2019
2022 |
☑ 10-K
2022
New Jersey | 13-5409005 | |||||||
(State or other jurisdiction of
| (I.R.S. Employer
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Title of Each Class |
| Trading Symbol |
| Name of Each Exchange on Which Registered | |||||||||||
Common Stock, without par value |
| XOM |
| New York Stock Exchange | |||||||||||
0.142% Notes due 2024 | XOM24B | New York Stock Exchange | |||||||||||||
0.524% Notes due 2028 | XOM28 | New York Stock Exchange | |||||||||||||
0.835% Notes due 2032 | XOM32 | New York Stock Exchange | |||||||||||||
1.408% Notes due 2039 | XOM39A | New York Stock Exchange |
Large accelerated filer |
| ☑ | Accelerated filer | ☐ | ||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Class |
| Outstanding as of January 31, | ||||||
Common stock, without par value |
|
| ||||||
EXXON MOBIL CORPORATION | ||||||||||||
FORM 10-K | ||||||||||||
FOR THE FISCAL YEAR ENDED DECEMBER 31, | ||||||||||||
| ||||||||||||
TABLE OF CONTENTS | ||||||||||||
| ||||||||||||
PART I | ||||||||||||
| ||||||||||||
Item 1. | Business | |||||||||||
Item 1A. | Risk Factors | |||||||||||
Item 1B. | Unresolved Staff Comments | |||||||||||
Item 2. | Properties | |||||||||||
Item 3. | Legal Proceedings | |||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||
Information about our Executive Officers | ||||||||||||
PART II | ||||||||||||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||||||
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Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |||||||||||
Item 8. | Financial Statements and Supplementary Data | |||||||||||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | |||||||||||
Item 9A. | Controls and Procedures | |||||||||||
Item 9B. | Other Information | |||||||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | |||||||||||
| ||||||||||||
PART III | ||||||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | |||||||||||
Item 11. | Executive Compensation | |||||||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |||||||||||
Item 14. | Principal Accounting Fees and Services | |||||||||||
PART IV | ||||||||||||
Item 15. |
| |||||||||||
Item 16. | Form 10-K Summary | |||||||||||
Financial Section | ||||||||||||
Index to Exhibits | ||||||||||||
Signatures | ||||||||||||
Exhibits 31 and 32 — Certifications |
|
ITEM 1. BUSINESS |
PART I
ITEM 1. BUSINESS
Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. TheirOur principal business involves exploration for, and production of, crude oil and natural gas andgas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products.products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and lower-emission fuels. Affiliates of ExxonMobil conduct extensive research programs in support of these businesses.
Throughout
Costs for 2024 are anticipated to increase to approximately $8.2 billion, with capital expenditures expected to account for approximately 51 percent of the total.
1
ITEM 1A.RISK FACTORS
ITEM 1A. RISK FACTORS |
Our pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and lower-emission fuels also depends on the growth and development of markets for those products and services, including implementation of supportive government policies and developments in technology to enable those products and services to be provided on a cost-effective basis at commercial scale. See "Climate Change and the Energy Transition" in this Item 1A.
2
Regulatory and litigation risks. Even in countries with well-developed legal systems where ExxonMobil does business, we remain exposed to changes in law or interpretation of settled law (including changes that result from international treaties and accords) and changes in policy that could adversely affect our results, such as:
company. The adoption of similar legal practices in the European Union or elsewhere would broaden this risk and has begun to be applied to some of our competitors in the European Union.
3
Project and portfolio management. The long-term success of ExxonMobil’s Upstream Downstream, and ChemicalProduct Solutions businesses, as well as the future success of LCS and other emerging lower-emission investments, depends on complex, long-term, capital intensive projects. These projects in turn require a high degree of project management expertise to maximize efficiency. Specific factors that can affect the performance of major projects include our ability to: negotiate successfully with joint venturers, partners, governments, suppliers, customers, or others; model and optimize reservoir performance; develop markets for project outputs, whether through long-term contracts or the development of effective spot markets; manage changes in operating conditions and costs, including costs of third party equipment or services such as drilling rigs and shipping;shipping, supply-chain disruptions, and inflationary cost pressures; prevent, to the extent possible, and respond effectively to unforeseen technical difficulties that could delay project startupstart-up or cause unscheduled project downtime; and influence the performance of project operators where ExxonMobil does not perform that role. In addition to the effective management of individual projects, ExxonMobil’s success, including our ability to mitigate risk and provide attractive returns to shareholders, depends on our ability to successfully manage our overall portfolio, including diversification among types and locations of our projects, products produced, and strategies to divest assets. We may not be able to divest assets at a price or on the timeline we contemplate in our strategies. Additionally, we may retain certain liabilities following a divestment and could be held liable for past use or for different liabilities than anticipated.
4
Insurance limitations. The ability of the Corporation to insure against many of the risks it faces as described in this Item 1A is limited by the availability and cost of coverage, which may not be economic, as well as the capacity of the applicable insurance markets, which may not be sufficient.
ITEM 1B.UNRESOLVED STAFF COMMENTS
None.
5
ITEM 1B. UNRESOLVED STAFF COMMENTS |
Item 2. Properties
ITEM 2. PROPERTIES
2022
|
|
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|
| Oil-Equivalent |
|
|
|
|
| Crude | Natural Gas |
| Synthetic | Natural | Total |
|
|
|
|
| Oil | Liquids | Bitumen | Oil | Gas | All Products |
|
|
|
|
| (million bbls) | (million bbls) | (million bbls) | (million bbls) | (billion cubic ft) | (million bbls) |
Proved Reserves |
|
|
|
|
|
| ||||
| Developed |
|
|
|
|
|
| |||
|
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
|
| United States | 1,226 | 429 | - | - | 11,882 | 3,635 | |
|
|
| Canada/Other Americas (1) | 185 | 10 | 3,528 | 415 | 613 | 4,240 | |
|
|
| Europe | 20 | 3 | - | - | 502 | 107 | |
|
|
| Africa | 384 | 35 | - | - | 377 | 482 | |
|
|
| Asia | 2,217 | 92 | - | - | 3,508 | 2,894 | |
|
|
| Australia/Oceania | 63 | 27 | - | - | 3,765 | 717 | |
|
|
|
| Total Consolidated | 4,095 | 596 | 3,528 | 415 | 20,647 | 12,075 |
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|
|
|
|
|
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|
|
| Equity Companies |
|
|
|
|
|
| ||
|
|
| United States | 195 | 5 | - | - | 143 | 224 | |
|
|
| Europe | 13 | - | - | - | 505 | 97 | |
|
|
| Africa | - | - | - | - | - | - | |
|
|
| Asia | 499 | 228 | - | - | 9,859 | 2,370 | |
|
|
|
| Total Equity Company | 707 | 233 | - | - | 10,507 | 2,691 |
|
|
|
| Total Developed | 4,802 | 829 | 3,528 | 415 | 31,154 | 14,766 |
|
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|
|
|
|
|
|
|
| Undeveloped |
|
|
|
|
|
| |||
|
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
|
| United States | 1,862 | 612 | - | - | 7,144 | 3,665 | |
|
|
| Canada/Other Americas (1) | 372 | 9 | 330 | - | 853 | 853 | |
|
|
| Europe | 19 | 10 | - | - | 119 | 49 | |
|
|
| Africa | 63 | 5 | - | - | - | 68 | |
|
|
| Asia | 1,118 | 39 | - | - | 925 | 1,311 | |
|
|
| Australia/Oceania | 31 | 4 | - | - | 3,236 | 575 | |
|
|
|
| Total Consolidated | 3,465 | 679 | 330 | - | 12,277 | 6,521 |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
| ||
|
|
| United States | 56 | 4 | - | - | 70 | 71 | |
|
|
| Europe | 1 | - | - | - | 76 | 14 | |
|
|
| Africa | 6 | - | - | - | 908 | 157 | |
|
|
| Asia | 398 | 85 | - | - | 2,595 | 916 | |
|
|
|
| Total Equity Company | 461 | 89 | - | - | 3,649 | 1,158 |
|
|
|
| Total Undeveloped | 3,926 | 768 | 330 | - | 15,926 | 7,679 |
Total Proved Reserves | 8,728 | 1,597 | 3,858 | 415 | 47,080 | 22,445 |
(1)Other Americas includes proved developed reserves of 18 million barrels of crude oil and 75 billion cubic feet of natural gas, as well as proved undeveloped reserves of 280 million barrels of crude oil and 292 billion cubic feet of natural gas.
6
Proved Reserves | Crude Oil | Natural Gas Liquids | Bitumen | Synthetic Oil | Natural Gas | Oil-Equivalent Total All Products | |||||||||||||||||
(million bbls) | (million bbls) | (million bbls) | (million bbls) | (billion cubic ft) | (million bbls) | ||||||||||||||||||
Developed | |||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||
United States | 1,174 | 514 | — | — | 9,577 | 3,284 | |||||||||||||||||
Canada/Other Americas (1) | 377 | 1 | 2,288 | 248 | 371 | 2,976 | |||||||||||||||||
Europe | 5 | — | — | — | 408 | 73 | |||||||||||||||||
Africa | 236 | 23 | — | — | 307 | 310 | |||||||||||||||||
Asia | 2,020 | 47 | — | — | 2,037 | 2,407 | |||||||||||||||||
Australia/Oceania | 38 | 12 | — | — | 3,162 | 577 | |||||||||||||||||
Total Consolidated | 3,850 | 597 | 2,288 | 248 | 15,862 | 9,627 | |||||||||||||||||
Equity Companies | |||||||||||||||||||||||
United States | 119 | 7 | — | — | 127 | 147 | |||||||||||||||||
Europe | 2 | — | — | — | 326 | 56 | |||||||||||||||||
Africa | 5 | — | — | — | 663 | 116 | |||||||||||||||||
Asia | 235 | 125 | — | — | 5,020 | 1,197 | |||||||||||||||||
Total Equity Company | 361 | 132 | — | — | 6,136 | 1,516 | |||||||||||||||||
Total Developed | 4,211 | 729 | 2,288 | 248 | 21,998 | 11,143 | |||||||||||||||||
Undeveloped | |||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||
United States | 1,030 | 538 | — | — | 4,068 | 2,246 | |||||||||||||||||
Canada/Other Americas (1) | 568 | — | 132 | 105 | 337 | 861 | |||||||||||||||||
Europe | — | — | — | — | 5 | 1 | |||||||||||||||||
Africa | 35 | — | — | — | 5 | 36 | |||||||||||||||||
Asia | 774 | 39 | — | — | 1,024 | 983 | |||||||||||||||||
Australia/Oceania | 28 | 2 | — | — | 2,846 | 504 | |||||||||||||||||
Total Consolidated | 2,435 | 579 | 132 | 105 | 8,285 | 4,631 | |||||||||||||||||
Equity Companies | |||||||||||||||||||||||
United States | — | — | — | — | — | — | |||||||||||||||||
Europe | — | — | — | — | 54 | 9 | |||||||||||||||||
Africa | — | — | — | — | — | — | |||||||||||||||||
Asia | 521 | 223 | — | — | 7,289 | 1,959 | |||||||||||||||||
Total Equity Company | 521 | 223 | — | — | 7,343 | 1,968 | |||||||||||||||||
Total Undeveloped | 2,956 | 802 | 132 | 105 | 15,628 | 6,599 | |||||||||||||||||
Total Proved Reserves | 7,167 | 1,531 | 2,420 | 353 | 37,626 | 17,742 | |||||||||||||||||
(1) Other Americas includes proved developed reserves of 243 million barrels of crude oil and 191 billion cubic feet of natural gas, as well as proved undeveloped reserves of 549 million barrels of crude oil and 311 billion cubic feet of natural gas. |
In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately. However, the Corporation operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries.
2022
7
2. Proved Undeveloped Reserves
and Canada.
In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field.
8
3. Oil and Gas Production, Production Prices and Production Costs
|
|
|
|
| 2019 |
| 2018 |
| 2017 | |||
|
|
|
|
| (thousands of barrels daily) | |||||||
Crude oil and natural gas liquids production |
| Crude Oil | NGL |
| Crude Oil | NGL |
| Crude Oil | NGL | |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 461 | 131 |
| 395 | 101 |
| 361 | 96 | |
|
| Canada/Other Americas (1) |
| 87 | 4 |
| 62 | 6 |
| 44 | 6 | |
|
| Europe |
| 84 | 21 |
| 101 | 27 |
| 147 | 31 | |
|
| Africa |
| 360 | 12 |
| 377 | 10 |
| 412 | 11 | |
|
| Asia |
| 432 | 22 |
| 398 | 25 |
| 373 | 26 | |
|
| Australia/Oceania |
| 30 | 15 |
| 31 | 16 |
| 35 | 19 | |
|
|
| Total Consolidated Subsidiaries |
| 1,454 | 205 |
| 1,364 | 185 |
| 1,372 | 189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 52 | 2 |
| 54 | 1 |
| 55 | 2 | |
|
| Europe |
| 3 | - |
| 4 | - |
| 4 | - | |
|
| Asia |
| 232 | 62 |
| 226 | 62 |
| 235 | 64 | |
|
|
| Total Equity Companies |
| 287 | 64 |
| 284 | 63 |
| 294 | 66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total crude oil and natural gas liquids production |
| 1,741 | 269 |
| 1,648 | 248 |
| 1,666 | 255 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitumen production |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| Canada/Other Americas |
| 311 |
|
| 310 |
|
| 305 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic oil production |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| Canada/Other Americas |
| 65 |
|
| 60 |
|
| 57 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liquids production |
| 2,386 |
|
| 2,266 |
|
| 2,283 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (millions of cubic feet daily) |
| ||||||
Natural gas production available for sale |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 2,756 |
|
| 2,550 |
|
| 2,910 |
| |
|
| Canada/Other Americas (1) |
| 258 |
|
| 227 |
|
| 218 |
| |
|
| Europe |
| 808 |
|
| 925 |
|
| 1,046 |
| |
|
| Africa |
| 7 |
|
| 13 |
|
| 5 |
| |
|
| Asia |
| 851 |
|
| 838 |
|
| 906 |
| |
|
| Australia/Oceania |
| 1,319 |
|
| 1,325 |
|
| 1,310 |
| |
|
|
| Total Consolidated Subsidiaries |
| 5,999 |
|
| 5,878 |
|
| 6,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
| ||
|
| United States |
| 22 |
|
| 24 |
|
| 26 |
| |
|
| Europe |
| 649 |
|
| 728 |
|
| 902 |
| |
|
| Asia |
| 2,724 |
|
| 2,775 |
|
| 2,888 |
| |
|
|
| Total Equity Companies |
| 3,395 |
|
| 3,527 |
|
| 3,816 |
|
Total natural gas production available for sale |
| 9,394 |
|
| 9,405 |
|
| 10,211 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) |
| ||||||
Oil-equivalent production |
| 3,952 |
|
| 3,833 |
|
| 3,985 |
|
(1)Other Americas includes crude oil production for 2019 and 2018 of two thousand barrels daily and natural gas production available for sale for 2019, 2018 and 2017 of 36 million, 28 million, and 24 million cubic feet daily, respectively.
9
(thousands of barrels daily) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Crude Oil | NGL | Crude Oil | NGL | Crude Oil | NGL | ||||||||||||||||||||||||
Crude oil and natural gas liquids production | |||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||
United States | 523 | 211 | 482 | 195 | 481 | 154 | |||||||||||||||||||||||
Canada/Other Americas (1) | 196 | 2 | 130 | 3 | 121 | 5 | |||||||||||||||||||||||
Europe | 2 | — | 16 | 3 | 22 | 5 | |||||||||||||||||||||||
Africa | 233 | 5 | 241 | 7 | 301 | 11 | |||||||||||||||||||||||
Asia | 407 | 23 | 407 | 21 | 449 | 23 | |||||||||||||||||||||||
Australia/Oceania | 27 | 16 | 28 | 15 | 29 | 15 | |||||||||||||||||||||||
Total Consolidated Subsidiaries | 1,388 | 257 | 1,304 | 244 | 1,403 | 213 | |||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||
United States | 41 | 1 | 43 | 1 | 49 | 1 | |||||||||||||||||||||||
Europe | 2 | — | 3 | — | 3 | — | |||||||||||||||||||||||
Africa | — | — | — | — | — | — | |||||||||||||||||||||||
Asia | 216 | 59 | 207 | 60 | 208 | 62 | |||||||||||||||||||||||
Total Equity Companies | 259 | 60 | 253 | 61 | 260 | 63 | |||||||||||||||||||||||
Total crude oil and natural gas liquids production | 1,647 | 317 | 1,557 | 305 | 1,663 | 276 | |||||||||||||||||||||||
Bitumen production | |||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||
Canada/Other Americas | 327 | 365 | 342 | ||||||||||||||||||||||||||
Synthetic oil production | |||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||
Canada/Other Americas | 63 | 62 | 68 | ||||||||||||||||||||||||||
Total liquids production | 2,354 | 2,289 | 2,349 | ||||||||||||||||||||||||||
(millions of cubic feet daily) | |||||||||||||||||||||||||||||
Natural gas production available for sale | |||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||
United States | 2,531 | 2,724 | 2,668 | ||||||||||||||||||||||||||
Canada/Other Americas (1) | 148 | 195 | 277 | ||||||||||||||||||||||||||
Europe | 306 | 377 | 447 | ||||||||||||||||||||||||||
Africa | 64 | 43 | 9 | ||||||||||||||||||||||||||
Asia | 779 | 807 | 872 | ||||||||||||||||||||||||||
Australia/Oceania | 1,440 | 1,280 | 1,219 | ||||||||||||||||||||||||||
Total Consolidated Subsidiaries | 5,268 | 5,426 | 5,492 | ||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||
United States | 20 | 22 | 23 | ||||||||||||||||||||||||||
Europe | 361 | 431 | 342 | ||||||||||||||||||||||||||
Africa | 7 | — | — | ||||||||||||||||||||||||||
Asia | 2,639 | 2,658 | 2,614 | ||||||||||||||||||||||||||
Total Equity Companies | 3,027 | 3,111 | 2,979 | ||||||||||||||||||||||||||
Total natural gas production available for sale | 8,295 | 8,537 | 8,471 | ||||||||||||||||||||||||||
(thousands of oil-equivalent barrels daily) | |||||||||||||||||||||||||||||
Oil-equivalent production | 3,737 | 3,712 | 3,761 | ||||||||||||||||||||||||||
(1) Other Americas includes crude oil production for 2022, 2021, and 2020 of 120 thousand, 48 thousand, and 29 thousand barrels daily, respectively; and natural gas production available for sale for 2022, 2021, and 2020 of 45 million, 36 million, and 45 million cubic feet daily, respectively. |
B. Production Prices and Production Costs
|
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| Canada/ |
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| United | Other |
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| Australia/ |
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| States | Americas | Europe |
| Africa |
| Asia | Oceania | Total | ||||
During 2019 |
| (dollars per unit) | |||||||||||||||
| Consolidated Subsidiaries |
|
|
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|
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|
|
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| ||
|
| Average production prices |
|
|
|
|
|
|
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|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 54.41 |
| 59.39 |
| 63.59 |
| 65.64 |
| 64.14 |
| 61.08 |
| 61.04 |
|
|
| NGL, per barrel |
| 18.94 |
| 16.59 |
| 30.56 |
| 41.41 |
| 24.64 |
| 30.55 |
| 22.85 |
|
|
| Natural gas, per thousand cubic feet |
| 1.54 |
| 1.44 |
| 4.50 |
| 1.49 |
| 2.07 |
| 6.26 |
| 3.05 |
|
|
| Bitumen, per barrel |
| - |
| 36.25 |
| - |
| - |
| - |
| - |
| 36.25 |
|
|
| Synthetic oil, per barrel |
| - |
| 56.18 |
| - |
| - |
| - |
| - |
| 56.18 |
|
| Average production costs, per oil-equivalent barrel - total | 12.25 |
| 23.41 |
| 13.69 |
| 17.51 |
| 7.34 |
| 6.60 |
| 13.43 | ||
|
| Average production costs, per barrel - bitumen | - |
| 24.18 |
| - |
| - |
| - |
| - |
| 24.18 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 40.38 |
| - |
| - |
| - |
| - |
| 40.38 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 60.95 |
| - |
| 58.72 |
| - |
| 58.74 |
| - |
| 59.15 |
|
|
| NGL, per barrel |
| 15.63 |
| - |
| - |
| - |
| 36.28 |
| - |
| 35.76 |
|
|
| Natural gas, per thousand cubic feet |
| 1.75 |
| - |
| 5.01 |
| - |
| 5.24 |
| - |
| 5.17 |
|
| Average production costs, per oil-equivalent barrel - total | 28.17 |
| - |
| 14.04 |
| - |
| 2.03 |
| - |
| 5.16 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 55.08 |
| 59.39 |
| 63.41 |
| 65.64 |
| 62.27 |
| 61.08 |
| 60.73 |
|
|
| NGL, per barrel |
| 18.90 |
| 16.59 |
| 30.56 |
| 41.41 |
| 33.23 |
| 30.55 |
| 25.89 |
|
|
| Natural gas, per thousand cubic feet |
| 1.54 |
| 1.44 |
| 4.73 |
| 1.49 |
| 4.49 |
| 6.26 |
| 3.82 |
|
|
| Bitumen, per barrel |
| - |
| 36.25 |
| - |
| - |
| - |
| - |
| 36.25 |
|
|
| Synthetic oil, per barrel |
| - |
| 56.18 |
| - |
| - |
| - |
| - |
| 56.18 |
|
| Average production costs, per oil-equivalent barrel - total | 13.08 |
| 23.41 |
| 13.80 |
| 17.56 |
| 4.39 |
| 6.60 |
| 11.51 | ||
|
| Average production costs, per barrel - bitumen | - |
| 24.18 |
| - |
| - |
| - |
| - |
| 24.18 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 40.38 |
| - |
| - |
| - |
| - |
| 40.38 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2018 |
|
| |||||||||||||||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 59.84 |
| 64.53 |
| 69.80 |
| 70.84 |
| 69.86 |
| 66.89 |
| 66.91 |
|
|
| NGL, per barrel |
| 30.78 |
| 37.27 |
| 38.53 |
| 47.10 |
| 26.30 |
| 36.34 |
| 32.88 |
|
|
| Natural gas, per thousand cubic feet |
| 2.14 |
| 1.68 |
| 6.97 |
| 1.96 |
| 2.33 |
| 6.39 |
| 3.87 |
|
|
| Bitumen, per barrel |
| - |
| 28.66 |
| - |
| - |
| - |
| - |
| 28.66 |
|
|
| Synthetic oil, per barrel |
| - |
| 54.85 |
| - |
| - |
| - |
| - |
| 54.85 |
|
| Average production costs, per oil-equivalent barrel - total | 11.64 |
| 24.32 |
| 13.07 |
| 17.28 |
| 7.31 |
| 6.94 |
| 13.34 | ||
|
| Average production costs, per barrel - bitumen | - |
| 22.93 |
| - |
| - |
| - |
| - |
| 22.93 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 45.33 |
| - |
| - |
| - |
| - |
| 45.33 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 66.30 |
| - |
| 63.92 |
| - |
| 67.31 |
| - |
| 67.07 |
|
|
| NGL, per barrel |
| 27.16 |
| - |
| - |
| - |
| 45.10 |
| - |
| 44.64 |
|
|
| Natural gas, per thousand cubic feet |
| 2.19 |
| - |
| 5.03 |
| - |
| 6.31 |
| - |
| 6.01 |
|
| Average production costs, per oil-equivalent barrel - total | 24.71 |
| - |
| 16.30 |
| - |
| 1.49 |
| - |
| 4.96 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 60.61 |
| 64.53 |
| 69.57 |
| 70.84 |
| 68.92 |
| 66.89 |
| 66.93 |
|
|
| NGL, per barrel |
| 30.72 |
| 37.27 |
| 38.53 |
| 47.10 |
| 39.69 |
| 36.34 |
| 35.85 |
|
|
| Natural gas, per thousand cubic feet |
| 2.14 |
| 1.68 |
| 6.11 |
| 1.96 |
| 5.38 |
| 6.39 |
| 4.67 |
|
|
| Bitumen, per barrel |
| - |
| 28.66 |
| - |
| - |
| - |
| - |
| 28.66 |
|
|
| Synthetic oil, per barrel |
| - |
| 54.85 |
| - |
| - |
| - |
| - |
| 54.85 |
|
| Average production costs, per oil-equivalent barrel - total | 12.43 |
| 24.32 |
| 14.06 |
| 17.31 |
| 3.98 |
| 6.94 |
| 11.29 | ||
|
| Average production costs, per barrel - bitumen | - |
| 22.93 |
| - |
| - |
| - |
| - |
| 22.93 | ||
|
| Average production costs, per barrel - synthetic oil | - |
| 45.33 |
| - |
| - |
| - |
| - |
| 45.33 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
(dollars per unit) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Average production prices | |||||||||||||||||||||||||||||||||||||||||
Crude oil, per barrel | 93.60 | 97.05 | 91.32 | 103.45 | 94.94 | 94.43 | 96.16 | ||||||||||||||||||||||||||||||||||
NGL, per barrel | 38.54 | 45.22 | 71.43 | 57.83 | 35.77 | 46.91 | 39.37 | ||||||||||||||||||||||||||||||||||
Natural gas, per thousand cubic feet | 5.37 | 4.40 | 21.17 | 2.57 | 2.60 | 11.47 | 7.48 | ||||||||||||||||||||||||||||||||||
Bitumen, per barrel | — | 64.12 | — | — | — | — | 64.12 | ||||||||||||||||||||||||||||||||||
Synthetic oil, per barrel | — | 96.08 | — | — | — | — | 96.08 | ||||||||||||||||||||||||||||||||||
Average production costs, per oil-equivalent barrel - total | 9.40 | 24.63 | 23.77 | 21.68 | 7.31 | 4.97 | 13.09 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - bitumen | — | 29.90 | — | — | — | — | 29.90 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - synthetic oil | — | 51.52 | — | — | — | — | 51.52 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Average production prices | |||||||||||||||||||||||||||||||||||||||||
Crude oil, per barrel | 94.58 | — | 90.91 | 60.00 | 94.32 | — | 94.32 | ||||||||||||||||||||||||||||||||||
NGL, per barrel | 39.53 | — | — | — | 59.52 | — | 59.05 | ||||||||||||||||||||||||||||||||||
Natural gas, per thousand cubic feet | 5.49 | — | 21.10 | 2.72 | 13.08 | — | 13.97 | ||||||||||||||||||||||||||||||||||
Average production costs, per oil-equivalent barrel - total | 40.42 | — | 26.86 | 42.24 | 1.45 | — | 5.57 | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Average production prices | |||||||||||||||||||||||||||||||||||||||||
Crude oil, per barrel | 93.67 | 97.05 | 91.15 | 103.42 | 94.73 | 94.43 | 95.88 | ||||||||||||||||||||||||||||||||||
NGL, per barrel | 38.55 | 45.22 | 71.43 | 57.83 | 52.85 | 46.91 | 43.09 | ||||||||||||||||||||||||||||||||||
Natural gas, per thousand cubic feet | 5.37 | 4.40 | 21.14 | 2.59 | 10.70 | 11.47 | 9.85 | ||||||||||||||||||||||||||||||||||
Bitumen, per barrel | — | 64.12 | — | — | — | — | 64.12 | ||||||||||||||||||||||||||||||||||
Synthetic oil, per barrel | — | 96.08 | — | — | — | — | 96.08 | ||||||||||||||||||||||||||||||||||
Average production costs, per oil-equivalent barrel - total | 10.57 | 24.63 | 25.43 | 21.79 | 4.02 | 4.97 | 11.43 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - bitumen | — | 29.90 | — | — | — | — | 29.90 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - synthetic oil | — | 51.52 | — | — | — | — | 51.52 | ||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Average production prices | |||||||||||||||||||||||||||||||||||||||||
Crude oil, per barrel | 65.03 | 68.56 | 66.20 | 70.21 | 67.28 | 69.00 | 67.14 | ||||||||||||||||||||||||||||||||||
NGL, per barrel | 32.24 | 30.51 | 42.31 | 54.57 | 32.62 | 43.07 | 33.65 | ||||||||||||||||||||||||||||||||||
Natural gas, per thousand cubic feet | 3.02 | 2.92 | 11.83 | 1.67 | 2.11 | 6.64 | 4.33 | ||||||||||||||||||||||||||||||||||
Bitumen, per barrel | — | 44.26 | — | — | — | — | 44.26 | ||||||||||||||||||||||||||||||||||
Synthetic oil, per barrel | — | 64.73 | — | — | — | — | 64.73 | ||||||||||||||||||||||||||||||||||
Average production costs, per oil-equivalent barrel - total | 8.33 | 22.47 | 25.31 | 18.92 | 7.16 | 5.14 | 12.15 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - bitumen | — | 22.69 | — | — | — | — | 22.69 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - synthetic oil | — | 48.87 | — | — | — | — | 48.87 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Average production prices | |||||||||||||||||||||||||||||||||||||||||
Crude oil, per barrel | 67.06 | — | 62.60 | — | 65.85 | — | 66.01 | ||||||||||||||||||||||||||||||||||
NGL, per barrel | 29.94 | — | — | — | 52.14 | — | 51.64 | ||||||||||||||||||||||||||||||||||
Natural gas, per thousand cubic feet | 3.11 | — | 8.19 | — | 6.54 | — | 6.74 | ||||||||||||||||||||||||||||||||||
Average production costs, per oil-equivalent barrel - total | 30.51 | — | 38.82 | — | 1.59 | — | 6.67 | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Average production prices | |||||||||||||||||||||||||||||||||||||||||
Crude oil, per barrel | 65.20 | 68.56 | 65.54 | 70.21 | 66.80 | 69.00 | 66.96 | ||||||||||||||||||||||||||||||||||
NGL, per barrel | 32.23 | 30.51 | 42.31 | 54.57 | 47.10 | 43.07 | 37.27 | ||||||||||||||||||||||||||||||||||
Natural gas, per thousand cubic feet | 3.02 | 2.92 | 9.89 | 1.67 | 5.50 | 6.64 | 5.21 | ||||||||||||||||||||||||||||||||||
Bitumen, per barrel | — | 44.26 | — | — | — | — | 44.26 | ||||||||||||||||||||||||||||||||||
Synthetic oil, per barrel | — | 64.73 | — | — | — | — | 64.73 | ||||||||||||||||||||||||||||||||||
Average production costs, per oil-equivalent barrel - total | 9.24 | 22.47 | 31.79 | 19.04 | 4.06 | 5.14 | 10.92 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - bitumen | — | 22.69 | — | — | — | — | 22.69 | ||||||||||||||||||||||||||||||||||
Average production costs, per barrel - synthetic oil | — | 48.87 | — | — | — | — | 48.87 |
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
| ||
|
|
|
|
| United | Other |
|
|
|
|
| Australia/ |
| ||||
|
|
|
|
| States | Americas | Europe |
| Africa |
| Asia |
| Oceania |
| Total | ||
During 2017 |
| (dollars per unit) | |||||||||||||||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 46.71 |
| 52.42 |
| 52.02 |
| 54.70 |
| 53.26 |
| 53.61 |
| 51.88 |
|
|
| NGL, per barrel |
| 24.20 |
| 27.07 |
| 30.96 |
| 37.38 |
| 22.69 |
| 33.15 |
| 26.88 |
|
|
| Natural gas, per thousand cubic feet |
| 2.03 |
| 2.03 |
| 5.48 |
| 1.51 |
| 2.05 |
| 4.22 |
| 3.04 |
|
|
| Bitumen, per barrel |
| - |
| 29.70 |
| - |
| - |
| - |
| - |
| 29.70 |
|
|
| Synthetic oil, per barrel |
| - |
| 52.72 |
| - |
| - |
| - |
| - |
| 52.72 |
|
| Average production costs, per oil-equivalent barrel - total | 10.85 |
| 23.44 |
| 12.25 |
| 13.33 |
| 8.07 |
| 6.30 |
| 12.33 | ||
|
| Average production costs, per barrel - bitumen |
| - |
| 21.39 |
| - |
| - |
| - |
| - |
| 21.39 | |
|
| Average production costs, per barrel - synthetic oil |
| - |
| 44.21 |
| - |
| - |
| - |
| - |
| 44.21 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 49.13 |
| - |
| 47.69 |
| - |
| 50.27 |
| - |
| 50.02 |
|
|
| NGL, per barrel |
| 21.78 |
| - |
| - |
| - |
| 38.23 |
| - |
| 37.81 |
|
|
| Natural gas, per thousand cubic feet |
| 2.42 |
| - |
| 4.81 |
| - |
| 4.15 |
| - |
| 4.30 |
|
| Average production costs, per oil-equivalent barrel - total | 23.38 |
| - |
| 7.45 |
| - |
| 1.18 |
| - |
| 3.51 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Average production prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Crude oil, per barrel |
| 47.03 |
| 52.42 |
| 51.91 |
| 54.70 |
| 52.12 |
| 53.61 |
| 51.56 |
|
|
| NGL, per barrel |
| 24.16 |
| 27.07 |
| 30.96 |
| 37.38 |
| 33.79 |
| 33.15 |
| 29.70 |
|
|
| Natural gas, per thousand cubic feet |
| 2.03 |
| 2.03 |
| 5.17 |
| 1.51 |
| 3.65 |
| 4.22 |
| 3.51 |
|
|
| Bitumen, per barrel |
| - |
| 29.70 |
| - |
| - |
| - |
| - |
| 29.70 |
|
|
| Synthetic oil, per barrel |
| - |
| 52.72 |
| - |
| - |
| - |
| - |
| 52.72 |
|
| Average production costs, per oil-equivalent barrel - total | 11.61 |
| 23.44 |
| 10.79 |
| 13.33 |
| 4.02 |
| 6.30 |
| 10.12 | ||
|
| Average production costs, per barrel - bitumen |
| - |
| 21.39 |
| - |
| - |
| - |
| - |
| 21.39 | |
|
| Average production costs, per barrel - synthetic oil |
| - |
| 44.21 |
| - |
| - |
| - |
| - |
| 44.21 |
(dollars per unit) United
StatesCanada/
Other
AmericasEurope Africa Asia Australia/
OceaniaTotal 2020 Consolidated Subsidiaries Average production prices Crude oil, per barrel 34.97 37.26 41.39 42.27 39.39 36.67 38.31 NGL, per barrel 13.83 10.34 20.11 21.32 21.37 27.92 16.05 Natural gas, per thousand cubic feet 0.98 1.56 3.13 1.24 1.49 4.34 2.01 Bitumen, per barrel — 17.71 — — — — 17.71 Synthetic oil, per barrel — 37.32 — — — — 37.32 Average production costs, per oil-equivalent barrel - total 9.82 18.40 21.22 16.67 6.50 5.35 11.57 Average production costs, per barrel - bitumen — 19.22 — — — — 19.22 Average production costs, per barrel - synthetic oil — 33.61 — — — — 33.61 Equity Companies Average production prices Crude oil, per barrel 39.10 — 38.95 — 35.18 — 35.97 NGL, per barrel 11.05 — — — 30.02 — 29.58 Natural gas, per thousand cubic feet 1.19 — 3.85 — 3.14 — 3.20 Average production costs, per oil-equivalent barrel - total 25.13 — 30.74 — 1.63 — 5.34 Total Average production prices Crude oil, per barrel 35.35 37.26 41.11 42.27 38.07 36.67 37.95 NGL, per barrel 13.80 10.34 20.11 21.32 27.65 27.92 19.16 Natural gas, per thousand cubic feet 0.98 1.56 3.44 1.24 2.72 4.34 2.43 Bitumen, per barrel — 17.71 — — — — 17.71 Synthetic oil, per barrel — 37.32 — — — — 37.32 Average production costs, per oil-equivalent barrel - total 10.55 18.40 24.76 16.73 3.91 5.35 10.21 Average production costs, per barrel - bitumen — 19.22 — — — — 19.22 Average production costs, per barrel - synthetic oil — 33.61 — — — — 33.61
11
4. Drilling and Other Exploratory and Development Activities
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
|
|
|
|
|
|
Net Productive Exploratory Wells Drilled |
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
| United States |
| 3 |
| 1 |
| - | |
|
| Canada/Other Americas |
| 6 |
| 4 |
| 5 | |
|
| Europe |
| 1 |
| - |
| - | |
|
| Africa |
| - |
| 1 |
| 1 | |
|
| Asia |
| - |
| - |
| - | |
|
| Australia/Oceania |
| 1 |
| 1 |
| - | |
|
|
| Total Consolidated Subsidiaries |
| 11 |
| 7 |
| 6 |
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
| ||
|
| United States |
| - |
| - |
| - | |
|
| Europe |
| - |
| - |
| - | |
|
| Africa |
| - |
| - |
| - | |
|
| Asia |
| - |
| - |
| - | |
|
|
| Total Equity Companies |
| - |
| - |
| - |
Total productive exploratory wells drilled |
| 11 |
| 7 |
| 6 | |||
|
|
|
|
|
|
|
|
|
|
Net Dry Exploratory Wells Drilled |
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
| ||
|
| United States |
| - |
| 3 |
| - | |
|
| Canada/Other Americas |
| 1 |
| - |
| - | |
|
| Europe |
| 1 |
| 1 |
| - | |
|
| Africa |
| - |
| - |
| 2 | |
|
| Asia |
| - |
| - |
| - | |
|
| Australia/Oceania |
| 1 |
| 2 |
| - | |
|
|
| Total Consolidated Subsidiaries |
| 3 |
| 6 |
| 2 |
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
| ||
|
| United States |
| - |
| - |
| - | |
|
| Europe |
| - |
| - |
| - | |
|
| Africa |
| - |
| - |
| - | |
|
| Asia |
| - |
| - |
| 1 | |
|
|
| Total Equity Companies |
| - |
| - |
| 1 |
Total dry exploratory wells drilled |
| 3 |
| 6 |
| 3 |
12
2022 | 2021 | 2020 | |||||||||||||||
Net Productive Exploratory Wells Drilled | |||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||
United States | 1 | 1 | 4 | ||||||||||||||
Canada/Other Americas | 3 | 5 | 2 | ||||||||||||||
Europe | — | — | — | ||||||||||||||
Africa | — | — | 1 | ||||||||||||||
Asia | — | — | — | ||||||||||||||
Australia/Oceania | — | — | — | ||||||||||||||
Total Consolidated Subsidiaries | 4 | 6 | 7 | ||||||||||||||
Equity Companies | |||||||||||||||||
United States | — | — | — | ||||||||||||||
Europe | — | — | — | ||||||||||||||
Africa | — | — | — | ||||||||||||||
Asia | — | — | — | ||||||||||||||
Total Equity Companies | — | — | — | ||||||||||||||
Total productive exploratory wells drilled | 4 | 6 | 7 | ||||||||||||||
Net Dry Exploratory Wells Drilled | |||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||
United States | — | 1 | — | ||||||||||||||
Canada/Other Americas | 4 | 3 | 1 | ||||||||||||||
Europe | — | — | — | ||||||||||||||
Africa | — | — | — | ||||||||||||||
Asia | — | — | 1 | ||||||||||||||
Australia/Oceania | — | — | — | ||||||||||||||
Total Consolidated Subsidiaries | 4 | 4 | 2 | ||||||||||||||
Equity Companies | |||||||||||||||||
United States | — | — | — | ||||||||||||||
Europe | — | — | — | ||||||||||||||
Africa | — | — | — | ||||||||||||||
Asia | — | — | — | ||||||||||||||
Total Equity Companies | — | — | — | ||||||||||||||
Total dry exploratory wells drilled | 4 | 4 | 2 |
|
|
|
| 2019 |
| 2018 |
| 2017 | 2022 | 2021 | 2020 | |||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
Net Productive Development Wells Drilled | Net Productive Development Wells Drilled |
|
| Net Productive Development Wells Drilled | ||||||||||||||||||||||
Consolidated Subsidiaries | Consolidated Subsidiaries | |||||||||||||||||||||||||
United States | United States | 473 | 433 | 412 | ||||||||||||||||||||||
Canada/Other Americas | Canada/Other Americas | 33 | 28 | 36 | ||||||||||||||||||||||
Europe | Europe | — | 1 | 2 | ||||||||||||||||||||||
Africa | Africa | 3 | 1 | 2 | ||||||||||||||||||||||
Asia | Asia | 5 | 4 | 15 | ||||||||||||||||||||||
Australia/Oceania | Australia/Oceania | — | — | 4 | ||||||||||||||||||||||
Total Consolidated Subsidiaries | Total Consolidated Subsidiaries | 514 | 467 | 471 | ||||||||||||||||||||||
| Consolidated Subsidiaries |
|
| |||||||||||||||||||||||
|
| United States |
| 618 |
| 389 |
| 300 | ||||||||||||||||||
|
| Canada/Other Americas |
| 49 |
| 32 |
| 12 | ||||||||||||||||||
|
| Europe |
| 3 |
| 3 |
| 6 | ||||||||||||||||||
|
| Africa |
| 4 |
| 1 |
| 6 | ||||||||||||||||||
|
| Asia |
| 12 |
| 14 |
| 15 | ||||||||||||||||||
|
| Australia/Oceania |
| - |
| - |
| 1 | ||||||||||||||||||
|
| Total Consolidated Subsidiaries |
| 686 |
| 439 |
| 340 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
| Equity Companies |
|
| |||||||||||||||||||||||
|
| United States |
| 199 |
| 168 |
| 154 | ||||||||||||||||||
|
| Europe |
| - |
| 3 |
| 1 | ||||||||||||||||||
|
| Africa |
| - |
| - |
| - | ||||||||||||||||||
|
| Asia |
| 9 |
| 6 |
| 3 | ||||||||||||||||||
|
| Total Equity Companies |
| 208 |
| 177 |
| 158 | ||||||||||||||||||
Equity Companies | Equity Companies | |||||||||||||||||||||||||
United States | United States | 49 | 13 | 60 | ||||||||||||||||||||||
Europe | Europe | — | 1 | 1 | ||||||||||||||||||||||
Africa | Africa | — | 1 | — | ||||||||||||||||||||||
Asia | Asia | 10 | 5 | 5 | ||||||||||||||||||||||
Total Equity Companies | Total Equity Companies | 59 | 20 | 66 | ||||||||||||||||||||||
Total productive development wells drilled | Total productive development wells drilled |
| 894 |
| 616 |
| 498 | Total productive development wells drilled | 573 | 487 | 537 | |||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
Net Dry Development Wells Drilled | Net Dry Development Wells Drilled |
|
| Net Dry Development Wells Drilled | ||||||||||||||||||||||
Consolidated Subsidiaries | Consolidated Subsidiaries | |||||||||||||||||||||||||
United States | United States | — | 4 | 6 | ||||||||||||||||||||||
Canada/Other Americas | Canada/Other Americas | — | — | — | ||||||||||||||||||||||
Europe | Europe | — | — | — | ||||||||||||||||||||||
Africa | Africa | — | — | — | ||||||||||||||||||||||
Asia | Asia | — | — | — | ||||||||||||||||||||||
Australia/Oceania | Australia/Oceania | — | — | 1 | ||||||||||||||||||||||
Total Consolidated Subsidiaries | Total Consolidated Subsidiaries | — | 4 | 7 | ||||||||||||||||||||||
| Consolidated Subsidiaries |
|
| |||||||||||||||||||||||
|
| United States |
| 8 |
| 4 |
| 4 | ||||||||||||||||||
|
| Canada/Other Americas |
| - |
| 1 |
| - | ||||||||||||||||||
|
| Europe |
| - |
| - |
| 1 | ||||||||||||||||||
|
| Africa |
| 1 |
| 1 |
| - | ||||||||||||||||||
|
| Asia |
| - |
| - |
| - | ||||||||||||||||||
|
| Australia/Oceania |
| - |
| - |
| - | ||||||||||||||||||
|
| Total Consolidated Subsidiaries |
| 9 |
| 6 |
| 5 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
| Equity Companies |
|
| |||||||||||||||||||||||
|
| United States |
| - |
| - |
| - | ||||||||||||||||||
|
| Europe |
| - |
| - |
| - | ||||||||||||||||||
|
| Africa |
| - |
| - |
| - | ||||||||||||||||||
|
| Asia |
| - |
| - |
| - | ||||||||||||||||||
|
| Total Equity Companies |
| - |
| - |
| - | ||||||||||||||||||
Equity Companies | Equity Companies | |||||||||||||||||||||||||
United States | United States | — | — | — | ||||||||||||||||||||||
Europe | Europe | — | — | — | ||||||||||||||||||||||
Africa | Africa | — | — | — | ||||||||||||||||||||||
Asia | Asia | — | — | — | ||||||||||||||||||||||
Total Equity Companies | Total Equity Companies | — | — | — | ||||||||||||||||||||||
Total dry development wells drilled | Total dry development wells drilled |
| 9 |
| 6 |
| 5 | Total dry development wells drilled | — | 4 | 7 | |||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
| Total number of net wells drilled |
| 917 |
| 635 |
| 512 | |||||||||||||||||||
Total number of net wells drilled | Total number of net wells drilled | 581 | 501 | 553 |
13
B. Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining Technologies
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||
|
|
|
| Gross |
| Net |
| Gross |
| Net |
Wells Drilling |
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
| ||
|
| United States | 1,133 |
| 704 |
| 997 |
| 491 | |
|
| Canada/Other Americas | 27 |
| 20 |
| 41 |
| 32 | |
|
| Europe | 16 |
| 7 |
| 13 |
| 3 | |
|
| Africa | 4 |
| 1 |
| 5 |
| 1 | |
|
| Asia | 46 |
| 14 |
| 50 |
| 14 | |
|
| Australia/Oceania | 14 |
| 4 |
| 4 |
| 2 | |
|
|
| Total Consolidated Subsidiaries | 1,240 |
| 750 |
| 1,110 |
| 543 |
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
| ||
|
| United States | 3 |
| 1 |
| 7 |
| 1 | |
|
| Europe | - |
| - |
| 1 |
| 1 | |
|
| Africa | 6 |
| 1 |
| - |
| - | |
|
| Asia | 11 |
| 3 |
| 17 |
| 4 | |
|
|
| Total Equity Companies | 20 |
| 5 |
| 25 |
| 6 |
Total gross and net wells drilling | 1,260 |
| 755 |
| 1,135 |
| 549 |
14
Wells Drilling | Year-End 2022 | Year-End 2021 | |||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||
United States | 804 | 472 | 1,059 | 588 | |||||||||||||
Canada/Other Americas | 54 | 40 | 44 | 33 | |||||||||||||
Europe | 2 | 1 | 2 | 1 | |||||||||||||
Africa | 10 | 2 | 11 | 2 | |||||||||||||
Asia | 18 | 5 | 11 | 3 | |||||||||||||
Australia/Oceania | 1 | — | — | — | |||||||||||||
Total Consolidated Subsidiaries | 889 | 520 | 1,127 | 627 | |||||||||||||
Equity Companies | |||||||||||||||||
United States | 13 | 2 | 12 | — | |||||||||||||
Europe | — | — | — | — | |||||||||||||
Africa | — | — | — | — | |||||||||||||
Asia | 8 | 3 | 2 | 1 | |||||||||||||
Total Equity Companies | 21 | 5 | 14 | 1 | |||||||||||||
Total gross and net wells drilling | 910 | 525 | 1,141 | 628 |
B. Review of Principal Ongoing Activities
UNITED STATES
United States |
project.
Mexico.
CANADA / OTHER AMERICAS
Canada / Other Americas |
Bacalhau Phase 1 project.
EUROPE
2022.
Europe |
2022.
continues to evaluate the timing for cessation of production.
Africa |
15
Equatorial Guinea
AFRICA
Angola
ExxonMobil’s net acreage totaled 0.20.1 million offshore acres at year-end 2019. During the year, a total of 1.3 net development wells were completed. On Block 32, the Kaombo Split Hub Sul floating production storage and offloading (FPSO) vessel started up in April 2019, and the Norte FPSO started up in 2018.
Chad
ExxonMobil’s net acreage holdings totaled 46 thousand onshore acres at year-end 2019.
Equatorial Guinea
2022.
Mozambique
ExxonMobil’s net acreage totaled approximately 1.8 million offshore acres at year-end 2019. In 2019, ExxonMobil relinquished approximately 0.8 million net acres asoutside of the Company reduced its working interest incore Area 5 offshore blocks, Angoche A5-B, Zambezi Z5-C, and Zambezi Z5-D. Development activities continued on the4 development. The Coral South Floating LNG project during the year.
development began production in October 2022.
ASIA
Asia |
2022.
2022.
16
Russia
ExxonMobil’s net acreage holdings in Sakhalin totaled 85 thousand offshore acres at year-end 2019.year end. During the year, a total of 2.18.2 net development wells were completed.
The North Field Production Sustainment Compression project was funded in 2022. ExxonMobil also announced participation in Qatar's North Field East project via the Qatar Liquefied Gas Company Limited (QG7) venture, representing 18.5 thousand net acres and 8 million tonnes per year gross liquefied natural gas capacity expected to begin in 2026.
AUSTRALIA / OCEANIA
Australia / Oceania |
offshore acres were relinquished.
WORLDWIDE EXPLORATION
Worldwide Exploration |
17
7. Oil and Gas Properties, Wells, Operations and Acreage
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||||
|
|
|
| Oil | Gas |
| Oil | Gas | ||||
|
|
|
| Gross | Net | Gross | Net |
| Gross | Net | Gross | Net |
Gross and Net Productive Wells |
|
|
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
| ||
|
| United States | 20,559 | 8,502 | 21,893 | 13,182 |
| 20,996 | 8,460 | 25,061 | 14,396 | |
|
| Canada/Other Americas | 4,905 | 4,724 | 3,441 | 1,347 |
| 5,037 | 4,781 | 4,262 | 1,650 | |
|
| Europe | 741 | 207 | 517 | 236 |
| 981 | 256 | 648 | 261 | |
|
| Africa | 1,191 | 456 | 13 | 5 |
| 1,221 | 472 | 12 | 5 | |
|
| Asia | 943 | 301 | 133 | 79 |
| 891 | 286 | 133 | 79 | |
|
| Australia/Oceania | 582 | 120 | 87 | 36 |
| 577 | 123 | 81 | 33 | |
|
|
| Total Consolidated Subsidiaries | 28,921 | 14,310 | 26,084 | 14,885 |
| 29,703 | 14,378 | 30,197 | 16,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
| ||
|
| United States | 12,947 | 5,328 | 4,500 | 577 |
| 13,126 | 5,398 | 4,503 | 577 | |
|
| Europe | 57 | 20 | 561 | 175 |
| 57 | 20 | 602 | 187 | |
|
| Asia | 194 | 49 | 126 | 30 |
| 164 | 41 | 126 | 30 | |
|
|
| Total Equity Companies | 13,198 | 5,397 | 5,187 | 782 |
| 13,347 | 5,459 | 5,231 | 794 |
Total gross and net productive wells | 42,119 | 19,707 | 31,271 | 15,667 |
| 43,050 | 19,837 | 35,428 | 17,218 |
Gross and Net Productive Wells | Year-End 2022 | Year-End 2021 | |||||||||||||||||||||||||||||||||||||||
Oil | Gas | Oil | Gas | ||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
United States | 19,006 | 7,576 | 11,495 | 7,516 | 19,401 | 7,566 | 18,670 | 10,773 | |||||||||||||||||||||||||||||||||
Canada/Other Americas | 4,394 | 4,310 | 2,903 | 1,033 | 4,656 | 4,548 | 3,209 | 1,247 | |||||||||||||||||||||||||||||||||
Europe | 536 | 127 | 433 | 205 | 439 | 116 | 441 | 207 | |||||||||||||||||||||||||||||||||
Africa | 590 | 191 | 24 | 10 | 1,102 | 416 | 24 | 10 | |||||||||||||||||||||||||||||||||
Asia | 999 | 318 | 147 | 86 | 1,038 | 333 | 137 | 80 | |||||||||||||||||||||||||||||||||
Australia/Oceania | 473 | 89 | 92 | 38 | 522 | 99 | 94 | 40 | |||||||||||||||||||||||||||||||||
Total Consolidated Subsidiaries | 25,998 | 12,611 | 15,094 | 8,888 | 27,158 | 13,078 | 22,575 | 12,357 | |||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
United States | 12,068 | 4,777 | 3,341 | 331 | 12,108 | 4,793 | 3,355 | 333 | |||||||||||||||||||||||||||||||||
Europe | 57 | 20 | 482 | 150 | 57 | 20 | 547 | 171 | |||||||||||||||||||||||||||||||||
Africa | — | — | 6 | 2 | — | — | — | — | |||||||||||||||||||||||||||||||||
Asia | 233 | 58 | 145 | 33 | 225 | 56 | 168 | 35 | |||||||||||||||||||||||||||||||||
Total Equity Companies | 12,358 | 4,855 | 3,974 | 516 | 12,390 | 4,869 | 4,070 | 539 | |||||||||||||||||||||||||||||||||
Total gross and net productive wells | 38,356 | 17,466 | 19,068 | 9,404 | 39,548 | 17,947 | 26,645 | 12,896 |
2021.
