xom-20220630FALSE00000340882022Q2--12-3100000340882022-01-012022-06-300000034088us-gaap:CommonStockMember2022-01-012022-06-300000034088xom:ZeroPointOneFourTwoPercentNotesDue2024Member2022-01-012022-06-300000034088xom:ZeroPointFiveTwoFourPercentNotesDue2028Member2022-01-012022-06-300000034088xom:ZeroPointEightThreeFivePercentNotesDue2032Member2022-01-012022-06-300000034088xom:OnePointFourZeroEightPercentNotesDue2039Member2022-01-012022-06-3000000340882022-06-30xbrli:shares00000340882022-04-012022-06-30iso4217:USD00000340882021-04-012021-06-3000000340882021-01-012021-06-30iso4217:USDxbrli:shares00000340882021-12-3100000340882020-12-3100000340882021-06-300000034088us-gaap:CommonStockMember2021-03-310000034088us-gaap:RetainedEarningsMember2021-03-310000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000034088us-gaap:TreasuryStockMember2021-03-310000034088us-gaap:ParentMember2021-03-310000034088us-gaap:NoncontrollingInterestMember2021-03-3100000340882021-03-310000034088us-gaap:CommonStockMember2021-04-012021-06-300000034088us-gaap:ParentMember2021-04-012021-06-300000034088us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000034088us-gaap:RetainedEarningsMember2021-04-012021-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000034088us-gaap:TreasuryStockMember2021-04-012021-06-300000034088us-gaap:CommonStockMember2021-06-300000034088us-gaap:RetainedEarningsMember2021-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000034088us-gaap:TreasuryStockMember2021-06-300000034088us-gaap:ParentMember2021-06-300000034088us-gaap:NoncontrollingInterestMember2021-06-300000034088us-gaap:CommonStockMember2022-03-310000034088us-gaap:RetainedEarningsMember2022-03-310000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000034088us-gaap:TreasuryStockMember2022-03-310000034088us-gaap:ParentMember2022-03-310000034088us-gaap:NoncontrollingInterestMember2022-03-3100000340882022-03-310000034088us-gaap:CommonStockMember2022-04-012022-06-300000034088us-gaap:ParentMember2022-04-012022-06-300000034088us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000034088us-gaap:RetainedEarningsMember2022-04-012022-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000034088us-gaap:TreasuryStockMember2022-04-012022-06-300000034088us-gaap:CommonStockMember2022-06-300000034088us-gaap:RetainedEarningsMember2022-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000034088us-gaap:TreasuryStockMember2022-06-300000034088us-gaap:ParentMember2022-06-300000034088us-gaap:NoncontrollingInterestMember2022-06-300000034088us-gaap:CommonStockMember2020-12-310000034088us-gaap:RetainedEarningsMember2020-12-310000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000034088us-gaap:TreasuryStockMember2020-12-310000034088us-gaap:ParentMember2020-12-310000034088us-gaap:NoncontrollingInterestMember2020-12-310000034088us-gaap:CommonStockMember2021-01-012021-06-300000034088us-gaap:ParentMember2021-01-012021-06-300000034088us-gaap:NoncontrollingInterestMember2021-01-012021-06-300000034088us-gaap:RetainedEarningsMember2021-01-012021-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000034088us-gaap:TreasuryStockMember2021-01-012021-06-300000034088us-gaap:CommonStockMember2021-12-310000034088us-gaap:RetainedEarningsMember2021-12-310000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000034088us-gaap:TreasuryStockMember2021-12-310000034088us-gaap:ParentMember2021-12-310000034088us-gaap:NoncontrollingInterestMember2021-12-310000034088us-gaap:CommonStockMember2022-01-012022-06-300000034088us-gaap:ParentMember2022-01-012022-06-300000034088us-gaap:NoncontrollingInterestMember2022-01-012022-06-300000034088us-gaap:RetainedEarningsMember2022-01-012022-06-300000034088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000034088us-gaap:TreasuryStockMember2022-01-012022-06-300000034088xom:Sakhalin1Member2022-01-012022-06-30utr:Boexbrli:pure0000034088xom:ExxonMobilCorporationMember2021-12-310000034088xom:EquityCompanyObligationsMemberxom:DebtRelatedGuaranteesMember2022-06-300000034088xom:DebtRelatedGuaranteesMemberxom:OtherThirdPartyObligationsMember2022-06-300000034