ExxonMobil Announces 2023 Results
- Delivered industry-leading 2023 earnings of $36.0 billion1, generated $55.4 billion of cash flow from operating activities and distributed $32.4 billion to shareholders
- Leading industry in compounded annual growth rate for earnings excl. identified items and cash flow since 2019 2
- Increased Guyana and Permian production by 18% vs. 2022 and achieved record annual refinery throughput 3
- Strengthened portfolio with $4.1 billion of non-core asset divestments, and two acquisitions; one that accelerates Low Carbon Solutions and one that will transform the Upstream business4
- Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030
SPRING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM):
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Results Summary |
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|
|
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
Change vs 3Q23 |
4Q22 |
Change vs 4Q22 |
Dollars in millions (except per share data) |
2023 |
2022 |
Change vs 2022 |
|
|
7,630 |
9,070 |
-1,440 |
12,750 |
-5,120 |
Earnings (U.S. GAAP) |
36,010 |
55,740 |
-19,730 |
|
|
9,963 |
9,117 |
+846 |
14,035 |
-4,072 |
Earnings Excluding Identified Items (non-GAAP) |
38,572 |
59,101 |
-20,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1.91 |
2.25 |
-0.34 |
3.09 |
-1.18 |
Earnings Per Common Share ⁵ |
8.89 |
13.26 |
-4.37 |
|
|
2.48 |
2.27 |
+0.21 |
3.40 |
-0.92 |
Earnings Excl. Identified Items Per Common Share ⁵ (non-GAAP) |
9.52 |
14.06 |
-4.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,757 |
6,022 |
+1,735 |
7,463 |
+294 |
Capital and Exploration Expenditures |
26,325 |
22,704 |
+3,621 |
|
Exxon Mobil Corporation today announced fourth-quarter 2023 earnings of $7.6 billion, or $1.91 per share assuming dilution. Fourth-quarter results included unfavorable identified items of $2.3 billion including a $2.0 billion impairment as a result of regulatory obstacles in California that have prevented production and distribution assets from coming back online. Impairments were partly offset by favorable tax and divestment-related items. Earnings excluding identified items were $10.0 billion, or $2.48 per share assuming dilution. For the full year 2023, the company reported earnings of $36.0 billion, or $8.89 per share assuming dilution.
“Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” said Darren Woods, chairman and chief executive officer.
“These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished.”
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1 |
Reported earnings, share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies. |
|
2 |
Adjusted net income and cash flow from operations sourced from Bloomberg for the industry peer group. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using Bloomberg consensus as of February 1st. Industry peer group includes BP, Chevron, Shell and TotalEnergies. |
|
3 |
Best-ever annual global refining throughput (2000 – 2023) since Exxon and Mobil merger in 1999, based on current refinery circuit. |
|
4 |
Announced agreement to merge with Pioneer Natural Resources in October 2023. Transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval. |
|
5 |
Assuming dilution. |
Financial Highlights
- Fourth-quarter earnings were $7.6 billion versus $9.1 billion in the third quarter. Identified items decreased earnings by $2.3 billion mainly from asset impairments, partly offset by favorable tax and divestment-related items. Earnings excluding identified items were $10.0 billion, an increase of $0.8 billion from the third-quarter. Results strengthened on favorable derivative mark-to-market impacts, improved volume and mix driven by advantaged Guyana and Permian assets, and stronger chemical margins. These factors were partly offset by lower industry refining margins and seasonally higher expenses.
- Delivered full-year 2023 earnings of $36.0 billion and return on capital employed of 15%.
- Achieved $9.7 billion of cumulative structural cost savings in 2023 versus 2019, exceeding the $9 billion plan with an additional $2.3 billion of savings during the year and $0.7 billion during the quarter. The company plans to deliver cumulative savings totaling $15 billion through the end of 2027.
- Generated strong cash flow from operations of $13.7 billion and free cash flow of $8.0 billion in the fourth quarter. For the full year, cash increased $1.9 billion with free cash flow of $36.1 billion. Peer-leading1 2023 shareholder distributions of $32.4 billion included $14.9 billion of dividends, and $17.4 billion of share repurchases consistent with announced plans.
