XOM
$46.23
Exxon Mobil
$1.63
3.65%
Earnings Details
1st Quarter March 2020
Friday, May 1, 2020 7:34:00 AM
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Summary

Exxon Mobil Beats

Exxon Mobil (XOM) reported 1st Quarter March 2020 earnings of $0.53 per share on revenue of $56.2 billion. The consensus earnings estimate was $0.04 per share on revenue of $66.9 billion. The Earnings Whisper number was $0.04 per share. Revenue fell 11.7% compared to the same quarter a year ago.

Exxon Mobil Corporation is engaged in energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products.

Results
Reported Earnings
$0.53
Earnings Whisper
$0.04
Consensus Estimate
$0.04
Reported Revenue
$56.16 Bil
Revenue Estimate
$66.89 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

ExxonMobil Reports Results for First Quarter 2020

  • First quarter loss of $610 million driven by $2.9 billion noncash charge from market-related write-downs
  • Reducing 2020 capital and operating spend to manage unprecedented market challenges
  • Contributing to global COVID-19 response through increased production of sanitizer, masks and medical gowns; donations to food banks, schools and first responders; and support for development of a reusable face mask

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM):

 

 

First

First

 

Fourth

 

 

Quarter

Quarter

 

Quarter

 

 

2020

2019

%

2019

%

Results Summary

 

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

Earnings/(Loss) (U.S. GAAP)

(610)

2,350

-126

5,690

-111

 

 

 

 

 

 

Earnings/(Loss) Per Common Share

 

 

 

 

 

Assuming Dilution

(0.14)

0.55

-125

1.33

-111

 

 

 

 

 

 

Identified Items Per Common Share

 

 

 

 

 

Assuming Dilution

(0.67)

-

 

0.92

 

 

 

 

 

 

 

Earnings Excluding Identified Items Per Common Share

 

 

 

 

 

Assuming Dilution

0.53

0.55

-4

0.41

29

 

 

 

 

 

 

Capital and Exploration

 

 

 

 

 

Expenditures

7,143

6,890

4

8,460

-16

Exxon Mobil Corporation (NYSE:XOM) today announced an estimated first quarter 2020 loss of $610 million, or $0.14 per share assuming dilution, compared with earnings of $2.4 billion a year earlier. Results included a $2.9 billion charge from identified items, or $0.67 per share assuming dilution, reflecting noncash inventory valuation impacts from lower commodity prices and asset impairments. Cash flow from operating activities was $6.3 billion. Capital and exploration expenditures were $7.1 billion.

Oil-equivalent production was 4 million barrels per day, up 2 percent from the first quarter of 2019, with a 7 percent increase in liquids partly offset by a 5 percent decrease in gas. Excluding entitlement effects and divestments, oil-equivalent production was up 5 percent from the prior year, with Upstream liquids production up 9 percent on growth in the Permian and Guyana.

In response to market conditions, ExxonMobil announced that it is reducing 2020 capital spending by 30 percent and cash operating expenses by 15 percent. Capex is now expected to be approximately $23 billion for the year, down from the previously announced guidance of $33 billion.

“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” said Darren W. Woods, chairman and chief executive officer. “While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry.”

ExxonMobil’s capital allocation priorities remain unchanged. The company’s objective is to continue investing in industry-advantaged projects to create value, preserve cash for the dividend, and make appropriate use of its balance sheet.

“Our company remains strong and we will manage through the current market downturn as we have for decades,” said Woods. “Today’s circumstances are certainly unique, but our people have the experience, our business has the scale, and we have the financial strength to see us through and emerge stronger than ever.”

To minimize risks presented by COVID-19 and maintain operations, ExxonMobil has implemented enhanced cleaning procedures and modified work practices at sites around the world.

The company is maximizing production of products critical to the global response, including isopropyl alcohol, which is used to manufacture hand sanitizer, and polypropylene, which is used to make protective masks, gowns and wipes. Manufacturing operations in Louisiana have been reconfigured to produce medical-grade hand sanitizer for donation to COVID-19 response efforts in Louisiana, New Jersey, New Mexico, New York, Pennsylvania and Texas. ExxonMobil is assisting in community-level relief efforts around the world with donations to support food banks and provide fuel, meals, and masks for health care workers and first responders. In addition, ExxonMobil is supporting efforts to redesign and accelerate production of reusable face masks and shields to help alleviate the shortage for medical workers and first responders.

