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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 March 31, 2022
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 March 31, 2022
Common stock, without par value 4,212,543,236



EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022
 
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements 
  
Condensed Consolidated Statement of Income
        Three months ended March 31, 2022 and 2021
  
Condensed Consolidated Statement of Comprehensive Income
        Three months ended March 31, 2022 and 2021
  
Condensed Consolidated Balance Sheet
        As of March 31, 2022 and December 31, 2021
  
Condensed Consolidated Statement of Cash Flows
        Three months ended March 31, 2022 and 2021
  
Condensed Consolidated Statement of Changes in Equity
        Three months ended March 31, 2022 and 2021
  
Notes to Condensed Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations16 
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk26 
  
Item 4. Controls and Procedures26 
  
  
PART II. OTHER INFORMATION
Item 1. Legal Proceedings27 
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
27 
  
Item 6. Exhibits
27 
  
Index to Exhibits28 
  
Signature29 
  
2


PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
 Three Months Ended
March 31,
 20222021
Revenues and other income
Sales and other operating revenue87,734 57,552 
Income from equity affiliates2,538 1,473 
Other income228 122 
Total revenues and other income90,500 59,147 
Costs and other deductions
Crude oil and product purchases52,388 32,601 
Production and manufacturing expenses10,241 8,062 
Selling, general and administrative expenses2,409 2,428 
Depreciation and depletion (including impairments)8,883 5,004 
Exploration expenses, including dry holes173 164 
Non-service pension and postretirement benefit expense108 378 
Interest expense188 258 
Other taxes and duties7,554 6,660 
Total costs and other deductions81,944 55,555 
Income (loss) before income taxes8,556 3,592 
Income taxes2,806 796 
Net income (loss) including noncontrolling interests5,750 2,796 
Net income (loss) attributable to noncontrolling interests270 66 
Net income (loss) attributable to ExxonMobil5,480 2,730 
Earnings (loss) per common share (dollars)
1.28 0.64 
Earnings (loss) per common share - assuming dilution (dollars)
1.28 0.64 



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
March 31,
 20222021
Net income (loss) including noncontrolling interests5,750 2,796 
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment741 149 
Postretirement benefits reserves adjustment (excluding amortization)105 168 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs93 378 
Total other comprehensive income (loss)939 695 
Comprehensive income (loss) including noncontrolling interests6,689 3,491 
Comprehensive income (loss) attributable to noncontrolling interests359 146 
Comprehensive income (loss) attributable to ExxonMobil6,330 3,345 


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)
 March 31,
2022
December 31,
2021
Assets  
Current assets  
Cash and cash equivalents11,074 6,802 
Notes and accounts receivable – net42,142 32,383 
Inventories
Crude oil, products and merchandise18,074 14,519 
Materials and supplies4,103 4,261 
Other current assets1,862 1,189 
Total current assets77,255 59,154 
Investments, advances and long-term receivables46,329 45,195 
Property, plant and equipment – net212,773 216,552 
Other assets, including intangibles – net18,414 18,022 
Total Assets354,771 338,923 
Liabilities
Current liabilities
Notes and loans payable4,886 4,276 
Accounts payable and accrued liabilities63,501 50,766 
Income taxes payable3,672 1,601 
Total current liabilities72,059 56,643 
Long-term debt42,651 43,428 
Postretirement benefits reserves18,255 18,430 
Deferred income tax liabilities19,533 20,165 
Long-term obligations to equity companies2,875 2,857 
Other long-term obligations22,872 21,717 
Total Liabilities178,245 163,240 
Commitments and contingencies (Note 3)
Equity
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
15,879 15,746 
Earnings reinvested393,779 392,059 
Accumulated other comprehensive income(12,914)(13,764)
Common stock held in treasury
(3,806 million shares at March 31, 2022 and
3,780 million shares at December 31, 2021)
(227,529)(225,464)
ExxonMobil share of equity169,215 168,577 
Noncontrolling interests7,311 7,106 
Total Equity176,526 175,683 
Total Liabilities and Equity354,771 338,923 

