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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
https://cdn.kscope.io/48030676de32c945b32aa4ce50a46e08-f8k991001x0x0.gif
FORM 10-Q
 
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
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)
22777 Springwoods Village Parkway, Spring, Texas 77389-1425
(Address of principal executive offices) (Zip Code) 
(972) 940-6000
(Registrant's telephone number, including area code)
 _______________________
Securities registered pursuant to Section 12(b) of the Act: 
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, without par value XOM New York Stock Exchange
0.142% Notes due 2024XOM24BNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
 Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 
Class 
Outstanding as of September 30, 2023
Common stock, without par value 3,962,917,886


EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023
 TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements
  
Condensed Consolidated Statement of Income - Three and nine months ended September 30, 2023 and 2022
  
Condensed Consolidated Statement of Comprehensive Income - Three and nine months ended September 30, 2023 and 2022
  
Condensed Consolidated Balance Sheet - As of September 30, 2023 and December 31, 2022
  
Condensed Consolidated Statement of Cash Flows - Nine months ended September 30, 2023 and 2022
  
Condensed Consolidated Statement of Changes in Equity - Three months ended September 30, 2023 and 2022
Condensed Consolidated Statement of Changes in Equity - Nine months ended September 30, 2023 and 2022
  
Notes to Condensed Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
  
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
Item 5. Other Information
Item 6. Exhibits
  
Index to Exhibits
  
Signature
 


2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars, unless noted)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues and other income  
Sales and other operating revenue88,570 106,512 253,009 305,511 
Income from equity affiliates1,457 4,632 5,220 10,858 
Other income733 926 2,009 1,882 
Total revenues and other income90,760 112,070 260,238 318,251 
Costs and other deductions
Crude oil and product purchases53,076 60,197 146,677 178,198 
Production and manufacturing expenses8,696 11,317 26,992 32,244 
Selling, general and administrative expenses2,489 2,324 7,328 7,263 
Depreciation and depletion (includes impairments)4,415 5,642 12,901 18,976 
Exploration expenses, including dry holes338 218 612 677 
Non-service pension and postretirement benefit expense166 154 497 382 
Interest expense169 209 577 591 
Other taxes and duties7,712 6,587 22,496 21,009 
Total costs and other deductions77,061 86,648 218,080 259,340 
Income (loss) before income taxes13,699 25,422 42,158 58,911 
Income tax expense (benefit)4,353 5,224 12,816 14,389 
Net income (loss) including noncontrolling interests9,346 20,198 29,342 44,522 
Net income (loss) attributable to noncontrolling interests276 538 962 1,532 
Net income (loss) attributable to ExxonMobil9,070 19,660 28,380 42,990 
Earnings (loss) per common share (dollars)
2.25 4.68 6.98 10.17 
Earnings (loss) per common share - assuming dilution (dollars)
2.25 4.68 6.98 10.17 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
3

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Net income (loss) including noncontrolling interests9,346 20,198 29,342 44,522 
Other comprehensive income (net of income taxes)
Foreign exchange translation adjustment(933)(3,361)(246)(5,157)
Adjustment for foreign exchange translation (gain)/loss
     included in net income		549 — 549 — 
Postretirement benefits reserves adjustment (excluding amortization)11 108 47 368 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs6 128 19 323 
Total other comprehensive income (loss)(367)(3,125)369 (4,466)
Comprehensive income (loss) including noncontrolling interests8,979 17,073 29,711 40,056 
Comprehensive income (loss) attributable to noncontrolling interests340 199 1,149 1,105 
Comprehensive income (loss) attributable to ExxonMobil8,639 16,874 28,562 38,951 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

