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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): February 2, 2021
 
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 February 2, 2021, announcing fourth quarter 2020 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 4Q20 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 February 2, 2021, announcing fourth quarter 2020 results.
  
4Q20 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: February 2, 2021
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/ddb932e599d07b2291b41f81ab658ee9-f8k991001x0x01.gif
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039
972 940 6007 Telephone
972 940 6143 Facsimile
FOR IMMEDIATE RELEASE
TUESDAY, FEBRUARY 2, 2021

ExxonMobil Reports Results for Fourth Quarter 2020
and Provides Perspective on Forward Plans

Fourth Quarter and Full-Year 2020 Results
•Fourth quarter loss of $20.1 billion included unfavorable identified items of $20.2 billion, primarily non-cash impairments; earnings excluding identified items were $110 million, or $0.03 per share assuming dilution
•Exceeded cost-reduction objectives, with 2020 capital spending of $21 billion below target by $2 billion; cash operating expense more than 15% below 2019, of which $3 billion is a structural reduction
•Met 2020 methane emissions (15%) and flaring (25%) reduction targets versus 20161, and announced 2025 emission reduction plans; projected to be consistent with the Paris Agreement

Management Perspectives on Forward Plans
•Additional annual structural operating expense reductions of $3 billion expected by 2023, resulting in total annual structural reductions of $6 billion versus 2019
•Cash flow this year expected to cover capex and maintain dividend and strong balance sheet. Assumptions include Brent prices of $50 per barrel and lowest annual Downstream and Chemical margins during 2010-2019; portfolio flexibility enables further adjustments
•ExxonMobil Low Carbon Solutions business created and new independent director elected

Third
Fourth QuarterQuarterTwelve Months
20202019202020202019
Results Summary   
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)(20,070)5,690(680)(22,440)14,340
Earnings/(Loss) Per Common Share
Assuming Dilution(4.70)1.33(0.15)(5.25)3.36
Identified Items Per Common Share
Assuming Dilution(4.73)0.920.03(4.92)1.11
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution 0.030.41(0.18)(0.33)2.25
Capital and Exploration Expenditures4,7718,4604,13321,37431,148

1 Compared to 2016 levels based on assets operated by ExxonMobil. Preliminary analysis assumes performance from OBO assets is similar to 2019.


IRVING, Texas – February 2, 2021 – Exxon Mobil Corporation today announced an estimated fourth quarter 2020 loss of $20.1 billion, or $4.70 per share assuming dilution. Fourth quarter capital and exploration expenditures were $4.8 billion, bringing full-year spending to $21.4 billion, $9.8 billion lower than the prior year.

Oil-equivalent production in the fourth quarter was 3.7 million barrels per day, consistent with the third quarter of 2020. Production was reduced by government mandated curtailments. Excluding entitlement effects, divestments, and government mandates, liquids production increased 5 percent, while natural gas volumes increased 2 percent.

“The past year presented the most challenging market conditions ExxonMobil has ever experienced,” said Darren W. Woods, chairman and chief executive officer. “While the effects of the pandemic significantly impacted our 2020 results, our previously executed strategic initiatives and reorganizations enabled us to respond decisively to permanently improve our cost structure, drive greater efficiencies across our businesses, and emerge a stronger company. These improvements are expected to deliver structural expense savings of $6 billion per year by 2023, relative to 2019.”

“We remain focused on increasing long-term value for our shareholders by investing in our highest-return assets, preserving the strength of the balance sheet, and paying a reliable dividend. We’ve built a flexible capital program that is robust to a range of market scenarios and focused on our highest-return opportunities to drive greater cash flow, cover the dividend, and increase the earnings potential of our business in the near and longer term.”

Fourth Quarter and Full-Year 2020 Results and Business Highlights

Upstream
•Average realizations for crude oil were in line with the third quarter. Natural gas realizations rose by 39 percent in the quarter, reflecting market supply disruptions and seasonal demand.

•Liquid volumes increased 2 percent from the third quarter driven by lower maintenance and downtime. Natural gas volumes decreased 2 percent driven by reduced entitlements.

•Upstream full-year 2020 reliability matched best-ever performance with focus on best-in-class operations.

Downstream
•The Downstream delivered full-year cost reductions in line with revised targets, and achieved best-ever personnel safety, process safety, and reliability performance.

•Industry fuels margins improved slightly from the third quarter, but remained near historic lows driven by market oversupply and high product inventory levels. Lubricants delivered strong fourth quarter and full-year performance underpinned by improved margins and cost control, despite pandemic-related challenges.

Chemical 
•Fourth quarter earnings of $691 million represent the best quarterly result since 2018, underpinned by strong safety and operational performance, and advantages from integration with refining. Chemical also achieved best-ever full-year 2020 personnel safety, process safety, and reliability performance.