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)
 Three Months Ended
March 31,
 20222021
Cash flows from operating activities  
Net income (loss) including noncontrolling interests5,750 2,796 
Depreciation and depletion (including impairments)8,883 5,004 
Changes in operational working capital, excluding cash and debt1,086 1,953 
All other items – net(931)(489)
Net cash provided by operating activities14,788 9,264 
Cash flows from investing activities
Additions to property, plant and equipment(3,911)(2,400)
Proceeds from asset sales and returns of investments293 307 
Additional investments and advances(417)(349)
Other investing activities including collection of advances90 87 
Net cash used in investing activities(3,945)(2,355)
Cash flows from financing activities
Additions to short-term debt
 5,781 
Reductions in short-term debt
(2,098)(10,849)
Additions/(reductions) in debt with three months or less maturity 1,366 1,003 
Cash dividends to ExxonMobil shareholders(3,760)(3,720)
Cash dividends to noncontrolling interests(60)(52)
Changes in noncontrolling interests(94)53 
Common stock acquired(2,067)(1)
Net cash used in financing activities(6,713)(7,785)
Effects of exchange rate changes on cash142 27 
Increase/(decrease) in cash and cash equivalents4,272 (849)
Cash and cash equivalents at beginning of period6,802 4,364 
Cash and cash equivalents at end of period11,074 3,515 
Supplemental Disclosures
Income taxes paid1,798 855 
Cash interest paid
Included in cash flows from operating activities319 405 
Capitalized, included in cash flows from investing activities187 151 
Total cash interest paid506 556 
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases240 265 
Finance leases656  

 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 December 31, 202015,688 383,943 (16,705)(225,776)157,150 6,980 164,130 
Amortization of stock-based awards202 — — — 202 — 202 
Other(6)— — — (6)53 47 
Net income (loss) for the period— 2,730 — — 2,730 66 2,796 
Dividends - common shares— (3,720)— — (3,720)(52)(3,772)
Other comprehensive income (loss)— — 615 — 615 80 695 
Acquisitions, at cost— — — (1)(1) (1)
Dispositions— — — 4 4 — 4 
Balance as of March 31, 202115,884 382,953 (16,090)(225,773)156,974 7,127 164,101 
Balance as of December 31, 202115,746 392,059 (13,764)(225,464)168,577 7,106 175,683 
Amortization of stock-based awards138 — — — 138 — 138 
Other(5)— — — (5)14 9 
Net income (loss) for the period— 5,480 — — 5,480 270 5,750 
Dividends - common shares— (3,760)— — (3,760)(60)(3,820)
Other comprehensive income (loss)— — 850 — 850 89 939 
Acquisitions, at cost— — — (2,067)(2,067)(108)(2,175)
Dispositions— — — 2 2 — 2 
Balance as of March 31, 202215,879 393,779 (12,914)(227,529)169,215 7,311 176,526 

 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
Common Stock Share ActivityIssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
 (millions of shares) (millions of shares)
Balance as of December 318,019 (3,780)4,239 8,019 (3,786)4,233 
Acquisitions— (26)(26)— — — 
Dispositions— — — — 1 1 
Balance as of March 318,019 (3,806)4,213 8,019 (3,785)4,234 

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


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 2021 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. Russia
In early March, in response to Russia’s military action in Ukraine, the Corporation announced that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, and given the considerable uncertainties surrounding the ongoing operation and future cash-flow generating capability of Sakhalin, an impairment assessment was required, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s first quarter earnings include after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (including impairments)” on the Condensed Consolidated Statement of Income. The Corporation's exit from the project would result in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represented less than one percent of the Corporation's 18.5 billion oil-equivalent barrels of proved reserves at year-end 2021.
The assessment of fair value required the use of Level 3 inputs and assumptions that are based on the views of a likely market participant. As of March 31, the pool of market participants for Russia-based upstream assets was assessed as extremely limited. In arriving at a fair value for its interest in Sakhalin, the Corporation considered, among other things, the current state of sanctions, the regulatory environment within Russia, the statements and actions of potential market participants, and the range and risks of future cash flows that a market participant might consider. Given these significant uncertainties, the likelihood of a third-party market participant agreeing to engage in a transaction for the Corporation’s interest in Sakhalin, as of March 31, was judged to be remote.



8


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 March 31, 2022, 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.
  March 31, 2022
  
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
  (millions of dollars)
Guarantees   
 Debt-related1,152 145 1,297 
 Other830 6,379 7,209 
 Total1,982 6,524 8,506 
(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.

