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xom-20211029
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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 29, 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)
 
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))
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
 
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 29, 2021, announcing third quarter 2021 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 3Q21 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.

2

INDEX TO EXHIBITS
 
 
 
Exhibit No.Description
  
Exxon Mobil Corporation News Release, dated October 29, 2021, announcing third quarter 2021 results.
  
3Q21 Investor Relations Data Summary.
  
104Cover Page Interactive Data File (formatted as Inline XBRL).
  
3

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 29, 2021
By:/s/ LEN M. FOX
  Len M. Fox
  Vice President and Controller
  (Principal Accounting Officer)
4
Document

EXHIBIT 99.1
News Release
  https://cdn.kscope.io/549e732cf65ac665c8dc2700d7902c13-f8k991001x0x0a.gif
 Exxon Mobil Corporation
 5959 Las Colinas Boulevard
 Irving, TX 75039
 972 940 6007 Telephone
 972 940 6143 Facsimile
FOR IMMEDIATE RELEASE
FRIDAY, OCTOBER 29, 2021


ExxonMobil Earns $6.8 Billion in Third Quarter 2021

•Quarterly earnings increased by $7.4 billion versus 2020 on improved demand and strong operations
•Cash flow from operating activities of $12.1 billion funded capital investments, debt reduction, and dividend
•Anticipate future annual capital investments of $20 billion to $25 billion; 4X increase in low-carbon spend
•Expect to be well within debt-to-capital target range by year end; 4Q dividend increased to $0.88 per share
•Starting 2022, share repurchase program of up to $10 billion over 12 - 24 months
•On track to achieve 2025 emission-reduction plans by year end

Second
Third QuarterQuarterFirst Nine Months
20212020202120212020
Results Summary   
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)6,750(680)4,69014,170(2,370)
Earnings/(Loss) Per Common Share
Assuming Dilution1.57(0.15)1.103.31(0.55)
Identified Items Per Common Share
Assuming Dilution(0.01)0.03—(0.02)(0.20)
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution 1.58(0.18)1.103.33(0.35)
Capital and Exploration Expenditures3,8514,1333,80310,78716,603

IRVING, Texas – October 29, 2021 – Exxon Mobil Corporation today announced estimated third-quarter 2021 earnings of $6.8 billion, or $1.57 per share assuming dilution. Third-quarter capital and exploration expenditures were $3.9 billion, bringing year-to-date 2021 investments to $10.8 billion, as the company continued strategic investments in its advantaged assets, including Guyana, Permian Basin, and in Chemical.

Oil-equivalent production in the third quarter was 3.7 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 4% versus the prior-year quarter, including growth in the Permian and Guyana.

“All three of our core businesses generated positive earnings during the quarter, with strong operations and cost control, as well as increased realizations and improved demand for fuels,” said Darren Woods, chairman and chief executive officer.


“Free cash flow more than covered the dividend and $4 billion of additional debt reduction. With the progress made in restoring the strength of our balance sheet, this week we announced a dividend increase maintaining 39 consecutive years of annual dividend growth."

"Next month, the board will finalize our corporate plan that supports investment in industry-advantaged, high-return projects, and a growing list of strategic and financially accretive lower-carbon business opportunities," added Woods. "The strong returns generated by our core businesses provide the near-term cash flows to fund lower-carbon opportunities that leverage our competitive strengths in technology, engineering and project development. We expect to increase the level of spend in lower-emission energy solutions by four times over the prior plan, adding projects with strong returns as well as seeding some development investment in large hub projects that require further policy support. Retaining flexibility to strike a balance across our different investment opportunities, while maintaining a strong balance sheet, is critical to ensure our business produces accretive, long-term returns and remains resilient under a wide range of future scenarios. We anticipate the company's strong cash flow outlook will enable us to further increase shareholder distributions by up to $10 billion through a share repurchase program over 12-24 months, beginning in 2022."

