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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 28, 2023
 
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
 
New Jersey1-225613-5409005
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

 22777 Springwoods Village Parkway, Spring, Texas 77389-1425
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (972) 940-6000
 
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
  Name of Each Exchange
Title of Each ClassTrading Symbolon Which Registered
Common Stock, without par valueXOMNew York Stock Exchange
0.142% Notes due 2024XOM24BNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02Results of Operations and Financial Condition
Item 7.01Regulation FD Disclosure
 The following information is furnished pursuant to both Item 2.02 and Item 7.01.
 
 
The Registrant hereby furnishes the information set forth in its News Release, dated July 28, 2023, announcing second quarter 2023 results, a copy of which is included as Exhibit 99.1, and furnishes the information in the related 2Q23 Investor Relations Data Summary, a copy of which is included as Exhibit 99.2. Material available by hyperlink from the News Release is not deemed to be furnished herewith or included in this filing.



2


INDEX TO EXHIBITS
 
 
 
Exhibit No.Description
  
Exxon Mobil Corporation News Release, dated July 28, 2023, announcing second quarter 2023 results.
  
2Q23 Investor Relations Data Summary.
  
104Cover Page Interactive Data File (formatted as Inline XBRL).
  
3


SIGNATURE
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 EXXON MOBIL CORPORATION
   
   
Date: July 28, 2023
By:/s/ LEN M. FOX
  Len M. Fox
  Vice President and Controller
  (Principal Accounting Officer)
4
Document

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EXHIBIT 99.1
2Q 2023 Earnings Release
FOR IMMEDIATE RELEASE
July 28, 2023

ExxonMobil Announces Second-Quarter 2023 Results
Structural earnings improvements contributed to strong second-quarter earnings of $7.9 billion
Achieved record quarterly production in the Permian and Guyana, demonstrating excellent operational performance
Highest second-quarter global refinery throughput in the last 15 years1
Expanded leadership in carbon capture and storage by agreeing to acquire Denbury and reaching 5 million metric tons per year of CO2 offtake contracts with industrial customers2

Results Summary
2Q231Q23
Change
vs
1Q23
2Q22
Change
vs
2Q22
Dollars in millions (except per share data)YTD 2023YTD 2022
Change
vs YTD
2022
7,880 11,430 -3,550 17,850 -9,970 Earnings (U.S. GAAP)19,310 23,330 -4,020 
7,874 11,618 -3,744 17,551 -9,677 Earnings Excluding Identified Items (non-GAAP)19,492 26,384 -6,892 
1.94 2.79 -0.85 4.21 -2.27 
Earnings Per Common Share 3
4.73 5.49 -0.76 
1.94 2.83 -0.89 4.14 -2.20 
Earnings Excl. Identified Items Per Common Share 3
4.77 6.21 -1.44 
6,166 6,380 -214 4,609 +1,557 Capital and Exploration Expenditures12,546 9,513 +3,033 
SPRING, Texas – July 28, 2023 – Exxon Mobil Corporation today announced second-quarter 2023 earnings of $7.9 billion, or $1.94 per share assuming dilution. Capital and exploration expenditures were $6.2 billion in the second quarter and $12.5 billion for the first half of 2023, in line with the company's full-year guidance of $23 billion to $25 billion.

“The work we've been doing to improve our underlying profitability is reflected in our second-quarter results, which doubled from what we earned in a comparable industry commodity price environment4 just five years ago,” said Darren Woods, chairman and chief executive officer.

“Earnings totaled more than $19 billion during the first half of the year, and we are on track to structurally reduce costs by $9 billion at year end compared to 2019. Production is up 20% year-over-year in Guyana and the Permian, and we are playing a leading role in the industry's energy transition with an agreement to acquire Denbury and with three world-scale CO2 offtake agreements. This reflects the significant opportunity to profitably grow our Low Carbon Solutions business by creating a compelling customer decarbonization proposition with the potential to reduce Gulf Coast industrial emissions by 100 million metric tons per year5.”


1 Highest second-quarter global refinery throughput in the last 15 years (2009-2023) based on current refinery circuit.
2 Based on contracts to move 5 MTA starting in 2025 subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.
3 Assuming dilution.
4 Based on ExxonMobil's assessment of historical industry commodity prices and margins referencing Intercontinental Exchange (ICE), S&P Global Platts, IHS Markit as well as company estimates and analysis, the second-quarter 2023 industry commodity price environment is comparable to the second-quarter of 2018. General industry commodity price environment comparisons may not be a complete match for individual segments.
5 Subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.

1



1Q23 to 2Q23 Factor Analysis
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Second-Quarter 2023 Financial Highlights
Earnings were $7.9 billion compared with first-quarter earnings of $11.4 billion. Excluding the identified item associated with additional European taxes on the energy sector, earnings were $7.9 billion compared with $11.6 billion in the prior quarter.
Lower natural gas realizations and industry refining margins adversely impacted earnings. Results benefited from the absence of prior quarter unfavorable derivative mark-to-market impacts.
The company remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $8.3 billion to date.
Cash flow from operations totaled $9.4 billion and free cash flow was $5.0 billion, which includes a net working capital impact of $3.6 billion primarily driven by higher seasonal cash tax payments. Cash flow from operations excluding working capital was $13.0 billion. The company's debt-to-capital ratio remained at 17% and net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $29.6 billion.
The three new central organizations formed this past quarter, Global Business Solutions, ExxonMobil Supply Chain, and Global Trading, are off to a good start, further leveraging the company's scale and integrated business model to lower cost and improve performance.