9


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, 2020(10,614)(6,091)(16,705)
Current period change excluding amounts reclassified
from accumulated other comprehensive income (1)
88 158 246 
Amounts reclassified from accumulated other
comprehensive income
 369 369 
Total change in accumulated other comprehensive income88 527 615 
Balance as of March 31, 2021(10,526)(5,564)(16,090)
Balance as of December 31, 2021(11,499)(2,265)(13,764)
Current period change excluding amounts reclassified
 from accumulated other comprehensive income (1)
661 102 763 
Amounts reclassified from accumulated other
comprehensive income
 87 87 
Total change in accumulated other comprehensive income661 189 850 
Balance as of March 31, 2022(10,838)(2,076)(12,914)
(1)Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $79 million and $191 million in 2022 and 2021, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense)
Three Months Ended
March 31,
20222021
 (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)(120)(484)

Income Tax (Expense)/Credit For
Components of Other Comprehensive Income
Three Months Ended
March 31,
20222021
 (millions of dollars)

Foreign exchange translation adjustment
(22)(53)
Postretirement benefits reserves adjustment (excluding
amortization)
(40)(58)
Amortization and settlement of postretirement benefits reserves
adjustment included in net periodic benefit costs
(27)(106)
Total(89)(217)

10


5. Earnings Per Share 
 Three Months Ended
March 31,
 20222021
Earnings per common share
Net income (loss) attributable to ExxonMobil (millions of dollars)
5,480 2,730 
Weighted average number of common shares outstanding (millions of shares)
4,266 4,272 
Earnings (loss) per common share (dollars) (1)
1.28 0.64 
Dividends paid per common share (dollars)
0.88 0.87 
(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
March 31,
 20222021
 (millions of dollars)
Components of net benefit cost
Pension Benefits - U.S.
Service cost179 225 
Interest cost129 139 
Expected return on plan assets(140)(180)
Amortization of actuarial loss/(gain) 39 61 
Amortization of prior service cost(7)(6)
Net pension enhancement and curtailment/settlement cost37 298 
Net benefit cost237 537 
Pension Benefits - Non-U.S.
Service cost150 195 
Interest cost160 130 
Expected return on plan assets(213)(258)
Amortization of actuarial loss/(gain)47 108 
Amortization of prior service cost12 15 
Net pension enhancement and curtailment/settlement cost 12 
Net benefit cost156 202 
Other Postretirement Benefits
Service cost40 49 
Interest cost55 56 
Expected return on plan assets(3)(5)
Amortization of actuarial loss/(gain)3 19 
Amortization of prior service cost(11)(11)
Net benefit cost84 108 
 

11


7. Financial Instruments and Derivatives
 
Financial Instruments. The estimated fair value of financial instruments at March 31, 2022 and December 31, 2021, and the related hierarchy level for the fair value measurement was as follows:
 March 31, 2022
 (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)
6,886 2,890 — 9,776 (7,888)(60)— 1,828 
Advances to/receivables
from equity companies (2)(6)
— 2,631 5,491 8,122 — — 435 8,557 
Other long-term
financial assets (3)
1,152 — 1,049 2,201 — — 165 2,366 
Liabilities
Derivative liabilities (4)
7,459 3,940 — 11,399 (7,888)(632)— 2,879 
Long-term debt (5)
40,367 76 2 40,445 — — (140)40,305 
Long-term obligations
to equity companies (6)
— — 2,969 2,969 — — (94)2,875 
Other long-term
financial liabilities (7)
— — 886 886 — — 53 939 
 
  December 31, 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)
1,422 1,523 — 2,945 (1,930)(28)— 987 
 Advances to/receivables
 
from equity companies (2)(6)
— 3,076 5,373 8,449 — — (123)8,326 
 Other long-term
 
financial assets (3)
1,134 — 1,058 2,192 — — 181 2,373 
Liabilities
 
Derivative liabilities (4)
1,701 2,594 — 4,295 (1,930)(306)— 2,059 
 
Long-term debt (5)
44,454 88 3 44,545 — — (2,878)41,667 
 Long-term obligations
 
to equity companies (6)
— — 3,084 3,084 — — (227)2,857 
 Other long-term
 
financial liabilities (7)
— — 902 902 — — 58 960 
(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 March 31, 2022 and December 31, 2021, respectively, the Corporation had $1,347 million and $641 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.
12


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 March 31, 2022, the Corporation has designated $5.0 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 first quarter 2022.
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 to generate returns from trading. 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 March 31, 2022 and December 31, 2021, or results of operations for the periods ended March 31, 2022 and 2021.
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 March 31, 2022 and December 31, 2021, was as follows:

March 31,December 31,
20222021
(millions)
Crude oil (barrels)91 82 
Petroleum products (barrels)(37)(48)
Natural gas (MMBTUs)(101)(115)
 
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
March 31,
 20222021
 (millions of dollars)
Sales and other operating revenue(2,535)(512)
Crude oil and product purchases(26)1 
Total(2,561)(511)
 
