ExxonMobil Release First Quarter 2023 Financial Results
Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. Results included unfavorable identified items of approximately $200 million associated with additional European taxes on the energy sector. Capital and exploration expenditures were $6.4 billion, on track to meet the company’s full year guidance of $23 billion to $25 billion.
Financial Highlights
- First-quarter 2023 earnings were $11.4 billion compared with $12.8 billion in the fourth quarter of 2022. Excluding the identified item associated with additional European taxes on the energy sector, earnings were $11.6 billion compared to $14.0 billion in the prior quarter. Identified items in the fourth quarter included a higher impact from the additional European taxes on the energy sector, asset impairments, and one-time adjustments related to the Sakhalin-1 expropriation.
- Lower liquids and natural gas realizations coupled with the absence of favorable mark-to-market impacts on unsettled derivatives, fewer days in the quarter, and higher scheduled maintenance negatively impacted results sequentially. These impacts were partially offset by higher volumes, mix improvements driven by advantaged project growth, strong operating execution, and disciplined cost management. Results also benefited from the absence of year-end inventory effects and lower corporate and financing costs.
- 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 $7.2 billion to date.
- Cash flow from operations totaled $16.3 billion, and free cash flow was $11.4 billion for the quarter. The company’s debt-to-capital ratio remained at 17% and the net-debt-to-capital ratio declined to about 4%, reflecting a period-end cash balance of $32.7 billion.
Shareholder Distributions
- Shareholder distributions of $8.1 billion included $4.3 billion of share repurchases, keeping the company on track to repurchase up to $17.5 billion during the year.
- The Corporation declared a second-quarter dividend of $0.91 per share, payable on June 9, 2023, to shareholders of record of Common Stock at the close of business on May 16, 2023.
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