2



Shareholder Distributions
Second-quarter shareholder distributions of $8.0 billion included $4.3 billion of share repurchases and $3.7 billion of dividends.
The Corporation declared a third-quarter dividend of $0.91 per share, payable on Sept. 11, 2023, to shareholders of record of Common Stock at the close of business on Aug. 16, 2023.


ADVANCING CLIMATE SOLUTIONS

Carbon Capture and Storage1
Already a global leader in carbon capture and storage (CCS), ExxonMobil expanded its position further by entering into a definitive agreement to acquire Denbury Inc. The planned acquisition provides ExxonMobil with one of the largest owned and operated carbon dioxide (CO2) pipeline networks in the United States at 1,300 miles, most of which is located along the U.S. Gulf Coast, one of the largest U.S. markets for CO2 emissions. The planned acquisition includes 10 strategically located onshore sequestration sites as well as Denbury's 20-plus years of expertise in transporting and storing CO2. An established, cost-efficient transportation and storage system accelerates CCS deployment for ExxonMobil and third-party customers and underpins multiple low-carbon value chains including CCS, hydrogen, ammonia, biofuels, and direct air capture.
ExxonMobil and Nucor Corporation, one of North America’s largest steel producers, have entered into a long-term commercial agreement in which ExxonMobil, subject to government permitting, will capture, transport, and store up to 800,000 metric tons of CO2 per year from Nucor’s steel manufacturing site in Convent, Louisiana. The project, expected to start up in 2026, will tie into the same CO2 infrastructure that will be used by the company’s project with CF Industries.
The agreement with Nucor is the third CCS agreement announced in the past twelve months and brings the total contracted CO2 to transport and store for third-party customers to 5 million metric tons per year. That is equivalent to replacing approximately 2 million gasoline-powered cars with electric vehicles2, which is roughly equal to the number of electric vehicles on U.S. roads today.












1 The emission reduction outcome of these projects is subject to the timing and regulatory approval of necessary permits, acquisition of rights of way, changes in regulatory policy, supply chain disruptions, and other market conditions.
2 ExxonMobil analysis based on assumptions for U.S. in 2022, including average distance traveled, fuel efficiency, average power grid carbon intensity, electric vehicle charging efficiency and other factors. Gas-powered cars include light-duty vehicles (cars, light trucks and SUVs).
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EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream
2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
Earnings/(Loss) (U.S. GAAP)
920 1,632 3,749 United States2,552 6,125 
3,657 4,825 7,622 Non-U.S.8,482 9,734 
4,577 6,457 11,371 Worldwide11,034 15,859 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
920 1,632 3,450 United States2,552 5,826 
3,669 4,983 7,622 Non-U.S.8,652 12,989 
4,589 6,615 11,072 Worldwide11,204 18,815 
3,608 3,831 3,732 Production (koebd)3,719 3,704 
Upstream second-quarter earnings were $4.6 billion, a decrease of $1.9 billion from the first quarter. The main factors were lower natural gas prices, which declined 40%, and seasonally higher scheduled maintenance. Identified items unfavorably impacted earnings by $12 million this quarter, down from $158 million in the previous quarter. Earnings excluding identified items decreased from $6.6 billion in the first quarter to $4.6 billion in the second quarter.
Compared to the same quarter last year, earnings decreased $6.8 billion. Excluding identified items, earnings declined $6.5 billion, driven by lower crude and natural gas realizations. Production in Guyana and the Permian grew by a combined 20% compared to the prior-year quarter. The increase was offset by impacts from divestments, the Sakhalin-1 expropriation, and government-mandated curtailments.
Year-to-date earnings were $11.0 billion, a decrease of $4.8 billion versus the first half of 2022. The prior-year period was negatively impacted by an identified item associated with the Sakhalin-1 expropriation. Excluding identified items, earnings declined $7.6 billion year-over-year. Higher production from advantaged projects in Guyana and the Permian provided a partial offset to lower crude and natural gas realizations. Year-to-date production was 3.7 million oil-equivalent barrels per day. Excluding divestments, entitlements, government mandates, and the Sakhalin-1 expropriation, net production grew by more than 160,000 oil-equivalent barrels per day driven by Guyana and the Permian.




