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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from __________to__________
 
Commission File Number 1-2256
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey 13-5409005
(State or other jurisdiction of incorporation or organization) 
(I.R.S. Employer Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code)
 
(972) 940-6000
(Registrant's telephone number, including area code)
 _______________________
Securities registered pursuant to Section 12(b) of the Act: 
Title of Each Class Trading Symbol Name of Each Exchange
 on Which Registered
Common Stock, without par value XOM New 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
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
    
Non-accelerated filerSmaller reporting company
 
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 
Class 
Outstanding as of June 30, 2021
Common stock, without par value 4,233,562,917



EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021
 
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements 
  
Condensed Consolidated Statement of Income
        Three and six months ended June 30, 2021 and 2020
  
Condensed Consolidated Statement of Comprehensive Income
        Three and six months ended June 30, 2021 and 2020
  
Condensed Consolidated Balance Sheet
        As of June 30, 2021 and December 31, 2020
  
Condensed Consolidated Statement of Cash Flows
        Six months ended June 30, 2021 and 2020
  
Condensed Consolidated Statement of Changes in Equity
        Three months ended June 30, 2021 and 2020
Condensed Consolidated Statement of Changes in Equity
        Six months ended June 30, 2021 and 2020
  
Notes to Condensed Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations19 
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk28 
  
Item 4. Controls and Procedures28 
  
  
PART II. OTHER INFORMATION
Item 1. Legal Proceedings29 
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
29 
  
Item 6. Exhibits
29 
  
Index to Exhibits30 
  
Signature31 
  
2


PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
Revenues and other income  
Sales and other operating revenue65,943 32,277 123,495 87,411 
Income from equity affiliates1,436 103 2,909 878 
Other income363 225 485 474 
Total revenues and other income67,742 32,605 126,889 88,763 
Costs and other deductions
Crude oil and product purchases37,329 14,069 69,930 46,152 
Production and manufacturing expenses8,471 6,895 16,533 15,192 
Selling, general and administrative expenses2,345 2,409 4,773 4,988 
Depreciation and depletion4,952 4,916 9,956 10,735 
Exploration expenses, including dry holes176 214 340 502 
Non-service pension and postretirement benefit expense162 271 540 540 
Interest expense254 317 512 566 
Other taxes and duties7,746 5,154 14,406 11,986 
Total costs and other deductions61,435 34,245 116,990 90,661 
Income (Loss) before income taxes6,307 (1,640)9,899 (1,898)
Income taxes1,526 (471)2,322 41 
Net income (loss) including noncontrolling interests4,781 (1,169)7,577 (1,939)
Net income (loss) attributable to noncontrolling interests91 (89)157 (249)
Net income (loss) attributable to ExxonMobil4,690 (1,080)7,420 (1,690)
Earnings (Loss) per common share (dollars)
1.10 (0.26)1.74 (0.40)
Earnings (Loss) per common share - assuming dilution (dollars)
1.10 (0.26)1.74 (0.40)



The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
3


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)
 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
Net income (loss) including noncontrolling interests4,781 (1,169)7,577 (1,939)
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment423 2,875 572 (2,774)
Postretirement benefits reserves adjustment (excluding amortization)(47)(136)121 (49)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs215 203 593 407 
Total other comprehensive income (loss)591 2,942 1,286 (2,416)
Comprehensive income (loss) including noncontrolling interests5,372 1,773 8,863 (4,355)
Comprehensive income (loss) attributable to noncontrolling interests178 131 324 (541)
Comprehensive income (loss) attributable to ExxonMobil5,194 1,642 8,539 (3,814)