13


8. Disclosures about Segments and Related Information
Three Months Ended
March 31,
 20222021
Earnings (Loss) After Income Tax(millions of dollars)
Upstream  
United States2,376 363 
Non-U.S. (1)
2,112 2,191 
Downstream
United States685 (113)
Non-U.S.(353)(277)
Chemical
United States819 715 
Non-U.S.535 700 
Corporate and Financing (1)
(694)(849)
Corporate total5,480 2,730 
(1) Results for 2022 include charges of $3.3 billion in non-U.S. Upstream and $0.1 billion in Corporate and Financing associated with the Corporation's interest in Sakhalin-1. (See Note 2 to Condensed Consolidated Financial Statements)
Sales and Other Operating Revenue
Upstream
United States2,656 1,885 
Non-U.S.6,343 3,094 
Downstream
United States25,356 16,078 
Non-U.S.43,609 28,613 
Chemical
United States3,982 3,091 
Non-U.S.5,781 4,887 
Corporate and Financing7 (96)
Corporate total87,734 57,552 
Intersegment Revenue
Upstream
United States6,191 3,323 
Non-U.S.10,835 6,817 
Downstream
United States8,261 3,953 
Non-U.S.9,503 5,381 
Chemical
United States2,863 1,950 
Non-U.S.2,213 1,231 
Corporate and Financing57 57 

14


Geographic
 Three Months Ended
March 31,
Sales and Other Operating Revenue20222021
 (millions of dollars)
United States31,994 21,054 
Non-U.S.55,740 36,498 
Total87,734 57,552 
Significant Non-U.S. revenue sources include: (1)
United Kingdom7,548 2,943 
Canada6,995 4,258 
France4,356 2,782 
Singapore4,322 3,435 
Belgium2,836 1,989 
Italy2,836 1,865 
(1)Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.
 
9. Divestment Activities
In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. If these are attained, the transaction would be expected to close no earlier than mid-year 2022. The agreed sales price is subject to interim period adjustments from January 1, 2021 to the closing date, and has potential for further adjustments based on commodity prices and production levels. Assuming a mid-2022 closing date and based on currently available information, the Corporation expects to recognize a loss of approximately $500 million when and if the potential divestment ultimately meets held-for-sale criteria under ASC 360, following the resolution of certain conditions precedent noted above.
Following the end of the first quarter, the Corporation executed an agreement for the sale of ExxonMobil Exploration and Production Romania, consisting of certain unproved Upstream assets, to Romgaz S.A. The transaction is anticipated to close mid-year 2022, and the Corporation expects to recognize a gain on the sale of approximately $300 million.

15


EXXON MOBIL CORPORATION
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

During the COVID-19 pandemic, industry investment to maintain and increase production capacity was restrained to preserve capital, resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. Across late 2021 and early 2022, this dynamic, along with supply chain constraints, and a continuation of demand recovery led to a steady increase in oil and natural gas prices. In the first quarter of 2022, tightness in the oil and natural gas markets was further exacerbated by Russia’s invasion of Ukraine and subsequent sanctions imposed upon business and other activities in Russia. The price of Brent crude oil and certain regional natural gas indicators increased to levels not seen for several years. Additionally, by the end of the first quarter, refining margins improved to levels above the 10-year range, and the tight supply and demand balance is expected to persist.
In early March, in response to Russia’s military action in Ukraine, the Corporation announced that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. The Corporation remains focused on protecting the safety of employees, operations, and the environment. The Corporation is complying with all applicable laws and sanctions and is currently engaged in transitioning Sakhalin-1 operating activities to another party.
The Corporation’s first quarter results include after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin (see Note 2 to Condensed Consolidated Financial Statements). Efforts to transition operatorship to a third party and exit the venture is expected to result in limited hydrocarbon sales and cash flows for the Corporation’s account during the second quarter of 2022, and none following that period. For reference, excluding the impact of impairments and other charges, after-tax earnings related to the Corporation’s interest in Sakhalin in the first quarter were approximately $0.2 billion, and combined oil and gas production was approximately 65 thousand oil-equivalent barrels per day. The Corporation's exit from the project would result in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represented less than one percent of the Corporation's 18.5 billion oil-equivalent barrels of proved reserves at year-end 2021.
FUNCTIONAL EARNINGS SUMMARY
Earnings (loss) excluding Identified Items, 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 in a given quarter may be less than $250 million when the item impacts several segments or several periods. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.
Three Months Ended
March 31, 2022
UpstreamDownstreamChemicalCorporate and FinancingTotal
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
(millions of dollars)
Earnings (loss) (U.S. GAAP)2,3762,112685(353)819535(694)5,480
Identified Items
Impairments(2,877)(98)(2,975)
Other - Russia impacts(378)(378)
Earnings (loss) excluding Identified Items2,3765,367685(353)819535(596)8,833
 