First Quarter 2020 Business Highlights

Upstream

  • Crude prices weakened significantly during the quarter, reflecting an unprecedented combination of oversupply and the impacts of COVID-19 on global demand.
  • Natural gas prices were lower compared to the fourth quarter, reflecting reduced demand due to mild seasonal weather and COVID-19.
  • Total production volumes were essentially unchanged from the fourth quarter. Excluding entitlement effects and divestments, both liquids and gas volumes increased 5 percent on growth and lower scheduled maintenance. Production in Guyana at the Liza Phase 1 development continues to ramp up, while the first oil shipment was successfully processed at the company’s refinery in Baytown, Texas. Permian production grew 20 percent from the fourth quarter, and was up 56 percent from the first quarter of 2019.

Downstream

  • Industry fuels margins weakened driven by a significant demand decrease for jet fuel and gasoline, impacting results in the quarter. The company experienced favorable mark-to-market derivative impacts associated with its trading activity.
  • Scheduled maintenance activity was lower than fourth quarter, while overall refining throughput was essentially flat as the company managed refinery operations in line with fuel demand and integrated chemical manufacturing needs.

Chemical

  • While chemical realizations remain impacted by industry capacity additions, the company experienced margin improvement across the portfolio due to a significant drop in liquids feedstock prices.
  • ExxonMobil has increased production at its U.S. Gulf Coast and Asia manufacturing facilities of critical raw materials used in medical masks, gowns and hand sanitizer to help support front line COVID-19 response. The additional monthly production of specialized polypropylene and isopropyl alcohol is enough for 200 million masks or 20 million gowns, and up to 50 million 4-ounce bottles of medical-grade hand sanitizer.
  • In April, the company reconfigured manufacturing operations in Louisiana to produce medical-grade hand sanitizer for donation to COVID-19 response efforts in Louisiana, New Jersey, New Mexico, New York, Pennsylvania, and Texas. Initial production of 160,000 gallons of medical grade sanitizer – enough to fill nearly 5 million 4-ounce bottles – is being distributed to medical providers and first responders. Additional donation locations are planned.

Strengthening the Portfolio

  • ExxonMobil made an additional discovery offshore Guyana at the Uaru well during the first quarter, marking its 16th discovery on the Stabroek Block and adding to the previously announced estimated recoverable resource in Guyana of more than 8 billion oil-equivalent barrels. Production from the Liza Phase 1 development continues to ramp up and will reach up to 120,000 gross barrels of oil per day, utilizing the Liza Destiny floating production storage and offloading vessel (FPSO). The Liza Unity FPSO, which will be employed for the second phase of Liza development and will have a gross production capacity of 220,000 barrels of oil per day, is under construction and expected to start production in 2022. Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries will increase gross production by an additional 220,000 barrels of oil per day.

Disciplined Investing

  • ExxonMobil announced that it is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for 2020 are expected to be about $23 billion, down from the previously announced $33 billion. Reduced spending is being achieved through increased efficiencies, lower market prices, and slower project pace including the U.S. Permian Basin, Rovuma LNG in Mozambique, and expansions of downstream and chemical facilities. The 15 percent decrease in cash operating expenses is driven by increased efficiencies, reduced activity, and lower energy costs. ExxonMobil continues to monitor market developments and evaluate additional reduction steps.

Advancing Innovative Technologies and Products

  • ExxonMobil announced in April that it joined the Global Center for Medical Innovation (GCMI) to initiate multi-sector and joint development projects to rapidly redesign and manufacture reusable personal protection equipment for health care workers, such as face shields and masks, which are in short supply as a result of the COVID-19 pandemic. ExxonMobil is applying its extensive knowledge and experience with polymer-based technologies in combination with GCMI to facilitate development and expedite third-party production of innovative safety equipment that can be sterilized and worn multiple times, including a new industrial-style mask that is being fast-tracked for production to address shortages of N95 masks.
  • ExxonMobil released a model framework for industry-wide methane regulations and urges stakeholders, policymakers and governments to develop comprehensive, enhanced rules to reduce emissions in all phases of production. The framework is based on the company’s voluntary methane reduction program, which involves prioritized replacement of components with a high-leak potential at production sites, technology enhancements to infrastructure and substantial data gathering and research. ExxonMobil has reduced methane emissions from its U.S. unconventional operations by 20 percent since 2016 and remains on track to reach its target of a 15 percent reduction across the company.