18
B. Gross and Net Developed Acreage
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||
|
|
|
| Gross |
| Net |
| Gross |
| Net |
|
|
|
| (thousands of acres) | ||||||
Gross and Net Developed Acreage |
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
| ||
|
| United States | 13,283 |
| 8,097 |
| 13,900 |
| 8,399 | |
|
| Canada/Other Americas (1) | 3,020 |
| 2,100 |
| 3,596 |
| 2,325 | |
|
| Europe | 2,229 |
| 1,182 |
| 2,937 |
| 1,315 | |
|
| Africa | 2,409 |
| 832 |
| 2,492 |
| 866 | |
|
| Asia | 1,938 |
| 561 |
| 1,939 |
| 563 | |
|
| Australia/Oceania | 3,262 |
| 1,068 |
| 3,262 |
| 1,068 | |
|
|
| Total Consolidated Subsidiaries | 26,141 |
| 13,840 |
| 28,126 |
| 14,536 |
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
| ||
|
| United States | 926 |
| 207 |
| 929 |
| 208 | |
|
| Europe | 4,069 |
| 1,280 |
| 4,110 |
| 1,287 | |
|
| Asia | 628 |
| 155 |
| 628 |
| 155 | |
|
|
| Total Equity Companies | 5,623 |
| 1,642 |
| 5,667 |
| 1,650 |
Total gross and net developed acreage | 31,764 |
| 15,482 |
| 33,793 |
| 16,186 |
(1)Includes developed acreage in Other Americas of 472 gross and 295 net thousands of acres for 2019 and 375 gross and 244 net thousands of acres for 2018.
Gross and Net Developed Acreage (thousands of acres) | Year-End 2022 | Year-End 2021 | |||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||
United States | 11,022 | 6,681 | 12,180 | 7,503 | |||||||||||||||||||
Canada/Other Americas (1) | 2,113 | 1,509 | 2,905 | 2,075 | |||||||||||||||||||
Europe (2) | 1,238 | 580 | 1,234 | 580 | |||||||||||||||||||
Africa | 2,186 | 736 | 2,409 | 818 | |||||||||||||||||||
Asia | 1,582 | 462 | 1,929 | 557 | |||||||||||||||||||
Australia/Oceania | 3,242 | 1,067 | 3,242 | 1,067 | |||||||||||||||||||
Total Consolidated Subsidiaries | 21,383 | 11,035 | 23,899 | 12,600 | |||||||||||||||||||
Equity Companies | |||||||||||||||||||||||
United States | 702 | 166 | 687 | 163 | |||||||||||||||||||
Europe | 3,646 | 1,117 | 3,646 | 1,116 | |||||||||||||||||||
Africa | 178 | 44 | — | — | |||||||||||||||||||
Asia | 665 | 157 | 701 | 160 | |||||||||||||||||||
Total Equity Companies | 5,191 | 1,484 | 5,034 | 1,439 | |||||||||||||||||||
Total gross and net developed acreage | 26,574 | 12,519 | 28,933 | 14,039 | |||||||||||||||||||
(1) Includes developed acreage in Other Americas of 490 gross and 311 net thousands of acres for 2022 and 2021. (2) Year-end 2021 developed acreage in Europe was restated for gross and net. |
|
|
|
| Year-End 2019 |
| Year-End 2018 | ||||
|
|
|
| Gross |
| Net |
| Gross |
| Net |
|
|
|
| (thousands of acres) | ||||||
Gross and Net Undeveloped Acreage |
|
|
|
|
|
|
| |||
| Consolidated Subsidiaries |
|
|
|
|
|
|
| ||
|
| United States | 7,123 |
| 3,146 |
| 7,421 |
| 3,427 | |
|
| Canada/Other Americas (1) | 36,509 |
| 17,950 |
| 34,932 |
| 15,340 | |
|
| Europe | 18,212 |
| 7,619 |
| 9,168 |
| 4,191 | |
|
| Africa | 56,049 |
| 32,449 |
| 44,556 |
| 24,000 | |
|
| Asia | 6,880 |
| 2,911 |
| 7,195 |
| 2,964 | |
|
| Australia/Oceania | 14,773 |
| 7,689 |
| 15,337 |
| 10,756 | |
|
|
| Total Consolidated Subsidiaries | 139,546 |
| 71,764 |
| 118,609 |
| 60,678 |
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
| ||
|
| United States | 189 |
| 73 |
| 203 |
| 76 | |
|
| Europe | 366 |
| 105 |
| 100 |
| 25 | |
|
| Africa | 596 |
| 149 |
| 596 |
| 149 | |
|
| Asia | 73 |
| 5 |
| 73 |
| 5 | |
|
|
| Total Equity Companies | 1,224 |
| 332 |
| 972 |
| 255 |
Total gross and net undeveloped acreage | 140,770 |
| 72,096 |
| 119,581 |
| 60,933 |
(1)Includes undeveloped acreage in Other Americas of 25,327 gross and 12,065 net thousands of acres for 2019 and 23,872 gross and 9,595 net thousands of acres for 2018.
Gross and Net Undeveloped Acreage (thousands of acres) | Year-End 2022 | Year-End 2021 | |||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||
United States | 6,455 | 2,587 | 6,751 | 2,807 | |||||||||||||||||||
Canada/Other Americas (1) | 32,441 | 15,838 | 36,764 | 18,246 | |||||||||||||||||||
Europe (2) | 12,592 | 8,231 | 14,811 | 6,163 | |||||||||||||||||||
Africa | 20,620 | 13,113 | 23,797 | 15,186 | |||||||||||||||||||
Asia | 766 | 227 | 766 | 227 | |||||||||||||||||||
Australia/Oceania | 4,811 | 2,309 | 8,638 | 4,112 | |||||||||||||||||||
Total Consolidated Subsidiaries | 77,685 | 42,305 | 91,527 | 46,741 | |||||||||||||||||||
Equity Companies | |||||||||||||||||||||||
United States | 150 | 61 | 159 | 64 | |||||||||||||||||||
Europe | 482 | 131 | 596 | 139 | |||||||||||||||||||
Africa | 418 | 104 | 596 | 149 | |||||||||||||||||||
Asia | 296 | 19 | — | — | |||||||||||||||||||
Total Equity Companies | 1,346 | 315 | 1,351 | 352 | |||||||||||||||||||
Total gross and net undeveloped acreage | 79,031 | 42,620 | 92,878 | 47,093 | |||||||||||||||||||
(1) Includes undeveloped acreage in Other Americas of 25,096 gross and 11,977 net thousands of acres for 2022 and 26,084 gross and 12,471 net thousands of acres for 2021. (2) Year-end 2021 undeveloped acreage in Europe was restated for gross and net. |
19
D. Summary of Acreage Terms
UNITED STATES
United States |
CANADA / OTHER AMERICAS
Canada / Other Americas |
production sharing contracts. Concession contracts provide for an exploration period of up to eight years and a production period of 27 years. Production sharing contracts provide for an exploration period of up to seven years and a production period of up to 28 years.
EUROPE
Europe |
20
United Kingdom
Terms for exploration acreage in technically challenged areas are governed by frontier production licenses, generally covering a larger initial area than traditional licenses, with an initial exploration term of six or nine years with a second term extension of six years, and a final production term of 18 years, with relinquishment of 75 percent of the original area after three years and 50 percent of the remaining acreage after the next three years. Innovate licenses issued replace traditional and frontier licenses and offer greater flexibility with respect to periods and work program commitments.
AFRICA
Africa |
Chad
Exploration permits are issued for a period of five years, and are renewable for one or two further five-year periods. The terms and conditions of the permits, including relinquishment obligations, are specified in a negotiated convention. The production term is 30 years and in 2017 was extended by 20 years to 2050.
extensions.
Some exploration activitiesextended, subject to the partial relinquishment. In August 16, 2021, the Petroleum Industry Act (PIA) was enacted to replace the Petroleum Act of 1969. This granted Petroleum Prospecting Licenses (PPLs - replacing OPLs) with an initial term of five years and optional five-year extension. Petroleum Mining Leases (PMLs - replacing OMLs) are carried out in deepwater by joint ventures with local companies holding interests in an OPL. OPLs in deepwater offshore areas are validgranted for 10 years, while in all other areas the licenses are for five years. Demonstrating aeach commercial discovery isin the basisPPL for conversiona 20-year term. The PIA also had a "savings provision" which allowed NNPC to renegotiate its PSCs and renew their OMLs for 20 years under existing 1969 Act terms, within 12 months from the enactment of an OPL to an OML.
the PIA. On August 11, 2022, the leases for OML 133 and 138 were renewed under the savings provision.
21
OMLs granted under the 1969 Petroleum Act, which include all deepwater OMLs, have a maximum term of 20 years without distinction for onshore or offshore location and are renewable, upon 12-months written notice. All future renewals will be conducted under PIA terms.
OMLs granted prior to the 1969 Petroleum Act (i.e., under the Mineral Oils Act 1914, repealed by the 1969 Petroleum Act) were for 30 years onshore and 40 years in offshore areas and have been renewed, effective December 1, 2008,March 11, 2011, for a further period of 20 years, with a further renewal option of 20 years. Operations under these pre-1969 OMLs are conducted under a joint venture agreement with NNPC rather than a PSC. Commercial terms applicable to the existing joint venture oil production are defined by the Petroleum Profits Tax Act.
OMLs granted underAct (PPT). This was also repealed by the 1969 Petroleum Act, which include all deepwater OMLs, have a maximum term of 20 years without distinction for onshorePIA in August 2021 with lease holders having the option to convert to PIA terms or offshore location and are renewable, upon 12 months’ written notice, for another period of 20 years. OMLs not held by NNPC are also subject to a mandatory 50-percent relinquishment after the first 10 years ofretain PPT terms until their duration.current leases expire.
Asia |
Other exploration and production activities are governed by PSAs negotiated with the national oil company of Azerbaijan. The exploration period typically consists of three or four years with the possibility of a one to three-year extension. The production period, which includes development, is for 25 years or 35 years with the possibility of one or two five-year extensions.
government.
Exploration and production activities in the Kurdistan Region of Iraq are governed by production sharing contracts (PSCs) negotiated with the regional government of Kurdistan in 2011. The exploration term is for five years, with extensions available as provided by the PSCs and at the discretion of the regional government of Kurdistan. Current PSCs remain in effect by agreement of the regional government to allow additional time for exploration or evaluation of commerciality. The production period is 20 years with the right to extend for five years.
22
Qatar
Qatar
The State of Qatar grants gas production development project rights to develop and supply gas from the offshore North Field to permit the economic development and production of gas reserves sufficient to satisfy the gas and LNG sales obligations of these projects.
The initial terms for these rights generally extend for 25 years. Extensions and terms are subject to State of Qatar approval.
Effective October 14, 2022, the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator.
Australia / Oceania |
23
Information with regard to the Downstream segment follows:
ExxonMobil’s Downstream segmentrefining capacity:
Refining Capacity At Year-End 2022 (1) | |||||||||||||||||||||||||||||
ExxonMobil Share KBD (2) | ExxonMobil Interest % | ||||||||||||||||||||||||||||
United States | |||||||||||||||||||||||||||||
Joliet | Illinois | n | 258 | 100 | |||||||||||||||||||||||||
Baton Rouge | Louisiana | n | ▲ | 523 | 100 | ||||||||||||||||||||||||
Billings (3) | Montana | n | 60 | 100 | |||||||||||||||||||||||||
Baytown | Texas | n | ▲ | 565 | 100 | ||||||||||||||||||||||||
Beaumont | Texas | n | ▲ | 369 | 100 | ||||||||||||||||||||||||
Total United States | 1,775 | ||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||
Strathcona | Alberta | n | 197 | 69.6 | |||||||||||||||||||||||||
Nanticoke | Ontario | n | 113 | 69.6 | |||||||||||||||||||||||||
Sarnia | Ontario | n | 123 | 69.6 | |||||||||||||||||||||||||
Total Canada | 433 | ||||||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||
Antwerp | Belgium | n | 307 | 100 | |||||||||||||||||||||||||
Fos-sur-Mer | France | n | 133 | 82.9 | |||||||||||||||||||||||||
Gravenchon | France | n | ▲ | 244 | 82.9 | ||||||||||||||||||||||||
Karlsruhe | Germany | n | 78 | 25 | |||||||||||||||||||||||||
Trecate (3) | Italy | n | 132 | 75 | |||||||||||||||||||||||||
Rotterdam | Netherlands | n | ▲ | 192 | 100 | ||||||||||||||||||||||||
Fawley | United Kingdom | n | ▲ | 262 | 100 | ||||||||||||||||||||||||
Total Europe | 1,348 | ||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||
Fujian | China | n | 67 | 25 | |||||||||||||||||||||||||
Jurong/PAC | Singapore | n | ▲ | 592 | 100 | ||||||||||||||||||||||||
Sriracha (3) | Thailand | n | 167 | 66 | |||||||||||||||||||||||||
Total Asia Pacific | 826 | ||||||||||||||||||||||||||||
Middle East | |||||||||||||||||||||||||||||
Yanbu | Saudi Arabia | n | 200 | 50 | |||||||||||||||||||||||||
Total Worldwide | 4,582 | ||||||||||||||||||||||||||||
n Energy Products ▲ Specialty Products | |||||||||||||||||||||||||||||
(1) Capacity data is based on 100 percent of rated refinery process unit stream-day capacities under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time. The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment. | |||||||||||||||||||||||||||||
(2) Thousands of barrels per day (KBD). ExxonMobil share reflects 100 percent of atmospheric distillation capacity in operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil’s interest or that portion of distillation capacity normally available to ExxonMobil. | |||||||||||||||||||||||||||||
(3) The Corporation announced sales agreements relating to these assets and expects the transactions to close in 2023. |
|
|
|
| ExxonMobil | ExxonMobil | ||
|
|
|
| Share KBD (2) | Interest % | ||
United States |
|
|
|
|
| ||
| Joliet | Illinois | 236 |
| 100 |
| |
| Baton Rouge | Louisiana | 518 |
| 100 |
| |
| Billings | Montana | 60 |
| 100 |
| |
| Baytown | Texas | 561 |
| 100 |
| |
| Beaumont | Texas | 369 |
| 100 |
| |
|
| Total United States |
| 1,744 |
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
|
|
|
| ||
| Strathcona | Alberta | 191 |
| 69.6 |
| |
| Nanticoke | Ontario | 113 |
| 69.6 |
| |
| Sarnia | Ontario | 119 |
| 69.6 |
| |
|
| Total Canada |
| 423 |
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
|
|
|
| ||
| Antwerp | Belgium | 307 |
| 100 |
| |
| Fos-sur-Mer | France | 133 |
| 82.9 |
| |
| Gravenchon | France | 240 |
| 82.9 |
| |
| Karlsruhe | Germany | 78 |
| 25 |
| |
| Trecate | Italy | 132 |
| 75.3 |
| |
| Rotterdam | Netherlands | 192 |
| 100 |
| |
| Slagen | Norway | 116 |
| 100 |
| |
| Fawley | United Kingdom | 262 |
| 100 |
| |
|
| Total Europe |
| 1,460 |
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
|
|
|
| ||
| Altona | Australia | 86 |
| 100 |
| |
| Fujian | China | 67 |
| 25 |
| |
| Jurong/PAC | Singapore | 592 |
| 100 |
| |
| Sriracha | Thailand | 167 |
| 66 |
| |
|
| Total Asia Pacific |
| 912 |
|
|
|
|
|
|
|
|
|
|
|
Middle East |
|
|
|
|
| ||
| Yanbu | Saudi Arabia | 200 |
| 50 |
| |
|
|
|
|
|
|
|
|
Total Worldwide |
| 4,739 |
|
|
|
(1)Capacity data is based on 100 percent of rated refinery process unit stream-day capacities under normal operating conditions, lessWithin the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time. The listing excludes refining capacity for a minor interest held through equity securities in New Zealand, and the Laffan Refinery in Qatar for which results are reported in the Upstream segment.
(2)Thousands of barrels per day (KBD). ExxonMobil share reflects 100 percent of atmospheric distillation capacity in operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil’s interest or that portion of distillation capacity normally available to ExxonMobil.
24
The marketing operationsEnergy Products segment, retail fuels sites sell products and services throughout the world through our Exxon, Esso, and Mobil brands.
Retail Sites At Year-End 2019
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Number of Retail Fuel Sites At Year-End 2022 Owned/leased Distributors/resellers Total — 11,139 11,139 Canada — 2,415 2,415 197 5,830 6,027 563 1,438 2,001 Latin America — 510 510 Middle East/Africa 221 200 421 Worldwide 981 21,532 22,513
Information with regard to the Chemical segment follows:
ExxonMobil’s Chemical segmentchemical complex capacity:
Chemical Complex Capacity At Year-End 2022 (1) | ||||||||||||||||||||||||||||||||
(millions of metric tons per year, unless otherwise noted) | Ethylene | Polyethylene | Polypropylene | ExxonMobil Interest % | ||||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||
Baton Rouge | Louisiana | 1.1 | 1.3 | 0.9 | 100 | |||||||||||||||||||||||||||
Baytown | Texas | 4.0 | — | 0.7 | 100 | |||||||||||||||||||||||||||
Beaumont | Texas | 0.9 | 1.7 | — | 100 | |||||||||||||||||||||||||||
Corpus Christi | Texas | 0.9 | 0.7 | — | 50 | |||||||||||||||||||||||||||
Mont Belvieu | Texas | — | 2.3 | — | 100 | |||||||||||||||||||||||||||
Sarnia | Ontario | 0.3 | 0.5 | — | 69.6 | |||||||||||||||||||||||||||
Total North America | 7.2 | 6.5 | 1.6 | |||||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||||||||
Antwerp | Belgium | — | 0.4 | — | 100 | |||||||||||||||||||||||||||
Fife | United Kingdom | 0.4 | — | — | 50 | |||||||||||||||||||||||||||
Gravenchon | France | 0.4 | 0.4 | 0.3 | 100 | |||||||||||||||||||||||||||
Meerhout | Belgium | — | 0.5 | — | 100 | |||||||||||||||||||||||||||
Total Europe | 0.8 | 1.3 | 0.3 | |||||||||||||||||||||||||||||
Middle East | ||||||||||||||||||||||||||||||||
Al Jubail | Saudi Arabia | 0.7 | 0.7 | — | 50 | |||||||||||||||||||||||||||
Yanbu | Saudi Arabia | 1.0 | 0.7 | 0.2 | 50 | |||||||||||||||||||||||||||
Total Middle East | 1.7 | 1.4 | 0.2 | |||||||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||||||||
Fujian | China | 0.3 | 0.2 | 0.2 | 25 | |||||||||||||||||||||||||||
Singapore | Singapore | 1.9 | 1.9 | 0.9 | 100 | |||||||||||||||||||||||||||
Total Asia Pacific | 2.2 | 2.1 | 1.1 | |||||||||||||||||||||||||||||
Total Worldwide | 11.9 | 11.2 | 3.2 | |||||||||||||||||||||||||||||
(1) Capacity reflects 100 percent for operations of majority-owned subsidiaries. For companies owned 50 percent or less, capacity is ExxonMobil’s interest. | ||||||||||||||||||||||||||||||||
Due to rounding, numbers presented above may not add up precisely to the totals indicated. |
Chemical Complex Capacity At Year-End 2019 (1)
|
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|
|
|
|
| ExxonMobil | |||||
|
|
|
| Ethylene | Polyethylene | Polypropylene | Paraxylene | Interest % | |||||
|
|
|
| (millions of metric tons per year) |
|
| |||||||
North America |
|
|
|
|
|
|
|
|
|
|
| ||
| Baton Rouge | Louisiana | 1.1 |
| 1.3 |
| 0.4 |
| - |
| 100 |
| |
| Baytown | Texas | 3.8 |
| - |
| 0.7 |
| 0.6 |
| 100 |
| |
| Beaumont | Texas | 0.9 |
| 1.7 |
| - |
| 0.3 |
| 100 |
| |
| Mont Belvieu | Texas | - |
| 2.3 |
| - |
| - |
| 100 |
| |
| Sarnia | Ontario | 0.3 |
| 0.5 |
| - |
| - |
| 69.6 |
| |
|
| Total North America |
| 6.1 |
| 5.8 |
| 1.1 |
| 0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
| ||
| Antwerp | Belgium | - |
| 0.4 |
| - |
| - |
| 100 |
| |
| Fife | United Kingdom | 0.4 |
| - |
| - |
| - |
| 50 |
| |
| Gravenchon | France | 0.4 |
| 0.4 |
| 0.3 |
| - |
| 100 |
| |
| Meerhout | Belgium | - |
| 0.5 |
| - |
| - |
| 100 |
| |
| Rotterdam | Netherlands | - |
| - |
| - |
| 0.7 |
| 100 |
| |
|
| Total Europe |
| 0.8 |
| 1.3 |
| 0.3 |
| 0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East |
|
|
|
|
|
|
|
|
|
|
| ||
| Al Jubail | Saudi Arabia | 0.6 |
| 0.7 |
| - |
| - |
| 50 |
| |
| Yanbu | Saudi Arabia | 1.0 |
| 0.7 |
| 0.2 |
| - |
| 50 |
| |
|
| Total Middle East |
| 1.6 |
| 1.4 |
| 0.2 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
|
|
|
|
|
|
|
|
|
| ||
| Fujian | China | 0.3 |
| 0.2 |
| 0.2 |
| 0.2 |
| 25 |
| |
| Singapore | Singapore | 1.9 |
| 1.9 |
| 0.9 |
| 1.8 |
| 100 |
| |
| Sriracha | Thailand | - |
| - |
| - |
| 0.5 |
| 66 |
| |
|
| Total Asia Pacific |
| 2.2 |
| 2.1 |
| 1.1 |
| 2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Worldwide |
| 10.7 |
| 10.6 |
| 2.7 |
| 4.1 |
|
|
|
(1)Capacity reflects 100 percent
ITEM 3. LEGAL PROCEEDINGS |
26
Item 3. Legal Proceedings
Regarding a matter last reported in the Corporation’s Form 10-Q for the third quarterJustice (“DOJ”) notifying XTO of 2019, on December 31, 2019, the United States FederalEnvironmental Protection Agency’s (“EPA”) request to initiate a potential civil action against XTO regarding the Schnegg well in Powhatan Point, Ohio. The letter did not quantify an associated civil penalty potentially sought by the DOJ. The EPA alleges XTO breached its duty under the General Duty Clause of the Clean Air Act for the Schnegg well, and such breaches resulted in the 2018 well blowout. Neither a civil action has been filed nor a draft consent decree has been provided by the DOJ. XTO is assessing the factual basis of the allegation and any associated penalties. In discussions in January 2023, the DOJ indicated it may seek a potential penalty substantially in excess of $1 million and XTO strongly disagrees with DOJ’s initial position.
litigation.
Item 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES |
Not applicable.
Information about our Executive Officers
(positions and ages as of February 26, 2020)
Information about our Executive Officers (positions and ages as of February 22, 2023) | |||||||||
Name | Age | Current and Prior Positions (up to five years) | |||||||
Darren W. Woods | 58 | Chairman of the Board |
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Director and President (since January 1, 2016) | |||||||||
Neil A. Chapman | 60 | Senior Vice President | (since January 1, 2018) | ||||||
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Chief Financial Officer and a member of (November 2015 - June 2021) | |||||||||
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Jack P. Williams, Jr. | 59 | Senior Vice President | (since June 1, 2014) | ||||||
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Dominion Energy, Inc. (prior to November 28, 2022): Executive Vice President, Chief Financial Officer and Treasurer (January 2019 - November 2022) Senior Vice President, Senior Vice President, Mergers & Acquisitions and Treasurer (February 2016 - October 2018) | |||||||||
Len M. Fox | 59 | Vice President and Controller (since March 1, 2021 following a special assignment) Assistant Treasurer, Exxon Mobil Corporation Vice President, Chemical Business Services and Treasurer (June 1, 2015 - January 31, 2020) | |||||||
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Senior Vice President, Global Project Delivery, ExxonMobil Global Projects Company (July 1, 2020 - March 31, 2021) President, ExxonMobil Global Services Company (April 1, 2019 Upstream Organization Design Team Lead, ExxonMobil Development Company (January 15, 2019 - March 31, 2019) Vice President, Asia Pacific and Middle East, ExxonMobil Development Company (January 1, 2016 - January 14, 2019) | |||||||||
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28
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Liam M. Mallon | 60 | Vice President |
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Karen T. McKee | 56 | Vice President |
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29
| Vice President and General | (since November 1, 2020) Secretary (since March 1, 2022) Deputy General Counsel (May 1, 2019 - October 31, 2020) Chief Legal and Compliance Officer of Cardinal Health, Inc. (until March 2019) | ||||||
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- March 31, 2020) |
30
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
ExxonMobil common stock at December 31, 2022. At January 31, 2023, the registered shareholders of ExxonMobil common stock numbered 308,630.
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Issuer Purchases of Equity Securities for Quarter Ended December 31, 2022 | ||||||||||||||
Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars) | |||||||||||
October 2022 | 14,693,713 | $102.09 | 14,693,705 | $37.9 | ||||||||||
November 2022 | 15,273,566 | $112.13 | 12,755,411 | $36.5 | ||||||||||
December 2022 | 13,674,403 | $106.99 | 13,674,403 | $35.0 | ||||||||||
Total | 43,641,682 | $107.14 | 41,123,519 | |||||||||||
(1) Includes shares withheld from participants in the company's incentive program for personal income taxes. | ||||||||||||||
(2) The full-year average price paid per share is $93.15. | ||||||||||||||
(3) In its 2022 Corporate Plan Update released December 8, 2022, the Corporation stated that the company expanded its share repurchase program to up to $50 billion through 2024, including $15 billion of repurchases in 2022. |
Item 6. Selected Financial Data
|
| Years Ended December 31, | ||||||||
|
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
|
| (millions of dollars, except per share amounts) | ||||||||
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Sales and other operating revenue |
| 255,583 |
| 279,332 |
| 237,162 |
| 200,628 |
| 239,854 |
Net income attributable to ExxonMobil |
| 14,340 |
| 20,840 |
| 19,710 |
| 7,840 |
| 16,150 |
Earnings per common share |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 |
Earnings per common share - assuming dilution |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 |
Cash dividends per common share |
| 3.43 |
| 3.23 |
| 3.06 |
| 2.98 |
| 2.88 |
Total assets |
| 362,597 |
| 346,196 |
| 348,691 |
| 330,314 |
| 336,758 |
Long-term debt |
| 26,342 |
| 20,538 |
| 24,406 |
| 28,932 |
| 19,925 |
|
|
|
|
|
|
|
|
|
|
|
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Item 7A.Quantitative and Qualitative Disclosures About Market Risk
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
31
Item 8. Financial Statements and Supplementary Data
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Consolidated financial statements, together with the report thereon of PricewaterhouseCoopers LLP (PCAOB ID 238) dated February 26, 2020,22, 2023, beginning with the section entitled “Report of Independent Registered Public Accounting Firm” and continuing through “Note 20: Sale of Norway Assets”Divestment Activities”;
“Supplemental Information on Oil and Gas Exploration and Production Activities” (unaudited); and
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
Item 9A.Controls and Procedures
ITEM 9A. CONTROLS AND PROCEDURES |
Item 9B. Other Information
None.
ITEM 9B. OTHER INFORMATION |
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
PART III
Item 10. Directors, Executive Officers and Corporate Governance
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
The section entitled “Election of Directors”;
The portions entitled “Director Qualifications”, “Board“Director Nomination Process and Board Succession”, and “Code of Ethics and Business Conduct” of the section entitled “Corporate Governance”; and
Item 11. Executive Compensation
ITEM 11. EXECUTIVE COMPENSATION |
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Equity Compensation Plan Information | |||||||||||||||||||||||||||||
(a) | (b) | (c) | |||||||||||||||||||||||||||
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Excluding Securities Reflected in Column (a)] | ||||||||||||||||||||||||||
Equity compensation plans approved by security holders | 42,542,460 | (1) | — | 60,288,068 | (2)(3) | ||||||||||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||||||||||||||
Total | 42,542,460 | — | 60,288,068 | ||||||||||||||||||||||||||
(1) The number of restricted stock units to be settled in shares. | |||||||||||||||||||||||||||||
(2) Available shares can be granted in the form of restricted stock or other stock-based awards. Includes 59,964,868 shares available for award under the 2003 Incentive Program and 323,200 shares available for award under the 2004 Non-Employee Director Restricted Stock Plan. | |||||||||||||||||||||||||||||
(3) Under the 2004 Non-Employee Director Restricted Stock Plan approved by shareholders in May 2004, and the related standing resolution adopted by the Board, each non-employee director automatically receives 8,000 shares of restricted stock when first elected to the Board and, if the director remains in office, an additional 2,500 restricted shares each following year. While on the Board, each non-employee director receives the same cash dividends on restricted shares as a holder of regular common stock, but the director is not allowed to sell the shares. The restricted shares may be forfeited if the director leaves the Board early. |
Equity Compensation Plan Information | ||||||||
|
| (a) |
| (b) |
| (c) | ||
|
|
|
|
|
|
| Number of Securities | |
|
|
|
|
| Weighted- |
| Remaining Available | |
|
|
|
|
| Average |
| for Future Issuance | |
|
| Number of Securities |
| Exercise Price |
| Under Equity | ||
|
| to be Issued Upon |
| of Outstanding |
| Compensation | ||
|
| Exercise of |
| Options, |
| Plans [Excluding | ||
|
| Outstanding Options, |
| Warrants and |
| Securities Reflected | ||
Plan Category | Warrants and Rights |
| Rights |
| in Column (a)] | |||
|
|
|
|
|
|
|
|
|
Equity compensation plans approved by security holders | 42,636,850 | (1) |
| - |
| 76,488,320 | (2)(3) | |
|
|
|
|
|
|
|
|
|
Equity compensation plans not approved by security holders | - |
|
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
| Total | 42,636,850 |
|
| - |
| 76,488,320 |
|
(1)The number of restricted stock units to be settled in shares.
(2)Available shares can be granted in the form of restricted stock or other stock-based awards. Includes 76,036,620 shares available for award under the 2003 Incentive Program and 451,700 shares available for award under the 2004 Non-Employee Director Restricted Stock Plan.
(3)Under the 2004 Non-Employee Director Restricted Stock Plan approved by shareholders in May 2004, and the related standing resolution adopted by the Board, each non-employee director automatically receives 8,000 shares of restricted stock when first elected to the Board and, if the director remains in office, an additional 2,500 restricted shares each following year. While on the Board, each non-employee director receives the same cash dividends on restricted shares as a holder of regular common stock, but the director is not allowed to sell the shares. The restricted shares may be forfeited if the director leaves the Board early.
33
Item 13. Certain Relationships and Related Transactions, and Director Independence
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
Item 14. Principal Accounting Fees and Services
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES |
Item 15. Exhibits, Financial Statement Schedules
ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES |
Item 16. FORM 10-K SUMMARY
None.
34
| ||
ITEM 16. FORM 10-K SUMMARY |
TABLE OF CONTENTS | |||||||||
Business Profile | |||||||||
Financial Information | |||||||||
Frequently Used Terms | |||||||||
|
| ||||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| ||||||||
|
| ||||||||
Forward-Looking Statements | |||||||||
Overview | |||||||||
Business Environment | |||||||||
Business Results |
|
| |||||||
Liquidity and Capital Resources | |||||||||
Capital and Exploration Expenditures | |||||||||
Taxes | |||||||||
Environmental Matters | |||||||||
Market Risks | |||||||||
|
| ||||||||
Critical Accounting Estimates | |||||||||
Management’s Report on Internal Control Over Financial Reporting | |||||||||
Report of Independent Registered Public Accounting Firm | |||||||||
Consolidated Financial Statements |
| ||||||||
Statement of Income | |||||||||
Statement of Comprehensive Income | |||||||||
Balance Sheet | |||||||||
Statement of Cash Flows | |||||||||
Statement of Changes in Equity | |||||||||
Notes to Consolidated Financial Statements |
| ||||||||
1. Summary of Accounting Policies | |||||||||
2. | |||||||||
3. Miscellaneous Financial Information | |||||||||
4. Other Comprehensive Income Information | |||||||||
5. Cash Flow Information | |||||||||
6. Additional Working Capital Information | |||||||||
7. Equity Company Information | |||||||||
8. Investments, Advances and Long-Term Receivables | |||||||||
9. Property, Plant and Equipment and Asset Retirement Obligations | |||||||||
10. Accounting for Suspended Exploratory Well Costs | |||||||||
11. Leases | |||||||||
12. Earnings Per Share | |||||||||
13. Financial Instruments and Derivatives | |||||||||
14. Long-Term Debt | |||||||||
15. Incentive Program | |||||||||
16. Litigation and Other Contingencies | |||||||||
17. Pension and Other Postretirement Benefits | |||||||||
18. Disclosures about Segments and Related Information | |||||||||
19. Income and Other Taxes | |||||||||
20. | |||||||||
Supplemental Information on Oil and Gas Exploration and Production Activities | |||||||||
|
| ||||||||
Earnings (Loss) After Income Taxes | Average Capital Employed (Non-GAAP) | Return on Average Capital Employed (Non-GAAP) | Capital and Exploration Expenditures | |||||||||||||||||||||||||||||||||||||||||||||||
Financial | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | (percent) | (millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 11,728 | 3,663 | 52,555 | 55,305 | 22.3 | 6.6 | 6,968 | 4,018 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 24,751 | 12,112 | 93,250 | 101,645 | 26.5 | 11.9 | 10,034 | 8,236 | ||||||||||||||||||||||||||||||||||||||||||
Total | 36,479 | 15,775 | 145,805 | 156,950 | 25.0 | 10.1 | 17,002 | 12,254 | ||||||||||||||||||||||||||||||||||||||||||
Energy Products | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 8,340 | 668 | 11,787 | 11,902 | 70.8 | 5.6 | 1,351 | 982 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 6,626 | (1,014) | 18,855 | 18,537 | 35.1 | (5.5) | 1,059 | 1,005 | ||||||||||||||||||||||||||||||||||||||||||
Total | 14,966 | (347) | 30,642 | 30,439 | 48.8 | (1.1) | 2,410 | 1,987 | ||||||||||||||||||||||||||||||||||||||||||
Chemical Products | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 2,328 | 3,697 | 14,694 | 14,107 | 15.8 | 26.2 | 1,123 | 1,200 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 1,215 | 3,292 | 12,513 | 11,758 | 9.7 | 28.0 | 1,842 | 825 | ||||||||||||||||||||||||||||||||||||||||||
Total | 3,543 | 6,989 | 27,207 | 25,865 | 13.0 | 27.0 | 2,965 | 2,025 | ||||||||||||||||||||||||||||||||||||||||||
Specialty Products | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 1,190 | 1,452 | 2,072 | 1,997 | 57.4 | 72.7 | 46 | 185 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 1,225 | 1,807 | 6,207 | 5,915 | 19.7 | 30.5 | 222 | 141 | ||||||||||||||||||||||||||||||||||||||||||
Total | 2,415 | 3,259 | 8,279 | 7,912 | 29.2 | 41.2 | 268 | 326 | ||||||||||||||||||||||||||||||||||||||||||
Corporate and Financing | (1,663) | (2,636) | 16,471 | 1,724 | — | — | 59 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Corporate total | 55,740 | 23,040 | 228,404 | 222,890 | 24.9 | 10.9 | 22,704 | 16,595 | ||||||||||||||||||||||||||||||||||||||||||
See Frequently Used Terms for a definition and calculation of capital employed and return on average capital employed. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
Operating | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Net liquids production (thousands of barrels daily) | Refinery throughput (thousands of barrels daily) | ||||||||||||||||||||||||||||
United States | 776 | 721 | United States | 1,702 | 1,623 | ||||||||||||||||||||||||
Non-U.S. | 1,578 | 1,568 | Non-U.S. | 2,328 | 2,322 | ||||||||||||||||||||||||
Total | 2,354 | 2,289 | Total | 4,030 | 3,945 | ||||||||||||||||||||||||
Natural gas production available for sale (millions of cubic feet daily) | Energy Products sales (2) (thousands of barrels daily) | ||||||||||||||||||||||||||||
United States | 2,551 | 2,746 | United States | 2,426 | 2,267 | ||||||||||||||||||||||||
Non-U.S. | 5,744 | 5,791 | Non-U.S. | 2,921 | 2,863 | ||||||||||||||||||||||||
Total | 8,295 | 8,537 | Total | 5,347 | 5,130 | ||||||||||||||||||||||||
Oil-equivalent production (1) (thousands of oil-equivalent barrels daily) | 3,737 | 3,712 | Chemical Products sales (2) (thousands of metric tons) | ||||||||||||||||||||||||||
United States | 7,270 | 7,017 | |||||||||||||||||||||||||||
Non-U.S. | 11,897 | 12,126 | |||||||||||||||||||||||||||
Total | 19,167 | 19,142 | |||||||||||||||||||||||||||
Specialty Products sales (2) (thousands of metric tons) | |||||||||||||||||||||||||||||
United States | 2,049 | 1,943 | |||||||||||||||||||||||||||
Non-U.S. | 5,762 | 5,723 | |||||||||||||||||||||||||||
Total | 7,810 | 7,666 | |||||||||||||||||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | |||||||||||||||||||||||||||||
(2) Data reported net of purchases/sales contracts with the same counterparty. | |||||||||||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
BUSINESS PROFILE
|
|
|
|
|
|
|
|
|
|
|
| Return on |
|
| Capital and | ||||
|
|
|
| Earnings After |
| Average Capital |
| Average Capital |
|
| Exploration | ||||||||
|
|
|
| Income Taxes |
| Employed |
| Employed |
|
| Expenditures | ||||||||
Financial |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
| 2019 |
| 2018 | ||
|
|
|
| (millions of dollars) |
| (percent) |
| (millions of dollars) | |||||||||||
Upstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States |
| 536 |
| 1,739 |
| 72,152 |
| 69,981 |
| 0.7 |
| 2.5 |
|
| 11,653 |
| 7,670 | |
| Non-U.S. |
| 13,906 |
| 12,340 |
| 107,271 |
| 107,893 |
| 13.0 |
| 11.4 |
|
| 11,832 |
| 12,524 | |
|
| Total |
| 14,442 |
| 14,079 |
| 179,423 |
| 177,874 |
| 8.0 |
| 7.9 |
|
| 23,485 |
| 20,194 |
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States |
| 1,717 |
| 2,962 |
| 9,515 |
| 8,725 |
| 18.0 |
| 33.9 |
|
| 2,353 |
| 1,186 | |
| Non-U.S. |
| 606 |
| 3,048 |
| 18,518 |
| 17,015 |
| 3.3 |
| 17.9 |
|
| 2,018 |
| 2,243 | |
|
| Total |
| 2,323 |
| 6,010 |
| 28,033 |
| 25,740 |
| 8.3 |
| 23.3 |
|
| 4,371 |
| 3,429 |
Chemical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States |
| 206 |
| 1,642 |
| 13,196 |
| 12,171 |
| 1.6 |
| 13.5 |
|
| 2,547 |
| 1,747 | |
| Non-U.S. |
| 386 |
| 1,709 |
| 18,113 |
| 18,249 |
| 2.1 |
| 9.4 |
|
| 718 |
| 488 | |
|
| Total |
| 592 |
| 3,351 |
| 31,309 |
| 30,420 |
| 1.9 |
| 11.0 |
|
| 3,265 |
| 2,235 |
Corporate and financing |
| (3,017) |
| (2,600) |
| (2,162) |
| (1,660) |
| - |
| - |
|
| 27 |
| 65 | ||
|
| Total |
| 14,340 |
| 20,840 |
| 236,603 |
| 232,374 |
| 6.5 |
| 9.2 |
|
| 31,148 |
| 25,923 |
See Frequently Used Terms for a definition and calculation of capital employed and return on average capital employed.
(millions of dollars, except where stated otherwise) 2022 2021 2020 Sales and other operating revenue 398,675 276,692 178,574 Net income (loss) attributable to ExxonMobil 55,740 23,040 (22,440) Earnings (loss) per common share (dollars) 13.26 5.39 (5.25) Earnings (loss) per common share – assuming dilution (dollars) 13.26 5.39 (5.25) Earnings (loss) to average ExxonMobil share of equity (percent) 30.7 14.1 (12.9) Working capital 28,586 2,511 (11,470) Ratio of current assets to current liabilities (times) 1.41 1.04 0.80 Additions to property, plant and equipment 18,338 12,541 17,342 Property, plant and equipment, less allowances 204,692 216,552 227,553 Total assets 369,067 338,923 332,750 Exploration expenses, including dry holes 1,025 1,054 1,285 Research and development costs 824 843 1,016 Long-term debt 40,559 43,428 47,182 Total debt 41,193 47,704 67,640 Debt to capital (percent) 16.9 21.4 29.2 5.4 18.9 27.8 ExxonMobil share of equity at year-end 195,049 168,577 157,150 ExxonMobil share of equity per common share (dollars) 47.78 39.77 37.12 Weighted average number of common shares outstanding (millions) 4,205 4,275 4,271 62.3 63.0 72.0
Operating | 2019 |
| 2018 |
|
|
|
| 2019 |
| 2018 | ||
|
| (thousands of barrels daily) |
|
|
| (thousands of barrels daily) | ||||||
Net liquids production |
|
|
|
| Refinery throughput |
|
|
| ||||
| United States | 646 |
| 551 |
|
| United States | 1,532 |
| 1,588 | ||
| Non-U.S. | 1,740 |
| 1,715 |
|
| Non-U.S. | 2,449 |
| 2,684 | ||
|
| Total | 2,386 |
| 2,266 |
|
|
| Total | 3,981 |
| 4,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (millions of cubic feet daily) |
|
|
| (thousands of barrels daily) | ||||||
Natural gas production available for sale |
|
|
|
| Petroleum product sales (2) |
|
|
| ||||
| United States | 2,778 |
| 2,574 |
|
| United States | 2,292 |
| 2,210 | ||
| Non-U.S. | 6,616 |
| 6,831 |
|
| Non-U.S. | 3,160 |
| 3,302 | ||
|
| Total | 9,394 |
| 9,405 |
|
|
| Total | 5,452 |
| 5,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) |
|
|
| (thousands of metric tons) | ||||||
Oil-equivalent production (1) | 3,952 |
| 3,833 |
| Chemical prime product sales (2) (3) |
|
|
| ||||
|
|
|
|
|
|
|
| United States | 9,127 |
| 9,824 | |
|
|
|
|
|
|
|
| Non-U.S. | 17,389 |
| 17,045 | |
|
|
|
|
|
|
|
|
| Total | 26,516 |
| 26,869 |
(1)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
(2)Petroleum product and chemical prime product sales data reported net of purchases/sales contracts with the same counterparty.
(3)Prime product sales are total product sales including ExxonMobil’s share of equity company volumes and finished-product transfers to the Downstream.
36
FINANCIAL INFORMATION
|
|
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
|
| (millions of dollars, except where stated otherwise) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenue |
| 255,583 |
| 279,332 |
| 237,162 |
| 200,628 |
| 239,854 | |
Earnings |
|
|
|
|
|
|
|
|
|
| |
| Upstream |
| 14,442 |
| 14,079 |
| 13,355 |
| 196 |
| 7,101 |
| Downstream |
| 2,323 |
| 6,010 |
| 5,597 |
| 4,201 |
| 6,557 |
| Chemical |
| 592 |
| 3,351 |
| 4,518 |
| 4,615 |
| 4,418 |
| Corporate and financing |
| (3,017) |
| (2,600) |
| (3,760) |
| (1,172) |
| (1,926) |
| Net income attributable to ExxonMobil |
| 14,340 |
| 20,840 |
| 19,710 |
| 7,840 |
| 16,150 |
Earnings per common share (dollars) |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 | |
Earnings per common share – assuming dilution (dollars) |
| 3.36 |
| 4.88 |
| 4.63 |
| 1.88 |
| 3.85 | |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings to average ExxonMobil share of equity (percent) |
| 7.5 |
| 11.0 |
| 11.1 |
| 4.6 |
| 9.4 | |
|
|
|
|
|
|
|
|
|
|
|
|
Working capital |
| (13,937) |
| (9,165) |
| (10,637) |
| (6,222) |
| (11,353) | |
Ratio of current assets to current liabilities (times) |
| 0.78 |
| 0.84 |
| 0.82 |
| 0.87 |
| 0.79 | |
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
| 24,904 |
| 20,051 |
| 24,901 |
| 16,100 |
| 27,475 | |
Property, plant and equipment, less allowances |
| 253,018 |
| 247,101 |
| 252,630 |
| 244,224 |
| 251,605 | |
Total assets |
| 362,597 |
| 346,196 |
| 348,691 |
| 330,314 |
| 336,758 | |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses, including dry holes |
| 1,269 |
| 1,466 |
| 1,790 |
| 1,467 |
| 1,523 | |
Research and development costs |
| 1,214 |
| 1,116 |
| 1,063 |
| 1,058 |
| 1,008 | |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
| 26,342 |
| 20,538 |
| 24,406 |
| 28,932 |
| 19,925 | |
Total debt |
| 46,920 |
| 37,796 |
| 42,336 |
| 42,762 |
| 38,687 | |
Debt to capital (percent) |
| 19.1 |
| 16.0 |
| 17.9 |
| 19.7 |
| 18.0 | |
Net debt to capital (percent) (1) |
| 18.1 |
| 14.9 |
| 16.8 |
| 18.4 |
| 16.5 | |
|
|
|
|
|
|
|
|
|
|
|
|
ExxonMobil share of equity at year-end |
| 191,650 |
| 191,794 |
| 187,688 |
| 167,325 |
| 170,811 | |
ExxonMobil share of equity per common share (dollars) |
| 45.26 |
| 45.27 |
| 44.28 |
| 40.34 |
| 41.10 | |
Weighted average number of common shares |
|
|
|
|
|
|
|
|
|
| |
| outstanding (millions) |
| 4,270 |
| 4,270 |
| 4,256 |
| 4,177 |
| 4,196 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of regular employees at year-end (thousands) (2) |
| 74.9 |
| 71.0 |
| 69.6 |
| 71.1 |
| 73.5 | |
|
|
|
|
|
|
|
|
|
|
|
|
(1)Debt net of cash.
(2)Regular employees are defined as active executive, management, professional, technical and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs. Regular employees do not include employees of the company-operated retail sites (CORS). The number of CORS employees is not significant.
37
FREQUENTLY USED TERMS
Listed below are definitions of several of ExxonMobil’s key business and financial performance measures. These definitions are provided to facilitate understanding of the terms and their calculation.
