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for 2020 periods is shown on page 7 and for 2020 and 2019 periods in Attachment V.

This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2020 and 2019 periods in Attachments II-a and
8

II-b. Corresponding per share amounts are shown on page 1 and in attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales‑based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash flow from operations and asset sales”, and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.

LIFO Inventory

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). The corporation’s results for the first quarter of 2020 included an after-tax earnings charge of $2,096 million from writing down the book value of inventories to their market value at the end of the period. The corporation’s results for the second and third quarters of 2020 included after-tax earnings benefits of $1,922 million and $113 million, respectively, mainly reflecting reversals of the majority of the first quarter charge due to rising commodity prices. The earnings impact may be adjusted in the fourth quarter based on prevailing market prices at that time. At year-end, any required adjustment is considered permanent and is incorporated into the LIFO carrying value of the inventory.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

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Estimated Key Financial and Operating Data
Attachment I
Exxon Mobil Corporation
Third Quarter 2020
(millions of dollars, unless noted)
 Second
 Third QuarterQuarterFirst Nine Months
 20202019202020202019
Earnings (Loss) / Earnings (Loss) Per Share   
Total revenues and other income46,19965,04932,605134,962197,765
Total costs and other deductions46,57160,32834,245137,232184,123
Income (loss) before income taxes(372)4,721(1,640)(2,270)13,642
Income taxes3371,474(471)3784,598
Net income (loss) including noncontrolling interests(709)3,247(1,169)(2,648)9,044
Net income (loss) attributable to noncontrolling interests(29)77(89)(278)394
Net income (loss) attributable to ExxonMobil (U.S. GAAP)(680)3,170(1,080)(2,370)8,650
Earnings (loss) per common share (dollars)(0.15)0.75(0.26)(0.55)2.03
Earnings (loss) per common share  
- assuming dilution (dollars)(0.15)0.75(0.26)(0.55)2.03
Exploration expenses, including dry holes188299214690912
Other Financial Data  
Dividends on common stock    
Total3,7163,7163,71511,15010,936
Per common share (dollars)0.870.870.872.612.56
Millions of common shares outstanding  
At period end4,2284,231
Average - assuming dilution4,2714,2714,2714,2704,270
ExxonMobil share of equity at period end177,400189,915
ExxonMobil share of capital employed at period end248,485239,653
Income taxes3371,474(471)3784,598
Total other taxes and duties7,9018,3175,68321,08124,770
Total taxes8,2389,7915,21221,45929,368
Sales-based taxes4,3035,2283,12911,91715,474
Total taxes including sales-based taxes12,54115,0198,34133,37644,842
ExxonMobil share of income taxes of  
equity companies134426(18)5761,776
10

Attachment II-a
Exxon Mobil Corporation
Third Quarter 2020
 Second
$ MillionsThird QuarterQuarterFirst Nine Months
 20202019202020202019
Earnings/(Loss) (U.S. GAAP)(680)3,170(1,080)(2,370)8,650
Identified Items Included in Earnings/(Loss)   
Noncash inventory valuation - lower of cost or market113—1,922(61)—
Impairment———(787)—
Tax items—307——812
Corporate total1133071,922(848)812
Earnings/(Loss) Excluding Identified Items(793)2,863(3,002)(1,522)7,838
$ Per Common Share1
   
Earnings/(Loss) Per Common Share   
Assuming Dilution (U.S. GAAP)(0.15)0.75(0.26)(0.55)2.03
   
Identified Items Included in Earnings/(Loss)
Per Common Share Assuming Dilution   
Noncash inventory valuation - lower of cost or market0.03—0.44(0.02)—
Impairment———(0.18)—
Tax items—0.07——0.19
Corporate total0.030.070.44(0.20)0.19
   
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution(0.18)0.68(0.70)(0.35)1.84
1 Computed using the average number of shares outstanding during each period.
 