4

CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars, unless noted)
September 30, 2023December 31, 2022
ASSETS 
Current assets  
Cash and cash equivalents32,944 29,640 
Cash and cash equivalents – restricted29 25 
Notes and accounts receivable – net41,814 41,749 
Inventories
Crude oil, products and merchandise20,052 20,434 
Materials and supplies4,398 4,001 
Other current assets1,905 1,782 
Total current assets101,142 97,631 
Investments, advances and long-term receivables48,066 49,793 
Property, plant and equipment – net205,862 204,692 
Other assets, including intangibles – net17,189 16,951 
Total Assets372,259 369,067 
LIABILITIES
Current liabilities
Notes and loans payable4,743 634 
Accounts payable and accrued liabilities62,257 63,197 
Income taxes payable4,186 5,214 
Total current liabilities71,186 69,045 
Long-term debt36,510 40,559 
Postretirement benefits reserves10,174 10,045 
Deferred income tax liabilities23,912 22,874 
Long-term obligations to equity companies2,076 2,338 
Other long-term obligations20,868 21,733 
Total Liabilities164,726 166,594 
Commitments and contingencies (Note 3)
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
16,165 15,752 
Earnings reinvested450,138 432,860 
Accumulated other comprehensive income(13,088)(13,270)
Common stock held in treasury
(4,056 million shares at September 30, 2023 and
3,937 million shares at December 31, 2022)
(253,512)(240,293)
ExxonMobil share of equity199,703 195,049 
Noncontrolling interests7,830 7,424 
Total Equity207,533 202,473 
Total Liabilities and Equity372,259 369,067 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)Nine Months Ended
September 30,
20232022
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income (loss) including noncontrolling interests29,342 44,522 
Depreciation and depletion (includes impairments)12,901 18,976 
Changes in operational working capital, excluding cash and debt(2,064)6 
All other items – net1,508 (4,328)
Net cash provided by operating activities41,687 59,176 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(15,691)(12,624)
Proceeds from asset sales and returns of investments3,058 3,914 
Additional investments and advances(1,141)(915)
Other investing activities including collection of advances214 238 
Net cash used in investing activities(13,560)(9,387)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt (1)
805 55 
Reductions in long-term debt (11)— 
Reductions in short-term debt
(222)(3,895)
Additions/(reductions) in debt with three months or less maturity (283)1,638 
Contingent consideration payments(68)(58)
Cash dividends to ExxonMobil shareholders(11,102)(11,172)
Cash dividends to noncontrolling interests(511)(191)
Changes in noncontrolling interests(258)(1,074)
Common stock acquired(13,092)(10,480)
Net cash used in financing activities(24,742)(25,177)
Effects of exchange rate changes on cash(77)(950)
Increase/(decrease) in cash and cash equivalents3,308 23,662 
Cash and cash equivalents at beginning of period29,665 6,802 
Cash and cash equivalents at end of period32,973 30,464 
SUPPLEMENTAL DISCLOSURES
Income taxes paid11,627 10,172 
Cash interest paid
Included in cash flows from operating activities578 660 
Capitalized, included in cash flows from investing activities862 605 
Total cash interest paid1,440 1,265 
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases1,421 1,648 
Finance leases438 730 
(1)
 Includes $568 million issued to facilitate the sale of an entity where the buyer assumed the debt upon closing; no longer on the Condensed Consolidated Balance Sheet at the end of the third quarter 2023.
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
 
6

CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
 ExxonMobil Share of Equity  
(millions of dollars, unless noted)
Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of June 30, 202216,018 407,902 (15,017)(231,587)177,316 7,192 184,508 
Amortization of stock-based awards91 — — — 91 — 91 
Other(3)— — — (3)(29)(32)
Net income (loss) for the period— 19,660 — — 19,660 538 20,198 
Dividends - common shares— (3,685)— — (3,685)(68)(3,753)
Other comprehensive income (loss)— — (2,786)— (2,786)(339)(3,125)
Acquisitions, at cost— — — (4,494)(4,494)(351)(4,845)
Dispositions— — — 1 1 — 1 
Balance as of September 30, 202216,106 423,877 (17,803)(236,080)186,100 6,943 193,043 
Balance as of June 30, 202316,029 444,731 (12,657)(249,057)199,046 7,951 206,997 
Amortization of stock-based awards138 — — — 138 — 138 
Other(2)— — — (2)59 57 
Net income (loss) for the period— 9,070 — — 9,070 276 9,346 
Dividends - common shares— (3,663)— — (3,663)(218)(3,881)
Other comprehensive income (loss)— — (431)— (431)64 (367)
Acquisitions, at cost— — — (4,456)(4,456)(302)(4,758)
Dispositions— — — 1 1 — 1 
Balance as of September 30, 202316,165 450,138 (13,088)(253,512)199,703 7,830 207,533 

