XOM
$86.90
Exxon Mobil
$1.69
1.98%
Earnings Details
1st Quarter March 2022
Friday, April 29, 2022 6:30:00 AM
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Summary

Exxon Mobil Misses

Exxon Mobil (XOM) reported 1st Quarter March 2022 earnings of $2.07 per share on revenue of $90.5 billion. The consensus earnings estimate was $2.25 per share on revenue of $92.7 billion. The Earnings Whisper number was $2.32 per share. Revenue grew 53.0% on a year-over-year basis.

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
$2.07
Earnings Whisper
$2.32
Consensus Estimate
$2.25
Reported Revenue
$90.50 Bil
Revenue Estimate
$92.70 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

ExxonMobil Announces First-Quarter 2022 Results

  • Earned $5.5 billion in first quarter 2022; generated $14.8 billion of cash flow from operating activities, more than covering capital investment and shareholder distributions
  • Earnings excluding identified items were $8.8 billion, an increase of more than $6 billion versus the first quarter of 2021, after adjusting for a $3.4 billion after-tax charge related to the company's Russia Sakhalin-1 operation
  • Announced increase in share repurchase program up to a total of $30 billion through 2023
  • Achieved first oil at the Liza Phase 2 development in Guyana; Payara FPSO construction approximately five months ahead of schedule with start-up likely before year-end 2023; announced five new discoveries, increasing the estimated recoverable resource base for the Stabroek block to nearly 11 billion oil-equivalent barrels
  • Progressed significant lower-emission opportunities, including plans for a world-scale blue hydrogen plant supported by one of the world's largest carbon capture and storage projects in Baytown, Texas, and received top certification for methane emission management at Poker Lake in the Permian Basin
  • Effective April 1, to further capture benefits of technology, scale, and integration, the corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups

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

Results Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollars in millions (except per share data)

1Q22

 

4Q21

 

Change
vs
4Q21

 

1Q21

 

Change
vs
1Q21

Earnings (U.S. GAAP)

5,480

 

8,870

 

-3,390

 

2,730

 

+2,750

Earnings Excluding Identified Items

8,833

 

8,795

 

+38

 

2,761

 

+6,072

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share ¹

1.28

 

2.08

 

-0.80

 

0.64

 

+0.64

Earnings Excluding Identified Items Per Common Share ¹

2.07

 

2.05

 

+0.02

 

0.65

 

+1.42

 

 

 

 

 

 

 

 

 

 

Capital and Exploration Expenditures

4,904

 

5,808

 

-904

 

3,133

 

+1,771

 

 

 

 

 

 

 

 

 

 

¹ Assuming dilution

Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia Sakhalin-1, or $0.79 per share assuming dilution. First-quarter capital and exploration expenditures were $4.9 billion.

Oil-equivalent production was 3.7 million barrels per day, down 4% from the fourth quarter of 2021 due to weather-related unscheduled downtime, planned maintenance, lower entitlements associated with higher prices, and divestments. Excluding entitlement effects, government mandates, and divestments, oil-equivalent production was down 2%.

“The quarter illustrated the strength of our underlying business and significant progress in further developing our competitively advantaged production portfolio,” said Darren Woods, chairman and chief executive officer. “Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts. The absence of these temporary impacts in March provides strong, positive momentum for the second quarter.”

Financial Highlights

  • First-quarter earnings of $5.5 billion compared with $8.9 billion in the fourth quarter of 2021. Excluding identified items, earnings of $8.8 billion were slightly higher than the prior quarter, as higher industry prices and margins and reduced expenses were largely offset by a temporary reduction in volumes, unfavorable mark-to-market derivative effects, and price timing impacts.
  • First-quarter cash increased by $4.3 billion compared to the fourth quarter of 2021, as strong cash flow from operations more than funded capital investment, additional debt reduction, and shareholder distributions in the quarter. Free cash flow in the quarter was approximately $11 billion.
  • With the balance sheet well within the targeted debt-to-capital range of 20-25%, the company initiated its previously announced $10 billion buyback program, repurchasing shares totaling $2.1 billion during the quarter. The company has increased this program and now expects to repurchase up to a total of $30 billion through 2023.
  • Effective April 1, to improve the effectiveness of our operations and to better serve our customers, the corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups. This new integrated business will be focused on high-value products, improving portfolio value, and leading in sustainability. The new centralized organizations will fully leverage functional expertise and quickly deploy best practices across the globe.