4


Energy Products
2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
Earnings/(Loss) (U.S. GAAP)
1,528 1,910 2,655 United States3,438 3,144 
782 2,273 2,617 Non-U.S.3,055 1,933 
2,310 4,183 5,273 Worldwide6,493 5,077 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
1,528 1,910 2,655 United States3,438 3,144 
764 2,303 2,617 Non-U.S.3,067 1,933 
2,292 4,213 5,273 Worldwide6,505 5,077 
5,658 5,277 5,310 Energy Products Sales (kbd)5,469 5,211 
Energy Products second-quarter earnings totaled $2.3 billion, down $1.9 billion from the first quarter. Industry margins declined sequentially from a strong first quarter on weaker diesel margins as Russian supply concerns eased. Lower margins were partially offset by higher volumes from the first full quarter of the Beaumont refinery expansion, lower scheduled maintenance, and continued strong reliability.
Compared to the same quarter last year, earnings decreased $3.0 billion from lower industry refining margins, partly offset by increased marketing and trading contributions.
Year-to-date earnings were $6.5 billion, an increase of $1.4 billion versus the first half of 2022. Margins improved as higher marketing and trading contributions more than offset declining industry refining margins. In addition, the impact from higher volumes, mainly from the start-up of the Beaumont refinery expansion and improved reliability, was partly offset by higher planned maintenance expense.
Chemical Products
2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
Earnings/(Loss) (U.S. GAAP)
486 324 625 United States810 1,395 
342 47 450 Non-U.S.389 1,086 
828 371 1,076 Worldwide1,199 2,481 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
486 324 625 United States810 1,395 
342 47 450 Non-U.S.389 1,086 
828 371 1,076 Worldwide1,199 2,481 
4,849 4,649 4,811 Chemical Products Sales (kt)9,498 9,829 
Chemical Products second-quarter earnings were $828 million, up from $371 million in the first quarter, mainly on improved margins from lower feed costs. Earnings also benefited from lower planned maintenance expense and increased sales volumes.
Compared to the same quarter last year, earnings decreased $248 million on weaker industry margins and unfavorable volume/mix effects.
Year-to-date earnings were $1.2 billion, a decrease of $1.3 billion versus the first half of 2022, driven by weaker industry margins, lower sales volumes reflecting softer market fundamentals in the first quarter, and higher planned maintenance.
The Baytown chemical expansion project, which will add 750 kta of performance chemicals production, achieved mechanical completion in the second quarter, with a phased start-up expected in the third quarter this year.
5


Specialty Products
2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
Earnings/(Loss) (U.S. GAAP)
373 451 232 United States824 478 
298 323 185 Non-U.S.621 415 
671 774 417 Worldwide1,445 893 
Earnings/(Loss) Excluding Identified Items (non-GAAP)
373 451 232 United States824 478 
298 323 185 Non-U.S.621 415 
671 774 417 Worldwide1,445 893 
1,905 1,940 2,100 Specialty Products Sales (kt)3,845 4,107 
Specialty Products earnings were $671 million, down $103 million from the first quarter. Lower basestock margins and higher scheduled maintenance expense were partly offset by favorable tax items.
Compared to the same quarter last year, earnings increased by $254 million. Stronger finished lubes and basestock margins were partially offset by lower sales volumes.
Year-to-date earnings were $1.4 billion, an increase of $552 million versus the first half of 2022. Both basestock and finished lubes margins improved from lower feed costs, partially offset by lower sales volumes.
During the second quarter, ExxonMobil announced it is planning to build a lubricants manufacturing plant in Raigad, India. The new plant is expected to produce 159,000 kiloliters of finished lubricants per year to help meet demand growth in India, with start-up expected by year-end 2025.


Corporate and Financing
2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
(506)(355)(286)Earnings/(Loss) (U.S. GAAP)(861)(980)
(506)(355)(286)Earnings/(Loss) Excluding Identified Items (non-GAAP)(861)(882)
Corporate and Financing reported net charges of $506 million. This was an increase of $151 million versus the first quarter driven by unfavorable foreign exchange impacts and tax items.
Compared to the same quarter last year, net charges increased $220 million. Unfavorable tax items and foreign exchange impacts were partly offset by lower financing costs.
Year-to-date charges were $861 million, a decrease of $119 million compared to the first half of 2022. Excluding the identified item associated with the Sakhalin-1 expropriation, net charges decreased $21 million.
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CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL
2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
8,153 11,843 18,574 Net income/(loss) including noncontrolling interests19,996 24,324 
4,242 4,244 4,451 Depreciation and depletion (includes impairments)8,486 13,334 
(3,583)(302)(2,747)Changes in operational working capital, excluding cash and debt(3,885)(1,661)
571 556 (315)Other1,127 (1,246)
9,383 16,341 19,963 Cash Flow from Operating Activities (U.S. GAAP)25,724 34,751 
1,287 854 939 Proceeds from asset sales and returns of investments2,141 1,232 
10,670 17,195 20,902 Cash Flow from Operations and Asset Sales (non-GAAP)27,865 35,983 
3,583 302 2,747 Exclude changes in operational working capital, excluding cash and debt3,885 1,661 
14,253 17,497 23,649 Cash Flow from Operations and Asset Sales excluding Working Capital
(non-GAAP)
31,750 37,644 
(1,287)(854)(939)Exclude proceeds from asset sales and returns of investments(2,141)(1,232)
12,966 16,643 22,710 Cash Flow from Operations excluding Working Capital (non-GAAP)29,609 36,412 