(Non-GAAP)
Cash flow from operations and asset sales |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
| 29,716 |
| 36,014 |
| 30,066 | |
Proceeds associated with sales of subsidiaries, property, plant and equipment, |
|
|
|
|
|
| |
| and sales and returns of investments |
| 3,692 |
| 4,123 |
| 3,103 |
| Cash flow from operations and asset sales |
| 33,408 |
| 40,137 |
| 33,169 |
Cash Flow From Operations and Asset Sales (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Net cash provided by operating activities | 76,797 | 48,129 | 14,668 | ||||||||||||||
Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments | 5,247 | 3,176 | 999 | ||||||||||||||
Cash flow from operations and asset sales (Non-GAAP) | 82,044 | 51,305 | 15,667 |
(Non-GAAP)
Capital Employed (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Business uses: asset and liability perspective | |||||||||||||||||
Total assets | 369,067 | 338,923 | 332,750 | ||||||||||||||
Less liabilities and noncontrolling interests share of assets and liabilities | |||||||||||||||||
Total current liabilities excluding notes and loans payable | (68,411) | (52,367) | (35,905) | ||||||||||||||
Total long-term liabilities excluding long-term debt | (56,990) | (63,169) | (65,075) | ||||||||||||||
Noncontrolling interests share of assets and liabilities | (9,205) | (8,746) | (8,773) | ||||||||||||||
Add ExxonMobil share of debt-financed equity company net assets | 3,705 | 4,001 | 4,140 | ||||||||||||||
Total capital employed (Non-GAAP) | 238,166 | 218,642 | 227,137 | ||||||||||||||
Total corporate sources: debt and equity perspective | |||||||||||||||||
Notes and loans payable | 634 | 4,276 | 20,458 | ||||||||||||||
Long-term debt | 40,559 | 43,428 | 47,182 | ||||||||||||||
ExxonMobil share of equity | 195,049 | 168,577 | 157,150 | ||||||||||||||
Less noncontrolling interests share of total debt | (1,781) | (1,640) | (1,793) | ||||||||||||||
Add ExxonMobil share of equity company debt | 3,705 | 4,001 | 4,140 | ||||||||||||||
Total capital employed (Non-GAAP) | 238,166 | 218,642 | 227,137 |
Capital employed |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
Business uses: asset and liability perspective |
|
|
|
|
|
| |
Total assets |
| 362,597 |
| 346,196 |
| 348,691 | |
Less liabilities and noncontrolling interests share of assets and liabilities |
|
|
|
|
|
| |
| Total current liabilities excluding notes and loans payable |
| (43,411) |
| (39,880) |
| (39,841) |
| Total long-term liabilities excluding long-term debt |
| (73,328) |
| (69,992) |
| (72,014) |
| Noncontrolling interests share of assets and liabilities |
| (8,839) | �� | (7,958) |
| (8,298) |
Add ExxonMobil share of debt-financed equity company net assets |
| 3,906 |
| 3,914 |
| 3,929 | |
| Total capital employed |
| 240,925 |
| 232,280 |
| 232,467 |
|
|
|
|
|
|
|
|
Total corporate sources: debt and equity perspective |
|
|
|
|
|
| |
Notes and loans payable |
| 20,578 |
| 17,258 |
| 17,930 | |
Long-term debt |
| 26,342 |
| 20,538 |
| 24,406 | |
ExxonMobil share of equity |
| 191,650 |
| 191,794 |
| 187,688 | |
Less noncontrolling interests share of total debt |
| (1,551) |
| (1,224) |
| (1,486) | |
Add ExxonMobil share of equity company debt |
| 3,906 |
| 3,914 |
| 3,929 | |
| Total capital employed |
| 240,925 |
| 232,280 |
| 232,467 |
38
Return on Average Capital Employed
(Non-GAAP)
Return on Average Capital Employed (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Net income (loss) attributable to ExxonMobil | 55,740 | 23,040 | (22,440) | ||||||||||||||
Financing costs (after-tax) | |||||||||||||||||
Gross third-party debt | (1,213) | (1,196) | (1,272) | ||||||||||||||
ExxonMobil share of equity companies | (198) | (170) | (182) | ||||||||||||||
All other financing costs – net | 276 | 11 | 666 | ||||||||||||||
Total financing costs | (1,135) | (1,355) | (788) | ||||||||||||||
Earnings (loss) excluding financing costs (Non-GAAP) | 56,875 | 24,395 | (21,652) | ||||||||||||||
Average capital employed | 228,404 | 222,890 | 234,031 | ||||||||||||||
Return on average capital employed – corporate total (Non-GAAP) | 24.9% | 10.9% | (9.3)% |
Return on average capital employed |
| 2019 |
| 2018 |
| 2017 | |||
|
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
|
Net income attributable to ExxonMobil |
| 14,340 |
| 20,840 |
| 19,710 | |||
Financing costs (after tax) |
|
|
|
|
|
| |||
| Gross third-party debt |
| (1,075) |
| (912) |
| (709) | ||
| ExxonMobil share of equity companies |
| (207) |
| (192) |
| (204) | ||
| All other financing costs – net |
| 141 |
| 498 |
| 515 | ||
|
| Total financing costs |
| (1,141) |
| (606) |
| (398) | |
|
|
| Earnings excluding financing costs |
| 15,481 |
| 21,446 |
| 20,108 |
|
|
|
|
|
|
|
|
|
|
Average capital employed |
| 236,603 |
| 232,374 |
| 222,631 | |||
|
|
|
|
|
|
|
|
|
|
Return on average capital employed – corporate total |
| 6.5% |
| 9.2% |
| 9.0% |
39
QUARTERLY INFORMATION
|
| 2019 |
| 2018 | ||||||||
|
| First | Second | Third | Fourth |
|
| First | Second | Third | Fourth |
|
|
| Quarter | Quarter | Quarter | Quarter | Year |
| Quarter | Quarter | Quarter | Quarter | Year |
Volumes |
|
|
|
|
|
|
|
|
|
|
| |
Production of crude oil, | (thousands of barrels daily) | |||||||||||
| natural gas liquids, | 2,327 | 2,389 | 2,392 | 2,436 | 2,386 |
| 2,216 | 2,212 | 2,286 | 2,348 | 2,266 |
| synthetic oil and bitumen |
|
|
|
|
|
|
|
|
|
|
|
Refinery throughput | 3,886 | 3,930 | 4,052 | 4,053 | 3,981 |
| 4,293 | 4,105 | 4,392 | 4,298 | 4,272 | |
Petroleum product sales (1) | 5,415 | 5,408 | 5,504 | 5,482 | 5,452 |
| 5,432 | 5,502 | 5,616 | 5,495 | 5,512 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas production | (millions of cubic feet daily) | |||||||||||
| available for sale | 9,924 | 9,120 | 9,045 | 9,495 | 9,394 |
| 10,038 | 8,613 | 9,001 | 9,974 | 9,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) | |||||||||||
Oil-equivalent production (2) | 3,981 | 3,909 | 3,899 | 4,018 | 3,952 |
| 3,889 | 3,647 | 3,786 | 4,010 | 3,833 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of metric tons) | |||||||||||
Chemical prime product sales (1) | 6,772 | 6,699 | 6,476 | 6,569 | 26,516 |
| 6,668 | 6,852 | 6,677 | 6,672 | 26,869 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Summarized financial data |
|
|
|
|
|
|
|
|
|
|
| |
Sales and other operating | (millions of dollars) | |||||||||||
| revenue | 61,646 | 67,491 | 63,422 | 63,024 | 255,583 |
| 65,436 | 71,456 | 74,187 | 68,253 | 279,332 |
Gross profit (3) | 13,304 | 14,396 | 14,411 | 13,847 | 55,958 |
| 16,187 | 16,622 | 18,656 | 16,268 | 67,733 | |
Net income attributable to |
|
|
|
|
|
|
|
|
|
|
| |
| ExxonMobil (4) | 2,350 | 3,130 | 3,170 | 5,690 | 14,340 |
| 4,650 | 3,950 | 6,240 | 6,000 | 20,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data | (dollars per share) | |||||||||||
Earnings per common share (5) | 0.55 | 0.73 | 0.75 | 1.33 | 3.36 |
| 1.09 | 0.92 | 1.46 | 1.41 | 4.88 | |
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
| |
| – assuming dilution (5) | 0.55 | 0.73 | 0.75 | 1.33 | 3.36 |
| 1.09 | 0.92 | 1.46 | 1.41 | 4.88 |
(1)Petroleum product and chemical prime product sales data reported netStructural Cost Savings
(2)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
(3)Gross profit equals salesoperational efficiencies, workforce reductions, and other operating revenue lesscost saving measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative annual structural cost savings totaled $7 billion. The total change between periods in expenses below will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with products sold.new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand the Corporation’s efforts to optimize spending through disciplined expense management.
Calculation of Structural Cost Savings (billions of dollars) | 2019 | 2022 | |||||||||||||||
Components of operating costs | |||||||||||||||||
From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP) | |||||||||||||||||
Production and manufacturing expenses | 36.8 | 42.6 | |||||||||||||||
Selling, general and administrative expenses | 11.4 | 10.1 | |||||||||||||||
Depreciation and depletion (includes impairments) | 19.0 | 24.0 | |||||||||||||||
Exploration expenses, including dry holes | 1.3 | 1.0 | |||||||||||||||
Non-service pension and postretirement benefit expense | 1.2 | 0.5 | |||||||||||||||
Subtotal | 69.7 | 78.2 | |||||||||||||||
ExxonMobil’s share of equity company expenses | 9.1 | 13.0 | |||||||||||||||
Total operating costs (Non-GAAP) | 78.8 | 91.2 | |||||||||||||||
Less: | |||||||||||||||||
Depreciation and depletion (includes impairments) | 19.0 | 24.0 | |||||||||||||||
Non-service pension and postretirement benefit expense | 1.2 | 0.5 | |||||||||||||||
Other adjustments (includes equity company depreciation and depletion) | 3.6 | 3.5 | |||||||||||||||
Total cash operating expenses (cash opex) (Non-GAAP) | 55.0 | 63.2 | |||||||||||||||
Energy and production taxes | 11.0 | 23.8 | |||||||||||||||
Market | Activity / Other | Structural Savings | |||||||||||||||
Total cash operating expenses (cash opex) excluding energy and production taxes (Non-GAAP) | 44.0 | +3 | -1 | -7 | 39.4 |
(5)Computed using the average number of shares outstanding during each period. The sumitem impacts several segments or several periods. Management uses these figures to improve comparability of the four quartersunderlying 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 (loss) 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.
Upstream | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 11,728 | 24,751 | 36,479 | 3,663 | 12,112 | 15,775 | (19,385) | (645) | (20,030) | |||||||||||||||||||||||||||||
Impairments | — | (3,790) | (3,790) | (263) | (489) | (752) | (17,092) | (2,244) | (19,336) | |||||||||||||||||||||||||||||
Gain/(loss) on sale of assets | 299 | 587 | 886 | — | 459 | 459 | — | — | — | |||||||||||||||||||||||||||||
Inventory valuation - lower of cost or market | — | — | — | — | — | — | — | (61) | (61) | |||||||||||||||||||||||||||||
Tax-related items | — | (1,415) | (1,415) | — | — | — | — | (297) | (297) | |||||||||||||||||||||||||||||
Contractual provisions | — | — | — | — | (250) | (250) | — | — | — | |||||||||||||||||||||||||||||
Other | — | 1,380 | 1,380 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Identified Items | 299 | (3,238) | (2,939) | (263) | (280) | (543) | (17,092) | (2,602) | (19,694) | |||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 11,429 | 27,989 | 39,418 | 3,926 | 12,392 | 16,318 | (2,293) | 1,957 | (336) |
Energy Products | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 8,340 | 6,626 | 14,966 | 668 | (1,014) | (347) | (1,342) | (1,230) | (2,572) | |||||||||||||||||||||||||||||
Impairments | (58) | (216) | (274) | — | — | — | (4) | (374) | (378) | |||||||||||||||||||||||||||||
Tax-related items | — | (410) | (410) | — | — | — | — | (262) | (262) | |||||||||||||||||||||||||||||
Identified Items | (58) | (626) | (684) | — | — | — | (4) | (636) | (640) | |||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 8,398 | 7,252 | 15,650 | 668 | (1,014) | (347) | (1,338) | (594) | (1,932) |
Chemical Products | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 2,328 | 1,215 | 3,543 | 3,697 | 3,292 | 6,989 | 1,196 | 1,061 | 2,257 | |||||||||||||||||||||||||||||
Impairments | — | — | — | — | — | — | (90) | (2) | (92) | |||||||||||||||||||||||||||||
Tax-related items | — | — | — | — | — | — | — | (13) | (13) | |||||||||||||||||||||||||||||
Identified Items | — | — | — | — | — | — | (90) | (15) | (105) | |||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 2,328 | 1,215 | 3,543 | 3,697 | 3,292 | 6,989 | 1,286 | 1,076 | 2,362 |
Specialty Products | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||||
Earnings (loss) (U.S. GAAP) | 1,190 | 1,225 | 2,415 | 1,452 | 1,807 | 3,259 | 571 | 630 | 1,201 | |||||||||||||||||||||||||||||
Impairments | — | (40) | (40) | — | — | — | — | (219) | (219) | |||||||||||||||||||||||||||||
Gain/(loss) on sale of assets | — | — | — | 498 | 136 | 634 | — | — | — | |||||||||||||||||||||||||||||
Tax-related items | — | — | — | — | — | — | — | (9) | (9) | |||||||||||||||||||||||||||||
Identified Items | — | (40) | (40) | 498 | 136 | 634 | — | (228) | (228) | |||||||||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 1,190 | 1,265 | 2,455 | 954 | 1,672 | 2,625 | 571 | 858 | 1,429 |
Corporate and Financing (millions of dollars) | 2022 | 2021 | 2020 | |||||||||||||||||
Earnings (loss) (U.S. GAAP) | (1,663) | (2,636) | (3,296) | |||||||||||||||||
Impairments | (98) | — | (35) | |||||||||||||||||
Gain/(loss) on sale of assets | — | (12) | — | |||||||||||||||||
Tax-related items | 324 | — | — | |||||||||||||||||
Severance charges | — | (52) | (326) | |||||||||||||||||
Other | 76 | — | — | |||||||||||||||||
Identified Items | 302 | (64) | (361) | |||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | (1,965) | (2,572) | (2,935) |
Corporate Total (millions of dollars) | 2022 | 2021 | 2020 | |||||||||||||||||
Net income (loss) attributable to ExxonMobil (U.S. GAAP) | 55,740 | 23,040 | (22,440) | |||||||||||||||||
Impairments | (4,202) | (752) | (20,060) | |||||||||||||||||
Gain/(loss) on sale of assets | 886 | 1,081 | — | |||||||||||||||||
Inventory valuation - lower of cost or market | — | — | (61) | |||||||||||||||||
Tax-related items | (1,501) | — | (581) | |||||||||||||||||
Severance charges | — | (52) | (326) | |||||||||||||||||
Contractual provisions | — | (250) | — | |||||||||||||||||
Other | 1,456 | — | — | |||||||||||||||||
Identified Items | (3,361) | 27 | (21,028) | |||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 59,101 | 23,013 | (1,412) |
The principal market where ExxonMobil common stock (XOM) is traded is the New York Stock Exchange, although the stock is traded on other exchanges in and outside the United States.
There were 354,828 registered shareholders of ExxonMobil common stock at December 31, 2019. At January 31, 2020, the registered shareholders of ExxonMobil common stock numbered 352,585.
On January 29, 2020, the Corporation declared an $0.87 dividend per common share, payable March 10, 2020.
40
FUNCTIONAL EARNINGS |
| 2019 |
| 2018 |
| 2017 | ||
|
|
|
| (millions of dollars, except per share amounts) | ||||
Earnings (U.S. GAAP) |
|
|
|
|
|
| ||
Upstream |
|
|
|
|
|
| ||
| United States |
| 536 |
| 1,739 |
| 6,622 | |
| Non-U.S. |
| 13,906 |
| 12,340 |
| 6,733 | |
Downstream |
|
|
|
|
|
| ||
| United States |
| 1,717 |
| 2,962 |
| 1,948 | |
| Non-U.S. |
| 606 |
| 3,048 |
| 3,649 | |
Chemical |
|
|
|
|
|
| ||
| United States |
| 206 |
| 1,642 |
| 2,190 | |
| Non-U.S. |
| 386 |
| 1,709 |
| 2,328 | |
Corporate and financing |
| (3,017) |
| (2,600) |
| (3,760) | ||
|
| Net income attributable to ExxonMobil (U.S. GAAP) |
| 14,340 |
| 20,840 |
| 19,710 |
|
|
|
|
|
|
|
|
|
Earnings per common share |
| 3.36 |
| 4.88 |
| 4.63 | ||
Earnings per common share – assuming dilution |
| 3.36 |
| 4.88 |
| 4.63 |
References in this discussion to total 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.
FORWARD-LOOKING STATEMENTS
products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and lower-emission fuels. ExxonMobil's operating segments are Upstream, Energy Products, Chemical Products, and Specialty Products. Where applicable, ExxonMobil voluntarily discloses additional U.S., Non-U.S., and regional splits to help investors better understand the company's operations.
BUSINESS ENVIRONMENT AND RISK ASSESSMENT
Long-Term Business
The Long-Term Business Outlook is based on the Corporation’s 2019 Outlook for Energy, which is used to help inform our long term business strategies and investment plans. By 2040, the world’s population is projected at around 9.2 billion people, or about 1.6 billion more than in 2017. Coincident with this population increase, the Corporation expects worldwide economic growth to average close to 3 percent per year, with economic output nearly doubling by 2040. As economies and populations grow, and as living standards improve for billions of people, the need for energy is expected to continue to rise. Even with significant efficiency gains, global energy demand is projected to rise by about 20 percent from 2017 to 2040. This increase in energy demand is expected to be driven by developing countries (i.e., those that are not member nations of the Organisation for Economic Co-operation and Development (OECD)).
As expanding prosperity helps drive global energy demand higher, increasing use of energy efficient technologies and practices as well as lower-emission products will continue to help significantly reduce energy consumption and emissions per unit of economic output over time. Substantial efficiency gains are likely in all key aspects of the world’s economy through 2040, affecting energy requirements for power generation, transportation, industrial applications, and residential and commercial needs.
Global electricity demand is expected to increase approximately 60over 75 percent from 20172021 to 2040,2050, with developing countries likely to account for about 8580 percent of the increase. Consistent with this projection, power generation is expected to remain the largest and fastest growing major segment of global primary energy demand, supported by a wide variety of energy sources. The share of coal firedcoal-fired generation is likelyexpected to decline substantially and approach 2515 percent of the world’s electricity in 2040,2050, versus nearly 4035 percent in 2017,2021, in part as a result ofdue to policies to improve air quality as well as reduce greenhouse gas emissions to address the risks related to climate change. From 20172021 to 2040,2050, the amount of electricity supplied using natural gas, nuclear power, and renewables is likelyexpected to grow by two thirds,more than double, accounting for the entire growth in electricity supplies and offsetting the reduction of coal. Electricity from wind and solar is likelyexpected to increase about 400more than 550 percent, helping total renewables (including other sources, e.g., hydropower) to account for about 75over 80 percent of the increase in electricity supplies worldwide through 2040.2050. Total renewables will likelyare expected to reach nearly 40about 50 percent of global electricity supplies by 2040.2050. Natural gas and nuclear are also expected to increase shares over the period to 2040, reaching almost 30be about 25 percent and about 1510 percent, respectively, of global electricity supplies respectively by 2040.2050. Supplies of electricity by energy type will reflect significant differences across regions reflecting a wide range of factors including the cost and availability of various energy supplies and policy developments.
Energy
42
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Oil and natural gas projected to play a critical role in the global energy mix
Primary energy - Quadrillion Btu | Percent of primary energy |
Source: ExxonMobil 2022 Outlook for Energy | Source: ExxonMobil 2022 Outlook for Energy | ||||||||||
The
Excludes biofuels; IEA STEPS and IEA NZE Source: IEA WEO 2021; Outlook Source: ExxonMobil 2022 Outlook for Energy; Average IPCC Lower 2°C Source: IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3: 311 “Likely below 2°C” scenarios used |
IEA STEPS and IEA NZE Source: IEA WEO 2021; Outlook Source: ExxonMobil 2022 Outlook for Energy; Average IPCC Lower 2°C Source: IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3: 311 “Likely below 2°C” scenarios used |
Net Zero Emissions by 2050 scenario.
Practical solutions The Corporation continues to monitor the updates to the world’s energy and climate challenges will benefit from market competitionNDCs that nations provided around COP 27 in addition to well-informed, well-designed, and transparent policy approaches that carefully weigh costs and benefits. Such policies are likely to help manage the risks of climate change while also enabling societies to pursue other high priority goals around the world – including clean air and water, access to reliable, affordable energy, and economic progress for all people. All practical and economically-viable energy sources, both conventional and unconventional, will need to be pursued to continue meeting global energy demand, recognizing the scale and variety of worldwide energy needsEgypt in November 2022 as well as the importanceother policy developments in light of expanding access to modern energy to promote better standards of living for billions of people.
net-zero ambitions formulated by some nations.
Corporate-wide greenhouse gas emissions by approximately 20 percent;
Refer to Frequently Used Terms for definition of structural cost savings.
Upstream | ||||||||||||||
43
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Upstream capital program continues to prioritize low cost-of-supply opportunities. ExxonMobil has a strong pipeline of development projects including continued growth in Guyana, Brazil, the Permian Basin, as well as LNG expansion opportunities in Qatar, Mozambique, Papua New Guinea, and the United States.
The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; performance of enhanced oil recovery projects; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment; international trade patterns and relations; and other factors described in Item 1A. Risk Factors.
The markets for crude oil and natural gas have a history of significant price volatility.
In 2019, the Upstream businessoffloading vessel started production in February 2022, and our combined Liza Phase 1 and 2 developments produced 4.0 millionabove previous expectations, averaging more than 360 thousand oil-equivalent barrels per day. The Corporation continued to have exploration success in Guyana and Cyprus, and also made strategic acreage acquisitions in Argentina, Brazil, Greece, Egypt, and Namibia. In the more mature conventional operations, our primary goal is to maximize cash flow generation through ExxonMobil’s world-class workforce and best practices in reliability and project execution. As a result, assets in Russia, Indonesia, Kazakhstan, and the United Arab Emirates all recorded their highest daily production rates to-date.
Downstream
ExxonMobil’s Downstream is a large, diversified business with global logistics, trading, refining, and marketing. The Corporation has a presence with established marketsday in the Americasfourth quarter. On Payara, the third project, development drilling continued and Europe, as well asanticipated start-up timing has been accelerated to year-end 2023. Yellowtail is the fourth and largest world-class development project and is expected to achieve first oil in 2025.
ExxonMobil’s operating results, as noted in Item 2. Properties, reflect 21 refineries, located in 14 countries, with distillation capacity of 4.7 million Production volumes averaged about 550 thousand oil-equivalent barrels per day (koebd) in 2022, approximately 90 koebd higher than the previous year. The Corporation was successful in increasing drilling performance and lubricant basestock manufacturing capacity of 129 thousand barrels per day. ExxonMobil’s fuelscontinuing to improve capital efficiency. ExxonMobil previously announced plans to achieve net-zero greenhouse gas emissions (Scope 1 and lubes value chains have significant global reach, with multiple channels to market serving a diverse customer base. Our portfolio of world-renowned brands includes Exxon, Mobil, Esso, Synergy, and Mobil 1.
Demand for products grew 1 million barrels per day or about 1 percent in 2019, but was outpaced by global refining capacity, which expanded by about 1.8 million barrels per day, resulting in weaker refining margins. Canadian crude differentials narrowed in 2019 as Alberta imposed limits on crude production, which resulted in lower refinery margins in Canada and the Midwest region of the U.S. New pipeline capacity2) from our operated unconventional operations in the Permian reducedBasin by 2030. Towards this objective, we advanced several emissions-reduction initiatives in 2022 including elimination of all routine flaring(1), progress with pneumatic device replacement, electrification of equipment and enhancements to methane emissions detection technology.
Refining margins are largely driven by differences in commodity prices and are a function of the difference between what a refinery pays for its raw materials (primarily crude oil)Papua New Guinea expansion, and the market pricesGolden Pass LNG project remains on schedule for 2024 start-up in the rangeU.S. Gulf Coast.
ExxonMobil’s long term outlook is that industry refining margins will remain volatile subject to the pace of new capacity growth relative to global demand growth. ExxonMobil’s integration including logistics, trading, refining, and marketing enhances our ability to generate returns across the value chain in both fuels and lubricants businesses.
As described in more detail in Item 1A. Risk Factors, proposed carbon policy and other climate related regulations in many countries, as well as the continued growth in biofuels mandates, could have negative impacts on the Downstream business.
44
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Earnings (loss) (U.S. GAAP) | |||||||||||||||||
United States | 11,728 | 3,663 | (19,385) | ||||||||||||||
Non-U.S. | 24,751 | 12,112 | (645) | ||||||||||||||
Total | 36,479 | 15,775 | (20,030) | ||||||||||||||
Identified Items (1) | |||||||||||||||||
United States | 299 | (263) | (17,092) | ||||||||||||||
Non-U.S. | (3,238) | (280) | (2,602) | ||||||||||||||
Total | (2,939) | (543) | (19,694) | ||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | |||||||||||||||||
United States | 11,429 | 3,926 | (2,293) | ||||||||||||||
Non-U.S. | 27,989 | 12,392 | 1,957 | ||||||||||||||
Total | 39,418 | 16,318 | (336) | ||||||||||||||
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items. | |||||||||||||||||
2022 Upstream Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Volume/Mix – Volume and mix effects decreased earnings by $110 million. The Downstream portfolio is continually evaluated during all partsearnings benefit from volume growth in Guyana and the Permian was offset by the volume loss from divestments, the Russia expropriation, and other impacts including weather-related downtime.
ExxonMobil continues to grow its product sales in new markets near major production assets with continued progress on the Mexico and Indonesia market entries. The lubricants business continues to grow, leveraging world class brands and integration with industry leading basestock refining capability. Through the Mobil branded properties, such as Mobil 1, Mobil is the worldwide leader among synthetic motor oils.
Chemical
ExxonMobil is a major manufacturer and marketer of petrochemicals and a wide variety of specialty products. ExxonMobil sustains its competitive advantage through continued operational excellence, investment and cost discipline, a balanced portfolio of products, and integration with downstream and upstream operations, all underpinned by proprietary technology.
Demand for chemical products continued to grow in 2019. Polyolefin and aromatics product margins were however further impacted by capacity additions outpacing global demand growth.
Over the long term, demand for chemical products is forecast to outpace growth in global GDP and energy demand for the next two decades. ExxonMobil estimates that global demand for chemicals will rise by approximately 45 percent by 2030, driven by continued global growth of the middle class. ExxonMobil’s integration with refining, together with unparalleled project execution capacity, enhances our ability to generate industry-leading returns across a range of market environments.
These competitive advantages enable us to continue to invest in projects that are robust to the chemical market cycles. In 2019, we started up the expansion of the polyethylene plant in Beaumont, Texas ahead of schedule, capitalizing on advantaged feedstock and energy supplies in North America. This capacity, together with the world-scale Baytown polyethylene lines started up in 2017, help to meet the rapidly growing global demand for performance polymers. We also made full funding decisions for a suite of Chemical projects. A 450-thousand-tonnes-per-year performance polypropylene line will add to our existing polypropylene capacity in Baton Rouge. The Baytown Chemical Expansion Project broke ground in 2019, and includes a 400-thousand-tonnes-per-year Vistamaxx performance polymer unit and a 350-thousand-tonnes-per-year linear alpha olefins unit, further expanding ExxonMobil’s product portfolio. Construction also began in San Patricio County, Texas on our joint venture ethane cracker and associated derivative units. In addition, we continued to progress plans for a world-scale steam cracker and performance derivative units in Guangdong Province, China.
45
2021 Upstream Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
REVIEW OF 2019 AND 2018 RESULTS |
|
|
| |||
|
| 2019 |
| 2018 |
| 2017 |
|
| (millions of dollars) | ||||
Earnings (U.S. GAAP) |
|
|
|
|
|
|
Net income attributable to ExxonMobil (U.S. GAAP) |
| 14,340 |
| 20,840 |
| 19,710 |
Upstream |
|
|
|
|
|
| ||
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
Upstream |
|
|
|
|
|
| ||
| United States |
| 536 |
| 1,739 |
| 6,622 | |
| Non-U.S. |
| 13,906 |
| 12,340 |
| 6,733 | |
|
| Total |
| 14,442 |
| 14,079 |
| 13,355 |
2019
Upstream earnings were $14,442 million, up $363 million from 2018.
Lower realizations reduced earnings by $2.7 billion.
Favorable volume and mix effects increased earnings by $860 million.
All other items increased earnings by $2.2 billion, as a $3.7 billion gain from the Norway non-operated divestment was partly offset by higher expenses of $1.1 billion.
U.S. Upstream earnings were $536 million and included asset impairments of $146 million.
Non-U.S. Upstream earnings were $13,906 million, including the $3.7 billion gain from the Norway non-operated divestment.
On an oil-equivalent basis, production of 4.0 million barrels per day was up 3 percent compared to 2018.
Liquids production of 2.4 million barrels per day increased 120,000 barrels per day reflecting growth and higher entitlements.
Natural gas production of 9.4 billion cubic feet per day decreased 11 million cubic feet per day from 2018, with the impact from divestments and higher downtime offset by growth and higher entitlements.
2018
Upstream earnings were $14,079 million, up $724 million from 2017.
– Higher realizations increased earnings by $7 billion.$14,960 million.
Non-U.S. Upstream earnings were $12,340 million, including a favorable impact of $271 million from U.S. tax reform.
On an oil-equivalent basis, production of 3.8 million barrels per day was down 4 percent compared to 2017.
Liquids production of 2.3 million barrels per day decreased 17,000 barrels per day as growth in North America was more than offset by decline, lower entitlements, and divestments.
Natural gas production of 9.4 billion cubic feet per day decreased 806 million cubic feet per day from 2017 due to decline, lower entitlements, divestments, and higher downtime.
46
2022 | 2021 | 2020 | |||||||||||||||||||||||||||
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily) | |||||||||||||||||||||||||||||
United States | 776 | 721 | 685 | ||||||||||||||||||||||||||
Canada/Other Americas | 588 | 560 | 536 | ||||||||||||||||||||||||||
Europe | 4 | 22 | 30 | ||||||||||||||||||||||||||
Africa | 238 | 248 | 312 | ||||||||||||||||||||||||||
Asia | 705 | 695 | 742 | ||||||||||||||||||||||||||
Australia/Oceania | 43 | 43 | 44 | ||||||||||||||||||||||||||
Worldwide | 2,354 | 2,289 | 2,349 | ||||||||||||||||||||||||||
Net natural gas production available for sale (millions of cubic feet daily) | |||||||||||||||||||||||||||||
United States | 2,551 | 2,746 | 2,691 | ||||||||||||||||||||||||||
Canada/Other Americas | 148 | 195 | 277 | ||||||||||||||||||||||||||
Europe | 667 | 808 | 789 | ||||||||||||||||||||||||||
Africa | 71 | 43 | 9 | ||||||||||||||||||||||||||
Asia | 3,418 | 3,465 | 3,486 | ||||||||||||||||||||||||||
Australia/Oceania | 1,440 | 1,280 | 1,219 | ||||||||||||||||||||||||||
Worldwide | 8,295 | 8,537 | 8,471 | ||||||||||||||||||||||||||
Oil-equivalent production (2) (thousands of oil-equivalent barrels daily) | 3,737 | 3,712 | 3,761 | ||||||||||||||||||||||||||
(2) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
Upstream Additional Information | Upstream Additional Information |
|
|
|
|
| Upstream Additional Information | |||||||||||
|
|
|
|
| 2019 |
| 2018 | |||||||||||
|
|
| (thousands of barrels daily) | |||||||||||||||
(thousands of barrels daily) | (thousands of barrels daily) | 2022 | 2021 | |||||||||||||||
Volumes Reconciliation (Oil-equivalent production) (1) | Volumes Reconciliation (Oil-equivalent production) (1) |
|
|
|
| Volumes Reconciliation (Oil-equivalent production) (1) | ||||||||||||
Prior Year | Prior Year |
|
| 3,833 |
| 3,985 | Prior Year | 3,712 | 3,761 | |||||||||
| Entitlements - Net Interest |
|
| (1) |
| (3) | ||||||||||||
| Entitlements - Price / Spend / Other |
|
| 34 |
| (68) | ||||||||||||
| Quotas |
|
| - |
| - | ||||||||||||
| Divestments |
|
| (27) |
| (58) | ||||||||||||
| Growth / Other |
|
| 113 |
| (23) | ||||||||||||
Entitlements - Net Interest | Entitlements - Net Interest | (44) | (1) | |||||||||||||||
Entitlements - Price / Spend / Other | Entitlements - Price / Spend / Other | (34) | (97) | |||||||||||||||
Government Mandates | Government Mandates | 80 | 8 | |||||||||||||||
Divestments | Divestments | (71) | (24) | |||||||||||||||
Growth / Other | Growth / Other | 94 | 65 | |||||||||||||||
Current Year | Current Year |
|
| 3,952 |
| 3,833 | Current Year | 3,737 | 3,712 | |||||||||
|
|
|
|
|
|
| ||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | (1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | (1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
2022 versus 2021 | 2022 production of 3.7 million oil-equivalent barrels per day increased 25 thousand barrels per day from 2021. Growth in the Permian and Guyana, and easing government-mandated curtailments more than offset the impacts from divestments, the Russia expropriation, and lower entitlements due to higher prices. | ||||
2021 versus 2020 | 2021 production of 3.7 million oil-equivalent barrels per day decreased 49 thousand barrels per day from 2020, as higher demand and growth were more than offset by lower entitlements due to higher prices, decline, and divestments. |
QuotasGovernment Mandates are changes in ExxonMobil’s allowableto ExxonMobil's sustainable production arising fromlevels as a result of temporary non-operational production constraintslimits or sanctions imposed by countries which are membersgovernments, generally upon a country, sector, type or method of the Organization of the Petroleum Exporting Countries (OPEC). Volumes reported in this category would have been readily producible in the absence of the quota.production.
47
Downstream |
|
| ||||||
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
Downstream |
|
|
|
|
|
| ||
| United States |
| 1,717 |
| 2,962 |
| 1,948 | |
| Non-U.S. |
| 606 |
| 3,048 |
| 3,649 | |
|
| Total |
| 2,323 |
| 6,010 |
| 5,597 |
2019
DownstreamEnergy Products
Margins decreasedthe difference between what a refinery pays for its raw materials and the market prices for the products produced. Crude oil and many products are widely traded with published prices, including those quoted on multiple exchanges around the world (e.g. New York Mercantile Exchange and Intercontinental Exchange). Prices for these commodities are determined by the global marketplace and are influenced by many factors, including global and regional supply/demand balances, inventory levels, industry refinery operations, import/export balances, currency fluctuations, seasonal demand, weather, and political considerations. While industry refining margins significantly impact Energy Products earnings, by $3 billion includingstrong operations performance, product mix optimization, and disciplined cost control are also critical to strong financial performance.
Volumethe 10-year historical range (2010–2019). Demand for gasoline and mix effects lowered earnings by $50 million as project contributionsdiesel recovered to pre-pandemic levels, while jet fuel demand remained below historical levels reflecting continued COVID-19 impacts. Refinery shutdowns and portfolio improvement were more than offset by increased downtime/maintenance and unfavorable yield/sales mix.
All other items decreased earnings by $660 million, mainlylack of investments driven by the absence of prior year divestment gainspandemic reduced industry capacity and higher expenses reflecting increased maintenance and project startups, partly offset by favorable foreign exchange impacts and LIFO inventory gains.
U.S. Downstream earnings were $1,717 million, comparedresulted in a tight market.
Non-U.S. Downstream earnings were $606 million, compared to $3,048 million in the prior year.
Petroleum product salesnear term as a result of 5.5 millionsignificant global factors including China demand recovery and export quotas, recession fears, impacts from price caps and sanctions, low inventory levels, and new refining capacity additions.
2018
Downstream earningsIn October 2022, ExxonMobil and its affiliates reached an agreement with Par Pacific Holdings for the sale of $6,010 million increased $413 million from 2017.the Billings Refinery and select midstream assets in Montana and Washington.
Volume and mix effects increased earnings by $650 million due to improved yield/sales mix.
All other items decreased earnings by $900 million, mainly driven by the absence of favorable U.S. tax reform impacts of $618 million, unfavorable foreign exchange impacts, and higher downtime/maintenance, partly offset by higher divestment gains and favorable tax impacts.
U.S. Downstream earnings were $2,962 million, compared to $1,948 millionsell its interest in the prior yearTrecate Refinery joint venture, select midstream assets, and the fuels marketing business.
Petroleum product sales of 5.5 million barrels per day were 18,000 barrels per day lower than 2017.
48
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Earnings (loss) (U.S. GAAP) | |||||||||||||||||
United States | 8,340 | 668 | (1,342) | ||||||||||||||
Non-U.S. | 6,626 | (1,014) | (1,230) | ||||||||||||||
Total | 14,966 | (347) | (2,572) | ||||||||||||||
Identified Items (1) | |||||||||||||||||
United States | (58) | — | (4) | ||||||||||||||
Non-U.S. | (626) | — | (636) | ||||||||||||||
Total | (684) | — | (640) | ||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | |||||||||||||||||
United States | 8,398 | 668 | (1,338) | ||||||||||||||
Non-U.S. | 7,252 | (1,014) | (594) | ||||||||||||||
Total | 15,650 | (347) | (1,932) | ||||||||||||||
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items. | |||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. | |||||||||||||||||
2022 Energy Products Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
Chemical |
|
| ||||||
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
Chemical |
|
|
|
|
|
| ||
| United States |
| 206 |
| 1,642 |
| 2,190 | |
| Non-U.S. |
| 386 |
| 1,709 |
| 2,328 | |
|
| Total |
| 592 |
| 3,351 |
| 4,518 |
2019
Chemical earnings of $592 million decreased $2,759 million from 2018.
Weaker margins decreased– Increased earnings by $1.8 billion.
Volume$14,360 million as industry refining conditions significantly improved from increased demand and mix effects were essentially flat,low inventories, as lower sales volumes were offset by new asset contributions.well as stronger trading and marketing margins.
All other items decreased
U.S. Chemical earnings were $206 million in 2019, compared with $1,642 million in the prior year.
Non-U.S. Chemical earnings were $386 million, compared with $1,709 million in the prior year.
Prime product sales of 26.5 million metric tons were down 0.4 million metric tons from 2018.
2018
Chemical earnings of $3,351 million decreased $1,167 million from 2017.
Weaker margins decreasedthroughput.
Volume and mix effects increased earnings by $280$570 million primarily due to sales growth.
All other items decreased earnings by $540 million, primarily due to the absence of favorable impacts from U.S. tax reform of $335 million, higher downtime/maintenance, and growth-related expenses, partly offset by a favorable tax item and favorable foreign exchange impacts.and year-end inventory effects.
U.S. Chemical(1)– 2022 $(684) million loss was driven by additional European taxes on the energy sector and impairments.
Non-U.S. Chemical earnings were $1,709 million, compared with $2,328 million in the prior year.
Prime product sales of 26.9 million metric tons were up 1.4 million metric tons from 2017.
Corporate and Financing |
|
| ||||
|
| 2019 |
| 2018 |
| 2017 |
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
Corporate and financing |
| (3,017) |
| (2,600) |
| (3,760) |
2019
Corporate and financing expenses were $3,017 million in 2019 compared to $2,600 million in 2018, with the increase mainly due to unfavorable tax impacts and higher financing costs.
2018
Corporate and financing expenses were $2,600 million in 2018 compared to $3,760 million in 2017, with the decrease mainly due to the absence of prior year unfavorable impacts of $2.1 billion from U.S. tax reform, partly offset by higher pension and financing related costs, the lower U.S. tax rate, and lower net favorable tax items.
49
2021 Energy Products Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
– Increased earnings by $1,360 million as industry refining conditions improved.
LIQUIDITY AND CAPITAL RESOURCES |
|
|
| ||||
|
|
|
|
|
|
|
|
Sources and Uses of Cash |
|
| |||||
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
| (millions of dollars) | ||||
Net cash provided by/(used in) |
|
|
|
|
|
| |
| Operating activities |
| 29,716 |
| 36,014 |
| 30,066 |
| Investing activities |
| (23,084) |
| (16,446) |
| (15,730) |
| Financing activities |
| (6,618) |
| (19,446) |
| (15,130) |
Effect of exchange rate changes |
| 33 |
| (257) |
| 314 | |
Increase/(decrease) in cash and cash equivalents |
| 47 |
| (135) |
| (480) | |
|
|
|
|
|
|
|
|
|
|
| (December 31) | ||||
Total cash and cash equivalents |
| 3,089 |
| 3,042 |
| 3,177 | |
|
|
|
|
|
|
|
|
Volume/Mix – Decreased earnings by $90 million reflecting higher planned maintenance.
(thousands of barrels daily) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Refinery throughput | ||||||||||||||||||||||||||||||||
United States | 1,702 | 1,623 | 1,549 | |||||||||||||||||||||||||||||
Canada | 418 | 379 | 340 | |||||||||||||||||||||||||||||
Europe | 1,192 | 1,210 | 1,173 | |||||||||||||||||||||||||||||
Asia Pacific | 539 | 571 | 553 | |||||||||||||||||||||||||||||
Other | 179 | 162 | 158 | |||||||||||||||||||||||||||||
Worldwide | 4,030 | 3,945 | 3,773 | |||||||||||||||||||||||||||||
Energy Products sales (2) | ||||||||||||||||||||||||||||||||
United States | 2,426 | 2,267 | 2,159 | |||||||||||||||||||||||||||||
Non-U.S. | 2,921 | 2,863 | 2,704 | |||||||||||||||||||||||||||||
Worldwide | 5,347 | 5,130 | 4,863 | |||||||||||||||||||||||||||||
Gasoline, naphthas | 2,232 | 2,158 | 1,994 | |||||||||||||||||||||||||||||
Heating oils, kerosene, diesel | 1,774 | 1,749 | 1,751 | |||||||||||||||||||||||||||||
Aviation fuels | 338 | 220 | 213 | |||||||||||||||||||||||||||||
Heavy fuels | 235 | 269 | 249 | |||||||||||||||||||||||||||||
Other energy products | 768 | 734 | 656 | |||||||||||||||||||||||||||||
Worldwide | 5,347 | 5,130 | 4,863 | |||||||||||||||||||||||||||||
(2) Data reported net of purchases/sales contracts with the same counterparty. |
Chemical Products | ||||||||||||||
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Earnings (loss) (U.S. GAAP) | |||||||||||||||||
United States | 2,328 | 3,697 | 1,196 | ||||||||||||||
Non-U.S. | 1,215 | 3,292 | 1,061 | ||||||||||||||
Total | 3,543 | 6,989 | 2,257 | ||||||||||||||
Identified Items (1) | |||||||||||||||||
United States | — | — | (90) | ||||||||||||||
Non-U.S. | — | — | (15) | ||||||||||||||
Total | — | — | (105) | ||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | |||||||||||||||||
United States | 2,328 | 3,697 | 1,286 | ||||||||||||||
Non-U.S. | 1,215 | 3,292 | 1,076 | ||||||||||||||
Total | 3,543 | 6,989 | 2,362 | ||||||||||||||
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items. | |||||||||||||||||
2022 Chemical Products Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
2021 Chemical Products Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
(thousands of metric tons) | 2022 | 2021 | 2020 | |||||||||||||||||
Chemical prime product sales (2) | ||||||||||||||||||||
United States | 7,270 | 7,017 | 6,602 | |||||||||||||||||
Non-U.S. | 11,897 | 12,126 | 12,186 | |||||||||||||||||
Worldwide | 19,167 | 19,142 | 18,787 | |||||||||||||||||
(2) Data reported net of purchases/sales contracts with the same counterparty. | ||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
Specialty Products | ||||||||||||||
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Earnings (loss) (U.S. GAAP) | |||||||||||||||||
United States | 1,190 | 1,452 | 571 | ||||||||||||||
Non-U.S. | 1,225 | 1,807 | 630 | ||||||||||||||
Total | 2,415 | 3,259 | 1,201 | ||||||||||||||
Identified Items (1) | |||||||||||||||||
United States | — | 498 | — | ||||||||||||||
Non-U.S. | (40) | 136 | (228) | ||||||||||||||
Total | (40) | 634 | (228) | ||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | |||||||||||||||||
United States | 1,190 | 954 | 571 | ||||||||||||||
Non-U.S. | 1,265 | 1,672 | 858 | ||||||||||||||
Total | 2,455 | 2,625 | 1,429 | ||||||||||||||
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items. | |||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. | |||||||||||||||||
2022 Specialty Products Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
2021 Specialty Products Earnings Factor Analysis | ||||||||||||||
(millions of dollars) |
(thousands of metric tons) | 2022 | 2021 | 2020 | |||||||||||||||||
Specialty Products sales (2) | ||||||||||||||||||||
United States | 2,049 | 1,943 | 1,897 | |||||||||||||||||
Non-U.S. | 5,762 | 5,723 | 5,340 | |||||||||||||||||
Worldwide | 7,810 | 7,666 | 7,237 | |||||||||||||||||
(2) Data reported net of purchases/sales contracts with the same counterparty. | ||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
Corporate and Financing | ||||||||||||||
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Earnings (loss) (U.S. GAAP) | (1,663) | (2,636) | (3,296) | ||||||||||||||
Identified Items (1) | 302 | (64) | (361) | ||||||||||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | (1,965) | (2,572) | (2,935) | ||||||||||||||
(1) Refer to Frequently Used Terms for definition of Identified Items and earnings (loss) excluding Identified Items. |
2022 | Corporate and Financing expenses were $1,663 million in 2022 compared to $2,636 million in 2021, with the decrease mainly due to lower pension-related expenses, favorable one-time tax impacts, and lower financing costs. | ||||
2021 | Corporate and Financing expenses were $2,636 million in 2021 compared to $3,296 million in 2020, with the decrease mainly due to the absence of prior year severance costs and lower financing costs. |
Sources and Uses of Cash | |||||||||||||||||
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Net cash provided by/(used in) | |||||||||||||||||
Operating activities | 76,797 | 48,129 | 14,668 | ||||||||||||||
Investing activities | (14,742) | (10,235) | (18,459) | ||||||||||||||
Financing activities | (39,114) | (35,423) | 5,285 | ||||||||||||||
Effect of exchange rate changes | (78) | (33) | (219) | ||||||||||||||
Increase/(decrease) in cash and cash equivalents | 22,863 | 2,438 | 1,275 | ||||||||||||||
Total cash and cash equivalents (December 31) | 29,665 | 6,802 | 4,364 | ||||||||||||||
50
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Actual spending could vary depending on the progress of individual projects and property acquisitions. The Corporation has a large and diverse portfolio of development projects and exploration opportunities, which helps mitigate the overall political and technical risks of the Corporation’s Upstream segment and associated cash flow. Further, due to its financial strength debt capacity and diverse portfolio of opportunities, the risk associated with failure or delay of any single project would not have a significant impact on the Corporation’s liquidity or ability to generate sufficient cash flows for operations and its fixed commitments.
2019
2018
2019
2018
were $1.5 billion during the year.
51
Cash Flow from Financing Activities
2019
by $7.2 billion.
2018
Cash used in financing activities was $19.4 billion in 2018, $4.3 billion higher than 2017. Dividend payments on common shares increasedthird parties that impact its liquidity and capital resource needs. These contractual obligations are primarily for leases, debt, asset retirement obligations, pension and other postretirement benefits, take-or-pay and unconditional purchase obligations, and firm capital commitments. See Notes 9, 11, 14 and 17 for information related to $3.23 per share from $3.06 per share and totaled $13.8 billion. Total debt decreased $4.5 billion to $37.8 billion at year-end. The reduction was principally driven by net short-termasset retirement obligations, leases, long-term debt and commercial paper repayments of $5.0 billion.
ExxonMobil share of equity increased $4.1 billion to $191.8 billion. Thepensions, respectively.
During 2018, Exxon Mobil Corporation acquired 8 million shares of its common stock for the treasury. Purchases were made to offset shares or units settled in shares issued in conjunction with the company’s benefit plans and programs. Shares outstanding decreased from 4,239 million to 4,237 million at the end of 2018.
52
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Commitments
Set forth below is information about the outstanding commitments of the Corporation’s consolidated subsidiaries at December 31, 2019. The table combines data from the Consolidated Balance Sheet and from individual notes to the Consolidated Financial Statements.
|
| Payments Due by Period | ||||||||||
|
| Note |
|
|
|
|
|
|
| 2025 |
|
|
|
| Reference |
|
|
| 2021- |
| 2023- |
| and |
|
|
Commitments | Number |
| 2020 |
| 2022 |
| 2024 |
| Beyond |
| Total | |
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt excluding finance lease obligations (1) | 6, 14 |
| 1,617 |
| 6,119 |
| 3,391 |
| 15,162 |
| 26,289 | |
Asset retirement obligations (2) | 9 |
| 1,001 |
| 1,027 |
| 806 |
| 8,446 |
| 11,280 | |
Pension and other postretirement obligations (3) | 17 |
| 2,332 |
| 1,777 |
| 1,735 |
| 16,169 |
| 22,013 | |
Lease commitments (4) | 11 |
|
|
|
|
|
|
|
|
|
| |
| Operating and finance leases - commenced |
|
| 1,632 |
| 2,468 |
| 1,313 |
| 2,188 |
| 7,601 |
| Operating and finance leases - not yet commenced |
|
| 327 |
| 569 |
| 1,046 |
| 2,627 |
| 4,569 |
Take-or-pay and unconditional purchase obligations (5) |
|
| 3,836 |
| 7,093 |
| 5,580 |
| 17,148 |
| 33,657 | |
Firm capital commitments (6) |
|
| 10,982 |
| 5,278 |
| 1,149 |
| 686 |
| 18,095 |
This table excludesalso enters into commodity purchase obligations (volumetric commitments but no fixed or minimum price) which are resold shortly after purchase, either in an active, highly liquid market or under long-term, unconditional sales contracts with similar pricing terms. Examples include long-term, noncancelable LNG and natural gas purchase commitments and commitments to purchase refinery products at market prices. Inclusion of suchThese commitments wouldare not be meaningful in assessing liquidity and cash flow, because thesethe purchases will be offset in the same periods by cash received from the related sales transactions. The table also excludes unrecognized tax benefits totaling $8.8 billion as of December 31, 2019, because the Corporation is unable to make reasonably reliable estimates of the timing of cash settlements with the respective taxing authorities. Further details on the unrecognized tax benefits can be found in “Note 19: Income and Other Taxes”.
Notes:
(1)The amount due in 2020 is included in Notes and loans payable of $20,578 million. The amounts due 2021 and beyond are included in Long-term debt of $26,342million.
(2)Asset retirement obligations are primarily upstream asset removal costs at the completion of field life.
(3)The amount by which the benefit obligations exceeded the fair value of fund assets for U.S. and non-U.S. pension and other postretirement plans at year-end. The payments by period include expected contributions to funded pension plans in 2020 and estimated benefit payments for unfunded plans in all years.
(4)Commitments for operating and finance leases cover drilling equipment, tankers and other assets.
(5)
(6)Firm capital commitments represent legally binding payment The total obligation at year-end 2022 for take-or-pay and unconditional purchase obligations to third parties where agreements specifying all significant terms have been executed for the constructionwas $38.2 billion. Cash payments expected in 2023 and purchase of fixed assets2024 are $3.8 billion and other permanent investments. In certain cases where the Corporation executes contracts requiring commitments to a work scope, those commitments have been included to the extent that the amounts and timing of payments can be reliably estimated. Firm capital commitments, shown on an undiscounted basis, totaled $18.1$3.5 billion, including $8.7 billion in the U.S.
Firm capital commitments for the non-U.S. Upstream of $6.9 billion were primarily associated with projects in Angola, Malaysia, Guyana, United Kingdom, Australia, United Arab Emirates, Canada and Brazil. The Corporation expects to fund the majority of these commitments with internally generated funds, supplemented by short-term and long-term debt as required.
respectively.
53
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Guarantees
|
| 2019 |
| 2018 |
| 2017 |
Debt to capital (percent) |
| 19.1 |
| 16.0 |
| 17.9 |
Net debt to capital (percent) |
| 18.1 |
| 14.9 |
| 16.8 |
(percent) | 2022 | 2021 | 2020 | ||||||||||||||
Debt to capital | 16.9 | 21.4 | 29.2 | ||||||||||||||
Net debt to capital | 5.4 | 18.9 | 27.8 |
|
| 2019 |
| 2018 | ||||||||
|
| U.S. | Non-U.S. | Total |
| U.S. | Non-U.S. | Total | ||||
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream (1) | 11,653 |
| 11,832 |
| 23,485 |
| 7,670 |
| 12,524 |
| 20,194 | |
Downstream | 2,353 |
| 2,018 |
| 4,371 |
| 1,186 |
| 2,243 |
| 3,429 | |
Chemical | 2,547 |
| 718 |
| 3,265 |
| 1,747 |
| 488 |
| 2,235 | |
Other | 27 |
| - |
| 27 |
| 65 |
| - |
| 65 | |
| Total | 16,580 |
| 14,568 |
| 31,148 |
| 10,668 |
| 15,255 |
| 25,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Exploration expenses included. |
|
|
|
|
|
|
|
|
(millions of dollars) | 2022 | 2021 | |||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||||||||||||
Upstream (including exploration expenses) | 6,968 | 10,034 | 17,002 | 4,018 | 8,236 | 12,254 | |||||||||||||||||||||||||||||
Energy Products | 1,351 | 1,059 | 2,410 | 982 | 1,005 | 1,987 | |||||||||||||||||||||||||||||
Chemical Products | 1,123 | 1,842 | 2,965 | 1,200 | 825 | 2,025 | |||||||||||||||||||||||||||||
Specialty Products | 46 | 222 | 268 | 185 | 141 | 326 | |||||||||||||||||||||||||||||
Other | 59 | — | 59 | 3 | — | 3 | |||||||||||||||||||||||||||||
Total | 9,547 | 13,157 | 22,704 | 6,388 | 10,207 | 16,595 |
54
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Upstream spending of $23.5$17.0 billion in 20192022 was up 1639 percent from 2018. Investments in 2019 included growth2021, reflecting higher spend in the U.S. Permian Basin and key developmentadvantaged projects in Guyana and Mozambique.Guyana. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. The percentage of proved developed reserves was 6663 percent of total proved reserves at year-end 2019,2022, and has been over 60 percent for the last ten years.