Leading the Drive to Net Zero

  • In January, ExxonMobil announced its ambition to achieve net-zero greenhouse gas emissions from operated assets by 2050. This ambition applies to Scope 1 and 2 greenhouse gas emissions and builds on the company’s 2030 emission-reduction plans.
  • The company reached a final investment decision to expand carbon capture capacity at its facility in LaBarge, Wyoming, adding up to 1.2 million metric tons to the nearly 7 million metric tons already captured at LaBarge each year.
  • ExxonMobil announced plans for its first world-scale blue hydrogen plant in Baytown, Texas. The proposed plant would produce up to 1 billion cubic feet per day of blue hydrogen and include one of the world’s largest carbon capture and storage projects, doubling the company’s industry-leading carbon capture capacity and providing a potential anchor for the ambitious Houston Industrial Hub emissions reduction project.
  • The company advanced several renewable fuel initiatives, including planned renewable diesel production through an equity investment in Global Clean Energy Holdings. In partnership with Neste, the company also agreed to deliver sustainable aviation fuel to Virgin Atlantic and Singapore Airlines.
  • Earlier this month, ExxonMobil began selling commercial volumes of certified natural gas after MiQ, an independent validator, certified the company’s assets in the Permian Basin with an "A" grade – the highest recognition possible – for its methane and emissions-reduction processes and technology applications. The company plans to expand the certification process to other operations in the United States.
  • The company recently announced that Dan Ammann has been appointed president of ExxonMobil Low Carbon Solutions, effective May 1. Ammann previously served as president and CEO of General Motors’ Cruise autonomous vehicle company.
 
EARNINGS AND VOLUME SUMMARY BY SEGMENT
 

Upstream

Dollars in millions (unless otherwise noted)

1Q22

 

4Q21

 

1Q21

Earnings (U.S. GAAP)

 

 

 

 

 

United States

2,376

 

1,768

 

363

Non-U.S.

2,112

 

4,317

 

2,191

Worldwide

4,488

 

6,085

 

2,554

 

 

 

 

 

 

Earnings Excluding Identified Items

 

 

 

 

 

United States

2,376

 

2,031

 

363

Non-U.S.

5,367

 

4,597

 

2,191

Worldwide

7,743

 

6,628

 

2,554

 

 

 

 

 

 

Production (koebd)

3,675

 

3,816

 

3,787

  • First-quarter 2022 Upstream earnings of $4.5 billion compared with $6.1 billion in the fourth quarter of 2021. Excluding identified items, earnings were $7.7 billion, an increase of $1.1 billion from the previous quarter, primarily due to higher liquids prices and lower expenses, partly offset by lower volumes driven by weather-related impacts, fewer days in the quarter, price entitlement effects, and divestments. Average realizations for crude oil increased 28%.
  • Oil-equivalent production in the first quarter was 3.7 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production decreased 2% versus the fourth quarter 2021. Liquids volumes were down 119,000 barrels per day, while natural gas volumes were down 132 million cubic feet per day. By the end of the quarter, production had fully recovered from weather-related impacts.
  • Relative to the first quarter of 2021, earnings excluding identified items increased $5.2 billion, primarily due to higher industry prices, which were partly offset by lower volumes. Average realizations for crude oil increased 68%, while natural gas realizations increased 137%. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production decreased 2%. Liquids volumes were up slightly, while natural gas volumes were down 721 million cubic feet per day.
  • The company is discontinuing operations at the Sakhalin-1 venture (“Sakhalin”). As operator of Sakhalin, the company remains focused on the safety of people, protection of the environment, and integrity of operations. In the first quarter the company recorded a charge of $3.4 billion related to its investment in the project, which is reflected as an identified item and mainly impacts the Upstream segment.
  • The Permian Basin continued to improve efficiency and grow production, reaching production of 560,000 barrels per day at the end of the quarter. The company remains on track to deliver a production increase of 25% this year versus full-year 2021, and to eliminate routine flaring by year end.
  • In February, the company started production at its second major development offshore Guyana. The successful start-up of the Liza Phase 2 development brought total production capacity to more than 340,000 barrels per day. In early April, ExxonMobil announced it made a final investment decision for the Yellowtail development. Yellowtail will be the company’s fourth and largest development to date in Guyana with production capacity of 250,000 barrels of oil per day. It is expected to begin production in 2025. Additionally, Payara FPSO construction is running approximately five months ahead of schedule with start-up likely before year-end 2023.
  • ExxonMobil continued to progress its global LNG growth strategy to meet growing worldwide demand for reliable gas supply. Commissioning of the Area 4 Coral South Floating LNG project in Mozambique is underway, with first production expected this year, and the company signed the P’nyang Gas Agreement in Papua New Guinea. Additionally, construction of the Golden Pass liquefaction facilities on the U.S. Gulf Coast remains on schedule.

