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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 September 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 filer☑Accelerated filer☐
    
Non-accelerated filer☐Smaller reporting company☐
 
 Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 
Class 
Outstanding as of September 30, 2021
Common stock, without par value 4,233,566,839


EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021
 
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements 
  
Condensed Consolidated Statement of Income
        Three and nine months ended September 30, 2021 and 2020
3 
  
Condensed Consolidated Statement of Comprehensive Income
        Three and nine months ended September 30, 2021 and 2020
4 
  
Condensed Consolidated Balance Sheet
        As of September 30, 2021 and December 31, 2020
5 
  
Condensed Consolidated Statement of Cash Flows
        Nine months ended September 30, 2021 and 2020
6 
  
Condensed Consolidated Statement of Changes in Equity
        Three months ended September 30, 2021 and 2020
7 
Condensed Consolidated Statement of Changes in Equity
        Nine months ended September 30, 2021 and 2020
8 
  
Notes to Condensed Consolidated Financial Statements9 
  
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
September 30,		Nine Months Ended
September 30,
 2021202020212020
Revenues and other income  
Sales and other operating revenue71,892 45,425 195,387 132,836 
Income from equity affiliates1,670 517 4,579 1,395 
Other income224 257 709 731 
Total revenues and other income73,786 46,199 200,675 134,962 
Costs and other deductions
Crude oil and product purchases39,745 23,950 109,675 70,102 
Production and manufacturing expenses8,719 7,103 25,252 22,295 
Selling, general and administrative expenses2,287 2,444 7,060 7,432 
Depreciation and depletion4,990 4,983 14,946 15,718 
Exploration expenses, including dry holes190 188 530 690 
Non-service pension and postretirement benefit expense146 272 686 812 
Interest expense214 279 726 845 
Other taxes and duties7,889 7,352 22,295 19,338 
Total costs and other deductions64,180 46,571 181,170 137,232 
Income (loss) before income taxes9,606 (372)19,505 (2,270)
Income taxes2,664 337 4,986 378 
Net income (loss) including noncontrolling interests6,942 (709)14,519 (2,648)
Net income (loss) attributable to noncontrolling interests192 (29)349 (278)
Net income (loss) attributable to ExxonMobil6,750 (680)14,170 (2,370)
Earnings (loss) per common share (dollars)
1.57 (0.15)3.31 (0.55)
Earnings (loss) per common share - assuming dilution (dollars)
1.57 (0.15)3.31 (0.55)



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
September 30,		Nine Months Ended
September 30,
 2021202020212020
Net income (loss) including noncontrolling interests6,942 (709)14,519 (2,648)
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment(1,625)1,469 (1,053)(1,305)
Adjustment for foreign exchange translation (gain)/loss
     included in net income		— 14 — 14 
Postretirement benefits reserves adjustment (excluding amortization)184 (140)305 (189)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs196 206 789 613 
Total other comprehensive income (loss)(1,245)1,549 41 (867)
Comprehensive income (loss) including noncontrolling interests5,697 840 14,560 (3,515)
Comprehensive income (loss) attributable to noncontrolling interests57 92 381 (449)
Comprehensive income (loss) attributable to ExxonMobil5,640 748 14,179 (3,066)


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)
 September 30,
2021		December 31,
2020
Assets  
Current assets  
Cash and cash equivalents4,768 4,364 
Notes and accounts receivable – net29,516 20,581 
Inventories
Crude oil, products and merchandise15,087 14,169 
Materials and supplies4,520 4,681 
Other current assets1,664 1,098 
Total current assets55,555 44,893 
Investments, advances and long-term receivables45,641 43,515 
Property, plant and equipment – net218,795 227,553 
Other assets, including intangibles – net16,697 16,789 
Total assets336,688 332,750 
Liabilities
Current liabilities
Notes and loans payable12,966 20,458 
Accounts payable and accrued liabilities47,257 35,221 
Income taxes payable1,633 684 
Total current liabilities61,856 56,363 
Long-term debt43,639 47,182 
Postretirement benefits reserves21,060 22,415 
Deferred income tax liabilities19,008 18,165 
Long-term obligations to equity companies3,060 3,253 
Other long-term obligations20,559 21,242 
Total liabilities169,182 168,620 
Commitments and contingencies (Note 3)
Equity
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
16,104 15,688 
Earnings reinvested386,952 383,943 
Accumulated other comprehensive income(16,696)(16,705)
Common stock held in treasury
(3,785 million shares at September 30, 2021 and
3,786 million shares at December 31, 2020)
(225,771)(225,776)
ExxonMobil share of equity160,589 157,150 
Noncontrolling interests6,917 6,980 
Total equity167,506 164,130 
Total liabilities and equity336,688 332,750 