Third-Quarter Business Highlights

Upstream
•Average realizations for crude oil increased 7% from the second quarter. Natural gas realizations increased 28% from the prior quarter.

•Liquid volumes increased 5% from the second quarter, driven by lower planned maintenance activity. Natural gas volumes decreased 2%, driven by lower demand in Europe.

•During the quarter, production volumes in the Permian averaged approximately 500,000 oil-equivalent barrels per day, an increase of approximately 30% from the third quarter of 2020. The focus remains on continuing to grow free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.

Downstream
•Fuels margins improved from the second quarter with increasing product demand. Lubricants continued to deliver strong performance, supported by above average basestocks margins, strong performance of the Rotterdam Advanced Hydrocracker, and lower operating expenses.

•Overall refining throughput was up 5% from the second quarter on improved demand and lower planned maintenance activity.

•After Hurricane Ida left much of Louisiana refining and oil production offline, ExxonMobil secured 3 million barrels from the U.S. Strategic Petroleum Reserve to produce essential fuel supply, delivering record terminal throughput rates to impacted communities and front line workers in the state.

Chemical 
•Quarterly earnings of $2.1 billion reflect reliable operations coupled with strong demand, supported by the company's global supply and logistics flexibility.

•Industry margins remain historically strong, but moderated in the quarter driven by increased industry supply.

Capital Allocation and Structural Cost Improvement
•ExxonMobil’s 2021 capital program is expected to be near the low end of the $16 billion to $19 billion range. In the fourth quarter, the board of directors will formally approve the corporate plan, with capital spending anticipated to be in the range of $20 billion to $25 billion annually.

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•During the quarter, the company paid down gross debt by an additional $4 billion. Year to date, ExxonMobil has reduced gross debt by $11 billion, and improved the total debt to capital ratio to 25%. The company expects to manage debt within a range of 20% to 25%, ensuring a strong, investment-grade credit rating.

•In addition to reducing structural costs by $3 billion in 2020, the company has captured $1.5 billion in additional structural savings through the first three quarters of 2021. The company is on pace to exceed total structural cost reductions of $6 billion annually by 2023 compared to 2019 levels, with efforts continuing to identify further structural savings by leveraging the corporation's global scale and integration.

Strengthening the Portfolio
•ExxonMobil continued to progress its high-return deepwater developments in Guyana, where discoveries at Pinktail and Cataback increased the estimated recoverable resource base to approximately 10 billion barrels of oil equivalent. Exploration, appraisal, and development drilling continues, with a total of six drillships currently operating. The Liza Unity floating production, storage and offloading vessel set sail from Singapore to Guyana in the quarter, and remains on schedule for startup in 2022. The third major development, Payara, is on schedule for 2024 startup, and Yellowtail is expected to achieve first oil in 2025.

•In Baytown, Texas, the company plans to build its first, large-scale plastic waste advanced recycling facility, with startup expected by year-end 2022. This facility will be among the largest in North America. In Europe, ExxonMobil is collaborating with Plastic Energy on an advanced recycling plant in Notre Dame de Gravenchon, France, which is expected to process 25,000 metric tons of plastic waste per year when it starts up in 2023, with the potential for further expansion to 33,000 metric tons of annual capacity. These efforts support the company’s aim to build approximately 500,000 metric tons per year of advanced recycling capacity globally over the next five years.

Reducing Emissions and Advancing Low Carbon Solutions
•ExxonMobil plans to grow investments that lower emissions, leveraging the company's technology, scale, integration, and global footprint. Cumulative low-carbon investments are anticipated to be approximately $15 billion from 2022 through 2027. The company is also on track to achieve its 2025 emissions intensity reduction plans by the end of 2021, and expects to announce accelerated Scope 1 and Scope 2 reduction plans later this year.

•During the quarter, 11 companies, including ExxonMobil, expressed interest in supporting the large-scale deployment of carbon capture and storage technology in Houston. The companies agreed to begin discussing plans that could lead to capturing and safely storing up to 100 million metric tons per year by 2040. Carbon capture and storage is a critical technology in helping society meet its net-zero ambitions, and ExxonMobil has captured more human-made CO2 than any other company.