Downstream

Dollars in millions (unless otherwise noted)

1Q22

 

4Q21

 

1Q21

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

 

 

 

 

 

United States

685

 

913

 

(113)

Non-U.S.

(353)

 

554

 

(277)

Worldwide

332

 

1,467

 

(390)

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

 

 

 

 

 

United States

685

 

909

 

(113)

Non-U.S.

(353)

 

554

 

(277)

Worldwide

332

 

1,463

 

(390)

 

 

 

 

 

 

Petroleum Product Sales (kbd)

5,158

 

5,391

 

4,881

  • First-quarter 2022 Downstream earnings of $0.3 billion compared with $1.5 billion in fourth quarter 2021. Improved industry fuels refining margins and lower expenses were partially offset by lower basestock margins and lower volumes, driven by higher turnaround activity. Results were also impacted by unfavorable mark-to-market impacts and price timing effects that are expected to reverse or unwind over time.
  • Global refining margins improved from the fourth quarter despite softening seasonal demand, higher natural gas prices in Europe, and lagging jet demand recovery. By the end of the first quarter, industry margins improved to levels above the 10-year range, with the tight supply / demand balance expected to persist. While average basestock margins declined from the prior quarter, pricing in April is catching up to rising feedstock costs.
  • Refining throughput was lower than in the fourth quarter of 2021, primarily due to increased planned maintenance activity.
  • Compared to the first quarter of 2021, earnings excluding identified items increased $0.7 billion, primarily due to higher industry refining margins, the absence of unfavorable one-time impacts, and improved reliability.
  • The Permian Crude Venture remains on track for phased expansion in 2023 and 2024. The project will significantly expand pipeline capacity to transport Permian crude to both the Baytown and Beaumont, Texas refineries, and includes a 250,000 barrel per day light crude processing expansion at Beaumont. Transport fuels production is expected to increase by nearly 125,000 barrels per day in 2023.

Chemical

Dollars in millions (unless otherwise noted)

1Q22

 

4Q21

 

1Q21

Earnings (U.S. GAAP)

 

 

 

 

 

United States

819

 

1,322

 

715

Non-U.S.

535

 

599

 

700

Worldwide

1,354

 

1,921

 

1,415

 

 

 

 

 

 

Earnings Excluding Identified Items

 

 

 

 

 

United States

819

 

828

 

715

Non-U.S.