- The Corporation declared a first-quarter dividend of $0.95 per share, payable on March 11, 2024, to shareholders of record of Common Stock at the close of business on February 14, 2024. Including the 4% increase in fourth-quarter dividend, the company has increased its annual dividend for a peer-leading1 41 consecutive years.
- The debt-to-capital ratio was 16%, and the net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $31.6 billion.
- The company continued to strengthen its portfolio with the closing of the East Texas upstream assets divestment in the fourth quarter. Total asset sales and divestments generated $4.1 billion of cash proceeds during the year.
- Capital and exploration expenditures were $7.8 billion in the fourth quarter, bringing full-year 2023 expenditures to $26.3 billion, slightly above the top end of the guidance range, as the company opportunistically accelerated activities in the advantaged Permian and Guyana assets, and entered a new lithium business.
|
1 |
Share buybacks and total dividends paid measured for 2023. 2023 figures for the industry peer group are actuals for companies that reported results on or before February 1, 2024, or estimated using either Bloomberg consensus as of February 1st or company-announced programs for share buybacks. Shareholder distributions is defined as dividends and share purchases. Industry peer group includes BP, Chevron, Shell and TotalEnergies. |
ADVANCING CLIMATE SOLUTIONS
Progress Toward Net Zero
- In the Permian Basin, ExxonMobil made great progress on the plan to achieve net zero GHG emissions by 2030. In 2023, the company electrified all of its drilling fleet and replaced over 6,000 natural-gas-driven pneumatic devices in its unconventional operated assets. In addition, ExxonMobil also deployed its first electric fracturing units to further reduce emissions intensity, and signed additional long-term agreements enabling renewable power capacity to support operations. In the quarter, the company also launched a high-altitude monitoring balloon with advanced imaging technology and data processing platforms that has the potential to provide continuous, real-time methane detection. These efforts support ExxonMobil’s industry-leading plans to achieve net-zero Scope 1 and 2 emissions from its unconventional operations in the Permian by 2030.
Lithium
- In the fourth quarter, ExxonMobil announced its new MobilTM Lithium business with plans to become a leading producer and grow U.S.-based supplies of lithium for the global battery and EV markets. The company’s advanced production approach has the potential to produce vast supplies of lithium with fewer environmental impacts than traditional mining operations1. Work is underway for the first phase of lithium production in southwest Arkansas, an area known to hold significant lithium deposits.
- The company is planning first production for 2027. By 2030, ExxonMobil aims to produce enough MobilTM Lithium with the potential to supply approximately one million EVs per year.
Carbon Capture and Storage
- In November, ExxonMobil completed the acquisition of Denbury, Inc. for $4.8 billion of ExxonMobil stock, based on the share price at closing2. The company now has the largest owned and operated carbon dioxide (CO2) pipeline network in the United States at 1,300 miles, including nearly 925 miles in Louisiana, Texas and Mississippi, one of the largest U.S. markets for CO2 emissions. The company also has access to more than 15 strategically located onshore CO2 storage sites.