•Last week, ExxonMobil announced engineering, procurement, and construction contracts as it plans to increase carbon capture and storage capacity by approximately 1 million metric tons per year at its LaBarge, Wyoming facility. The facility currently captures 6 to 7 million metric tons of CO2 per year and has captured more CO2 than any other facility in the world. A final investment decision is expected in 2022.

•ExxonMobil announced its majority-owned affiliate, Imperial Oil Ltd., is moving forward with plans to produce renewable diesel at a new complex at its Strathcona refinery in Edmonton, Canada. When construction is complete, the refinery is expected to produce approximately 20,000 barrels per day of renewable diesel, which could reduce emissions in the Canadian transportation sector by about 3 million metric tons per year. The complex will use locally grown plant-based feedstock and hydrogen with carbon capture and storage as part of the manufacturing process.

•The company signed an agreement with non-profit independent validator MiQ to begin the emission certification process for natural gas produced at Poker Lake facilities in the Permian Basin. Certified lower-emission natural gas validates reduction efforts and helps customers meet their emissions goals. The company has expanded use of aerial LiDARTM imaging and SOOFIE methane-detection technologies, and is evaluating additional next-generation applications as part of its ongoing initiatives to detect and reduce methane emissions.
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Results and Volume Summary
Millions of Dollars3Q3Q  
(unless noted)20212020ChangeComments
Upstream    
U.S.869(681)+1,550
Higher prices, increased volumes, and reduced expenses
Non-U.S.3,082298+2,784Higher prices and favorable one-time tax items

Total3,951(383)+4,334Price +3,950, volume +140, expenses +50, identified items +10, other +180
Production (koebd)3,6653,672-7
Liquids +27 kbd: less downtime, growth, and higher demand reflecting the absence of economic curtailments, partly offset by lower entitlements

Gas -206 mcfd: less downtime and growth, more than offset by lower entitlements, Groningen production limit, and divestments
Downstream   
U.S.663(136)+799
Improved margins driven by stronger industry refining conditions
Non-U.S.592(95)+687
Improved margins reflecting stronger industry refining conditions, favorable asset management items, and reduced expenses, partly offset by unfavorable foreign exchange impacts
Total1,255(231)+1,486
Margin +1,250, volume -10, expenses +70, identified items -10, other +190

Petroleum Product Sales (kbd)5,3275,023+304
Chemical   
U.S.1,183357+826Higher margins, partly offset by increased expenses driven by higher turnaround and maintenance activity
Non-U.S.957304+653Higher margins
Total2,140661+1,479Margin +1,640, expenses -50, identified items -120, other +10
Prime Product Sales (kt)6,6726,624+48
Corporate and financing(596)(727)+131Lower corporate costs, partly offset by net unfavorable tax impacts
4

Results and Volume Summary
Millions of Dollars3Q2Q  
(unless noted)20212021ChangeComments
Upstream    
U.S.869663+206
Higher prices and increased liquids volumes, partly offset by unfavorable one-time items
Non-U.S.3,0822,522+560Higher prices, increased liquids volumes, and lower expenses, partly offset by the absence of favorable one-time items and seasonally lower gas demand
Total3,9513,185+766Price +750, volume +250, expenses +80,
other -310
Production (koebd)3,6653,582+83
Liquids +113 kbd: less downtime and Permian-driven growth