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

4


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)
 June 30,
2021
December 31,
2020
Assets  
Current assets  
Cash and cash equivalents3,465 4,364 
Notes and accounts receivable – net28,540 20,581 
Inventories
Crude oil, products and merchandise14,711 14,169 
Materials and supplies4,564 4,681 
Other current assets1,562 1,098 
Total current assets52,842 44,893 
Investments, advances and long-term receivables44,774 43,515 
Property, plant and equipment – net223,012 227,553 
Other assets, including intangibles – net16,661 16,789 
Total assets337,289 332,750 
Liabilities
Current liabilities
Notes and loans payable15,293 20,458 
Accounts payable and accrued liabilities45,780 35,221 
Income taxes payable1,165 684 
Total current liabilities62,238 56,363 
Long-term debt45,319 47,182 
Postretirement benefits reserves22,082 22,415 
Deferred income tax liabilities18,511 18,165 
Long-term obligations to equity companies3,038 3,253 
Other long-term obligations20,545 21,242 
Total liabilities171,733 168,620 
Commitments and contingencies (Note 3)
Equity
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
16,006 15,688 
Earnings reinvested383,922 383,943 
Accumulated other comprehensive income(15,586)(16,705)
Common stock held in treasury
(3,785 million shares at June 30, 2021 and
3,786 million shares at December 31, 2020)
(225,771)(225,776)
ExxonMobil share of equity158,571 157,150 
Noncontrolling interests6,985 6,980 
Total equity165,556 164,130 
Total liabilities and equity337,289 332,750 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
5


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)
 Six Months Ended
June 30,
 20212020
Cash flows from operating activities  
Net income (loss) including noncontrolling interests7,577 (1,939)
Depreciation and depletion9,956 10,735 
Changes in operational working capital, excluding cash and debt1,573 (2,247)
All other items – net(192)(275)
Net cash provided by operating activities18,914 6,274 
Cash flows from investing activities
Additions to property, plant and equipment(5,147)(10,362)
Proceeds from asset sales and returns of investments557 129 
Additional investments and advances(613)(1,524)
Other investing activities including collection of advances132 309 
Net cash used in investing activities(5,071)(11,448)
Cash flows from financing activities
Additions to long-term debt 23,186 
Reductions in long-term debt  (3)
Additions to short-term debt (1)
9,662 20,491 
Reductions in short-term debt (1)
(18,000)(15,078)
Additions/(reductions) in debt with three months or less maturity 1,320 (5,998)
Contingent consideration payments(28)(21)
Cash dividends to ExxonMobil shareholders(7,441)(7,434)
Cash dividends to noncontrolling interests(112)(93)
Changes in noncontrolling interests(207)317 
Common stock acquired(1)(305)
Net cash used in financing activities(14,807)15,062 
Effects of exchange rate changes on cash65 (401)
Increase/(decrease) in cash and cash equivalents(899)9,487 
Cash and cash equivalents at beginning of period4,364 3,089 
Cash and cash equivalents at end of period3,465 12,576 
Supplemental Disclosures
Income taxes paid2,079 1,768 
Cash interest paid
Included in cash flows from operating activities466 290 
Capitalized, included in cash flows from investing activities313 335 
Total cash interest paid779 625 

(1) Includes commercial paper with a maturity greater than three months.

 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
6


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(millions of dollars)
 ExxonMobil Share of Equity  
 Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of March 31, 202015,636 416,919 (24,339)(226,137)182,079 6,664 188,743 
Amortization of stock-based awards177 — — — 177 — 177 
Other(1)— — — (1)223 222 
Net income (loss) for the period— (1,080)— — (1,080)(89)(1,169)
Dividends - common shares— (3,715)— — (3,715)(48)(3,763)
Other comprehensive income (loss)— — 2,722 — 2,722 220 2,942 
Dispositions— — — 1 1 — 1 
Balance as of June 30, 202015,812 412,124 (21,617)(226,136)180,183 6,970 187,153 
Balance as of March 31, 202115,884 382,953 (16,090)(225,773)156,974 7,127 164,101 
Amortization of stock-based awards126 — — — 126 — 126 
Other(4)— — — (4)33 29 
Net income (loss) for the period— 4,690 — — 4,690 91 4,781 
Dividends - common shares— (3,721)— — (3,721)(60)(3,781)
Other comprehensive income (loss)— — 504 — 504 87 591 
Acquisitions, at cost— — — — — (293)(293)
Dispositions— — — 2 2 — 2 
Balance as of June 30, 202116,006 383,922 (15,586)(225,771)158,571 6,985 165,556 