 Three Months Ended September 30, 2023 Three Months Ended September 30, 2022
Common Stock Share Activity
(millions of shares)
IssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
Balance as of June 308,019 (4,016)4,003 8,019 (3,851)4,168 
Acquisitions— (40)(40)— (50)(50)
Dispositions— — — — — — 
Balance as of September 308,019 (4,056)3,963 8,019 (3,901)4,118 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
7

CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
 ExxonMobil Share of Equity  
(millions of dollars, unless noted)
Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 202115,746 392,059 (13,764)(225,464)168,577 7,106 175,683 
Amortization of stock-based awards372 — — — 372 — 372 
Other(12)— — — (12)(30)(42)
Net income (loss) for the period— 42,990 — — 42,990 1,532 44,522 
Dividends - common shares— (11,172)— — (11,172)(191)(11,363)
Other comprehensive income (loss)— — (4,039)— (4,039)(427)(4,466)
Acquisitions, at cost— — — (10,620)(10,620)(1,047)(11,667)
Dispositions— — — 4 4 — 4 
Balance as of September 30, 202216,106 423,877 (17,803)(236,080)186,100 6,943 193,043 
Balance as of December 31, 202215,752 432,860 (13,270)(240,293)195,049 7,424 202,473 
Amortization of stock-based awards426 — — — 426 — 426 
Other(13)— — — (13)70 57 
Net income (loss) for the period— 28,380 — — 28,380 962 29,342 
Dividends - common shares— (11,102)— — (11,102)(511)(11,613)
Other comprehensive income (loss)— — 182 — 182 187 369 
Acquisitions, at cost— — — (13,224)(13,224)(302)(13,526)
Dispositions— — — 5 5 — 5 
Balance as of September 30, 202316,165 450,138 (13,088)(253,512)199,703 7,830 207,533 

 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022
Common Stock Share Activity
(millions of shares)
IssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
Balance as of December 318,019 (3,937)4,082 8,019 (3,780)4,239 
Acquisitions— (119)(119)— (121)(121)
Dispositions— — — — — — 
Balance as of September 308,019 (4,056)3,963 8,019 (3,901)4,118 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

8

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 2022 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 planned 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 2022 earnings included after-tax charges of $3.4 billion largely representing the full 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 (includes impairments)” on the Condensed Consolidated Statement of Income. Effective October 14, 2022 the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator. The Corporation’s fourth-quarter 2022 results included an after-tax benefit of $1.1 billion largely reflecting the impact of the expropriation on the company’s various obligations related to Sakhalin. The Corporation's exit from the project resulted in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022.

9

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.
State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change.
Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies, including ExxonMobil, requesting compensation for the restoration of coastal marshes in the state. We believe the factual and legal theories set forth in these proceedings are meritless.
While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect on the Corporation’s operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims.
Other Contingencies
The Corporation and certain of its consolidated subsidiaries were contingently liable at September 30, 2023, 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. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence. 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.
 September 30, 2023
 (millions of dollars)
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
Guarantees   
Debt-related1,188 152 1,340 
Other706 5,664 6,370 
Total1,894 5,816 7,710 
(1) ExxonMobil share
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.