088xom:DebtRelatedGuaranteesMember2022-06-300000034088xom:OtherGuaranteesMemberxom:EquityCompanyObligationsMember2022-06-300000034088xom:OtherGuaranteesMemberxom:OtherThirdPartyObligationsMember2022-06-300000034088xom:OtherGuaranteesMember2022-06-300000034088xom:EquityCompanyObligationsMember2022-06-300000034088xom:OtherThirdPartyObligationsMember2022-06-300000034088srt:ParentCompanyMember2020-12-310000034088srt:ParentCompanyMember2021-01-012021-06-300000034088srt:ParentCompanyMember2021-06-300000034088srt:ParentCompanyMember2021-12-310000034088srt:ParentCompanyMember2022-01-012022-06-300000034088srt:ParentCompanyMember2022-06-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2022-04-012022-06-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-300000034088country:USus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-04-012022-06-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-300000034088us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-04-012022-06-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-06-300000034088us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-300000034088us-gaap:FairValueInputsLevel1Member2022-06-300000034088us-gaap:FairValueInputsLevel2Member2022-06-300000034088us-gaap:FairValueDisclosureItemAmountsDomain2022-06-300000034088xom:EffectOfCounterpartyNettingMember2022-06-300000034088xom:EffectOfCollateralNettingMember2022-06-300000034088us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000034088us-gaap:FairValueInputsLevel3Member2022-06-300000034088xom:DifferenceInCarryingValueAndFairValueMember2022-06-300000034088us-gaap:FairValueInputsLevel1Member2021-12-310000034088us-gaap:FairValueInputsLevel2Member2021-12-310000034088us-gaap:FairValueDisclosureItemAmountsDomain2021-12-310000034088xom:EffectOfCounterpartyNettingMember2021-12-310000034088xom:EffectOfCollateralNettingMember2021-12-310000034088us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000034088us-gaap:FairValueInputsLevel3Member2021-12-310000034088xom:DifferenceInCarryingValueAndFairValueMember2021-12-310000034088xom:LineOfCreditShortTermMember2022-06-300000034088xom:LineOfCreditShortTermMemberus-gaap:SubsequentEventMember2022-07-012022-09-300000034088xom:LineOfCreditLongTermMember2022-06-300000034088us-gaap:LongMembersrt:CrudeOilMember2022-01-012022-06-30utr:bbl0000034088us-gaap:LongMembersrt:CrudeOilMember2021-01-012021-12-310000034088us-gaap:ShortMemberxom:ProductsMember2022-01-012022-06-300000034088us-gaap:ShortMemberxom:ProductsMember2021-01-012021-12-310000034088us-gaap:ShortMemberxom:NaturalGasMember2022-01-012022-06-30utr:MMBTU0000034088us-gaap:ShortMemberxom:NaturalGasMember2021-01-012021-12-310000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2022-04-012022-06-300000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2021-04-012021-06-300000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2022-01-012022-06-300000034088us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2021-01-012021-06-30xom:segment0000034088xom:UpstreamUnitedStatesMember2022-04-012022-06-300000034088xom:UpstreamUnitedStatesMember2021-04-012021-06-300000034088xom:UpstreamUnitedStatesMember2022-01-012022-06-300000034088xom:UpstreamUnitedStatesMember2021-01-012021-06-300000034088xom:UpstreamNonUsMember2022-04-012022-06-300000034088xom:UpstreamNonUsMember2021-04-012021-06-300000034088xom:UpstreamNonUsMember2022-01-012022-06-300000034088xom:UpstreamNonUsMember2021-01-012021-06-300000034088xom:EnergyProductsUnitedStatesMember2022-04-012022-06-300000034088xom:EnergyProductsUnitedStatesMember2021-04-012021-06-300000034088xom:EnergyProductsUnitedStatesMember2022-01-012022-06-300000034088xom:EnergyProductsUnitedStatesMember2021-01-012021-06-300000034088xom:EnergyProductsNonUSMember2022-04-012022-06-300000034088xom:EnergyProductsNonUSMember2021-04-012021-06-300000034088xom:EnergyProductsNonUSMember2022-01-012022-06-300000034088xom:EnergyProductsNonUSMember2021-01-012021-06-300000034088xom:ChemicalProductsUnitedStatesMember2022-04-012022-06-300000034088xom:ChemicalProductsUnitedStatesMember2021-04-012021-06-300000034