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)
 Nine Months Ended
September 30,
 20212020
Cash flows from operating activities  
Net income (loss) including noncontrolling interests14,519 (2,648)
Depreciation and depletion14,946 15,718 
Changes in operational working capital, excluding cash and debt2,232 (1,539)
All other items – net(692)(868)
Net cash provided by operating activities31,005 10,663 
Cash flows from investing activities
Additions to property, plant and equipment(7,987)(13,653)
Proceeds from asset sales and returns of investments575 229 
Additional investments and advances(1,055)(3,443)
Other investing activities including collection of advances342 1,710 
Net cash used in investing activities(8,125)(15,157)
Cash flows from financing activities
Additions to long-term debt46 23,186 
Reductions in long-term debt (4)(4)
Additions to short-term debt (1)
12,197 28,839 
Reductions in short-term debt (1)
(24,066)(24,090)
Additions/(reductions) in debt with three months or less maturity 997 (6,261)
Contingent consideration payments(28)(21)
Cash dividends to ExxonMobil shareholders(11,161)(11,150)
Cash dividends to noncontrolling interests(166)(137)
Changes in noncontrolling interests(278)511 
Common stock acquired(1)(305)
Net cash used in financing activities(22,464)10,568 
Effects of exchange rate changes on cash(12)(331)
Increase/(decrease) in cash and cash equivalents404 5,743 
Cash and cash equivalents at beginning of period4,364 3,089 
Cash and cash equivalents at end of period4,768 8,832 
Supplemental Disclosures
Income taxes paid3,516 2,341 
Cash interest paid
Included in cash flows from operating activities818 726 
Capitalized, included in cash flows from investing activities478 516 
Total cash interest paid1,296 1,242 
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases804 45 
Finance leases168 29 

(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 June 30, 202015,812 412,124 (21,617)(226,136)180,183 6,970 187,153 
Amortization of stock-based awards187 — — — 187 — 187 
Other(2)— — — (2)194 192 
Net income (loss) for the period— (680)— — (680)(29)(709)
Dividends - common shares— (3,716)— — (3,716)(44)(3,760)
Other comprehensive income (loss)— — 1,428 — 1,428 121 1,549 
Balance as of September 30, 202015,997 407,728 (20,189)(226,136)177,400 7,212 184,612 
Balance as of June 30, 202116,006 383,922 (15,586)(225,771)158,571 6,985 165,556 
Amortization of stock-based awards99 — — — 99 — 99 
Other(1)— — — (1)4 3 
Net income (loss) for the period— 6,750 — — 6,750 192 6,942 
Dividends - common shares— (3,720)— — (3,720)(54)(3,774)
Other comprehensive income (loss)— — (1,110)— (1,110)(135)(1,245)
Acquisitions, at cost— — — — — (75)(75)
Balance as of September 30, 202116,104 386,952 (16,696)(225,771)160,589 6,917 167,506 

 Three Months Ended September 30, 2021 Three Months Ended September 30, 2020
Common Stock Share ActivityIssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
 (millions of shares) (millions of shares)
Balance as of June 308,019 (3,785)4,234 8,019 (3,791)4,228 
Acquisitions— — — — — — 
Dispositions— — — — — — 
Balance as of September 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 awards545 — — — 545 — 545 
Other(185)— — — (185)574 389 
Net income (loss) for the period— (2,370)— — (2,370)(278)(2,648)
Dividends - common shares— (11,150)— — (11,150)(137)(11,287)
Cumulative effect of accounting
change
— (93)— — (93)(1)(94)
Other comprehensive income (loss)— — (696)— (696)(171)(867)
Acquisitions, at cost— — — (305)(305)(63)(368)
Dispositions— — — 4 4 — 4 
Balance as of September 30, 202015,997 407,728 (20,189)(226,136)177,400 7,212 184,612 
Balance as of December 31, 202015,688 383,943 (16,705)(225,776)157,150 6,980 164,130 
Amortization of stock-based awards427 — — — 427 — 427 
Other(11)— — — (11)90 79 
Net income (loss) for the period— 14,170 — — 14,170 349 14,519 
Dividends - common shares— (11,161)— — (11,161)(166)(11,327)
Other comprehensive income (loss)— — 9 — 9 32 41 
Acquisitions, at cost— — — (1)(1)(368)(369)
Dispositions— — — 6 6 — 6 
Balance as of September 30, 202116,104 386,952 (16,696)(225,771)160,589 6,917 167,506 

 Nine Months Ended September 30, 2021 Nine Months Ended September 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 September 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 third quarter of 2020 included a before-tax credit of $153 million, as rising prices reduced the charge against the book value of inventories. 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 $113 million after-tax credit to earnings (excluding noncontrolling interests) in the third quarter of 2020.
The Corporation recognized impairment charges of $262 million and $1,036 million in the nine months ended, September 30, 2021 and 2020, respectively. The 2021 impairments included $20 million for exploratory well costs that had been suspended more than one year. The 2020 impairments included goodwill impairments of $611 million and other impairments of $425 million, 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. Impairment charges generally are included in “Depreciation and depletion” or "Other income".
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 September 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 September 30, 2021
  