 Three Months Ended June 30, 2021 Three Months Ended June 30, 2020
Common Stock Share ActivityIssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
 (millions of shares) (millions of shares)
Balance as of March 318,019 (3,785)4,234 8,019 (3,791)4,228 
Acquisitions— — — — — — 
Dispositions— — — — — — 
Balance as of June 308,019 (3,785)4,234 8,019 (3,791)4,228 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
7


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(millions of dollars)
 ExxonMobil Share of Equity  
 Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 201915,637 421,341 (19,493)(225,835)191,650 7,288 198,938 
Amortization of stock-based awards358 — — — 358 — 358 
Other(183)— — — (183)380 197 
Net income (loss) for the period— (1,690)— — (1,690)(249)(1,939)
Dividends - common shares— (7,434)— — (7,434)(93)(7,527)
Cumulative effect of accounting
change
— (93)— — (93)(1)(94)
Other comprehensive income (loss)— — (2,124)— (2,124)(292)(2,416)
Acquisitions, at cost— — — (305)(305)(63)(368)
Dispositions— — — 4 4 — 4 
Balance as of June 30, 202015,812 412,124 (21,617)(226,136)180,183 6,970 187,153 
Balance as of December 31, 202015,688 383,943 (16,705)(225,776)157,150 6,980 164,130 
Amortization of stock-based awards328 — — — 328 — 328 
Other(10)— — — (10)86 76 
Net income (loss) for the period— 7,420 — — 7,420 157 7,577 
Dividends - common shares— (7,441)— — (7,441)(112)(7,553)
Other comprehensive income (loss)— — 1,119 — 1,119 167 1,286 
Acquisitions, at cost— — — (1)(1)(293)(294)
Dispositions— — — 6 6 — 6 
Balance as of June 30, 202116,006 383,922 (15,586)(225,771)158,571 6,985 165,556 

 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020
Common Stock Share ActivityIssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
 (millions of shares) (millions of shares)
Balance as of December 318,019 (3,786)4,233 8,019 (3,785)4,234 
Acquisitions— — — — (6)(6)
Dispositions— 1 1 — — — 
Balance as of June 308,019 (3,785)4,234 8,019 (3,791)4,228 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
8


EXXON MOBIL CORPORATION
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
1. Basis of Financial Statement Preparation
These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2020 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.
 
The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

2. Miscellaneous Financial Information
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 second quarter of 2020 included a before-tax credit of $2,624 million, as rising prices reduced the charge against the book value of inventories from $2,777 million in the first quarter 2020 to $153 million for the first half of 2020. This adjustment, which is included in "Crude oil and product purchases", together with a market adjustment to inventory for equity companies included in "Income from equity affiliates", resulted in a $1,922 million after-tax credit to earnings (excluding noncontrolling interests) in the second quarter of 2020.
In the first half of 2020, mainly as a result of declines in prices for crude oil, natural gas and petroleum products and a significant decline in the Corporation's market capitalization at the end of the first quarter, before-tax goodwill impairment charges of $611 million and other impairment charges of $363 million were recognized. The charges related to goodwill impairments were included in “Depreciation and depletion” on the Statement of Income while the charges related to other impairments were largely included in “Income from equity affiliates.”
9


3. Litigation and Other Contingencies
Litigation. A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.
Other Contingencies. The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, 2021, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
  As of June 30, 2021
  
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
  (millions of dollars)
Guarantees   
 Debt-related1,026 131 1,157 
 Other865 4,933 5,798 
 Total1,891 5,064 6,955 
(1)ExxonMobil share
Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition.
The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.
In accordance with a Venezuelan nationalization decree issued in February 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed the operatorship of the Cerro Negro Heavy Oil Project. The decree also required conversion of the Cerro Negro Project into a “mixed enterprise” and an increase in PdVSA’s or one of its affiliate’s ownership interest in the Project. ExxonMobil refused to accede to the terms proffered by the government, and on June 27, 2007, the government expropriated ExxonMobil’s 41.67 percent interest in the Cerro Negro Project.
ExxonMobil collected awards of $908 million in an arbitration against PdVSA under the rules of the International Chamber of Commerce in respect of an indemnity related to the Cerro Negro Project and $260 million in an arbitration for compensation due for the La Ceiba Project and for export curtailments at the Cerro Negro Project under rules of International Centre for Settlement of Investment Disputes (ICSID). An ICSID arbitration award relating to the Cerro Negro Project’s expropriation ($1.4 billion) was annulled based on a determination that a prior Tribunal failed to adequately explain why the cap on damages in the indemnity owed by PdVSA did not affect or limit the amount owed for the expropriation of the Cerro Negro Project. ExxonMobil filed a new claim seeking to restore the original award of damages for the Cerro Negro Project with ICSID on September 26, 2018.
The net impact of this matter on the Corporation’s consolidated financial results cannot be reasonably estimated. Regardless, the Corporation does not expect the resolution to have a material effect upon the Corporation’s operations or financial condition.
10