FREE CASH FLOW
2Q23
1Q23
2Q22
Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
9,383 16,341 19,963 Cash Flow from Operating Activities (U.S. GAAP)25,724 34,751 
(5,359)(5,412)(3,837)Additions to property, plant and equipment(10,771)(7,748)
(389)(445)(226)Additional investments and advances(834)(643)
105 78 60 Other investing activities including collection of advances183 150 
1,287 854 939 Proceeds from asset sales and returns of investments2,141 1,232 
5,027 11,416 16,899 Free Cash Flow (non-GAAP)16,443 27,742 
7




CALCULATION OF STRUCTURAL COST SAVINGS
Dollars in billions (unless otherwise noted)Twelve Months
Ended December 31,
Six Months
Ended June 30,
2019202220222023
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses36.8 42.6 20.9 18.3 
Selling, general and administrative expenses11.4 10.1 4.9 4.8 
Depreciation and depletion (includes impairments)19.0 24.0 13.3 8.5 
Exploration expenses, including dry holes1.3 1.0 0.5 0.3 
Non-service pension and postretirement benefit expense1.2 0.5 0.2 0.3 
Subtotal69.7 78.2 39.9 32.2 
ExxonMobil’s share of equity company expenses (non-GAAP)9.1 13.0 5.8 5.0 
Total Adjusted Operating Costs (non-GAAP)78.8 91.2 45.7 37.2 
Total Adjusted Operating Costs (non-GAAP)78.8 91.2 45.7 37.2 
Less:
Depreciation and depletion (includes impairments)19.0 24.0 13.3 8.5 
Non-service pension and postretirement benefit expense1.2 0.5 0.2 0.3 
Other adjustments (includes equity company depreciation
and depletion)
3.6 3.5 1.8 1.5 
Total Cash Operating Expenses (Cash Opex) (non-GAAP)55.0 63.2 30.4 26.9 
Energy and production taxes (non-GAAP)11.0 23.8 11.0 7.5 
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)44.0 39.4 19.4 19.4 
Change
 vs
2019
Change
vs
2022
Estimated Cumulative vs
2019
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)-4.60.0
Market+2.7+0.4
Activity/Other+0.1+0.5
Structural Savings-7.4-0.9-8.3

This press release also references structural cost savings. Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, and other cost-saving measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled $8.3 billion, which included an additional $0.9 billion in the first six months of 2023. The total change between periods in expenses above will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. For example, in 2Q23 we recognized an additional $0.5 billion of prior period reductions that we now view as structurally sustainable. Structural cost savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
8


ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on July 28, 2023. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Important Information about the Transaction and Where to Find It
In connection with the proposed transaction between Exxon Mobil Corporation (“ExxonMobil”) and Denbury Inc. (“Denbury”), ExxonMobil and Denbury will file relevant materials with the Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 filed by ExxonMobil that will include a proxy statement of Denbury that also constitutes a prospectus of ExxonMobil. A definitive proxy statement/prospectus will be mailed to stockholders of Denbury. This communication is not a substitute for the registration statement, proxy statement or prospectus or any other document that ExxonMobil or Denbury (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EXXONMOBIL AND DENBURY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus (when they become available), as well as other filings containing important information about ExxonMobil or Denbury, without charge at the SEC’s Internet website (http://www.sec.gov). Copies of the documents filed with the SEC by ExxonMobil will be available free of charge on ExxonMobil’s internet website at www.exxonmobil.com under the tab “investors” and then under the tab “SEC Filings” or by contacting ExxonMobil’s Investor Relations Department at investor.relations@exxonmobil.com. Copies of the documents filed with the SEC by Denbury will be available free of charge on Denbury’s internet website at https://investors.denbury.com/investors/financial-information/sec-filings/ or by directing a request to Denbury Inc., ATTN: Investor Relations, 5851 Legacy Circle, Suite 1200, Plano, TX 75024, Tel. No. (972) 673-2000. The information included on, or accessible through, ExxonMobil’s or Denbury’s website is not incorporated by reference into this communication.
Participants in the Solicitation
ExxonMobil, Denbury, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Denbury is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 18, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 23, 2023. Information about the directors and executive officers of ExxonMobil is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 13, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 22, 2023. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC when they become available.
No Offer or Solicitation
This communication is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Cautionary Statement
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 in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuel, hydrogen and other plans to reduce emissions are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; structural earnings improvement and structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, plans to reach net zero Scope 1 and 2 emissions in Upstream Permian Basin unconventional operated assets by 2030, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions from its operations, meeting ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology efforts; timing and outcome of projects related to the capture, transportation and storage of CO2, and produced biofuels, including completion of the Denbury acquisition; changes in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; timing and outcome of hydrogen projects; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; and resource recoveries and production rates, could differ materially due to a number of factors. These include global or regional
9


changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector; 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 or other public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the level and outcome of exploration projects and decisions to invest in future reserves; 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; government policies and support and market demand for low carbon technologies; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely 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 2022 Form 10-K.
Forward-looking and other statements regarding our environmental, social and other sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making.
Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.
This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.
This press release also includes earnings/(loss) excluding identified items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding identified items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. 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 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. A reconciliation to earnings is shown for 2023 and 2022 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).
This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.
This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in
10


isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2022 and 2023 periods is shown on page 7.
References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.
The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.
Government mandates are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
This press release also references structural cost savings, for more details see page 8.

Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
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.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Preliminary)
Dollars in millions (unless otherwise noted)
Three Months Ended June 30,
Six Months Ended
June 30,
2023202220232022
Revenues and other income
Sales and other operating revenue80,795 111,265 164,439 198,999 
Income from equity affiliates1,382 3,688 3,763 6,226 
Other income737 728 1,276 956 
Total revenues and other income82,914 115,681 169,478 206,181 
Costs and other deductions
Crude oil and product purchases47,598 65,613 93,601 118,001 
Production and manufacturing expenses8,860 10,686 18,296 20,927 
Selling, general and administrative expenses2,449 2,530 4,839 4,939 
Depreciation and depletion (includes impairments)4,242 4,451 8,486 13,334 
Exploration expenses, including dry holes133 286 274 459 
Non-service pension and postretirement benefit expense164 120 331 228 
Interest expense249 194 408 382 
Other taxes and duties7,563 6,868 14,784 14,422 
Total costs and other deductions71,258 90,748 141,019 172,692 
Income/(Loss) before income taxes11,656 24,933 28,459 33,489 
Income tax expense/(benefit)3,503 6,359 8,463 9,165 
Net income/(loss) including noncontrolling interests8,153 18,574 19,996 24,324 
Net income/(loss) attributable to noncontrolling interests273 724 686 994 
Net income/(loss) attributable to ExxonMobil7,880 17,850 19,310 23,330 
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise noted)
Three Months Ended June 30,
Six Months Ended
June 30,
2023202220232022
Earnings per common share (U.S. dollars)
1.94 4.21 4.73 5.49 
Earnings per common share - assuming dilution (U.S. dollars)
1.94 4.21 4.73 5.49 
Dividends on common stock
Total3,701 3,727 7,439 7,487 
Per common share (U.S. dollars)
0.91 0.88 1.82 1.76 
Millions of common shares outstanding
Average - assuming dilution4,066 4,233 4,084 4,248 
Taxes
Income taxes3,503 6,359 8,463 9,165 
Total other taxes and duties8,328 7,779 16,423 16,228 
Total taxes11,831 14,138 24,886 25,393 
Sales-based taxes6,281 6,857 12,313 12,957 
Total taxes including sales-based taxes18,112 20,995 37,199 38,350 
ExxonMobil share of income taxes of equity companies498 2,133 1,733 3,180 
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.ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE SHEET
(Preliminary)
Dollars in millions (unless otherwise noted)
June
 30, 2023
December
31, 2022
ASSETS
Current assets
Cash and cash equivalents29,528 29,640 
Cash and cash equivalents – restricted29 25 
Notes and accounts receivable – net35,915 41,749 
Inventories
Crude oil, products and merchandise20,006 20,434 
Materials and supplies4,243 4,001 
Other current assets2,039 1,782 
Total current assets91,760 97,631 
Investments, advances and long-term receivables47,273 49,793 
Property, plant and equipment – net206,736 204,692 
Other assets, including intangibles – net17,479 16,951 
Total Assets363,248 369,067 
LIABILITIES
Current liabilities
Notes and loans payable3,929 634 
Accounts payable and accrued liabilities54,404 63,197 
Income taxes payable3,482 5,214 
Total current liabilities61,815 69,045 
Long-term debt37,567 40,559 
Postretirement benefits reserves10,278 10,045 
Deferred income tax liabilities23,460 22,874 
Long-term obligations to equity companies2,036 2,338 
Other long-term obligations21,095 21,733 
Total Liabilities156,251 166,594 
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
16,029 15,752 
Earnings reinvested444,731 432,860 
Accumulated other comprehensive income(12,657)(13,270)
Common stock held in treasury
(4,016 million shares at June 30, 2023, and 3,937 million shares at December 31, 2022)
(249,057)(240,293)
ExxonMobil share of equity199,046 195,049 
Noncontrolling interests7,951 7,424 
Total Equity206,997 202,473 
Total Liabilities and Equity363,248 369,067 
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.ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise noted)
Six Months Ended
June 30,
20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss) including noncontrolling interests19,996 24,324 
Depreciation and depletion (includes impairments)8,486 13,334 
Changes in operational working capital, excluding cash and debt(3,885)(1,661)
All other items – net1,127 (1,246)
Net cash provided by operating activities25,724 34,751 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(10,771)(7,748)
Proceeds from asset sales and returns of investments2,141 1,232 
Additional investments and advances(834)(643)
Other investing activities including collection of advances183 150 
Net cash used in investing activities(9,281)(7,009)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt136 — 
Reductions in long-term debt(6)— 
Reductions in short-term debt(172)(2,336)
Additions/(Reductions) in debt with three months or less maturity(172)1,303 
Contingent consideration payments(68)(58)
Cash dividends to ExxonMobil shareholders(7,439)(7,487)
Cash dividends to noncontrolling interests(293)(123)
Changes in noncontrolling interests11 (697)
Common stock acquired(8,680)(5,986)
Net cash provided by (used in) financing activities(16,683)(15,384)
Effects of exchange rate changes on cash132 (299)
Increase/(Decrease) in cash and cash equivalents(108)12,059 
Cash and cash equivalents at beginning of period29,665 6,802 
Cash and cash equivalents at end of period29,557 18,861 