535

 

463

 

700

Worldwide

1,354

 

1,291

 

1,415

 

 

 

 

 

 

Prime Product Sales (kt)

6,737

 

6,701

 

6,446

  • First-quarter 2022 Chemical earnings of $1.4 billion compared with $1.9 billion in the fourth quarter 2021. Excluding identified items, earnings of $1.4 billion in the first quarter 2022 compared with $1.3 billion in the previous quarter. The increase was driven by lower expenses and higher volumes on improved production mix, partly offset by lower margins.
  • Compared to the first quarter of 2021, earnings excluding identified items were down slightly as increased project and planned maintenance spend offset higher volumes.
  • While first-quarter global industry chemical margins declined, with bottom-of-cycle conditions in Asia Pacific, ExxonMobil’s advantaged portfolio continued to capture value from its ethane feed advantage to deliver strong results.
  • The recently completed Corpus Christi Chemical Complex is already delivering positive cash and earnings results, despite still ramping up to full production capacity.
  • The company is progressing plans to increase its global offer of certified circular polymer with capacity to process up to 500 metric tons of plastic waste per year by 2026. ExxonMobil is leveraging existing assets and proprietary advanced recycling technology to increase its capacity to process a wide range of plastic waste. Operations in Baytown will be among North America’s largest advanced plastic waste recycling facilities when its expansion is complete later this year, and will have an initial planned capacity to recycle 30,000 metric tons of plastic waste per year. The company is also evaluating and progressing other opportunities in France, the Netherlands, the U.S. Gulf Coast, Canada, and Singapore. In the first quarter of 2022, the company announced its first commercial sale of certified circular polymer using its Exxtend™ technology for advanced recycling of plastic waste.
  • ExxonMobil is growing high-value, performance product capacity with competitively advantaged projects. The company's new polypropylene manufacturing unit in Baton Rouge, Louisiana, is expected to start up by year-end 2022. Construction of the new Vistamaxx™ performance polymer and linear alpha olefins (LAO) manufacturing units in Baytown are progressing toward a mid-2023 start-up. ExxonMobil will manufacture 10 high-purity LAO products and market this new offering under the Elevexx™ brand name. LAOs are used in a broad range of applications, including plastic packaging, high-performing engine and industrial oils, surfactants and other specialty chemicals.

Corporate and Financing

 

 

 

 

 

Dollars in millions (unless otherwise noted)

1Q22

 

4Q21

 

1Q21

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

(694)

 

(603)

 

(849)

Earnings/(Loss) Excluding Identified Items

(596)

 

(587)

 

(818)

  • Corporate and Financing reported net charges of $0.7 billion in the first quarter 2022, compared with $0.6 billion in the fourth quarter 2021. Excluding an identified items charge of $0.1 billion related to Russia, net charges were essentially flat.
  • Net charges of $0.7 billion in the first quarter 2022 compared with $0.8 billion in the first quarter of 2021. Excluding identified items, costs declined $0.2 billion, driven by lower pension-related corporate costs.
 

CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL

   

Dollars in millions

1Q22

 

4Q21

 

1Q21

Net income including noncontrolling interests ¹

5,750

 

9,079

 

2,796

Depreciation

8,883

 

5,661

 

5,004

Changes in operational working capital

1,086

 

1,930

 

1,953

Other

(931)

 

454

 

(489)

Cash Flow from Operating Activities (U.S. GAAP)

14,788

 

17,124

 

9,264

 

 

 

 

 

 

Proceeds associated with asset sales

293

 

2,601

 

307

Cash Flow from Operations and Asset Sales

15,081

 

19,725

 

9,571

 

 

 

 

 

 

Changes in operational working capital

(1,086)

 

(1,930)

 

(1,953)

Cash Flow from Operations and Asset Sales excluding Working Capital

13,995

 

17,795

 

7,618

 

 

 

 

 

 

¹ Noncontrolling interests of $270M included in net income above

FREE CASH FLOW

 

 

 

 

 

 

 

 

 

 

 

Dollars in millions

1Q22

 

4Q21

 

1Q21

Cash Flow from Operating Activities (U.S. GAAP)

14,788

 

17,124

 

9,264

 

 

 

 

 

 

Additions to property, plant and equipment

(3,911)

 

(4,089)

 

(2,400)

Additional investments and advances

(417)

 

(1,762)

 

(349)

Other investing activities including collection of advances

90

 

1,140

 

87

Proceeds from asset sales and returns of investments

293

 