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
  (millions of dollars)
Guarantees   
 Debt-related1,100 137 1,237 
 Other1,002 4,795 5,797 
 Total2,102 4,932 7,034 
(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)
(1,125)(172)(1,297)
Amounts reclassified from accumulated other
comprehensive income
14 587 601 
Total change in accumulated other comprehensive income(1,111)415 (696)
Balance as of September 30, 2020(13,557)(6,632)(20,189)
Balance as of December 31, 2020(10,614)(6,091)(16,705)
Current period change excluding amounts reclassified
 from accumulated other comprehensive income (1)
(1,041)289 (752)
Amounts reclassified from accumulated other
comprehensive income
— 761 761 
Total change in accumulated other comprehensive income(1,041)1,050 9 
Balance as of September 30, 2021(11,655)(5,041)(16,696)
(1)Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $240 million and $(159) million in 2021 and 2020, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
 (millions of dollars)(millions of dollars)
Foreign exchange translation gain/(loss) included in net income
       (Statement of Income line: Other income)		— (14)— (14)
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)(256)(268)(1,020)(790)

Income Tax (Expense)/Credit For
Components of Other Comprehensive Income
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
 (millions of dollars)(millions of dollars)

Foreign exchange translation adjustment		(26)57 (60)72 
Postretirement benefits reserves adjustment (excluding
amortization)
(76)74 (109)64 
Amortization and settlement of postretirement benefits reserves
adjustment included in net periodic benefit costs
(60)(62)(231)(177)
Total(162)69 (400)(41)

12

5. Earnings Per Share 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2021202020212020
Earnings per common share  
Net income (loss) attributable to ExxonMobil (millions of dollars)
6,750 (680)14,170 (2,370)
Weighted average number of common shares outstanding (millions of shares)
4,276 4,271 4,275 4,270 
Earnings (loss) per common share (dollars) (1)
1.57 (0.15)3.31 (0.55)
Dividends paid per common share (dollars)
0.87 0.87 2.61 2.61 
(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
September 30,		Nine Months Ended
September 30,
 2021202020212020
 (millions of dollars)(millions of dollars)
Components of net benefit cost  
Pension Benefits - U.S.  
Service cost228 245 661 712 
Interest cost139 177 418 531 
Expected return on plan assets(181)(178)(542)(528)
Amortization of actuarial loss/(gain) and prior service cost57 79 167 237 
Net pension enhancement and curtailment/settlement cost75 52 468 156 
Net benefit cost318 375 1,172 1,108 
Pension Benefits - Non-U.S.
Service cost194 178 587 524 
Interest cost131 165 396 488 
Expected return on plan assets(256)(226)(777)(664)
Amortization of actuarial loss/(gain) and prior service cost118 124 362 358 
Net pension enhancement and curtailment/settlement cost4 — 16 — 
Net benefit cost191 241 584 706 
Other Postretirement Benefits
Service cost44 45 139 134 
Interest cost55 70 166 208 
Expected return on plan assets(5)(4)(14)(13)
Amortization of actuarial loss/(gain) and prior service cost9 13 26 39 
Net benefit cost103 124 317 368 
 

13

7. Financial Instruments and Derivatives
 
Financial Instruments. The estimated fair value of financial instruments at September 30, 2021, and December 31, 2020, and the related hierarchy level for the fair value measurement was as follows:
 At September 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)
2,251 986 — 3,237 (2,537)— — 700 
Advances to/receivables
from equity companies (2)(6)
— 3,127 5,825 8,952 — — (229)8,723 
Other long-term
financial assets (3)
1,118 — 1,336 2,454 — — 184 2,638 
Liabilities
Derivative liabilities (4)
3,489 1,671 — 5,160 (2,537)(1,238)— 1,385 
Long-term debt (5)
44,934 111 4 45,049 — — (3,166)41,883 
Long-term obligations
to equity companies (6)
— — 3,334 3,334 — — (274)3,060 
Other long-term
financial liabilities (7)
— — 922 922 — — 60 982 
 
  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 September 30, 2021, and December 31, 2020, respectively, the Corporation had $511 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 September 30, 2021, the Corporation has designated $5.2 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 $10.6 billion and undrawn long-term committed lines of credit of $0.6 billion as of third 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 September 30, 2021, and December 31, 2020, or results of operations for the periods ended September 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, reporting and monitoring of derivative activity.
 
The net notional long/(short) position of derivative instruments at September 30, 2021, and December 31, 2020, was as follows:

September 30,December 31,
20212020
(millions)
Crude oil (barrels)37 40 
Petroleum products (barrels)(60)(46)
Natural gas (MMBTUs)(371)(500)
 
Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income are included in the following lines on a before-tax basis:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2021202020212020
 (millions of dollars)(millions of dollars)
Sales and other operating revenue(