088xom:ChemicalProductsUnitedStatesMember2022-01-012022-06-300000034088xom:ChemicalProductsUnitedStatesMember2021-01-012021-06-300000034088xom:ChemicalProductsNonUSMember2022-04-012022-06-300000034088xom:ChemicalProductsNonUSMember2021-04-012021-06-300000034088xom:ChemicalProductsNonUSMember2022-01-012022-06-300000034088xom:ChemicalProductsNonUSMember2021-01-012021-06-300000034088xom:SpecialtyProductsUnitedStatesMember2022-04-012022-06-300000034088xom:SpecialtyProductsUnitedStatesMember2021-04-012021-06-300000034088xom:SpecialtyProductsUnitedStatesMember2022-01-012022-06-300000034088xom:SpecialtyProductsUnitedStatesMember2021-01-012021-06-300000034088xom:SpecialtyProductsNonUSMember2022-04-012022-06-300000034088xom:SpecialtyProductsNonUSMember2021-04-012021-06-300000034088xom:SpecialtyProductsNonUSMember2022-01-012022-06-300000034088xom:SpecialtyProductsNonUSMember2021-01-012021-06-300000034088xom:CorporateAndFinancingMember2022-04-012022-06-300000034088xom:CorporateAndFinancingMember2021-04-012021-06-300000034088xom:CorporateAndFinancingMember2022-01-012022-06-300000034088xom:CorporateAndFinancingMember2021-01-012021-06-300000034088country:US2022-04-012022-06-300000034088country:US2021-04-012021-06-300000034088country:US2022-01-012022-06-300000034088country:US2021-01-012021-06-300000034088us-gaap:NonUsMember2022-04-012022-06-300000034088us-gaap:NonUsMember2021-04-012021-06-300000034088us-gaap:NonUsMember2022-01-012022-06-300000034088us-gaap:NonUsMember2021-01-012021-06-300000034088country:CA2022-04-012022-06-300000034088country:CA2021-04-012021-06-300000034088country:CA2022-01-012022-06-300000034088country:CA2021-01-012021-06-300000034088country:GB2022-04-012022-06-300000034088country:GB2021-04-012021-06-300000034088country:GB2022-01-012022-06-300000034088country:GB2021-01-012021-06-300000034088country:FR2022-04-012022-06-300000034088country:FR2021-04-012021-06-300000034088country:FR2022-01-012022-06-300000034088country:FR2021-01-012021-06-300000034088country:SG2022-04-012022-06-300000034088country:SG2021-04-012021-06-300000034088country:SG2022-01-012022-06-300000034088country:SG2021-01-012021-06-300000034088country:IT2022-04-012022-06-300000034088country:IT2021-04-012021-06-300000034088country:IT2022-01-012022-06-300000034088country:IT2021-01-012021-06-300000034088country:BE2022-04-012022-06-300000034088country:BE2021-04-012021-06-300000034088country:BE2022-01-012022-06-300000034088country:BE2021-01-012021-06-300000034088country:AU2022-04-012022-06-300000034088country:AU2021-04-012021-06-300000034088country:AU2022-01-012022-06-300000034088country:AU2021-01-012021-06-300000034088us-gaap:ScenarioPlanMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberxom:UpstreamAssetsInRomaniaMember2022-01-012022-06-300000034088us-gaap:ScenarioPlanMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberxom:XTOEnergyCanadaMember2022-01-012022-06-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 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 (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 June 30, 2022 |
Common stock, without par value | | 4,167,636,295 |
EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
TABLE OF CONTENTS
| | | | | |
PART I. FINANCIAL INFORMATION |
| |
Item 1. Financial Statements | |
| |
Condensed Consolidated Statement of Income - Three and six months ended June 30, 2022 and 2021 | 3 | |
| |
Condensed Consolidated Statement of Comprehensive Income - Three and six months ended June 30, 2022 and 2021 | 4 | |
| |
Condensed Consolidated Balance Sheet - As of June 30, 2022 and December 31, 2021 | 5 | |
| |
Condensed Consolidated Statement of Cash Flows - Six months ended June 30, 2022 and 2021 | 6 | |
| |
Condensed Consolidated Statement of Changes in Equity - Three months ended June 30, 2022 and 2021 | 7 | |
| |
Condensed Consolidated Statement of Changes in Equity - Six months ended June 30, 2022 and 2021 | 8 | |
| |
| |
| |
Notes to Condensed Consolidated Financial Statements | 9 | |
| |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 18 | |
| |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 33 | |