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Attachment II-b
Exxon Mobil Corporation
Third Quarter 2020
(millions of dollars)
Second
Third QuarterQuarterFirst Nine Months
20202019202020202019
Earnings/(Loss) (U.S. GAAP)   
Upstream   
United States(681)37(1,197)(2,582)468
Non-U.S.2982,131(454)1,0847,837
Downstream
United States(136)673(101)(338)822
Non-U.S.(95)5571,077472603
Chemical
United States35753171816208
Non-U.S.304188296456739
Corporate and financing(727)(469)(872)(2,278)(2,027)
Net income (loss) attributable to ExxonMobil(680)3,170(1,080)(2,370)8,650
Identified Items Included in Earnings/(Loss)   
U.S. Upstream   
Other Items (Inventory valuation, Impairment)——45(315)—
Non-U.S. Upstream   
Tax Items————487
Other Items (Inventory valuation, Impairment)(11)—168(102)—
U.S. Downstream   
Other Items (Inventory valuation, Impairment)3—404(4)—
Non-U.S. Downstream   
Tax Items————(9)
Other Items (Inventory valuation, Impairment)6—1,190(335)—
U.S. Chemical   
Other Items (Inventory valuation, Impairment)29—(29)(90)—
Non-U.S. Chemical   
Tax Items————2
Other Items (Inventory valuation, Impairment)86—144(2)—
Corporate and financing   
Tax Items—307——332
Corporate total1133071,922(848)812
Earnings/(Loss) Excluding Identified Items   
Upstream   
United States(681)37(1,242)(2,267)468
Non-U.S.3092,131(622)1,1867,350
Downstream   
United States(139)673(505)(334)822
Non-U.S.(101)557(113)807612
Chemical   
United States32853200906208
Non-U.S.218188152458737
Corporate and financing(727)(776)(872)(2,278)(2,359)
Corporate total(793)2,863(3,002)(1,522)7,838

12

Attachment III
Exxon Mobil Corporation
Third Quarter 2020
 Second
 Third QuarterQuarterFirst Nine Months
 20202019202020202019
Net production of crude oil, natural gas   
liquids, bitumen and synthetic oil,   
thousand barrels per day (kbd)   
United States692654628673639
Canada / Other Americas487464483509462
Europe261133129113
Africa297371333330374
Asia735738783771737
Australia / Oceania4952484544
Worldwide2,2862,3922,3062,3572,369
Natural gas production available for sale,   
million cubic feet per day (mcfd)   
United States2,6112,8832,6422,6922,800
Canada / Other Americas269254269284247
Europe4011,0046197701,440
Africa117486
Asia3,7913,4333,2183,5743,516
Australia / Oceania1,2331,4641,2381,2381,351
Worldwide8,3169,0457,9908,5669,360
Oil-equivalent production (koebd)1
3,6723,8993,6383,7853,929
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
 
13

Attachment IV
Exxon Mobil Corporation
Third Quarter 2020
 Second
 Third QuarterQuarterFirst Nine Months
 20202019202020202019
Refinery throughput (kbd)   
United States1,6011,6471,4401,5331,484
Canada341363278334363
Europe1,1831,3251,0851,1871,322
Asia Pacific486532568564608
Other148185145161180
Worldwide3,7594,0523,5163,7793,957
Petroleum product sales (kbd) 
United States2,2972,3361,9592,1632,270
Canada446492353418486
Europe1,2531,5081,1301,2621,487
Asia Pacific614700640654741
Other413468355419459
Worldwide5,0235,5044,4374,9165,443
Gasolines, naphthas2,0772,2551,7361,9782,201
Heating oils, kerosene, diesel1,7501,8331,6491,7551,855
Aviation fuels152445147227408
Heavy fuels242261262255289
Specialty products802710643701690
Worldwide5,0235,5044,4374,9165,443
Chemical prime product sales,  
thousand metric tons (kt)  
United States2,3632,2161,9856,5436,833
Non-U.S.4,2614,2603,96012,26313,114
Worldwide6,6246,4765,94518,80619,947

















14

Attachment V
Exxon Mobil Corporation
Third Quarter 2020
(millions of dollars)
 Second
 Third QuarterQuarterFirst Nine Months
 20202019202020202019
Capital and Exploration Expenditures   
Upstream   
United States1,2603,0021,6375,6958,805
Non-U.S.1,5342,7891,9405,8028,589
Total2,7945,7913,57711,49717,394
Downstream 
United States3905907191,8561,628
Non-U.S.3824793341,2031,383
Total7721,0691,0533,0593,011
Chemical 
United States4076565631,5671,761
Non-U.S.157196132474505
Total5648526952,0412,266
Other372617
Worldwide4,1337,7195,32716,60322,688
Cash flow from operations and asset sales excluding working capital
Net cash provided by operating activities 
(U.S. GAAP)4,3899,079—10,66323,364
Proceeds associated with asset sales10046043229600
Cash flow from operations and asset sales4,4899,5394310,89223,964
Changes in operational working capital(863)(1,550)1,4601,539(2,564)
Cash flow from operations and asset sales3,6267,9891,50312,43121,400
excluding working capital   
15

