ExxonMobil Announce Fourth-quarter 2021 earnings of $8.9 billion

Exxon Mobil Corporation today announced fourth-quarter 2021 earnings of $8.9 billion, or $2.08 per share assuming dilution, resulting in full-year earnings of $23 billion, or $5.39 per share assuming dilution. Capital and exploration expenditures were $5.8 billion in the fourth quarter and $16.6 billion for the full year 2021, in line with guidance.

Fourth-Quarter and Full-Year Business Highlights


  • Average realizations for crude oil increased 8% from the third quarter. Natural gas realizations increased 63% from the prior quarter.
  • Oil-equivalent production in the fourth quarter was 3.8 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 2% versus the prior-year quarter, and was also up 2% versus the prior year, driven by demand recovery. 
  • In 2021, production volumes in the Permian increased nearly 100,000 oil-equivalent barrels per day, with improved capital efficiency. The focus remains on continuing to grow free cash flow by increasing recovery through efficiency gains and technology applications. 
  • ExxonMobil continued to progress its low cost of supply deepwater developments in Guyana, with estimated recoverable resources increasing to approximately 10 billion oil-equivalent barrels, supported by six commercial discoveries in 2021. The Liza Unity floating production, storage, and offloading vessel arrived in Guyanese waters in October 2021. 
  • The sale of certain United Kingdom North Sea assets to Neo Energy was completed in December 2021.


  • Global refining margins improved from the third quarter with increased transportation demand driven by easing mobility restrictions, partly offset by higher energy prices in Europe. Fourth-quarter margins improved to the low end of the 10-year range, although jet demand remains challenged.
  • Refining throughput in the quarter was the highest since 2013, up 2% from the third quarter, allowing the company to capture the benefit of improved industry margins. 
  • Lubricants earnings were a full-year record, as strong reliability performance enabled full capture of robust basestocks margins.
  • The company acquired a 49.9% stake in BioJet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions advanced biofuels, providing ExxonMobil the opportunity to purchase as much as 3 million barrels of lower-emission biofuel products per year. 


  • Fourth-quarter industry margins declined from historically high levels to the middle of the 10-year range due to increased industry supply and higher feed and energy costs.
  • Annual earnings of $7.8 billion were a full-year record, reflecting robust industry demand, strong reliability, structural cost reductions, and the company’s global supply and logistics advantages.
  • High-value, performance products grew 7% and the organization advanced key projects supporting future growth. The Corpus Christi Chemical Complex started up ahead of schedule and under budget, and a final investment decision was reached to proceed with a chemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province in China.
  • ExxonMobil announced the acquisition of Materia, Inc., a technology company that pioneered the development of a Nobel prize-winning technology for manufacturing high-performance structural polymers. The innovative materials can be used in a number of applications, including wind turbine blades, electric vehicle parts, sustainable construction, and anticorrosive coatings.
  • The company made its first commercial sale of certified circular polymer from recycled plastic, manufactured in Baytown, Texas, using proprietary advanced recycling technology. The advanced recycling operation in Baytown will be among the largest in North America with initial planned capacity to recycle 30,000 metric tons of plastic waste per year.
  • ExxonMobil completed the sale of its global Santoprene™ business to Celanese in December for a total price of $1.15 billion. 

Fourth QuarterThird QuarterTwelve Months
Results Summary(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)8,870(20,070)6,75023,040(22,440)
Earnings/(Loss) Per Common ShareAssuming Dilution2.08(4.70)1.575.39(5.25)
Identified Items Per Common ShareAssuming Dilution0.03(4.73)(0.01)0.01(4.92)
Earnings/(Loss) Excluding Identified ItemsPer Common Share Assuming Dilution2.050.031.585.38(0.33)
Capital and Exploration Expenditures5,8084,7713,85116,59521,374

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