Gas -184 mcfd: less downtime, more than offset by lower seasonal demand and divestments
Downstream   
U.S.663(149)+812Higher margins driven by stronger industry refining conditions, and increased volumes and reduced expenses driven by lower turnaround activity
Non-U.S.592(78)+670Higher margins driven by improved industry refining conditions, increased volumes and reduced expenses driven by lower turnaround activity, and favorable one-time asset management items
Total1,255(227)+1,482Margin +790, volume +320, expenses +200, other +170
Petroleum Product Sales (kbd)5,3275,041+286
Chemical   
U.S.1,1831,282-99
Increased expenses driven by higher maintenance and turnaround activity
Non-U.S.9571,038-81
Lower margins, partly offset by reduced expenses
Total2,1402,320-180Margin -210, volume +80, expenses +40,
other -90
Prime Product Sales (kt)6,6726,513+159
Corporate and financing(596)(588)-8
5

Results and Volume Summary
Millions of DollarsYTDYTD
(unless noted)20212020ChangeComments
Upstream
U.S.1,895(2,582)+4,477Higher prices, increased liquids volumes, and reduced expenses; prior year identified items (+315, impairments)
Non-U.S.7,7951,084+6,711Higher prices and favorable one-time tax items, partly offset by lower liquids volumes driven by entitlement effects, and unfavorable foreign exchange impacts
Total9,690(1,498)+11,188Price +10,100, volume -210, expenses +520, identified items +420, other +360
Production (koebd)3,6773,785-108
Liquids -100 kbd: higher demand reflecting the absence of economic curtailments, and project growth, more than offset by lower entitlements, increased government mandates, decline and divestments

Gas -44 mcfd: higher demand offset by lower entitlements, Groningen production limit, and divestments
Downstream
U.S.401(338)+739
Higher margins on stronger industry refining conditions, and reduced expenses
Non-U.S.237472-235
Lower margins on weaker realized fuels margins, and unfavorable foreign exchange impacts, partly offset by reduced expenses; prior year identified items
(+335, mainly impairments)
Total638134+504Margin -50, volume -30, expenses +430, identified items +340, other -190
Petroleum Product Sales (kbd)5,0844,916+168
Chemical
U.S.3,180816+2,364Higher margins, increased volumes, and reduced expenses
Non-U.S.2,695456+2,239
Higher margins, favorable foreign exchange, reduced expenses, and increased volumes
Total5,8751,272+4,603Margin +3,890, volume +260, expenses +190, identified items +90, other +170
Prime Product Sales (kt)19,63118,806+825
Corporate and financing(2,033)(2,278)+245Lower financing costs
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 Cash Flow from Operations and Asset Sales excluding Working Capital
 Millions of Dollars3Q 
  2021Comments
 Net income (loss) including noncontrolling interests6,942Including $192 million noncontrolling interests
 Depreciation4,990
 Changes in operational working capital659
 Other(500)
 Cash Flow from Operating12,091 
 Activities (U.S. GAAP)  
 Asset sales18
 Cash Flow from Operations12,109 
 and Asset Sales  
 Changes in operational working capital(659) 
 Cash Flow from Operations11,450 
 and Asset Sales excluding Working Capital  

 Millions of DollarsYTD 
  2021Comments
 Net income (loss) including noncontrolling interests14,519Including $349 million noncontrolling interests
 Depreciation14,946
 Changes in operational working capital2,232Higher net payables due to market conditions
 Other(692)
 Cash Flow from Operating31,005 
 Activities (U.S. GAAP)  
 Asset sales575 
 Cash Flow from Operations31,580 
 and Asset Sales  
 Changes in operational working capital(2,232) 
 Cash Flow from Operations29,348 
 and Asset Sales excluding Working Capital  



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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 29, 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, operating, and financial 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; total capital expenditures and mix, including allocations of capital to low carbon solutions; cost reductions and efficiency gains, including the ability to meet or exceed announced cost and expense reduction objectives; plans to reduce future emissions and emissions intensity; timing and outcome of projects to capture and store CO2; timing and outcome of biofuel and plastic waste recycling projects; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities, and returns; and resource recoveries and production rates 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 for our products; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access short- and long-term debt markets on a timely and affordable basis; the ultimate impacts of COVID-19, including the extent and nature of further outbreaks and the effects of government responses on people and economies; reservoir performance; the outcome of exploration projects; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications; government policies and support and market demand for low carbon technologies; war, and other political or security disturbances; opportunities for potential investments or divestments and satisfaction of applicable conditions to closing, including regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2020 Form 10-K.