 

 

 

 

 

 

 

 

Results and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

1Q

 

1Q

 

 

 

 

(unless noted)

2020

 

2019

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

(704)

 

96

 

-800

 

Lower prices partly offset by higher unconventional volumes; unfavorable identified items (impairment -315, noncash inventory valuation -45)

Non-U.S.

1,240

 

2,780

 

-1,540

 

Lower prices and reduced gas volumes partly offset by higher liquids volumes; unfavorable identified items (noncash inventory valuation -218, impairment -41)

Total

536

 

2,876

 

-2,340

 

Prices -2,020, liquids volumes +290, gas volumes -70, other +80, identified items -620

Production (koebd)

4,046

 

3,981

 

+65

 

Liquids +153 kbd: growth, higher entitlements, and lower maintenance, partly offset by divestments

 

Gas -528 mcfd: growth and higher entitlements, more than offset by divestments and lower demand

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

U.S.

(101)

 

(161)

 

+60

 

Higher margins, with lower industry refining margins more than offset by favorable mark-to-market derivatives, and improved manufacturing on lower scheduled maintenance; unfavorable identified items (-411, mainly noncash inventory valuation)

Non-U.S.

(510)

 

(95)

 

-415

 

Higher margins, with lower industry refining margins more than offset by favorable mark-to-market derivatives, and improved manufacturing, partly offset by unfavorable foreign exchange and lower market demand; unfavorable identified items (noncash inventory valuation -1,196, impairment -335)

Total

(611)

 

(256)

 

-355

 

Margins +1,260, manufacturing +520, market demand -50, forex/other -150, identified items -1,940

Petroleum Product Sales (kbd)

5,287

 

5,415

 

-128

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

U.S.

288

 

161

 

+127

 

Higher margins; unfavorable identified item (impairment -90)

Non-U.S.

(144)

 

357

 

-501

 

Lower margins and volumes; unfavorable identified items (-232, mainly noncash inventory valuation)

Total

144

 

518

 

-374

 

Margins +10, volumes -60, identified items -320

Prime Product Sales (kt)

6,237

 

6,772

 

-535

 

 

 

 

 

 

 

 

 

 

Corporate and financing

(679)

 

(788)

 

+109

 

 

Results and Volume Summary

 

 

 

 

 

 

 

 

Millions of Dollars

1Q

 

4Q

 

 

 

 

(unless noted)

2020

 

2019

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

U.S.

(704)

 

68

 

-772

 

Lower prices partly offset by lower expenses and higher unconventional volumes; unfavorable identified items (impairment -315, noncash inventory valuation -45)

Non-U.S.

1,240

 

6,069

 

-4,829

 

Lower prices partly offset by favorable foreign exchange and tax impacts, and higher liquids volumes; unfavorable identified items (noncash inventory valuation -218, impairment -41, prior quarter -3,947 mainly Norway divestment)

Total

536

 

6,137

 

-5,601

 

Prices -1,720, volumes +240, other +450, identified items -4,570

Production (koebd)

4,046

 

4,018

 

+28

 

Liquids +44 kbd: growth and lower maintenance, partly offset by divestments

 

Gas -99 mcfd: growth and lower maintenance, more than offset by divestments and lower entitlements

Downstream

 

 

 

 

 

 

 

U.S.

(101)

 

895

 

-996

 

Lower margins on weaker industry refining margins, reduced manufacturing contribution on increased downtime, and year-end LIFO (-460); unfavorable identified items (-411, mainly noncash inventory valuation)

Non-U.S.

(510)

 

3

 

-513

 

Higher margins on favorable mark-to-market derivatives, improved manufacturing on lower scheduled maintenance, and lower supply chain and marketing expenses, partly offset by lower market demand, unfavorable foreign exchange, and year-end LIFO (-80); unfavorable identified items (noncash inventory valuation -1,196, impairment -335)

Total

(611)

 

898

 

-1,509

 

Margins +920, market demand -110, supply chain and marketing expenses +300, year-end LIFO -540, forex/other -140, identified items -1,940

Petroleum Product Sales (kbd)

5,287

 

5,482

 

-195

 

 

Chemical

 

 

 

 

 

 

 

U.S.