Attachment VI
Exxon Mobil Corporation
Earnings/(Loss)
 $ Millions
$ Per Common Share1
2016  
First Quarter1,8100.43
Second Quarter1,7000.41
Third Quarter2,6500.63
Fourth Quarter1,6800.41
Year7,8401.88
2017  
First Quarter4,0100.95
Second Quarter3,3500.78
Third Quarter3,9700.93
Fourth Quarter8,3801.97
Year19,7104.63
2018  
First Quarter4,6501.09
Second Quarter3,9500.92
Third Quarter6,2401.46
Fourth Quarter6,0001.41
Year20,8404.88
2019  
First Quarter2,3500.55
Second Quarter3,1300.73
Third Quarter3,1700.75
Fourth Quarter5,6901.33
Year14,3403.36
2020  
First Quarter(610)(0.14)
Second Quarter(1,080)(0.26)
Third Quarter(680)(0.15)
1 Computed using the average number of shares outstanding during each period.
16
Document


EXXON MOBIL CORPORATIONEXHIBIT 99.2
To assist investors in assessing 3Q20 results, the following disclosures have been made available in this 8-K filing:
-Identified items of $0.03 per share assuming dilution, as noted on page 1 of the news release
-A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 7 and attachment V of the news release
3Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings (Loss), $M3Q202Q201Q204Q193Q19
Upstream     
 United States(681)(1,197)(704)6837
 Non-U.S.298(454)1,2406,0692,131
 Total(383)(1,651)5366,1372,168
Downstream
 United States(136)(101)(101)895673
 Non-U.S.(95)1,077(510)3557
 Total(231)976(611)8981,230
Chemical
 United States357171288(2)53
 Non-U.S.304296(144)(353)188
 Total661467144(355)241
Corporate and financing(727)(872)(679)(990)(469)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)(680)(1,080)(610)5,6903,170
Earnings (Loss) per common share (U.S. GAAP)  (0.15)(0.26)(0.14)1.330.75
Earnings (Loss) per common share
- assuming dilution (U.S. GAAP)(0.15)(0.26)(0.14)1.330.75
Exploration expenses, including dry holes188214288357299
Capital and Exploration Expenditures, $M     
Upstream     
 United States1,2601,6372,7982,8483,002
 Non-U.S.1,5341,9402,3283,2432,789
 Total2,7943,5775,1266,0915,791
Downstream     
 United States390719747725590
 Non-U.S.382334487635479
 Total7721,0531,2341,3601,069
Chemical     
 United States407563597786656
 Non-U.S.157132185213196
 Total564695782999852
Other321107
Total Capital and Exploration Expenditures4,1335,3277,1438,4607,719
Effective Income Tax Rate, %(198)%29%481%20%37%
Common Shares Outstanding, millions     
 At quarter end4,2284,2284,2284,2344,231
 Average - assuming dilution4,2714,2714,2704,2694,271
Total Cash and Cash Equivalents, $B8.812.611.43.15.4
Total Debt, $B68.869.559.646.947.1
Cash Flow from Operations and Asset Sales, $M     
 Net cash provided by operating activities4,389—6,2746,3529,079
 Proceeds associated with asset sales10043863,092460
 Cash flow from operations and asset sales4,489436,3609,4449,539
 Changes in operational working capital(863)1,4609421,641(1,550)
 
Cash flow from operations and asset sales excluding working capital
3,6261,5037,30211,0857,989