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 2021 periods is shown on page 7 and for 2021 and 2020 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 2021 periods is shown on page 7 and for 2021 and 2020 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 periods or 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 2021 and 2020 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
8

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. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K of even date herewith. 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 operating expenses", “Cash flow from operations and asset sales”, "Free cash flow", 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.

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.




9

Estimated Key Financial and Operating Data
Attachment I
Exxon Mobil Corporation
Third Quarter 2021
(millions of dollars, unless noted)
 Second
 Third QuarterQuarterFirst Nine Months
 20212020202120212020
Earnings (Loss) / Earnings (Loss) Per Share   
Total revenues and other income73,78646,19967,742200,675134,962
Total costs and other deductions64,18046,57161,435181,170137,232
Income (loss) before income taxes9,606(372)6,30719,505(2,270)
Income taxes2,6643371,5264,986378
Net income (loss) including noncontrolling interests6,942(709)4,78114,519(2,648)
Net income (loss) attributable to noncontrolling interests192(29)91349(278)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)6,750(680)4,69014,170(2,370)
Earnings (loss) per common share (dollars)1.57(0.15)1.103.31(0.55)
Earnings (loss) per common share  
- assuming dilution (dollars)1.57(0.15)1.103.31(0.55)
Exploration expenses, including dry holes190188176530690
Other Financial Data  
Dividends on common stock    
Total3,7203,7163,72111,16111,150
Per common share (dollars)0.870.870.872.612.61
Millions of common shares outstanding  
At period end4,2344,228
Average - assuming dilution4,2764,2714,2764,2754,270
ExxonMobil share of equity at period end160,589177,400
ExxonMobil share of capital employed at period end219,399248,485
Income taxes2,6643371,5264,986378
Total other taxes and duties8,5727,9018,44124,29621,081
Total taxes11,2368,2389,96729,28221,459
Sales-based taxes5,7754,3035,44815,88511,917
Total taxes including sales-based taxes17,01112,54115,41545,16733,376
ExxonMobil share of income taxes of  
equity companies7131345251,838576

10


Attachment II-a
Exxon Mobil Corporation
Third Quarter 2021
 Second
$ MillionsThird QuarterQuarterFirst Nine Months
 20212020202120212020
Earnings/(Loss) (U.S. GAAP)6,750(680)4,69014,170(2,370)
Identified Items Included in Earnings/(Loss)   
Noncash inventory valuation - lower of cost or market—113——(61)
Impairments————(787)
Other items (severance - global workforce review)(5)—(12)(48)—
Corporate total(5)113(12)(48)(848)
Earnings/(Loss) Excluding Identified Items6,755(793)4,70214,218(1,522)
$ Per Common Share1
   
Earnings/(Loss) Per Common Share   
Assuming Dilution (U.S. GAAP)1.57(0.15)1.103.31(0.55)
   
Identified Items Included in Earnings/(Loss)
Per Common Share Assuming Dilution   
Noncash inventory valuation - lower of cost or market—0.03——(0.02)
Impairments————(0.18)
Other items (severance - global workforce review)(0.01)——(0.02)—
Corporate total(0.01)0.03—(0.02)(0.20)
   
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution1.58(0.18)1.103.33(0.35)
1 Computed using the average number of shares outstanding during each period.
 