288

 

(2)

 

+290

 

Higher margins and lower expenses; unfavorable identified item (impairment -90)

Non-U.S.

(144)

 

(353)

 

+209

 

Higher margins and lower expenses; unfavorable identified items (-232, mainly noncash inventory valuation)

Total

144

 

(355)

 

+499

 

Margins +540, expenses +250, other +30, identified items -320

Prime Product Sales (kt)

6,237

 

6,569

 

-332

 

 

Corporate and financing

(679)

 

(990)

 

+311

 

Favorable tax and foreign exchange impacts

Cash Flow from Operations and Asset Sales excluding Working Capital

 

 

 

 

 

Millions of Dollars

 

1Q

 

 

 

 

2020

 

Comments

Net income (loss) including noncontrolling interests

 

(770)

 

Including ($160) million noncontrolling interests

Depreciation

 

5,819

 

Including impairment impacts

Noncash inventory adjustment

 

2,245

 

Including $149 million noncontrolling interests

Changes in operational working capital

 

(942)

 

Mainly inventory build

Other

 

(78)

 

 

Cash Flow from Operating

 

6,274

 

 

Activities (U.S. GAAP)

 

 

 

 

Asset sales

 

86

 

 

Cash Flow from Operations

 

6,360

 

 

and Asset Sales

 

 

 

 

Changes in operational working capital

 

942

 

 

Cash Flow from Operations

 

7,302

 

 

and Asset Sales excluding Working Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2020 Financial Updates

During the first quarter of 2020, Exxon Mobil Corporation purchased 6 million shares of its common stock for the treasury at a gross cost of $305 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on May 1, 2020. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance, the impact of the COVID-19 pandemic on results; planned capital and cash operating expense reductions; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; accounting effects resulting from market developments and ExxonMobil’s responsive actions; and the impact of new technologies, including to increase capital efficiency and production and to reduce greenhouse gas emissions, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and global economies and markets; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies between business lines; unforeseen technical or operating difficulties; unexpected technological developments; the ability to bring new technologies to commercial scale on a cost-competitive basis, including large-scale hydraulic fracturing projects; general economic conditions including the occurrence and duration of economic recessions; the results of research programs; and other factors discussed under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com and in Item 1A of ExxonMobil’s 2019 Form 10-K. We assume no duty to update these statements as of any future date.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for first quarter 2020 is shown on page 6 and for 2020 and 2019 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for first quarter 2020 is shown on page 6 and for 2020 and 2019 periods in Attachment V.

This press release also includes earnings excluding identified items, which are earnings excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings impact of an identified item for an individual segment may be less than $250 million when the item impacts several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2020 and 2019 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in attachment II-b, including a reconciliation to earnings per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash flow from operations and asset sales”, and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.

LIFO Inventory

Crude oil, products and merchandise inventories are carried at the lower of current market value or cost, generally determined under the last-in first-out method (LIFO). The corporation’s results for the first quarter of 2020 include an after-tax earnings charge of $2,096 million from writing down the book value of inventories to their market value at the end of the period. The earnings impact may be adjusted upward or downward this year based on prevailing market prices at the time of future evaluations. At year-end, any required adjustment is considered permanent and is incorporated into the LIFO carrying value of the inventory.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

 

Estimated Key Financial and Operating Data

 

 

Attachment I

Exxon Mobil Corporation

First Quarter 2020

(millions of dollars, unless noted)

 

 

First

 

First

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

 

2020

 

2019

 

2019

Earnings (Loss) / Earnings (Loss) Per Share

 

 

 

 

 

 

Total revenues and other income

 

56,158

 

 

63,625

 

67,173

Total costs and other deductions

 

56,416

 

 

59,336

 

60,759

Income (loss) before income taxes

 

(258

)

 

4,289

 

6,414

Income taxes

 

512

 

 

1,883

 

684

Net income (loss) including noncontrolling interests

 

(770

)

 

2,406

 