TAXES |
|
|
|
|
|
| |
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
Income taxes |
| 5,282 |
| 9,532 |
| (1,174) | |
| Effective income tax rate |
| 34% |
| 37% |
| 5% |
Total other taxes and duties |
| 33,186 |
| 35,230 |
| 32,459 | |
| Total |
| 38,468 |
| 44,762 |
| 31,285 |
|
|
|
|
|
|
|
|
2019
projects such as the China chemical complex. Specialty Products capital expenditures of $0.3 billion decreased $0.1 billion.
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Income taxes | 20,176 | 7,636 | (5,632) | ||||||||||||||
Effective income tax rate | 33% | 31% | 17% | ||||||||||||||
Total other taxes and duties | 31,455 | 32,955 | 28,425 | ||||||||||||||
Total | 51,631 | 40,591 | 22,793 |
2018
U.S. Tax Reform
Following the December 22, 2017, enactment of the U.S. Tax Cuts and Jobs Act, in accordance with Accounting Standard Codification Topic 740 (Income Taxes) and following the guidance outlined in the SEC Staff Accounting Bulletin No. 118, the Corporation included a $5,942 million credit in its 2017 results, representing a reasonable estimate of the income tax effects of the changes in tax law and tax rate. The Corporation’s results for 2018 include a $291 million tax credit, mainly in the Non-U.S. Upstream, reflecting an updated estimate of the impact of U.S. tax reform including clarifications provided in tax regulations issued by the U.S. Treasury. The Corporation completed its accounting for the enactment-date income tax effects of the U.S. Tax Cuts and Jobs Act in accordance with Accounting Standard Codification Topic 740 (Income Taxes) during 2018.
55
ENVIRONMENTAL MATTERS
Environmental Expenditures |
|
|
|
| |
|
|
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Capital expenditures |
| 1,276 |
| 1,294 | |
Other expenditures |
| 3,969 |
| 3,558 | |
| Total |
| 5,245 |
| 4,852 |
(millions of dollars) | 2022 | 2021 | |||||||||
Capital expenditures | 1,864 | 1,202 | |||||||||
Other expenditures | 3,835 | 3,361 | |||||||||
Total | 5,699 | 4,563 |
Costs for 2024 are anticipated to increase to approximately $8.2 billion, with capital expenditures expected to account for approximately 51 percent of the total.
2021.
Worldwide Average Realizations (1) |
| 2019 |
| 2018 |
| 2017 |
|
|
| ||||
Crude oil and NGL ($ per barrel) |
| 56.32 |
| 62.79 |
| 48.91 |
Natural gas ($ per thousand cubic feet) |
| 3.05 |
| 3.87 |
| 3.04 |
|
|
|
|
|
|
|
(1) Consolidated subsidiaries. |
|
|
|
|
|
|
Worldwide Average Realizations (1) | 2022 | 2021 | 2020 | ||||||||||||||
Crude oil and NGL ($ per barrel) | 87.25 | 61.89 | 35.41 | ||||||||||||||
Natural gas ($ per thousand cubic feet) | 7.48 | 4.33 | 2.01 | ||||||||||||||
(1) Consolidated subsidiaries. |
56
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The global energy markets can give rise to extended periods in which market conditions are adverse to one or more of the Corporation’s businesses. Such conditions, along with the capital-intensive nature of the industry and very long lead times associated with many of our projects, underscore the importance of maintaining a strong financial position. Management views the Corporation’s financial strength as a competitive advantage.
prices, including estimated greenhouse gas emission costs even in jurisdictions without a current greenhouse gas pricing policy.
objectives.
Inflation and Other Uncertainties
The general rate of inflation in many major countries of operation has remained moderate over the past few years, and the associated impact on non-energy costs has generally been mitigated by cost reductions from efficiency and productivity improvements. Prices for services and materials continue to evolve in response to constant changes in commodity markets and industry activities, impacting operating and capital costs. The Corporation monitors market trends and works to minimize costs in all commodity price environments through its economies of scale in global procurement and its efficient project management practices.
57
RECENTLY ISSUED ACCOUNTING STANDARDS
Effective January 1, 2020, the Corporation adopted the Financial Accounting Standards Board’s update, Financial Instruments – Credit Losses (Topic 326), as amended. The standard requires a valuation allowance for credit losses be recognized for certain financial assets that reflects the current expected credit loss over the asset’s contractual life. The valuation allowance considers the risk of loss, even if remote, and considers past events, current conditions and expectations of the future. The standard is not expected to have a material impact on the Corporation’s financial statements.
CRITICAL ACCOUNTING ESTIMATES
Proved oil and natural gas reserves are determined in accordance with Securities and Exchange Commission (SEC) requirements. Proved reserves are those quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible under existing economic and operating conditions and government regulations. Proved reserves are determined using the average of first-of-month oil and natural gas prices during the reporting year.
Unproved reserves are quantities of oil and natural gas with less than reasonable certainty of recoverability and include probable reserves. Probable reserves are reserves that, together with proved reserves, are as likely as not to be recovered.
58
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method may beis used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the Corporation uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life.
a significant decrease in the market price of a long-lived asset;
a significant adverse change in the extent or manner in which an asset is being used or in its physical condition including a significant decrease in current and projected reserve volumes;
a significant adverse change in legal factors or in the business climate that could affect the value, including an adverse action or assessment by a regulator;
an accumulation of project costs significantly in excess of the amount originally expected;
a current-period operating loss combined with a history and forecast of operating or cash flow losses; and
a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
Asset valuation analyses, profitability reviews and other periodic control processes assist the Corporation in assessing whether events or changes in circumstances indicate the carrying amounts of any of its assets may not be recoverable.
potential impairment as well.
In assessing whether the events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices. While near-term prices are subject to wide fluctuations, longer-term price views are more stable and meaningfulmargins.
When the industry experiences a prolongedEnergy and deep reduction in commodity prices, the market supply and demand conditions may result in changes to the Corporation’s long-term price or margin assumptions it uses for its capital investment decisions. To the extent those changes result in a significant reduction to its long-term oil price, natural gas price or margin ranges, the Corporation may consider that situation, in conjunction with other events or changes in circumstances such as a history of operating losses, an indicator of potential impairment for certain assets.Cash Flow Assessment.
59
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In the Upstream, the standardized measure of discounted cash flows included in the Supplemental Information on Oil and Gas Exploration and Production Activities is required to use prices based on the average of first-of-month prices. These prices represent discrete points in time and could be higher or lower than the Corporation’s long-term price assumptions which are used for impairment assessments. The Corporation believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves and therefore does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment.
The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and relies in part on the Corporation’sannual planning and budgeting cycle. process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Outlook for Energy (Outlook), which contains the Corporation’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation’s business plans will be updated accordingly.
An asset group is impaired if its estimated undiscounted cash flows are less than the asset’sasset group’s carrying value. Impairments are measured by the amount by whichexcess of the carrying value exceedsover fair value. FairThe assessment of fair value is based onupon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices if an active market exists forwhich are consistent with the average of third-party industry experts and government agencies, refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group, or discounted cash flows using a discount rate commensurate with the risk.group.
The Corporation’s 2019 results include after-tax charges of $0.1 billion to reduce
Argentina. The impairment of these assets resulted in after-tax charges of $18.4 billion in Upstream. Other after-tax impairment charges of $1.8 billion across the year related mainly to impairments of property, plant, and equipment, goodwill, and equity method investments.
for further information regarding asset retirement obligations.
60
Consolidations
The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls. They also include the Corporation’s share of the undivided interest in certain upstream assets, liabilities, revenues and expenses. Amounts representing the Corporation’s interest in entities that it does not control, but over which it exercises significant influence, are accounted for using the equity method of accounting.
Investments in companies that are partially owned by the Corporation are integral to the Corporation’s operations. In some cases they serve to balance worldwide risks, and in others they provide the only available means of entry into a particular market or area of interest. The other parties, who also have an equity interest in these companies, are either independent third parties or host governments that share in the business results according to their ownership. The Corporation does not invest in these companies in order to remove liabilities from its balance sheet. In fact, the Corporation has long been on record supporting an alternative accounting method that would require each investor to consolidate its share of all assets and liabilities in these partially-owned companies rather than only its interest in net equity. This method of accounting for investments in partially-owned companies is not permitted by U.S. GAAP except where the investments are in the direct ownership of a share of upstream assets and liabilities. However, for purposes of calculating return on average capital employed, which is not covered by U.S. GAAP standards, the Corporation includes its share of debt of these partially-owned companies in the determination of average capital employed.
Pension Benefits
61
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Litigation and Tax Contingencies
Litigation Contingencies
A variety of claims have been made against the Corporation and certain of its consolidated subsidiaries in a number of pending lawsuits. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. For contingencies where an unfavorable outcome is reasonably possible and significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The status of significant claims is summarized in Note 16.
The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable, and the amount can be reasonably estimated. These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately. The Corporation revises such accruals in light of new information. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our litigation contingency disclosures, “significant” includes material matters as well as other items which management believes should be disclosed.
Tax Contingencies
The benefits of uncertain tax positions that the Corporation has taken or expects to take in its income tax returns are recognized in the financial statements if management concludes that it is more likely than not that the position will be sustained with the tax authorities. For a position that is likely to be sustained, the benefit recognized in the financial statements is measured at the largest amount that is greater than 50 percent likely of being realized. A reserveSignificant management judgment is establishedrequired in the accounting for the difference between a position taken or expected to be taken in an income tax returncontingencies and tax disputes because the amount recognized in the financial statements.outcomes are often difficult to predict. The Corporation’s unrecognized tax benefits and a description of open tax years are summarized in Note 19.
Foreign Currency Translation
The method of translating the foreign currency financial statements of the Corporation’s international subsidiaries into U.S. dollars is prescribed by U.S. GAAP. Under these principles, it is necessary to select the functional currency of these subsidiaries. The functional currency is the currency of the primary economic environment in which the subsidiary operates. Management selects the functional currency after evaluating this economic environment.
Factors considered by management when determining the functional currency for a subsidiary include the currency used for cash flows related to individual assets and liabilities; the responsiveness of sales prices to changes in exchange rates; the history of inflation in the country; whether sales are into local markets or exported; the currency used to acquire raw materials, labor, services and supplies; sources of financing; and significance of intercompany transactions.
62
Management, including the Corporation’s Chief Executive Officer, PrincipalChief Financial Officer, and Principal Accounting Officer, is responsible for establishing and maintaining adequate internal control over the Corporation’s financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that Exxon Mobil Corporation’s internal control over financial reporting was effective as of December 31, 2019.2022.
|
|
|
63
To the Board of Directors and Shareholders of Exxon Mobil Corporation
64
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Definition and Limitations of Internal Control over Financial Reporting
65
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’smanagement's estimates of proved oil and natural gas reserves and the calculation of DD&A expense. These procedures also included, among others (i) testing the completeness, accuracy, and relevance of underlying data used in developing management’s estimates, (ii) evaluating the methods and significant assumptions used by management in developing these estimates, including development costs and production volumes, and (iii) testing the unit-of-production rates used to calculate DD&A expense. Evaluating the significant assumptions relating to the estimates of proved oil and natural gas reserves also involved obtaining evidence to support the reasonableness of the assumptions, including whether the assumptions used were reasonable considering the past performance of the Company, and whether they were consistent with evidence obtained in other areas of the audit.reserve volumes. The work of management’smanagement's specialists was used in performing the procedures to evaluate the reasonableness of these estimates ofthe proved oil and natural gas reserves.reserve volumes. As a basis for using this work, the specialists’specialists' qualifications and objectivity were understood as well asand the Corporation's relationship with the specialists was assessed. The procedures performed also included evaluation of the methods and assumptions used by the specialists. The procedures performed also includedspecialists, tests of the data used by management’sthe specialists, and an evaluation of the specialists’specialists' findings. These procedures also included, among others, testing the completeness and accuracy of the data related to future development costs. Additionally, these procedures included evaluating whether the assumptions applied to the data related to future development costs were reasonable considering the past performance of the Corporation.
66
|
|
| Note |
|
|
|
|
|
|
|
|
| Reference |
|
|
|
|
|
|
|
|
| Number |
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
| (millions of dollars) | ||||
Revenues and other income |
|
|
|
|
|
|
| ||
| Sales and other operating revenue |
|
| 255,583 |
| 279,332 |
| 237,162 | |
| Income from equity affiliates | 7 |
| 5,441 |
| 7,355 |
| 5,380 | |
| Other income |
|
| 3,914 |
| 3,525 |
| 1,821 | |
|
| Total revenues and other income |
|
| 264,938 |
| 290,212 |
| 244,363 |
Costs and other deductions |
|
|
|
|
|
|
| ||
| Crude oil and product purchases |
|
| 143,801 |
| 156,172 |
| 128,217 | |
| Production and manufacturing expenses |
|
| 36,826 |
| 36,682 |
| 32,690 | |
| Selling, general and administrative expenses |
|
| 11,398 |
| 11,480 |
| 10,649 | |
| Depreciation and depletion | 9 |
| 18,998 |
| 18,745 |
| 19,893 | |
| Exploration expenses, including dry holes |
|
| 1,269 |
| 1,466 |
| 1,790 | |
| Non-service pension and postretirement benefit expense | 17 |
| 1,235 |
| 1,285 |
| 1,745 | |
| Interest expense |
|
| 830 |
| 766 |
| 601 | |
| Other taxes and duties | 19 |
| 30,525 |
| 32,663 |
| 30,104 | |
|
| Total costs and other deductions |
|
| 244,882 |
| 259,259 |
| 225,689 |
Income before income taxes |
|
| 20,056 |
| 30,953 |
| 18,674 | ||
| Income taxes | 19 |
| 5,282 |
| 9,532 |
| (1,174) | |
Net income including noncontrolling interests |
|
| 14,774 |
| 21,421 |
| 19,848 | ||
| Net income attributable to noncontrolling interests |
|
| 434 |
| 581 |
| 138 | |
Net income attributable to ExxonMobil |
|
| 14,340 |
| 20,840 |
| 19,710 | ||
|
|
|
|
|
|
|
|
|
|
Earnings per common share (dollars) | 12 |
| 3.36 |
| 4.88 |
| 4.63 | ||
|
|
|
|
|
|
|
|
|
|
Earnings per common share - assuming dilution (dollars) | 12 |
| 3.36 |
| 4.88 |
| 4.63 |
Note
Reference
Number2022 2021 2020 Revenues and other income Sales and other operating revenue 18 398,675 276,692 178,574 Income from equity affiliates 7 11,463 6,657 1,732 Other income 3,542 2,291 1,196 Total revenues and other income 413,680 285,640 181,502 Costs and other deductions Crude oil and product purchases 228,959 155,164 94,007 Production and manufacturing expenses 42,609 36,035 30,431 Selling, general and administrative expenses 10,095 9,574 10,168 Depreciation and depletion (includes impairments) 2, 9 24,040 20,607 46,009 Exploration expenses, including dry holes 1,025 1,054 1,285 Non-service pension and postretirement benefit expense 17 482 786 1,205 Interest expense 798 947 1,158 Other taxes and duties 19 27,919 30,239 26,122 Total costs and other deductions 335,927 254,406 210,385 Income (loss) before income taxes 77,753 31,234 (28,883) Income tax expense (benefit) 19 20,176 7,636 (5,632) Net income (loss) including noncontrolling interests 57,577 23,598 (23,251) Net income (loss) attributable to noncontrolling interests 1,837 558 (811) Net income (loss) attributable to ExxonMobil 55,740 23,040 (22,440) 12 13.26 5.39 (5.25) 12 13.26 5.39 (5.25) The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
| 14,774 |
| 21,421 |
| 19,848 | |||
Other comprehensive income (net of income taxes) |
|
|
|
|
|
| |||
| Foreign exchange translation adjustment |
| 1,735 |
| (5,077) |
| 5,352 | ||
| Adjustment for foreign exchange translation (gain)/loss |
|
|
|
|
|
| ||
|
| included in net income |
| - |
| 196 |
| 234 | |
| Postretirement benefits reserves adjustment (excluding amortization) |
| (2,092) |
| 280 |
| (219) | ||
| Amortization and settlement of postretirement benefits reserves |
|
|
|
|
|
| ||
|
| adjustment included in net periodic benefit costs |
| 582 |
| 931 |
| 1,165 | |
|
| Total other comprehensive income |
| 225 |
| (3,670) |
| 6,532 | |
Comprehensive income including noncontrolling interests |
| 14,999 |
| 17,751 |
| 26,380 | |||
| Comprehensive income attributable to noncontrolling interests |
| 588 |
| 174 |
| 693 | ||
Comprehensive income attributable to ExxonMobil |
| 14,411 |
| 17,577 |
| 25,687 |
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Net income (loss) including noncontrolling interests | 57,577 | 23,598 | (23,251) | ||||||||||||||
Other comprehensive income (loss) (net of income taxes) | |||||||||||||||||
Foreign exchange translation adjustment | (3,482) | (872) | 1,916 | ||||||||||||||
Adjustment for foreign exchange translation (gain)/loss included in net income | — | (2) | 14 | ||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 3,395 | 3,118 | 30 | ||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 403 | 925 | 896 | ||||||||||||||
Total other comprehensive income (loss) | 316 | 3,169 | 2,856 | ||||||||||||||
Comprehensive income (loss) including noncontrolling interests | 57,893 | 26,767 | (20,395) | ||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 1,659 | 786 | (743) | ||||||||||||||
Comprehensive income (loss) attributable to ExxonMobil | 56,234 | 25,981 | (19,652) | ||||||||||||||
The information in the Notes to Consolidated Financial Statements is an integral part of these statements. |
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
CONSOLIDATED BALANCE SHEET
|
|
|
| Note |
|
|
|
|
|
|
|
| Reference |
| Dec. 31 |
| Dec. 31 |
|
|
|
| Number |
| 2019 |
| 2018 |
|
|
|
|
|
| (millions of dollars) | ||
Assets |
|
|
|
|
| |||
| Current assets |
|
|
|
|
| ||
|
| Cash and cash equivalents |
|
| 3,089 |
| 3,042 | |
|
| Notes and accounts receivable, less estimated doubtful amounts | 6 |
| 26,966 |
| 24,701 | |
|
| Inventories |
|
|
|
|
| |
|
|
| Crude oil, products and merchandise | 3 |
| 14,010 |
| 14,803 |
|
|
| Materials and supplies |
|
| 4,518 |
| 4,155 |
|
| Other current assets |
|
| 1,469 |
| 1,272 | |
|
|
| Total current assets |
|
| 50,052 |
| 47,973 |
| Investments, advances and long-term receivables | 8 |
| 43,164 |
| 40,790 | ||
| Property, plant and equipment, at cost, less accumulated depreciation |
|
|
|
|
| ||
|
| and depletion | 9 |
| 253,018 |
| 247,101 | |
| Other assets, including intangibles, net |
|
| 16,363 |
| 10,332 | ||
|
|
| Total assets |
|
| 362,597 |
| 346,196 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
| |||
| Current liabilities |
|
|
|
|
| ||
|
| Notes and loans payable | 6 |
| 20,578 |
| 17,258 | |
|
| Accounts payable and accrued liabilities | 6 |
| 41,831 |
| 37,268 | |
|
| Income taxes payable |
|
| 1,580 |
| 2,612 | |
|
|
| Total current liabilities |
|
| 63,989 |
| 57,138 |
| Long-term debt | 14 |
| 26,342 |
| 20,538 | ||
| Postretirement benefits reserves | 17 |
| 22,304 |
| 20,272 | ||
| Deferred income tax liabilities | 19 |
| 25,620 |
| 27,244 | ||
| Long-term obligations to equity companies |
|
| 3,988 |
| 4,382 | ||
| Other long-term obligations |
|
| 21,416 |
| 18,094 | ||
|
|
| Total liabilities |
|
| 163,659 |
| 147,668 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies | 16 |
| - |
| - | |||
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
| |||
| Common stock without par value |
|
|
|
|
| ||
|
| (9,000 million shares authorized, 8,019 million shares issued) |
|
| 15,637 |
| 15,258 | |
| Earnings reinvested |
|
| 421,341 |
| 421,653 | ||
| Accumulated other comprehensive income |
|
| (19,493) |
| (19,564) | ||
| Common stock held in treasury |
|
|
|
|
| ||
|
| (3,785 million shares in 2019 and 3,782 million shares in 2018) |
|
| (225,835) |
| (225,553) | |
|
|
| ExxonMobil share of equity |
|
| 191,650 |
| 191,794 |
| Noncontrolling interests |
|
| 7,288 |
| 6,734 | ||
|
|
| Total equity |
|
| 198,938 |
| 198,528 |
|
|
| Total liabilities and equity |
|
| 362,597 |
| 346,196 |
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
(millions of dollars) | Note Reference Number | December 31, 2022 | December 31, 2021 | ||||||||||||||
ASSETS | |||||||||||||||||
Current assets | |||||||||||||||||
Cash and cash equivalents | 29,640 | 6,802 | |||||||||||||||
Cash and cash equivalents – restricted | 25 | — | |||||||||||||||
Notes and accounts receivable – net | 6 | 41,749 | 32,383 | ||||||||||||||
Inventories | |||||||||||||||||
Crude oil, products and merchandise | 3 | 20,434 | 14,519 | ||||||||||||||
Materials and supplies | 4,001 | 4,261 | |||||||||||||||
Other current assets | 1,782 | 1,189 | |||||||||||||||
Total current assets | 97,631 | 59,154 | |||||||||||||||
Investments, advances and long-term receivables | 8 | 49,793 | 45,195 | ||||||||||||||
Property, plant and equipment, at cost, less accumulated depreciation and depletion | 9 | 204,692 | 216,552 | ||||||||||||||
Other assets, including intangibles – net | 16,951 | 18,022 | |||||||||||||||
Total Assets | 369,067 | 338,923 | |||||||||||||||
LIABILITIES | |||||||||||||||||
Current liabilities | |||||||||||||||||
Notes and loans payable | 6 | 634 | 4,276 | ||||||||||||||
Accounts payable and accrued liabilities | 6 | 63,197 | 50,766 | ||||||||||||||
Income taxes payable | 5,214 | 1,601 | |||||||||||||||
Total current liabilities | 69,045 | 56,643 | |||||||||||||||
Long-term debt | 14 | 40,559 | 43,428 | ||||||||||||||
Postretirement benefits reserves | 17 | 10,045 | 18,430 | ||||||||||||||
Deferred income tax liabilities | 19 | 22,874 | 20,165 | ||||||||||||||
Long-term obligations to equity companies | 2,338 | 2,857 | |||||||||||||||
Other long-term obligations | 21,733 | 21,717 | |||||||||||||||
Total Liabilities | 166,594 | 163,240 | |||||||||||||||
Commitments and contingencies | 16 | ||||||||||||||||
EQUITY | |||||||||||||||||
Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) | 15,752 | 15,746 | |||||||||||||||
Earnings reinvested | 432,860 | 392,059 | |||||||||||||||
Accumulated other comprehensive income | (13,270) | (13,764) | |||||||||||||||
Common stock held in treasury (3,937 million shares in 2022 and 3,780 million shares in 2021) | (240,293) | (225,464) | |||||||||||||||
ExxonMobil share of equity | 195,049 | 168,577 | |||||||||||||||
Noncontrolling interests | 7,424 | 7,106 | |||||||||||||||
Total Equity | 202,473 | 175,683 | |||||||||||||||
Total Liabilities and Equity | 369,067 | 338,923 | |||||||||||||||
The information in the Notes to Consolidated Financial Statements is an integral part of these statements. |
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
| Note |
|
|
|
|
|
| |||||||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | Note Reference Number | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
|
|
|
| Reference |
|
|
|
|
|
| |||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||||||
Net income (loss) including noncontrolling interests | Net income (loss) including noncontrolling interests | 57,577 | 23,598 | (23,251) | |||||||||||||||||||||||||||||||||
Adjustments for noncash transactions | Adjustments for noncash transactions | ||||||||||||||||||||||||||||||||||||
Depreciation and depletion (includes impairments) | Depreciation and depletion (includes impairments) | 2, 9 | 24,040 | 20,607 | 46,009 | ||||||||||||||||||||||||||||||||
Deferred income tax charges/(credits) | Deferred income tax charges/(credits) | 19 | 3,758 | 303 | (8,856) | ||||||||||||||||||||||||||||||||
Postretirement benefits expense in excess of/(less than) net payments | Postretirement benefits expense in excess of/(less than) net payments | (2,981) | 754 | 498 | |||||||||||||||||||||||||||||||||
Other long-term obligation provisions in excess of/(less than) payments | Other long-term obligation provisions in excess of/(less than) payments | (1,932) | 50 | (1,269) | |||||||||||||||||||||||||||||||||
Dividends received greater than/(less than) equity in current earnings of equity companies | Dividends received greater than/(less than) equity in current earnings of equity companies | (2,446) | (668) | 979 | |||||||||||||||||||||||||||||||||
Changes in operational working capital, excluding cash and debt | Changes in operational working capital, excluding cash and debt | ||||||||||||||||||||||||||||||||||||
Notes and accounts receivable reduction/(increase) | Notes and accounts receivable reduction/(increase) | (11,019) | (12,098) | 5,384 | |||||||||||||||||||||||||||||||||
Inventories reduction/(increase) | Inventories reduction/(increase) | (6,947) | (489) | (315) | |||||||||||||||||||||||||||||||||
Other current assets reduction/(increase) | Other current assets reduction/(increase) | (688) | (71) | 420 | |||||||||||||||||||||||||||||||||
Accounts and other payables increase/(reduction) | Accounts and other payables increase/(reduction) | 18,460 | 16,820 | (7,142) | |||||||||||||||||||||||||||||||||
Net (gain)/loss on asset sales | Net (gain)/loss on asset sales | 5 | (1,034) | (1,207) | 4 | ||||||||||||||||||||||||||||||||
All other items - net | All other items - net | 9 | 530 | 2,207 | |||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 76,797 | 48,129 | 14,668 | |||||||||||||||||||||||||||||||||
|
|
|
| Number |
| 2019 |
| 2018 |
| 2017 | |||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||
Additions to property, plant and equipment | Additions to property, plant and equipment | (18,407) | (12,076) | (17,282) | |||||||||||||||||||||||||||||||||
Proceeds from asset sales and returns of investments | Proceeds from asset sales and returns of investments | 5,247 | 3,176 | 999 | |||||||||||||||||||||||||||||||||
Additional investments and advances | Additional investments and advances | (3,090) | (2,817) | (4,857) | |||||||||||||||||||||||||||||||||
Other investing activities including collection of advances | Other investing activities including collection of advances | 1,508 | 1,482 | 2,681 | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (14,742) | (10,235) | (18,459) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| (millions of dollars) | |||||||||||||||||||||||||||||||
Cash flows from operating activities |
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
| Net income including noncontrolling interests |
|
| 14,774 |
| 21,421 |
| 19,848 | |||||||||||||||||||||||||||||
| Adjustments for noncash transactions |
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
|
| Depreciation and depletion | 9 |
| 18,998 |
| 18,745 |
| 19,893 | ||||||||||||||||||||||||||||
|
| Deferred income tax charges/(credits) |
|
| (944) |
| (60) |
| (8,577) | ||||||||||||||||||||||||||||
|
| Postretirement benefits expense |
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
|
| in excess of/(less than) net payments |
|
| 109 |
| 1,070 |
| 1,135 | ||||||||||||||||||||||||||||
|
| Other long-term obligation provisions |
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
|
| in excess of/(less than) payments |
|
| (3,038) |
| (68) |
| (610) | ||||||||||||||||||||||||||||
| Dividends received greater than/(less than) equity in current |
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
|
| earnings of equity companies |
|
| (936) |
| (1,684) |
| 131 | ||||||||||||||||||||||||||||
| Changes in operational working capital, excluding cash and debt |
|
|
|
|
|
| ||||||||||||||||||||||||||||||
|
| Reduction/(increase) | - Notes and accounts receivable |
|
| (2,640) |
| (545) |
| (3,954) | |||||||||||||||||||||||||||
|
|
| - Inventories |
|
| 72 |
| (3,107) |
| (1,682) | |||||||||||||||||||||||||||
|
|
| - Other current assets |
|
| (234) |
| (25) |
| (117) | |||||||||||||||||||||||||||
|
| Increase/(reduction) | - Accounts and other payables |
|
| 3,725 |
| 2,321 |
| 5,104 | |||||||||||||||||||||||||||
| Net (gain) on asset sales | 5 |
| (1,710) |
| (1,993) |
| (334) | |||||||||||||||||||||||||||||
| All other items - net |
|
| 1,540 |
| (61) |
| (771) | |||||||||||||||||||||||||||||
|
| Net cash provided by operating activities |
|
| 29,716 |
| 36,014 |
| 30,066 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Cash flows from investing activities |
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
| Additions to property, plant and equipment |
|
| (24,361) |
| (19,574) |
| (15,402) | |||||||||||||||||||||||||||||
| Proceeds associated with sales of subsidiaries, property, plant |
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
|
| and equipment, and sales and returns of investments |
|
| 3,692 |
| 4,123 |
| 3,103 | ||||||||||||||||||||||||||||
| Additional investments and advances |
|
| (3,905) |
| (1,981) |
| (5,507) | |||||||||||||||||||||||||||||
| Other investing activities including collection of advances |
|
| 1,490 |
| 986 |
| 2,076 | |||||||||||||||||||||||||||||
|
| Net cash used in investing activities |
|
| (23,084) |
| (16,446) |
| (15,730) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Cash flows from financing activities |
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
| Additions to long-term debt |
|
| 7,052 |
| 46 |
| 60 | |||||||||||||||||||||||||||||
| Reductions in long-term debt |
|
| (1) |
| - |
| - | |||||||||||||||||||||||||||||
| Additions to short-term debt |
|
| - |
| - |
| 1,735 | |||||||||||||||||||||||||||||
| Reductions in short-term debt |
|
| (4,043) |
| (4,752) |
| (5,024) | |||||||||||||||||||||||||||||
| Additions/(reductions) in commercial paper, and debt with |
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
|
| three months or less maturity | 5 |
| 5,654 |
| (219) |
| 2,181 | ||||||||||||||||||||||||||||
| Cash dividends to ExxonMobil shareholders |
|
| (14,652) |
| (13,798) |
| (13,001) | |||||||||||||||||||||||||||||
| Cash dividends to noncontrolling interests |
|
| (192) |
| (243) |
| (184) | |||||||||||||||||||||||||||||
| Changes in noncontrolling interests |
|
| 158 |
| 146 |
| (150) | |||||||||||||||||||||||||||||
| Common stock acquired |
|
| (594) |
| (626) |
| (747) | |||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||
Additions to long-term debt | Additions to long-term debt | 637 | 46 | 23,186 | |||||||||||||||||||||||||||||||||
Reductions in long-term debt | Reductions in long-term debt | (5) | (8) | (8) | |||||||||||||||||||||||||||||||||
Additions to short-term debt (1) | Additions to short-term debt (1) | 198 | 12,687 | 35,396 | |||||||||||||||||||||||||||||||||
Reductions in short-term debt (1) | Reductions in short-term debt (1) | (8,075) | (29,396) | (28,742) | |||||||||||||||||||||||||||||||||
Additions/(reductions) in commercial paper, and debt with three months or less maturity | Additions/(reductions) in commercial paper, and debt with three months or less maturity | 25 | (2,983) | (9,691) | |||||||||||||||||||||||||||||||||
Contingent consideration payments | Contingent consideration payments | (58) | (30) | (21) | |||||||||||||||||||||||||||||||||
Cash dividends to ExxonMobil shareholders | Cash dividends to ExxonMobil shareholders | (14,939) | (14,924) | (14,865) | |||||||||||||||||||||||||||||||||
Cash dividends to noncontrolling interests | Cash dividends to noncontrolling interests | (267) | (224) | (188) | |||||||||||||||||||||||||||||||||
Changes in noncontrolling interests | Changes in noncontrolling interests | (1,475) | (436) | 623 | |||||||||||||||||||||||||||||||||
Common stock acquired | Common stock acquired | (15,155) | (155) | (405) | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (39,114) | (35,423) | 5,285 | |||||||||||||||||||||||||||||||||
|
| Net cash used in financing activities |
|
| (6,618) |
| (19,446) |
| (15,130) | ||||||||||||||||||||||||||||
Effects of exchange rate changes on cash | Effects of exchange rate changes on cash |
|
| 33 |
| (257) |
| 314 | Effects of exchange rate changes on cash | (78) | (33) | (219) | |||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | Increase/(decrease) in cash and cash equivalents |
|
| 47 |
| (135) |
| (480) | Increase/(decrease) in cash and cash equivalents | 22,863 | 2,438 | 1,275 | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | Cash and cash equivalents at beginning of year |
|
| 3,042 |
| 3,177 |
| 3,657 | Cash and cash equivalents at beginning of year | 6,802 | 4,364 | 3,089 | |||||||||||||||||||||||||
Cash and cash equivalents at end of year | Cash and cash equivalents at end of year |
|
| 3,089 |
| 3,042 |
| 3,177 | Cash and cash equivalents at end of year | 29,665 | 6,802 | 4,364 | |||||||||||||||||||||||||
(1) Includes commercial paper with a maturity greater than three months. | (1) Includes commercial paper with a maturity greater than three months. | ||||||||||||||||||||||||||||||||||||
The information in the Notes to Consolidated Financial Statements is an integral part of these statements. | The information in the Notes to Consolidated Financial Statements is an integral part of these statements. |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ExxonMobil Share of Equity |
|
|
|
| ||||||||
|
|
|
|
|
|
| Accumulated | Common |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| Other |
| Stock | ExxonMobil | Non- |
|
| ||
|
|
|
| Common |
| Earnings | Comprehensive | Held in |
| Share of | controlling | Total | ||||
|
|
|
| Stock | Reinvested | Income |
| Treasury |
| Equity |
| Interests |
| Equity | ||
|
|
|
| (millions of dollars) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 |
| 12,157 |
| 407,831 |
| (22,239) |
| (230,424) |
| 167,325 |
| 6,505 |
| 173,830 | ||
| Amortization of stock-based awards |
| 801 |
| - |
| - |
| - |
| 801 |
| - |
| 801 | |
| Other |
| (380) |
| - |
| - |
| - |
| (380) |
| (52) |
| (432) | |
| Net income for the year |
| - |
| 19,710 |
| - |
| - |
| 19,710 |
| 138 |
| 19,848 | |
| Dividends - common shares |
| - |
| (13,001) |
| - |
| - |
| (13,001) |
| (184) |
| (13,185) | |
| Other comprehensive income |
| - |
| - |
| 5,977 |
| - |
| 5,977 |
| 555 |
| 6,532 | |
| Acquisitions, at cost |
| - |
| - |
| - |
| (828) |
| (828) |
| (150) |
| (978) | |
| Issued for acquisitions |
| 2,078 |
| - |
| - |
| 5,711 |
| 7,789 |
| - |
| 7,789 | |
| Dispositions |
| - |
| - |
| - |
| 295 |
| 295 |
| - |
| 295 | |
Balance as of December 31, 2017 |
| 14,656 |
| 414,540 |
| (16,262) |
| (225,246) |
| 187,688 |
| 6,812 |
| 194,500 | ||
| Amortization of stock-based awards |
| 758 |
| - |
| - |
| - |
| 758 |
| - |
| 758 | |
| Other |
| (156) |
| - |
| - |
| - |
| (156) |
| 436 |
| 280 | |
| Net income for the year |
| - |
| 20,840 |
| - |
| - |
| 20,840 |
| 581 |
| 21,421 | |
| Dividends - common shares |
| - |
| (13,798) |
| - |
| - |
| (13,798) |
| (243) |
| (14,041) | |
| Cumulative effect of accounting change |
| - |
| 71 |
| (39) |
| - |
| 32 |
| 15 |
| 47 | |
| Other comprehensive income |
| - |
| - |
| (3,263) |
| - |
| (3,263) |
| (407) |
| (3,670) | |
| Acquisitions, at cost |
| - |
| - |
| - |
| (626) |
| (626) |
| (460) |
| (1,086) | |
| Dispositions |
| - |
| - |
| - |
| 319 |
| 319 |
| - |
| 319 | |
Balance as of December 31, 2018 |
| 15,258 |
| 421,653 |
| (19,564) |
| (225,553) |
| 191,794 |
| 6,734 |
| 198,528 | ||
| Amortization of stock-based awards |
| 697 |
| - |
| - |
| - |
| 697 |
| - |
| 697 | |
| Other |
| (318) |
| - |
| - |
| - |
| (318) |
| 489 |
| 171 | |
| Net income for the year |
| - |
| 14,340 |
| - |
| - |
| 14,340 |
| 434 |
| 14,774 | |
| Dividends - common shares |
| - |
| (14,652) |
| - |
| - |
| (14,652) |
| (192) |
| (14,844) | |
| Other comprehensive income |
| - |
| - |
| 71 |
| - |
| 71 |
| 154 |
| 225 | |
| Acquisitions, at cost |
| - |
| - |
| - |
| (594) |
| (594) |
| (331) |
| (925) | |
| Dispositions |
| - |
| - |
| - |
| 312 |
| 312 |
| - |
| 312 | |
Balance as of December 31, 2019 |
| 15,637 |
| 421,341 |
| (19,493) |
| (225,835) |
| 191,650 |
| 7,288 |
| 198,938 |
|
|
|
|
| Held in |
|
|
Common Stock Share Activity |
| Issued |
| Treasury | Outstanding | ||
|
|
| (millions of shares) | ||||
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 |
| 8,019 |
| (3,871) |
| 4,148 | |
| Acquisitions |
| - |
| (10) |
| (10) |
| Issued for acquisitions |
| - |
| 96 |
| 96 |
| Dispositions |
| - |
| 5 |
| 5 |
Balance as of December 31, 2017 |
| 8,019 |
| (3,780) |
| 4,239 | |
| Acquisitions |
| - |
| (8) |
| (8) |
| Dispositions |
| - |
| 6 |
| 6 |
Balance as of December 31, 2018 |
| 8,019 |
| (3,782) |
| 4,237 | |
| Acquisitions |
| - |
| (8) |
| (8) |
| Dispositions |
| - |
| 5 |
| 5 |
Balance as of December 31, 2019 |
| 8,019 |
| (3,785) |
| 4,234 |
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
ExxonMobil Share of Equity Common
StockEarnings
ReinvestedAccumulated Other Comprehensive Income Common
Stock Held in
TreasuryExxonMobil
Share of
EquityNon-controlling Interests Total
Equity Balance as of December 31, 2019 15,637 421,341 (19,493) (225,835) 191,650 7,288 198,938 Amortization of stock-based awards 696 — — — 696 — 696 Other (645) — — — (645) 692 47 Net income (loss) for the year — (22,440) — — (22,440) (811) (23,251) Dividends - common shares — (14,865) — — (14,865) (188) (15,053) Cumulative effect of accounting change — (93) — — (93) (1) (94) Other comprehensive income — — 2,788 — 2,788 68 2,856 Acquisitions, at cost — — — (405) (405) (68) (473) Dispositions — — — 464 464 — 464 Balance as of December 31, 2020 15,688 383,943 (16,705) (225,776) 157,150 6,980 164,130 Amortization of stock-based awards 534 — — — 534 — 534 Other (476) — — — (476) 115 (361) Net income (loss) for the year — 23,040 — — 23,040 558 23,598 Dividends - common shares — (14,924) — — (14,924) (224) (15,148) Other comprehensive income — — 2,941 — 2,941 228 3,169 Acquisitions, at cost — — — (155) (155) (551) (706) Dispositions — — — 467 467 — 467 Balance as of December 31, 2021 15,746 392,059 (13,764) (225,464) 168,577 7,106 175,683 Amortization of stock-based awards 481 — — — 481 — 481 Other (475) — — — (475) 405 (70) Net income (loss) for the year — 55,740 — — 55,740 1,837 57,577 Dividends - common shares — (14,939) — — (14,939) (267) (15,206) Other comprehensive income — — 494 — 494 (178) 316 Acquisitions, at cost — — — (15,295) (15,295) (1,479) (16,774) Dispositions — — — 466 466 — 466 Balance as of December 31, 2022 15,752 432,860 (13,270) (240,293) 195,049 7,424 202,473
Common Stock Share Activity (millions of shares) | Issued | Held in Treasury | Outstanding | ||||||||
Balance as of December 31, 2019 | 8,019 | (3,785) | 4,234 | ||||||||
Acquisitions | — | (8) | (8) | ||||||||
Dispositions | — | 7 | 7 | ||||||||
Balance as of December 31, 2020 | 8,019 | (3,786) | 4,233 | ||||||||
Acquisitions | — | (2) | (2) | ||||||||
Dispositions | — | 8 | 8 | ||||||||
Balance as of December 31, 2021 | 8,019 | (3,780) | 4,239 | ||||||||
Acquisitions | — | (165) | (165) | ||||||||
Dispositions | — | 8 | 8 | ||||||||
Balance as of December 31, 2022 | 8,019 | (3,937) | 4,082 | ||||||||
The information in the Notes to Consolidated Financial Statements is an integral part of these statements. |
The accompanying consolidated financial statements and the supporting and supplemental material are the responsibility of the management of Exxon Mobil Corporation.
products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen and lower-emission fuels.
Evidence of loss in value that might indicate impairment of investments in companies
The Corporation’s share of the cumulative foreign exchange translation adjustment for equity method investments is reported in “Accumulated other comprehensive income”.
The Corporation’s share of the cumulative foreign exchange translation adjustment for equity method investments is reported in “Accumulated other comprehensive income”.
72
Income and Other Taxes
73
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes.
In assessing whether the events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices. While near-term prices are subject to wide fluctuations, longer-term price views are more stable and meaningful for purposes of assessing future cash flows.
When the industry experiences a prolonged and deep reduction in commodity prices, the market supply and demand conditions may result in changes to the Corporation’s long-term price or margin assumptions it uses for its capital investment decisions. To the extent those changes result in a significant reduction to its long-term oil price, natural gas price or margin ranges, the Corporation may consider that situation, in conjunction with other events or changes in circumstances such as a history of operating losses, an indicator of potential impairment for certain assets.
margins.
74
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and relies in part on the Corporation’sannual planning and budgeting cycle. process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Outlook for Energy (Outlook), which contains the Corporation’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation’s business plans will be updated accordingly.
An asset group is impaired if its estimated undiscounted cash flows are less than the asset’sasset group's carrying value. Impairments are measured by the amount by whichexcess of the carrying value exceedsover fair value. FairThe assessment of fair value is based onupon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices if an active market exists forwhich are consistent with the average of third-party industry experts and government agencies, refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group, or discounted cash flows using a discount rate commensurate with the risk.group.
Other.
Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant and equipment and are depreciated over the service life of the related assets.
Asset Retirement Obligations and
The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value.
Downstream and Chemical operations primarily Operations in the Product Solutions businesses use the local currency. However, the U.S. dollar is used in countries with a history of high inflation (primarily in Latin America) and Singapore, which predominantly sells into the U.S. dollar export market. Upstream operations which are relatively self-contained and integrated within a particular country, such as in Canada the United Kingdom, Norway and continental Europe, use the local currency. Some Upstream operations, primarily in Asia and Africa, use the U.S. dollar because they predominantly sell crude and natural gas production into U.S. dollar-denominated markets.
75
2. Accounting Changes
Effective January 1, 2019,Russia
Effective January 1, 2020, the Corporation adopted the Financial Accounting Standards Board’s update, Financial Instruments – Credit Losses (Topic 326), as amended. The standard requires a valuation allowance for credit losses be recognized for certain financial assets that reflects the current expected credit loss over the asset’s contractual life. The valuation allowance considers the risk of loss, even if remote, and considers past events, current conditions and expectationscarrying value of the future. The standardasset group was not recoverable. As a result, the Corporation’s first-quarter earnings included after-tax charges of $3.4 billion largely representing the full impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is not expected to have a material impactreflected in the line captioned “Depreciation and depletion (including impairments)” on the Consolidated Statement of Income. Effective October 14, the Russian government unilaterally terminated the Corporation’s financial statements.
interests in Sakhalin, transferring operations to a Russian operator. The Corporation’s fourth-quarter results include an after-tax benefit of $1.1 billion largely reflecting the impact of the expropriation on the company’s various obligations related to Sakhalin. The Corporation's exit from the project results in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022.
2020.
In 2019, 2018, and 2017,2020, net income included gains of $523$367 million, $54 million, and $107 million, and a loss of $10$41 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $9.7$14.9 billion and $8.2$14.0 billion at December 31, 2019,2022 and 2018,2021, respectively.
(millions of dollars) | Dec 31, 2022 | Dec 31, 2021 | |||||||||
Crude oil | 6,909 | 4,162 | |||||||||
Petroleum products | 6,291 | 5,081 | |||||||||
Chemical products (1) | 3,806 | 3,354 | |||||||||
Gas/other | 3,428 | 1,922 | |||||||||
Total | 20,434 | 14,519 | |||||||||
(1) Chemical products includes basic chemicals (olefins and aromatics), polymers (such as polyolefins, adhesions, specialty elastomers, & butyl), intermediates (e.g. hydrocarbon fluids, plasticizers) and synthetics. |
Mainly as a result of declines in prices for crude oil, natural gas and petroleum products and a significant decline in its market capitalization at the end of the first quarter of 2020, the Corporation recognized before-tax goodwill impairment charges of $611 million. Fair value of the goodwill reporting units primarily reflected market-based estimates of historical EBITDA multiples at the end of the first quarter. Charges related to goodwill impairments in 2020 are included in “Depreciation and depletion” on the Consolidated Statement of Income.
|
|
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Crude oil |
| 5,111 |
| 4,783 | |
Petroleum products |
| 5,281 |
| 5,666 | |
Chemical products |
| 3,240 |
| 3,821 | |
Gas/other |
| 378 |
| 533 | |
| Total |
| 14,010 |
| 14,803 |
76Restructuring.
4.Other Comprehensive Income Information
|
|
| Cumulative |
| Post- |
|
| ||
|
|
| Foreign |
| retirement |
|
| ||
|
|
| Exchange |
| Benefits |
|
| ||
ExxonMobil Share of Accumulated Other | Translation |
| Reserves |
|
| ||||
Comprehensive Income | Adjustment |
| Adjustment |
| Total | ||||
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 | (14,501) |
|
| (7,738) |
|
| (22,239) | ||
Current period change excluding amounts reclassified |
|
|
|
|
|
|
| ||
| from accumulated other comprehensive income | 4,879 |
|
| (170) |
|
| 4,709 | |
Amounts reclassified from accumulated other |
|
|
|
|
|
|
| ||
| comprehensive income | 140 |
|
| 1,128 |
|
| 1,268 | |
Total change in accumulated other comprehensive income | 5,019 |
|
| 958 |
|
| 5,977 | ||
Balance as of December 31, 2017 | (9,482) |
|
| (6,780) |
|
| (16,262) | ||
|
|
|
|
|
|
|
|
|
|
Current period change excluding amounts reclassified |
|
|
|
|
|
|
| ||
| from accumulated other comprehensive income | (4,595) |
|
| 201 |
|
| (4,394) | |
Amounts reclassified from accumulated other |
|
|
|
|
|
|
| ||
| comprehensive income | 196 |
|
| 896 |
|
| 1,092 | |
Total change in accumulated other comprehensive income | (4,399) |
|
| 1,097 |
|
| (3,302) | ||
Balance as of December 31, 2018 | (13,881) |
|
| (5,683) |
|
| (19,564) | ||
|
|
|
|
|
|
|
|
|
|
Current period change excluding amounts reclassified |
|
|
|
|
|
|
| ||
| from accumulated other comprehensive income | 1,435 |
|
| (1,927) |
|
| (492) | |
Amounts reclassified from accumulated other |
|
|
|
|
|
|
| ||
| comprehensive income | - |
|
| 563 |
|
| 563 | |
Total change in accumulated other comprehensive income | 1,435 |
|
| (1,364) |
|
| 71 | ||
Balance as of December 31, 2019 | (12,446) |
|
| (7,047) |
|
| (19,493) |
Amounts Reclassified Out of Accumulated Other |
|
|
|
|
|
| ||
Comprehensive Income - Before-tax Income/(Expense) |
| 2019 |
| 2018 |
| 2017 | ||
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
Foreign exchange translation gain/(loss) included in net income |
|
|
|
|
|
| ||
| (Statement of Income line: Other income) |
| - |
| (196) |
| (234) | |
Amortization and settlement of postretirement benefits reserves |
|
|
|
|
|
| ||
| adjustment included in net periodic benefit costs |
|
|
|
|
|
| |
| (Statement of Income line: Non-service pension and postretirement |
|
|
|
|
|
| |
| benefit expense) |
| (751) |
| (1,208) |
| (1,656) |
Income Tax (Expense)/Credit For |
|
|
|
|
| ||
Components of Other Comprehensive Income | 2019 |
| 2018 |
| 2017 | ||
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
Foreign exchange translation adjustment | 88 |
| 32 |
| 67 | ||
Postretirement benefits reserves adjustment (excluding amortization) | 719 |
| (193) |
| 201 | ||
Amortization and settlement of postretirement benefits reserves |
|
|
|
|
| ||
| adjustment included in net periodic benefit costs | (169) |
| (277) |
| (491) | |
Total | 638 |
| (438) |
| (223) |
Cumulative Foreign Exchange Translation Adjustment Postretirement Benefits Reserves Adjustment Total Balance as of December 31, 2019 (12,446) (7,047) (19,493) Current period change excluding amounts reclassified from accumulated other comprehensive income 1,818 95 1,913 Amounts reclassified from accumulated other comprehensive income 14 861 875 Total change in accumulated other comprehensive income 1,832 956 2,788 Balance as of December 31, 2020 (10,614) (6,091) (16,705) (883) 2,938 2,055 Amounts reclassified from accumulated other comprehensive income (2) 888 886 Total change in accumulated other comprehensive income (885) 3,826 2,941 Balance as of December 31, 2021 (11,499) (2,265) (13,764) (3,092) 3,205 113 Amounts reclassified from accumulated other comprehensive income — 381 381 Total change in accumulated other comprehensive income (3,092) 3,586 494 Balance as of December 31, 2022 (14,591) 1,321 (13,270)
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Foreign exchange translation gain/(loss) included in net income (Statement of Income line: Other income) | — | 2 | (14) | ||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (Statement of Income line: Non-service pension and postretirement benefit expense) | (519) | (1,229) | (1,158) |
Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Foreign exchange translation adjustment | 54 | (114) | 118 | ||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | (1,120) | (983) | 109 | ||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (116) | (304) | (262) | ||||||||||||||
Total | (1,182) | (1,401) | (35) |
5. Cash Flow Information
In 2019, the “Additions/(reductions) in commercial paper,depletion” and debt with three months or less maturity”“Deferred income tax charges/(credits)” on the Consolidated Statement of Cash Flows includes a net $4.6 billion addition of commercial paper with maturity over three months. The gross amount issued was $18.9 billion, while the gross amount repaid was $14.3 billion. In 2018, the number includes a net $275 million addition of commercial paper with maturity over three months. The gross amount issued was $4.0 billion, while the gross amount repaid was $3.8 billion. In 2017, the number includes a net $121 million repayment of commercial paper with maturity over three months. The gross amount issued was $3.6 billion, while the gross amount repaid was $3.7 billion.