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.ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS

2Q231Q232Q22Dollars in Millions (unless otherwise noted)YTD 2023YTD 2022
7,880 11,430 17,850 Earnings/(Loss) (U.S. GAAP)19,310 23,330 
Identified Items
— — — Impairments— (2,975)
— — 299 Gain/(Loss) on sale of assets— 299 
(188)— Tax-related items(182)— 
— — — Other — (378)
6 (188)299 Total Identified Items(182)(3,054)
7,874 11,618 17,551 Earnings/(Loss) Excluding Identified Items (non-GAAP)19,492 26,384 
2Q231Q232Q22Dollars Per Common ShareYTD 2023YTD 2022
1.94 2.79 4.21 Earnings/(Loss) Per Common Share ¹ (U.S. GAAP)4.73 5.49 
Identified Items Per Common Share ¹
— — — Impairments— (0.70)
— — 0.07 Gain/(Loss) on sale of assets— 0.07 
0.00(0.04)— Tax-related items(0.04)— 
— — — Other — (0.09)
0.00(0.04)0.07 Total Identified Items Per Common Share ¹(0.04)(0.72)
1.94 2.83 4.14 Earnings/(Loss) Excl. Identified Items Per Common Share ¹ (non-GAAP)4.77 6.21 
¹ Assuming dilution.


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.ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT
Second Quarter 2023UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)920 3,657 1,528 782 486 342 373 298 (506)7,880 
Identified Items
Tax-related items— (12)— 18 — — — — — 6 
Total Identified Items (12) 18      6 
Earnings/(Loss) Excl. Identified Items (non-GAAP)920 3,669 1,528 764 486 342 373 298 (506)7,874 
First Quarter 2023
UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)1,632 4,825 1,910 2,273 324 47 451 323 (355)11,430 
Identified Items
Tax-related items— (158)— (30)— — — — — (188)
Total Identified Items (158) (30)     (188)
Earnings/(Loss) Excl. Identified Items (non-GAAP)1,632 4,983 1,910 2,303 324 47 451 323 (355)11,618 
Second Quarter 2022UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)3,749 7,622 2,655 2,617 625 450 232 185 (286)17,850 
Identified Items
Gain/(Loss) on sale of assets299 — — — — — — — — 299 
Total Identified Items299         299 
Earnings/(Loss) Excl. Identified Items (non-GAAP)3,450 7,622 2,655 2,617 625 450 232 185 (286)17,551 
YTD 2023UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)2,552 8,482 3,438 3,055 810 389 824 621 (861)19,310 
Identified Items
Tax-related items— (170)— (12)— — — — — (182)
Total Identified Items (170) (12)     (182)
Earnings/(Loss) Excl. Identified Items (non-GAAP)2,552 8,652 3,438 3,067 810 389 824 621 (861)19,492 
YTD 2022UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate
&
Financing
Total
Dollars in millions (unless otherwise noted)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings/(Loss) (U.S. GAAP)6,125 9,734 3,144 1,933 1,395 1,086 478 415 (980)23,330 
Identified Items
Impairments— (2,877)— — — — — — (98)(2,975)
Gain/(Loss) on sale of assets299 — — — — — — — — 299 
Other— (378)— — — — — — — (378)
Total Identified Items299 (3,255)      (98)(3,054)
Earnings/(Loss) Excl. Identified Items (non-GAAP)5,826 12,989 3,144 1,933 1,395 1,086 478 415 (882)26,384 

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.ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES

2Q231Q232Q22Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)YTD 2023YTD 2022
785 820 777 United States802 765 
618 670 556 Canada/Other Americas645 516 
Europe
206 220 224 Africa213 240 
702 749 691 Asia725 714 
38 32 46 Australia/Oceania35 43 
2,353 2,495 2,298 Worldwide2,424 2,282 
2Q231Q232Q22Net natural gas production available for sale, million cubic feet per day (mcfd)YTD 2023YTD 2022
2,346 2,367 2,699 United States2,357 2,738 
97 94 180 Canada/Other Americas94 180 
375 548 825 Europe461 798 
86 134 67 Africa110 63 
3,350 3,597 3,320 Asia3,473 3,330 
1,275 1,276 1,515 Australia/Oceania1,276 1,421 
7,529 8,016 8,606 Worldwide7,771 8,530 
3,608 3,831 3,732 
Oil-equivalent production (koebd)¹
3,719 3,704 
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

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.ATTACHMENT IV
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES

2Q231Q232Q22Refinery throughput, thousand barrels per day (kbd)YTD 2023YTD 2022
1,944 1,643 1,686 United States1,794 1,686 
388 417 413 Canada403 406 
1,209 1,189 1,164 Europe1,199 1,179 
463 565 532 Asia Pacific514 534 
169 184 193 Other176 180 
4,173 3,998 3,988 Worldwide4,086 3,985 
2Q231Q232Q22Energy Products sales, thousand barrels per day (kbd)YTD 2023YTD 2022
2,743 2,459 2,452 United States2,601 2,358 
2,916 2,818 2,858 Non-U.S.2,867 2,853 
5,658 5,277 5,310 Worldwide5,469 5,211 
2,401 2,177 2,208 Gasolines, naphthas2,290 2,161 
1,842 1,770 1,755 Heating oils, kerosene, diesel1,806 1,739 
344 312 350 Aviation fuels328 319 
228 215 228 Heavy fuels221 238 
844 803 769 Other energy products823 753 
5,658 5,277 5,310 Worldwide5,469 5,211 
2Q231Q232Q22Chemical Products sales, thousand metric tons (kt)YTD 2023YTD 2022
1,725 1,561 1,998 United States3,286 4,030 
3,124 3,088 2,812 Non-U.S.6,212 5,798 
4,849 4,649 4,811 Worldwide9,498 9,829 
2Q231Q232Q22Specialty Products sales, thousand metric tons (kt)YTD 2023YTD 2022
514 476 590 United States991 1,111 
1,391 1,464 1,511 Non-U.S.2,855 2,995 
1,905 1,940 2,100 Worldwide3,845 4,107 

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.ATTACHMENT V
KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES

2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
Upstream
2,206 2,108 1,644 United States4,314 3,013 
2,403 2,473 1,983 Non-U.S.4,876 4,493 
4,609 4,581 3,627 Total9,190 7,506 
Energy Products
349 358 300 United States707 692 
382 327 206 Non-U.S.709 380 
731 685 506 Total1,416 1,072 
Chemical Products
152 285 250 United States437 481 
507 546 169 Non-U.S.1,053 374 
659 831 419 Total1,490 855 
Specialty Products
14 11 14 United States25 19 
89 80 42 Non-U.S.169 60 
103 91 56 Total194 79 
Other
64 192 Other256 
6,166 6,380 4,609 Worldwide12,546 9,513 
CASH CAPITAL EXPENDITURES
2Q231Q232Q22Dollars in millions (unless otherwise noted)YTD 2023YTD 2022
5,359 5,412 3,837 Additions to property, plant and equipment10,771 7,748 
284 367 166 Net investments and advances651 493 
5,643 5,779 4,003 Total Cash Capital Expenditures11,422 8,241 


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.ATTACHMENT VI
KEY FIGURES: YEAR-TO-DATE EARNINGS/(LOSS)

Results Summary
2Q231Q23
Change
vs
1Q23
2Q22
Change
vs
2Q22
Dollars in millions (except per share data)YTD 2023YTD 2022
Change
vs YTD
2022
7,880 11,430 -3,550 17,850 -9,970 Earnings (U.S. GAAP)19,310 23,330 -4,020 
7,874 11,618 -3,744 17,551 -9,677 Earnings Excluding Identified Items (non-GAAP)19,492 26,384 -6,892 
1.94 2.79 -0.85 4.21 -2.27 Earnings Per Common Share ¹4.73 5.49 -0.76 
1.94 2.83 -0.89 4.14 -2.20 Earnings Excl. Identified Items Per Common Share ¹4.77 6.21 -1.44 
6,166 6,380 -214 4,609 +1,557 Capital and Exploration Expenditures12,546 9,513 +3,033 
¹ Assuming dilution.

Year-to-date Factor Analysis
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.ATTACHMENT VII
KEY FIGURES: EARNINGS/(LOSS) BY QUARTER
Dollars in millions (unless otherwise noted)
2023
2022
2021
2020
2019
First Quarter11,430 5,480 2,730 (610)2,350 
Second Quarter7,880 17,850 4,690 (1,080)3,130 
Third Quarter— 19,660 6,750 (680)3,170 
Fourth Quarter— 12,750 8,870 (20,070)5,690 
Full Year 55,740 23,040 (22,440)14,340 
Dollars per common share ¹
2023
2022
2021
2020
2019
First Quarter2.79 1.28 0.64 (0.14)0.55 
Second Quarter1.94 4.21 1.10 (0.26)0.73 
Third Quarter— 4.68 1.57 (0.15)0.75 
Fourth Quarter— 3.09 2.08 (4.70)1.33 
Full Year 13.26 5.39 (5.25)3.36 
1 Computed using the average number of shares outstanding during each period; assuming dilution.