5,730

Net income (loss) attributable to noncontrolling interests

 

(160

)

 

56

 

40

Net income (loss) attributable to ExxonMobil (U.S. GAAP)

 

(610

)

 

2,350

 

5,690

 

 

 

 

 

 

 

Earnings (loss) per common share (dollars)

 

(0.14

)

 

0.55

 

1.33

 

 

 

 

 

 

 

Earnings (loss) per common share - assuming dilution (dollars)

(0.14

)

0.55

1.33

 

 

 

 

 

 

 

Exploration expenses, including dry holes

 

288

 

 

280

 

357

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

Dividends on common stock

 

 

 

 

 

 

Total

 

3,719

 

 

3,505

 

3,716

Per common share (dollars)

 

0.87

 

 

0.82

 

0.87

 

 

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

 

 

At period end

 

4,228

 

 

4,231

 

4,234

Average - assuming dilution

 

4,270

 

 

4,270

 

4,269

 

 

 

 

 

 

 

ExxonMobil share of equity at period end

 

182,079

 

 

191,222

 

191,650

ExxonMobil share of capital employed at period end

 

244,026

 

 

234,673

 

240,925

 

 

 

 

 

 

 

Income taxes

 

512

 

 

1,883

 

684

Total other taxes and duties

 

7,497

 

 

8,087

 

8,416

Total taxes

 

8,009

 

 

9,970

 

9,100

Sales-based taxes

 

4,485

 

 

4,985

 

5,205

Total taxes including sales-based taxes

 

12,494

 

 

14,955

 

14,305

 

 

 

 

 

 

 

ExxonMobil share of income taxes of

 

 

 

 

 

 

equity companies

 

460

 

 

849

 

714

 

 

 

 

 

 

 

 

 

 

Attachment II-a

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2020

(millions of dollars)

 

 

First

 

First

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

 

2020

 

2019

 

2019

Earnings/(Loss) (U.S. GAAP)

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

United States

 

(704

)

 

96

 

 

68

 

Non-U.S.

 

1,240

 

 

2,780

 

 

6,069

 

Downstream

 

 

 

 

 

 

United States

 

(101

)

 

(161

)

 

895

 

Non-U.S.

 

(510

)

 

(95

)

 

3

 

Chemical

 

 

 

 

 

 

United States

 

288

 

 

161

 

 

(2

)

Non-U.S.

 

(144

)

 

357

 

 

(353

)

Corporate and financing

 

(679

)

 

(788

)

 

(990

)

Net income (loss) attributable to ExxonMobil

 

(610

)

 

2,350

 

 

5,690

 

 

 

 

 

 

 

 

Identified Items Included in Earnings/(Loss)

 

 

 

 

 

 

U.S. Upstream

 

 

 

 

 

 

Other Items (Inventory valuation, Impairment)

 

(360

)

 

-

 

 

-

 

Non-U.S. Upstream

 

 

 

 

 

 

Asset Management

 

-

 

 

-

 

 

3,679

 

Tax Items

 

-

 

 

-

 

 

268

 

Other Items (Inventory valuation, Impairment)

 

(259

)

 

-

 

 

-

 

U.S. Downstream

 

 

 

 

 

 

Other Items (Inventory valuation, Impairment)

 

(411

)

 

-

 

 

-

 

Non-U.S. Downstream

 

 

 

 

 

 

Other Items (Inventory valuation, Impairment)

 

(1,531

)

 

-

 

 

-

 

U.S. Chemical

 

 

 

 

 

 

Other Items (Impairment)

 

(90

)

 

-

 

 

-

 

Non-U.S. Chemical

 

 

 

 

 

 

Other Items (Inventory valuation, Impairment)

 

(232

)

 

-

 

 

-

 

Corporate and financing

 

 

 

 

 

 

Asset Management

 

-

 

 

-

 

 

(24

)

Corporate total

 

(2,883

)

 

-

 

 

3,923

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

United States

 

(344

)

 

96

 

 

68

 

Non-U.S.

 

1,499

 

 

2,780

 

 

2,122

 

Downstream

 

 

 

 

 

 

United States

 

310

 

 

(161

)

 

895

 

Non-U.S.