An affiliate of ExxonMobil is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award. The Contractors appealed that judgment to the Court of Appeal, Abuja Judicial Division. On July 22, 2016, the Court of Appeal upheld the decision of the lower court setting aside the award. On October 21, 2016, the Contractors appealed the decision to the Supreme Court of Nigeria. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. Following dismissal by this court, the Contractors appealed to the Nigerian Court of Appeal in June 2016. In October 2014, the Contractors filed suit in the United States District Court for the Southern District of New York (SDNY) to enforce, if necessary, the arbitration award against NNPC assets residing within that jurisdiction. NNPC moved to dismiss the lawsuit. On September 4, 2019, the SDNY dismissed the Contractors’ petition to recognize and enforce the Erha arbitration award. The Contractors filed a notice of appeal in the Second Circuit on October 2, 2019. At this time, the net impact of this matter on the Corporation's consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation's operations or financial condition.

11


4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income
Cumulative Foreign Exchange Translation AdjustmentPostretirement Benefits
 Reserves Adjustment
Total
(millions of dollars)
Balance as of December 31, 2019(12,446)(7,047)(19,493)
Current period change excluding amounts reclassified
from accumulated other comprehensive income (1)
(2,469)(45)(2,514)
Amounts reclassified from accumulated other
comprehensive income
 390 390 
Total change in accumulated other comprehensive income(2,469)345 (2,124)
Balance as of June 30, 2020(14,915)(6,702)(21,617)
Balance as of December 31, 2020(10,614)(6,091)(16,705)
Current period change excluding amounts reclassified
 from accumulated other comprehensive income (1)
425 119 544 
Amounts reclassified from accumulated other
comprehensive income
 575 575 
Total change in accumulated other comprehensive income425 694 1,119 
Balance as of June 30, 2021(10,189)(5,397)(15,586)
(1)Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $135 million and $5 million in 2021 and 2020, respectively.

Amounts Reclassified Out of Accumulated OtherThree Months Ended
June 30,
Six Months Ended
June 30,
Comprehensive Income - Before-tax Income/(Expense)2021202020212020
 (millions of dollars)(millions of dollars)
Amortization and settlement of postretirement benefits reserves
adjustment included in net periodic benefit costs
  
(Statement of Income line: Non-service pension and postretirement benefit expense)(280)(260)(764)(522)

Income Tax (Expense)/Credit ForThree Months Ended
June 30,
Six Months Ended
June 30,
Components of Other Comprehensive Income2021202020212020
 (millions of dollars)(millions of dollars)

Foreign exchange translation adjustment
19 8 (34)15 
Postretirement benefits reserves adjustment (excluding
amortization)
25 52 (33)(10)
Amortization and settlement of postretirement benefits reserves
adjustment included in net periodic benefit costs
(65)(57)(171)(115)
Total(21)3 (238)(110)

12


5. Earnings Per Share 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
Earnings per common share  
Net income (loss) attributable to ExxonMobil (millions of dollars)
4,690 (1,080)7,420 (1,690)
Weighted average number of common shares outstanding (millions of shares)
4,276 4,271 4,274 4,270 
Earnings (Loss) per common share (dollars) (1)
1.10 (0.26)1.74 (0.40)
Dividends paid per common share (dollars)
0.87 0.87 1.74 1.74 
(1)The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