11

Attachment II-b
Exxon Mobil Corporation
Third Quarter 2021
(millions of dollars)
Second
Third QuarterQuarterFirst Nine Months
20212020202120212020
Earnings/(Loss) (U.S. GAAP)   
Upstream   
United States869(681)6631,895(2,582)
Non-U.S.3,0822982,5227,7951,084
Downstream
United States663(136)(149)401(338)
Non-U.S.592(95)(78)237472
Chemical
United States1,1833571,2823,180816
Non-U.S.9573041,0382,695456
Corporate and financing(596)(727)(588)(2,033)(2,278)
Net income (loss) attributable to ExxonMobil6,750(680)4,69014,170(2,370)
Identified Items Included in Earnings/(Loss)   
U.S. Upstream   
Other Items (Inventory valuation, impairment)————(315)
Non-U.S. Upstream   
Other Items (Inventory valuation, impairment)—(11)——(102)
U.S. Downstream   
Other Items (Inventory valuation, impairment)—3——(4)
Non-U.S. Downstream   
Other Items (Inventory valuation, impairment)—6——(335)
U.S. Chemical   
Other Items (Inventory valuation, impairment)—29——(90)
Non-U.S. Chemical   
Other Items (Inventory valuation, impairment)—86——(2)
Corporate and financing   
Severance - global workforce review(5)—(12)(48)—
Corporate total(5)113(12)(48)(848)
Earnings/(Loss) Excluding Identified Items   
Upstream   
United States869(681)6631,895(2,267)
Non-U.S.3,0823092,5227,7951,186
Downstream
United States663(139)(149)401(334)
Non-U.S.592(101)(78)237807
Chemical
United States1,1833281,2823,180906
Non-U.S.9572181,0382,695458
Corporate and financing(591)(727)(576)(1,985)(2,278)
Corporate total6,755(793)4,70214,218(1,522)
12

Attachment III
Exxon Mobil Corporation
Third Quarter 2021
 Second
 Third QuarterQuarterFirst Nine Months
 20212020202120212020
Net production of crude oil, natural gas   
liquids, bitumen and synthetic oil,   
thousand barrels per day (kbd)   
United States758692687704673
Canada / Other Americas569487529557509
Europe2126162429
Africa248297254252330
Asia668735669676771
Australia / Oceania4949454445
Worldwide2,3132,2862,2002,2572,357
Natural gas production available for sale,   
million cubic feet per day (mcfd)   
United States2,7012,6112,8042,7572,692
Canada / Other Americas184269189197284
Europe343401654796770
Africa531146418
Asia3,3653,7913,4333,4653,574
Australia / Oceania1,4641,2331,1681,2661,238
Worldwide8,1108,3168,2948,5228,566
Oil-equivalent production (koebd)1
3,6653,6723,5823,6773,785
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 2021
 Second
 Third QuarterQuarterFirst Nine Months
 20212020202120212020
Refinery throughput (kbd)   
United States1,6841,6011,5321,5831,533
Canada404341332367334
Europe1,2151,1831,2231,1971,187
Asia Pacific585486607579564
Other163148164162161
Worldwide4,0513,7593,8583,8883,779
Petroleum product sales (kbd) 
United States2,3462,2972,2182,2152,163
Canada472446421434418
Europe1,4041,2531,2971,3251,262
Asia Pacific648614655656654
Other457413450454419
Worldwide5,3275,0235,0415,0844,916
Gasolines, naphthas2,1912,0772,1172,1021,978
Heating oils, kerosene, diesel1,7961,7501,7041,7311,755
Aviation fuels228152201204227
Heavy fuels276242275269255
Specialty products836802744778701
Worldwide5,3275,0235,0415,0844,916
Chemical prime product sales,  
thousand metric tons (kt)  
United States2,5312,3632,4917,2126,543
Non-U.S.4,1414,2614,02212,41912,263
Worldwide6,6726,6246,51319,63118,806