| |
Item 4. Controls and Procedures | 33 | |
| |
| |
PART II. OTHER INFORMATION |
| |
Item 1. Legal Proceedings | 34 | |
| |
| |
| |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 34 | |
| |
Item 6. Exhibits | 34 | |
| |
Index to Exhibits | 35 | |
| |
Signature | 36 | |
| |
PART I. FINANCIAL INFORMATION
| | | | | | | | | | | | | | |
ITEM 1. FINANCIAL STATEMENTS | | |
| | | | | |
| |
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
| | | | | | | | | | | | | | | | | | | | | |
(millions of dollars, unless noted) | | Three Months Ended June 30, | | | Six Months Ended June 30, |
| 2022 | 2021 | | | 2022 | 2021 |
Revenues and other income | | | | | | | |
Sales and other operating revenue | | 111,265 | | 65,943 | | | | 198,999 | | 123,495 | |
Income from equity affiliates | | 3,688 | | 1,436 | | | | 6,226 | | 2,909 | |
Other income | | 728 | | 363 | | | | 956 | | 485 | |
Total revenues and other income | | 115,681 | | 67,742 | | | | 206,181 | | 126,889 | |
Costs and other deductions | | | | | | | |
Crude oil and product purchases | | 65,613 | | 37,329 | | | | 118,001 | | 69,930 | |
Production and manufacturing expenses | | 10,686 | | 8,471 | | | | 20,927 | | 16,533 | |
Selling, general and administrative expenses | | 2,530 | | 2,345 | | | | 4,939 | | 4,773 | |
Depreciation and depletion (including impairments) | | 4,451 | | 4,952 | | | | 13,334 | | 9,956 | |
Exploration expenses, including dry holes | | 286 | | 176 | | | | 459 | | 340 | |
Non-service pension and postretirement benefit expense | | 120 | | 162 | | | | 228 | | 540 | |
Interest expense | | 194 | | 254 | | | | 382 | | 512 | |
Other taxes and duties | | 6,868 | | 7,746 | | | | 14,422 | | 14,406 | |
Total costs and other deductions | | 90,748 | | 61,435 | | | | 172,692 | | 116,990 | |
Income (loss) before income taxes | | 24,933 | | 6,307 | | | | 33,489 | | 9,899 | |
Income taxes | | 6,359 | | 1,526 | | | | 9,165 | | 2,322 | |
Net income (loss) including noncontrolling interests | | 18,574 | | 4,781 | | | | 24,324 | | 7,577 | |
Net income (loss) attributable to noncontrolling interests | | 724 | | 91 | | | | 994 | | 157 | |
Net income (loss) attributable to ExxonMobil | | 17,850 | | 4,690 | | | | 23,330 | | 7,420 | |
| | | | | | | |
Earnings (loss) per common share (dollars) | | 4.21 | | 1.10 | | | | 5.49 | | 1.74 | |
| | | | | | | |
Earnings (loss) per common share - assuming dilution (dollars) | | 4.21 | | 1.10 | | | | 5.49 | | 1.74 | |
| | | | | | | |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
| | | | | |
| |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
| | | | | | | | | | | | | | | | | | | | | | |
(millions of dollars) | | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income (loss) including noncontrolling interests | | 18,574 | | | 4,781 | | | 24,324 | | | 7,577 | |
| | | | | | | | |
Other comprehensive income (loss) (net of income taxes) | | | | | | | | |
Foreign exchange translation adjustment | | (2,537) | | | 423 | | | (1,796) | | | 572 | |
| | | | | | | | |
Postretirement benefits reserves adjustment (excluding amortization) | | 155 | | | (47) | | | 260 | | | 121 | |
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | | 102 | | | 215 | | | 195 | | | 593 | |
Total other comprehensive income (loss) | | (2,280) | | | 591 | | | (1,341) | | | 1,286 | |
Comprehensive income (loss) including noncontrolling interests | | 16,294 | | | 5,372 | | | 22,983 | | | 8,863 | |
Comprehensive income (loss) attributable to noncontrolling interests | | 547 | | | 178 | | | 906 | | | 324 | |
Comprehensive income (loss) attributable to ExxonMobil | | 15,747 | | | 5,194 | | | 22,077 | | | 8,539 | |
| | | | | | | | |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
| | | | | |
| |
CONDENSED CONSOLIDATED BALANCE SHEET |
| | | | | | | | | | | | | | |
(millions of dollars, unless noted) | | June 30, 2022 | December 31, 2021 | | | |
| | | | | | |
ASSETS | | | | | | |
Current assets | | | | | | |
Cash and cash equivalents | | 18,861 | | 6,802 | | | | |
Notes and accounts receivable – net | | 48,063 | | 32,383 | | | | |