6. Pension and Other Postretirement Benefits 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
 (millions of dollars)(millions of dollars)
Components of net benefit cost  
Pension Benefits - U.S.  
Service cost208 232 433 467 
Interest cost140 177 279 354 
Expected return on plan assets(181)(175)(361)(350)
Amortization of actuarial loss/(gain) and prior service cost55 79 110 158 
Net pension enhancement and curtailment/settlement cost95 52 393 104 
Net benefit cost317 365 854 733 
Pension Benefits - Non-U.S.
Service cost198 171 393 346 
Interest cost135 162 265 323 
Expected return on plan assets(263)(216)(521)(438)
Amortization of actuarial loss/(gain) and prior service cost121 115 244 234 
Net pension enhancement and curtailment/settlement cost  12  
Net benefit cost191 232 393 465 
Other Postretirement Benefits
Service cost46 44 95 89 
Interest cost55 68 111 138 
Expected return on plan assets(4)(5)(9)(9)
Amortization of actuarial loss/(gain) and prior service cost9 14 17 26 
Net benefit cost106 121 214 244 
 

13


7. Financial Instruments and Derivatives
 
Financial Instruments. The estimated fair value of financial instruments at June 30, 2021, and December 31, 2020, and the related hierarchy level for the fair value measurement was as follows:
 At June 30, 2021
 (millions of dollars)
 Fair Value    
 Level 1Level 2Level 3Total Gross Assets
& Liabilities
Effect of
Counterparty Netting
Effect of
Collateral
Netting
Difference
in Carrying
Value and
Fair Value
Net
Carrying
Value
Assets        
Derivative assets (1)
2,156 594 — 2,750 (2,357) — 393 
Advances to/receivables
from equity companies (2)(6)
— 3,167 5,727 8,894 — — (291)8,603 
Other long-term
financial assets (3)
1,104 — 1,303 2,407 — — 190 2,597 
Liabilities
Derivative liabilities (4)
2,806 759 — 3,565 (2,357)(650)— 558 
Long-term debt (5)
46,787 100 4 46,891 — — (3,376)43,515 
Long-term obligations
to equity companies (6)
— — 3,337 3,337 — — (299)3,038 
Other long-term
financial liabilities (7)
— — 972 972 — — 57 1,029 
 
  At December 31, 2020
  (millions of dollars)
  Fair Value    
  Level 1Level 2Level 3Total Gross Assets
& Liabilities
Effect of
Counterparty Netting
Effect of
Collateral
Netting
Difference
in Carrying
Value and
Fair Value
Net
Carrying
Value
Assets        
 
Derivative assets (1)
1,247 194 — 1,441 (1,282)(6)— 153 
 Advances to/receivables
 
from equity companies (2)(6)
— 3,275 5,904 9,179 — — (367)8,812 
 Other long-term
 
financial assets (3)
1,235 — 944 2,179 — — 125 2,304 
Liabilities
 
Derivative liabilities (4)
1,443 254 — 1,697 (1,282)(202)— 213 
 
Long-term debt (5)
50,263 125 4 50,392 — — (4,890)45,502 
 Long-term obligations
 
to equity companies (6)
— — 3,530 3,530 — — (277)3,253 
 Other long-term
 
financial liabilities (7)
— — 964 964 — — 44 1,008 
(1)Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net
(2)Included in the Balance Sheet line: Investments, advances and long-term receivables
(3)Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net
(4)Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations
(5)Excluding finance lease obligations
(6)Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.
(7)Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.
At June 30, 2021, and December 31, 2020, respectively, the Corporation had $495 million and $504 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.
14


The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of June 30, 2021, the Corporation has designated $5.3 billion of its Euro-denominated long-term debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.

The Corporation had undrawn short-term committed lines of credit of $10.7 billion and undrawn long-term committed lines of credit of $0.6 billion as of second quarter 2021.
 
Derivative Instruments. The Corporation’s size, strong capital structure, geographic diversity and the complementary nature of the Upstream, Downstream and Chemical businesses reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and for trading purposes. Commodity contracts held for trading purposes are presented in the Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue.” The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of June 30, 2021, and December 31, 2020, or results of operations for the periods ended June 30, 2021, and 2020.
 
Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, re