14

Attachment V
Exxon Mobil Corporation
Third Quarter 2021
(millions of dollars)
 Second
 Third QuarterQuarterFirst Nine Months
 20212020202120212020
Capital and Exploration Expenditures   
Upstream   
United States9761,2609252,7115,695
Non-U.S.1,8631,5341,8925,3025,802
Total2,8392,7942,8178,01311,497
Downstream 
United States1993901936631,856
Non-U.S.2673822627281,203
Total4667724551,3913,059
Chemical 
United States3854073139061,567
Non-U.S.160157217475474
Total5455645301,3812,041
Other13126
Worldwide3,8514,1333,80310,78716,603
Cash Flow from Operations and Asset Sales excluding Working Capital
Net cash provided by operating activities 
(U.S. GAAP)12,0914,3899,65031,00510,663
Proceeds associated with asset sales18100250575229
Cash flow from operations and asset sales12,1094,4899,90031,58010,892
Changes in operational working capital(659)(863)380(2,232)1,539
Cash flow from operations and asset sales11,4503,62610,28029,34812,431
excluding working capital   
15

Attachment VI
Exxon Mobil Corporation
Earnings/(Loss)
 $ Millions
$ Per Common Share1
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)
Fourth Quarter(20,070)(4.70)
Year(22,440)(5.25)
2021  
First Quarter2,7300.64
Second Quarter4,6901.10
Third Quarter6,7501.57
1 Computed using the average number of shares outstanding during each period.
16
Document


EXXON MOBIL CORPORATIONEXHIBIT 99.2
To assist investors in assessing 3Q21 results, the following disclosures have been made available in this 8-K filing:
-Identified items of $(0.01) 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
3Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings (Loss), $M3Q212Q211Q214Q203Q20
Upstream     
 United States869663363(16,803)(681)
 Non-U.S.3,0822,5222,191(1,729)298
 Total3,9513,1852,554(18,532)(383)
Downstream
 United States663(149)(113)(514)(136)
 Non-U.S.592(78)(277)(697)(95)
 Total1,255(227)(390)(1,211)(231)
Chemical
 United States1,1831,282715461357
 Non-U.S.9571,038700230304
 Total2,1402,3201,415691661
Corporate and financing(596)(588)(849)(1,018)(727)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)6,7504,6902,730(20,070)(680)
Earnings (Loss) per common share (U.S. GAAP)  1.571.100.64(4.70)(0.15)
Earnings (Loss) per common share
- assuming dilution (U.S. GAAP)1.571.100.64(4.70)(0.15)
Exploration expenses, including dry holes190176164595188
Capital and Exploration Expenditures, $M     
Upstream     
 United States9769258101,1221,260
 Non-U.S.1,8631,8921,5471,8121,534
 Total2,8392,8172,3572,9342,794
Downstream     
 United States199193271488390
 Non-U.S.267262199674382
 Total4664554701,162772
Chemical     
 United States385313208435407
 Non-U.S.16021798240157
 Total545530306675564
Other11——3
Total Capital and Exploration Expenditures3,8513,8033,1334,7714,133
Effective Income Tax Rate, %33%30%33%22%(198)%
Common Shares Outstanding, millions     
 At quarter end4,2344,2344,2344,2334,228
 Average - assuming dilution4,2764,2764,2724,2724,271
Total Cash and Cash Equivalents, $B4.83.53.54.48.8
Total Debt, $B56.660.663.367.668.8
Cash Flow from Operations and Asset Sales, $M     
 Net cash provided by operating activities12,0919,6509,2644,0054,389
 Proceeds associated with asset sales18250307770100
 Cash flow from operations and asset sales12,1099,9009,5714,7754,489
 Changes in operational working capital(659)380(1,953)114(863)
 
Cash flow from operations and asset sales excluding working capital
11,45010,2807,6184,8893,626