 

1,021

 

 

(95

)

 

3

 

Chemical

 

 

 

 

 

 

United States

 

378

 

 

161

 

 

(2

)

Non-U.S.

 

88

 

 

357

 

 

(353

)

Corporate and financing

 

(679

)

 

(788

)

 

(966

)

Corporate total

 

2,273

 

 

2,350

 

 

1,767

 

  

 

 

Attachment II-b

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2020

 

 

 

First

 

First

 

Fourth

$ Millions

 

Quarter

 

Quarter

 

Quarter

 

 

2020

 

2019

 

2019

 

 

 

 

 

 

 

Earnings/(Loss) (U.S. GAAP)

 

(610

)

 

2,350

 

5,690

 

 

 

 

 

 

 

Identified Items Included in Earnings/(Loss)

 

 

 

 

 

 

Noncash inventory valuation - lower of cost or market

 

(2,096

)

 

-

 

-

Impairment

 

(787

)

 

-

 

-

Norway Upstream divestment

 

-

 

 

-

 

3,655

Non-U.S. tax item

 

-

 

 

-

 

268

Corporate total

 

(2,883

)

 

-

 

3,923

 

 

 

 

 

 

 

Earnings Excluding Identified Items

 

2,273

 

 

2,350

 

1,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ Per Common Share1

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Per Common Share

 

 

 

 

 

 

Assuming Dilution (U.S. GAAP)

 

(0.14

)

 

0.55

 

1.33

 

 

 

 

 

 

 

Identified Items Included in Earnings/(Loss) Per Common Share

 

 

 

 

 

 

Assuming Dilution

 

 

 

 

 

 

Noncash inventory valuation - lower of cost or market

 

(0.49

)

 

-

 

-

Impairment

 

(0.18

)

 

-

 

-

Norway Upstream divestment

 

-

 

 

-

 

0.86

Non-U.S. tax item

 

-

 

 

-

 

0.06

Corporate total

 

(0.67

)

 

-

 

0.92

 

 

 

 

 

 

 

Earnings Excluding Identified Items Per Common Share

 

 

 

 

 

 

Assuming Dilution

 

0.53

 

 

0.55

 

0.41

 

 

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period.

 

 

 

 

 

 

 

 

 

Attachment III

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2020

 

 

 

First

 

First

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

 

2020

 

2019

 

2019

Net production of crude oil, natural gas

 

 

 

 

 

 

liquids, bitumen and synthetic oil,

 

 

 

 

 

 

thousand barrels per day (kbd)

 

 

 

 

 

 

United States

 

699

 

600

 

665

Canada / Other Americas

 

558

 

454

 

487

Europe

 

30

 

121

 

93

Africa

 

360

 

369

 

366

Asia

 

795

 

746

 

780

Australia / Oceania

 

38

 

37

 

45

Worldwide

 

2,480

 

2,327

 

2,436

 

 

 

 

 

 

 

Natural gas production available for sale,

 

 

 

 

 

 

million cubic feet per day (mcfd)

 

 

 

 

 

 

United States

 

2,825

 

2,712

 

2,713

Canada / Other Americas

 

317

 

238

 

287

Europe

 

1,293

 

2,113

 

1,508

Africa

 

7

 

7

 

10

Asia

 

3,710

 

3,655

 

3,753

Australia / Oceania

 

1,244

 

1,199

 

1,224

Worldwide

 

9,396

 

9,924

 

9,495

 

 

 

 

 

 

 

Oil-equivalent production (koebd)1

 

4,046

 

3,981

 

4,018

 

 

 

 

 

 

 

1 Natural gas converted to an oil-equivalent basis at 6 million cubic feet per 1 thousand barrels.

 

 

 

 

 

 

 

Attachment IV

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2020

 

 

 

First

 

First

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

 

2020

 

2019

 

2019

Refinery throughput (kbd)

 

 

 

 

 

 

United States

 

1,558

 

1,373

 

1,675

Canada

 

383

 

383

 

322

Europe

 

1,295

 

1,325

 

1,304

Asia Pacific

 

637

 

609

 

570

Other

 

187

 

196

 

182

Worldwide

 

4,060

 

3,886

 

4,053

 

 

 

 

 

 

 

Petroleum product sales (kbd)

 

 

 

 

 

 

United States

 

2,231

 