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1 |
Expected smaller footprint of lithium mining and expected lower carbon and water impacts: EM analysis of external sources and third party life-cycle analyses. 1) Vulcan Energy, 2022 https://v-er.eu/app/uploads/2023/11/LCA.pdf, Minviro publication. Grant, A., Deak, D., & Pell, R. (2020). 2) The CO2 Impact of the 2020s Battery Quality Lithium Hydroxide Supply Chain-Jade Cove Partners. https://www.jadecove.com/research/liohco2impact. Kelly, J. C., Wang, M., Dai, Q., & Winjobi, O. (2021). 3) Energy, greenhouse gas, and water life cycle analysis of lithium carbonate and lithium hydroxide monohydrate from brine and ore resources and their use in lithium ion battery cathodes and lithium ion batteries. Resources, Conservation and Recycling, 174, 105762. |
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2 |
Total consideration of $5.1 billion includes ExxonMobil stock of $4.8 billion and cash payments of $0.3 billion related to repayment of Denbury’s credit facility and settlement of fractional shares. |
EARNINGS AND VOLUME SUMMARY BY SEGMENT
|
Upstream |
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|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
|
Earnings/(Loss) (U.S. GAAP) |
|
|
|
|
84 |
1,566 |
2,493 |
United States |
4,202 |
11,728 |
|
|
4,065 |
4,559 |
5,708 |
Non-U.S. |
17,106 |
24,751 |
|
|
4,149 |
6,125 |
8,201 |
Worldwide |
21,308 |
36,479 |
|
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|
|
|
|
|
|
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|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
|
1,573 |
1,566 |
2,493 |
United States |
5,691 |
11,429 |
|
|
4,693 |
4,573 |
6,269 |
Non-U.S. |
17,918 |
27,989 |
|
|
6,266 |
6,139 |
8,762 |
Worldwide |
23,609 |
39,418 |
|
|
|
|
|
|
|
|
|
|
3,824 |
3,688 |
3,822 |
Production (koebd) |
3,738 |
3,737 |
|
- Upstream fourth-quarter earnings were $4.1 billion, a decrease of $2.0 billion from the third quarter. Identified items reduced earnings by $2.1 billion this quarter, mainly from the impairment of the idled Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution. Earnings excluding identified items were $6.3 billion, an increase of $127 million. Higher volumes and improved mix, mainly from Guyana and Permian growth, and stronger gas realizations more than offset lower crude realizations, unfavorable tax impacts, and year-end inventory effects.
- Net production in the fourth quarter was 3.8 million oil-equivalent barrels per day, an increase of 136,000 oil-equivalent barrels per day compared to the prior quarter on favorable entitlement effects and growth in Permian and Guyana. Payara, the third Guyana development, started up in November ahead of schedule with production reaching nameplate capacity of 220,000 barrels per day in mid-January.
- Compared to the same quarter last year, earnings decreased $4.1 billion. Identified items reduced earnings by $2.1 billion this quarter, compared to a reduction of $0.6 billion in the fourth quarter of 2022. Earnings excluding identified items were $6.3 billion, a decrease of $2.5 billion, primarily due to lower natural gas prices. Higher Permian and Guyana volumes and less unfavorable year-end inventory effects provided a partial offset. Net production was flat compared to the same quarter last year. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew about 70,000 oil-equivalent barrels per day.
- Full-year earnings were $21.3 billion, $15.2 billion less than 2022. Identified items for the year reduced earnings by $2.3 billion, compared to an unfavorable $2.9 billion impact last year. Excluding identified items, earnings decreased $15.8 billion on lower liquids and natural gas realizations, and unfavorable unsettled derivatives mark-to-market effects of $2.4 billion, primarily from the absence of favorable impacts in the prior year. Higher volume contributions from improved portfolio mix added nearly $1 billion, as growth from Guyana and Permian more than offset divestments. Net production in 2023 was 3.7 million oil-equivalent barrels per day, in line with prior year. Production increased 111,000 oil-equivalent barrels per day, excluding impacts from divestments, entitlements, and government-mandated curtailments. Permian and Guyana combined production grew 18% versus 2022.
- In October, ExxonMobil announced an agreement to merge with Pioneer Natural Resources in a $59.5 billion all-stock transaction1. The combination is expected to generate double-digit returns by recovering more resources, more efficiently, while accelerating emissions reductions2. The transaction is expected to close in the second quarter of 2024, pending regulatory and Pioneer shareholder approval.