In 2017, the Corporation completed the acquisitions of InterOil Corporation, mostly unproved propertiesinclude impacts from asset impairments, primarily in Papua New Guinea, for $2.7 billion and of companies that own mostly unproved oil and gas properties in the Permian Basin and other assets for $6.2 billion. These transactions included a significant noncash component associated with the issuance of a total of 96 million shares of Exxon Mobil Corporation common stock in acquisition consideration, having a total acquisition date value of $7.8 billion.
|
| 2019 |
| 2018 |
| 2017 |
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
Income taxes paid |
| 7,018 |
| 9,294 |
| 7,510 |
Cash interest paid |
|
|
|
|
|
|
Included in cash flows from operating activities |
| 560 |
| 303 |
| 383 |
Capitalized, included in cash flows from investing activities |
| 731 |
| 652 |
| 749 |
Total cash interest paid |
| 1,291 |
| 955 |
| 1,132 |
Upstream.
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Income taxes paid | 15,364 | 5,341 | 2,428 | ||||||||||||||
Cash interest paid | |||||||||||||||||
Included in cash flows from operating activities | 666 | 819 | 786 | ||||||||||||||
Capitalized, included in cash flows from investing activities | 838 | 655 | 665 | ||||||||||||||
Total cash interest paid | 1,504 | 1,474 | 1,451 |
(millions of dollars) | Dec 31, 2022 | Dec 31, 2021 | |||||||||||||||||||||
Notes and accounts receivable | |||||||||||||||||||||||
Trade, less reserves of $168 million and $159 million | 32,844 | 26,883 | |||||||||||||||||||||
Other, less reserves of $402 million and $381 million | 8,905 | 5,500 | |||||||||||||||||||||
Total | 41,749 | 32,383 | |||||||||||||||||||||
Notes and loans payable | |||||||||||||||||||||||
Bank loans | 379 | 276 | |||||||||||||||||||||
Commercial paper | 74 | 1,608 | |||||||||||||||||||||
Long-term debt due within one year | 181 | 2,392 | |||||||||||||||||||||
Total | 634 | 4,276 | |||||||||||||||||||||
Accounts payable and accrued liabilities | |||||||||||||||||||||||
Trade payables | 33,169 | 26,623 | |||||||||||||||||||||
Payables to equity companies | 14,585 | 8,885 | |||||||||||||||||||||
Accrued taxes other than income taxes | 3,969 | 3,896 | |||||||||||||||||||||
Other | 11,474 | 11,362 | |||||||||||||||||||||
Total | 63,197 | 50,766 |
|
|
|
| Dec. 31 |
| Dec. 31 |
|
|
|
| 2019 |
| 2018 |
|
|
|
| (millions of dollars) | ||
Notes and accounts receivable |
|
|
|
| ||
| Trade, less reserves of $34 million and $61 million |
| 21,100 |
| 19,638 | |
| Other, less reserves of $371 million and $339 million |
| 5,866 |
| 5,063 | |
|
| Total |
| 26,966 |
| 24,701 |
|
|
|
|
|
|
|
Notes and loans payable |
|
|
|
| ||
| Bank loans |
| 316 |
| 325 | |
| Commercial paper |
| 18,561 |
| 12,863 | |
| Long-term debt due within one year |
| 1,701 |
| 4,070 | |
|
| Total |
| 20,578 |
| 17,258 |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
|
| ||
| Trade payables |
| 24,694 |
| 21,063 | |
| Payables to equity companies |
| 6,825 |
| 6,863 | |
| Accrued taxes other than income taxes |
| 3,301 |
| 3,280 | |
| Other |
| 7,011 |
| 6,062 | |
|
| Total |
| 41,831 |
| 37,268 |
78
7. Equity Company Information
|
|
| 2019 |
| 2018 |
| 2017 | ||||||
Equity Company |
|
| ExxonMobil |
| ExxonMobil |
| ExxonMobil | ||||||
Financial Summary |
| Total |
| Share |
| Total |
| Share |
| Total |
| Share | |
|
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
| 102,365 |
| 31,240 |
| 112,938 |
| 34,539 |
| 94,791 |
| 29,340 | |
Income before income taxes |
| 29,424 |
| 7,927 |
| 37,203 |
| 10,482 |
| 29,748 |
| 8,498 | |
Income taxes |
| 9,725 |
| 2,500 |
| 11,568 |
| 3,151 |
| 8,421 |
| 2,236 | |
| Income from equity affiliates |
| 19,699 |
| 5,427 |
| 25,635 |
| 7,331 |
| 21,327 |
| 6,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
| 36,035 |
| 12,661 |
| 38,670 |
| 13,394 |
| 35,367 |
| 12,050 | |
Long-term assets |
| 143,321 |
| 40,001 |
| 128,830 |
| 35,970 |
| 122,221 |
| 34,931 | |
| Total assets |
| 179,356 |
| 52,662 |
| 167,500 |
| 49,364 |
| 157,588 |
| 46,981 |
Current liabilities |
| 24,583 |
| 6,939 |
| 27,324 |
| 7,606 |
| 21,725 |
| 6,348 | |
Long-term liabilities |
| 61,022 |
| 18,158 |
| 56,913 |
| 17,109 |
| 59,736 |
| 17,056 | |
| Net assets |
| 93,751 |
| 27,565 |
| 83,263 |
| 24,649 |
| 76,127 |
| 23,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments related to upstream equity investments of $0.6 billion, $0.2 billion and $0.6 billion in 2022, 2021, and 2020, respectively, are included in “Income from equity affiliates” or “Other income” on the Consolidated Statement of Income.
Equity Company Financial Summary (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Total | ExxonMobil Share | Total | ExxonMobil Share | Total | ExxonMobil Share | ||||||||||||||||||||||||
Total revenues | 183,812 | 57,528 | 116,972 | 34,995 | 69,954 | 21,282 | |||||||||||||||||||||||
Income before income taxes | 61,550 | 19,279 | 35,142 | 9,278 | 12,743 | 2,830 | |||||||||||||||||||||||
Income taxes | 23,149 | 7,603 | 11,010 | 2,763 | 4,333 | 870 | |||||||||||||||||||||||
Income from equity affiliates | 38,401 | 11,676 | 24,132 | 6,515 | 8,410 | 1,960 | |||||||||||||||||||||||
Current assets | 77,457 | 24,994 | 45,267 | 15,542 | 33,419 | 11,969 | |||||||||||||||||||||||
Long-term assets | 153,186 | 42,921 | 150,699 | 41,614 | 150,358 | 41,457 | |||||||||||||||||||||||
Total assets | 230,643 | 67,915 | 195,966 | 57,156 | 183,777 | 53,426 | |||||||||||||||||||||||
Current liabilities | 53,640 | 15,555 | 28,862 | 8,297 | 18,827 | 5,245 | |||||||||||||||||||||||
Long-term liabilities | 62,009 | 18,929 | 63,138 | 19,084 | 66,053 | 19,927 | |||||||||||||||||||||||
Net assets | 114,994 | 33,431 | 103,966 | 29,775 | 98,897 | 28,254 |
A list of significant equity companies as of December 31, 2019,2022, together with the Corporation’s percentage ownership interest, is detailed below:
| ||||||||||
| Percentage Ownership Interest |
| ||||||||
| ||||||||||
Upstream |
| |||||||||
Aera Energy LLC | 48 | |||||||||
Barzan Gas Company Limited | 7 | |||||||||
BEB Erdgas und Erdoel GmbH & Co. KG | 50 | |||||||||
|
| |||||||||
Caspian Pipeline Consortium | 8 | |||||||||
Coral FLNG S.A. | 25 | |||||||||
Cross Timbers Energy LLC | 50 | |||||||||
GasTerra B.V. |
|
| ||||||||
Golden Pass LNG Terminal LLC | 30 | |||||||||
Golden Pass Pipeline LLC | 30 | |||||||||
Marine Well Containment Company LLC | 10 | |||||||||
Mozambique Rovuma Venture S.p.A. | 36 | |||||||||
Nederlandse Aardolie Maatschappij B.V. | 50 | |||||||||
Papua New Guinea Liquefied Natural Gas Global Company LDC | 33 | |||||||||
Permian Highway Pipeline LLC | 20 | |||||||||
|
| |||||||||
Qatar Liquefied Gas Company Limited (2) | 24 | |||||||||
Qatar Liquefied Gas Company Limited (7) | 25 | |||||||||
Ras Laffan Liquefied Natural Gas Company Limited | 25 | |||||||||
Ras Laffan Liquefied Natural Gas Company Limited (II) | 31 | |||||||||
Ras Laffan Liquefied Natural Gas Company Limited (3) | 30 | |||||||||
South Hook LNG Terminal Company Limited | 24 | |||||||||
Tengizchevroil LLP | 25 | |||||||||
Terminale GNL Adriatico S.r.l. | 71 | |||||||||
Energy Products, Chemical Products, and/or Specialty Products |
| |||||||||
Al-Jubail Petrochemical Company | 50 | |||||||||
Alberta Products Pipe Line Ltd. | 45 | |||||||||
Fujian Refining & Petrochemical Co. Ltd. | 25 | |||||||||
Gulf Coast Growth Ventures LLC | 50 | |||||||||
Infineum USA L.P. | 50 | |||||||||
Permian Express Partners LLC | 12 | |||||||||
Saudi Aramco Mobil Refinery Company Ltd. | 50 | |||||||||
| ||||||||||
|
| |||||||||
|
| |||||||||
|
| |||||||||
|
| |||||||||
Saudi Yanbu Petrochemical Co. | 50 |
80
8. Investments, Advances and Long-Term Receivables
|
|
|
| Dec. 31, |
| Dec. 31, |
|
|
|
| 2019 |
| 2018 |
|
|
|
| (millions of dollars) | ||
Equity method company investments and advances |
|
|
|
| ||
| Investments |
| 29,291 |
| 26,382 | |
| Advances |
| 8,542 |
| 8,608 | |
|
| Total equity method company investments and advances |
| 37,833 |
| 34,990 |
Equity securities carried at fair value and other investments at adjusted cost basis |
| 190 |
| 210 | ||
Long-term receivables and miscellaneous, net of reserves of $5,643 million and $5,471 million |
| 5,141 |
| 5,590 | ||
|
| Total |
| 43,164 |
| 40,790 |
(millions of dollars) | Dec 31, 2022 | Dec 31, 2021 | ||||||
Equity method company investments and advances | ||||||||
Investments | 34,522 | 31,225 | ||||||
Advances, net of allowances of $28 million and $34 million | 8,049 | 8,326 | ||||||
Total equity method company investments and advances | 42,571 | 39,551 | ||||||
Equity securities carried at fair value and other investments at adjusted cost basis | 278 | 138 | ||||||
Long-term receivables and miscellaneous, net of reserves of $1,623 million and $5,974 million | 6,944 | 5,506 | ||||||
Total | 49,793 | 45,195 |
|
|
| December 31, 2019 |
| December 31, 2018 | ||||
Property, Plant and Equipment |
| Cost |
| Net |
| Cost |
| Net | |
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
Upstream |
| 376,041 |
| 196,767 |
| 372,791 |
| 194,662 | |
Downstream |
| 52,527 |
| 24,506 |
| 48,241 |
| 21,448 | |
Chemical |
| 40,788 |
| 21,260 |
| 39,008 |
| 20,551 | |
Other |
| 17,346 |
| 10,485 |
| 17,150 |
| 10,440 | |
| Total |
| 486,702 |
| 253,018 |
| 477,190 |
| 247,101 |
The
Property, Plant and Equipment (millions of dollars) | December 31, 2022 | December 31, 2021 | ||||||||||||
Cost | Net | Cost | Net | |||||||||||
Upstream | 350,748 | 144,146 | 375,813 | 156,951 | ||||||||||
Energy Products | 58,393 | 26,765 | 58,504 | 27,354 | ||||||||||
Chemical Products | 36,322 | 19,064 | 33,514 | 17,409 | ||||||||||
Specialty Products | 8,895 | 4,303 | 9,217 | 4,447 | ||||||||||
Other | 18,335 | 10,414 | 18,014 | 10,391 | ||||||||||
Total | 472,693 | 204,692 | 495,062 | 216,552 |
” on the Consolidated Statement of Income. Accumulated depreciation and depletion totaled $233,684$268,001 million at the end of 20192022 and $230,089$278,510 million at the end of 2018. Interest capitalized in 2019, 2018 and 2017 was $731 million, $652 million and $749 million, respectively.2021.
81
Asset Retirement Obligations
|
|
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Beginning balance |
| 12,103 |
| 12,705 | |
| Accretion expense and other provisions |
| 649 |
| 681 |
| Reduction due to property sales |
| (1,085) |
| (333) |
| Payments made |
| (827) |
| (600) |
| Liabilities incurred |
| 89 |
| 46 |
| Foreign currency translation |
| 84 |
| (481) |
| Revisions |
| 267 |
| 85 |
Ending balance |
| 11,280 |
| 12,103 |
(millions of dollars) | 2022 | 2021 | 2020 | |||||||||||||||||
Balance at January 1 | 10,630 | 11,247 | 11,280 | |||||||||||||||||
Accretion expense and other provisions | 744 | 548 | 584 | |||||||||||||||||
Reduction due to property sales | (328) | (1,002) | (77) | |||||||||||||||||
Payments made | (518) | (444) | (669) | |||||||||||||||||
Liabilities incurred | 119 | 42 | 26 | |||||||||||||||||
Foreign currency translation | (330) | (147) | 239 | |||||||||||||||||
Revisions | 174 | 386 | (136) | |||||||||||||||||
Balance at December 31 | 10,491 | 10,630 | 11,247 |
82
10. Accounting for Suspended Exploratory Well Costs
Change in capitalized suspended exploratory well costs:
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
Balance beginning at January 1 |
| 4,160 |
| 3,700 |
| 4,477 | ||
| Additions pending the determination of proved reserves |
| 532 |
| 564 |
| 906 | |
| Charged to expense |
| (46) |
| (7) |
| (1,205) | |
| Reclassifications to wells, facilities and equipment based on the |
|
|
|
|
|
| |
|
| determination of proved reserves |
| (37) |
| (48) |
| (497) |
| Divestments/Other |
| 4 |
| (49) |
| 19 | |
Ending balance at December 31 |
| 4,613 |
| 4,160 |
| 3,700 | ||
Ending balance attributed to equity companies included above |
| 306 |
| 306 |
| 306 |
Period end capitalized suspended exploratory well costs:
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
Capitalized for a period of one year or less |
| 532 |
| 564 |
| 906 | ||
| Capitalized for a period of between one and five years |
| 2,206 |
| 2,028 |
| 1,345 | |
| Capitalized for a period of between five and ten years |
| 1,411 |
| 1,150 |
| 1,064 | |
| Capitalized for a period of greater than ten years |
| 464 |
| 418 |
| 385 | |
Capitalized for a period greater than one year - subtotal |
| 4,081 |
| 3,596 |
| 2,794 | ||
|
| Total |
| 4,613 |
| 4,160 |
| 3,700 |
Change in capitalized suspended exploratory well costs (millions of dollars) | 2022 | 2021 | 2020 | |||||||||||||||||
Balance beginning at January 1 | 4,120 | 4,382 | 4,613 | |||||||||||||||||
Additions pending the determination of proved reserves | 378 | 420 | 208 | |||||||||||||||||
Charged to expense | (259) | (325) | (318) | |||||||||||||||||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (142) | (328) | (174) | |||||||||||||||||
Divestments/Other | (585) | (29) | 53 | |||||||||||||||||
Ending balance at December 31 | 3,512 | 4,120 | 4,382 | |||||||||||||||||
Ending balance attributed to equity companies included above | 306 | 306 | 306 |
Period-end capitalized suspended exploratory well costs (millions of dollars) | 2022 | 2021 | 2020 | |||||||||||||||||
Capitalized for a period of one year or less | 378 | 420 | 208 | |||||||||||||||||
Capitalized for a period of between one and five years | 969 | 1,642 | 1,828 | |||||||||||||||||
Capitalized for a period of between five and ten years | 1,410 | 1,657 | 1,932 | |||||||||||||||||
Capitalized for a period of greater than ten years | 755 | 401 | 414 | |||||||||||||||||
Capitalized for a period greater than one year - subtotal | 3,134 | 3,700 | 4,174 | |||||||||||||||||
Total | 3,512 | 4,120 | 4,382 |
|
|
|
| 2019 |
| 2018 |
| 2017 |
Number of projects that only have exploratory well costs capitalized for a period |
|
|
|
|
| |||
| of one year or less |
| 4 |
| 6 |
| 11 | |
Number of projects that have exploratory well costs capitalized for a period |
|
|
|
|
| |||
| greater than one year |
| 46 |
| 52 |
| 46 | |
|
| Total |
| 50 |
| 58 |
| 57 |
2022 | 2021 | 2020 | ||||||||||||||||||
Number of projects that only have exploratory well costs capitalized for a period of one year or less | 10 | 4 | 3 | |||||||||||||||||
Number of projects that have exploratory well costs capitalized for a period greater than one year | 26 | 30 | 34 | |||||||||||||||||
Total | 36 | 34 | 37 |
83
The table below provides additional detail for those 3215 projects, which total $3,176$2,324 million.
|
|
| Years Wells |
| |||
|
| Dec. 31, | Drilled / |
| |||
| Country/Project | 2019 | Acquired | Comment | |||
| (millions of dollars) |
| |||||
| Angola |
|
|
|
|
|
|
| - AB32 Central NE Hub | 69 |
| 2006 | - | 2014 | Evaluating development plan for tieback to existing production facilities. |
| - Kaombo Split Hub | 20 |
| 2005 | - | 2006 | Evaluating development plan to tie into planned production facilities. |
| Phase 2 |
|
|
|
|
|
|
| Argentina |
|
|
|
|
|
|
| - La Invernada | 72 |
| 2014 | Evaluating development plan to tie into planned infrastructure. | ||
| Australia |
|
|
|
|
|
|
| - East Pilchard | 7 |
| 2001 | Gas field near Kipper/Tuna development, awaiting capacity in existing/ | ||
|
|
|
|
|
|
| planned infrastructure. |
| - Gorgon Area Ullage | 315 |
| 1994 | - | 2015 | Evaluating development plans to tie into existing LNG facilities. |
| - SE Longtom | 10 |
| 2010 | Gas field near Tuna development, awaiting capacity in existing/planned | ||
|
|
|
|
|
|
| infrastructure. |
| - SE Remora | 32 |
| 2010 | Gas field near Marlin development, awaiting capacity in existing/planned | ||
|
|
|
|
|
|
| infrastructure. |
| Guyana |
|
|
|
|
|
|
| - Payara | 120 |
| 2017 | - | 2018 | Continuing development plan discussions with the government. |
| Iraq |
|
|
|
|
|
|
| - Kurdistan Pirmam | 109 |
| 2015 | Evaluating commercialization alternatives, while waiting for government | ||
|
|
|
|
|
|
| approval to enter Gas Holding Period. |
| Kazakhstan |
|
|
|
|
|
|
| - Kairan | 53 |
| 2004 | - | 2007 | Evaluating commercialization and field development alternatives, while |
|
|
|
|
|
|
| continuing discussions with the government regarding the development plan. |
| Mozambique |
|
|
|
|
|
|
| - Rovuma LNG Future | 120 |
| 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||
| Non-Straddling Train |
|
|
|
|
|
|
| - Rovuma LNG Phase 1 | 150 |
| 2017 | Progressing development plan to tie into planned LNG facilities. | ||
| - Rovuma LNG Unitized | 35 |
| 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||
| Trains |
|
|
|
|
|
|
| Nigeria |
|
|
|
|
|
|
| - Bolia | 15 |
| 2002 | - | 2006 | Evaluating development plan, while continuing discussions with the |
|
|
|
|
|
|
| government regarding regional hub strategy. |
| - Bonga North | 34 |
| 2004 | - | 2009 | Evaluating/progressing development plan for tieback to existing/planned |
|
|
|
|
|
|
| infrastructure. |
| - Bosi | 79 |
| 2002 | - | 2006 | Development activity under way, while continuing discussions with the |
|
|
|
|
|
|
| government regarding development plan. |
| - Bosi Central | 16 |
| 2006 | Development activity under way, while continuing discussions with the | ||
|
|
|
|
|
|
| government regarding development plan. |
| - Erha Northeast | 26 |
| 2008 | Evaluating development plan for tieback to existing production facilities. | ||
| - OML 138 Ukot SS | 13 |
| 2015 | Evaluating development plan for tieback to existing production facilities. | ||
| - OML 138 Ukot SW | 41 |
| 2014 | Evaluating development plan for tieback to existing production facilities. | ||
| - Pegi | 32 |
| 2009 | Awaiting capacity in existing/planned infrastructure. | ||
| - Satellite Field | 12 |
| 2013 | Evaluating development plan to tie into planned production facilities. | ||
| Development Phase 2 |
|
|
|
|
|
|
| - Other (4 projects) | 10 |
| 2001 | - | 2002 | Evaluating and pursuing development of several additional discoveries. |
Country/Project | December 31, 2022 | Years Wells Drilled / Acquired | Comment | ||||||||||||||
(millions of dollars) | |||||||||||||||||
Angola | |||||||||||||||||
Block 32 Central NE Hub | 66 | 2007 | - | 2021 | Evaluating development plan for tieback to existing infrastructure. | ||||||||||||
Argentina | |||||||||||||||||
La Invernada | 72 | 2014 | Evaluating development plan to tie into planned infrastructure. | ||||||||||||||
Australia | |||||||||||||||||
Gorgon Area Ullage | 305 | 1994 | - | 2015 | Evaluating development plans to tie into existing LNG facilities. | ||||||||||||
Canada | |||||||||||||||||
Hibernia North | 24 | 2019 | Awaiting capacity in existing/planned infrastructure. | ||||||||||||||
Guyana | |||||||||||||||||
Uaru | 117 | 2017 | - | 2021 | Continuing discussions with the government regarding development plan. | ||||||||||||
Kazakhstan | |||||||||||||||||
Kairan | 53 | 2004 | - | 2007 | Evaluating commercialization and field development alternatives, while continuing discussions with the government regarding the development plan. | ||||||||||||
Mozambique | |||||||||||||||||
Rovuma LNG Future Non-Straddling Train | 120 | 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||||||||||||||
Rovuma LNG Phase 1 | 150 | 2017 | Progressing development plan to tie into planned LNG facilities. | ||||||||||||||
Rovuma LNG Unitized Trains | 35 | 2017 | Evaluating/progressing development plan to tie into planned LNG facilities. | ||||||||||||||
Nigeria | |||||||||||||||||
Bonga North | 34 | 2004 | - | 2009 | Evaluating/progressing development plan for tieback to existing/planned infrastructure. | ||||||||||||
Papua New Guinea | |||||||||||||||||
Muruk | 165 | 2017 | - | 2019 | Evaluating/progressing development plans. | ||||||||||||
Papua LNG | 246 | 2017 | Evaluating/progressing development plans. | ||||||||||||||
P'nyang | 116 | 2012 | - | 2018 | Evaluating/progressing development plans. | ||||||||||||
Tanzania | |||||||||||||||||
Block 2 | 525 | 2012 | - | 2015 | Evaluating development alternatives, while continuing discussions with the government regarding development plan. | ||||||||||||
Vietnam | |||||||||||||||||
Blue Whale | 296 | 2011 | - | 2015 | Evaluating/progressing development plans. | ||||||||||||
Total 2022 (15 projects) | 2,324 |
|
|
| Years Wells |
| |||
|
| Dec. 31, | Drilled / |
| |||
| Country/Project | 2019 | Acquired | Comment | |||
| (millions of dollars) |
| |||||
| Papua New Guinea |
|
|
|
|
|
|
| - Papua LNG | 246 |
| 2017 | Evaluating/progressing development plans. | ||
| - P'nyang | 115 |
| 2012 | - | 2018 | Evaluating/progressing development plans. |
| Republic of Congo |
|
|
|
|
|
|
| - Mer Tres Profonde Sud | 56 |
| 2000 | - | 2007 | Evaluating development alternatives, while continuing discussions with the |
|
|
|
|
|
|
| government regarding development plan. |
| Romania |
|
|
|
|
|
|
| - Neptun Deep | 536 |
| 2012 | - | 2016 | Continuing discussions with the government regarding development plan. |
| Tanzania |
|
|
|
|
|
|
| - Tanzania Block 2 | 537 |
| 2012 | - | 2018 | Evaluating development alternatives while continuing discussions with the |
|
|
|
|
|
|
| government regarding development plan. |
| Vietnam |
|
|
|
|
|
|
| - Blue Whale | 296 |
| 2011 | - | 2015 | Evaluating/progressing development plans. |
| Total 2019 (32 projects) | 3,176 |
|
|
|
|
|
85
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. Leases
At adoption of the lease accounting change (see Note 2), on January 1, 2019, an operating lease liability of $3.3 billion was recorded and the operating lease right of use asset was $4.3 billion, including $1.0 billion of previously recorded prepaid leases. There was no cumulative earnings effect adjustment.
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Lease Cost |
|
| 2019 | ||||||||
Operating lease cost |
|
| 238 |
| 1,196 |
| 1,434 |
|
| ||
Short-term and other (net of sublease rental income) |
|
| 926 |
| 1,116 |
| 2,042 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right of use assets |
|
|
|
|
|
|
|
| 121 | ||
Interest on lease liabilities |
|
|
|
|
|
|
|
| 133 | ||
| Total |
|
| 1,164 |
| 2,312 |
| 3,476 |
| 254 |
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
| December 31, 2019 | ||||||||
Right of use assets |
|
|
|
|
|
|
|
|
| ||
| Included in Other assets, including intangibles - net |
|
| 572 |
| 6,061 |
| 6,633 |
|
| |
| Included in Property, plant and equipment - net |
|
|
|
|
|
|
|
| 1,997 | |
|
| Total right of use assets |
|
| 572 |
| 6,061 |
| 6,633 |
| 1,997 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease liability due within one year |
|
|
|
|
|
|
|
|
| ||
| Included in Accounts payable and accrued liabilities |
|
| 221 |
| 990 |
| 1,211 |
| 15 | |
| Included in Notes and loans payable |
|
|
|
|
|
|
|
| 84 | |
Long-term lease liability |
|
|
|
|
|
|
|
|
| ||
| Included in Other long-term obligations |
|
| 330 |
| 4,152 |
| 4,482 |
|
| |
| Included in Long-term debt |
|
|
|
|
|
|
|
| 1,670 | |
| Included in Long-term obligations to equity companies |
|
|
|
|
|
|
|
| 139 | |
|
| Total lease liability |
|
| 551 |
| 5,142 |
| 5,693 |
| 1,908 |
Operating Leases Finance Leases 2022 2021 2020 2022 2021 2020 Operating lease cost 1,776 1,542 1,553 Short-term and other (net of sublease rental income) 1,389 1,351 1,613 Amortization of right of use assets 243 133 143 Interest on lease liabilities 210 158 169 3,165 2,893 3,166 453 291 312
Balance Sheet (millions of dollars) | Operating Leases | Finance Leases | ||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||
Right of use assets | ||||||||||||||||||||||||||
Included in Other assets, including intangibles - net | 6,451 | 6,082 | ||||||||||||||||||||||||
Included in Property, plant and equipment - net | 2,090 | 2,412 | ||||||||||||||||||||||||
Total right of use assets | 6,451 | 6,082 | 2,090 | 2,412 | ||||||||||||||||||||||
Lease liability due within one year | ||||||||||||||||||||||||||
Included in Accounts payable and accrued liabilities | 1,527 | 1,367 | 5 | 4 | ||||||||||||||||||||||
Included in Notes and loans payable | 69 | 111 | ||||||||||||||||||||||||
Long-term lease liability | ||||||||||||||||||||||||||
Included in Other long-term obligations | 4,067 | 3,823 | ||||||||||||||||||||||||
Included in Long-term debt | 1,389 | 1,761 | ||||||||||||||||||||||||
Included in Long-term obligations to equity companies | 126 | 131 | ||||||||||||||||||||||||
Total lease liability (2) | 5,594 | 5,190 | 1,589 | 2,007 | ||||||||||||||||||||||
Weighted-average remaining lease term (years) | 9 | 10 | 22 | 20 | ||||||||||||||||||||||
Weighted-average discount rate (percent) | 2.4 | % | 2.3 | % | 8.0 | % | 7.7 | % | ||||||||||||||||||
(2) Includes $1,646 million and $935 million for drilling rigs and related equipment operating leases in 2022 and 2021, respectively. |
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Maturity Analysis of Lease Liabilities |
|
| December 31, 2019 | ||||||||
2020 |
|
| 234 |
| 1,127 |
| 1,361 |
| 271 | ||
2021 |
|
| 134 |
| 886 |
| 1,020 |
| 576 | ||
2022 |
|
| 73 |
| 625 |
| 698 |
| 174 | ||
2023 |
|
| 45 |
| 468 |
| 513 |
| 173 | ||
2024 |
|
| 30 |
| 425 |
| 455 |
| 172 | ||
2025 and beyond |
|
| 72 |
| 2,681 |
| 2,753 |
| 2,446 | ||
| Total lease payments |
|
| 588 |
| 6,212 |
| 6,800 |
| 3,812 | |
Discount to present value |
|
| (37) |
| (1,070) |
| (1,107) |
| (1,904) | ||
| Total lease liability |
|
| 551 |
| 5,142 |
| 5,693 |
| 1,908 | |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term - years |
|
| 4 |
| 11 |
| 10 |
| 20 | ||
Weighted average discount rate - percent |
|
| 3.1% |
| 3.2% |
| 3.2% |
| 9.7% |
Operating Leases Finance Leases December 31, 2022 2023 1,623 195 2024 1,231 193 2025 914 187 2026 401 184 2027 334 176 2028 and beyond 1,861 1,960 Total lease payments 6,364 2,895 Discount to present value (770) (1,306) Total lease liability 5,594 1,589
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
|
| |
|
|
|
|
| and Related |
|
|
|
| Finance | |
|
|
|
|
| Equipment |
| Other |
| Total |
| Leases |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
| 2019 | ||||||||
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
| ||
| Cash flows from operating activities |
|
|
|
| 1,116 |
| 1,116 |
| 54 | |
| Cash flows from investing activities |
|
| 258 |
|
|
| 258 |
|
| |
| Cash flows from financing activities |
|
|
|
|
|
|
|
| 177 | |
|
|
|
|
|
|
|
|
|
|
|
|
Noncash right of use assets recorded for lease liabilities |
|
|
|
|
|
|
|
|
| ||
| For January 1 adoption of Topic 842 |
|
| 445 |
| 2,818 |
| 3,263 |
|
| |
| In exchange for new lease liabilities during the period |
|
| 350 |
| 3,313 |
| 3,663 |
| 422 |
Disclosures under the previous lease standard (ASC 840)
Net rental cost incurred under both cancelable and noncancelable operating leases was $2,715 million in 2018 and $2,618 million in 2017. At December 31, 2018, minimum undiscounted lease commitments under noncancelable operating leases and charters for 2019 and beyond were $6,112 million.
12. Earnings Per Share
Earnings per common share |
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
|
|
|
Net income attributable to ExxonMobil (millions of dollars) |
| 14,340 |
| 20,840 |
| 19,710 |
|
|
|
|
|
|
|
Weighted average number of common shares outstanding (millions of shares) |
| 4,270 |
| 4,270 |
| 4,256 |
|
|
|
|
|
|
|
Earnings per common share (dollars) (1) |
| 3.36 |
| 4.88 |
| 4.63 |
|
|
|
|
|
|
|
Dividends paid per common share (dollars) |
| 3.43 |
| 3.23 |
| 3.06 |
(1)The earnings per common share and earnings per common share - assuming dilution are the same in each period shown.
Operating Leases Finance Leases 2022 2021 2020 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 1,119 1,135 1,159 20 20 31 Cash flows from investing activities 500 291 283 Cash flows from financing activities 149 110 94 Noncash right of use assets recorded for lease liabilities In exchange for lease liabilities during the period 1,997 1,405 735 73 200 108
12. Earnings Per Share
Earnings per common share | 2022 | 2021 | 2020 | ||||||||||||||
Net income (loss) attributable to ExxonMobil (millions of dollars) | 55,740 | 23,040 | (22,440) | ||||||||||||||
Weighted-average number of common shares outstanding (millions of shares) | 4,205 | 4,275 | 4,271 | ||||||||||||||
Earnings (loss) per common share (dollars) (1) | 13.26 | 5.39 | (5.25) | ||||||||||||||
Dividends paid per common share (dollars) | 3.55 | 3.49 | 3.48 | ||||||||||||||
(1) The earnings (loss) per common share and earnings (loss) per common share - assuming dilution are the same in each period shown. |
Financial Instruments.
|
|
|
|
| At December 31, 2019 | ||||||||||||||
|
|
|
|
| (millions of dollars) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Difference |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Gross |
| Effect of |
| Effect of |
| in Carrying |
| Net |
|
|
|
|
|
|
|
|
|
|
| Assets |
| Counterparty |
| Collateral |
| Value and |
| Carrying |
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| & Liabilities |
| Netting |
| Netting |
| Fair Value |
| Value |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative assets (1) |
| 533 |
| 102 |
| - |
| 635 |
| (463) |
| (70) |
| - |
| 102 | ||
| Advances to/receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| from equity companies (2)(7) |
| - |
| 1,941 |
| 6,729 |
| 8,670 |
| - |
| - |
| (128) |
| 8,542 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial assets (3) |
| 1,145 |
| - |
| 974 |
| 2,119 |
| - |
| - |
| 44 |
| 2,163 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative liabilities (4) |
| 568 |
| 70 |
| - |
| 638 |
| (463) |
| (105) |
| - |
| 70 | ||
| Long-term debt (5) |
| 25,652 |
| 134 |
| 3 |
| 25,789 |
| - |
| - |
| (1,117) |
| 24,672 | ||
| Long-term obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| to equity companies (7) |
| - |
| - |
| 4,245 |
| 4,245 |
| - |
| - |
| (257) |
| 3,988 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial liabilities (6) |
| - |
| - |
| 1,042 |
| 1,042 |
| - |
| - |
| 16 |
| 1,058 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2018 | ||||||||||||||
|
|
|
|
| (millions of dollars) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Difference |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Gross |
| Effect of |
| Effect of |
| in Carrying |
| Net |
|
|
|
|
|
|
|
|
|
|
| Assets |
| Counterparty |
| Collateral |
| Value and |
| Carrying |
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| & Liabilities |
| Netting |
| Netting |
| Fair Value |
| Value |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative assets (1) |
| 297 |
| - |
| - |
| 297 |
| (151) |
| (146) |
| - |
| - | ||
| Advances to/receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| from equity companies (2)(7) |
| - |
| 2,100 |
| 6,293 |
| 8,393 |
| - |
| - |
| 215 |
| 8,608 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial assets (3) |
| 848 |
| - |
| 974 |
| 1,822 |
| - |
| - |
| 112 |
| 1,934 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative liabilities (4) |
| 151 |
| - |
| - |
| 151 |
| (151) |
| - |
| - |
| - | ||
| Long-term debt (5) |
| 19,029 |
| 117 |
| 4 |
| 19,150 |
| - |
| - |
| 85 |
| 19,235 | ||
| Long-term obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| to equity companies (7) |
| - |
| - |
| 4,330 |
| 4,330 |
| - |
| - |
| 52 |
| 4,382 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial liabilities (6) |
| - |
| - |
| 1,046 |
| 1,046 |
| - |
| - |
| (3) |
| 1,043 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included in
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets (1) | 4,309 | 3,455 | — | 7,764 | (5,778) | (969) | — | 1,017 | |||||||||||||||||||||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | 2,406 | 4,958 | 7,364 | — | — | 685 | 8,049 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial assets (3) | 1,208 | — | 1,413 | 2,621 | — | — | 346 | 2,967 | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | 3,417 | 3,264 | — | 6,681 | (5,778) | (79) | — | 824 | |||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | 33,112 | 1,880 | 6 | 34,998 | — | — | 4,173 | 39,171 | |||||||||||||||||||||||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | 2,467 | 2,467 | — | — | (129) | 2,338 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial liabilities (7) | — | — | 679 | 679 | — | — | 38 | 717 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets (1) | 1,422 | 1,523 | — | 2,945 | (1,930) | (28) | — | 987 | |||||||||||||||||||||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | 3,076 | 5,373 | 8,449 | — | — | (123) | 8,326 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial assets (3) | 1,134 | — | 1,058 | 2,192 | — | — | 181 | 2,373 | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | 1,701 | 2,594 | — | 4,295 | (1,930) | (306) | — | 2,059 | |||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | 44,454 | 88 | 3 | 44,545 | — | — | (2,878) | 41,667 | |||||||||||||||||||||||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | 3,084 | 3,084 | — | — | (227) | 2,857 | |||||||||||||||||||||||||||||||||||||||
Other long-term financial liabilities (7) | — | — | 902 | 902 | — | — | 58 | 960 | |||||||||||||||||||||||||||||||||||||||
(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables. | |||||||||||||||||||||||||||||||||||||||||||||||
(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net. | |||||||||||||||||||||||||||||||||||||||||||||||
(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations. | |||||||||||||||||||||||||||||||||||||||||||||||
(5) Excluding finance lease obligations. | |||||||||||||||||||||||||||||||||||||||||||||||
(6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company. | |||||||||||||||||||||||||||||||||||||||||||||||
(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates. |
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables
(3) Included in the Balance Sheet lines: Investments, advances and long term receivables and Other assets, including intangibles, net
(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations
(5) Excluding finance lease obligations
(6) Included in the Balance Sheet line: Other long-term obligations
(7) Advances to/receivables from equity companies and long-term obligationsprimarily related to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.
88
The increase in the estimated fair value and book value of long-term debt reflects the Corporation’s issuance of $7.0 billion of long-term debt in the third quarter of 2019.
Derivative Instruments.The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of the Upstream, Downstream and Chemical businessesits business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates, and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and for trading purposes.to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of December 31, 20192022 and 2018,2021, or results of operations for the years ended 2019, 20182022, 2021, and 2017.2020.
At December 31, 2019, the
(millions) | December 31, | December 31, | |||||||||
2022 | 2021 | ||||||||||
Crude oil (barrels) | 4 | 82 | |||||||||
Petroleum products (barrels) | (52) | (48) | |||||||||
Natural gas (MMBTUs) | (64) | (115) | |||||||||
|
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenue |
|
| (412) |
| 130 |
| 6 | |||
Crude oil and product purchases |
|
| 179 |
| (120) |
| (105) | |||
|
| Total |
|
| (233) |
| 10 |
| (99) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
89
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(millions of dollars) 2022 2021 2020 Sales and other operating revenue (1,763) (3,818) 404 Crude oil and product purchases 314 48 (407) Total (1,449) (3,770) (3)
|
|
|
| Average |
|
|
|
|
|
|
|
|
| Rate (1) |
| 2019 |
| 2018 |
|
|
| (millions of dollars) |
| ||||||
| Exxon Mobil Corporation |
|
|
|
|
|
| ||
|
| 1.912% notes due 2020 |
|
| - |
| 1,500 |
| |
|
| 2.222% notes due 2021 |
|
| 2,500 |
| 2,500 |
| |
|
| 2.397% notes due 2022 (Issued 2015) |
|
| 1,150 |
| 1,150 |
| |
|
| 1.902% notes due 2022 (Issued 2019) |
|
| 750 |
| - |
| |
|
| Floating-rate notes due 2022 (Issued 2015) | 2.792% |
| 500 |
| 500 |
| |
|
| Floating-rate notes due 2022 (Issued 2019) | 2.414% |
| 750 |
| - |
| |
|
| 2.726% notes due 2023 |
|
| 1,250 |
| 1,250 |
| |
|
| 3.176% notes due 2024 (Issued 2014) |
|
| 1,000 |
| 1,000 |
| |
|
| 2.019% notes due 2024 (Issued 2019) |
|
| 1,000 |
| - |
| |
|
| 2.709% notes due 2025 |
|
| 1,750 |
| 1,750 |
| |
|
| 3.043% notes due 2026 (Issued 2016) |
|
| 2,500 |
| 2,500 |
| |
|
| 2.275% notes due 2026 (Issued 2019) |
|
| 1,000 |
| - |
| |
|
| 2.440% notes due 2029 |
|
| 1,250 |
| - |
| |
|
| 2.995% notes due 2039 |
|
| 750 |
| - |
| |
|
| 3.567% notes due 2045 |
|
| 1,000 |
| 1,000 |
| |
|
| 4.114% notes due 2046 |
|
| 2,500 |
| 2,500 |
| |
|
| 3.095% notes due 2049 |
|
| 1,500 |
| - |
| |
|
|
|
|
|
|
|
|
|
|
| XTO Energy Inc. (2) |
|
|
|
|
|
| ||
|
| 6.100% senior notes due 2036 |
|
| 193 |
| 195 |
| |
|
| 6.750% senior notes due 2037 |
|
| 296 |
| 299 |
| |
|
| 6.375% senior notes due 2038 |
|
| 229 |
| 230 |
| |
|
|
|
|
|
|
|
|
|
|
| Mobil Corporation |
|
|
|
|
|
| ||
|
| 8.625% debentures due 2021 |
|
| 250 |
| 250 |
| |
|
|
|
|
|
|
|
|
|
|
| Industrial revenue bonds due 2020-2051 | 1.388% |
| 2,461 |
| 2,513 |
| ||
| Other U.S. dollar obligations |
|
| 89 |
| 102 |
| ||
| Other foreign currency obligations |
|
| 64 |
| 38 |
| ||
| Finance lease obligations | 9.518% |
| 1,670 |
| 1,303 |
| ||
| Debt issuance costs |
|
| (60) |
| (42) |
| ||
|
|
| Total long-term debt |
|
| 26,342 |
| 20,538 |
|
(1)Average effective interest rate for debt and average imputed interest rate for finance leases at December 31, 2019.
(2)Includes premiums of $92 million in 2019 and $97 million in 2018.
(millions of dollars, except where stated otherwise) Dec 31, 2022 Dec 31, 2021 1.571% notes due 2023 — 2,750 2.726% notes due 2023 — 1,250 3.176% notes due 2024 1,000 1,000 2.019% notes due 2024 1,000 1,000 2.709% notes due 2025 1,750 1,750 2.992% notes due 2025 2,781 2,794 3.043% notes due 2026 2,500 2,500 2.275% notes due 2026 1,000 1,000 3.294% notes due 2027 1,000 1,000 2.440% notes due 2029 1,250 1,250 3.482% notes due 2030 2,000 2,000�� 2.610% notes due 2030 2,000 2,000 2.995% notes due 2039 750 750 4.227% notes due 2040 2,084 2,087 3.567% notes due 2045 1,000 1,000 4.114% notes due 2046 2,500 2,500 3.095% notes due 2049 1,500 1,500 4.327% notes due 2050 2,750 2,750 3.452% notes due 2051 2,750 2,750 Exxon Mobil Corporation - Euro-denominated 0.142% notes due 2024 1,600 1,698 0.524% notes due 2028 1,066 1,133 0.835% notes due 2032 1,066 1,133 1.408% notes due 2039 1,066 1,133 6.100% senior notes due 2036 189 191 6.750% senior notes due 2037 289 291 6.375% senior notes due 2038 224 226 Industrial revenue bonds due 2022-2051 1.000% 2,245 2,244 Finance leases & other obligations 5.856% 3,299 1,862 Debt issuance costs (100) (114) Total long-term debt 40,559 43,428
15. Incentive Program
The Corporation has purchased shares inaward, except that for awards granted prior to 2020 the open market and through negotiated transactions to offset shares or units settled in shares issued in conjunction with benefit plans and programs. Purchases may be discontinued at any time without prior notice.vesting of the 10-year portion of the award is delayed until retirement if later than 10 years.
Restricted stock and units outstanding | 2022 | |||||||
Shares | Weighted-Average Grant-Date Fair Value per Share | |||||||
(thousands) | (dollars) | |||||||
Issued and outstanding at January 1 | 38,922 | 70.38 | ||||||
Awards issued in 2022 | 8,222 | 63.49 | ||||||
Vested | (9,235) | 76.31 | ||||||
Forfeited | (336) | 63.67 | ||||||
Issued and outstanding at December 31 | 37,573 | 67.47 |
| 2019 | |||||
|
|
|
| Weighted Average | ||
|
|
|
| Grant-Date | ||
Restricted stock and units outstanding | Shares |
|
| Fair Value per Share | ||
| (thousands) |
|
| (dollars) | ||
|
|
|
|
|
|
|
Issued and outstanding at January 1 | 40,381 |
|
|
| 86.56 |
|
Awards issued in 2019 | 8,799 |
|
|
| 77.66 |
|
Vested | (9,427) |
|
|
| 86.94 |
|
Forfeited | (125) |
|
|
| 85.35 |
|
Issued and outstanding at December 31 | 39,628 |
|
|
| 84.50 |
|
|
|
|
|
|
|
|
Value of restricted stock units |
| 2019 |
| 2018 |
| 2017 |
Grant price (dollars) |
| 68.77 |
| 77.66 |
| 81.89 |
|
|
|
|
|
|
|
Value at date of grant: |
| (millions of dollars) | ||||
Units settled in stock |
| 559 |
| 620 |
| 667 |
Units settled in cash |
| 55 |
| 61 |
| 63 |
Total value |
| 614 |
| 681 |
| 730 |
Value of restricted stock units | 2022 | 2021 | 2020 | ||||||||||||||
Grant price (dollars) | 110.46 | 62.76 | 41.15 | ||||||||||||||
Value at date of grant: | (millions of dollars) | ||||||||||||||||
Units settled in stock | 931 | 461 | 325 | ||||||||||||||
Units settled in cash | 106 | 49 | 32 | ||||||||||||||
Total value | 1,037 | 510 | 357 |
91
16. Litigation and Other Contingencies
|
|
|
|
|
| December 31, 2019 |
|
| ||
|
|
| Equity Company | Other Third-Party |
|
| ||||
|
|
| Obligations (1) | Obligations |
| Total | ||||
|
|
|
|
|
| (millions of dollars) |
|
| ||
Guarantees |
|
|
|
|
|
|
|
| ||
| Debt-related |
| 827 |
|
| 104 |
|
| 931 | |
| Other |
| 873 |
|
| 5,151 |
|
| 6,024 | |
|
| Total |
| 1,700 |
|
| 5,255 |
|
| 6,955 |
|
|
|
|
|
|
|
|
|
|
|
(1) | ExxonMobil share. |
|
|
|
|
|
|
|
|
December 31, 2022 | |||||||||||||||||
(millions of dollars) | Equity Company Obligations (1) | Other Third-Party Obligations | Total | ||||||||||||||
Guarantees | |||||||||||||||||
Debt-related | 1,206 | 152 | 1,358 | ||||||||||||||
Other | 728 | 5,374 | 6,102 | ||||||||||||||
Total | 1,934 | 5,526 | 7,460 | ||||||||||||||
(1) ExxonMobil share. |
In accordance with a Venezuelan nationalization decree issued in February 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed the operatorship of the Cerro Negro Heavy Oil Project. The decree also required conversion of the Cerro Negro Project into a “mixed enterprise” and an increase in PdVSA’s or one of its affiliate’s ownership interest in the Project. ExxonMobil refused to accede to the terms proffered by the government, and on June 27, 2007, the government expropriated ExxonMobil’s 41.67 percent interest in the Cerro Negro Project.
ExxonMobil collected awards of $908 million in an arbitration against PdVSA under the rules of the International Chamber of Commerce in respect of an indemnity related to the Cerro Negro Project and $260 million in an arbitration for compensation due for the La Ceiba Project and for export curtailments at the Cerro Negro Project under rules of International Centre for Settlement of Investment Disputes (ICSID). An ICSID arbitration award relating to the Cerro Negro Project’s expropriation ($1.4 billion) was annulled based on a determination that a prior Tribunal failed to adequately explain why the cap on damages in the indemnity owed by PdVSA did not affect or limit the amount owed for the expropriation of the Cerro Negro Project. ExxonMobil filed a new claim seeking to restore the original award of damages for the Cerro Negro Project with ICSID on September 26, 2018.
The net impact of this matter on the Corporation’s consolidated financial results cannot be reasonably estimated. Regardless, the Corporation does not expect the resolution to have a material effect upon the Corporation’s operations or financial condition.
92
An affiliate of ExxonMobil is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award. The Contractors appealed that judgment to the Court of Appeal, Abuja Judicial Division. On July 22, 2016, the Court of Appeal upheld the decision of the lower court setting aside the award. On October 21, 2016, the Contractors appealed the decision to the Supreme Court of Nigeria. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. Following dismissal by this court, the Contractors appealed to the Nigerian Court of Appeal in June 2016. In October 2014, the Contractors filed suit in the United States District Court for the Southern District of New York (SDNY) to enforce, if necessary, the arbitration award against NNPC assets residing within that jurisdiction. NNPC moved to dismiss the lawsuit. On September 4, 2019, the SDNY dismissed the Contractors’ petition to recognize and enforce the Erha arbitration award. The Contractors filed a notice of appeal in the Second Circuit on October 2, 2019. At this time, the net impact of this matter on the Corporation's consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation's operations or financial condition.
93
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
17. Pension and Other Postretirement Benefits
|
|
| Pension Benefits |
| Other Postretirement | ||||||||
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (percent) | ||||||||||
Weighted-average assumptions used to determine |
|
|
|
|
|
|
|
|
|
|
| ||
| benefit obligations at December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
| 3.50 |
| 4.40 |
| 2.30 |
| 3.00 |
| 3.50 |
| 4.40 |
| Long-term rate of compensation increase |
| 5.75 |
| 5.75 |
| 4.80 |
| 4.30 |
| 5.75 |
| 5.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (millions of dollars) | ||||||||||
Change in benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
| |
| Benefit obligation at January 1 |
| 18,174 |
| 19,310 |
| 25,378 |
| 27,963 |
| 7,471 |
| 8,100 |
| Service cost |
| 757 |
| 819 |
| 551 |
| 608 |
| 139 |
| 152 |
| Interest cost |
| 766 |
| 721 |
| 763 |
| 754 |
| 315 |
| 301 |
| Actuarial loss/(gain) |
| 2,562 |
| (957) |
| 3,703 |
| (1,034) |
| 556 |
| (630) |
| Benefits paid (1) (2) |
| (1,300) |
| (1,715) |
| (1,196) |
| (1,284) |
| (517) |
| (528) |
| Foreign exchange rate changes |
| - |
| - |
| 391 |
| (1,664) |
| 25 |
| (49) |
| Amendments, divestments and other |
| - |
| (4) |
| 328 |
| 35 |
| 124 |
| 125 |
Benefit obligation at December 31 |
| 20,959 |
| 18,174 |
| 29,918 |
| 25,378 |
| 8,113 |
| 7,471 | |
Accumulated benefit obligation at December 31 |
| 16,387 |
| 14,683 |
| 27,236 |
| 23,350 |
| - |
| - |
(1)Benefit payments for funded and unfunded plans.