Three Months Ended
March 31, 2021
UpstreamDownstreamChemicalCorporate and FinancingTotal
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
(millions of dollars)
Earnings (loss) (U.S. GAAP)3632,191(113)(277)715700(849)2,730
Identified Items
Severance charges(31)(31)
Earnings (loss) excluding Identified Items3632,191(113)(277)715700(818)2,761
References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S. GAAP) from the Consolidated Statement of Income. Unless otherwise indicated, references to earnings (loss), Upstream, Downstream,
16


Chemical and Corporate and Financing segment earnings (loss), and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

REVIEW OF FIRST QUARTER 2022 RESULTS
ExxonMobil’s first quarter 2022 earnings were $5.5 billion, or $1.28 per diluted share, compared with earnings of $2.7 billion a year earlier. The increase in earnings was driven by higher Upstream realizations and Downstream margins partly offset by charges related to the company's Russia Sakhalin-1 operation.
Oil-equivalent production was 3.7 million barrels per day, down 3 percent from the prior year. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production was down 2 percent from the prior year.
The Corporation distributed $3.8 billion in dividends to shareholders and bought back $2.1 billion of common stock.

UPSTREAM
Upstream Financial Results
 Three Months Ended
March 31,
 20222021
Earnings (loss) (U.S. GAAP)(millions of dollars)
United States2,376 363 
Non-U.S.2,112 2,191 
Total4,488 2,554 
Identified Items (1)
United States— — 
Non-U.S.(3,255)— 
Total(3,255)— 
Earnings (loss) excluding Identified Items (1)
United States2,376 363 
Non-U.S.5,367 2,191 
Total7,743 2,554 


Upstream Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/444cfbefa8513f4fb5f13b1917164a21-xom-20220331_g1.jpg
Price – Higher realizations increased earnings by $5,930 million as average realizations for crude oil increased 68%, while natural gas realizations increased 137%.
Volume – Unfavorable volume and mix effects decreased earnings by $810 million reflecting impacts from the reduced Groningen production limit, higher downtime including the effects of weather, and lower entitlements due to prices, partly offset by growth in the Permian Basin and Guyana.
Other – All other items increased earnings by $70 million.
Identified Items (1) 1Q 2022 $(3,255) million loss as a result of the company's decision to discontinue operations at the Russia Sakhalin-1 project.
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.
17


Upstream Operational Results
Three Months Ended
March 31,
 20222021
Production of crude oil, natural gas liquids, bitumen and synthetic oil  
Net production(thousands of barrels daily)
United States753 665 
Canada/Other Americas474 575 
Europe35 
Africa257 253 
Asia738 691 
Australia/Oceania40 39 
Worldwide2,266 2,258 
Natural gas production available for sale
Net production(millions of cubic feet daily)
United States2,777 2,767 
Canada/Other Americas182 216 
Europe770 1,403 
Africa58 24 
Asia3,340 3,599 
Australia/Oceania1,325 1,164 
Worldwide8,452 9,173 
 (thousands of oil-equivalent barrels daily)
Oil-equivalent production (1)
3,675 3,787 
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
1Q 2022 versus 1Q 2021
Liquids production – 2.3 million barrels per day increased 8 thousand barrels per day from 2021, reflecting easing government mandated curtailments, growth in the Permian Basin and Guyana, partly offset by higher downtime including the effects of weather, lower entitlements due to higher prices, and divestment impacts.
Natural gas production available for sale – 8.5 billion cubic feet per day decreased 721 million cubic feet per day from 2021, reflecting impacts from the reduced Groningen production limit, divestments, and entitlements.