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1 |
Based on the October 5, 2023 closing price for ExxonMobil shares and the fixed exchange rate of 2.3234 per Pioneer share. |
|
2 |
Expected to leverage Permian GHG reduction plans to accelerate Pioneer’s net-zero emissions plan to 2035 from 2050; plan to lower both companies’ Permian methane emissions through new technology application. |
|
Energy Products |
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|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
|
Earnings/(Loss) (U.S. GAAP) |
|
|
|
|
1,329 |
1,356 |
2,188 |
United States |
6,123 |
8,340 |
|
|
1,878 |
1,086 |
1,882 |
Non-U.S. |
6,019 |
6,626 |
|
|
3,207 |
2,442 |
4,070 |
Worldwide |
12,142 |
14,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
|
1,137 |
1,356 |
2,246 |
United States |
5,931 |
8,398 |
|
|
1,881 |
1,119 |
2,508 |
Non-U.S. |
6,067 |
7,252 |
|
|
3,018 |
2,475 |
4,754 |
Worldwide |
11,998 |
15,650 |
|
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|
|
|
|
|
|
|
|
5,357 |
5,551 |
5,423 |
Energy Products Sales (kbd) |
5,461 |
5,347 |
|
- Energy Products fourth-quarter earnings totaled $3.2 billion compared to $2.4 billion in the third quarter, an increase of $765 million. A favorable derivatives mark-to-market impact of $1.2 billion and the unwinding of prior quarter unfavorable timing effects more than offset weaker seasonal industry refining margins. Results also improved from favorable tax, year-end inventory impacts, and foreign exchange effects. These factors were partly offset by higher seasonal expenses and lower volumes from higher scheduled maintenance and divestments. Identified items increased earnings by $222 million versus the third quarter. Earnings excluding these items were $3.0 billion for the quarter, an increase of $543 million from the third quarter.
- Compared to the fourth quarter last year, earnings decreased $863 million on weaker industry refining margins and higher project-related expenses, partly offset by favorable derivatives mark-to-market effects. Identified items improved earnings by $873 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding these identified items were $3.0 billion, $1.7 billion lower than the fourth quarter last year.
- Full-year 2023 earnings were $12.1 billion, a decrease of $2.8 billion versus 2022 due to the decline in industry refining margins, higher planned maintenance activities and divestments. These factors were partly offset by stronger trading and marketing margins and higher sales volumes from strong reliability and the start-up of the Beaumont refinery expansion. Identified items improved earnings by $828 million mainly from lower additional European taxes on the energy sector and the absence of asset impairments. Earnings excluding identified items were $12.0 billion, a decrease of $3.7 billion from last year.
- Refining throughput for the year was 4.1 million barrels per day, up 38,000 barrels per day from 2022. The record throughput on a current refinery circuit basis was supported by strong reliability and the completion of the 250,000 barrels per day Beaumont refinery expansion in the first quarter of 2023. In addition, with the December completion of the 1.5 million barrels per day strategic Permian crude venture project, both the Beaumont and Baytown refineries have expanded access to advantaged Permian feedstocks.
|
Chemical Products |
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|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
|
Earnings/(Loss) (U.S. GAAP) |
|
|
|
|
478 |
338 |
298 |
United States |
1,626 |
2,328 |
|
|
(289) |
(89) |
(48) |
Non-U.S. |
11 |
1,215 |
|
|
189 |
249 |
250 |
Worldwide |
1,637 |
3,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
|
446 |
338 |
298 |
United States |
1,594 |
2,328 |
|
|
131 |
(89) |
(48) |
Non-U.S. |
431 |
1,215 |
|
|
577 |
249 |
250 |
Worldwide |
2,025 |
3,543 |
|
|
|
|
|
|
|
|
|
|
4,776 |
5,108 |
4,658 |
Chemical Products Sales (kt) |
19,382 |
19,167 |
|
- Chemical Products fourth-quarter earnings were $189 million compared to $249 million in the third quarter. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by $388 million. Earnings excluding identified items were $577 million for the quarter, an increase of $328 million from the third quarter. Margins improved from lower U.S. feed costs and strong performance product sales. Lower overall seasonal sales were partly offset by new volumes from the recently completed Baytown expansion.
- Current quarter earnings were $61 million lower compared to fourth-quarter 2022. Identified items mainly associated with asset impairments and other financial reserves reduced earnings by $388 million. Earnings excluding identified items were $577 million, $327 million higher on improved margins from lower feed costs.