10

Note 4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income
(millions of dollars)
Cumulative Foreign Exchange Translation AdjustmentPostretirement Benefits Reserves AdjustmentTotal
Balance as of December 31, 2021(11,499)(2,265)(13,764)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(4,680)335 (4,345)
Amounts reclassified from accumulated other comprehensive income— 306 306 
Total change in accumulated other comprehensive income(4,680)641 (4,039)
Balance as of September 30, 2022(16,179)(1,624)(17,803)
Balance as of December 31, 2022(14,591)1,321 (13,270)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(241)44 (197)
Amounts reclassified from accumulated other comprehensive income367 12 379 
Total change in accumulated other comprehensive income126 56 182 
Balance as of September 30, 2023(14,465)1,377 (13,088)
(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $25 million and $551 million in 2023 and 2022, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense)
(millions of dollars)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Foreign exchange translation gain/(loss) included in net income
(Statement of Income line: Other income)		(549)— (549)— 
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)(8)(163)(22)(415)

Income Tax (Expense)/Credit For
Components of Other Comprehensive Income
(millions of dollars)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Foreign exchange translation adjustment83 (61)216 (151)
Postretirement benefits reserves adjustment (excluding amortization)(15)(82)16 (205)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs(2)(35)(3)(92)
Total66 (178)229 (448)

11

Note 5. Earnings Per Share 
Earnings per common shareThree Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Net income (loss) attributable to ExxonMobil (millions of dollars)
9,070 19,660 28,380 42,990 
Weighted-average number of common shares outstanding (millions of shares) (1)
4,025 4,185 4,064 4,227 
Earnings (loss) per common share (dollars) (2)
2.25 4.68 6.98 10.17 
Dividends paid per common share (dollars)
0.91 0.88 2.73 2.64 
(1) Includes restricted shares not vested.
(2) 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
September 30,		Nine Months Ended
September 30,
2023202220232022
Components of net benefit cost  
Pension Benefits - U.S.  
Service cost111 173 353 529 
Interest cost169 130 500 388 
Expected return on plan assets(133)(140)(399)(420)
Amortization of actuarial loss/(gain) 21 39 63 117 
Amortization of prior service cost(8)(8)(22)(22)
Net pension enhancement and curtailment/settlement cost8 87 23 177 
Net benefit cost168 281 518 769 
Pension Benefits - Non-U.S.
Service cost81 138 244 433 
Interest cost231 149 697 466 
Expected return on plan assets(172)(198)(518)(618)
Amortization of actuarial loss/(gain)15 44 43 138 
Amortization of prior service cost13 10 38 33 
Net pension enhancement and curtailment/settlement cost— — — (1)
Net benefit cost168 143 504 451 
Other Postretirement Benefits
Service cost20 30 60 108 
Interest cost67 54 206 162 
Expected return on plan assets(4)(4)(11)(11)
Amortization of actuarial loss/(gain)(30)1 (91)4 
Amortization of prior service cost(11)(10)(32)(31)
Net benefit cost42 71 132 232 
 
12

Note 7. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at September 30, 2023 and December 31, 2022, and the related hierarchy level for the fair value measurement was as follows:
 September 30, 2023
 Fair Value    
(millions of dollars)Level 1Level 2Level 3Total Gross Assets
& Liabilities		Effect of
Counterparty Netting		Effect of
Collateral
Netting		Difference in Carrying Value and Fair ValueNet
Carrying
Value
Assets        
Derivative assets (1)
7,459 1,485 — 8,944 (8,279)(238)— 427 
Advances to/receivables from equity companies (2)(6)
— 2,456 4,927 7,383 — — 621 8,004 
Other long-term financial assets (3)
1,294 — 854 2,148 — — 264 2,412 
Liabilities
Derivative liabilities (4)
7,354 1,624 — 8,978 (8,279)(132)— 567 
Long-term debt (5)
28,555 1,164 4 29,723 — — 5,045 34,768 
Long-term obligations to equity companies (6)
— — 2,163 2,163 — — (87)2,076 
Other long-term financial liabilities (7)
— — 665 665 — — 50 715 
 