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.EXHIBIT 99.2
To assist investors in assessing 2Q23 results, the following disclosures have been made available in this 8-K filing:
Identified items of $0.00 per share assuming dilution, as noted on page 1 of the news release
A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 7 of the news release
2Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4)
Earnings/(Loss), $M (unless noted)2Q231Q234Q223Q222Q22
UpstreamUnited States920 1,632 2,493 3,110 3,749 
 Non-U.S.3,657 4,825 5,708 9,309 7,622 
 Total4,577 6,457 8,201 12,419 11,371 
Energy ProductsUnited States1,528 1,910 2,188 3,008 2,655 
 Non-U.S.782 2,273 1,882 2,811 2,617 
 Total2,310 4,183 4,070 5,819 5,273 
Chemical ProductsUnited States486 324 298 635 625 
Non-U.S.342 47 (48)177 450 
Total828 371 250 812 1,076 
Specialty ProductsUnited States373 451 406 306 232 
 Non-U.S.298 323 354 456 185 
 Total671 774 760 762 417 
Corporate and Financing(506)(355)(531)(152)(286)
Net income attributable to ExxonMobil (U.S. GAAP)7,880 11,430 12,750 19,660 17,850 
Earnings/(Loss) per common share (U.S. GAAP)  1.94 2.79 3.09 4.68 4.21 
Earnings/(Loss) per common share - assuming dilution (U.S. GAAP)1.94 2.79 3.09 4.68 4.21 
Effective Income Tax Rate, %33 %34 %36 %29 %31 %
Capital and Exploration Expenditures, $M2Q231Q234Q223Q222Q22
UpstreamUnited States2,206 2,108 2,118 1,837 1,644 
Non-U.S.2,403 2,473 3,297 2,244 1,983 
Total4,609 4,581 5,415 4,081 3,627 
Energy ProductsUnited States349 358 343 316 300 
Non-U.S.382 327 405 274 206 
Total731 685 748 590 506 
Chemical ProductsUnited States152 285 332 310 250 
Non-U.S.507 546 824 644 169 
Total659 831 1,156 954 419 
Specialty ProductsUnited States14 11 12 15 14 
Non-U.S.89 80 90 72 42 
Total103 91 102 87 56 
Other64 192 42 16 
Total Capital and Exploration Expenditures6,166 6,380 7,463 5,728 4,609 
Exploration expenses, including dry holes133 141 348 218 286 
Cash Capital Expenditures, $M2Q231Q234Q223Q222Q22
Additions to property, plant and equipment5,359 5,412 5,783 4,876 3,837 
Net investments and advances284 367 905 184 166 
Total Cash Capital Expenditures5,643 5,779 6,688 5,060 4,003 
Total Cash and Cash Equivalents, $G29.6 32.7 29.7 30.5 18.9 
Total Debt, $G41.5 41.4 41.2 45.4 46.9 
Cash Flow from Operations and Asset Sales excluding working capital (non-GAAP), $M 2Q231Q234Q223Q222Q22
Net cash provided by operating activities (GAAP)9,383 16,341 17,621 24,425 19,963 
Proceeds associated with asset sales1,287 854 1,333 2,682 939 
Cash flow from operations and asset sales (non-GAAP)10,670 17,195 18,954 27,107 20,902 
Changes in operational working capital3,583 302 200 (1,667)2,747 
Cash flow from operations and asset sales
     excluding working capital (non-GAAP)
14,253 17,497 19,154 25,440 23,649 
Common Shares Outstanding, millions2Q231Q234Q223Q222Q22
At quarter end4,003 4,043 4,082 4,118 4,168 
Weighted-average - assuming dilution4,066 4,102 4,138 4,185 4,233 



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2Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4)
Upstream Volumes2Q231Q234Q223Q222Q22
Liquids production (kbd) ¹
 United States785820789783777
 Canada/Other Americas618670682641556
 Europe44444
 Africa206220223249224
 Asia702749725666691
 Australia/Oceania3832384646
Worldwide liquids production2,3532,4952,4612,3892,298
¹ Net production of crude oil, natural gas liquids, bitumen and synthetic oil, kbd.
Natural gas production available for sale (mcfd)     
 United States2,3462,3672,3832,3512,699
 Canada/Other Americas979474158180
 Europe375548536541825
 Africa86134897067
 Asia3,3503,5973,7043,3043,320
 Australia/Oceania1,2751,2761,3811,5391,515
Worldwide natural gas production available for sale7,5298,0168,1677,9638,606
Oil-equivalent production, koebd ²
3,6083,8313,8223,7163,732
² Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Manufacturing Throughput and Sales2Q231Q234Q223Q222Q22
Refinery throughput, kbd     
 United States1,9441,6431,6941,7421,686
 Canada388417433426413
 Europe1,2091,1891,1571,2531,164
 Asia Pacific463565532557532
 Other169184167187193
Worldwide refinery throughput4,1733,9983,9834,1653,988
Energy Products sales, kbd     
 United States2,7432,4592,5072,4792,452
 Non-U.S.2,9162,8182,9163,0582,858
Worldwide Energy Products sales5,6585,2775,4235,5375,310
 Gasolines, naphthas2,4012,1772,2702,3352,208
 Heating oils, kerosene, diesel1,8421,7701,7981,8181,755
 Aviation fuels344312349365350
 Heavy fuels228215210252228
 Other energy products844803796767769
Worldwide Energy Products sales5,6585,2775,4235,5375,310
Chemical Products sales, kt
 United States1,7251,5611,5831,6581,998
 Non-U.S.3,1243,0883,0763,0232,812
Worldwide Chemical Products sales4,8494,6494,6584,6804,811
Specialty Products sales, kt
United States514476455483590
Non-U.S.1,3911,4641,3321,4341,511
Worldwide Specialty Products sales1,9051,9401,7871,9172,100







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2Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4)
Earnings Factor Analysis, $M
2Q23 vs. 2Q22
2Q23 vs. 1Q23
2023 vs. 2022 (YTD)
Upstream  
Prior Period11,371 6,457 15,859 
Realization(6,300)(1,430)(8,110)
Volume / Mix(150)(330)520 
Expenses(30)