2,210

 

2,356

Canada

 

456

 

484

 

444

Europe

 

1,403

 

1,510

 

1,456

Asia Pacific

 

708

 

749

 

729

Other

 

489

 

462

 

497

Worldwide

 

5,287

 

5,415

 

5,482

 

 

 

 

 

 

 

Gasolines, naphthas

 

2,122

 

2,149

 

2,276

Heating oils, kerosene, diesel

 

1,867

 

1,914

 

1,903

Aviation fuels

 

383

 

386

 

399

Heavy fuels

 

256

 

299

 

217

Specialty products

 

659

 

667

 

687

Worldwide

 

5,287

 

5,415

 

5,482

 

 

 

 

 

 

 

Chemical prime product sales,

 

 

 

 

 

 

thousand metric tons (kt)

 

 

 

 

 

 

United States

 

2,195

 

2,322

 

2,294

Non-U.S.

 

4,042

 

4,450

 

4,275

Worldwide

 

6,237

 

6,772

 

6,569

 

 

 

 

 

 

 

Attachment V

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobil Corporation

First Quarter 2020

(millions of dollars)

 

 

First

 

First

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

 

2020

 

2019

 

2019

Capital and Exploration Expenditures

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

United States

 

2,798

 

2,548

 

 

2,848

Non-U.S.

 

2,328

 

2,813

 

 

3,243

Total

 

5,126

 

5,361

 

 

6,091

Downstream

 

 

 

 

 

 

United States

 

747

 

414

 

 

725

Non-U.S.

 

487

 

415

 

 

635

Total

 

1,234

 

829

 

 

1,360

Chemical

 

 

 

 

 

 

United States

 

597

 

552

 

 

786

Non-U.S.

 

185

 

144

 

 

213

Total

 

782

 

696

 

 

999

 

 

 

 

 

 

 

Other

 

1

 

4

 

 

10

 

 

 

 

 

 

 

Worldwide

 

7,143

 

6,890

 

 

8,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations and asset sales

 

 

 

 

 

 

Net cash provided by operating activities

 

 

 

 

 

 

(U.S. GAAP)

 

6,274

 

8,338

 

 

6,352

Proceeds associated with asset sales

 

86

 

107

 

 

3,092

Cash flow from operations and asset sales

 

6,360

 

8,445

 

 

9,444

Changes in operational working capital

 

942

 

(2,257

)

 

1,641

Cash flow from operations and asset sales

 

7,302

 

6,188

 

 

11,085

excluding working capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment VI

 

 

 

 

 

Exxon Mobil Corporation

Earnings/(Loss)

 

 

 

$ Millions

 

$ Per Common Share1

 

 

 

 

 

2016

 

 

 

 

First Quarter

 

1,810

 

 

0.43

 

Second Quarter

 

1,700

 

 

0.41

 

Third Quarter

 

2,650

 

 

0.63

 

Fourth Quarter

 

1,680

 

 

0.41

 

Year

 

7,840

 

 

1.88

 

 

 

 

 

 

2017

 

 

 

 

First Quarter

 

4,010

 

 

0.95

 

Second Quarter

 

3,350

 

 

0.78

 

Third Quarter

 

3,970

 

 

0.93

 

Fourth Quarter

 

8,380

 

 

1.97

 

Year

 

19,710

 

 

4.63

 

 

 

 

 

 

2018

 

 

 

 

First Quarter

 

4,650

 

 

1.09

 

Second Quarter

 

3,950

 

 

0.92

 

Third Quarter

 

6,240

 

 

1.46

 

Fourth Quarter

 

6,000

 

 

1.41

 

Year

 

20,840

 

 

4.88

 

 

 

 

 

 

2019

 

 

 

 

First Quarter

 

2,350

 

 

0.55

 

Second Quarter

 

3,130

 

 

0.73

 

Third Quarter

 

3,170

 

 

0.75

 

Fourth Quarter

 

5,690

 

 

1.33

 

Year

 

14,340

 

 

3.36

 

 

 

 

 

 

2020

 

 

 

 

First Quarter

 

(610

)

 

(0.14

)

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period.

 

 

 

 

 

 

ExxonMobil
Media Relations, 972-940-6007

Source: Exxon Mobil Corporation