SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 4, 2022
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
|(State or other|
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 Class||Trading Symbol||on Which Registered|
|Common Stock, without par value||XOM||New York Stock Exchange|
|0.142% Notes due 2024||XOM24B||New York Stock Exchange|
|0.524% Notes due 2028||XOM28||New York Stock Exchange|
|0.835% Notes due 2032||XOM32||New York Stock Exchange|
|1.408% Notes due 2039||XOM39A||New 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 7.01||Regulation FD Disclosure|
| ||The following information is furnished pursuant to Item 7.01.|
INDEX TO EXHIBITS
| || |
Exxon Mobil Corporation 1Q22 Earnings Considerations.
| || |
|104||Cover Page Interactive Data File (formatted as Inline XBRL).|
| || |
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: April 4, 2022
|By:||/s/ LEN M. FOX|
| || ||Len M. Fox|
| || ||Vice President and Controller|
| || ||(Principal Accounting Officer)|
1Q22 Earnings Considerations
To give perspective regarding market and planned factors affecting 1Q 2022 results, we are providing the following summary of factors management believes will impact 1Q 2022 results relative to 4Q 2021 results. These factors are generally limited to market dynamics, seasonal patterns, and planned activities. This list is not meant to be a comprehensive list of all changes between 4Q 2021 results and 1Q 2022 results or to provide an estimate of 1Q 2022 results for the Corporation. For example, base operating expenses, unscheduled downtime, impacts from foreign exchange fluctuation, and other factors are not included below. Further, this list may not account for all adjustments and charges required to fully reflect the changes in industry conditions.
|$ billions||Upstream||Downstream||Chemical||Corp & Fin||Total|
4Q21 earnings / (loss), U.S. GAAP
4Q21 identified items
4Q21 earnings / (loss) excluding identified items
|Due to rounding, numbers presented above may not add up precisely to the totals indicated. |
Estimated effects of market factors impacting 1Q22 results
|Change in liquids prices||1.9 - 2.3|
|Change in gas prices||0.0 - 0.4|
|Change in Downstream refining margins||0.1 - 0.3|
|Change in Chemical margins||(0.3) - (0.1)|
|Change in unsettled derivatives (mark-to-market)||(0.2) - 0.0||(0.7) - (0.5)|
Estimated effects of seasonal and planned factors, and non-operational events impacting 1Q22 results
|Day effect (fewer days in 1Q 2022 versus 4Q 2021)||(0.4) - (0.2)||(0.2) - 0.0|
|Change in scheduled maintenance||(0.2) - 0.0||(0.3) - (0.1)||0.0 - 0.2|
|Change in non-operational events (not an identified item)¹||(0.5) - (0.3)||(0.1) - 0.1||(0.1) - 0.1||(0.2) - 0.0|
|¹ Represents the change in non-operational earnings events or impacts that are individually below the $250M threshold utilized for identified items but may be material in aggregate.|
This information is only intended to provide additional information regarding current estimates of certain limited market and planned factors management believes will likely affect results for 1Q 2022 relative to 4Q 2021 to assist investors, analysts and others in formulating their own estimates. It is not intended to be a comprehensive presentation of all factors that will affect the Corporation’s sequential results or to provide an estimate of the Corporation’s 1Q 2022 results. Actual results and the impact of factors identified here may vary depending on the impact of other factors not identified here and are subject to finalization of the Corporation’s financial reporting process for 1Q 2022. Further, this list may not account for all adjustments and charges required to fully reflect the changes in industry conditions.
Outlooks, estimates, projections and other statements of future financial impacts of certain factors as provided in this publication are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Actual future impacts of these certain factors for 1Q 2022 may vary from our estimates for a number of reasons, including additional unidentified factors related to: sales volume and sales mix numbers; supply and demand imbalances; regional pricing differentials and refining and chemical margins; global and regional hostilities, war, terrorism, or civil unrest; resolution of trading and derivative positions for the quarter; price impacts and the broader government responses to public health events; supply chain disruptions; planned cash and operating expense reductions; total capital expenditures and mix; maintenance costs and incidents; production shut-ins and mix; financing costs; the resolution of any contingencies and uncertain tax positions; environmental expenditures; impact of fiscal, contractual, and commercial terms applicable to the quarter; the outcome of commercial negotiations related to the quarter; the timing and regulatory approval of any acquisitions or divestments; the pace of economic recovery and regional differences for product demand; changes in consumer behavior; changes in regulatory policies and any associated liabilities; changes in asset valuation or estimates of fair value as of a certain date; updates or corrections of any estimate used herein; and other market conditions in the oil, natural gas, petroleum, and petrochemical industries. Furthermore, additional factors may exist that will be relevant to 1Q 2022 results that are not currently known or fully understood, including our participation in joint ventures or developments operated by third parties and other factors cited in Item 1A. Risk Factors of our most recent Annual and Quarterly Reports available on the Investors page of our website at www.exxonmobil.com. All forward-looking statements and the assumptions in this filing speak only as of the date hereof. We do not assume or undertake any obligation to update these forward-looking statements or assumptions as of any future date. Any future update or expansion of the forward-looking statements in this filing will be provided only through a public disclosure indicating that fact.
Earnings / (loss) excluding identified items is defined as 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 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. Earnings / (loss) excluding identified items does include non-operational earnings events or impacts that are below the $250M threshold utilized for identified items. When the effect of these events are material in aggregate, they are indicated in analysis of period results as part of quarterly earnings press release and teleconference materials.
In light of the ongoing situation in Ukraine and the resulting sanctions on Russia, the Company is proceeding with efforts to discontinue operations at the Sakhalin-1 project (“Sakhalin”) and is developing steps to exit the venture. As operator of Sakhalin, the Company remains focused on the safety of people, protection of the environment and integrity of operations. Depending on the terms of its exit from Sakhalin, the Company may be required to impair its investment in the project up to the full book value of Property, Plant and Equipment of $4 billion.
In accordance with Regulation FD, we are hereby providing notice that the Company currently intends to furnish its first quarter 2022 financial results both (1) by posting them on our website at www.exxonmobil.com and (2) in a filing on Form 8-K in the Securities and Exchange Commission EDGAR system, each at approximately 5:30 a.m. CT Friday, April 29, 2022. In the event that the EDGAR system experiences technical difficulties or the Company is unable to successfully complete its 8-K filing at the intended time, investors and the public should look for this information at that time on our website. In case of a failed filing, the Company intends to furnish the information on EDGAR as soon as possible after 5:30 a.m. CT Friday, April 29, 2022.