EXXON MOBIL CORPORATION
3Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Net production of crude oil, natural gas3Q202Q201Q204Q193Q19
liquids, bitumen and synthetic oil, kbd     
 United States692628699665654
 Canada / Other Americas487483558487464
 Europe26313093113
 Africa297333360366371
 Asia735783795780738
 Australia / Oceania4948384552
Total liquids production2,2862,3062,4802,4362,392
Natural gas production available for sale, mcfd     
 United States2,6112,6422,8252,7132,883
 Canada / Other Americas269269317287254
 Europe4016191,2931,5081,004
 Africa1147107
 Asia3,7913,2183,7103,7533,433
 Australia / Oceania1,2331,2381,2441,2241,464
Total natural gas production available for sale8,3167,9909,3969,4959,045
Total worldwide liquids and gas production, koebd 1
3,6723,6384,0464,0183,899
Refinery throughput, kbd     
 United States1,6011,4401,5581,6751,647
 Canada341278383322363
 Europe1,1831,0851,2951,3041,325
 Asia Pacific486568637570532
 Other Non-U.S.148145187182185
Total refinery throughput3,7593,5164,0604,0534,052
Petroleum product sales, kbd     
 United States2,2971,9592,2312,3562,336
 Canada446353456444492
 Europe1,2531,1301,4031,4561,508
 Asia Pacific614640708729700
 Other Non-U.S.413355489497468
Total petroleum product sales5,0234,4375,2875,4825,504
 Gasolines, naphthas2,0771,7362,1222,2762,255
 Heating oils, kerosene, diesel1,7501,6491,8671,9031,833
 Aviation fuels152147383399445
 Heavy fuels242262256217261
 Specialty products802643659687710
Total petroleum product sales5,0234,4375,2875,4825,504
Chemical prime product sales, kt     
 United States2,3631,9852,1952,2942,216
 Non-U.S.4,2613,9604,0424,2754,260
Total chemical prime product sales6,6245,9456,2376,5696,476


1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.


EXXON MOBIL CORPORATION
3Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)
Earnings Factor Analysis, $M3Q20 vs. 3Q193Q20 vs. 2Q202020 vs. 2019
Upstream  
Prior Period2,168-1,6518,305
Realization-2,6301,390-9,050
Volume / Mix-60140-320
Other140-260-430
Identified Items-10-220-900
Expenses500110630
Forex-50-30160
Other-300-120-320
Current Period-383-383-1,498
Downstream  
Prior Period1,2309761,425
Margin-1,88070-2,260
Volume / Mix120430400
Market Demand (Volume / Mix)-80300-520
Other - Manufacturing (Volume / Mix)200130920
Other300-1,710570
Expenses (Other)36060860
Identified Items10-1,580-330
Forex—-5040
Other-70-140—
Current Period-231-231134
Chemical  
Prior Period241467947
Margin70-80190
Volume / Mix30220-220
Other32050350
Identified Items120—-90
Expenses17040380
Other301060
Current Period6616611,272
Upstream Volume Factor Analysis, koebd  
Prior Period3,8993,6383,929
Downtime / Maintenance7-9049
Growth / Decline8-45107
Entitlements / Divestments-423-63
Government Mandates-139-20-82
Demand / Other-99166-155
Current Period3,6723,6723,785


EXXON MOBIL CORPORATION
3Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4)
Sources and Uses of Funds, $M3Q20    
Beginning Cash12,576    
Earnings-680    
Depreciation4,983    
Noncash inventory adjustment-115    
Working Capital / Other201    
Proceeds Associated with Asset Sales100    
PP&E Adds / Investments and Advances1
-3,809    
Shareholder Distributions-3,716    
Debt / Other Financing-708    
Ending Cash8,832    

1 PP&E Adds / Investments and Advances includes PP&E adds of ($3.3B) and net advances of ($0.5B).
Average Realization Data3Q202Q201Q204Q193Q19
United States     
ExxonMobil     
Crude ($/b)36.8021.7942.8255.6154.51
Natural Gas ($/kcf)1.621.571.692.162.03
Benchmarks     
WTI ($/b)40.9127.8045.9756.9856.44
ANS-WC ($/b)42.7430.0651.4564.3863.03
Henry Hub ($/mbtu)1.981.711.952.502.23
Non-U.S.     
ExxonMobil     
Crude ($/b)38.3020.9141.9656.6155.92
Natural Gas ($/kcf)3.414.075.605.895.81
European NG ($/kcf)3.252.674.685.154.37
Benchmarks     
Brent ($/b)43.0029.2050.2663.2661.94


The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the third quarter of 2020. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates.