ExxonMobil announces third-quarter 2022 results
Exxon Mobil Corporation today announced third-quarter 2022 earnings of $19.7 billion, or $4.68 per share assuming dilution. Third-quarter results included net favorable identified items of nearly $1 billion associated with the completion of the XTO Energy Canada and Romania Upstream affiliate divestments and one-time benefits from tax and other reserve adjustments, partly offset by impairments. Capital and exploration expenditures were $5.7 billion in the third quarter, bringing year-to-date 2022 investments to $15.2 billion, on track with full-year guidance of $21 billion to $24 billion.
Highlights:
- Grew earnings and cash flow from operating activities to $19.7 billion and $24.4 billion, respectively, as strong volume performance, including record refining volumes1, rigorous cost control and higher natural gas realizations more than offset lower crude realizations and weaker industry refining margins
- Achieved best-ever quarterly refining throughput in North America and highest globally since 20081
- Delivered strong quarterly oil and gas production, including record Permian production of nearly 560,000 oil-equivalent barrels per day to better serve demand; year-on-year, total production increased 50,000 oil-equivalent barrels per day
- Signed largest-of-its-kind commercial agreement to capture and permanently store up to 2 million metric tons of CO2 emissions per year
- Declared fourth-quarter dividend of $0.91 per share, an increase of $0.03 per share; paying out $15 billion in aggregate for the year
Results Summary
| 3Q22 | 2Q22 | Changevs2Q22 | 3Q21 | Changevs3Q21 | Dollars in millions (except per share data) | YTD 2022 | YTD 2021 | ChangevsYTD |
| 19,660 | 17,850 | +1,810 | 6,750 | +12,910 | Earnings (U.S. GAAP) | 42,990 | 14,170 | +28,820 |
| 18,682 | 17,551 | +1,131 | 6,755 | +11,927 | Earnings Excluding Identified Items | 45,066 | 14,218 | +30,848 |
| 4.68 | 4.21 | +0.47 | 1.57 | +3.11 | Earnings Per Common Share2 | 10.17 | 3.31 | +6.86 |
| 4.45 | 4.14 | +0.31 | 1.58 | +2.87 | Earnings Excl. Identified Items Per Common Share2 | 10.66 | 3.33 | +7.33 |
| 5,728 | 4,609 | +1,119 | 3,851 | +1,877 | Capital and Exploration Expenditures | 15,241 | 10,787 | +4,454 |
“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” commented Darren Woods, chairman and chief executive officer. “We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective.”
Financial Highlights
- Third-quarter earnings were $19.7 billion compared with $17.9 billion in the second quarter of 2022. Excluding identified items, earnings of $18.7 billion were up $1.1 billion versus the prior quarter as higher natural gas realizations, record throughput in Energy Products, and continued cost control, were partially offset by lower crude realizations and moderating industry refining margins.
- Cash increased by $11.6 billion in the third quarter with free cash flow of $22 billion. Shareholder distributions were $8.2 billion for the quarter, including $3.7 billion of dividends and $4.5 billion of share repurchases, bringing year-to-date repurchases to $10.5 billion, consistent with the company’s plan to repurchase up to $30 billion of shares through 2023.
- The Corporation declared a fourth-quarter dividend of $0.91 per share, payable on December 9th. The increase of $0.03 per share reflects confidence in our strategy, businesses performance, and financial strength, and marks 40 consecutive years of annual dividend growth. A reliable and growing dividend shows the company’s commitment to return profits to shareholders, of which approximately 40% are individual investors.
- Net-debt-to-capital ratio improved to about 7%, reflecting a period-end cash balance of $30.5 billion. The debt-to-capital ratio is now 19%, just below the low-end of the company’s target range.
- Asset sales and divestments resulted in $2.7 billion of cash proceeds during the quarter, bringing year-to-date proceeds to nearly $4 billion.
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