•Chemical sales volumes were even with the third quarter, while industry margins strengthened on continued strong packaging demand, automotive and durables market recovery and industry supply disruptions.

•Achieved record full-year polyethylene sales driven by strong performance from recent investments and growing demand for the company's high-value performance products.

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Strengthening the Portfolio
•During the quarter, production volumes in the Permian averaged 418,000 oil-equivalent barrels per day, an increase of 42 percent from the prior year. Full-year 2020 production averaged 367,000 oil-equivalent barrels per day. Focus remains on lowering overall development costs and increasing recovery through efficiency gains and technology applications. Full-year 2020 drilling and completion costs were more than 25 percent lower than 2019. Over the same period, drilling rates (lateral feet per day) improved more than 20 percent and fracturing rates (stages per day) improved more than 30 percent.

▪ExxonMobil continued to progress major deepwater development in Guyana. Exploration, appraisal, and development drilling continues across four rigs with plans to add additional rigs in the first half of 2021. The Liza Phase 1 development, utilizing the Liza Destiny floating production, storage, and offloading vessel (FPSO), is producing at capacity of 120,000 gross barrels of oil per day. The Liza Unity FPSO, which will be deployed for the second phase of Liza development and will have a gross production capacity of 220,000 barrels of oil per day, is under construction and is expected to start production in 2022. Payara, the third major phase of development, which was fully funded in 2020, will also have a gross production capacity of 220,000 barrels of oil per day and is expected to start up in 2024.

Disciplined Investing and Cost Management
•ExxonMobil exceeded its commitments to reduce capital and cash operating expenses. Full-year 2020 capital spending of $21.4 billion was nearly $12 billion, or 35 percent, lower than the initial $33 billion plan, and $2 billion below the revised $23 billion plan, reflecting project pacing and optimization, increased efficiencies, and lower market prices. Cash operating expenses for the year were 15 percent lower than 2019, capturing savings from increased efficiencies, reduced activity, and lower energy costs.

•Driven by the growing strength of ExxonMobil's investment portfolio, less strategic assets were removed from the company's Upstream development plan, including certain dry gas resources in the United States, western Canada and Argentina. Total non-cash, after-tax fourth quarter impairment charges were $19.3 billion.

•As a result of ExxonMobil's ongoing country-by-country workforce assessments and associated reductions, the company's fourth quarter results include an identified item for after-tax severance charges of $326 million.


Management Perspectives on Forward Plans

Achieving Structural Cost Reductions
In 2020, ExxonMobil reduced annual cash operating expenses by $8 billion, of which $3 billion are structural reductions. The Company expects to generate additional annual savings of $3 billion by 2023, resulting in total structural annual expense reductions of $6 billion, including savings from a global workforce reduction.

Newly created value chain organizations for ExxonMobil’s businesses present ongoing opportunities to better leverage the scale and integration of the corporation and drive further expense reductions. These cost savings will improve long-term net cash margins, and enhance earnings power and cash generation. ExxonMobil will continue to evaluate its organization and cost structure to identify additional opportunities to reduce operating expenses.

Capital Investments Flexible to Market Condition
The company expects 2021 cash flow to cover capital expenditures while maintaining the dividend and a strong balance sheet. These expectations are valid at Brent prices of $50 per barrel and at the lowest annual Downstream and Chemical margins during 2010-2019. Should the price and margin environment fall below these levels, capital expenditures can be further reduced to enable dividend coverage and maintenance of balance sheet strength at Brent prices of approximately $45 per barrel.
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The company’s longer-term capital plan focuses on cost-advantaged opportunities that lower breakeven oil prices even further, maximizing free cash flow generation. Approximately 90 percent of ExxonMobil’s 2021-2025 upstream development capital expenditure has a cost-of-supply of $35 Brent per barrel or lower. The company’s integrated portfolio and low cost-of-supply upstream projects enable it to maintain the dividend and fund annual 2022-2025 capital investments, while preserving balance sheet strength, at Brent prices between $45 and $50 per barrel, assuming 2010-2019 average Downstream and Chemical margins. The 2021-2025 start-ups are expected to generate approximately 40 percent of operating cash flows in 2025. Should prices fall below $45 per barrel, the company has the ability to further reduce capital investments, cover the dividend and maintain a strong balance sheet.

The company’s strategy is to improve earnings power and cash generation by developing low cost-of-supply, high-value projects that are resilient to challenging market environments. Making these industry-advantaged investments in today’s market, while covering the dividend and maintaining a strong balance sheet, improves capital efficiency and positions the company to capture even more upside should commodity prices and margins increase during the period. An update on these initiatives will be provided during the company’s March Investor Day and as the year progresses.

Reducing Emissions and Advancing Low Carbon Solutions
ExxonMobil has announced the creation of a new business – ExxonMobil Low Carbon Solutions – to commercialize its extensive low-carbon technology portfolio. The organization will advance plans for more than 20 new carbon capture and sequestration (CCS) opportunities around the world to enable large-scale emission reductions.

ExxonMobil Low Carbon Solutions builds on more than two decades of R&D for lower emission solutions, efficiency improvements in operations and an industry leading CCS position, all of which have enabled ExxonMobil to reduce its Scope 1 and Scope 2 greenhouse gas emissions from operated assets by 6 percent since the adoption of the Paris Agreement in 20162.

In the fourth quarter, ExxonMobil announced plans to further reduce the intensity of its operated upstream greenhouse gas emissions by 15 to 20 percent by 2025, compared to 2016 levels. This will be supported by a 40 to 50 percent decrease in methane intensity, and a 35 to 45 percent decrease in flaring intensity across its global operations. The 2025 emission reduction plans are expected to reduce absolute greenhouse gas emissions by an estimated 30 percent for the Company’s upstream business. Similarly, absolute flaring and methane emissions are expected to decrease by 40 to 50 percent. The emission reduction plans, which cover Scope 1 and Scope 2 emissions from operated assets, are projected to be consistent with the goals of the Paris Agreement and position ExxonMobil to be an industry leader in greenhouse gas performance by 2030. The Company’s plans are outlined in its newly released Energy & Carbon Summary.

At year-end 2020, the Company achieved its earlier emission reduction goals outlined in 2018. These included a 15 percent reduction in methane emissions versus 2016 levels, and 25 percent reduction in flaring versus 2016 levels3.

Ongoing Board Refreshment
ExxonMobil announced today the election of Tan Sri Wan Zulkiflee Wan Ariffin, former Petronas president and Group CEO, to its board of directors. ExxonMobil continues discussions with other director candidates with a range of skills sets for potential addition to its board, as part of its ongoing refreshment process. The board expects to take further action in the near term.
2 As of 2019.
3 Compared to 2016 levels based on assets operated by ExxonMobil. Preliminary analysis assumes performance from OBO assets is similar to 2019.
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Results and Volume Summary
Millions of Dollars4Q4Q  
(unless noted)20202019ChangeComments
Upstream    
U.S.(16,803)68-16,871Lower liquids prices partly offset by reduced expenses and higher volumes; unfavorable identified item (impairment -16,777)
Non-U.S.(1,729)6,069-7,798Lower prices and reduced volumes, partly offset by favorable one-time tax items and reduced expenses; unfavorable identified items (prior year Norway divestment -3,679, impairment -2,203, net tax items -565)
Total(18,532)6,137-24,669Prices -2,150, volume +20, expenses +350, identified items -23,220, other +330
Production (koebd)3,6894,018-329Liquids -111 kbd: government mandates and divestments, partly offset by lower downtime/maintenance and growth

Gas -1,310 mcfd: reduced demand, lower entitlements and divestments
Downstream   
U.S.(514)895-1,409Lower margins on weaker industry refining conditions and unfavorable LIFO inventory impact (-536), partly offset by reduced expenses and net favorable one-time items
Non-U.S.(697)3-700Lower margins on weaker industry refining conditions, lower market demand, and net unfavorable one-time items, partly offset by reduced expenses and favorable LIFO inventory impact (+124); unfavorable identified items (impairment -258, tax item -262)
Total(1,211)898-2,109Margins -1,540, market demand -100, expenses +440, manufacturing / yield improvement +70, identified items -520, LIFO/other -460
Petroleum Product Sales (kbd)4,8335,482-649
Chemical   
U.S.461(2)+463Higher margins and lower expenses
Non-U.S.230(353)+583Higher margins and lower expenses partly offset by unfavorable LIFO inventory
impact (-71)
Total691(355)+1,046Margins +790, volumes +30, expenses +340, identified items -20, LIFO/other -90
Prime Product Sales (kt)6,6436,569+74
Corporate and financing(1,018)(990)-28Identified items -337 (mainly severance), largely offset by lower corporate costs and tax impacts
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Results and Volume Summary
Millions of Dollars4Q3Q  
(unless noted)20202020ChangeComments
Upstream    
U.S.(16,803)(681)-16,122Higher prices and volumes; unfavorable identified item (impairment -16,777)
Non-U.S.(1,729)298-2,027Higher prices, favorable one-time tax items, and higher liquids volumes, partly offset by increased exploration expenses and unfavorable foreign exchange effects; unfavorable identified items (impairment -2,203, tax item -297)
Total(18,532)(383)-18,149Prices +650, volume +160, expenses -90, identified items -19,270, other +400
Production (koebd)3,6893,672+17
Liquids +39 kbd: lower downtime/maintenance, higher demand including economic curtailment recovery and growth, partly offset by government mandates and lower entitlements