18


Upstream Additional Information
 Three Months Ended
March 31
(thousands of barrels daily)
Volumes reconciliation (Oil-equivalent production) (1)
20213,787
Entitlements - Net Interest(30)
Entitlements - Price / Spend / Other(44)
Government Mandates113
Divestments(62)
Other(89)
20223,675

(1)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Listed below are descriptions of ExxonMobil’s volumes reconciliation factors which are provided to facilitate understanding of the terms.
Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining factors. These factors consist of net interest changes specified in Production Sharing Contracts (PSCs) which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices. 
Entitlements - Price, Spend and Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining factors. These factors include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such factors can also include other temporary changes in net interest as dictated by specific provisions in production agreements. 
Government Mandates are changes to ExxonMobil's sustainable production levels due to temporary non-operational production limits imposed by governments, generally upon a sector, type or method of production. 
Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration. 
Other comprise all other operational and non-operational factors not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such factors include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.
19


DOWNSTREAM
Downstream Financial Results
 Three Months Ended
March 31,
 20222021
Earnings (loss) (U.S. GAAP)(millions of dollars)
United States685 (113)
Non-U.S.(353)(277)
Total332 (390)
Earnings (loss) excluding Identified Items (1)
United States685 (113)
Non-U.S.(353)(277)
Total332 (390)
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

Downstream Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/444cfbefa8513f4fb5f13b1917164a21-xom-20220331_g2.jpg
Margins – Higher margins increased earnings by $310 million. Improved refining margins were partially offset by unfavorable unsettled derivative impacts.
Volume – Favorable volume and mix effects increased earnings by $180 million, primarily due to the absence of prior year reliability impacts from winter storm Uri.
Other – All other items increased earnings by $230 million, driven by the absence of terminal conversion impacts in the prior year quarter.



20


Downstream Operational Results
Three Months Ended
March 31,
 20222021
Refinery throughput(thousands of barrels daily)
United States1,685 1,532 
Canada399 364 
Europe1,193 1,153 
Asia Pacific537 545 
Other169 157 
Worldwide3,983 3,751 
Petroleum product sales (1)
United States2,256 2,077 
Canada442 409 
Europe1,345 1,272 
Asia Pacific644 665 
Other471 458 
Worldwide5,158 4,881 
Gasoline, naphthas2,114 1,996 
Heating oils, kerosene, diesel oils1,722 1,692 
Aviation fuels289 183 
Heavy fuels249 257 
Specialty petroleum products784 753 
Worldwide5,158 4,881 
 (1) Data reported net of purchases/sales contracts with the same counterparty.

CHEMICAL
Chemical Financial Results
 Three Months Ended
March 31,
 20222021
Earnings (loss) (U.S. GAAP)(millions of dollars)
United States819715 
Non-U.S.535700 
Total1,354 1,415 
Earnings (loss) excluding Identified Items (2)
United States819 715 
Non-U.S.535 700 
Total1,354 1,415 
 (2) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.











21


Chemical Earnings Factor Analysis
(millions of dollars)
https://cdn.kscope.io/444cfbefa8513f4fb5f13b1917164a21-xom-20220331_g3.jpg
Margins – Lower margins decreased earnings by $20 million.
Volume – Favorable volume and mix effects increased earnings by $70 million, primarily due to higher U.S. sales.
Other – All other items decreased earnings by $110 million, primarily driven by increased project and planned maintenance spend.

Chemical Operational Results
Three Months Ended
March 31,
 20222021
Chemical prime product sales (1)
(thousands of metric tons)
United States2,704 2,190 
Non-U.S.4,033 4,256 
Worldwide6,737 6,446 
(1) Data reported net of purchases/sales contracts with the same counterparty.

CORPORATE AND FINANCING
Corporate and Financing Financial Results
 Three Months Ended
March 31,
 20222021
 (millions of dollars)
Earnings (loss) (U.S. GAAP)(694)(849)
Identified Items (1)
(98)(31)
Earnings (loss) excluding Identified Items (1)
(596)(818)
 
Corporate and Financing expenses were $694 million for the first quarter of 2022, down $155 million from the first quarter of 2021, reflecting lower pension-related corporate costs and the absence of prior year severance charges, partly offset by Russia Sakhalin impacts.
(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