 December 31, 2022
 Fair Value    
(millions of dollars)Level 1Level 2Level 3Total Gross Assets
& Liabilities		Effect of
Counterparty Netting		Effect of
Collateral
Netting		Difference in Carrying Value and Fair ValueNet
Carrying
Value
Assets        
Derivative assets (1)
4,309 3,455 — 7,764 (5,778)(969)— 1,017 
Advances to/receivables from equity companies (2)(6)
— 2,406 4,958 7,364 — — 685 8,049 
Other long-term financial assets (3)
1,208 — 1,413 2,621 — — 346 2,967 
Liabilities
Derivative liabilities (4)
3,417 3,264 — 6,681 (5,778)(79)— 824 
Long-term debt (5)
33,112 1,880 6 34,998 — — 4,173 39,171 
Long-term obligations to equity companies (6)
— — 2,467 2,467 — — (129)2,338 
Other long-term financial liabilities (7)
— — 679 679 — — 38 717 
(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net.
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables.
(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net.
(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations.
(5) Excluding finance lease obligations.
(6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.
(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.
At September 30, 2023 and December 31, 2022, respectively, the Corporation had $834 million and $1,494 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements.
13

The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of September 30, 2023, the Corporation has designated $4.8 billion of its Euro-denominated debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.
The Corporation had undrawn short-term committed lines of credit of $524 million and undrawn long-term committed lines of credit of $834 million as of third quarter 2023.
Derivative Instruments
The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue" and in the Consolidated Statement of Cash Flows in “Cash Flows from Operating Activities”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of September 30, 2023 and December 31, 2022, or results of operations for the periods ended September 30, 2023 and 2022.
Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments at September 30, 2023 and December 31, 2022, was as follows:
(millions)September 30, 2023December 31, 2022
Crude oil (barrels)14 4 
Petroleum products (barrels)(95)(52)
Natural gas (MMBTUs)(151)(64)
Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis:
(millions of dollars)Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Sales and other operating revenue(1,049)945 (66)(3,003)
Crude oil and product purchases34 (56)14 (82)
Total(1,015)889 (52)(3,085)
14

Note 8. Disclosures about Segments and Related Information
(millions of dollars)Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Earnings (Loss) After Income Tax
Upstream  
United States1,566 3,110 4,118 9,235 
Non-U.S. (1)
4,559 9,309 13,041 19,043 
Energy Products
United States1,356 3,008 4,794 6,152 
Non-U.S.1,086 2,811 4,141 4,744 
Chemical Products
United States338 635 1,148 2,030 
Non-U.S.(89)177 300 1,263 
Specialty Products
United States326 306 1,150 784 
Non-U.S.293 456 914 871 
Corporate and Financing (1)
(365)(152)(1,226)(1,132)
Corporate total9,070 19,660 28,380 42,990 
Sales and Other Operating Revenue
Upstream
United States2,587 4,163 7,030 10,777 
Non-U.S.3,424 8,770 12,550 22,214 
Energy Products
United States27,251 31,324 78,303 90,650 
Non-U.S.45,295 50,215 124,216 144,734 
Chemical Products
United States1,924 2,499 5,945 8,773 
Non-U.S.3,557 4,213 10,927 13,207 
Specialty Products
United States1,503 1,615 4,613 4,659 
Non-U.S.2,998 3,709 9,382 10,478 
Corporate and Financing31 4 43 19 
Corporate total88,570 106,512 253,009 305,511 
Intersegment Revenue
Upstream
United States5,091 6,536 15,091 19,907 
Non-U.S.10,532 11,723 28,343 36,091 
Energy Products
United States6,724 7,580 17,249 22,777 
Non-U.S.7,286 9,551 21,243 29,161 
Chemical Products
United States2,231 2,579 6,103 6,904 
Non-U.S.976 1,252 2,730 4,359 
Specialty Products
United States594 662 1,958 1,934 
Non-U.S.142 246 410 665 
Corporate and Financing39 59 167 175 
(1) Results for first quarter 2022 include charges of $3.3 billion in non-U.S. Upstream and $0.1 billion in Corporate and Financing associated with the expropriation of the Corporation's interest in Sakhalin-1.
15