- Full-year earnings were $1.6 billion, a decrease of $1.9 billion versus 2022. Lower earnings reflect the overall weaker margin environment from bottom-of-cycle market conditions, higher planned maintenance, and unfavorable sales mix effects. Identified items reduced earnings by $388 million. Earnings excluding identified items were $2.0 billion, a decrease of $1.5 billion from 2022.
|
Specialty Products |
||||||
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
|
|
|
Earnings/(Loss) (U.S. GAAP) |
|
|
|
|
386 |
326 |
406 |
United States |
1,536 |
1,190 |
|
|
264 |
293 |
354 |
Non-U.S. |
1,178 |
1,225 |
|
|
650 |
619 |
760 |
Worldwide |
2,714 |
2,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
|
|
374 |
326 |
406 |
United States |
1,524 |
1,190 |
|
|
369 |
293 |
394 |
Non-U.S. |
1,283 |
1,265 |
|
|
743 |
619 |
800 |
Worldwide |
2,807 |
2,455 |
|
|
|
|
|
|
|
|
|
|
1,839 |
1,912 |
1,787 |
Specialty Products Sales (kt) |
7,597 |
7,810 |
|
- Specialty Products continued to deliver strong earnings from high-value products. Fourth-quarter earnings were $650 million, compared to $619 million in the third quarter. Higher margins from improved realizations and lower feed costs, and positive year-end inventory impacts were partly offset by higher seasonal expenses and lower sales volumes. Identified items reduced earnings by $93 million in the quarter.
- Compared to the same quarter last year, earnings decreased by $110 million. Weaker basestock margins were mostly offset by favorable year-end inventory impacts, improved reliability and stronger finished lubes margins.
- Full-year earnings were $2.7 billion, an increase of $299 million compared with 2022 as product differentiation and brand strength drove sustained business performance. Improved finished lubes margins more than offset lower basestock margins and specialty products sales volumes due to weaker global demand.
|
Corporate and Financing |
||||||
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
(565) |
(365) |
(531) |
Earnings/(Loss) (U.S. GAAP) |
(1,791) |
(1,663) |
|
|
(641) |
(365) |
(531) |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
(1,867) |
(1,965) |
|
- Corporate and Financing fourth-quarter net charges of $565 million increased $200 million versus the third quarter driven by unfavorable foreign exchange impacts, partly offset by tax-related identified items.
- Net charges of $565 million in the fourth quarter of 2023 increased $34 million from the same quarter of 2022.
- Full-year net charges of $1.8 billion increased $128 million from 2022 mainly due to the absence of prior year favorable tax-related and other identified items, partly offset by lower financing costs.
|
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL |
||||||
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
8,012 |
9,346 |
13,055 |
Net income/(loss) including noncontrolling interests |
37,354 |
57,577 |
|
|
7,740 |
4,415 |
5,064 |
Depreciation and depletion (includes impairments) |
20,641 |
24,040 |
|
|
(2,191) |
1,821 |
(200) |
Changes in operational working capital, excluding cash and debt |
(4,255) |
(194) |
|
|
121 |
381 |
(298) |
Other |
1,629 |
(4,626) |
|
|
13,682 |
15,963 |
17,621 |
Cash Flow from Operating Activities (U.S. GAAP) |
55,369 |
76,797 |
|
|
|
|
|
|
|
|
|
|
1,020 |
917 |
1,333 |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
|
|
14,702 |
16,880 |
18,954 |
Cash Flow from Operations and Asset Sales (non-GAAP) |
59,447 |
82,044 |
|
|
|
|
|
|
|
|
|
|
2,191 |