Gas -131 mcfd: lower entitlements and increased downtime/maintenance, partly offset by higher demand
Downstream   
U.S.(514)(136)-378Lower margins on the absence of prior period favorable supply and trading impacts, higher maintenance expenses, unfavorable LIFO inventory impact (-78), lower market demand, and unfavorable foreign exchange impacts, partly offset by net favorable one-time items and manufacturing / yield improvement
Non-U.S.(697)(95)-602Lower margins on unfavorable mark-to-market and product price lag, higher maintenance expenses, and unfavorable tax impacts, partly offset by favorable LIFO inventory impact (+207) and manufacturing / yield improvement; unfavorable identified items (impairment -258, tax item -262)
Total(1,211)(231)-980Margins -430, market demand -40, expenses -300, manufacturing / yield improvement +160, identified items -530, LIFO/other +160
Petroleum Product Sales (kbd)4,8335,023-190
Chemical   
U.S.461357+104Higher margins
Non-U.S.230304-74
Higher margins partly offset by higher expenses on increased maintenance and unfavorable LIFO inventory impact (-84); unfavorable identified items (-108, mainly prior quarter noncash inventory valuation)
Total691661+30Margins +300, volumes +30, expenses -80, identified items -140, LIFO/other -80
Prime Product Sales (kt)6,6436,624+19
Corporate and financing(1,018)(727)-291Identified items -361 (mainly severance)
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Results and Volume Summary
Millions of DollarsFull YearFull Year
(unless noted)20202019ChangeComments
Upstream
U.S.(19,385)536-19,921Lower prices partly offset by reduced expenses and higher volumes; unfavorable identified items (impairments -17,092)
Non-U.S.(645)13,906-14,551Lower prices and volumes, partly offset by reduced expenses and favorable one-time tax items and foreign exchange effects; unfavorable identified items (prior year Norway divestment -3,679, impairments -2,244, net tax items -1,052, noncash inventory valuation -61)
Total(20,030)14,442-34,472Prices -11,210, volume -300, expenses +960, identified items -24,130, other +210
Production (koebd)3,7613,952-191
Liquids -37 kbd: government mandates, divestments and lower demand including economic curtailments, partly offset by growth and reduced downtime/maintenance

Gas -923 mcfd: divestments, Groningen production limit, lower demand including economic curtailments and higher downtime/maintenance, partly offset by growth

Downstream
U.S.(852)1,717-2,569Lower margins on weaker industry refining conditions, reduced market demand, and unfavorable LIFO inventory impact (-536), partly offset by reduced expenses, manufacturing / yield improvement, and net favorable one-time items
Non-U.S.(225)606-831Lower margins on weaker industry refining conditions and reduced market demand, partly offset by reduced expenses, manufacturing / yield improvement, and LIFO inventory impacts (+124); unfavorable identified items (impairments -593, net tax items -253)
Total(1,077)2,323-3,400Margins -3,820, market demand -620, manufacturing / yield improvement +990, expenses +1,290, identified items -850, LIFO/other -390
Petroleum Product Sales (kbd)4,8955,452-557
Chemical
U.S.1,277206+1,071
Higher margins and lower expenses partly offset by lower volumes; unfavorable identified item (-90, impairment)
Non-U.S.686386+300Lower expenses and favorable foreign exchange impacts partly offset by lower volumes and unfavorable LIFO inventory impact (-71)
Total1,963592+1,371
Margins +930, volumes -150, expenses +710, identified items -120
Prime Product Sales (kt)25,44926,516-1,067
Corporate and financing(3,296)(3,017)-279Higher financing costs more than offset by lower corporate costs; identified items (-669)
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 Cash Flow from Operations and Asset Sales excluding Working Capital
 Millions of Dollars4Q 
  2020Comments
 Net income (loss) including noncontrolling interests(20,603)Including ($533) million noncontrolling interests
Identified items - impairment (after tax)19,273
 Depreciation5,030
 Changes in operational working capital(114)
 Other419
 Cash Flow from Operating4,005 
 Activities (U.S. GAAP)  
 Asset sales770Deferred proceeds from Norway asset sales
 Cash Flow from Operations4,775 
 and Asset Sales  
 Changes in operational working capital114 
 Cash Flow from Operations4,889 
 and Asset Sales excluding Working Capital  

 Millions of DollarsFull Year 
  2020Comments
 Net income (loss) including noncontrolling interests(23,251)Including ($811) million noncontrolling interests
Identified items - impairment (after tax)20,060
 Depreciation20,075
 Changes in operational working capital(1,653)Lower net payables due to market conditions
 Other(563)
 Cash Flow from Operating14,668 
 Activities (U.S. GAAP)  
 Asset sales999 
 Cash Flow from Operations15,667 
 and Asset Sales  
 Changes in operational working capital1,653 
 Cash Flow from Operations17,320 
 and Asset Sales excluding Working Capital  

Twelve Months 2020 Financial Updates

During 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 has suspended its first quarter 2021 anti-dilutive share repurchase program due to current market uncertainty and intends to resume the program in the future as market conditions improve.