2,601

 

307

Free Cash Flow

10,843

 

15,014

 

6,909

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 29, 2022. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, the emission-reduction roadmaps to drive towards net zero emissions are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; cost reductions and efficiency gains, including the ability to meet or exceed announced cost and expense reduction objectives; plans to reduce future emissions and emissions intensity; timing and outcome of projects to capture and store CO2; timing and outcome of biofuel and plastic waste recycling projects; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050; achievement of plans to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets by 2030; and resource recoveries and production rates 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 for our products; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of COVID-19, including the extent and nature of further outbreaks and the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the outcome of exploration projects; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications; government policies and support and market demand for low carbon technologies; war, and other political or security disturbances; opportunities for potential investments or divestments and satisfaction of applicable conditions to closing, including regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2021 Form 10-K.

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, the company believes 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 2021 and 2022 periods is shown on page 7.

This press release also includes cash flow from operations and asset sales excluding working capital. The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's 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 2021 and 2022 periods is shown on page 7.

This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings / (loss) excluding identified items does include non-operational earnings events or impacts that are below the $250M threshold utilized for identified items. When the effect of these events are material in aggregate, they are indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for 2022 and 2021 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) 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. The company believes 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 in Attachment I-a.

This press release also references free cash flow. Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for 2021 and 2022 periods is shown on page 7.

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. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release. 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.

ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. The uncertainty associated with the emissions, reductions and avoidance performance data depends on variation in the processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Changes to the performance data may be reported as updated data and/or emission methodologies become available. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies, including measurements and estimates.

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. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.

ATTACHMENT I-a

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(Preliminary)

 
 

 

Three Months Ended March 31,

Dollars in millions (unless otherwise noted)

2022

 

2021

Revenues and other income

 

 

 

Sales and other operating revenue

87,734

 

57,552

Income from equity affiliates

2,538

 

1,473

Other income

228

 

122

Total revenues and other income

90,500

 

59,147

Costs and other deductions

 

 

 

Crude oil and product purchases

52,388

 

32,601

Production and manufacturing expenses

10,241

 

8,062

Selling, general and administrative expenses

2,409

 

2,428

Depreciation and depletion (includes impairments)

8,883

 

5,004

Exploration expenses, including dry holes

173

 

164

Non-service pension and postretirement benefit expense

108

 

378

Interest expense

188

 

258

Other taxes and duties

7,554

 

6,660

Total costs and other deductions

81,944

 

55,555

Income (loss) before income taxes

8,556

 

3,592

Income taxes

2,806

 

796

Net income (loss) including noncontrolling interests

5,750

 

2,796

Net income (loss) attributable to noncontrolling interests

270

 

66

Net income (loss) attributable to ExxonMobil

5,480

 

2,730

 

 

 

 

OTHER FINANCIAL DATA

 

 

 

 

Three Months Ended March 31,

 

2022

 

2021

Earnings per common share (U.S. dollars)

1.28

 

0.64

Earnings per common share - assuming dilution (U.S. dollars)

1.28

 

0.64

 

 

 

 

Dividends on common stock

 

 

 

Total

3,760

 

3,720

Per common share (U.S. dollars)

0.88

 

0.87

 

 

 

 

Millions of common shares outstanding

 

 

 

Average - assuming dilution

4,266

 

4,272

 

 

 

 

Income taxes

2,806

 

796

Total other taxes and duties

8,449

 

7,283

Total taxes

11,255

 

8,079

Sales-based taxes

6,100

 

4,662

Total taxes including sales-based taxes

17,355

 

12,741

 

 

 

 

ExxonMobil share of income taxes of equity companies

1,047

 

600

ATTACHMENT I-b

CONDENSED CONSOLIDATED BALANCE SHEET

(Preliminary)

  

Dollars in millions (unless otherwise noted)

March 31,

2022

 

December 31,

2021

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

11,074

 

6,802

Notes and accounts receivable – net

42,142

 

32,383

Inventories

 

 

 

Crude oil, products and merchandise

18,074

 