Inventories | | | | | | |
Crude oil, products and merchandise | | 19,580 | | 14,519 | | | | |
Materials and supplies | | 4,005 | | 4,261 | | | | |
Other current assets | | 2,654 | | 1,189 | | | | |
Total current assets | | 93,163 | | 59,154 | | | | |
Investments, advances and long-term receivables | | 46,820 | | 45,195 | | | | |
Property, plant and equipment – net | | 209,159 | | 216,552 | | | | |
Other assets, including intangibles – net | | 18,632 | | 18,022 | | | | |
Total Assets | | 367,774 | | 338,923 | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Current liabilities | | | | | | |
Notes and loans payable | | 7,367 | | 4,276 | | | | |
Accounts payable and accrued liabilities | | 67,958 | | 50,766 | | | | |
Income taxes payable | | 4,785 | | 1,601 | | | | |
Total current liabilities | | 80,110 | | 56,643 | | | | |
Long-term debt | | 39,516 | | 43,428 | | | | |
Postretirement benefits reserves | | 17,408 | | 18,430 | | | | |
Deferred income tax liabilities | | 20,807 | | 20,165 | | | | |
Long-term obligations to equity companies | | 2,617 | | 2,857 | | | | |
Other long-term obligations | | 22,808 | | 21,717 | | | | |
Total Liabilities | | 183,266 | | 163,240 | | | | |
| | | | | | |
Commitments and contingencies (Note 3) | | | | | | |
| | | | | | |
EQUITY | | | | | | |
Common stock without par value | | | | | | |
(9,000 million shares authorized, 8,019 million shares issued) | | 16,018 | | 15,746 | | | | |
Earnings reinvested | | 407,902 | | 392,059 | | | | |
Accumulated other comprehensive income | | (15,017) | | (13,764) | | | | |
Common stock held in treasury | | | | | | |
(3,851 million shares at June 30, 2022 and 3,780 million shares at December 31, 2021) | | (231,587) | | (225,464) | | | | |
ExxonMobil share of equity | | 177,316 | | 168,577 | | | | |
Noncontrolling interests | | 7,192 | | 7,106 | | | | |
Total Equity | | 184,508 | | 175,683 | | | | |
Total Liabilities and Equity | | 367,774 | | 338,923 | | | | |
| | | | | | |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. | | | |
| | | | | |
| |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW |
| | | | | | | | | | | |
(millions of dollars) | | Six Months Ended June 30, |
| 2022 | 2021 |
| | | |
CASH FLOW FROM OPERATING ACTIVITIES | | | |
Net income (loss) including noncontrolling interests | | 24,324 | | 7,577 | |
Depreciation and depletion (including impairments) | | 13,334 | | 9,956 | |
| | | |
Changes in operational working capital, excluding cash and debt | | (1,661) | | 1,573 | |
All other items – net | | (1,246) | | (192) | |
Net cash provided by operating activities | | 34,751 | | 18,914 | |
| | | |
CASH FLOW FROM INVESTING ACTIVITIES | | | |
Additions to property, plant and equipment | | (7,748) | | (5,147) | |
Proceeds from asset sales and returns of investments | | 1,232 | | 557 | |
Additional investments and advances | | (643) | | (613) | |
Other investing activities including collection of advances | | 150 | | 132 | |
Net cash used in investing activities | | (7,009) | | (5,071) | |
| | | |
CASH FLOW FROM FINANCING ACTIVITIES | | | |
| | | |
| | | |
Additions to short-term debt | | — | | 9,662 | |
Reductions in short-term debt | | (2,336) | | (18,000) | |
Additions/(reductions) in debt with three months or less maturity | | 1,303 | | 1,320 | |
Contingent consideration payments | | (58) | | (28) | |
Cash dividends to ExxonMobil shareholders | | (7,487) | | (7,441) | |
Cash dividends to noncontrolling interests | | (123) | | (112) | |
Changes in noncontrolling interests | | (697) | | (207) | |
Common stock acquired | | (5,986) | | (1) | |
Net cash used in financing activities | | (15,384) | | (14,807) | |
| | | |
Effects of exchange rate changes on cash | | (299) | | 65 | |
Increase/(decrease) in cash and cash equivalents | | 12,059 | | (899) | |
Cash and cash equivalents at beginning of period | | 6,802 | | 4,364 | |
Cash and cash equivalents at end of period | | 18,861 | | 3,465 | |
| | | |
SUPPLEMENTAL DISCLOSURES | | | |
Income taxes paid | | 5,545 | | 2,079 | |
Cash interest paid | | | |
Included in cash flows from operating activities | | 352 | | 466 | |