(2)For 2019 and 2018, other postretirement benefits paid are net of $20 million and $13 million of Medicare subsidy receipts, respectively.
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
(millions of dollars, except where stated otherwise) | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31 | |||||||||||||||||||||||||||||||||||
Discount rate (percent) | 5.60 | 3.00 | 4.90 | 2.20 | 5.60 | 3.10 | |||||||||||||||||||||||||||||
Long-term rate of compensation increase (percent) | 4.50 | 4.50 | 5.20 | 4.20 | 4.50 | 4.50 | |||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | 18,511 | 21,662 | 29,492 | 33,626 | 7,265 | 8,135 | |||||||||||||||||||||||||||||
Service cost | 712 | 919 | 570 | 774 | 138 | 188 | |||||||||||||||||||||||||||||
Interest cost | 518 | 558 | 614 | 526 | 216 | 221 | |||||||||||||||||||||||||||||
Actuarial loss/(gain) (1) | (4,432) | (747) | (7,742) | (2,803) | (1,990) | (881) | |||||||||||||||||||||||||||||
Benefits paid (2)(3) | (2,959) | (3,810) | (1,415) | (1,550) | (492) | (517) | |||||||||||||||||||||||||||||
Foreign exchange rate changes | — | — | (2,258) | (1,162) | (47) | 3 | |||||||||||||||||||||||||||||
Amendments, divestments and other | — | (71) | 81 | 81 | 121 | 116 | |||||||||||||||||||||||||||||
Benefit obligation at December 31 | 12,350 | 18,511 | 19,342 | 29,492 | 5,211 | 7,265 | |||||||||||||||||||||||||||||
Accumulated benefit obligation at December 31 | 10,367 | 15,781 | 18,047 | 27,373 | — | — | |||||||||||||||||||||||||||||
(1) Actuarial loss/(gain) primarily reflects higher discount rates. | |||||||||||||||||||||||||||||||||||
(2) Benefit payments for funded and unfunded plans. | |||||||||||||||||||||||||||||||||||
(3) For 2022 and 2021, other postretirement benefits paid are net of $24 million and $9 million of Medicare subsidy receipts, respectively. |
|
|
| Pension Benefits |
| Other Postretirement | ||||||||
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||||||||||
Change in plan assets |
|
|
|
|
|
|
|
|
|
|
|
| |
| Fair value at January 1 |
| 11,134 |
| 12,782 |
| 19,486 |
| 21,461 |
| 386 |
| 427 |
| Actual return on plan assets |
| 2,521 |
| (710) |
| 3,210 |
| (15) |
| 54 |
| (13) |
| Foreign exchange rate changes |
| - |
| - |
| 513 |
| (1,320) |
| - |
| - |
| Company contribution |
| 1,022 |
| 491 |
| 602 |
| 438 |
| 41 |
| 30 |
| Benefits paid (1) |
| (1,041) |
| (1,429) |
| (883) |
| (903) |
| (56) |
| (58) |
| Other |
| - |
| - |
| (12) |
| (175) |
| - |
| - |
Fair value at December 31 |
| 13,636 |
| 11,134 |
| 22,916 |
| 19,486 |
| 425 |
| 386 |
(1)Benefit payments for funded plans.
94
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||||
Fair value at January 1 | 13,266 | 15,300 | 24,880 | 26,216 | 440 | 446 | |||||||||||||||||||||||||||||
Actual return on plan assets | (3,265) | 479 | (5,287) | 571 | (66) | 20 | |||||||||||||||||||||||||||||
Foreign exchange rate changes | — | — | (2,012) | (605) | — | — | |||||||||||||||||||||||||||||
Company contribution | 3,596 | 794 | 655 | 293 | 27 | 28 | |||||||||||||||||||||||||||||
Benefits paid (1) | (2,608) | (3,307) | (1,070) | (1,167) | (53) | (54) | |||||||||||||||||||||||||||||
Other | — | — | (409) | (428) | — | — | |||||||||||||||||||||||||||||
Fair value at December 31 | 10,989 | 13,266 | 16,757 | 24,880 | 348 | 440 | |||||||||||||||||||||||||||||
(1) Benefit payments for funded plans. |
The funding levels of all qualified pension plans are in compliance with standards set by applicable law or regulation. As shown in the table below, certain smaller U.S. pension plans and a number of non-U.S. pension plans are not funded because local applicable tax rules and regulatory practices do not encourage funding of these plans. All defined benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.
|
|
| Pension Benefits | ||||||
|
|
| U.S. |
| Non-U.S. | ||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||||||
Assets in excess of/(less than) benefit obligation |
|
|
|
|
|
|
|
| |
| Balance at December 31 |
|
|
|
|
|
|
|
|
| Funded plans |
| (4,656) |
| (4,604) |
| (1,728) |
| 439 |
| Unfunded plans |
| (2,667) |
| (2,436) |
| (5,274) |
| (6,331) |
Total |
| (7,323) |
| (7,040) |
| (7,002) |
| (5,892) |
Pension Benefits | |||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Assets in excess of/(less than) benefit obligation | |||||||||||||||||||||||
Balance at December 31 | |||||||||||||||||||||||
Funded plans | (23) | (3,570) | 1,019 | 554 | |||||||||||||||||||
Unfunded plans | (1,338) | (1,675) | (3,604) | (5,166) | |||||||||||||||||||
Total | (1,361) | (5,245) | (2,585) | (4,612) |
|
|
| Pension Benefits |
| Other Postretirement | ||||||||
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| (millions of dollars) | ||||||||||
Assets in excess of/(less than) benefit obligation |
|
|
|
|
|
|
|
|
|
|
| ||
| Balance at December 31 (1) |
| (7,323) |
| (7,040) |
| (7,002) |
| (5,892) |
| (7,688) |
| (7,085) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recorded in the consolidated balance |
|
|
|
|
|
|
|
|
|
|
|
| |
| sheet consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
| - |
| - |
| 1,151 |
| 1,174 |
| - |
| - |
| Current liabilities |
| (242) |
| (243) |
| (267) |
| (314) |
| (351) |
| (362) |
| Postretirement benefits reserves |
| (7,081) |
| (6,797) |
| (7,886) |
| (6,752) |
| (7,337) |
| (6,723) |
Total recorded |
| (7,323) |
| (7,040) |
| (7,002) |
| (5,892) |
| (7,688) |
| (7,085) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recorded in accumulated other |
|
|
|
|
|
|
|
|
|
|
|
| |
| comprehensive income consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net actuarial loss/(gain) |
| 3,971 |
| 3,831 |
| 5,662 |
| 4,713 |
| 1,339 |
| 877 |
| Prior service cost |
| 1 |
| 6 |
| 360 |
| (93) |
| (315) |
| (357) |
Total recorded in accumulated other |
|
|
|
|
|
|
|
|
|
|
|
| |
| comprehensive income |
| 3,972 |
| 3,837 |
| 6,022 |
| 4,620 |
| 1,024 |
| 520 |
(1) Fair value of assets less benefit obligation shown on the preceding page.
95
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Assets in excess of/(less than) benefit obligation | |||||||||||||||||||||||||||||||||||
Balance at December 31 (1) | (1,361) | (5,245) | (2,585) | (4,612) | (4,863) | (6,825) | |||||||||||||||||||||||||||||
Amounts recorded in the consolidated balance sheet consist of: | |||||||||||||||||||||||||||||||||||
Other assets | — | — | 1,962 | 2,544 | — | — | |||||||||||||||||||||||||||||
Current liabilities | (168) | (206) | (254) | (267) | (304) | (323) | |||||||||||||||||||||||||||||
Postretirement benefits reserves | (1,193) | (5,039) | (4,293) | (6,889) | (4,559) | (6,502) | |||||||||||||||||||||||||||||
Total recorded | (1,361) | (5,245) | (2,585) | (4,612) | (4,863) | (6,825) | |||||||||||||||||||||||||||||
Amounts recorded in accumulated other comprehensive income consist of: | |||||||||||||||||||||||||||||||||||
Net actuarial loss/(gain) | 897 | 1,865 | 846 | 2,841 | (1,726) | 197 | |||||||||||||||||||||||||||||
Prior service cost | (295) | (324) | 278 | 262 | (190) | (232) | |||||||||||||||||||||||||||||
Total recorded in accumulated other comprehensive income | 602 | 1,541 | 1,124 | 3,103 | (1,916) | (35) | |||||||||||||||||||||||||||||
(1) Fair value of assets less benefit obligation shown on the preceding page. |
The long-term expected rate of return on funded assets shown below is established for each benefit plan by developing a forward-looking, long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other | ||||
|
|
|
|
| Pension Benefits |
| Postretirement | ||||||||||||||
|
|
|
|
| U.S. |
| Non-U.S. |
| Benefits | ||||||||||||
|
|
|
|
| 2019 |
| 2018 |
| 2017 |
| 2019 |
| 2018 |
| 2017 |
| 2019 |
| 2018 |
| 2017 |
Weighted-average assumptions used to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| determine net periodic benefit cost for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| years ended December 31 | (percent) | |||||||||||||||||||
| Discount rate |
| 4.40 |
| 3.80 |
| 4.25 |
| 3.00 |
| 2.80 |
| 3.00 |
| 4.40 |
| 3.80 |
| 4.25 | ||
| Long-term rate of return on funded assets |
| 5.30 |
| 6.00 |
| 6.50 |
| 4.10 |
| 4.70 |
| 5.20 |
| 4.60 |
| 6.00 |
| 6.50 | ||
| Long-term rate of compensation increase |
| 5.75 |
| 5.75 |
| 5.75 |
| 4.30 |
| 4.30 |
| 4.00 |
| 5.75 |
| 5.75 |
| 5.75 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of net periodic benefit cost |
| (millions of dollars) | |||||||||||||||||||
| Service cost |
| 757 |
| 819 |
| 784 |
| 551 |
| 608 |
| 596 |
| 139 |
| 152 |
| 129 | ||
| Interest cost |
| 766 |
| 721 |
| 798 |
| 763 |
| 754 |
| 772 |
| 315 |
| 301 |
| 317 | ||
| Expected return on plan assets |
| (568) |
| (727) |
| (775) |
| (777) |
| (951) |
| (1,000) |
| (15) |
| (23) |
| (24) | ||
| Amortization of actuarial loss/(gain) |
| 305 |
| 362 |
| 438 |
| 306 |
| 409 |
| 476 |
| 55 |
| 116 |
| 96 | ||
| Amortization of prior service cost |
| 5 |
| 5 |
| 5 |
| 56 |
| 46 |
| 47 |
| (42) |
| (40) |
| (33) | ||
| Net pension enhancement and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| curtailment/settlement cost |
| 164 |
| 268 |
| 609 |
| (98) |
| 44 |
| 19 |
| - |
| - |
| - | ||
Net periodic benefit cost |
| 1,429 |
| 1,448 |
| 1,859 |
| 801 |
| 910 |
| 910 |
| 452 |
| 506 |
| 485 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in amounts recorded in accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Net actuarial loss/(gain) |
| 609 |
| 479 |
| (324) |
| 1,268 |
| (66) |
| (191) |
| 517 |
| (594) |
| 215 | ||
| Amortization of actuarial (loss)/gain |
| (469) |
| (630) |
| (1,047) |
| (208) |
| (453) |
| (495) |
| (55) |
| (116) |
| (96) | ||
| Prior service cost/(credit) |
| - |
| - |
| - |
| 379 |
| 98 |
| 111 |
| - |
| - |
| - | ||
| Amortization of prior service (cost)/credit |
| (5) |
| (5) |
| (5) |
| (56) |
| (46) |
| (47) |
| 42 |
| 40 |
| 33 | ||
| Foreign exchange rate changes |
| - |
| - |
| - |
| 19 |
| (356) |
| 559 |
| - |
| (8) |
| 8 | ||
Total recorded in other comprehensive income |
| 135 |
| (156) |
| (1,376) |
| 1,402 |
| (823) |
| (63) |
| 504 |
| (678) |
| 160 | |||
Total recorded in net periodic benefit cost and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| other comprehensive income, before tax |
| 1,564 |
| 1,292 |
| 483 |
| 2,203 |
| 87 |
| 847 |
| 956 |
| (172) |
| 645 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars, except where stated otherwise) | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate (percent) | 3.00 | 2.80 | 3.50 | 2.20 | 1.60 | 2.30 | 3.10 | 2.80 | 3.50 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term rate of return on funded assets (percent) | 4.60 | 5.30 | 5.30 | 3.50 | 4.10 | 4.10 | 3.80 | 4.60 | 4.60 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term rate of compensation increase (percent) | 4.50 | 5.50 | 5.75 | 4.20 | 4.20 | 4.80 | 4.50 | 5.50 | 5.75 | ||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | 712 | 919 | 965 | 570 | 774 | 707 | 138 | 188 | 181 | ||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 518 | 558 | 708 | 614 | 526 | 657 | 216 | 221 | 277 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (560) | (722) | (703) | (815) | (1,031) | (897) | (14) | (19) | (18) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss/(gain) | 156 | 244 | 310 | 180 | 420 | 416 | 6 | 76 | 95 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | (29) | (23) | 5 | 43 | 57 | 68 | (42) | (42) | (42) | ||||||||||||||||||||||||||||||||||||||||||||
Net pension enhancement and curtailment/settlement cost | 205 | 489 | 280 | 4 | 32 | 49 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | 1,002 | 1,465 | 1,565 | 596 | 778 | 1,000 | 304 | 424 | 493 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in amounts recorded in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss/(gain) | (607) | (504) | (279) | (1,641) | (2,361) | 446 | (1,910) | (891) | (92) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial (loss)/gain | (361) | (733) | (590) | (183) | (430) | (442) | (6) | (76) | (95) | ||||||||||||||||||||||||||||||||||||||||||||
Prior service cost/(credit) | — | (72) | (271) | 84 | 92 | (82) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service (cost)/credit | 29 | 23 | (5) | (40) | (55) | (68) | 42 | 42 | 42 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange rate changes | — | — | — | (199) | (255) | 236 | (7) | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Total recorded in other comprehensive income | (939) | (1,286) | (1,145) | (1,979) | (3,009) | 90 | (1,881) | (925) | (134) | ||||||||||||||||||||||||||||||||||||||||||||
Total recorded in net periodic benefit cost and other comprehensive income, before tax | 63 | 179 | 420 | (1,383) | (2,231) | 1,090 | (1,577) | (501) | 359 |
96
A summary of the change in accumulated other comprehensive income is shown in the table below:
|
|
|
| Total Pension and | ||||
|
|
|
| Other Postretirement Benefits | ||||
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
| (millions of dollars) | |||||
(Charge)/credit to other comprehensive income, before tax |
|
|
|
|
|
|
| |
| U.S. pension |
|
| (135) |
| 156 |
| 1,376 |
| Non-U.S. pension |
|
| (1,402) |
| 823 |
| 63 |
| Other postretirement benefits |
|
| (504) |
| 678 |
| (160) |
Total (charge)/credit to other comprehensive income, before tax |
|
| (2,041) |
| 1,657 |
| 1,279 | |
(Charge)/credit to income tax (see Note 4) |
|
| 550 |
| (470) |
| (290) | |
(Charge)/credit to investment in equity companies |
|
| (19) |
| 24 |
| (43) | |
(Charge)/credit to other comprehensive income including noncontrolling |
|
|
|
|
|
| ||
| interests, after tax |
|
| (1,510) |
| 1,211 |
| 946 |
Charge/(credit) to equity of noncontrolling interests |
|
| 146 |
| (114) |
| 12 | |
(Charge)/credit to other comprehensive income attributable to ExxonMobil |
|
| (1,364) |
| 1,097 |
| 958 |
Total Pension and Other Postretirement Benefits | |||||||||||||||||
(millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
(Charge)/credit to other comprehensive income, before tax | |||||||||||||||||
U.S. pension | 939 | 1,286 | 1,145 | ||||||||||||||
Non-U.S. pension | 1,979 | 3,009 | (90) | ||||||||||||||
Other postretirement benefits | 1,881 | 925 | 134 | ||||||||||||||
Total (charge)/credit to other comprehensive income, before tax | 4,799 | 5,220 | 1,189 | ||||||||||||||
(Charge)/credit to income tax (see Note 4) | (1,236) | (1,287) | (153) | ||||||||||||||
(Charge)/credit to investment in equity companies | 235 | 110 | (110) | ||||||||||||||
(Charge)/credit to other comprehensive income including noncontrolling interests, after tax | 3,798 | 4,043 | 926 | ||||||||||||||
Charge/(credit) to equity of noncontrolling interests | (212) | (217) | 30 | ||||||||||||||
(Charge)/credit to other comprehensive income attributable to ExxonMobil | 3,586 | 3,826 | 956 |
Studiessecurities with interest rate sensitivity designed to approximate the interest rate sensitivity of plan liabilities.
less than 5 percent.
97
The 20192022 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:
|
|
| U.S. Pension |
| Non-U.S. Pension | ||||||||||||||||||||
|
|
| Fair Value Measurement |
|
| Fair Value Measurement |
| ||||||||||||||||||
|
|
| at December 31, 2019, Using: |
|
| at December 31, 2019, Using: |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| Net |
|
|
|
|
|
|
|
|
|
| Net |
| ||
|
|
|
|
|
|
|
|
|
|
| Asset |
|
|
|
|
|
|
|
|
|
| Asset |
| ||
|
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total |
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total | ||
|
|
| (millions of dollars) | ||||||||||||||||||||||
Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| U.S. | - |
|
| - |
| - |
| 1,960 |
| 1,960 |
| - |
|
| - |
| - |
| 3,436 |
| 3,436 | ||
|
| Non-U.S. | - |
|
| - |
| - |
| 1,656 |
| 1,656 |
| 70 | (2) | - |
| - |
| 3,015 |
| 3,085 | |||
| Private equity | - |
|
| - |
|
| - |
| 499 |
| 499 |
| - |
|
| - |
|
| - |
| 489 |
| 489 | |
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Corporate | - |
|
| 4,932 | (3) | - |
| 1 |
| 4,933 |
| - |
|
| 129 | (3) | - |
| 4,486 |
| 4,615 | ||
|
| Government | - |
|
| 4,470 | (3) | - |
| 2 |
| 4,472 |
| 280 | (4) | 139 | (3) | - |
| 10,511 |
| 10,930 | |||
|
| Asset-backed | - |
|
| - |
| - |
| 1 |
| 1 |
| - |
|
| 21 | (3) | - |
| 212 |
| 233 | ||
| Cash | - |
|
| - |
| - |
| 107 |
| 107 |
| 33 |
|
| 12 | (5) | - |
| 61 |
| 106 | |||
Total at fair value | - |
|
| 9,402 |
|
| - |
| 4,226 |
| 13,628 |
| 383 |
|
| 301 |
|
| - |
| 22,210 |
| 22,894 | ||
| Insurance contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| at contract value |
|
|
|
|
|
|
|
|
|
| 8 |
|
|
|
|
|
|
|
|
|
|
| 22 |
Total plan assets |
|
|
|
|
|
|
|
|
|
| 13,636 |
|
|
|
|
|
|
|
|
|
|
| 22,916 |
(1)Per ASU 2015-07, certain instruments that are measured at fair value using the Net Asset Value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.
(2)For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(3)For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
(4)For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
(5)For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
U.S. Pension Non-U.S. Pension (millions of dollars) Level 1 Level 2 Level 3 Net Asset Value Total Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. — — — 1,726 1,726 — — — 2,318 2,318 Non-U.S. — — — 1,131 1,131 61 (1) — — 1,676 1,737 Private equity — — — 506 506 — — — 472 472 Debt securities Corporate — 4,582 (2) — 1 4,583 — 63 (2) — 4,199 4,262 Government — 2,869 (2) — 2 2,871 202 (3) 144 (2) — 7,189 7,535 Asset-backed — — — 1 1 — 22 (2) — 185 207 Cash — — — 168 168 88 40 (4) — 77 205 Total at fair value — 7,451 — 3,535 10,986 351 269 — 16,116 16,736 Insurance contracts at contract value 3 21 Total plan assets 10,989 16,757
Other Postretirement | ||||||||||||||||||||||||||||||||
(millions of dollars) | Fair Value Measurement at December 31, 2022, Using: | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Net Asset Value | Total | ||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
U.S. | 70 | (1) | — | — | — | 70 | ||||||||||||||||||||||||||
Non-U.S. | 37 | (1) | — | — | — | 37 | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
Corporate | — | 59 | (2) | — | — | 59 | ||||||||||||||||||||||||||
Government | — | 175 | (2) | — | — | 175 | ||||||||||||||||||||||||||
Asset-backed | — | 4 | (2) | — | — | 4 | ||||||||||||||||||||||||||
Cash | — | 3 | — | — | 3 | |||||||||||||||||||||||||||
Total at fair value | 107 | 241 | — | — | 348 | |||||||||||||||||||||||||||
(1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. | ||||||||||||||||||||||||||||||||
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. |
|
|
| Other Postretirement | |||||||||||||
|
|
| Fair Value Measurement |
|
| |||||||||||
|
|
| at December 31, 2019, Using: |
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Net |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset |
|
| |
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value (1) |
| Total | ||||
|
|
|
| (millions of dollars) | ||||||||||||
Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| U.S. |
| - |
|
| - |
| - |
|
| 81 |
|
| 81 | |
|
| Non-U.S. |
| - |
|
| - |
| - |
|
| 49 |
|
| 49 | |
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Corporate |
| - |
|
| 92 | (2) | - |
|
| - |
|
| 92 | |
|
| Government |
| - |
|
| 200 | (2) | - |
|
| - |
|
| 200 | |
|
| Asset-backed |
| - |
|
| - |
| - |
|
| - |
|
| - | |
| Cash |
| - |
|
| - |
|
| - |
|
| 3 |
|
| 3 | |
Total at fair value |
| - |
|
| 292 |
|
| - |
|
| 133 |
|
| 425 |
(1) Per ASU 2015-07, certain instruments that are measured at fair value using the Net Asset Value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
99
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The 20182021 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:
|
|
| U.S. Pension |
| Non-U.S. Pension | ||||||||||||||||||||
|
|
| Fair Value Measurement |
|
| Fair Value Measurement |
| ||||||||||||||||||
|
|
| at December 31, 2018, Using: |
|
| at December 31, 2018, Using: |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| Net |
|
|
|
|
|
|
|
|
|
| Net |
| ||
|
|
|
|
|
|
|
|
|
|
| Asset |
|
|
|
|
|
|
|
|
|
| Asset |
| ||
|
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total |
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| Value (1) | Total | ||
|
|
| (millions of dollars) | ||||||||||||||||||||||
Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| U.S. | - |
|
| - |
| - |
| 1,397 |
| 1,397 |
| - |
|
| - |
| - |
| 2,648 |
| 2,648 | ||
|
| Non-U.S. | - |
|
| - |
| - |
| 1,218 |
| 1,218 |
| 57 | (2) | - |
| - |
| 2,436 |
| 2,493 | |||
| Private equity | - |
|
| - |
|
| - |
| 516 |
| 516 |
| - |
|
| - |
|
| - |
| 513 |
| 513 | |
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Corporate | - |
|
| 4,795 | (3) | - |
| 1 |
| 4,796 |
| - |
| 102 | (3) | - |
| 3,713 |
| 3,815 | |||
|
| Government | - |
|
| 3,085 | (3) | - |
| 2 |
| 3,087 |
| 243 | (4) | 97 | (3) | - |
| 9,326 |
| 9,666 | |||
|
| Asset-backed | - |
|
| - |
| - |
| 1 |
| 1 |
| - |
|
| 28 | (3) | - |
| 218 |
| 246 | ||
| Cash | - |
|
| - |
| - |
| 111 |
| 111 |
| 27 |
|
| 3 | (5) | - |
| 54 |
| 84 | |||
Total at fair value | - |
|
| 7,880 |
|
| - |
| 3,246 |
| 11,126 |
| 327 |
|
| 230 |
|
| - |
| 18,908 |
| 19,465 | ||
| Insurance contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| at contract value |
|
|
|
|
|
|
|
|
|
| 8 |
|
|
|
|
|
|
|
|
|
|
| 21 |
Total plan assets |
|
|
|
|
|
|
|
|
|
| 11,134 |
|
|
|
|
|
|
|
|
|
|
| 19,486 |
(1)Per ASU 2015-07, certain instruments that are measured at fair value using the Net Asset Value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.
(2)For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(3)For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
(4)For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
(5)For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
U.S. Pension Non-U.S. Pension (millions of dollars) Level 1 Level 2 Level 3 Net Asset Value Total Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. — — — 1,956 1,956 — — — 3,416 3,416 Non-U.S. — — — 1,290 1,290 76 (1) — — 2,424 2,500 Private equity — — — 661 661 — — — 627 627 Debt securities Corporate — 5,242 (2) — 1 5,243 — 119 (2) — 5,831 5,950 Government — 3,945 (2) — 2 3,947 209 (3) 97 (2) — 11,620 11,926 Asset-backed — — — 1 1 — 25 (2) — 191 216 Cash — — — 162 162 62 53 (4) — 108 223 Total at fair value — 9,187 — 4,073 13,260 347 294 — 24,217 24,858 Insurance contracts at contract value 6 22 Total plan assets 13,266 24,880
Other Postretirement | ||||||||||||||||||||||||||||||||
(millions of dollars) | Fair Value Measurement at December 31, 2021, Using: | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Net Asset Value | Total | ||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
U.S. | 91 | (1) | — | — | — | 91 | ||||||||||||||||||||||||||
Non-U.S. | 45 | (1) | — | — | — | 45 | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
Corporate | — | 95 | (2) | — | — | 95 | ||||||||||||||||||||||||||
Government | — | 206 | (2) | — | — | 206 | ||||||||||||||||||||||||||
Asset-backed | — | — | — | — | — | |||||||||||||||||||||||||||
Cash | — | 3 | — | — | 3 | |||||||||||||||||||||||||||
Total at fair value | 136 | 304 | — | — | 440 | |||||||||||||||||||||||||||
(1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. | ||||||||||||||||||||||||||||||||
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. |
|
|
| Other Postretirement | |||||||||||||
|
|
| Fair Value Measurement |
|
| |||||||||||
|
|
| at December 31, 2018, Using: |
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Net |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset |
|
| |
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value (1) |
| Total | ||||
|
|
| (millions of dollars) | |||||||||||||
Asset category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| U.S. |
| - |
|
| - |
| - |
|
| 64 |
|
| 64 | |
|
| Non-U.S. |
| - |
|
| - |
| - |
|
| 41 |
|
| 41 | |
| Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Corporate |
| - |
|
| 88 | (2) | - |
|
| - |
|
| 88 | |
|
| Government |
| - |
|
| 189 | (2) | - |
|
| - |
|
| 189 | |
|
| Asset-backed |
| - |
|
| - |
| - |
|
| - |
|
| - | |
| Cash |
| - |
|
| - |
|
| - |
|
| 4 |
|
| 4 | |
Total at fair value |
| - |
|
| 277 |
|
| - |
|
| 109 |
|
| 386 |
(1)Per ASU 2015-07, certain instruments that are measured at fair value using the Net Asset Value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.
(2)For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
101
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A summary of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below:
|
| Pension Benefits | ||||||||
|
| U.S. |
| Non-U.S. | ||||||
|
|
| 2019 |
| 2018 |
|
| 2019 |
| 2018 |
|
| (millions of dollars) | ||||||||
For funded pension plans with an accumulated benefit obligation |
|
|
|
|
|
|
|
|
| |
| in excess of plan assets: |
|
|
|
|
|
|
|
|
|
| Projected benefit obligation |
| 18,292 |
| 15,738 |
|
| 3,616 |
| 4,037 |
| Accumulated benefit obligation |
| 14,940 |
| 13,208 |
|
| 3,026 |
| 3,671 |
| Fair value of plan assets |
| 13,636 |
| 11,134 |
|
| 1,381 |
| 3,499 |
|
|
|
|
|
|
|
|
|
|
|
For unfunded pension plans: |
|
|
|
|
|
|
|
|
| |
| Projected benefit obligation |
| 2,667 |
| 2,436 |
|
| 5,274 |
| 6,331 |
| Accumulated benefit obligation |
| 1,447 |
| 1,475 |
|
| 4,629 |
| 5,670 |
|
|
|
|
|
|
| Other | |
|
|
| Pension Benefits |
| Postretirement | |||
|
|
| U.S. |
| Non-U.S. |
| Benefits | |
|
| (millions of dollars) | ||||||
Estimated 2020 amortization from accumulated other comprehensive income: |
|
|
|
|
|
|
| |
| Net actuarial loss/(gain) (1) |
| 527 |
| 422 |
|
| 89 |
| Prior service cost (2) |
| 5 |
| 70 |
|
| (42) |
(1)The Corporation amortizes the net balance of actuarial losses/(gains) as a component of net periodic benefit cost over the average remaining service period of active plan participants.
(2)The Corporation amortizes prior service cost on a straight-line basis as permitted under authoritative guidance for defined benefit pension and
Pension Benefits | |||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
For funded pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||
Accumulated benefit obligation | — | 14,511 | 1,098 | 3,108 | |||||||||||||||||||
Fair value of plan assets | — | 13,266 | 400 | 1,711 | |||||||||||||||||||
For funded pension plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||
Projected benefit obligation | 11,012 | 16,836 | 1,956 | 4,840 | |||||||||||||||||||
Fair value of plan assets | 10,989 | 13,266 | 1,012 | 2,849 | |||||||||||||||||||
For unfunded pension plans: | |||||||||||||||||||||||
Projected benefit obligation | 1,338 | 1,675 | 3,604 | 5,166 | |||||||||||||||||||
Accumulated benefit obligation | 1,045 | 1,270 | 3,261 | 4,685 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
(millions of dollars) | U.S. | Non-U.S. | Gross | Medicare Subsidy Receipt | |||||||||||||||||||
Contributions expected in 2023 | — | 570 | — | — | |||||||||||||||||||
Benefit payments expected in: | |||||||||||||||||||||||
2023 | 956 | 1,149 | 399 | 21 | |||||||||||||||||||
2024 | 963 | 1,140 | 395 | 22 | |||||||||||||||||||
2025 | 985 | 1,123 | 391 | 23 | |||||||||||||||||||
2026 | 1,009 | 1,109 | 385 | 24 | |||||||||||||||||||
2027 | 1,024 | 1,154 | 382 | 24 | |||||||||||||||||||
2028 - 2032 | 5,430 | 5,978 | 1,930 | 128 |
|
|
| Pension Benefits |
| Other Postretirement Benefits | ||||||
|
|
|
|
|
|
|
|
| Medicare | ||
|
|
| U.S. |
| Non-U.S. |
| Gross |
| Subsidy Receipt | ||
|
|
| (millions of dollars) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Contributions expected in 2020 |
| 1,030 |
| 515 |
| - |
|
| - |
| |
Benefit payments expected in: |
|
|
|
|
|
|
|
|
|
| |
| 2020 |
| 1,440 |
| 1,171 |
| 444 |
|
| 20 |
|
| 2021 |
| 1,339 |
| 1,162 |
| 445 |
|
| 21 |
|
| 2022 |
| 1,330 |
| 1,177 |
| 443 |
|
| 22 |
|
| 2023 |
| 1,328 |
| 1,199 |
| 440 |
|
| 23 |
|
| 2024 |
| 1,327 |
| 1,221 |
| 438 |
|
| 24 |
|
| 2025 - 2029 |
| 6,512 |
| 6,125 |
| 2,196 |
|
| 132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
102
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In the Corporate and financing segment,Financing, interest revenue relates to interest earned on cash deposits and marketable securities. Interest expense includes non-debt-related interest expense of $105$117 million in 2019, $842022, $103 million in 20182021, and $136$148 million in 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
| ||
| Upstream |
| Downstream |
| Chemical |
|
| and | Corporate | ||||||||||
| U.S. | Non-U.S. |
| U.S. | Non-U.S. |
| U.S. | Non-U.S. |
| Financing | Total | ||||||||
|
| (millions of dollars) | |||||||||||||||||
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings after income tax |
| 536 |
| 13,906 |
|
| 1,717 |
| 606 |
|
| 206 |
| 386 |
|
| (3,017) |
| 14,340 |
Earnings of equity companies included above |
| 282 |
| 4,534 |
|
| 196 |
| 19 |
|
| (4) |
| 818 |
|
| (404) |
| 5,441 |
Sales and other operating revenue |
| 9,364 |
| 13,779 |
|
| 70,523 |
| 134,460 |
|
| 9,723 |
| 17,693 |
|
| 41 |
| 255,583 |
Intersegment revenue |
| 10,893 |
| 30,864 |
|
| 22,416 |
| 24,775 |
|
| 7,864 |
| 5,905 |
|
| 224 |
| - |
Depreciation and depletion expense |
| 6,162 |
| 9,305 |
|
| 674 |
| 832 |
|
| 555 |
| 621 |
|
| 849 |
| 18,998 |
Interest revenue |
| - |
| - |
|
| - |
| - |
|
| - |
| - |
|
| 84 |
| 84 |
Interest expense |
| 54 |
| 34 |
|
| 1 |
| 9 |
|
| - |
| 1 |
|
| 731 |
| 830 |
Income tax expense (benefit) |
| (151) |
| 5,509 |
|
| 465 |
| 361 |
|
| 58 |
| 305 |
|
| (1,265) |
| 5,282 |
Additions to property, plant and equipment |
| 10,404 |
| 7,347 |
|
| 2,685 |
| 1,777 |
|
| 1,344 |
| 589 |
|
| 758 |
| 24,904 |
Investments in equity companies |
| 5,313 |
| 17,736 |
|
| 319 |
| 1,062 |
|
| 1,835 |
| 3,335 |
|
| (309) |
| 29,291 |
Total assets |
| 95,750 |
| 151,181 |
|
| 23,442 |
| 37,133 |
|
| 16,544 |
| 20,376 |
|
| 18,171 |
| 362,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings after income tax |
| 1,739 |
| 12,340 |
|
| 2,962 |
| 3,048 |
|
| 1,642 |
| 1,709 |
|
| (2,600) |
| 20,840 |
Earnings of equity companies included above |
| 608 |
| 5,816 |
|
| 156 |
| (6) |
|
| 48 |
| 1,113 |
|
| (380) |
| 7,355 |
Sales and other operating revenue |
| 10,359 |
| 15,158 |
|
| 74,327 |
| 147,007 |
|
| 12,239 |
| 20,204 |
|
| 38 |
| 279,332 |
Intersegment revenue |
| 8,683 |
| 29,659 |
|
| 21,954 |
| 29,888 |
|
| 9,044 |
| 7,217 |
|
| 205 |
| - |
Depreciation and depletion expense |
| 6,024 |
| 9,257 |
|
| 684 |
| 890 |
|
| 405 |
| 606 |
|
| 879 |
| 18,745 |
Interest revenue |
| - |
| - |
|
| - |
| - |
|
| - |
| - |
|
| 64 |
| 64 |
Interest expense |
| 77 |
| 31 |
|
| 2 |
| 12 |
|
| - |
| 1 |
|
| 643 |
| 766 |
Income tax expense (benefit) |
| 104 |
| 8,149 |
|
| 946 |
| 1,008 |
|
| 566 |
| 245 |
|
| (1,486) |
| 9,532 |
Additions to property, plant and equipment |
| 7,119 |
| 7,974 |
|
| 1,152 |
| 1,595 |
|
| 1,146 |
| 348 |
|
| 717 |
| 20,051 |
Investments in equity companies |
| 4,566 |
| 16,337 |
|
| 293 |
| 1,162 |
|
| 870 |
| 3,431 |
|
| (277) |
| 26,382 |
Total assets |
| 90,310 |
| 148,914 |
|
| 17,898 |
| 34,024 |
|
| 14,904 |
| 21,131 |
|
| 19,015 |
| 346,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings after income tax |
| 6,622 |
| 6,733 |
|
| 1,948 |
| 3,649 |
|
| 2,190 |
| 2,328 |
|
| (3,760) |
| 19,710 |
Earnings of equity companies included above |
| 216 |
| 3,618 |
|
| 118 |
| 490 |
|
| 90 |
| 1,217 |
|
| (369) |
| 5,380 |
Sales and other operating revenue |
| 9,349 |
| 14,508 |
|
| 61,695 |
| 122,881 |
|
| 11,035 |
| 17,659 |
|
| 35 |
| 237,162 |
Intersegment revenue |
| 5,729 |
| 22,935 |
|
| 14,857 |
| 22,263 |
|
| 7,270 |
| 5,550 |
|
| 208 |
| - |
Depreciation and depletion expense |
| 6,963 |
| 9,741 |
|
| 658 |
| 883 |
|
| 299 |
| 504 |
|
| 845 |
| 19,893 |
Interest revenue |
| - |
| - |
|
| - |
| - |
|
| - |
| - |
|
| 36 |
| 36 |
Interest expense |
| 87 |
| 29 |
|
| 1 |
| 6 |
|
| - |
| - |
|
| 478 |
| 601 |
Income tax expense (benefit) |
| (8,552) |
| 5,463 |
|
| (61) |
| 934 |
|
| 362 |
| 664 |
|
| 16 |
| (1,174) |
Effect of U.S. tax reform - noncash |
| (7,602) |
| 480 |
|
| (618) |
| - |
|
| (335) |
| - |
|
| 2,133 |
| (5,942) |
Additions to property, plant and equipment |
| 9,761 |
| 8,617 |
|
| 769 |
| 1,551 |
|
| 1,330 |
| 2,019 |
|
| 854 |
| 24,901 |
Investments in equity companies |
| 4,680 |
| 14,494 |
|
| 276 |
| 1,462 |
|
| 341 |
| 3,387 |
|
| (286) |
| 24,354 |
Total assets |
| 89,048 |
| 155,822 |
|
| 18,172 |
| 34,294 |
|
| 13,363 |
| 21,133 |
|
| 16,859 |
| 348,691 |
103
Geographic |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Sales and other operating revenue |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
United States |
| 89,612 |
| 96,930 |
| 82,079 | |
Non-U.S. |
| 165,971 |
| 182,402 |
| 155,083 | |
| Total |
| 255,583 |
| 279,332 |
| 237,162 |
|
|
|
|
|
|
|
|
Significant non-U.S. revenue sources include: (1) |
|
|
|
|
|
| |
| Canada |
| 19,735 |
| 22,672 |
| 20,116 |
| United Kingdom |
| 17,479 |
| 18,702 |
| 16,611 |
| France |
| 12,740 |
| 13,637 |
| 11,235 |
| Singapore |
| 12,128 |
| 13,689 |
| 11,589 |
| Belgium |
| 11,644 |
| 15,664 |
| 13,633 |
| Italy |
| 10,459 |
| 13,396 |
| 11,476 |
|
|
|
|
|
|
|
|
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.
Long-lived assets |
| 2019 |
| 2018 |
| 2017 | |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
United States |
| 114,372 |
| 108,147 |
| 105,101 | |
Non-U.S. |
| 138,646 |
| 138,954 |
| 147,529 | |
| Total |
| 253,018 |
| 247,101 |
| 252,630 |
|
|
|
|
|
|
|
|
Significant non-U.S. long-lived assets include: |
|
|
|
|
|
| |
| Canada |
| 39,130 |
| 37,433 |
| 41,138 |
| Australia |
| 13,933 |
| 14,548 |
| 16,908 |
| Singapore |
| 11,645 |
| 11,148 |
| 11,292 |
| Kazakhstan |
| 9,315 |
| 9,726 |
| 10,121 |
| Papua New Guinea |
| 8,057 |
| 8,269 |
| 8,463 |
| Nigeria |
| 7,640 |
| 8,421 |
| 9,734 |
| Angola |
| 5,784 |
| 7,021 |
| 7,689 |
| United Arab Emirates |
| 5,262 |
| 4,859 |
| 4,304 |
| Russia |
| 5,135 |
| 5,456 |
| 5,702 |
(millions of dollars) | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Corporate Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) after income tax | 11,728 | 24,751 | 8,340 | 6,626 | 2,328 | 1,215 | 1,190 | 1,225 | (1,663) | 55,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings of equity companies included above | 411 | 10,133 | 126 | 322 | 91 | 771 | — | (23) | (368) | 11,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and other operating revenue | 14,579 | 30,585 | 117,824 | 188,153 | 10,670 | 16,949 | 6,152 | 13,727 | 36 | 398,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenue | 25,658 | 46,076 | 29,001 | 36,894 | 9,081 | 5,201 | 2,587 | 825 | 241 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion expense | 5,791 | 14,013 | 741 | 1,246 | 542 | 446 | 95 | 193 | 973 | 24,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest revenue | — | — | — | — | — | — | — | — | 446 | 446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 51 | 38 | 1 | 7 | — | 1 | — | 1 | 699 | 798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 3,330 | 11,575 | 2,615 | 2,420 | 520 | 292 | 334 | 252 | (1,162) | 20,176 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to property, plant and equipment | 5,940 | 6,441 | 1,141 | 964 | 1,026 | 1,692 | 37 | 200 | 897 | 18,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity companies | 4,893 | 21,502 | 368 | 1,154 | 3,124 | 2,417 | — | 1,177 | (113) | 34,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 66,695 | 139,764 | 31,729 | 41,836 | 17,342 | 15,875 | 2,839 | 8,316 | 44,671 | 369,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) after income tax | 3,663 | 12,112 | 668 | (1,014) | 3,697 | 3,292 | 1,452 | 1,807 | (2,636) | 23,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings of equity companies included above | 288 | 5,535 | 122 | 100 | (139) | 1,141 | — | (36) | (354) | 6,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and other operating revenue | 8,883 | 12,914 | 78,500 | 130,406 | 11,995 | 16,633 | 4,858 | 12,473 | 30 | 276,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenue | 16,692 | 33,405 | 16,735 | 25,097 | 5,993 | 4,082 | 2,193 | 749 | 227 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion expense | 6,831 | 9,918 | 700 | 1,036 | 505 | 450 | 97 | 195 | 875 | 20,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest revenue | — | — | — | — | — | — | — | — | 33 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 58 | 36 | 1 | 6 | — | 1 | — | 1 | 844 | 947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,116 | 4,871 | 156 | (165) | 1,235 | 684 | 464 | 329 | (1,054) | 7,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to property, plant and equipment | 3,308 | 5,308 | 979 | 874 | 538 | 712 | 28 | 136 | 658 | 12,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity companies | 4,999 | 18,544 | 353 | 972 | 3,019 | 2,490 | — | 1,185 | (337) | 31,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 67,294 | 141,978 | 26,932 | 37,698 | 16,695 | 14,555 | 2,878 | 8,030 | 22,863 | 338,923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) after income tax | (19,385) | (645) | (1,342) | (1,230) | 1,196 | 1,061 | 571 | 630 | (3,296) | (22,440) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of asset impairments - noncash | (17,138) | (2,287) | (15) | (412) | (100) | (21) | — | (245) | (35) | (20,253) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings of equity companies included above | (559) | 2,101 | 134 | (192) | (21) | 750 | — | (97) | (384) | 1,732 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and other operating revenue | 5,876 | 8,673 | 46,401 | 86,966 | 6,391 | 11,243 | 3,993 | 8,993 | 38 | 178,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenue | 8,508 | 19,642 | 9,847 | 13,417 | 4,313 | 2,191 | 1,620 | 361 | 221 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion expense | 28,627 | 12,723 | 693 | 1,508 | 607 | 461 | 101 | 397 | 892 | 46,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest revenue | — | — | — | — | — | — | — | — | 49 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 52 | 93 | 1 | 20 | — | — | — | 1 | 991 | 1,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (5,958) | 742 | (493) | 89 | 421 | 277 | 188 | 299 | (1,197) | (5,632) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to property, plant and equipment | 5,726 | 4,418 | 2,937 | 1,446 | 1,158 | 546 | 109 | 331 | 671 | 17,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity companies | 4,792 | 18,135 | 352 | 952 | 2,543 | 2,413 | — | 1,028 | (443) | 29,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 71,287 | 144,730 | 23,192 | 33,566 | 15,529 | 13,653 | 2,872 | 7,849 | 20,072 | 332,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. |
104
Revenue from Contracts with Customers
Sales and other operating revenue (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Revenue from contracts with customers | 304,758 | 228,968 | 153,478 | ||||||||||||||
Revenue outside the scope of ASC 606 | 93,917 | 47,724 | 25,096 | ||||||||||||||
Total | 398,675 | 276,692 | 178,574 |
Sales and other operating revenue (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
United States | 149,225 | 104,236 | 62,663 | ||||||||||||||
Non-U.S. | 249,450 | 172,456 | 115,911 | ||||||||||||||
Total | 398,675 | 276,692 | 178,574 | ||||||||||||||
Significant non-U.S. revenue sources include: (1) | |||||||||||||||||
United Kingdom | 33,988 | 14,759 | 11,055 | ||||||||||||||
Canada | 32,970 | 22,166 | 13,093 | ||||||||||||||
Singapore | 19,029 | 15,031 | 9,442 | ||||||||||||||
France | 17,727 | 13,236 | 8,676 | ||||||||||||||
Italy | 11,496 | 10,056 | 7,091 | ||||||||||||||
Australia | 11,316 | 7,646 | 5,839 | ||||||||||||||
Belgium | 11,279 | 9,153 | 6,231 | ||||||||||||||
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable. |
Long-lived assets (millions of dollars) | December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
United States | 90,051 | 90,412 | 94,732 | ||||||||||||||
Non-U.S. | 114,641 | 126,140 | 132,821 | ||||||||||||||
Total | 204,692 | 216,552 | 227,553 | ||||||||||||||
Significant non-U.S. long-lived assets include: | |||||||||||||||||
Canada | 31,106 | 34,907 | 36,232 | ||||||||||||||
Singapore | 11,972 | 11,969 | 12,129 | ||||||||||||||
Australia | 11,372 | 12,988 | 14,792 | ||||||||||||||
Kazakhstan | 8,172 | 8,463 | 8,882 | ||||||||||||||
Papua New Guinea | 7,338 | 7,534 | 7,803 | ||||||||||||||
Guyana | 6,766 | 4,892 | 3,547 | ||||||||||||||
United Arab Emirates | 5,448 | 5,392 | 5,381 | ||||||||||||||
Nigeria | 4,090 | 5,235 | 6,345 | ||||||||||||||
Brazil | 3,649 | 4,337 | 3,281 | ||||||||||||||
Angola | 2,793 | 3,207 | 4,405 | ||||||||||||||
Russia | — | 4,055 | 4,616 |
|
|
|
|
|
|
| 2019 |
|
|
|
|
| 2018 |
|
|
|
|
| 2017 |
|
|
|
|
|
|
| U.S. | Non-U.S. | Total |
| U.S. | Non-U.S. | Total |
| U.S. | Non-U.S. | Total | ||||||
|
|
|
|
|
|
|
|
|
|
| (millions of dollars) |
|
|
|
|
|
| ||||
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Federal and non-U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Current |
| (121) |
| 6,171 |
| 6,050 |
| 459 |
| 9,001 |
| 9,460 |
| 577 |
| 6,633 |
| 7,210 | |
|
| Deferred - net |
| (255) |
| (420) |
| (675) |
| 518 |
| (614) |
| (96) |
| (9,075) |
| 754 |
| (8,321) | |
| U.S. tax on non-U.S. operations |
| 89 |
| - |
| 89 |
| 42 |
| - |
| 42 |
| 17 |
| - |
| 17 | ||
|
|
| Total federal and non-U.S. |
| (287) |
| 5,751 |
| 5,464 |
| 1,019 |
| 8,387 |
| 9,406 |
| (8,481) |
| 7,387 |
| (1,094) |
| State |
| (182) |
| - |
| (182) |
| 126 |
| - |
| 126 |
| (80) |
| - |
| (80) | ||
|
|
| Total income tax expense |
| (469) |
| 5,751 |
| 5,282 |
| 1,145 |
| 8,387 |
| 9,532 |
| (8,561) |
| 7,387 |
| (1,174) |
All other taxes and duties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Other taxes and duties |
| 3,566 |
| 26,959 |
| 30,525 |
| 3,498 |
| 29,165 |
| 32,663 |
| 3,330 |
| 26,774 |
| 30,104 | ||
| Included in production and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| manufacturing expenses |
| 1,385 |
| 811 |
| 2,196 |
| 1,245 |
| 857 |
| 2,102 |
| 1,107 |
| 747 |
| 1,854 | |
| Included in SG&A expenses |
| 160 |
| 305 |
| 465 |
| 153 |
| 312 |
| 465 |
| 147 |
| 354 |
| 501 | ||
|
| Total other taxes and duties |
| 5,111 |
| 28,075 |
| 33,186 |
| 4,896 |
| 30,334 |
| 35,230 |
| 4,584 |
| 27,875 |
| 32,459 | |
|
|
| Total |
| 4,642 |
| 33,826 |
| 38,468 |
| 6,041 |
| 38,721 |
| 44,762 |
| (3,977) |
| 35,262 |
| 31,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||
Federal and non-U.S. | |||||||||||||||||||||||||||||||||||
Current | 696 | 15,071 | 15,767 | 236 | 6,948 | 7,184 | 262 | 2,908 | 3,170 | ||||||||||||||||||||||||||
Deferred - net | 4,122 | (539) | 3,583 | 870 | (914) | (44) | (6,045) | (2,007) | (8,052) | ||||||||||||||||||||||||||
U.S. tax on non-U.S. operations | 65 | — | 65 | 26 | — | 26 | 13 | — | 13 | ||||||||||||||||||||||||||
Total federal and non-U.S. | 4,883 | 14,532 | 19,415 | 1,132 | 6,034 | 7,166 | (5,770) | 901 | (4,869) | ||||||||||||||||||||||||||
State | 761 | — | 761 | 470 | — | 470 | (763) | — | (763) | ||||||||||||||||||||||||||
Total income tax expense (benefit) | 5,644 | 14,532 | 20,176 | 1,602 | 6,034 | 7,636 | (6,533) | 901 | (5,632) | ||||||||||||||||||||||||||
All other taxes and duties | |||||||||||||||||||||||||||||||||||
Other taxes and duties | 4,087 | 23,832 | 27,919 | 3,731 | 26,508 | 30,239 | 3,108 | 23,014 | 26,122 | ||||||||||||||||||||||||||
Included in production and manufacturing expenses | 2,204 | 862 | 3,066 | 1,589 | 674 | 2,263 | 1,148 | 663 | 1,811 | ||||||||||||||||||||||||||
Included in SG&A expenses | 151 | 319 | 470 | 170 | 283 | 453 | 164 | 328 | 492 | ||||||||||||||||||||||||||
Total other taxes and duties | 6,442 | 25,013 | 31,455 | 5,490 | 27,465 | 32,955 | 4,420 | 24,005 | 28,425 | ||||||||||||||||||||||||||
Total | 12,086 | 39,545 | 51,631 | 7,092 | 33,499 | 40,591 | (2,113) | 24,906 | 22,793 |
Following the December 22, 2017, enactment of the U.S. Tax Cuts and Jobs Act, in accordance with Accounting Standard Codification Topic 740 (Income Taxes) and following the guidance outlined in the SEC Staff Accounting Bulletin No. 118, the Corporation included a $5,942 million credit in its 2017 results, representing a reasonable estimate of the income tax effects of the changes in tax law and tax rate. The Corporation’s results for 2018 include a $291 million tax credit, mainly in the Non-U.S. Upstream, reflecting an updated estimate of the impact of U.S. tax reform including clarifications provided in tax regulations issued by the U.S. Treasury. The Corporation completed its accounting for the enactment-date income tax effects of the U.S. Tax Cuts and Jobs Act in accordance with Accounting Standard Codification Topic 740 (Income Taxes) during 2018.