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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 February 2, 2021. 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; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; carbon capture results and the impact of operational and technology efforts; 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 the COVID-19 Pandemic on results, 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 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 and government responses 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.

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 8 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 8 and for 2020 and 2019 periods in Attachment V.

This press release also includes references to future cash flow and future operating cash flows. As used in this press release, cash flow refers to cash provided by operating activities net of cash used in investing activities before capex. Operating cash flows is defined as earnings plus Depreciation, Depletion, and Amortization. The company feels these terms are important for investors to understand future cash generation potential across a range of prices and market assumptions.

This press release also includes references to upstream development capital expenditures and cost-of-supply. Upstream development capital expenditures include projects that bring on new volumes. Cost-of-supply is defined as Brent price per barrel generating a money forward 10 percent annualized rate of return. The company feels these terms are important for investors to understand the investment profile of planned capital expenditures for 2021-2025.

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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 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.

For future periods, we are unable to provide a reconciliation of forward-looking non-GAAP measures to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions noted above and in the release text.

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 fourth quarters of 2020 and 2019 included a gain of $41 million and $523 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns driven by operational fluctuations in the corporation’s inventory levels.

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.




10

Important Additional Information Regarding Proxy Solicitation

Exxon Mobil Corporation (“ExxonMobil”) intends to file a proxy statement and associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in ExxonMobil’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 26, 2020, ExxonMobil’s proxy statement for the 2020 Annual Meeting of Shareholders, filed with the SEC on April 9, 2020 and ExxonMobil’s Form 8-K filed with the SEC on December 1, 2020. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the 2020 proxy statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at shareholderrelations@exxonmobil.com or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor.
11

Estimated Key Financial and Operating Data
Attachment I
Exxon Mobil Corporation
Fourth Quarter 2020
(millions of dollars, unless noted)
 Third
 Fourth QuarterQuarterTwelve Months
 20202019202020202019
Earnings (Loss) / Earnings (Loss) Per Share   
Total revenues and other income46,54067,17346,199181,502264,938
Total costs and other deductions73,15360,75946,571210,385244,882
Income (loss) before income taxes(26,613)6,414(372)(28,883)20,056
Income taxes(6,010)684337(5,632)5,282
Net income (loss) including noncontrolling interests(20,603)5,730(709)(23,251)14,774
Net income (loss) attributable to noncontrolling interests(533)40(29)(811)434
Net income (loss) attributable to ExxonMobil (U.S. GAAP)(20,070)5,690(680)(22,440)14,340
Earnings (loss) per common share (dollars)(4.70)1.33(0.15)(5.25)3.36
Earnings (loss) per common share  
- assuming dilution (dollars)(4.70)1.33(0.15)(5.25)3.36
Exploration expenses, including dry holes5953571881,2851,269
Other Financial Data  
Dividends on common stock    
Total3,7153,7163,71614,86514,652
Per common share (dollars)0.870.870.873.483.43
Millions of common shares outstanding  
At period end4,2334,234
Average - assuming dilution4,2724,2694,2714,2714,270
ExxonMobil share of equity at period end157,150191,650
ExxonMobil share of capital employed at period end227,137240,925
Income taxes(6,010)684337(5,632)5,282
Total other taxes and duties7,3448,4167,90128,42533,186
Total taxes1,3349,1008,23822,79338,468
Sales-based taxes4,3645,2054,30316,28120,679
Total taxes including sales-based taxes5,69814,30512,54139,07459,147
ExxonMobil share of income taxes of  
equity companies2857141348612,490
12

Attachment II-a
Exxon Mobil Corporation
Fourth Quarter 2020
 Third
$ MillionsFourth QuarterQuarterTwelve Months
 20202019202020202019
Earnings/(Loss) (U.S. GAAP)(20,070)5,690(680)(22,440)14,340
Identified Items Included in Earnings/(Loss)   
Noncash inventory valuation - lower of cost or market——113(61)—
Impairments(19,273)——(20,060)—
Tax(581)268—(581)1,080
Other items (asset management, severance)(326)3,655—(326)3,655
Corporate total(20,180)3,923113(21,028)4,735
Earnings/(Loss) Excluding Identified Items1101,767(793)(1,412)9,605
$ Per Common Share1
   
Earnings/(Loss) Per Common Share   
Assuming Dilution (U.S. GAAP)(4.70)1.33(0.15)(5.25)3.36
   
Identified Items Included in Earnings/(Loss)
Per Common Share Assuming Dilution   
Noncash inventory valuation - lower of cost or market——0.03(0.02)—
Impairments(4.51)——(4.69)—
Tax(0.14)0.06—(0.13)0.25
Other items (asset management, severance)(0.08)0.86—(0.08)0.86
Corporate total(4.73)0.920.03(4.92)1.11
   
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution0.030.41(0.18)(0.33)2.25
1 Computed using the average number of shares outstanding during each period.
 