14,519

Materials and supplies

4,103

 

4,261

Other current assets

1,862

 

1,189

Total current assets

77,255

 

59,154

Investments, advances and long-term receivables

46,329

 

45,195

Property, plant and equipment – net

212,773

 

216,552

Other assets, including intangibles – net

18,414

 

18,022

Total assets

354,771

 

338,923

 

 

 

 

LIABILITIES

 

 

 

Current liabilities

 

 

 

Notes and loans payable

4,886

 

4,276

Accounts payable and accrued liabilities

63,501

 

50,766

Income taxes payable

3,672

 

1,601

Total current liabilities

72,059

 

56,643

Long-term debt

42,651

 

43,428

Postretirement benefits reserves

18,255

 

18,430

Deferred income tax liabilities

19,533

 

20,165

Long-term obligations to equity companies

2,875

 

2,857

Other long-term obligations

22,872

 

21,717

Total liabilities

178,245

 

163,240

 

 

 

 

EQUITY

 

 

 

Common stock without par value

 

 

 

(9,000 million shares authorized, 8,019 million shares issued)

15,879

 

15,746

Earnings reinvested

393,779

 

392,059

Accumulated other comprehensive income

(12,914)

 

(13,764)

Common stock held in treasury

 

 

 

(3,806 million shares at March 31, 2022, and 3,780 million shares at December 31, 2021)

(227,529)

 

(225,464)

ExxonMobil share of equity

169,215

 

168,577

Noncontrolling interests

7,311

 

7,106

Total equity

176,526

 

175,683

Total liabilities and equity

354,771

 

338,923

 

ATTACHMENT I-c

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Preliminary)

 

 

Three Months Ended

March 31,

Dollars in millions (unless otherwise noted)

2022

 

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net income (loss) including noncontrolling interests

5,750

 

2,796

Depreciation and depletion (includes impairments)

8,883

 

5,004

Changes in operational working capital, excluding cash and debt

1,086

 

1,953

All other items – net

(931)

 

(489)

Net cash provided by operating activities

14,788

 

9,264

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Additions to property, plant and equipment

(3,911)

 

(2,400)

Proceeds from asset sales and returns of investments

293

 

307

Additional investments and advances

(417)

 

(349)

Other investing activities including collection of advances

90

 

87

Net cash used in investing activities

(3,945)

 

(2,355)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Additions to short-term debt

 

5,781

Reductions in short-term debt

(2,098)

 

(10,849)

Additions/(reductions) in debt with three months or less maturity

1,366

 

1,003

Cash dividends to ExxonMobil shareholders

(3,760)

 

(3,720)

Cash dividends to noncontrolling interests

(60)

 

(52)

Changes in noncontrolling interests

(94)

 

53

Common stock acquired

(2,067)

 

(1)

Net cash used in financing activities

(6,713)

 

(7,785)

Effects of exchange rate changes on cash

142

 

27

Increase/(decrease) in cash and cash equivalents

4,272

 

(849)

Cash and cash equivalents at beginning of period

6,802

 

4,364

Cash and cash equivalents at end of period

11,074

 

3,515

 

 

 

 

ATTACHMENT II-a

KEY FIGURES: IDENTIFIED ITEMS

   
   

Dollars in millions

1Q22

 

4Q21

 

1Q21

Earnings (U.S. GAAP)

5,480

 

8,870

 

2,730

 

 

 

 

 

 

Identified Items

 

 

 

 

 

Impairments

(2,975)

 

(752)

 

Gain on sale of assets

 

1,081

 

Severance

 

(4)

 

(31)

Other (first quarter 2022 includes Russia-related items)

(378)

 

(250)

 

Total Identified Items

(3,353)

 

75

 

(31)

 

 

 

 

 

 

Earnings (U.S. GAAP) Excluding Identified Items

8,833

 

8,795

 

2,761

 

 

 

 

 

 

 

 

 

 

 

 

Dollars per common share

1Q22

 

4Q21

 

1Q21

Earnings Per Common Share ¹

1.28

 