Geographic Sales and Other Operating Revenue  
(millions of dollars)Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
United States33,265 39,601 95,891 114,859 
Non-U.S.55,305 66,911 157,118 190,652 
Total88,570 106,512 253,009 305,511 
Significant Non-U.S. revenue sources include: (1)
Canada8,314 8,468 21,860 25,105 
United Kingdom5,509 8,845 17,762 24,699 
Singapore3,880 5,262 11,369 14,358 
France4,017 4,449 10,995 14,071 
Italy2,923 2,990 7,986 8,888 
Belgium2,407 2,755 7,467 8,632 
Australia2,448 2,936 7,269 8,597 
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in non-U.S. operations where attribution to a specific country is not practicable.

Revenue from Contracts with Customers
Sales and other operating revenue includes both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Sales and other operating revenue
(millions of dollars)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenue from contracts with customers68,533 79,358 196,159 234,025 
Revenue outside the scope of ASC 60620,037 27,154 56,850 71,486 
Total88,570 106,512 253,009 305,511 
16

Note 9. Divestment Activities
Through September 30, 2023, the Corporation realized proceeds of approximately $3.1 billion from its divestment activities in 2023 with negligible impact on net after-tax earnings. This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments.
In 2022, the Corporation realized proceeds of approximately $5 billion and recognized net after-tax earnings of approximately $0.4 billion from its divestment activities. This included the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments.
In November 2022, the Corporation executed an agreement for the sale of the Santa Ynez Unit and associated assets in California. The agreement is subject to certain conditions precedent and government approvals and does not yet meet held-for-sale criteria under ASC 360. Should the conditions precedent be met and the potential transaction close, the Corporation would expect to recognize a loss of up to $2 billion.
In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In mid-2022, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of these matters.

Note 10. Denbury Acquisition
On July 13, 2023, the Corporation entered into an agreement to acquire Denbury Inc., a developer of carbon capture, utilization and storage solutions and enhanced oil recovery in exchange for ExxonMobil common stock. Based on the July 12 closing price for ExxonMobil shares, and at a fixed exchange rate of 0.84 per Denbury share, the transaction value was $4.9 billion. We expect that the number of shares issuable in connection with the transaction to be approximately 45 million. Denbury scheduled a shareholder vote for October 31, 2023, and assuming shareholder approval, the transaction is currently expected to close in early November. In addition to carbon capture and storage assets, the acquisition includes Gulf Coast and Rocky Mountain oil and natural gas operations which consist of proved reserves totaling over 200 million barrels of oil equivalent (as of December 31, 2022), with approximately 47 thousand oil-equivalent barrels per day of production for the first half of 2023.

Note 11. Pioneer Natural Resources Merger
On October 11, 2023, the Corporation entered into a merger agreement with Pioneer Natural Resources, an independent oil and gas exploration and production company, in exchange for ExxonMobil common stock. Based on the October 10 closing price for ExxonMobil shares, the fixed exchange rate of 2.3234 per Pioneer share, and Pioneer's outstanding net debt, the implied enterprise value of the transaction was approximately $65 billion. We expect that the number of shares issuable in connection with the transaction to be approximately 546 million. The transaction is currently expected to close in the first half of 2024, subject to regulatory approvals.
Pioneer holds over 850,000 net acres in the Midland Basin of West Texas, which consist of proved reserves totaling over 2.3 billion barrels of oil equivalent (as of December 31, 2022) and over 700 thousand oil-equivalent barrels per day of production for the three months ended June 30, 2023.
17