22


LIQUIDITY AND CAPITAL RESOURCES
 Three Months Ended
March 31,
 20222021
 (millions of dollars)
Net cash provided by/(used in)
Operating activities14,788 9,264 
Investing activities(3,945)(2,355)
Financing activities(6,713)(7,785)
Effect of exchange rate changes142 27 
Increase/(decrease) in cash and cash equivalents4,272 (849)
Cash and cash equivalents (at end of period)11,074 3,515 
Cash flow from operations and asset sales
Net cash provided by operating activities (U.S. GAAP)14,788 9,264 
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments
293 307 
Cash flow from operations and asset sales15,081 9,571 
Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.
Cash flow from operations and asset sales in the first quarter of 2022 was $15.1 billion, an increase of $5.5 billion from the comparable 2021 period primarily reflecting higher earnings.
Cash provided by operating activities totaled $14.8 billion for the first three months of 2022, $5.5 billion higher than 2021. Net income including noncontrolling interests was $5.8 billion, an increase of $3.0 billion from the prior year period. The adjustment for the noncash provision of $8.9 billion for depreciation and depletion was up $3.9 billion from 2021. Changes in operational working capital were a contribution of $1.1 billion, compared to a contribution of $2.0 billion in the prior year period. All other items net decreased cash flows by $0.9 billion in 2022 versus a reduction of $0.5 billion in 2021. See the Condensed Consolidated Statement of Cash Flows for additional details.
Investing activities for the first three months of 2022 used net cash of $3.9 billion, an increase of $1.6 billion compared to the prior year. Spending for additions to property, plant and equipment of $3.9 billion was $1.5 billion higher than 2021. Proceeds from asset sales of $0.3 billion were essentially flat with the prior year. Net investments and advances increased $0.1 billion to $0.3 billion.
Net cash used in financing activities was $6.7 billion in the first three months of 2022, including $2.1 billion for the purchase of 26.2 million shares of ExxonMobil stock, as the Corporation initiated its previously announced buyback program in the quarter. This compares to net cash used in financing activities of $7.8 billion in the prior year, reflecting long-term debt repayments of $4.1 billion during the first three months of 2021. On April 29, 2022, the company announced that it is increasing its share repurchase program from up to $10 billion to a total of up to $30 billion through 2023. The stock repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be discontinued or resumed at any time. The timing and amount of shares actually repurchased in the future will depend on market, business, and other factors.
Total debt at the end of the first quarter of 2022 was $47.5 billion compared to $47.7 billion at year-end 2021. The Corporation's debt to total capital ratio was 21.2 percent at the end of the first quarter of 2022 compared to 21.4 percent at year-end 2021. The net debt to capital ratio was 17.1 percent at the end of the first quarter, a decrease of 1.8 percentage points from year-end 2021. The Corporation's capital allocation priorities continue to be investing in advantaged projects, strengthening the balance sheet and paying a reliable dividend.
The Corporation has access to significant capacity of long-term and short-term liquidity. In addition to cash balances, commercial paper continues to provide short-term liquidity, and is reflected in "Notes and loans payable" on the Consolidated Balance Sheet. Cash and cash equivalents was $11.1 billion at the end of the first quarter of 2022. 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 first quarter 2022.
The Corporation distributed a total of $3.8 billion to shareholders in the first three months of 2022 through dividends.
The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in
23


either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include potential for future growth and attractive current valuations. Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.
Litigation and other contingencies are discussed in Note 3 to the unaudited condensed consolidated financial statements.

TAXES
 Three Months Ended
March 31,
 20222021
 (millions of dollars)
Income taxes2,806 796 
Effective income tax rate40 %33 %
Total other taxes and duties (1)
8,449 7,283 
Total11,255 8,079 
 
(1)Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses”.
 
Total taxes were $11.3 billion for the first quarter of 2022, an increase of $3.2 billion from 2021. Income tax expense was $2.8 billion compared to $0.8 billion in the prior year reflecting higher commodity prices. The effective income tax rate of 40 percent compared to 33 percent in the prior year period primarily due to a change in mix of results in jurisdictions with varying tax rates. Total other taxes and duties increased by $1.2 billion to $8.4 billion.
In the United States, the Corporation has various ongoing U.S. federal income tax positions at issue with the Internal Revenue Service (IRS) for tax years beginning in 2006. The Corporation filed a refund suit for tax years 2006-2009 in U.S. federal district court (District Court) with respect to the positions at issue for those years. On February 24, 2020, the Corporation received an adverse ruling on this suit. The IRS has asserted penalties associated with several of those positions. The Corporation has not recognized the penalties as an expense because the Corporation does not expect the penalties to be sustained under applicable law. On January 13, 2021, the District Court ruled that no penalties apply to the Corporation's positions in this suit. The Corporation and the government have appealed the District Court's rulings to the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit). Proceedings in the Fifth Circuit are continuing.
On March 4, 2022, the Corporation also filed a refund suit for tax years 2010-2011 in District Court with respect to the positions at issue for those years. The Corporation has not recognized asserted penalties for 2010-2011 as an expense because the Corporation does not expect the penalties to be sustained under applicable law. Unfavorable resolution of all positions at issue with the IRS would not have a material adverse effect on the Corporation’s operations or financial condition.