Capitalized, included in cash flows from investing activities | | 388 | | 313 | |
Total cash interest paid | | 740 | | 779 | |
| | | |
| | | |
Noncash right of use assets recorded in exchange for lease liabilities | | | |
Operating leases | | 1,039 | | 511 | |
Finance leases | | 656 | | 55 | |
| | | |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
| | | | | |
| |
CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | ExxonMobil Share of Equity | | |
| | | | | | | | |
(millions of dollars, unless noted) | | Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity |
| | | | | | | | |
Balance as of March 31, 2021 | | 15,884 | | 382,953 | | (16,090) | | (225,773) | | 156,974 | | 7,127 | | 164,101 | |
Amortization of stock-based awards | | 126 | | — | | — | | — | | 126 | | — | | 126 | |
Other | | (4) | | — | | — | | — | | (4) | | 33 | | 29 | |
Net income (loss) for the period | | — | | 4,690 | | — | | — | | 4,690 | | 91 | | 4,781 | |
Dividends - common shares | | — | | (3,721) | | — | | — | | (3,721) | | (60) | | (3,781) | |
Other comprehensive income (loss) | | — | | — | | 504 | | — | | 504 | | 87 | | 591 | |
Acquisitions, at cost | | — | | — | | — | | — | | — | | (293) | | (293) | |
Dispositions | | — | | — | | — | | 2 | | 2 | | — | | 2 | |
Balance as of June 30, 2021 | | 16,006 | | 383,922 | | (15,586) | | (225,771) | | 158,571 | | 6,985 | | 165,556 | |
| | | | | | | | |
Balance as of March 31, 2022 | | 15,879 | | 393,779 | | (12,914) | | (227,529) | | 169,215 | | 7,311 | | 176,526 | |
Amortization of stock-based awards | | 143 | | — | | — | | — | | 143 | | — | | 143 | |
Other | | (4) | | — | | — | | — | | (4) | | (15) | | (19) | |
Net income (loss) for the period | | — | | 17,850 | | — | | — | | 17,850 | | 724 | | 18,574 | |
Dividends - common shares | | — | | (3,727) | | — | | — | | (3,727) | | (63) | | (3,790) | |
Other comprehensive income (loss) | | — | | — | | (2,103) | | — | | (2,103) | | (177) | | (2,280) | |
Acquisitions, at cost | | — | | — | | — | | (4,059) | | (4,059) | | (588) | | (4,647) | |
Dispositions | | — | | — | | — | | 1 | | 1 | | — | | 1 | |
Balance as of June 30, 2022 | | 16,018 | | 407,902 | | (15,017) | | (231,587) | | 177,316 | | 7,192 | | 184,508 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2022 | | Three Months Ended June 30, 2021 |
| | | | | | | | |
Common Stock Share Activity (millions of shares) | | Issued | Held in Treasury | Outstanding | | Issued | Held in Treasury | Outstanding |
Balance as of March 31 | | 8,019 | | (3,806) | | 4,213 | | | 8,019 | | (3,785) | | 4,234 | |
Acquisitions | | — | | (45) | | (45) | | | — | | — | | — | |
Dispositions | | — | | — | | — | | | — | | — | | — | |
Balance as of June 30 | | 8,019 | | (3,851) | | 4,168 | | | 8,019 | | (3,785) | | 4,234 | |
| | | | | | | | |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
| | | | | |
| |
CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | ExxonMobil Share of Equity | | |
| | | | | | | | |
(millions of dollars, unless noted) | | Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity |
| | | | | | | | |
Balance as of December 31, 2020 | | 15,688 | | 383,943 | | (16,705) | | (225,776) | | 157,150 | | 6,980 | | 164,130 | |
Amortization of stock-based awards | | 328 | | — | | — | | — | | 328 | | — | | 328 | |
Other | | (10) | | — | | — | | — | | (10) | | 86 | | 76 | |
Net income (loss) for the period | | — | | 7,420 | | — | | — | | 7,420 | | 157 | | 7,577 | |
Dividends - common shares | | — | | (7,441) | | — | | — | | (7,441) | | (112) | | (7,553) | |
| | | | | | | | |
Other comprehensive income (loss) | | — | | — | | 1,119 | | — | | 1,119 | | 167 | | 1,286 | |
Acquisitions, at cost | | — | | — | | — | | (1) | | (1) | | (293) | | (294) | |
Dispositions | | — | | — | | — | | 6 | | 6 | | — | | 6 | |
Balance as of June 30, 2021 | | 16,006 | | 383,922 | | (15,586) | | (225,771) | | 158,571 | | 6,985 | | 165,556 | |
| | | | | | | | |
Balance as of December 31, 2021 | | 15,746 | | 392,059 | | (13,764) | | (225,464) | | 168,577 | | 7,106 | | 175,683 | |