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview
During the first quarter of 2023, the price of crude oil declined towards the average of the 10-year range (2010-2019), impacted by higher inventory levels, and remained relatively flat during the second quarter. In the third quarter, crude oil prices increased as a result of strong demand, tight inventory levels, and ongoing actions by OPEC+ oil producers to limit supply, which helped mitigate concerns over potential market impacts from a weakening global economy. While natural gas prices remained above the 10-year average they have declined significantly over the first nine months of the year with storage levels increasing above historical averages in the United States and Europe on higher supply and lower demand. During the first half of 2023, refining margins declined on easing supply concerns with stabilization of Russian supply. However, in the third quarter, strong demand for gasoline and distillate combined with low inventories pushed refining margins above the 10-year range. Chemical margins remained well below the 10-year range, as excess supply continued to outpace rising demand.
The Corporation’s results for the first nine months included after-tax charges of $0.2 billion related to additional European taxes imposed on the energy sector, mainly reflected in the line “Income tax expense (benefit).” The enactment of regulations in late 2022 by European Member States and other countries imposed mandatory taxes on certain companies active in the crude petroleum, coal, natural gas, and refinery sectors.
The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. As part of its annual planning and budgeting process, the Corporation is currently assessing its portfolio to prioritize assets with the highest future value potential within its broad range of available opportunities while identifying potential asset divestment candidates. This effort includes an ongoing re-assessment of industry and regulatory factors, macroeconomic considerations, and the company’s project execution plans. Depending on the outcome of the planning process, including in particular significant future changes to the Corporation’s current development plans for its long-lived assets or increases in the likelihood of divestments, certain assets groups could be at risk for impairment. This planning process is expected to be completed with required review by the Board of Directors in the fourth quarter. If needed, assessments on an asset-level basis will be completed following this Board review.

Recent Mergers and Acquisitions
On July 13, 2023, the Corporation announced that it had entered into a definitive agreement to acquire Denbury Inc. The acquisition further accelerates the Corporation’s Low Carbon Solutions opportunities. See Note 10 of the Condensed Consolidated Financial Statements for additional information.
On October 11, 2023, the Corporation announced that it had entered into a definitive merger agreement with Pioneer Natural Resources. At close, ExxonMobil’s Permian production volume would more than double to 1.3 million barrels of oil equivalent per day, based on anticipated 2023 volumes. The transaction represents an opportunity to deliver leading capital efficiency and cost performance as well as increase production by combining Pioneer’s large-scale, contiguous, high-quality undeveloped Midland acreage with ExxonMobil’s Permian resource development approach. See Note 11 of the Condensed Consolidated Financial Statements for additional information.
18

FUNCTIONAL EARNINGS SUMMARY
Earnings (loss) excluding Identified Items (non-GAAP) 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. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.
Three Months Ended
September 30, 2023		UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate and FinancingTotal
(millions of dollars)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)
1,566 4,559 1,356 1,086 338 (89)326 293 (365)9,070 
Identified Items
Tax-related items— (14)— (33)— — — — — (47)
Earnings (loss) excluding Identified Items (Non-GAAP)
1,566 4,573 1,356 1,119 338 (89)326 293 (365)9,117 
Three Months Ended
September 30, 2022		UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate and FinancingTotal
(millions of dollars)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)
3,110 9,309 3,008 2,811 635 177 306 456 (152)19,660 
Identified Items
Impairments— (697)— — — — — — — (697)
Gain/(loss) on sale of assets— 587 — — — — — — — 587 
Tax-related items— — — — — — — — 324 324 
Other— 688 — — — — — — 76 764 
Earnings (loss) excluding Identified Items (Non-GAAP)
3,110 8,731 3,008 2,811 635 177 306 456 (552)18,682 
Nine Months Ended
September 30, 2023		UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate and FinancingTotal
(millions of dollars)U.S.Non-U.S.U.S.Non-U.S.