13

Attachment II-b
Exxon Mobil Corporation
Fourth Quarter 2020
(millions of dollars)
Third
Fourth QuarterQuarterTwelve Months
20202019202020202019
Earnings/(Loss) (U.S. GAAP)   
Upstream   
United States(16,803)68(681)(19,385)536
Non-U.S.(1,729)6,069298(645)13,906
Downstream
United States(514)895(136)(852)1,717
Non-U.S.(697)3(95)(225)606
Chemical
United States461(2)3571,277206
Non-U.S.230(353)304686386
Corporate and financing(1,018)(990)(727)(3,296)(3,017)
Net income (loss) attributable to ExxonMobil(20,070)5,690(680)(22,440)14,340
Identified Items Included in Earnings/(Loss)   
U.S. Upstream   
Impairments(16,777)——(17,092)—
Non-U.S. Upstream   
Impairments(2,203)——(2,244)—
Tax Items(297)268—(297)755
Other Items (Asset Management, Inventory val.)—3,679(11)(61)3,679
U.S. Downstream   
Impairments———(4)—
Other Items (Inventory valuation)——3——
Non-U.S. Downstream   
Impairments(258)——(593)—
Tax Items(262)——(262)(9)
Other Items (Inventory valuation)——6——
U.S. Chemical   
Impairments———(90)—
Other Items (Inventory valuation)——29——
Non-U.S. Chemical   
Impairments———(2)—
Tax Items(22)——(22)2
Other Items (Inventory valuation)——86——
Corporate and financing   
Impairments(35)——(35)—
Tax Items————332
Other Items (Severance, Asset Management)(326)(24)—(326)(24)
Corporate total(20,180)3,923113(21,028)4,735
Earnings/(Loss) Excluding Identified Items   
Upstream   
United States(26)68(681)(2,293)536
Non-U.S.7712,1223091,9579,472
Downstream   
United States(514)895(139)(848)1,717
Non-U.S.(177)3(101)630615
Chemical   
United States461(2)3281,367206
Non-U.S.252(353)218710384
Corporate and financing(657)(966)(727)(2,935)(3,325)
Corporate total1101,767(793)(1,412)9,605
14

Attachment III
Exxon Mobil Corporation
Fourth Quarter 2020
 Third
 Fourth QuarterQuarterTwelve Months
 20202019202020202019
Net production of crude oil, natural gas   
liquids, bitumen and synthetic oil,   
thousand barrels per day (kbd)   
United States719665692685646
Canada / Other Americas619487487536467
Europe32932630108
Africa258366297312372
Asia658780735742748
Australia / Oceania3945494445
Worldwide2,3252,4362,2862,3492,386
Natural gas production available for sale,   
million cubic feet per day (mcfd)   
United States2,6862,7132,6112,6912,778
Canada / Other Americas253287269277258
Europe8481,5084017891,457
Africa12101197
Asia3,2253,7533,7913,4863,575
Australia / Oceania1,1611,2241,2331,2191,319
Worldwide8,1859,4958,3168,4719,394
Oil-equivalent production (koebd)1
3,6894,0183,6723,7613,952
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
 
15

Attachment IV
Exxon Mobil Corporation
Fourth Quarter 2020
 Third
 Fourth QuarterQuarterTwelve Months
 20202019202020202019
Refinery throughput (kbd)   
United States1,5941,6751,6011,5491,532
Canada359322341340353
Europe1,1301,3041,1831,1731,317
Asia Pacific522570486553598
Other150182148158181
Worldwide3,7554,0533,7593,7733,981
Petroleum product sales (kbd) 
United States2,1282,3562,2972,1542,292
Canada415444446418476
Europe1,2271,4561,2531,2531,479
Asia Pacific645729614651738
Other418497413419467
Worldwide4,8335,4825,0234,8955,452
Gasolines, naphthas2,0392,2762,0771,9942,220
Heating oils, kerosene, diesel1,7391,9031,7501,7511,867
Aviation fuels172399152213406
Heavy fuels237217242249270
Specialty products646687802688689
Worldwide4,8335,4825,0234,8955,452
Chemical prime product sales,  
thousand metric tons (kt)  
United States2,4672,2942,3639,0109,127
Non-U.S.4,1764,2754,26116,43917,389
Worldwide6,6436,5696,62425,44926,516

