105
The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 20192022, 2021, and 2018 and 35 percent for 20172020 is as follows:
|
|
|
| 2019 |
| 2018 |
| 2017 |
|
|
|
| (millions of dollars) | ||||
Income before income taxes |
|
|
|
|
|
| ||
| United States |
| (53) |
| 5,200 |
| (754) | |
| Non-U.S. |
| 20,109 |
| 25,753 |
| 19,428 | |
|
| Total |
| 20,056 |
| 30,953 |
| 18,674 |
Theoretical tax |
| 4,212 |
| 6,500 |
| 6,536 | ||
Effect of equity method of accounting |
| (1,143) |
| (1,545) |
| (1,883) | ||
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1) |
| 2,573 |
| 4,626 |
| 1,848 | ||
Enactment-date effects of U.S. tax reform |
| - |
| (291) |
| (5,942) | ||
Other (2) |
| (360) |
| 242 |
| (1,733) | ||
|
| Total income tax expense |
| 5,282 |
| 9,532 |
| (1,174) |
|
|
|
|
|
|
|
|
|
Effective tax rate calculation |
|
|
|
|
|
| ||
Income taxes |
| 5,282 |
| 9,532 |
| (1,174) | ||
ExxonMobil share of equity company income taxes |
| 2,490 |
| 3,142 |
| 2,228 | ||
|
| Total income taxes |
| 7,772 |
| 12,674 |
| 1,054 |
Net income including noncontrolling interests |
| 14,774 |
| 21,421 |
| 19,848 | ||
|
| Total income before taxes |
| 22,546 |
| 34,095 |
| 20,902 |
|
|
|
|
|
|
|
|
|
Effective income tax rate |
| 34% |
| 37% |
| 5% |
(1) 2019 includes taxes less than the theoretical U.S. tax of $773 million from Norway operations and the sale of upstream assets, $657 million from a tax rate change in Alberta, Canada, and $268 million from an adjustment to a prior year tax position.
(2) 2017 includes taxes less than the theoretical U.S. tax of $708 million from an exploration tax benefit.
(millions of dollars) 2022 2021 2020 Income (loss) before income taxes United States 28,281 9,478 (27,704) Non-U.S. 49,472 21,756 (1,179) Total 77,753 31,234 (28,883) Theoretical tax 16,328 6,559 (6,065) Effect of equity method of accounting (2,407) (1,398) (364) 6,423 2,809 1,606 601 371 (603) Other (769) (705) (206) Total income tax expense (credit) 20,176 7,636 (5,632) Effective tax rate calculation Income tax expense (credit) 20,176 7,636 (5,632) ExxonMobil share of equity company income taxes 7,594 2,756 861 Total income tax expense (credit) 27,770 10,392 (4,771) Net income (loss) including noncontrolling interests 57,577 23,598 (23,251) Total income (loss) before taxes 85,347 33,990 (28,022) Effective income tax rate 33% 31% 17%
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.
Tax effects of temporary differences for: |
| 2019 |
| 2018 | |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Property, plant and equipment |
| 36,029 |
| 35,745 | |
Other liabilities |
| 7,653 |
| 6,516 | |
| Total deferred tax liabilities |
| 43,682 |
| 42,261 |
|
|
|
|
|
|
Pension and other postretirement benefits |
| (4,712) |
| (4,115) | |
Asset retirement obligations |
| (3,403) |
| (4,118) | |
Tax loss carryforwards |
| (7,404) |
| (6,321) | |
Other assets |
| (7,735) |
| (5,498) | |
| Total deferred tax assets |
| (23,254) |
| (20,052) |
|
|
|
|
|
|
Asset valuation allowances |
| 1,924 |
| 1,826 | |
| Net deferred tax liabilities |
| 22,352 |
| 24,035 |
Tax effects of temporary differences for: (millions of dollars) | 2022 | 2021 | |||||||||
Property, plant and equipment | 25,607 | 27,888 | |||||||||
Other liabilities | 7,401 | 6,353 | |||||||||
Total deferred tax liabilities | 33,008 | 34,241 | |||||||||
Pension and other postretirement benefits | (1,754) | (3,687) | |||||||||
Asset retirement obligations | (3,045) | (2,865) | |||||||||
Tax loss carryforwards | (4,862) | (6,914) | |||||||||
Other assets | (6,948) | (7,694) | |||||||||
Total deferred tax assets | (16,609) | (21,160) | |||||||||
Asset valuation allowances | 2,650 | 2,634 | |||||||||
Net deferred tax liabilities | 19,049 | 15,715 |
$186 million.
Balance sheet classification |
| 2019 |
| 2018 | |
|
|
| (millions of dollars) | ||
|
|
|
|
|
|
Other assets, including intangibles, net |
| (3,268) |
| (3,209) | |
Deferred income tax liabilities |
| 25,620 |
| 27,244 | |
| Net deferred tax liabilities |
| 22,352 |
| 24,035 |
Balance sheet classification (millions of dollars) | 2022 | 2021 | |||||||||
Other assets, including intangibles, net | (3,825) | (4,450) | |||||||||
Deferred income tax liabilities | 22,874 | 20,165 | |||||||||
Net deferred tax liabilities | 19,049 | 15,715 |
107
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Gross unrecognized tax benefits (millions of dollars) | 2022 | 2021 | 2020 | ||||||||||||||
Balance at January 1 | 9,130 | 8,764 | 8,844 | ||||||||||||||
Additions based on current year's tax positions | 539 | 358 | 253 | ||||||||||||||
Additions for prior years' tax positions | 294 | 100 | 218 | ||||||||||||||
Reductions for prior years' tax positions | (6,243) | (79) | (201) | ||||||||||||||
Reductions due to lapse of the statute of limitations | (16) | (2) | (237) | ||||||||||||||
Settlements with tax authorities | (277) | (11) | (113) | ||||||||||||||
Foreign exchange effects/other | (29) | — | — | ||||||||||||||
Balance at December 31 | 3,398 | 9,130 | 8,764 |
Gross unrecognized tax benefits | 2019 |
| 2018 |
| 2017 | |
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
Balance at January 1 | 9,174 |
| 8,783 |
| 9,468 | |
| Additions based on current year's tax positions | 287 |
| 375 |
| 522 |
| Additions for prior years' tax positions | 120 |
| 240 |
| 523 |
| Reductions for prior years' tax positions | (97) |
| (125) |
| (865) |
| Reductions due to lapse of the statute of limitations | (279) |
| (5) |
| (113) |
| Settlements with tax authorities | (538) |
| (68) |
| (782) |
| Foreign exchange effects/other | 177 |
| (26) |
| 30 |
Balance at December 31 | 8,844 |
| 9,174 |
| 8,783 |
financial condition.
months.
Country of Operation | Open Tax Years | ||||||||||
Abu Dhabi | 2021 | — | 2022 | ||||||||
Angola | 2018 | — | 2022 | ||||||||
Australia | 2010 | — | 2022 | ||||||||
Belgium | 2017 | — | 2022 | ||||||||
Canada | 2001 | — | 2022 | ||||||||
Equatorial Guinea | 2009 | — | 2022 | ||||||||
Indonesia | 2008 | — | 2022 | ||||||||
Iraq | 2017 | — | 2022 | ||||||||
Malaysia | 2018 | — | 2022 | ||||||||
Nigeria | 2006 | — | 2022 | ||||||||
Papua New Guinea | 2008 | — | 2022 | ||||||||
United Kingdom | 2015 | — | 2022 | ||||||||
United States | 2010 | — | 2022 |
| Country of Operation | Open Tax Years |
| ||||
| Abu Dhabi |
|
| 2018 | - | 2019 |
|
| Angola |
|
| 2018 | - | 2019 |
|
| Australia |
|
| 2010 | - | 2019 |
|
| Belgium |
|
| 2017 | - | 2019 |
|
| Canada |
|
| 2000 | - | 2019 |
|
| Equatorial Guinea |
|
| 2007 | - | 2019 |
|
| Indonesia |
|
| 2007 | - | 2019 |
|
| Iraq |
|
| 2014 | - | 2019 |
|
| Malaysia |
|
| 2011 | - | 2019 |
|
| Nigeria |
|
| 2006 | - | 2019 |
|
| Norway |
|
| 2007 | - | 2019 |
|
| Papua New Guinea |
|
| 2008 | - | 2019 |
|
| Russia |
|
| 2017 | - | 2019 |
|
| United Kingdom |
|
| 2015 | - | 2019 |
|
| United States |
|
| 2006 | - | 2019 |
|
The Corporation incurred $0 million, $3 million
108
20. Sale Divestment Activities
On December 10, 2019, the Corporation completedapproximately $5 billion and recognized net after-tax earnings of approximately $0.4 billion from its divestment activities in 2022. This included the sale of non-operated upstreamcertain unproved assets in NorwayRomania and unconventional assets in Canada and the United States, as well as other smaller divestments.
these matters.
109
SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (unaudited)
Results of Operations (millions of dollars) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 8,801 | 4,401 | 2,388 | 463 | 2,710 | 6,222 | 24,985 | ||||||||||||||||||||||||||||||||||
Transfers | 17,020 | 12,568 | 60 | 8,634 | 12,274 | 996 | 51,552 | ||||||||||||||||||||||||||||||||||
Revenue | 25,821 | 16,969 | 2,448 | 9,097 | 14,984 | 7,218 | 76,537 | ||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 3,965 | 5,519 | 464 | 1,965 | 1,492 | 513 | 13,918 | ||||||||||||||||||||||||||||||||||
Exploration expenses | 18 | 698 | 28 | 168 | 51 | 62 | 1,025 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 5,472 | 3,700 | 193 | 2,293 | 5,672 | 829 | 18,159 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 2,314 | 120 | 140 | 729 | 2,312 | 689 | 6,304 | ||||||||||||||||||||||||||||||||||
Related income tax | 3,294 | 1,112 | 1,048 | 2,004 | 6,008 | 1,549 | 15,015 | ||||||||||||||||||||||||||||||||||
Results of producing activities for consolidated subsidiaries | 10,758 | 5,820 | 575 | 1,938 | (551) | 3,576 | 22,116 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 820 | — | 2,791 | 10 | 20,750 | — | 24,371 | ||||||||||||||||||||||||||||||||||
Transfers | 640 | — | 51 | — | 316 | — | 1,007 | ||||||||||||||||||||||||||||||||||
Revenue | 1,460 | — | 2,842 | 10 | 21,066 | — | 25,378 | ||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 667 | — | 607 | 21 | 379 | — | 1,674 | ||||||||||||||||||||||||||||||||||
Exploration expenses | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 280 | — | 48 | 1 | 717 | — | 1,046 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 37 | — | 232 | — | 6,857 | — | 7,126 | ||||||||||||||||||||||||||||||||||
Related income tax | — | — | 1,413 | (2) | 4,559 | — | 5,970 | ||||||||||||||||||||||||||||||||||
Results of producing activities for equity companies | 476 | — | 541 | (10) | 8,554 | — | 9,561 | ||||||||||||||||||||||||||||||||||
Total results of operations | 11,234 | 5,820 | 1,116 | 1,928 | 8,003 | 3,576 | 31,677 |
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
| ||
|
|
|
| United |
| Other |
|
|
|
|
|
|
| Australia/ |
|
|
Results of Operations |
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | ||
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2019 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 5,070 |
| 1,452 |
| 2,141 |
| 802 |
| 2,393 |
| 3,132 |
| 14,990 |
|
| Transfers |
| 6,544 |
| 5,979 |
| 1,345 |
| 7,892 |
| 8,706 |
| 628 |
| 31,094 |
|
|
|
| 11,614 |
| 7,431 |
| 3,486 |
| 8,694 |
| 11,099 |
| 3,760 |
| 46,084 |
| Production costs excluding taxes |
| 4,697 |
| 4,366 |
| 1,196 |
| 2,387 |
| 1,597 |
| 637 |
| 14,880 | |
| Exploration expenses |
| 120 |
| 498 |
| 118 |
| 234 |
| 119 |
| 180 |
| 1,269 | |
| Depreciation and depletion |
| 5,916 |
| 1,975 |
| 601 |
| 3,019 |
| 2,264 |
| 703 |
| 14,478 | |
| Taxes other than income |
| 998 |
| 122 |
| 113 |
| 682 |
| 1,182 |
| 250 |
| 3,347 | |
| Related income tax |
| (29) |
| (423) |
| (20) |
| 1,188 |
| 4,238 |
| 599 |
| 5,553 | |
| Results of producing activities for consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| subsidiaries |
| (88) |
| 893 |
| 1,478 |
| 1,184 |
| 1,699 |
| 1,391 |
| 6,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2019 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 664 |
| - |
| 1,248 |
| - |
| 10,536 |
| - |
| 12,448 |
|
| Transfers |
| 530 |
| - |
| 6 |
| - |
| 464 |
| - |
| 1,000 |
|
|
|
| 1,194 |
| - |
| 1,254 |
| - |
| 11,000 |
| - |
| 13,448 |
| Production costs excluding taxes |
| 595 |
| - |
| 570 |
| 6 |
| 555 |
| - |
| 1,726 | |
| Exploration expenses |
| 1 |
| - |
| 4 |
| - |
| - |
| - |
| 5 | |
| Depreciation and depletion |
| 379 |
| - |
| 231 |
| - |
| 528 |
| - |
| 1,138 | |
| Taxes other than income |
| 33 |
| - |
| 75 |
| - |
| 3,634 |
| - |
| 3,742 | |
| Related income tax |
| - |
| - |
| 180 |
| (1) |
| 2,275 |
| - |
| 2,454 | |
| Results of producing activities for equity companies |
| 186 |
| - |
| 194 |
| (5) |
| 4,008 |
| - |
| 4,383 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total results of operations |
| 98 |
| 893 |
| 1,672 |
| 1,179 |
| 5,707 |
| 1,391 |
| 10,940 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Operations (millions of dollars) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 5,797 | 2,480 | 1,628 | 253 | 2,110 | 3,182 | 15,450 | ||||||||||||||||||||||||||||||||||
Transfers | 10,938 | 8,492 | 412 | 6,087 | 8,829 | 812 | 35,570 | ||||||||||||||||||||||||||||||||||
Revenue | 16,735 | 10,972 | 2,040 | 6,340 | 10,939 | 3,994 | 51,020 | ||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 3,436 | 4,867 | 754 | 1,759 | 1,471 | 481 | 12,768 | ||||||||||||||||||||||||||||||||||
Exploration expenses | 19 | 464 | 26 | 359 | 146 | 40 | 1,054 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 6,185 | 2,690 | 408 | 2,799 | 1,965 | 1,002 | 15,049 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 1,367 | 113 | 11 | 490 | 1,258 | 423 | 3,662 | ||||||||||||||||||||||||||||||||||
Related income tax | 1,276 | 55 | 235 | 311 | 3,858 | 610 | 6,345 | ||||||||||||||||||||||||||||||||||
Results of producing activities for consolidated subsidiaries | 4,452 | 2,783 | 606 | 622 | 2,241 | 1,438 | 12,142 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 620 | — | 1,332 | — | 12,239 | — | 14,191 | ||||||||||||||||||||||||||||||||||
Transfers | 479 | — | 33 | — | 151 | — | 663 | ||||||||||||||||||||||||||||||||||
Revenue | 1,099 | — | 1,365 | — | 12,390 | — | 14,854 | ||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 538 | — | 1,065 | 11 | 413 | — | 2,027 | ||||||||||||||||||||||||||||||||||
Exploration expenses | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 509 | — | 194 | — | 611 | — | 1,314 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 33 | — | 48 | — | 3,749 | — | 3,830 | ||||||||||||||||||||||||||||||||||
Related income tax | — | — | 13 | 3 | 2,652 | — | 2,668 | ||||||||||||||||||||||||||||||||||
Results of producing activities for equity companies | 19 | — | 43 | (14) | 4,965 | — | 5,013 | ||||||||||||||||||||||||||||||||||
Total results of operations | 4,471 | 2,783 | 649 | 608 | 7,206 | 1,438 | 17,155 | ||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 2,933 | 1,034 | 536 | 262 | 1,632 | 1,983 | 8,380 | ||||||||||||||||||||||||||||||||||
Transfers | 4,943 | 3,938 | 362 | 4,603 | 5,584 | 509 | 19,939 | ||||||||||||||||||||||||||||||||||
Revenue | 7,876 | 4,972 | 898 | 4,865 | 7,216 | 2,492 | 28,319 | ||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 3,877 | 3,928 | 786 | 1,911 | 1,471 | 483 | 12,456 | ||||||||||||||||||||||||||||||||||
Exploration expenses | 51 | 573 | 33 | 371 | 112 | 145 | 1,285 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 27,489 | 5,118 | 828 | 2,788 | 2,171 | 733 | 39,127 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 615 | 106 | 32 | 390 | 692 | 152 | 1,987 | ||||||||||||||||||||||||||||||||||
Related income tax | (5,650) | (944) | (343) | (258) | 2,130 | 241 | (4,824) | ||||||||||||||||||||||||||||||||||
Results of producing activities for consolidated subsidiaries | (18,506) | (3,809) | (438) | (337) | 640 | 738 | (21,712) | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Sales to third parties | 410 | — | 513 | — | 6,289 | — | 7,212 | ||||||||||||||||||||||||||||||||||
Transfers | 308 | — | 12 | — | 60 | — | 380 | ||||||||||||||||||||||||||||||||||
Revenue | 718 | — | 525 | — | 6,349 | — | 7,592 | ||||||||||||||||||||||||||||||||||
Production costs excluding taxes | 500 | — | 674 | 6 | 421 | — | 1,601 | ||||||||||||||||||||||||||||||||||
Exploration expenses | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||
Depreciation and depletion | 605 | — | 224 | — | 543 | — | 1,372 | ||||||||||||||||||||||||||||||||||
Taxes other than income | 34 | — | 22 | — | 2,274 | — | 2,330 | ||||||||||||||||||||||||||||||||||
Related income tax | — | — | (246) | (1) | 1,126 | — | 879 | ||||||||||||||||||||||||||||||||||
Results of producing activities for equity companies | (421) | — | (151) | (5) | 1,985 | — | 1,408 | ||||||||||||||||||||||||||||||||||
Total results of operations | (18,927) | (3,809) | (589) | (342) | 2,625 | 738 | (20,304) |
110
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
| United |
| Other |
|
|
|
|
|
| Australia/ |
| ||
Results of Operations |
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | ||
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2018 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 5,914 |
| 1,491 |
| 3,680 |
| 1,136 |
| 2,431 |
| 3,256 |
| 17,908 |
|
| Transfers |
| 5,822 |
| 4,633 |
| 1,573 |
| 8,844 |
| 8,461 |
| 873 |
| 30,206 |
|
|
|
| 11,736 |
| 6,124 |
| 5,253 |
| 9,980 |
| 10,892 |
| 4,129 |
| 48,114 |
| Production costs excluding taxes |
| 3,915 |
| 4,211 |
| 1,348 |
| 2,454 |
| 1,501 |
| 680 |
| 14,109 | |
| Exploration expenses |
| 237 |
| 434 |
| 140 |
| 318 |
| 209 |
| 128 |
| 1,466 | |
| Depreciation and depletion |
| 5,775 |
| 1,803 |
| 665 |
| 2,788 |
| 2,088 |
| 809 |
| 13,928 | |
| Taxes other than income |
| 953 |
| 133 |
| 128 |
| 799 |
| 1,155 |
| 335 |
| 3,503 | |
| Related income tax |
| 250 |
| (121) |
| 1,934 |
| 1,766 |
| 4,008 |
| 622 |
| 8,459 | |
| Results of producing activities for consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| subsidiaries |
| 606 |
| (336) |
| 1,038 |
| 1,855 |
| 1,931 |
| 1,555 |
| 6,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2018 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 747 |
| - |
| 1,420 |
| - |
| 12,028 |
| - |
| 14,195 |
|
| Transfers |
| 588 |
| - |
| 8 |
| - |
| 935 |
| - |
| 1,531 |
|
|
|
| 1,335 |
| - |
| 1,428 |
| - |
| 12,963 |
| - |
| 15,726 |
| Production costs excluding taxes |
| 535 |
| - |
| 745 |
| 5 |
| 409 |
| - |
| 1,694 | |
| Exploration expenses |
| 1 |
| - |
| 4 |
| - |
| 5 |
| - |
| 10 | |
| Depreciation and depletion |
| 248 |
| - |
| 172 |
| - |
| 462 |
| - |
| 882 | |
| Taxes other than income |
| 33 |
| - |
| 61 |
| - |
| 4,104 |
| - |
| 4,198 | |
| Related income tax |
| - |
| - |
| 271 |
| (1) |
| 2,726 |
| - |
| 2,996 | |
| Results of producing activities for equity companies |
| 518 |
| - |
| 175 |
| (4) |
| 5,257 |
| - |
| 5,946 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total results of operations |
| 1,124 |
| (336) |
| 1,213 |
| 1,851 |
| 7,188 |
| 1,555 |
| 12,595 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2017 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 5,223 |
| 1,911 |
| 3,652 |
| 993 |
| 2,239 |
| 2,244 |
| 16,262 |
|
| Transfers |
| 3,852 |
| 3,462 |
| 1,631 |
| 7,771 |
| 6,035 |
| 689 |
| 23,440 |
|
|
|
| 9,075 |
| 5,373 |
| 5,283 |
| 8,764 |
| 8,274 |
| 2,933 |
| 39,702 |
| Production costs excluding taxes |
| 3,730 |
| 3,833 |
| 1,576 |
| 2,064 |
| 1,618 |
| 626 |
| 13,447 | |
| Exploration expenses |
| 162 |
| 647 |
| 94 |
| 311 |
| 494 |
| 82 |
| 1,790 | |
| Depreciation and depletion |
| 6,689 |
| 2,005 |
| 1,055 |
| 2,957 |
| 1,782 |
| 913 |
| 15,401 | |
| Taxes other than income |
| 684 |
| 97 |
| 146 |
| 559 |
| 811 |
| 311 |
| 2,608 | |
| Related income tax |
| (8,066) |
| (180) |
| 1,717 |
| 1,911 |
| 2,148 |
| 316 |
| (2,154) | |
| Results of producing activities for consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| subsidiaries |
| 5,876 |
| (1,029) |
| 695 |
| 962 |
| 1,421 |
| 685 |
| 8,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2017 - Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Sales to third parties |
| 585 |
| - |
| 1,636 |
| - |
| 8,926 |
| - |
| 11,147 |
|
| Transfers |
| 443 |
| - |
| 10 |
| - |
| 638 |
| - |
| 1,091 |
|
|
|
| 1,028 |
| - |
| 1,646 |
| - |
| 9,564 |
| - |
| 12,238 |
| Production costs excluding taxes |
| 523 |
| - |
| 418 |
| - |
| 336 |
| - |
| 1,277 | |
| Exploration expenses |
| 1 |
| - |
| 13 |
| - |
| 878 |
| - |
| 892 | |
| Depreciation and depletion |
| 320 |
| - |
| 166 |
| - |
| 477 |
| - |
| 963 | |
| Taxes other than income |
| 33 |
| - |
| 679 |
| - |
| 2,997 |
| - |
| 3,709 | |
| Related income tax |
| - |
| - |
| 130 |
| - |
| 1,924 |
| - |
| 2,054 | |
| Results of producing activities for equity companies |
| 151 |
| - |
| 240 |
| - |
| 2,952 |
| - |
| 3,343 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total results of operations |
| 6,027 |
| (1,029) |
| 935 |
| 962 |
| 4,373 |
| 685 |
| 11,953 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111
Oil and Gas Exploration and Production Costs
Capitalized Costs (millions of dollars) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 15,547 | 3,427 | 9 | 1,510 | 3,023 | 695 | 24,211 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 13,797 | 3,011 | 37 | 119 | 5 | 2,659 | 19,628 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 29,344 | 6,438 | 46 | 1,629 | 3,028 | 3,354 | 43,839 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 96,209 | 49,923 | 12,156 | 53,164 | 45,405 | 14,296 | 271,153 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 4,169 | 7,774 | 172 | 1,404 | 3,043 | 2,276 | 18,838 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 129,722 | 64,135 | 12,374 | 56,197 | 51,476 | 19,926 | 333,830 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 72,686 | 25,852 | 11,752 | 48,606 | 32,025 | 9,548 | 200,469 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for consolidated subsidiaries | 57,036 | 38,283 | 622 | 7,591 | 19,451 | 10,378 | 133,361 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 99 | — | 3 | 309 | — | — | 411 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 2 | — | — | 3,111 | — | — | 3,113 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 101 | — | 3 | 3,420 | — | — | 3,524 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 6,882 | — | 5,243 | 281 | 10,177 | — | 22,583 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 160 | — | 35 | 550 | 11,709 | — | 12,454 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 7,143 | — | 5,281 | 4,251 | 21,886 | — | 38,561 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 4,512 | — | 4,934 | — | 7,171 | — | 16,617 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for equity companies | 2,631 | — | 347 | 4,251 | 14,715 | — | 21,944 | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 18,353 | 3,844 | 10 | 1,422 | 2,994 | 730 | 27,353 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 21,146 | 6,231 | 37 | 119 | 5 | 2,675 | 30,213 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 39,499 | 10,075 | 47 | 1,541 | 2,999 | 3,405 | 57,566 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 101,211 | 52,092 | 14,420 | 56,168 | 44,228 | 14,944 | 283,063 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 4,125 | 7,047 | 889 | 1,428 | 2,888 | 2,044 | 18,421 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 144,835 | 69,214 | 15,356 | 59,137 | 50,115 | 20,393 | 359,050 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 86,830 | 28,428 | 13,790 | 49,312 | 26,519 | 9,225 | 214,104 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for consolidated subsidiaries | 58,005 | 40,786 | 1,566 | 9,825 | 23,596 | 11,168 | 144,946 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property (acreage) costs | – Proved | 98 | — | 4 | 309 | — | — | 411 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 4 | — | — | 3,111 | — | — | 3,115 | ||||||||||||||||||||||||||||||||||||||||
Total property costs | 102 | — | 4 | 3,420 | — | — | 3,526 | ||||||||||||||||||||||||||||||||||||||||
Producing assets | 6,946 | — | 5,487 | — | 8,676 | — | 21,109 | ||||||||||||||||||||||||||||||||||||||||
Incomplete construction | 103 | — | 23 | 809 | 11,716 | — | 12,651 | ||||||||||||||||||||||||||||||||||||||||
Total capitalized costs | 7,151 | — | 5,514 | 4,229 | 20,392 | — | 37,286 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and depletion | 4,304 | — | 5,162 | — | 6,590 | — | 16,056 | ||||||||||||||||||||||||||||||||||||||||
Net capitalized costs for equity companies | 2,847 | — | 352 | 4,229 | 13,802 | — | 21,230 |
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| United |
| Other |
|
|
|
|
|
| Australia/ |
| ||
Capitalized Costs |
|
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | ||
|
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 19,046 |
| 2,579 |
| 49 |
| 988 |
| 2,971 |
| 719 |
| 26,352 | |
|
| - Unproved |
| 23,725 |
| 7,113 |
| 37 |
| 166 |
| 181 |
| 2,638 |
| 33,860 | |
|
| Total property costs |
|
| 42,771 |
| 9,692 |
| 86 |
| 1,154 |
| 3,152 |
| 3,357 |
| 60,212 |
| Producing assets |
|
| 99,405 |
| 49,942 |
| 18,982 |
| 55,436 |
| 41,181 |
| 13,670 |
| 278,616 | |
| Incomplete construction |
|
| 6,086 |
| 4,315 |
| 1,514 |
| 2,717 |
| 4,299 |
| 1,811 |
| 20,742 | |
|
| Total capitalized costs |
|
| 148,262 |
| 63,949 |
| 20,582 |
| 59,307 |
| 48,632 |
| 18,838 |
| 359,570 |
| Accumulated depreciation and depletion |
| 63,333 |
| 21,533 |
| 17,544 |
| 43,743 |
| 22,497 |
| 7,235 |
| 175,885 | ||
| Net capitalized costs for consolidated subsidiaries |
| 84,929 |
| 42,416 |
| 3,038 |
| 15,564 |
| 26,135 |
| 11,603 |
| 183,685 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 99 |
| - |
| 4 |
| 308 |
| - |
| - |
| 411 | |
|
| - Unproved |
| 6 |
| - |
| - |
| 3,112 |
| - |
| - |
| 3,118 | |
|
| Total property costs |
|
| 105 |
| - |
| 4 |
| 3,420 |
| - |
| - |
| 3,529 |
| Producing assets |
|
| 6,825 |
| - |
| 5,413 |
| - |
| 7,731 |
| - |
| 19,969 | |
| Incomplete construction |
|
| 212 |
| - |
| 19 |
| 650 |
| 9,581 |
| - |
| 10,462 | |
|
| Total capitalized costs |
|
| 7,142 |
| - |
| 5,436 |
| 4,070 |
| 17,312 |
| - |
| 33,960 |
| Accumulated depreciation and depletion |
| 3,288 |
| - |
| 4,778 |
| - |
| 5,380 |
| - |
| 13,446 | ||
| Net capitalized costs for equity companies |
| 3,854 |
| - |
| 658 |
| 4,070 |
| 11,932 |
| - |
| 20,514 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 17,996 |
| 2,482 |
| 147 |
| 982 |
| 2,944 |
| 722 |
| 25,273 | |
|
| - Unproved |
| 26,357 |
| 6,872 |
| 45 |
| 155 |
| 179 |
| 2,692 |
| 36,300 | |
|
| Total property costs |
|
| 44,353 |
| 9,354 |
| 192 |
| 1,137 |
| 3,123 |
| 3,414 |
| 61,573 |
| Producing assets |
|
| 95,532 |
| 45,874 |
| 28,564 |
| 53,722 |
| 39,173 |
| 13,587 |
| 276,452 | |
| Incomplete construction |
|
| 4,174 |
| 2,873 |
| 1,475 |
| 3,368 |
| 4,985 |
| 1,525 |
| 18,400 | |
|
| Total capitalized costs |
|
| 144,059 |
| 58,101 |
| 30,231 |
| 58,227 |
| 47,281 |
| 18,526 |
| 356,425 |
| Accumulated depreciation and depletion |
| 62,950 |
| 18,994 |
| 25,803 |
| 40,710 |
| 20,206 |
| 6,574 |
| 175,237 | ||
| Net capitalized costs for consolidated subsidiaries |
| 81,109 |
| 39,107 |
| 4,428 |
| 17,517 |
| 27,075 |
| 11,952 |
| 181,188 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Property (acreage) costs | - Proved |
| 98 |
| - |
| 4 |
| 309 |
| - |
| - |
| 411 | |
|
| - Unproved |
| 10 |
| - |
| - |
| 3,111 |
| - |
| - |
| 3,121 | |
|
| Total property costs |
|
| 108 |
| - |
| 4 |
| 3,420 |
| - |
| - |
| 3,532 |
| Producing assets |
|
| 6,766 |
| - |
| 5,547 |
| - |
| 7,719 |
| - |
| 20,032 | |
| Incomplete construction |
|
| 148 |
| - |
| 12 |
| 581 |
| 7,044 |
| - |
| 7,785 | |
|
| Total capitalized costs |
|
| 7,022 |
| - |
| 5,563 |
| 4,001 |
| 14,763 | �� | - |
| 31,349 |
| Accumulated depreciation and depletion |
| 2,968 |
| - |
| 4,653 |
| - |
| 4,843 |
| - |
| 12,464 | ||
| Net capitalized costs for equity companies |
| 4,054 |
| - |
| 910 |
| 4,001 |
| 9,920 |
| - |
| 18,885 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112
Oil and Gas Exploration and Production Costs (continued)
Costs Incurred in Property Acquisitions, Exploration and Development Activities (millions of dollars) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||||||||
During 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | 10 | 11 | — | 151 | 32 | — | 204 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 19 | — | — | — | — | 7 | 26 | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 27 | 736 | 71 | 145 | 38 | 62 | 1,079 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 5,821 | 4,759 | 161 | 533 | 1,490 | 440 | 13,204 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for consolidated subsidiaries | 5,877 | 5,506 | 232 | 829 | 1,560 | 509 | 14,513 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
– Unproved | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 95 | — | 13 | 22 | 1,638 | — | 1,768 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for equity companies | 95 | — | 14 | 22 | 1,638 | — | 1,769 | ||||||||||||||||||||||||||||||||||||||||
During 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | 37 | — | — | 90 | 15 | — | 142 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 78 | 575 | — | — | — | 35 | 688 | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 19 | 903 | 46 | 185 | 47 | 40 | 1,240 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 3,352 | 2,619 | 207 | 389 | 805 | 435 | 7,807 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for consolidated subsidiaries | 3,486 | 4,097 | 253 | 664 | 867 | 510 | 9,877 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
– Unproved | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 8 | — | 20 | 88 | 1,334 | — | 1,450 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for equity companies | 8 | — | 21 | 88 | 1,334 | — | 1,451 | ||||||||||||||||||||||||||||||||||||||||
During 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | 1 | 30 | — | 344 | 7 | — | 382 | |||||||||||||||||||||||||||||||||||||||
– Unproved | 80 | 3 | — | 47 | — | — | 130 | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | 60 | 702 | 40 | 232 | 110 | 83 | 1,227 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 5,675 | 2,059 | 316 | (239) | 974 | 730 | 9,515 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for consolidated subsidiaries | 5,816 | 2,794 | 356 | 384 | 1,091 | 813 | 11,254 | ||||||||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||||||||
Property acquisition costs | – Proved | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
– Unproved | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Exploration costs | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||
Development costs | 135 | — | 20 | 71 | 1,784 | — | 2,010 | ||||||||||||||||||||||||||||||||||||||||
Total costs incurred for equity companies | 135 | — | 22 | 71 | 1,784 | — | 2,012 |
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
Costs Incurred in Property Acquisitions, |
| United |
| Other |
|
|
|
|
|
| Australia/ |
| |||||
Exploration and Development Activities |
| States |
| Americas |
| Europe |
| Africa |
| Asia |
| Oceania |
| Total | |||
|
|
|
| (millions of dollars) | |||||||||||||
During 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Property acquisition costs | - Proved |
| 12 |
| - |
| - |
| - |
| 26 |
| - |
| 38 |
|
|
| - Unproved |
| 226 |
| 105 |
| 1 |
| 20 |
| - |
| - |
| 352 |
|
| Exploration costs |
|
| 134 |
| 1,107 |
| 155 |
| 252 |
| 111 |
| 194 |
| 1,953 |
|
| Development costs |
|
| 10,275 |
| 2,946 |
| 809 |
| 1,066 |
| 1,317 |
| 484 |
| 16,897 |
|
| Total costs incurred for consolidated subsidiaries |
| 10,647 |
| 4,158 |
| 965 |
| 1,338 |
| 1,454 |
| 678 |
| 19,240 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Property acquisition costs | - Proved |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
|
|
| - Unproved |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
|
| Exploration costs |
|
| 1 |
| - |
| 5 |
| - |
| - |
| - |
| 6 |
|
| Development costs |
|
| 241 |
| - |
| 15 |
| 69 |
| 2,585 |
| - |
| 2,910 |
|
| Total costs incurred for equity companies |
| 242 |
| - |
| 20 |
| 69 |
| 2,585 |
| - |
| 2,916 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Property acquisition costs | - Proved |
| 7 |
| 3 |
| - |
| - |
| 321 |
| - |
| 331 |
|
|
| - Unproved |
| 238 |
| 2,109 |
| - |
| 1 |
| - |
| - |
| 2,348 |
|
| Exploration costs |
|
| 235 |
| 1,113 |
| 147 |
| 342 |
| 217 |
| 174 |
| 2,228 |
|
| Development costs |
|
| 7,440 |
| 1,734 |
| 96 |
| 791 |
| 1,104 |
| 256 |
| 11,421 |
|
| Total costs incurred for consolidated subsidiaries |
| 7,920 |
| 4,959 |
| 243 |
| 1,134 |
| 1,642 |
| 430 |
| 16,328 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Property acquisition costs | - Proved |
| 21 |
| - |
| - |
| - |
| - |
| - |
| 21 |
|
|
| - Unproved |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
|
| Exploration costs |
|
| 1 |
| - |
| 4 |
| - |
| 5 |
| - |
| 10 |
|
| Development costs |
|
| 442 |
| - |
| 40 |
| 66 |
| 2,452 |
| - |
| 3,000 |
|
| Total costs incurred for equity companies |
| 464 |
| - |
| 44 |
| 66 |
| 2,457 |
| - |
| 3,031 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Property acquisition costs | - Proved |
| 88 |
| 5 |
| - |
| 50 |
| 583 |
| - |
| 726 |
|
|
| - Unproved |
| 6,167 |
| 1,004 |
| 35 |
| 70 |
| - |
| 2,601 |
| 9,877 |
|
| Exploration costs |
|
| 190 |
| 702 |
| 109 |
| 373 |
| 224 |
| 509 |
| 2,107 |
|
| Development costs |
|
| 3,752 |
| 877 |
| (39) |
| 628 |
| 1,450 |
| 266 |
| 6,934 |
|
| Total costs incurred for consolidated subsidiaries |
| 10,197 |
| 2,588 |
| 105 |
| 1,121 |
| 2,257 |
| 3,376 |
| 19,644 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Property acquisition costs | - Proved |
| - |
| - |
| - |
| 309 |
| - |
| - |
| 309 |
|
|
| - Unproved |
| - |
| - |
| - |
| 3,111 |
| - |
| - |
| 3,111 |
|
| Exploration costs |
|
| 1 |
| - |
| 3 |
| 323 |
| 90 |
| - |
| 417 |
|
| Development costs |
|
| 137 |
| - |
| 41 |
| 192 |
| 1,801 |
| - |
| 2,171 |
|
| Total costs incurred for equity companies |
| 138 |
| - |
| 44 |
| 3,935 |
| 1,891 |
| - |
| 6,008 |
113
Oil and Gas Reserves
2022.
114
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
| Natural Gas |
|
|
|
|
|
| ||
|
| Crude Oil |
| Liquids |
| Bitumen |
| Synthetic Oil |
| ||||||||
|
|
| Canada/ |
|
|
|
|
|
| Canada/ |
|
| Canada/ |
|
| ||
|
| United | Other |
|
| Australia/ |
|
|
| Other |
|
| Other |
|
| ||
|
| States | Americas | Europe | Africa | Asia | Oceania | Total | Worldwide | Americas |
|
| Americas |
| Total | ||
|
| (millions of barrels) | |||||||||||||||
Net proved developed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| undeveloped reserves of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 2,181 | 241 | 173 | 844 | 2,758 | 121 | 6,318 |
| 1,154 |
| 701 |
|
| 564 |
| 8,737 | |
| Revisions | 70 | 19 | 43 | 30 | 490 | 2 | 654 |
| (49) |
| 416 |
|
| (70) |
| 951 |
| Improved recovery | - | - | - | 2 | - | - | 2 |
| - |
| 6 |
|
| - |
| 8 |
| Purchases | 428 | 5 | - | - | - | - | 433 |
| 164 |
| - |
|
| - |
| 597 |
| Sales | (10) | - | (43) | - | - | - | (53) |
| (2) |
| - |
|
| - |
| (55) |
| Extensions/discoveries | 158 | 161 | - | 3 | 384 | - | 706 |
| 58 |
| - |
|
| - |
| 764 |
| Production | (132) | (16) | (54) | (150) | (136) | (13) | (501) |
| (67) |
| (111) |
|
| (21) |
| (700) |
December 31, 2017 | 2,695 | 410 | 119 | 729 | 3,496 | 110 | 7,559 |
| 1,258 |
| 1,012 |
|
| 473 |
| 10,302 | |
Attributable to noncontrolling interests | 10 |
|
|
|
|
|
| 3 |
| 288 |
|
| 144 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| reserves of equity companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 236 | - | 17 | - | 1,183 | - | 1,436 |
| 384 |
| - |
|
| - |
| 1,820 | |
| Revisions | 29 | - | (1) | - | - | - | 28 |
| 4 |
| - |
|
| - |
| 32 |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | - | - | - | 6 | - | - | 6 |
| - |
| - |
|
| - |
| 6 |
| Sales | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Extensions/discoveries | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Production | (20) | - | (1) | - | (86) | - | (107) |
| (24) |
| - |
|
| - |
| (131) |
December 31, 2017 | 245 | - | 15 | 6 | 1,097 | - | 1,363 |
| 364 |
| - |
|
| - |
| 1,727 | |
Total liquids proved reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| at December 31, 2017 | 2,940 | 410 | 134 | 735 | 4,593 | 110 | 8,922 |
| 1,622 |
| 1,012 |
|
| 473 |
| 12,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proved developed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| undeveloped reserves of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 2,695 | 410 | 119 | 729 | 3,496 | 110 | 7,559 |
| 1,258 |
| 1,012 |
|
| 473 |
| 10,302 | |
| Revisions | 61 | 28 | 63 | (9) | 4 | 6 | 153 |
| (16) |
| 3,286 |
|
| 15 |
| 3,438 |
| Improved recovery | - | - | 23 | 13 | - | - | 36 |
| - |
| - |
|
| - |
| 36 |
| Purchases | 8 | - | - | - | - | - | 8 |
| 2 |
| - |
|
| - |
| 10 |
| Sales | (11) | - | (2) | - | - | - | (13) |
| (13) |
| - |
|
| - |
| (26) |
| Extensions/discoveries | 595 | 113 | - | 9 | 3 | - | 720 |
| 238 |
| - |
|
| - |
| 958 |
| Production | (144) | (22) | (37) | (138) | (146) | (11) | (498) |
| (65) |
| (113) |
|
| (22) |
| (698) |
December 31, 2018 | 3,204 | 529 | 166 | 604 | 3,357 | 105 | 7,965 |
| 1,404 |
| 4,185 |
|
| 466 |
| 14,020 | |
Attributable to noncontrolling interests | 44 |
|
|
|
|
|
| 4 |
| 962 |
|
| 142 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| reserves of equity companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 245 | - | 15 | 6 | 1,097 | - | 1,363 |
| 364 |
| - |
|
| - |
| 1,727 | |
| Revisions | 28 | - | 1 | - | 6 | - | 35 |
| 1 |
| - |
|
| - |
| 36 |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Sales | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Extensions/discoveries | 1 | - | - | - | - | - | 1 |
| - |
| - |
|
| - |
| 1 |
| Production | (20) | - | (1) | - | (83) | - | (104) |
| (23) |
| - |
|
| - |
| (127) |
December 31, 2018 | 254 | - | 15 | 6 | 1,020 | - | 1,295 |
| 342 |
| - |
|
| - |
| 1,637 | |
Total liquids proved reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| at December 31, 2018 | 3,458 | 529 | 181 | 610 | 4,377 | 105 | 9,260 |
| 1,746 |
| 4,185 |
|
| 466 |
| 15,657 |
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas Liquids | Bitumen | Synthetic Oil | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of barrels) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | Worldwide | Canada/ Other Americas | Canada/ Other Americas | |||||||||||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 3,088 | 557 | 39 | 447 | 3,335 | 94 | 7,560 | 1,275 | 3,858 | 415 | 13,108 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | (1,139) | (14) | (9) | 19 | (20) | (10) | (1,173) | (209) | (3,653) | (79) | (5,114) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (1) | (2) | — | — | — | — | (3) | (3) | — | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 187 | 1 | — | — | — | — | 188 | 65 | 1 | 133 | 387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (176) | (45) | (8) | (110) | (165) | (10) | (514) | (74) | (125) | (25) | (738) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 1,959 | 497 | 22 | 356 | 3,150 | 74 | 6,058 | 1,054 | 81 | 444 | 7,637 | ||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 7 | 1 | 25 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 251 | — | 14 | 6 | 897 | — | 1,168 | 322 | — | — | 1,490 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | (102) | — | (4) | — | 4 | — | (102) | (22) | — | — | (124) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (18) | — | (1) | — | (76) | — | (95) | (23) | — | — | (118) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 131 | — | 9 | 6 | 825 | — | 971 | 277 | — | — | 1,248 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2020 | 2,090 | 497 | 31 | 362 | 3,975 | 74 | 7,029 | 1,331 | 81 | 444 | 8,885 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | 1,959 | 497 | 22 | 356 | 3,150 | 74 | 6,058 | 1,054 | 81 | 444 | 7,637 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | 47 | (2) | 15 | 67 | 36 | 10 | 173 | 4 | 2,944 | 17 | 3,138 | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 5 | — | — | — | — | — | 5 | 1 | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (27) | (8) | (28) | — | — | — | (63) | (20) | — | — | (83) | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 499 | 329 | — | — | — | — | 828 | 183 | — | — | 1,011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (176) | (47) | (6) | (88) | (149) | (10) | (476) | (86) | (133) | (23) | (718) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 2,307 | 769 | 3 | 335 | 3,037 | 74 | 6,525 | 1,136 | 2,894 | 438 | 10,993 | ||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 9 | 1 | 674 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | 131 | — | 9 | 6 | 825 | — | 971 | 277 | — | — | 1,248 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | 38 | — | 2 | (1) | (8) | — | 31 | 15 | — | — | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 2 | — | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (16) | — | (1) | — | (76) | — | (93) | (22) | — | — | (115) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 155 | — | 10 | 5 | 741 | — | 911 | 270 | — | — | 1,181 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2021 | 2,462 | 769 | 13 | 340 | 3,778 | 74 | 7,436 | 1,406 | 2,894 | 438 | 12,174 |
115
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
| Natural Gas |
|
|
|
|
|
| ||
|
| Crude Oil |
| Liquids |
| Bitumen |
| Synthetic Oil |
| ||||||||
|
|
| Canada/ |
|
|
|
|
|
| Canada/ |
|
| Canada/ |
|
| ||
|
| United | Other |
|
| Australia/ |
|
|
| Other |
|
| Other |
|
| ||
|
| States | Americas | Europe | Africa | Asia | Oceania | Total | Worldwide | Americas |
|
| Americas |
| Total | ||
|
| (millions of barrels) | |||||||||||||||
Net proved developed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| undeveloped reserves of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 3,204 | 529 | 166 | 604 | 3,357 | 105 | 7,965 |
| 1,404 |
| 4,185 |
|
| 466 |
| 14,020 | |
| Revisions | (677) | (66) | 20 | (25) | 136 | - | (612) |
| (305) |
| (213) |
|
| (27) |
| (1,157) |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | 20 | - | - | - | - | - | 20 |
| 12 |
| - |
|
| - |
| 32 |
| Sales | (1) | - | (117) | - | - | - | (118) |
| (27) |
| - |
|
| - |
| (145) |
| Extensions/discoveries | 710 | 125 | - | - | - | - | 835 |
| 263 |
| - |
|
| - |
| 1,098 |
| Production | (168) | (31) | (30) | (132) | (158) | (11) | (530) |
| (72) |
| (114) |
|
| (24) |
| (740) |
December 31, 2019 | 3,088 | 557 | 39 | 447 | 3,335 | 94 | 7,560 |
| 1,275 |
| 3,858 |
|
| 415 |
| 13,108 | |
Attributable to noncontrolling interests | 21 |
|
|
|
|
|
| 3 |
| 894 |
|
| 126 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| reserves of equity companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 254 | - | 15 | 6 | 1,020 | - | 1,295 |
| 342 |
| - |
|
| - |
| 1,637 | |
| Revisions | 15 | - | - | - | (38) | - | (23) |
| 3 |
| - |
|
| - |
| (20) |
| Improved recovery | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Purchases | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Sales | - | - | - | - | - | - | - |
| - |
| - |
|
| - |
| - |
| Extensions/discoveries | 1 | - | - | - | - | - | 1 |
| - |
| - |
|
| - |
| 1 |
| Production | (19) | - | (1) | - | (85) | - | (105) |
| (23) |
| - |
|
| - |
| (128) |
December 31, 2019 | 251 | - | 14 | 6 | 897 | - | 1,168 |
| 322 |
| - |
|
| - |
| 1,490 | |
Total liquids proved reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| at December 31, 2019 | 3,339 | 557 | 53 | 453 | 4,232 | 94 | 8,728 |
| 1,597 |
| 3,858 |
|
| 415 |
| 14,598 |
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas Liquids | Bitumen | Synthetic Oil | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of barrels) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | Worldwide | Canada/ Other Americas | Canada/ Other Americas | |||||||||||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2022 | 2,307 | 769 | 3 | 335 | 3,037 | 74 | 6,525 | 1,136 | 2,894 | 438 | 10,993 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions (1) | (375) | 52 | 3 | 38 | (95) | 2 | (375) | (85) | (422) | (62) | (944) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 1 | — | — | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (3) | (12) | — | (17) | — | — | (32) | (20) | — | — | (52) | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 465 | 208 | — | — | — | — | 673 | 235 | 67 | — | 975 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (191) | (72) | (1) | (85) | (148) | (10) | (507) | (90) | (119) | (23) | (739) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 2,204 | 945 | 5 | 271 | 2,794 | 66 | 6,285 | 1,176 | 2,420 | 353 | 10,234 | ||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 14 | 554 | 107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2022 | 155 | — | 10 | 5 | 741 | — | 911 | 270 | — | — | 1,181 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | (21) | — | (7) | — | (17) | — | (45) | (10) | — | — | (55) | ||||||||||||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | 110 | — | 110 | 117 | — | — | 227 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Production | (15) | — | (1) | — | (78) | — | (94) | (22) | — | — | (116) | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 119 | — | 2 | 5 | 756 | — | 882 | 355 | — | — | 1,237 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2022 | 2,323 | 945 | 7 | 276 | 3,550 | 66 | 7,167 | 1,531 | 2,420 | 353 | 11,471 | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes (118) million barrels in Russia which were expropriated. See Note 2: Russia. |
116
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Synthetic |
|
|
|
|
| Crude Oil and Natural Gas Liquids |
| Bitumen |
| Oil |
|
| ||||||
|
|
|
| Canada/ |
|
|
|
|
|
| Canada/ |
| Canada/ |
|
|
|
|
| United | Other |
|
|
| Australia/ |
|
| Other |
| Other |
|
|
|
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| Americas |
| Americas |
| Total |
|
|
| (millions of barrels) | ||||||||||||
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 1,489 | 92 | 119 | 676 | 2,182 | 131 | 4,689 |
| 657 |
| 473 |
| 5,819 |
|
| Equity companies | 208 | - | 14 | - | 1,019 | - | 1,241 |
| - |
| - |
| 1,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 2,167 | 337 | 30 | 137 | 1,426 | 31 | 4,128 |
| 355 |
| - |
| 4,483 |
|
| Equity companies | 48 | - | 1 | 6 | 431 | - | 486 |
| - |
| - |
| 486 |
Total liquids proved reserves at |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 | 3,912 | 429 | 164 | 819 | 5,058 | 162 | 10,544 |
| 1,012 |
| 473 |
| 12,029 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 1,696 | 153 | 123 | 578 | 2,285 | 118 | 4,953 |
| 3,880 |
| 466 |
| 9,299 |
|
| Equity companies | 208 | - | 15 | - | 919 | - | 1,142 |
| - |
| - |
| 1,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 2,616 | 403 | 78 | 111 | 1,173 | 35 | 4,416 |
| 305 |
| - |
| 4,721 |
|
| Equity companies | 56 | - | - | 6 | 433 | - | 495 |
| - |
| - |
| 495 |
Total liquids proved reserves at |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 | 4,576 | 556 | 216 | 695 | 4,810 | 153 | 11,006 |
| 4,185 |
| 466 |
| 15,657 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 1,655 | 195 | 23 | 419 | 2,309 | 90 | 4,691 |
| 3,528 |
| 415 |
| 8,634 |
|
| Equity companies | 200 | - | 13 | - | 727 | - | 940 |
| - |
| - |
| 940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 2,474 | 381 | 29 | 68 | 1,157 | 35 | 4,144 |
| 330 |
| - |
| 4,474 |
|
| Equity companies | 60 | - | 1 | 6 | 483 | - | 550 |
| - |
| - |
| 550 |
Total liquids proved reserves at |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 | 4,389 | 576 | 66 | 493 | 4,676 | 125 | 10,325 | (1) | 3,858 |
| 415 |
| 14,598 |
(1)See previous pages for natural gas liquids proved reserves attributable to consolidated subsidiaries and equity companies. For additional information on natural gas liquids proved reserves see Item 2. Properties in ExxonMobil’s 2019 Form 10-K.