Amortization of stock-based awards | | 281 | | — | | — | | — | | 281 | | — | | 281 | |
Other | | (9) | | — | | — | | — | | (9) | | (1) | | (10) | |
Net income (loss) for the period | | — | | 23,330 | | — | | — | | 23,330 | | 994 | | 24,324 | |
Dividends - common shares | | — | | (7,487) | | — | | — | | (7,487) | | (123) | | (7,610) | |
| | | | | | | | |
Other comprehensive income (loss) | | — | | — | | (1,253) | | — | | (1,253) | | (88) | | (1,341) | |
Acquisitions, at cost | | — | | — | | — | | (6,126) | | (6,126) | | (696) | | (6,822) | |
Dispositions | | — | | — | | — | | 3 | | 3 | | — | | 3 | |
Balance as of June 30, 2022 | | 16,018 | | 407,902 | | (15,017) | | (231,587) | | 177,316 | | 7,192 | | 184,508 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2022 | | Six Months Ended June 30, 2021 |
| | | | | | | | |
Common Stock Share Activity (millions of shares) | | Issued | Held in Treasury | Outstanding | | Issued | Held in Treasury | Outstanding |
Balance as of December 31 | | 8,019 | | (3,780) | | 4,239 | | | 8,019 | | (3,786) | | 4,233 | |
Acquisitions | | — | | (71) | | (71) | | | — | | — | | — | |
Dispositions | | — | | — | | — | | | — | | 1 | | 1 | |
Balance as of June 30 | | 8,019 | | (3,851) | | 4,168 | | | 8,019 | | (3,785) | | 4,234 | |
| | | | | | | | |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |
| | | | | |
| |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
Note 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.
Note 2. Russia
In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s first quarter earnings included 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.
Note 3. Litigation and Other Contingencies
Litigation
A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.
Other Contingencies
The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, 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.
| | | | | | | | | | | |
| June 30, 2022 |
| | | |
(millions of dollars) | Equity Company Obligations (1) | Other Third-Party Obligations | Total |
Guarantees | | | |
Debt-related | 1,138 | | 144 | | 1,282 | |
Other | 757 | | 5,903 | | 6,660 | |
Total | 1,895 | | 6,047 | | 7,942 | |
| | | |
(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; sanctions 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.
Note 4. Other Comprehensive Income Information
| | | | | | | | | | | |
ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars) | Cumulative Foreign Exchange Translation Adjustment | Postretirement Benefits Reserves Adjustment | Total |
Balance as of December 31, 2020 | (10,614) | | (6,091) | | (16,705) | |
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | 425 | | 119 | | 544 | |
Amounts reclassified from accumulated other comprehensive income | — | | 575 | | 575 | |
Total change in accumulated other comprehensive income | 425 | | 694 | | 1,119 | |
Balance as of June 30, 2021 | (10,189) | | (5,397) | | (15,586) | |
| | | |
Balance as of December 31, 2021 | (11,499) | | (2,265) | | (13,764) | |
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) | (1,682) | | 245 | | (1,437) | |
Amounts reclassified from accumulated other comprehensive income | — | | 184 | | 184 | |
Total change in accumulated other comprehensive income | (1,682) | | 429 | | (1,253) | |
Balance as of June 30, 2022 | (13,181) | | (1,836) | | (15,017) | |
| | | |
(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $327 million and $135 million in 2022 and 2021, respectively. |
| | | | | | | | | | | | | | | | | | | | | |
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) | | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2022 | 2021 | | 2022 | | 2021 |
| | | | | | | |
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) | | (132) | | (280) | | | (252) | | | (764) | |
| | | | | | | | | | | | | | | | | | | | | |
Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) | | Three Months Ended June 30, | | Six Months Ended June 30, |
2022 | 2021 | | 2022 | | 2021 |
| | | | |
Foreign exchange translation adjustment | | (68) | | 19 | | | (90) | | | (34) | |
Postretirement benefits reserves adjustment (excluding amortization) | | (83) | | 25 | | | (123) | | | (33) | |