2.08

 

0.64

 

 

 

 

 

 

Identified Items Per Common Share ¹

 

 

 

 

 

Impairments

(0.70)

 

(0.17)

 

Gain on sale of assets

 

0.26

 

Severance

 

 

(0.01)

Other

(0.09)

 

(0.06)

 

Total Identified Items Per Common Share ¹

(0.79)

 

0.03

 

(0.01)

 

 

 

 

 

 

Earnings (U.S. GAAP) Excluding Identified Items Per Common Share ¹

2.07

 

2.05

 

0.65

¹ Assuming dilution

   

ATTACHMENT II-b

KEY FIGURES: ADJUSTMENT ITEMS BY SEGMENT

     

First Quarter 2022

Upstream

 

Downstream

 

Chemical

 

Corporate & Financing

 

Total

Dollars in millions

U.S.

 

Non-U.S.

 

U.S.

 

Non-U.S.

 

U.S.

 

Non-U.S.

 

 

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

2,376

 

2,112

 

685

 

(353)

 

819

 

535

 

(694)

 

5,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairments

 

(2,877)

 

 

 

 

 

(98)

 

(2,975)

Other

 

(378)

 

 

 

 

 

 

(378)

Total Identified Items

 

(3,255)

 

 

 

 

 

(98)

 

(3,353)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

2,376

 

5,367

 

685

 

(353)

 

819

 

535

 

(596)

 

8,833

Fourth Quarter 2021

Upstream

 

Downstream

 

Chemical

 

Corporate & Financing

 

Total

Dollars in millions

U.S.

 

Non-U.S.

 

U.S.

 

Non-U.S.

 

U.S.

 

Non-U.S.

 

 

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

1,768

 

4,317

 

913

 

554

 

1,322

 

599

 

(603)

 

8,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairments

(263)

 

(489)

 

 

 

 

 

 

(752)

Gain/(Loss) on sale of assets

 

459

 

4

 

 

494

 

136

 

(12)

 

1,081

Severance

 

 

 

 

 

 

(4)

 

(4)

Other

 

(250)

 

 

 

 

 

 

(250)

Total Identified Items

(263)

 

(280)

 

4

 

 

494

 

136

 

(16)

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

2,031

 

4,597

 

909

 

554

 

828

 

463

 

(587)

 

8,795

First Quarter 2021

Upstream

 

Downstream

 

Chemical

 

Corporate & Financing

 

Total

Dollars in millions

U.S.

 

Non-U.S.

 

U.S.

 

Non-U.S.

 

U.S.

 

Non-U.S.

 

 

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

363

 

2,191

 

(113)

 

(277)

 

715

 

700

 

(849)

 

2,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identified Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance

 

 

 

 

 

 

(31)

 

(31)

Total Identified Items

 

 

 

 

 

 

(31)

 

(31)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

363

 

2,191

 

(113)

 

(277)

 

715

 

700

 

(818)

 

2,761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ATTACHMENT III

KEY FIGURES: UPSTREAM VOLUMES

   

Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)

1Q22

 

4Q21

 

1Q21

United States

753

 

770

 

665

Canada / Other Americas

474

 

571

 

575

Europe

4

 

17

 

35

Africa

257

 

235

 

253

Asia

738

 

752

 

691

Australia / Oceania

40

 

40

 

39

Worldwide

2,266

 

2,385

 

2,258

 

 

 

 

 

 

Natural gas production available for sale, million cubic feet per day (mcfd)

1Q22

 

4Q21

 

1Q21

United States

2,777

 

2,713

 

2,767

Canada / Other Americas

182

 

189

 

216

Europe

770

 

844

 

1,403

Africa

58

 

48

 

24

Asia

3,340

 

3,468

 

3,599

Australia / Oceania

1,325

 

1,322

 

1,164

Worldwide

8,452

 

8,584

 

9,173

 

 

 

 

 

 

Oil-equivalent production (koebd) ¹

3,675

 

3,816

 

3,787

 

 

 

 

 

 

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

 