24


CAPITAL AND EXPLORATION EXPENDITURES
 Three Months Ended
March 31,
 20222021
 (millions of dollars)
Upstream (including exploration expenses)3,879 2,357 
Downstream577 470 
Chemical448 306 
Other— — 
Total4,904 3,133 
 
Capital and exploration expenditures in the first quarter of 2022 were $4.9 billion, up 57 percent from the first quarter of 2021. The Corporation plans to invest in the range of $21 billion to $24 billion in 2022. Actual spending could vary depending on the progress of individual projects and property acquisitions.

FORWARD-LOOKING STATEMENTS
Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions, 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; 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; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; 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, including variability and timing factors applicable to unconventional resources; 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 2021 Form 10-K.
The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
Information about market risks for the three months ended March 31, 2022, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for 2021.

Item 4. Controls and Procedures
 
As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of March 31, 2022. Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

26


PART II. OTHER INFORMATION
Item 1. Legal Proceedings
ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.
On February 22, 2022, the Oil Conservation Division of the New Mexico Department of Energy, Minerals and Natural Resources (the “Department”) announced that it issued notices of violation and cumulative associated administrative civil penalties of $2,247,100 to XTO Permian Operating, LLC (“XTO”) alleging XTO failed to comply with certain operational and reporting requirements relating to four salt water disposal wells. A hearing is scheduled for May 18, 2022, but may be delayed by the Department in order to negotiate a potential resolution.
Refer to the relevant portions of Note 3 of this Quarterly Report on Form 10-Q for further information on legal proceedings.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchase of Equity Securities for Quarter Ended March 31, 2022
Period
Total Number
of Shares
Purchased(1)
Average
Price Paid
per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (2)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
(Billions of dollars)
January 20225,764,362$70.755,639,871$29.6
February 20228,320,607$78.698,320,607$28.9
March 202212,197,886$82.3212,197,886$27.9
Total26,282,855$78.6326,158,364
 
During the first quarter, the Corporation did not issue or sell any unregistered equity securities.
(1) Includes shares withheld from participants in the company's incentive program for personal income taxes.
(2) In its earnings release dated April 29, 2022, the Corporation stated that the company has increased its share repurchase program from up to $10 billion to a total of up to $30 billion through 2023. Purchases in the first quarter of 2022 were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1.

Item 6. Exhibits
 
See Index to Exhibits of this report.

27


INDEX TO EXHIBITS
 
 
Exhibit Description
   
 Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
 Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer.
 Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
 Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.
 Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer.
 Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.
101 Interactive Data Files (formatted as Inline XBRL).
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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EXXON MOBIL CORPORATION
 
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, thereunto duly authorized.
 
 
 
 
EXXON MOBIL CORPORATION
 
Date: May 4, 2022
By:/s/ LEN M. FOX
  Len M. Fox
  Vice President, Controller and
  Principal Accounting Officer
 
29
Document

EXHIBIT 31.1


Certification by Darren W. Woods
Pursuant to Securities Exchange Act Rule 13a-14(a)

I, Darren W. Woods, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Exxon Mobil Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 4, 2022

/s/ DARREN W. WOODS
Darren W. Woods
Chief Executive Officer

Document

EXHIBIT 31.2


Certification by Kathryn A. Mikells
Pursuant to Securities Exchange Act Rule 13a-14(a)

I, Kathryn A. Mikells, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Exxon Mobil Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 4, 2022

/s/ KATHRYN A. MIKELLS
Kathryn A. Mikells
Senior Vice President and Chief Financial Officer

Document

EXHIBIT 31.3


Certification by Len M. Fox
Pursuant to Securities Exchange Act Rule 13a-14(a)

I, Len M. Fox, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Exxon Mobil Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 4, 2022

/s/ LEN M. FOX
Len M. Fox
Vice President and Controller
(Principal Accounting Officer)

Document

EXHIBIT 32.1


Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Darren W. Woods, the chief executive officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to his knowledge:

(i)the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: May 4, 2022
/s/ DARREN W. WOODS
Darren W. Woods
Chief Executive Officer


A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Document

EXHIBIT 32.2


Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Kathryn A. Mikells, the chief financial officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to her knowledge:

(i)the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: May 4, 2022

/s/ KATHRYN A. MIKELLS
Kathryn A. Mikells
Senior Vice President and Chief Financial Officer


A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Document

EXHIBIT 32.3


Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Len M. Fox, the principal accounting officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to his knowledge:

(i)the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: May 4, 2022

/s/ LEN M. FOX
Len M. Fox
Vice President and Controller
(Principal Accounting Officer)


A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.