16

Attachment V
Exxon Mobil Corporation
Fourth Quarter 2020
(millions of dollars)
 Third
 Fourth QuarterQuarterTwelve Months
 20202019202020202019
Capital and Exploration Expenditures   
Upstream   
United States1,1222,8481,2606,81711,653
Non-U.S.1,8123,2431,5347,61411,832
Total2,9346,0912,79414,43123,485
Downstream 
United States4887253902,3442,353
Non-U.S.6746353821,8772,018
Total1,1621,3607724,2214,371
Chemical 
United States4357864072,0022,547
Non-U.S.240213157714718
Total6759995642,7163,265
Other—103627
Worldwide4,7718,4604,13321,37431,148
Cash flow from operations and asset sales excluding working capital
Net cash provided by operating activities 
(U.S. GAAP)4,0056,3524,38914,66829,716
Proceeds associated with asset sales7703,0921009993,692
Cash flow from operations and asset sales4,7759,4444,48915,66733,408
Changes in operational working capital1141,641(863)1,653(923)
Cash flow from operations and asset sales4,88911,0853,62617,32032,485
excluding working capital   
17

Attachment VI
Exxon Mobil Corporation
Earnings/(Loss)
 $ Millions
$ Per Common Share1
2016  
First Quarter1,810 0.43
Second Quarter1,700 0.41
Third Quarter2,650 0.63
Fourth Quarter1,680 0.41
Year7,840 1.88
2017  
First Quarter4,010 0.95
Second Quarter3,350 0.78
Third Quarter3,970 0.93
Fourth Quarter8,380 1.97
Year19,710 4.63
2018  
First Quarter4,650 1.09
Second Quarter3,950 0.92
Third Quarter6,240 1.46
Fourth Quarter6,000 1.41
Year20,840 4.88
2019  
First Quarter2,350 0.55
Second Quarter3,130 0.73
Third Quarter3,170 0.75
Fourth Quarter5,690 1.33
Year14,340 3.36
2020  
First Quarter(610)(0.14)
Second Quarter(1,080)(0.26)
Third Quarter(680)(0.15)
Fourth Quarter(20,070)(4.70)
Year(22,440)(5.25)
1 Computed using the average number of shares outstanding during each period.
18
Document


EXXON MOBIL CORPORATIONEXHIBIT 99.2
To assist investors in assessing 4Q20 results, the following disclosures have been made available in this 8-K filing:
-Identified items of $(4.73) 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 8 and attachment V of the news release
4Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings (Loss), $M4Q203Q202Q201Q204Q19
Upstream     
 United States(16,803)(681)(1,197)(704)68
 Non-U.S.(1,729)298(454)1,2406,069
 Total(18,532)(383)(1,651)5366,137
Downstream
 United States(514)(136)(101)(101)895
 Non-U.S.(697)(95)1,077(510)3
 Total(1,211)(231)976(611)898
Chemical
 United States461357171288(2)
 Non-U.S.230304296(144)(353)
 Total691661467144(355)
Corporate and financing(1,018)(727)(872)(679)(990)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)(20,070)(680)(1,080)(610)5,690
Earnings (Loss) per common share (U.S. GAAP)  (4.70)(0.15)(0.26)(0.14)1.33
Earnings (Loss) per common share
- assuming dilution (U.S. GAAP)(4.70)(0.15)(0.26)(0.14)1.33
Exploration expenses, including dry holes595188214288357
Capital and Exploration Expenditures, $M     
Upstream     
 United States1,1221,2601,6372,7982,848
 Non-U.S.1,8121,5341,9402,3283,243
 Total2,9342,7943,5775,1266,091
Downstream     
 United States488390719747725
 Non-U.S.674382334487635
 Total1,1627721,0531,2341,360
Chemical     
 United States435407563597786
 Non-U.S.240157132185213
 Total675564695782999
Other—32110
Total Capital and Exploration Expenditures4,7714,1335,3277,1438,460
Effective Income Tax Rate, %22%(198)%29%481%20%
Common Shares Outstanding, millions     
 At quarter end4,2334,2284,2284,2284,234
 Average - assuming dilution4,2724,2714,2714,2704,269
Total Cash and Cash Equivalents, $B4.48.812.611.43.1
Total Debt, $B67.668.869.559.646.9
Cash Flow from Operations and Asset Sales, $M     
 Net cash provided by operating activities4,0054,389—6,2746,352
 Proceeds associated with asset sales77010043863,092
 Cash flow from operations and asset sales4,7754,489436,3609,444
 Changes in operational working capital114(863)1,4609421,641
 