ATTACHMENT IV

KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES

   

Refinery throughput, thousand barrels per day (kbd)

1Q22

 

4Q21

 

1Q21

United States

1,685

 

1,740

 

1,532

Canada

399

 

416

 

364

Europe

1,193

 

1,246

 

1,153

Asia Pacific

537

 

546

 

545

Other

169

 

170

 

157

Worldwide

3,983

 

4,118

 

3,751

 

 

 

 

 

 

Petroleum product sales, thousand barrels per day (kbd)

1Q22

 

4Q21

 

1Q21

United States

2,256

 

2,383

 

2,077

Canada

442

 

488

 

409

Europe

1,345

 

1,384

 

1,272

Asia Pacific

644

 

643

 

665

Other

471

 

493

 

458

Worldwide

5,158

 

5,391

 

4,881

 

 

 

 

 

 

Gasolines, naphthas

2,114

 

2,325

 

1,996

Heating oils, kerosene, diesel

1,722

 

1,804

 

1,692

Aviation fuels

289

 

267

 

183

Heavy fuels

249

 

265

 

257

Specialty products

784

 

730

 

753

Worldwide

5,158

 

5,391

 

4,881

 

 

 

 

 

 

Chemical prime product sales, thousand metric tons (kt)

1Q22

 

4Q21

 

1Q21

United States

2,704

 

2,512

 

2,190

Non-U.S.

4,033

 

4,189

 

4,256

Worldwide

6,737

 

6,701

 

6,446

 

ATTACHMENT V

KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES

   

Dollars in millions

1Q22

 

4Q21

 

1Q21

Upstream

 

 

 

 

 

United States

1,369

 

1,307

 

810

Non-U.S.

2,510

 

2,934

 

1,547

Total

3,879

 

4,241

 

2,357

 

 

 

 

 

 

Downstream

 

 

 

 

 

United States

394

 

337

 

271

Non-U.S.

183

 

367

 

199

Total

577

 

704

 

470

 

 

 

 

 

 

Chemical

 

 

 

 

 

United States

234

 

461

 

208

Non-U.S.

214

 

401

 

98

Total

448

 

862

 

306

 

 

 

 

 

 

Other

 

 

 

 

 

Other

 

1

 

 

 

 

 

 

 

Worldwide

4,904

 

5,808

 

3,133

 

 

 

 

 

 

CASH CAPITAL EXPENDITURES

 

 

 

 

 

 

Dollars in millions

1Q22

 

4Q21

 

1Q21

Additions to property, plant and equipment

3,911

 

4,089

 

2,400

Net investments and advances

327

 

622

 

262

Total Cash Capital Expenditures

4,238

 

4,711

 

2,662

 

 

 

 

 

 

     

ATTACHMENT VI

KEY FIGURES: EARNINGS/(LOSS) BY QUARTER

     

Dollars in millions

2022

 

2021

 

2020

 

2019

 

2018

First Quarter

5,480

 

2,730

 

(610)

 

2,350

 

4,650

Second Quarter

 

4,690

 

(1,080)

 

3,130

 

3,950

Third Quarter

 

6,750

 

(680)

 

3,170

 

6,240

Fourth Quarter

 

8,870

 

(20,070)

 

5,690

 

6,000

Full Year

 

23,040

 

(22,440)

 

14,340

 

20,840

 

 

 

 

 

 

 

 

 

 

Dollars per common share ¹

2022

 

2021

 

2020

 

2019

 

2018

First Quarter

1.28

 

0.64

 

(0.14)

 

0.55

 

1.09

Second Quarter

 

1.10

 

(0.26)

 

0.73

 

0.92

Third Quarter

 

1.57

 

(0.15)

 

0.75

 

1.46

Fourth Quarter

 

2.08

 

(4.70)

 

1.33

 

1.41

Full Year

 

5.39

 

(5.25)

 

3.36

 

4.88

 

 

 

 

 

 

 

 

 

 

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

 

ExxonMobil
Media Relations, 972-940-6007

Source: Exxon Mobil Corporation