EXXON MOBIL CORPORATION
3Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Net production of crude oil, natural gas3Q212Q211Q214Q203Q20
liquids, bitumen and synthetic oil, kbd     
 United States758687665719692
 Canada / Other Americas569529575619487
 Europe2116353226
 Africa248254253258297
 Asia668669691658735
 Australia / Oceania4945393949
Total liquids production2,3132,2002,2582,3252,286
Natural gas production available for sale, mcfd     
 United States2,7012,8042,7672,6862,611
 Canada / Other Americas184189216253269
 Europe3436541,403848401
 Africa5346241211
 Asia3,3653,4333,5993,2253,791
 Australia / Oceania1,4641,1681,1641,1611,233
Total natural gas production available for sale8,1108,2949,1738,1858,316
Total worldwide liquids and gas production, koebd 1
3,6653,5823,7873,6893,672
Refinery throughput, kbd     
 United States1,6841,5321,5321,5941,601
 Canada404332364359341
 Europe1,2151,2231,1531,1301,183
 Asia Pacific585607545522486
 Other Non-U.S.163164157150148
Total refinery throughput4,0513,8583,7513,7553,759
Petroleum product sales, kbd     
 United States2,3462,2182,0772,1282,297
 Canada472421409415446
 Europe1,4041,2971,2721,2271,253
 Asia Pacific648655665645614
 Other Non-U.S.457450458418413
Total petroleum product sales5,3275,0414,8814,8335,023
 Gasolines, naphthas2,1912,1171,9962,0392,077
 Heating oils, kerosene, diesel1,7961,7041,6921,7391,750
 Aviation fuels228201183172152
 Heavy fuels276275257237242
 Specialty products836744753646802
Total petroleum product sales5,3275,0414,8814,8335,023
Chemical prime product sales, kt     
 United States2,5312,4912,1902,4672,363
 Non-U.S.4,1414,0224,2564,1764,261
Total chemical prime product sales6,6726,5136,4466,6436,624


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



EXXON MOBIL CORPORATION
3Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)
Earnings Factor Analysis, $M
3Q21 vs. 3Q20
3Q21 vs. 2Q21
2021 vs. 2020
Upstream  
Prior Period(383)3,185(1,498)
Realization3,7207509,350
Noncash effect of year-end reserves-230—-750
Other3,95075010,100
Volume / Mix140250-210
Other470-2302,050
Expenses280801,270
Identified Items10—420
Other180-310360
Current Period3,9513,9519,690
Downstream  
Prior Period(231)(227)134
Margin1,250790-50
Volume / Mix-10320-30
Other250370580
Expenses70200430
Identified Items-10—340
Other190170-190
Current Period1,2551,255638
Chemical  
Prior Period6612,3201,272
Margin1,640-2103,890
Volume / Mix—80260
Other-160-50450
Expenses-5040190
Identified Items-120—90
Other10-90170
Current Period2,1402,1405,875
Upstream Volume Factor Analysis, koebd  
Prior Period3,6723,5823,785
Downtime / Maintenance 108128-11
Growth / Decline5850-20
Entitlements / Divestments-18216-141
Government Mandates10-6-38
Demand / Other-1-105102
Current Period3,6653,6653,677


EXXON MOBIL CORPORATION
3Q21 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4)
Sources and Uses of Funds, $M3Q21    
Beginning Cash3,465    
Earnings6,750    
Depreciation4,990    
Working Capital / Other351    
Proceeds Associated with Asset Sales18    
PP&E Adds / Investments and Advances1
-3,072    
Shareholder Distributions-3,720    
Debt / Other Financing-4,014    
Ending Cash4,768   

1 PP&E Adds / Investments and Advances includes PP&E adds of ($2.8B) and net advances of ($0.2B).
Average Realization Data3Q212Q211Q214Q203Q20
United States     
ExxonMobil     
Crude ($/b)67.6263.2956.2039.0636.80
Natural Gas ($/kcf)3.332.783.362.201.62
Benchmarks     
WTI ($/b)70.5866.0957.8442.5640.91
ANS-WC ($/b)72.7068.5160.7644.7542.74
Henry Hub ($/mbtu)4.022.832.712.671.98
Non-U.S.     
ExxonMobil     
Crude ($/b)64.8960.5253.4137.8638.30
Natural Gas ($/kcf)9.036.766.134.853.41
European NG ($/kcf)10.816.765.874.873.25
Benchmarks     
Brent ($/b)73.4768.8360.9044.2243.00


The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the third quarter of 2021. 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.