Cash flow from operations and asset sales excluding working capital
4,8893,6261,5037,30211,085



EXXON MOBIL CORPORATION
4Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Net production of crude oil, natural gas4Q203Q202Q201Q204Q19
liquids, bitumen and synthetic oil, kbd     
 United States719692628699665
 Canada / Other Americas619487483558487
 Europe3226313093
 Africa258297333360366
 Asia658735783795780
 Australia / Oceania3949483845
Total liquids production2,3252,2862,3062,4802,436
Natural gas production available for sale, mcfd     
 United States2,6862,6112,6422,8252,713
 Canada / Other Americas253269269317287
 Europe8484016191,2931,508
 Africa12114710
 Asia3,2253,7913,2183,7103,753
 Australia / Oceania1,1611,2331,2381,2441,224
Total natural gas production available for sale8,1858,3167,9909,3969,495
Total worldwide liquids and gas production, koebd 1
3,6893,6723,6384,0464,018
Refinery throughput, kbd     
 United States1,5941,6011,4401,5581,675
 Canada359341278383322
 Europe1,1301,1831,0851,2951,304
 Asia Pacific522486568637570
 Other Non-U.S.150148145187182
Total refinery throughput3,7553,7593,5164,0604,053
Petroleum product sales, kbd     
 United States2,1282,2971,9592,2312,356
 Canada415446353456444
 Europe1,2271,2531,1301,4031,456
 Asia Pacific645614640708729
 Other Non-U.S.418413355489497
Total petroleum product sales4,8335,0234,4375,2875,482
 Gasolines, naphthas2,0392,0771,7362,1222,276
 Heating oils, kerosene, diesel1,7391,7501,6491,8671,903
 Aviation fuels172152147383399
 Heavy fuels237242262256217
 Specialty products646802643659687
Total petroleum product sales4,8335,0234,4375,2875,482
Chemical prime product sales, kt     
 United States2,4672,3631,9852,1952,294
 Non-U.S.4,1764,2613,9604,0424,275
Total chemical prime product sales6,6436,6245,9456,2376,569


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


EXXON MOBIL CORPORATION
4Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)
Earnings Factor Analysis, $M
4Q20 vs. 4Q19
4Q20 vs. 3Q20
2020 vs. 2019
Upstream  
Prior Period6,137-38314,442
Realization-2,150650-11,210
Volume / Mix20160-300
Other-22,540-18,960-22,960
Identified Items-23,220-19,270-24,130
Expenses350-90960
Forex-60-90100
Other390490110
Current Period-18,532-18,532-20,030
Downstream  
Prior Period898-2312,323
Margin-1,540-430-3,820
Volume / Mix-30120370
Market Demand-100-40-620
Manufacturing / Yield70160990
Other-540-67050
Expenses (Other)440-3001,290
Identified Items-520-530-850
LIFO / Other-460160-390
Current Period-1,211-1,211-1,077
Chemical  
Prior Period-355661592
Margin790300930
Volume / Mix3030-150
Other230-300590
Identified Items-20-140-120
Expenses340-80710
LIFO / Other-90-80—
Current Period6916911,963
Upstream Volume Factor Analysis, koebd  
Prior Period4,0183,6723,952
Downtime / Maintenance663450
Growth / Decline564692
Entitlements / Divestments-180-91-93
Government Mandates-188-48-110
Demand / Other-8376-130
Current Period3,6893,6893,761


EXXON MOBIL CORPORATION
4Q20 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4)
Sources and Uses of Funds, $M4Q20    
Beginning Cash8,832    
Earnings-20,070    
Asset Impairments19,273
Depreciation5,030    
Working Capital / Other-228    
Proceeds Associated with Asset Sales770    
PP&E Adds / Investments and Advances1
-4,072    
Shareholder Distributions-3,715    
Debt / Other Financing-1,456    
Ending Cash4,364   

1 PP&E Adds / Investments and Advances includes PP&E adds of ($3.6B) and net advances of ($0.4B).
Average Realization Data4Q203Q202Q201Q204Q19
United States     
ExxonMobil     
Crude ($/b)39.0636.8021.7942.8255.61
Natural Gas ($/kcf)2.201.621.571.692.16
Benchmarks     
WTI ($/b)42.5640.9127.8045.9756.98
ANS-WC ($/b)44.7542.7430.0651.4564.38
Henry Hub ($/mbtu)2.671.981.711.952.50
Non-U.S.     
ExxonMobil     
Crude ($/b)37.8638.3020.9141.9656.61
Natural Gas ($/kcf)4.853.414.075.605.89
European NG ($/kcf)4.873.252.674.685.15
Benchmarks     
Brent ($/b)44.2243.0029.2050.2663.26


The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the fourth 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.