(1,821) |
200 |
Less: Changes in operational working capital, excluding cash and debt |
4,255 |
194 |
|
|
16,893 |
15,059 |
19,154 |
Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) |
63,702 |
82,238 |
|
|
FREE CASH FLOW |
|
|
||||
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
|
13,682 |
15,963 |
17,621 |
Cash Flow from Operating Activities (U.S. GAAP) |
55,369 |
76,797 |
|
|
(6,228) |
(4,920) |
(5,783) |
Additions to property, plant and equipment |
(21,919) |
(18,407) |
|
|
(1,854) |
(307) |
(2,175) |
Additional investments and advances |
(2,995) |
(3,090) |
|
|
1,348 |
31 |
1,270 |
Other investing activities including collection of advances |
1,562 |
1,508 |
|
|
1,020 |
917 |
1,333 |
Proceeds from asset sales and returns of investments |
4,078 |
5,247 |
|
|
7,968 |
11,684 |
12,266 |
Free Cash Flow (non-GAAP) |
36,095 |
62,055 |
|
|
RETURN ON AVERAGE CAPITAL EMPLOYED |
|
|
|
|
|
|
|
Dollars in millions (unless otherwise noted) |
2023 |
2022 |
|
Net income/(loss) attributable to ExxonMobil (U.S. GAAP) |
36,010 |
55,740 |
|
Financing costs (after-tax) |
|
|
|
Gross third-party debt |
(1,175) |
(1,213) |
|
ExxonMobil share of equity companies |
(307) |
(198) |
|
All other financing costs – net |
931 |
276 |
|
Total financing costs |
(551) |
(1,135) |
|
Earnings/(loss) excluding financing costs (non-GAAP) |
36,561 |
56,875 |
|
|
|
|
|
Total assets (U.S. GAAP) |
376,317 |
369,067 |
|
Less liabilities and noncontrolling interests share of assets and liabilities |
|
|
|
Total current liabilities excluding notes and loans payable |
(61,226) |
(68,411) |
|
Total long-term liabilities excluding long-term debt |
(60,980) |
(56,990) |
|
Noncontrolling interests share of assets and liabilities |
(8,878) |
(9,205) |
|
Add ExxonMobil share of debt-financed equity company net assets |
3,481 |
3,705 |
|
Total capital employed (non-GAAP) |
248,714 |
238,166 |
|
|
|
|
|
Average capital employed (non-GAAP) |
243,440 |
228,404 |
|
|
|
|
|
Return on average capital employed – corporate total (non-GAAP) |
15.0% |
24.9% |
|
CALCULATION OF STRUCTURAL COST SAVINGS |
|
||||
|
|
|
|
|
|
|
|
Dollars in billions |
2019 |
|
|
|
2023 |
|
Components of Operating Costs |
|
|
|
|
|
|
From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP) |
|
|
|
|
|
|
Production and manufacturing expenses |
36.8 |
|
|
|
36.9 |
|
Selling, general and administrative expenses |
11.4 |
|
|
|
9.9 |
|
Depreciation and depletion (includes impairments) |
19.0 |
|
|
|
20.6 |
|
Exploration expenses, including dry holes |
1.3 |
|
|
|
0.8 |
|
Non-service pension and postretirement benefit expense |
1.2 |
|
|
|
0.7 |
|
Subtotal |
69.7 |
|
|
|
68.9 |
|
ExxonMobil’s share of equity company expenses (non-GAAP) |
9.1 |
|
|
|
10.5 |
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
|
|
|
79.4 |
|
|
|
|
|
|
|
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
|
|
|
79.4 |
|
Less: |
|
|
|
|
|
|
Depreciation and depletion (includes impairments) |
19.0 |
|
|
|
20.6 |
|
Non-service pension and postretirement benefit expense |
1.2 |
|
|
|
0.7 |
|
Other adjustments (includes equity company depreciation and depletion) |
3.6 |
|
|
|
3.7 |
|
Total Cash Operating Expenses (Cash Opex) (non-GAAP) |
55.0 |
|
|
|
54.4 |
|
|
|
|
|
|
|
|
Energy and production taxes (non-GAAP) |
11.0 |
|
|
|
14.9 |
|
|
|
|
|
|
|
|
|
|
Market |
Activity / Other |
Structural Savings |
|
|
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
44.0 |
+3.6 |
+1.6 |
-9.7 |
39.5 |
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