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | | (30) | | (65) | | | (57) | | | (171) | |
Total | | (181) | | (21) | | | (270) | | | (238) | |
Note 5. Earnings Per Share
| | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
2022 | 2021 | | 2022 | | 2021 |
Earnings per common share | | | | | | | |
Net income (loss) attributable to ExxonMobil (millions of dollars) | | 17,850 | | 4,690 | | | 23,330 | | | 7,420 | |
Weighted average number of common shares outstanding (millions of shares) | | 4,233 | | 4,276 | | | 4,248 | | | 4,274 | |
Earnings (loss) per common share (dollars) (1) | | 4.21 | | 1.10 | | | 5.49 | | | 1.74 | |
Dividends paid per common share (dollars) | | 0.88 | | 0.87 | | | 1.76 | | | 1.74 | |
| | | | | | | |
(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown. |
Note 6. Pension and Other Postretirement Benefits
| | | | | | | | | | | | | | | | | | | | | |
(millions of dollars) | | Three Months Ended June 30, | | Six Months Ended June 30, |
2022 | 2021 | | 2022 | | 2021 |
Components of net benefit cost | | | | | | | |
Pension Benefits - U.S. | | | | | | | |
Service cost | | 177 | | 208 | | | 356 | | | 433 | |
Interest cost | | 129 | | 140 | | | 258 | | | 279 | |
Expected return on plan assets | | (140) | | (181) | | | (280) | | | (361) | |
Amortization of actuarial loss/(gain) | | 39 | | 61 | | | 78 | | | 122 | |
Amortization of prior service cost | | (7) | | (6) | | | (14) | | | (12) | |
Net pension enhancement and curtailment/settlement cost | | 53 | | 95 | | | 90 | | | 393 | |
Net benefit cost | | 251 | | 317 | | | 488 | | | 854 | |
| | | | | | | |
Pension Benefits - Non-U.S. | | | | | | | |
Service cost | | 145 | | 198 | | | 295 | | | 393 | |
Interest cost | | 157 | | 135 | | | 317 | | | 265 | |
Expected return on plan assets | | (207) | | (263) | | | (420) | | | (521) | |
Amortization of actuarial loss/(gain) | | 47 | | 107 | | | 94 | | | 215 | |
Amortization of prior service cost | | 11 | | 14 | | | 23 | | | 29 | |
Net pension enhancement and curtailment/settlement cost | | (1) | | — | | | (1) | | | 12 | |
Net benefit cost | | 152 | | 191 | | | 308 | | | 393 | |
| | | | | | | |
Other Postretirement Benefits | | | | | | | |
Service cost | | 38 | | 46 | | | 78 | | | 95 | |
Interest cost | | 53 | | 55 | | | 108 | | | 111 | |
Expected return on plan assets | | (4) | | (4) | | | (7) | | | (9) | |
Amortization of actuarial loss/(gain) | | — | | 19 | | | 3 | | | 38 | |
Amortization of prior service cost | | (10) | | (10) | | | (21) | | | (21) | |
Net benefit cost | | 77 | | 106 | | | 161 | | | 214 | |
Note 7. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at June 30, 2022 and December 31, 2021, and the related hierarchy level for the fair value measurement was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2022 |
| | | | | | | | |
| | | | | | | | |
| Fair Value | | | | |
(millions of dollars) | Level 1 | Level 2 | Level 3 | Total 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) | 6,269 | | 2,935 | | — | | 9,204 | | (7,954) | | (209) | | — | | 1,041 | |
| | | | | | | | |
Advances to/receivables from equity companies (2)(6) | — | | 2,511 | | 5,017 | | 7,528 | | — | | — | | 666 | | 8,194 | |
| | | | | | | | |
Other long-term financial assets (3) | 1,166 | | — | | 1,017 | | 2,183 | | — | | — | | 188 | | 2,371 | |
| | | | | | | | |
Liabilities | | | | | | | | |
Derivative liabilities (4) | 6,278 | | 3,921 | | — | | 10,199 | | (7,954) | | (218) | | — | | 2,027 | |
Long-term debt (5) | 34,229 | | 61 | | 5 | | 34,295 | | — | | — | | 2,935 | | 37,230 | |
| | | | | | | | |
Long-term obligations to equity companies (6) | — | | — | | 2,635 | | 2,635 | | — | | — | | (18) | | 2,617 | |
| | | | | | | | |
Other long-term financial liabilities (7) | — | | — | | 742 | | 742 | | — | | — | | 51 | | 793 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2021 |
| | | | | | | | | |
| | | | | | | | | |
| | Fair Value | | | | |
(millions of dollars) | | Level 1 | Level 2 | Level 3 | Total 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) | | |