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil and Natural Gas Liquids | Bitumen | Synthetic Oil | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of barrels) | United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | Canada/ Other Americas | Canada/ Other Americas | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proved developed reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 1,473 | 293 | 13 | 345 | 2,299 | 67 | 4,490 | 76 | 311 | 4,877 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity companies | 111 | — | 8 | — | 646 | — | 765 | — | — | 765 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proved undeveloped reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 1,342 | 209 | 16 | 42 | 975 | 38 | 2,622 | 5 | 133 | 2,760 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity companies | 24 | — | 1 | 6 | 452 | — | 483 | — | — | 483 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2020 | 2,950 | 502 | 38 | 393 | 4,372 | 105 | 8,360 | 81 | 444 | 8,885 | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proved developed reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 1,663 | 268 | 3 | 330 | 2,154 | 63 | 4,481 | 2,635 | 326 | 7,442 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity companies | 133 | — | 10 | — | 474 | — | 617 | — | — | 617 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proved undeveloped reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 1,621 | 508 | — | 31 | 988 | 32 | 3,180 | 259 | 112 | 3,551 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity companies | 28 | — | — | 5 | 531 | — | 564 | — | — | 564 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2021 | 3,445 | 776 | 13 | 366 | 4,147 | 95 | 8,842 | 2,894 | 438 | 12,174 | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proved developed reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 1,688 | 378 | 5 | 259 | 2,067 | 50 | 4,447 | 2,288 | 248 | 6,983 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity companies | 126 | — | 2 | 5 | 360 | — | 493 | — | — | 493 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proved undeveloped reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 1,568 | 568 | — | 35 | 813 | 30 | 3,014 | 132 | 105 | 3,251 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity companies | — | — | — | — | 744 | — | 744 | — | — | 744 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liquids proved reserves at December 31, 2022 | 3,382 | 946 | 7 | 299 | 3,984 | 80 | 8,698 | (1) | 2,420 | 353 | 11,471 | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) See previous pages for natural gas liquids proved reserves attributable to consolidated subsidiaries and equity companies. For additional information on natural gas liquids proved reserves see Item 2. Properties in ExxonMobil’s 2022 Form 10-K. |
117
Natural Gas and Oil-Equivalent Proved Reserves |
|
|
|
|
|
|
|
| |||
|
| Natural Gas |
|
|
| ||||||
|
|
| Canada/ |
|
|
|
|
|
| Oil-Equivalent | |
|
| United | Other |
|
|
| Australia/ |
|
| Total | |
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| All Products (1) | |
|
| (billions of cubic feet) |
| (millions of oil- | |||||||
|
|
|
| equivalent barrels) | |||||||
Net proved developed and undeveloped |
|
|
|
|
|
|
|
|
|
| |
| reserves of consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 17,786 | 940 | 1,659 | 771 | 4,921 | 7,357 | 33,434 |
| 14,309 |
| |
| Revisions | 649 | 206 | 134 | (135) | (214) | 33 | 673 |
| 1,063 |
|
| Improved recovery | - | 1 | - | - | - | - | 1 |
| 8 |
|
| Purchases | 982 | 56 | - | - | - | - | 1,038 |
| 771 |
|
| Sales | (172) | (1) | (17) | - | - | - | (190) |
| (87) |
|
| Extensions/discoveries | 956 | 269 | - | - | 13 | - | 1,238 |
| 970 |
|
| Production | (1,168) | (99) | (408) | (41) | (380) | (496) | (2,592) |
| (1,131) |
|
December 31, 2017 | 19,033 | 1,372 | 1,368 | 595 | 4,340 | 6,894 | 33,602 |
| 15,903 |
| |
Attributable to noncontrolling interests |
| 195 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved reserves |
|
|
|
|
|
|
|
|
|
| |
| of equity companies |
|
|
|
|
|
|
|
|
|
|
January 1, 2017 | 211 | - | 7,624 | - | 15,234 | - | 23,069 |
| 5,665 |
| |
| Revisions | 25 | - | (1,129) | - | 86 | - | (1,018) |
| (138) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | - | - | - | 914 | - | - | 914 |
| 158 |
|
| Sales | - | - | - | - | - | - | - |
| - |
|
| Extensions/discoveries | - | - | - | - | - | - | - |
| - |
|
| Production | (13) | - | (331) | - | (1,072) | - | (1,416) |
| (367) |
|
December 31, 2017 | 223 | - | 6,164 | 914 | 14,248 | - | 21,549 |
| 5,318 |
| |
Total proved reserves at December 31, 2017 | 19,256 | 1,372 | 7,532 | 1,509 | 18,588 | 6,894 | 55,151 |
| 21,221 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net proved developed and undeveloped |
|
|
|
|
|
|
|
|
|
| |
| reserves of consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 19,033 | 1,372 | 1,368 | 595 | 4,340 | 6,894 | 33,602 |
| 15,903 |
| |
| Revisions | (98) | (29) | 306 | 38 | (147) | 1,065 | 1,135 |
| 3,626 |
|
| Improved recovery | - | - | - | - | - | - | - |
| 36 |
|
| Purchases | 104 | - | - | - | - | - | 104 |
| 27 |
|
| Sales | (264) | (3) | (4) | - | - | - | (271) |
| (71) |
|
| Extensions/discoveries | 3,658 | 506 | 3 | - | 1 | 7 | 4,175 |
| 1,654 |
|
| Production | (1,030) | (102) | (361) | (45) | (353) | (504) | (2,395) |
| (1,097) |
|
December 31, 2018 | 21,403 | 1,744 | 1,312 | 588 | 3,841 | 7,462 | 36,350 |
| 20,078 |
| |
Attributable to noncontrolling interests |
| 334 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved reserves |
|
|
|
|
|
|
|
|
|
| |
| of equity companies |
|
|
|
|
|
|
|
|
|
|
January 1, 2018 | 223 | - | 6,164 | 914 | 14,248 | - | 21,549 |
| 5,318 |
| |
| Revisions | 12 | - | (4,801) | (51) | 102 | - | (4,738) |
| (753) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | - | - | - | - | - | - | - |
| - |
|
| Sales | - | - | (38) | - | - | - | (38) |
| (6) |
|
| Extensions/discoveries | 2 | - | - | - | - | - | 2 |
| 1 |
|
| Production | (12) | - | (268) | - | (1,029) | - | (1,309) |
| (345) |
|
December 31, 2018 | 225 | - | 1,057 | 863 | 13,321 | - | 15,466 |
| 4,215 |
| |
Total proved reserves at December 31, 2018 | 21,628 | 1,744 | 2,369 | 1,451 | 17,162 | 7,462 | 51,816 |
| 24,293 |
|
(1)Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.
Natural Gas and Oil-Equivalent Proved Reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas (billions of cubic feet) | Oil-Equivalent Total All Products (1) (millions of oil-equivalent barrels) | ||||||||||||||||||||||||||||||||||||||||||||||
United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | |||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 19,026 | 1,466 | 621 | 377 | 4,433 | 7,001 | 32,924 | 18,596 | |||||||||||||||||||||||||||||||||||||||
Revisions | (4,904) | (753) | (4) | (23) | 245 | (405) | (5,844) | (6,088) | |||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Sales | (35) | (30) | — | — | — | — | (65) | (17) | |||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 433 | 1 | 1 | — | — | — | 435 | 459 | |||||||||||||||||||||||||||||||||||||||
Production | (1,081) | (123) | (177) | (34) | (369) | (462) | (2,246) | (1,113) | |||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 13,439 | 561 | 441 | 320 | 4,309 | 6,134 | 25,204 | 11,837 | |||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 84 | ||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 213 | — | 581 | 908 | 12,454 | — | 14,156 | 3,849 | |||||||||||||||||||||||||||||||||||||||
Revisions | (99) | — | (95) | 9 | (106) | — | (291) | (172) | |||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Production | (12) | — | (126) | — | (971) | — | (1,109) | (303) | |||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 102 | — | 360 | 917 | 11,377 | — | 12,756 | 3,374 | |||||||||||||||||||||||||||||||||||||||
Total proved reserves at December 31, 2020 | 13,541 | 561 | 801 | 1,237 | 15,686 | 6,134 | 37,960 | 15,211 | |||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | 13,439 | 561 | 441 | 320 | 4,309 | 6,134 | 25,204 | 11,837 | |||||||||||||||||||||||||||||||||||||||
Revisions | 1,432 | 305 | 210 | 39 | (276) | 712 | 2,422 | 3,542 | |||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||||||||
Purchases | 3 | — | — | — | — | — | 3 | 6 | |||||||||||||||||||||||||||||||||||||||
Sales | (164) | (18) | (120) | — | — | — | (302) | (134) | |||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 1,381 | 163 | — | — | — | — | 1,544 | 1,269 | |||||||||||||||||||||||||||||||||||||||
Production | (1,103) | (92) | (148) | (42) | (340) | (483) | (2,208) | (1,086) | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 14,988 | 919 | 383 | 317 | 3,693 | 6,363 | 26,663 | 15,436 | |||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 124 | ||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | 102 | — | 360 | 917 | 11,377 | — | 12,756 | 3,374 | |||||||||||||||||||||||||||||||||||||||
Revisions | 44 | — | 206 | (111) | (236) | — | (97) | 30 | |||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 5 | — | — | — | — | — | 5 | 3 | |||||||||||||||||||||||||||||||||||||||
Production | (11) | — | (158) | — | (983) | — | (1,152) | (307) | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 140 | — | 408 | 806 | 10,158 | — | 11,512 | 3,100 | |||||||||||||||||||||||||||||||||||||||
Total proved reserves at December 31, 2021 | 15,128 | 919 | 791 | 1,123 | 13,851 | 6,363 | 38,175 | 18,536 | |||||||||||||||||||||||||||||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels. |
118
Natural Gas and Oil-Equivalent Proved Reserves (continued) |
|
|
|
|
|
|
| ||||
|
| Natural Gas |
|
|
| ||||||
|
|
| Canada/ |
|
|
|
|
|
| Oil-Equivalent | |
|
| United | Other |
|
|
| Australia/ |
|
| Total | |
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| All Products (1) | |
|
| (billions of cubic feet) |
| (millions of oil- | |||||||
|
|
|
| equivalent barrels) | |||||||
Net proved developed and undeveloped |
|
|
|
|
|
|
|
|
|
| |
| reserves of consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 21,403 | 1,744 | 1,312 | 588 | 3,841 | 7,462 | 36,350 |
| 20,078 |
| |
| Revisions | (3,213) | (301) | 41 | (171) | 953 | 39 | (2,652) |
| (1,599) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | 85 | - | - | - | - | - | 85 |
| 47 |
|
| Sales | (297) | (29) | (416) | - | - | - | (742) |
| (269) |
|
| Extensions/discoveries | 2,151 | 166 | - | - | - | - | 2,317 |
| 1,484 |
|
| Production | (1,103) | (114) | (316) | (40) | (361) | (500) | (2,434) |
| (1,145) |
|
December 31, 2019 | 19,026 | 1,466 | 621 | 377 | 4,433 | 7,001 | 32,924 |
| 18,596 |
| |
Attributable to noncontrolling interests |
| 256 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Proportional interest in proved reserves |
|
|
|
|
|
|
|
|
|
| |
| of equity companies |
|
|
|
|
|
|
|
|
|
|
January 1, 2019 | 225 | - | 1,057 | 863 | 13,321 | - | 15,466 |
| 4,215 |
| |
| Revisions | (1) | - | (238) | 45 | 142 | - | (52) |
| (29) |
|
| Improved recovery | - | - | - | - | - | - | - |
| - |
|
| Purchases | - | - | - | - | - | - | - |
| - |
|
| Sales | - | - | - | - | - | - | - |
| - |
|
| Extensions/discoveries | 1 | - | - | - | - | - | 1 |
| 1 |
|
| Production | (12) | - | (238) | - | (1,009) | - | (1,259) |
| (338) |
|
December 31, 2019 | 213 | - | 581 | 908 | 12,454 | - | 14,156 |
| 3,849 |
| |
Total proved reserves at December 31, 2019 | 19,239 | 1,466 | 1,202 | 1,285 | 16,887 | 7,001 | 47,080 |
| 22,445 |
|
(1)Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.
Natural Gas and Oil-Equivalent Proved Reserves (continued) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas (billions of cubic feet) | Oil-Equivalent Total All Products (1) (millions of oil-equivalent barrels) | ||||||||||||||||||||||||||||||||||||||||||||||
United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | |||||||||||||||||||||||||||||||||||||||||
Net proved developed and undeveloped reserves of consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2022 | 14,988 | 919 | 383 | 317 | 3,693 | 6,363 | 26,663 | 15,436 | |||||||||||||||||||||||||||||||||||||||
Revisions (2) | (990) | (38) | 149 | 49 | (307) | 187 | (950) | (1,102) | |||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Purchases | 2 | — | — | — | — | — | 2 | 1 | |||||||||||||||||||||||||||||||||||||||
Sales | (1,551) | (272) | — | (1) | — | — | (1,824) | (356) | |||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | 2,232 | 175 | — | — | — | — | 2,407 | 1,376 | |||||||||||||||||||||||||||||||||||||||
Production | (1,036) | (76) | (119) | (53) | (325) | (542) | (2,151) | (1,097) | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 13,645 | 708 | 413 | 312 | 3,061 | 6,008 | 24,147 | 14,258 | |||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | 77 | ||||||||||||||||||||||||||||||||||||||||||||||
Proportional interest in proved reserves of equity companies | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2022 | 140 | — | 408 | 806 | 10,158 | — | 11,512 | 3,100 | |||||||||||||||||||||||||||||||||||||||
Revisions | (3) | — | 104 | (132) | 29 | — | (2) | (55) | |||||||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | — | 3,101 | — | 3,101 | 744 | |||||||||||||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Extensions/discoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Production | (10) | — | (132) | (11) | (979) | — | (1,132) | (305) | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 127 | — | 380 | 663 | 12,309 | — | 13,479 | 3,484 | |||||||||||||||||||||||||||||||||||||||
Total proved reserves at December 31, 2022 | 13,772 | 708 | 793 | 975 | 15,370 | 6,008 | 37,626 | 17,742 | |||||||||||||||||||||||||||||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels. (2) Includes (199) billion cubic feet of natural gas and (152) million total oil-equivalent barrels in Russia which were expropriated. See Note 2: Russia. |
119
Natural Gas and Oil-Equivalent Proved Reserves (continued) |
|
|
|
|
|
|
| |||||
|
|
| Natural Gas |
|
|
| ||||||
|
|
|
| Canada/ |
|
|
|
|
|
| Oil-Equivalent | |
|
|
| United | Other |
|
|
| Australia/ |
|
| Total | |
|
|
| States | Americas | Europe | Africa | Asia | Oceania | Total |
| All Products (1) | |
|
|
| (billions of cubic feet) |
| (millions of oil- | |||||||
|
|
|
|
| equivalent barrels) | |||||||
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 12,649 | 512 | 1,231 | 584 | 4,030 | 4,420 | 23,426 |
| 9,724 |
|
|
| Equity companies | 154 | - | 4,899 | - | 12,898 | - | 17,951 |
| 4,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 6,384 | 860 | 137 | 11 | 310 | 2,474 | 10,176 |
| 6,179 |
|
|
| Equity companies | 69 | - | 1,265 | 914 | 1,350 | - | 3,598 |
| 1,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved reserves at December 31, 2017 | 19,256 | 1,372 | 7,532 | 1,509 | 18,588 | 6,894 | 55,151 |
| 21,221 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 12,538 | 605 | 1,116 | 581 | 3,618 | 4,336 | 22,794 |
| 13,098 |
|
|
| Equity companies | 152 | - | 988 | - | 11,951 | - | 13,091 |
| 3,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2018 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 8,865 | 1,139 | 196 | 7 | 223 | 3,126 | 13,556 |
| 6,980 |
|
|
| Equity companies | 73 | - | 69 | 863 | 1,370 | - | 2,375 |
| 891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved reserves at December 31, 2018 | 21,628 | 1,744 | 2,369 | 1,451 | 17,162 | 7,462 | 51,816 |
| 24,293 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved developed reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 11,882 | 613 | 502 | 377 | 3,508 | 3,765 | 20,647 |
| 12,075 |
|
|
| Equity companies | 143 | - | 505 | - | 9,859 | - | 10,507 |
| 2,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved undeveloped reserves, as of |
|
|
|
|
|
|
|
|
|
| ||
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
| |
|
| Consolidated subsidiaries | 7,144 | 853 | 119 | - | 925 | 3,236 | 12,277 |
| 6,521 |
|
|
| Equity companies | 70 | - | 76 | 908 | 2,595 | - | 3,649 |
| 1,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total proved reserves at December 31, 2019 | 19,239 | 1,466 | 1,202 | 1,285 | 16,887 | 7,001 | 47,080 |
| 22,445 |
|
(1)Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.
Natural Gas and Oil-Equivalent Proved Reserves (continued) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas (billions of cubic feet) | Oil-Equivalent Total All Products (1) (millions of oil-equivalent barrels) | ||||||||||||||||||||||||||||||||||||||||||||||
United States | Canada/ Other Americas | Europe | Africa | Asia | Australia/ Oceania | Total | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Proved developed reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 10,375 | 472 | 399 | 318 | 3,323 | 3,344 | 18,231 | 7,915 | |||||||||||||||||||||||||||||||||||||||
Equity companies | 83 | — | 293 | — | 8,992 | — | 9,368 | 2,326 | |||||||||||||||||||||||||||||||||||||||
Proved undeveloped reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 3,064 | 89 | 42 | 2 | 986 | 2,790 | 6,973 | 3,922 | |||||||||||||||||||||||||||||||||||||||
Equity companies | 19 | — | 67 | 917 | 2,385 | — | 3,388 | 1,048 | |||||||||||||||||||||||||||||||||||||||
Total proved reserves at December 31, 2020 | 13,541 | 561 | 801 | 1,237 | 15,686 | 6,134 | 37,960 | 15,211 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Proved developed reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 11,287 | 574 | 377 | 315 | 2,527 | 3,513 | 18,593 | 10,540 | |||||||||||||||||||||||||||||||||||||||
Equity companies | 117 | — | 339 | — | 6,017 | — | 6,473 | 1,696 | |||||||||||||||||||||||||||||||||||||||
Proved undeveloped reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 3,701 | 345 | 6 | 2 | 1,166 | 2,850 | 8,070 | 4,896 | |||||||||||||||||||||||||||||||||||||||
Equity companies | 23 | — | 69 | 806 | 4,141 | — | 5,039 | 1,404 | |||||||||||||||||||||||||||||||||||||||
Total proved reserves at December 31, 2021 | 15,128 | 919 | 791 | 1,123 | 13,851 | 6,363 | 38,175 | 18,536 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Proved developed reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 9,577 | 371 | 408 | 307 | 2,037 | 3,162 | 15,862 | 9,627 | |||||||||||||||||||||||||||||||||||||||
Equity companies | 127 | — | 326 | 663 | 5,020 | — | 6,136 | 1,516 | |||||||||||||||||||||||||||||||||||||||
Proved undeveloped reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 4,068 | 337 | 5 | 5 | 1,024 | 2,846 | 8,285 | 4,631 | |||||||||||||||||||||||||||||||||||||||
Equity companies | — | — | 54 | — | 7,289 | — | 7,343 | 1,968 | |||||||||||||||||||||||||||||||||||||||
Total proved reserves at December 31, 2022 | 13,772 | 708 | 793 | 975 | 15,370 | 6,008 | 37,626 | 17,742 | |||||||||||||||||||||||||||||||||||||||
(1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels. |
120
Standardized Measure of Discounted Future Cash Flows
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
Standardized Measure of Discounted |
| United |
| Other |
|
|
|
|
|
|
| Australia/ |
|
| |||
Future Cash Flows |
| States | Americas (1) | Europe |
| Africa |
| Asia |
| Oceania |
| Total | |||||
|
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 186,126 |
| 78,870 |
| 14,794 |
| 43,223 |
| 191,254 |
| 40,814 |
| 555,081 | |
|
| Future production costs |
| 78,980 |
| 42,280 |
| 4,424 |
| 14,049 |
| 53,723 |
| 8,424 |
| 201,880 | |
|
| Future development costs |
| 39,996 |
| 18,150 |
| 7,480 |
| 8,897 |
| 15,156 |
| 7,951 |
| 97,630 | |
|
| Future income tax expenses |
| 12,879 |
| 4,527 |
| 2,790 |
| 8,818 |
| 90,614 |
| 6,017 |
| 125,645 | |
|
| Future net cash flows |
| 54,271 |
| 13,913 |
| 100 |
| 11,459 |
| 31,761 |
| 18,422 |
| 129,926 | |
|
| Effect of discounting net cash flows at 10% |
| 30,574 |
| 6,158 |
| (1,255) |
| 2,996 |
| 17,511 |
| 8,741 |
| 64,725 | |
|
| Discounted future net cash flows |
| 23,697 |
| 7,755 |
| 1,355 |
| 8,463 |
| 14,250 |
| 9,681 |
| 65,201 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 12,643 |
| - |
| 28,557 |
| 2,366 |
| 127,364 |
| - |
| 170,930 | |
|
| Future production costs |
| 5,927 |
| - |
| 21,120 |
| 247 |
| 48,300 |
| - |
| 75,594 | |
|
| Future development costs |
| 3,012 |
| - |
| 1,913 |
| 417 |
| 11,825 |
| - |
| 17,167 | |
|
| Future income tax expenses |
| - |
| - |
| 1,683 |
| 514 |
| 22,396 |
| - |
| 24,593 | |
|
| Future net cash flows |
| 3,704 |
| - |
| 3,841 |
| 1,188 |
| 44,843 |
| - |
| 53,576 | |
|
| Effect of discounting net cash flows at 10% |
| 1,668 |
| - |
| 2,116 |
| 1,045 |
| 23,744 |
| - |
| 28,573 | |
|
| Discounted future net cash flows |
| 2,036 |
| - |
| 1,725 |
| 143 |
| 21,099 |
| - |
| 25,003 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated and equity interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| standardized measure of discounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| future net cash flows |
| 25,733 |
| 7,755 |
| 3,080 |
| 8,606 |
| 35,349 |
| 9,681 |
| 90,204 |
(1)Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $1,016 million in 2017.
121
Standardized Measure of Discounted Future Cash Flows (millions of dollars) | United States | Canada/Other Americas (1) | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 93,520 | 38,193 | 2,734 | 15,411 | 138,080 | 19,794 | 307,732 | ||||||||||||||||||||||||||||||||||
Future production costs | 53,635 | 19,971 | 1,815 | 6,527 | 42,378 | 3,188 | 127,514 | ||||||||||||||||||||||||||||||||||
Future development costs | 27,668 | 10,991 | 4,244 | 6,223 | 13,432 | 7,580 | 70,138 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | (2,509) | 851 | (1,121) | 916 | 62,223 | 1,381 | 61,741 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 14,726 | 6,380 | (2,204) | 1,745 | 20,047 | 7,645 | 48,339 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 8,564 | 1,116 | (1,565) | (511) | 10,557 | 3,624 | 21,785 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 6,162 | 5,264 | (639) | 2,256 | 9,490 | 4,021 | 26,554 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 5,304 | — | 1,511 | 740 | 63,105 | — | 70,660 | ||||||||||||||||||||||||||||||||||
Future production costs | 3,467 | — | 694 | 247 | 29,170 | — | 33,578 | ||||||||||||||||||||||||||||||||||
Future development costs | 2,243 | — | 1,054 | 163 | 9,929 | — | 13,389 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | — | — | (115) | 42 | 8,088 | — | 8,015 | ||||||||||||||||||||||||||||||||||
Future net cash flows | (406) | — | (122) | 288 | 15,918 | — | 15,678 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | (378) | — | (86) | 258 | 7,443 | — | 7,237 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | (28) | — | (36) | 30 | 8,475 | — | 8,441 | ||||||||||||||||||||||||||||||||||
Total consolidated and equity interests in standardized measure of discounted future net cash flows | 6,134 | 5,264 | (675) | 2,286 | 17,965 | 4,021 | 34,995 | ||||||||||||||||||||||||||||||||||
(1) Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $(150) million in 2020. |
|
|
|
|
|
|
| Canada/ |
|
|
|
|
|
|
|
|
|
|
Standardized Measure of Discounted |
| United |
| Other |
|
|
|
|
|
|
| Australia/ |
|
| |||
Future Cash Flows (continued) |
| States | Americas (1) | Europe |
| Africa |
| Asia |
| Oceania |
| Total | |||||
|
|
|
|
| (millions of dollars) | ||||||||||||
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 265,527 |
| 204,596 |
| 23,263 |
| 47,557 |
| 241,410 |
| 67,041 |
| 849,394 | |
|
| Future production costs |
| 96,489 |
| 125,469 |
| 5,023 |
| 16,019 |
| 61,674 |
| 18,081 |
| 322,755 | |
|
| Future development costs |
| 54,457 |
| 29,759 |
| 7,351 |
| 8,356 |
| 13,907 |
| 8,047 |
| 121,877 | |
|
| Future income tax expenses |
| 25,365 |
| 9,024 |
| 8,255 |
| 10,491 |
| 124,043 |
| 10,499 |
| 187,677 | |
|
| Future net cash flows |
| 89,216 |
| 40,344 |
| 2,634 |
| 12,691 |
| 41,786 |
| 30,414 |
| 217,085 | |
|
| Effect of discounting net cash flows at 10% |
| 49,176 |
| 22,315 |
| (6) |
| 2,957 |
| 21,509 |
| 15,030 |
| 110,981 | |
|
| Discounted future net cash flows |
| 40,040 |
| 18,029 |
| 2,640 |
| 9,734 |
| 20,277 |
| 15,384 |
| 106,104 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 17,730 |
| - |
| 7,264 |
| 3,777 |
| 165,471 |
| - |
| 194,242 | |
|
| Future production costs |
| 6,474 |
| - |
| 2,157 |
| 249 |
| 61,331 |
| - |
| 70,211 | |
|
| Future development costs |
| 3,359 |
| - |
| 1,165 |
| 370 |
| 10,295 |
| - |
| 15,189 | |
|
| Future income tax expenses |
| - |
| - |
| 1,612 |
| 964 |
| 30,662 |
| - |
| 33,238 | |
|
| Future net cash flows |
| 7,897 |
| - |
| 2,330 |
| 2,194 |
| 63,183 |
| - |
| 75,604 | |
|
| Effect of discounting net cash flows at 10% |
| 4,104 |
| - |
| 713 |
| 1,712 |
| 31,503 |
| - |
| 38,032 | |
|
| Discounted future net cash flows |
| 3,793 |
| - |
| 1,617 |
| 482 |
| 31,680 |
| - |
| 37,572 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated and equity interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| standardized measure of discounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| future net cash flows |
| 43,833 |
| 18,029 |
| 4,257 |
| 10,216 |
| 51,957 |
| 15,384 |
| 143,676 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 208,981 |
| 190,604 |
| 5,789 |
| 30,194 |
| 215,837 |
| 43,599 |
| 695,004 | |
|
| Future production costs |
| 90,448 |
| 133,606 |
| 3,209 |
| 10,177 |
| 58,255 |
| 12,980 |
| 308,675 | |
|
| Future development costs |
| 53,641 |
| 31,158 |
| 4,397 |
| 6,756 |
| 14,113 |
| 8,109 |
| 118,174 | |
|
| Future income tax expenses |
| 12,530 |
| 5,888 |
| (594) |
| 5,374 |
| 108,316 |
| 5,158 |
| 136,672 | |
|
| Future net cash flows |
| 52,362 |
| 19,952 |
| (1,223) |
| 7,887 |
| 35,153 |
| 17,352 |
| 131,483 | |
|
| Effect of discounting net cash flows at 10% |
| 30,499 |
| 7,728 |
| (1,265) |
| 872 |
| 18,658 |
| 7,491 |
| 63,983 | |
|
| Discounted future net cash flows |
| 21,863 |
| 12,224 |
| 42 |
| 7,015 |
| 16,495 |
| 9,861 |
| 67,500 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Future cash inflows from sales of oil and gas |
| 15,729 |
| - |
| 3,194 |
| 2,509 |
| 115,451 |
| - |
| 136,883 | |
|
| Future production costs |
| 6,848 |
| - |
| 1,302 |
| 246 |
| 48,259 |
| - |
| 56,655 | |
|
| Future development costs |
| 3,681 |
| - |
| 1,182 |
| 247 |
| 11,463 |
| - |
| 16,573 | |
|
| Future income tax expenses |
| - |
| - |
| 346 |
| 555 |
| 17,891 |
| - |
| 18,792 | |
|
| Future net cash flows |
| 5,200 |
| - |
| 364 |
| 1,461 |
| 37,838 |
| - |
| 44,863 | |
|
| Effect of discounting net cash flows at 10% |
| 2,721 |
| - |
| 41 |
| 1,112 |
| 18,573 |
| - |
| 22,447 | |
|
| Discounted future net cash flows |
| 2,479 |
| - |
| 323 |
| 349 |
| 19,265 |
| - |
| 22,416 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated and equity interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| standardized measure of discounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| future net cash flows |
| 24,342 |
| 12,224 |
| 365 |
| 7,364 |
| 35,760 |
| 9,861 |
| 89,916 |
(1)Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $2,823 million in 2018 and $1,064 million in 2019.
Standardized Measure of Discounted Future Cash Flows (continued) (millions of dollars) | United States | Canada/Other Americas (1) | Europe | Africa | Asia | Australia/ Oceania | Total | ||||||||||||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 217,023 | 209,711 | 4,322 | 24,812 | 211,255 | 69,015 | 736,138 | ||||||||||||||||||||||||||||||||||
Future production costs | 63,464 | 111,468 | 1,142 | 7,700 | 55,241 | 14,880 | 253,895 | ||||||||||||||||||||||||||||||||||
Future development costs | 29,941 | 31,736 | 2,113 | 5,921 | 14,519 | 7,286 | 91,516 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | 24,770 | 12,004 | 451 | 4,319 | 107,577 | 13,038 | 162,159 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 98,848 | 54,503 | 616 | 6,872 | 33,918 | 33,811 | 228,568 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 50,524 | 25,793 | (502) | 739 | 17,383 | 18,751 | 112,688 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 48,324 | 28,710 | 1,118 | 6,133 | 16,535 | 15,060 | 115,880 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 10,607 | — | 5,889 | 4,553 | 146,845 | — | 167,894 | ||||||||||||||||||||||||||||||||||
Future production costs | 5,005 | — | 785 | 261 | 49,810 | — | 55,861 | ||||||||||||||||||||||||||||||||||
Future development costs | 2,340 | — | 1,137 | 62 | 8,317 | — | 11,856 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | — | — | 1,793 | 1,168 | 29,463 | — | 32,424 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 3,262 | — | 2,174 | 3,062 | 59,255 | — | 67,753 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 1,553 | — | 683 | 1,868 | 25,710 | — | 29,814 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 1,709 | — | 1,491 | 1,194 | 33,545 | — | 37,939 | ||||||||||||||||||||||||||||||||||
Total consolidated and equity interests in standardized measure of discounted future net cash flows | 50,033 | 28,710 | 2,609 | 7,327 | 50,080 | 15,060 | 153,819 | ||||||||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 316,486 | 284,643 | 11,806 | 30,040 | 271,732 | 114,959 | 1,029,666 | ||||||||||||||||||||||||||||||||||
Future production costs | 78,939 | 113,264 | 2,627 | 7,489 | 63,705 | 21,972 | 287,996 | ||||||||||||||||||||||||||||||||||
Future development costs | 31,960 | 34,968 | 2,016 | 6,143 | 9,241 | 7,089 | 91,417 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | 45,278 | 31,603 | 3,164 | 8,300 | 156,595 | 24,955 | 269,895 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 160,309 | 104,808 | 3,999 | 8,108 | 42,191 | 60,943 | 380,358 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 83,711 | 49,861 | 187 | 322 | 21,772 | 34,896 | 190,749 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 76,598 | 54,947 | 3,812 | 7,786 | 20,419 | 26,047 | 189,609 | ||||||||||||||||||||||||||||||||||
Equity Companies | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows from sales of oil and gas | 12,312 | — | 13,706 | 7,194 | 261,409 | — | 294,621 | ||||||||||||||||||||||||||||||||||
Future production costs | 5,379 | — | 1,981 | 266 | 96,788 | — | 104,414 | ||||||||||||||||||||||||||||||||||
Future development costs | 1,773 | — | 895 | 60 | 7,275 | — | 10,003 | ||||||||||||||||||||||||||||||||||
Future income tax expenses | — | — | 5,262 | 1,965 | 51,838 | — | 59,065 | ||||||||||||||||||||||||||||||||||
Future net cash flows | 5,160 | — | 5,568 | 4,903 | 105,508 | — | 121,139 | ||||||||||||||||||||||||||||||||||
Effect of discounting net cash flows at 10% | 2,236 | — | 2,234 | 2,694 | 44,728 | — | 51,892 | ||||||||||||||||||||||||||||||||||
Discounted future net cash flows | 2,924 | — | 3,334 | 2,209 | 60,780 | — | 69,247 | ||||||||||||||||||||||||||||||||||
Total consolidated and equity interests in standardized measure of discounted future net cash flows | 79,522 | 54,947 | 7,146 | 9,995 | 81,199 | 26,047 | 258,856 | ||||||||||||||||||||||||||||||||||
(1) Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $3,666 million in 2021 and $6,596 million in 2022. |
122
Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Consolidated and Equity Interests |
|
|
|
| 2017 |
|
|
| |||
|
|
|
|
|
|
|
|
|
| Total | |
|
|
|
|
|
|
| Share of |
| Consolidated | ||
|
|
|
| Consolidated |
| Equity Method |
| and Equity | |||
|
|
|
| Subsidiaries |
| Investees |
| Interests | |||
|
|
|
| (millions of dollars) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2016 |
| 35,150 |
|
| 18,201 |
|
| 53,351 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Value of reserves added during the year due to extensions, discoveries, |
|
|
|
|
|
|
|
|
| ||
| improved recovery and net purchases less related costs |
| 10,375 |
|
| 255 |
|
| 10,630 |
| |
Changes in value of previous-year reserves due to: |
|
|
|
|
|
|
|
|
| ||
| Sales and transfers of oil and gas produced during the year, net of |
|
|
|
|
|
|
|
|
| |
|
| production (lifting) costs |
| (24,911) |
|
| (7,358) |
|
| (32,269) |
|
| Development costs incurred during the year |
| 7,066 |
|
| 2,020 |
|
| 9,086 |
| |
| Net change in prices, lifting and development costs |
| 51,703 |
|
| 12,782 |
|
| 64,485 |
| |
| Revisions of previous reserves estimates |
| 6,580 |
|
| 1,193 |
|
| 7,773 |
| |
| Accretion of discount |
| 4,951 |
|
| 2,124 |
|
| 7,075 |
| |
Net change in income taxes |
| (25,713) |
|
| (4,214) |
|
| (29,927) |
| ||
|
| Total change in the standardized measure during the year |
| 30,051 |
|
| 6,802 |
|
| 36,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2017 |
| 65,201 |
|
| 25,003 |
|
| 90,204 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated and Equity Interests |
|
|
|
| 2018 |
|
|
| |||
|
|
|
|
|
|
|
|
|
| Total | |
|
|
|
|
|
|
| Share of |
| Consolidated | ||
|
|
|
| Consolidated |
| Equity Method |
| and Equity | |||
|
|
|
| Subsidiaries |
| Investees |
| Interests | |||
|
|
|
| (millions of dollars) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2017 |
| 65,201 |
|
| 25,003 |
|
| 90,204 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Value of reserves added during the year due to extensions, discoveries, |
|
|
|
|
|
|
|
|
| ||
| improved recovery and net purchases less related costs |
| 9,472 |
|
| (134) |
|
| 9,338 |
| |
Changes in value of previous-year reserves due to: |
|
|
|
|
|
|
|
|
| ||
| Sales and transfers of oil and gas produced during the year, net of |
|
|
|
|
|
|
|
|
| |
|
| production (lifting) costs |
| (31,706) |
|
| (9,956) |
|
| (41,662) |
|
| Development costs incurred during the year |
| 11,500 |
|
| 2,762 |
|
| 14,262 |
| |
| Net change in prices, lifting and development costs |
| 56,798 |
|
| 23,582 |
|
| 80,380 |
| |
| Revisions of previous reserves estimates |
| 14,515 |
|
| (2,091) |
|
| 12,424 |
| |
| Accretion of discount |
| 8,793 |
|
| 3,043 |
|
| 11,836 |
| |
Net change in income taxes |
| (28,469) |
|
| (4,637) |
|
| (33,106) |
| ||
|
| Total change in the standardized measure during the year |
| 40,903 |
|
| 12,569 |
|
| 53,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2018 |
| 106,104 |
|
| 37,572 |
|
| 143,676 |
|
123
Consolidated and Equity Interests (millions of dollars) | 2020 | ||||||||||||||||
Consolidated Subsidiaries | Share of Equity Method Investees | Total Consolidated and Equity Interests | |||||||||||||||
Discounted future net cash flows as of December 31, 2019 | 67,500 | 22,416 | 89,916 | ||||||||||||||
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs | 169 | — | 169 | ||||||||||||||
Changes in value of previous-year reserves due to: | |||||||||||||||||
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs | (15,048) | (3,818) | (18,866) | ||||||||||||||
Development costs incurred during the year | 9,969 | 1,760 | 11,729 | ||||||||||||||
Net change in prices, lifting and development costs | (80,444) | (21,739) | (102,183) | ||||||||||||||
Revisions of previous reserves estimates | 2,614 | 680 | 3,294 | ||||||||||||||
Accretion of discount | 10,786 | 3,011 | 13,797 | ||||||||||||||
Net change in income taxes | 31,008 | 6,131 | 37,139 | ||||||||||||||
Total change in the standardized measure during the year | (40,946) | (13,975) | (54,921) | ||||||||||||||
Discounted future net cash flows as of December 31, 2020 | 26,554 | 8,441 | 34,995 |
Consolidated and Equity Interests (millions of dollars) | 2021 | ||||||||||||||||
Consolidated Subsidiaries | Share of Equity Method Investees | Total Consolidated and Equity Interests | |||||||||||||||
Discounted future net cash flows as of December 31, 2020 | 26,554 | 8,441 | 34,995 | ||||||||||||||
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs | 11,922 | 22 | 11,944 | ||||||||||||||
Changes in value of previous-year reserves due to: | |||||||||||||||||
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs | (35,813) | (9,948) | (45,761) | ||||||||||||||
Development costs incurred during the year | 7,033 | 1,563 | 8,596 | ||||||||||||||
Net change in prices, lifting and development costs | 118,946 | 47,434 | 166,380 | ||||||||||||||
Revisions of previous reserves estimates | 27,126 | 2,507 | 29,633 | ||||||||||||||
Accretion of discount | 3,762 | 1,201 | 4,963 | ||||||||||||||
Net change in income taxes | (43,650) | (13,281) | (56,931) | ||||||||||||||
Total change in the standardized measure during the year | 89,326 | 29,498 | 118,824 | ||||||||||||||
Discounted future net cash flows as of December 31, 2021 | 115,880 | 37,939 | 153,819 |
Consolidated and Equity Interests (millions of dollars) | 2022 | ||||||||||||||||
Consolidated Subsidiaries | Share of Equity Method Investees | Total Consolidated and Equity Interests | |||||||||||||||
Discounted future net cash flows as of December 31, 2021 | 115,880 | 37,939 | 153,819 | ||||||||||||||
Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs | 18,592 | 3,008 | 21,600 | ||||||||||||||
Changes in value of previous-year reserves due to: | |||||||||||||||||
Sales and transfers of oil and gas produced during the year, net of production (lifting) costs | (57,344) | (17,037) | (74,381) | ||||||||||||||
Development costs incurred during the year | 11,834 | 1,849 | 13,683 | ||||||||||||||
Net change in prices, lifting and development costs | 139,844 | 51,094 | 190,938 | ||||||||||||||
Revisions of previous reserves estimates | (1,985) | 2,140 | 155 | ||||||||||||||
Accretion of discount | 14,655 | 4,938 | 19,593 | ||||||||||||||
Net change in income taxes | (51,867) | (14,684) | (66,551) | ||||||||||||||
Total change in the standardized measure during the year | 73,729 | 31,308 | 105,037 | ||||||||||||||
Discounted future net cash flows as of December 31, 2022 | 189,609 | 69,247 | 258,856 |
Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
Consolidated and Equity Interests (continued) |
|
|
|
| 2019 |
|
|
| |||
|
|
|
|
|
|
|
|
|
| Total | |
|
|
|
|
|
|
| Share of |
| Consolidated | ||
|
|
|
| Consolidated |
| Equity Method |
| and Equity | |||
|
|
|
| Subsidiaries |
| Investees |
| Interests | |||
|
|
|
| (millions of dollars) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2018 |
| 106,104 |
|
| 37,572 |
|
| 143,676 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Value of reserves added during the year due to extensions, discoveries, |
|
|
|
|
|
|
|
|
| ||
| improved recovery and net purchases/sales less related costs |
| (1,252) |
|
| 4 |
|
| (1,248) |
| |
Changes in value of previous-year reserves due to: |
|
|
|
|
|
|
|
|
| ||
| Sales and transfers of oil and gas produced during the year, net of |
|
|
|
|
|
|
|
|
| |
|
| production (lifting) costs |
| (29,159) |
|
| (8,202) |
|
| (37,361) |
|
| Development costs incurred during the year |
| 16,544 |
|
| 2,927 |
|
| 19,471 |
| |
| Net change in prices, lifting and development costs |
| (66,455) |
|
| (21,046) |
|
| (87,501) |
| |
| Revisions of previous reserves estimates |
| 4,906 |
|
| 657 |
|
| 5,563 |
| |
| Accretion of discount |
| 11,433 |
|
| 3,956 |
|
| 15,389 |
| |
Net change in income taxes |
| 25,379 |
|
| 6,548 |
|
| 31,927 |
| ||
|
| Total change in the standardized measure during the year |
| (38,604) |
|
| (15,156) |
|
| (53,760) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discounted future net cash flows as of December 31, 2019 |
| 67,500 |
|
| 22,416 |
|
| 89,916 |
|
124
OPERATING INFORMATION (unaudited)
|
|
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
Production of crude oil, natural gas liquids, bitumen and synthetic oil |
|
|
|
|
|
|
|
|
| ||
| Net production | (thousands of barrels daily) | |||||||||
|
| United States | 646 |
| 551 |
| 514 |
| 494 |
| 476 |
|
| Canada/Other Americas | 467 |
| 438 |
| 412 |
| 430 |
| 402 |
|
| Europe | 108 |
| 132 |
| 182 |
| 204 |
| 204 |
|
| Africa | 372 |
| 387 |
| 423 |
| 474 |
| 529 |
|
| Asia | 748 |
| 711 |
| 698 |
| 707 |
| 684 |
|
| Australia/Oceania | 45 |
| 47 |
| 54 |
| 56 |
| 50 |
| Worldwide | 2,386 |
| 2,266 |
| 2,283 |
| 2,365 |
| 2,345 | |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas production available for sale |
|
|
|
|
|
|
|
|
| ||
| Net production | (millions of cubic feet daily) | |||||||||
|
| United States | 2,778 |
| 2,574 |
| 2,936 |
| 3,078 |
| 3,147 |
|
| Canada/Other Americas | 258 |
| 227 |
| 218 |
| 239 |
| 261 |
|
| Europe | 1,457 |
| 1,653 |
| 1,948 |
| 2,173 |
| 2,286 |
|
| Africa | 7 |
| 13 |
| 5 |
| 7 |
| 5 |
|
| Asia | 3,575 |
| 3,613 |
| 3,794 |
| 3,743 |
| 4,139 |
|
| Australia/Oceania | 1,319 |
| 1,325 |
| 1,310 |
| 887 |
| 677 |
| Worldwide | 9,394 |
| 9,405 |
| 10,211 |
| 10,127 |
| 10,515 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands of oil-equivalent barrels daily) | ||||||||
Oil-equivalent production (1) | 3,952 |
| 3,833 |
| 3,985 |
| 4,053 |
| 4,097 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Refinery throughput | (thousands of barrels daily) | ||||||||||
|
| United States | 1,532 |
| 1,588 |
| 1,508 |
| 1,591 |
| 1,709 |
|
| Canada | 353 |
| 392 |
| 383 |
| 363 |
| 386 |
|
| Europe | 1,317 |
| 1,422 |
| 1,510 |
| 1,417 |
| 1,496 |
|
| Asia Pacific | 598 |
| 706 |
| 690 |
| 708 |
| 647 |
|
| Other Non-U.S. | 181 |
| 164 |
| 200 |
| 190 |
| 194 |
| Worldwide | 3,981 |
| 4,272 |
| 4,291 |
| 4,269 |
| 4,432 | |
Petroleum product sales (2) |
|
|
|
|
|
|
|
|
| ||
|
| United States | 2,292 |
| 2,210 |
| 2,190 |
| 2,250 |
| 2,521 |
|
| Canada | 476 |
| 510 |
| 499 |
| 491 |
| 488 |
|
| Europe | 1,479 |
| 1,556 |
| 1,597 |
| 1,519 |
| 1,542 |
|
| Asia Pacific and other Eastern Hemisphere | 1,156 |
| 1,200 |
| 1,164 |
| 1,140 |
| 1,124 |
|
| Latin America | 49 |
| 36 |
| 80 |
| 82 |
| 79 |
| Worldwide | 5,452 |
| 5,512 |
| 5,530 |
| 5,482 |
| 5,754 | |
|
| Gasoline, naphthas | 2,220 |
| 2,217 |
| 2,262 |
| 2,270 |
| 2,363 |
|
| Heating oils, kerosene, diesel oils | 1,867 |
| 1,840 |
| 1,850 |
| 1,772 |
| 1,924 |
|
| Aviation fuels | 406 |
| 402 |
| 382 |
| 399 |
| 413 |
|
| Heavy fuels | 270 |
| 395 |
| 371 |
| 370 |
| 377 |
|
| Specialty petroleum products | 689 |
| 658 |
| 665 |
| 671 |
| 677 |
| Worldwide | 5,452 |
| 5,512 |
| 5,530 |
| 5,482 |
| 5,754 | |
|
|
|
|
|
|
|
|
|
|
|
|
Chemical prime product sales (2) | (thousands of metric tons) | ||||||||||
|
| United States | 9,127 |
| 9,824 |
| 9,307 |
| 9,576 |
| 9,664 |
|
| Non-U.S. | 17,389 |
| 17,045 |
| 16,113 |
| 15,349 |
| 15,049 |
| Worldwide | 26,516 |
| 26,869 |
| 25,420 |
| 24,925 |
| 24,713 |
Operating statistics include 100 percent of operations of majority-owned subsidiaries; for other companies, crude production, gas, petroleum product and chemical prime product sales include ExxonMobil’s ownership percentage and refining throughput includes quantities processed for ExxonMobil. Net production excludes royalties and quantities due others when produced, whether payment is made in kind or cash.
(1)Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
(2)Petroleum product and chemical prime product sales data reported net of purchases/sales contracts with the same counterparty.
125
INDEX TO EXHIBITS
|
| ||||
Exhibit | Description | ||||
Restated Certificate of Incorporation, as restated November 30, 1999, and as further amended effective June 20, 2001 (incorporated by reference to Exhibit 3(i) to the Registrant’s Annual Report on Form 10-K for 2015). | |||||
|
| ||||
By-Laws, as | |||||
|
| ||||
Description of ExxonMobil Capital | |||||
|
| ||||
2003 Incentive Program, as approved by shareholders May 28, 2003 (incorporated by reference to Exhibit 10(iii)(a.1) to the Registrant’s Annual Report on Form 10-K for 2017).* | |||||
|
| ||||
Extended Provisions for Restricted Stock Agreements (incorporated by reference to Exhibit 10(iii)(a.2) to the Registrant’s Annual Report on Form 10-K for 2016).* | |||||
|
| ||||
Extended Provisions for Restricted Stock Unit Agreements – Settlement in Shares.* | |||||
|
| ||||
Short Term Incentive Program, as amended (incorporated by reference to Exhibit 10(iii)(b.1) to the Registrant’s Annual Report on Form 10-K for 2018).* | |||||
|
| ||||
Earnings Bonus Unit | |||||
| |||||
| |||||
|
| ||||
| |||||
ExxonMobil Supplemental Savings Plan.* | |||||
ExxonMobil Supplemental Pension Plan.* | |||||
ExxonMobil Additional Payments Plan.* | |||||
ExxonMobil Executive Life Insurance and Death Benefit Plan (incorporated by reference to Exhibit 10(iii)(d) to the Registrant’s Annual Report on Form 10-K for 2016).* | |||||
|
| ||||
2004 Non-Employee Director Restricted Stock Plan (incorporated by reference to Exhibit 10(iii)(f.1) to the Registrant’s Annual Report on Form 10-K for 2018).* | |||||
|
| ||||
Standing resolution for non-employee director restricted grants dated September 26, 2007 (incorporated by reference to Exhibit 10(iii)(f.2) to the Registrant’s Annual Report on Form 10-K for 2016).* | |||||
|
| ||||
Form of restricted stock grant letter for non-employee directors.* | |||||
|
| ||||
Standing resolution for non-employee director cash fees dated | |||||
|
| ||||
Code of Ethics and Business Conduct (incorporated by reference to Exhibit 14 to the Registrant’s Annual Report on Form 10-K for 2017). | |||||
|
| ||||
Subsidiaries of the registrant. | |||||
|
| ||||
Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. | |||||
|
| ||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer. | |||||
|
| ||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by | |||||
|
| ||||
Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer. | |||||
|
| ||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer. | |||||
|
| ||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by | |||||
|
| ||||
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer. | |||||
|
| ||||
101 | Interactive data files (formatted as Inline XBRL). | ||||
|
| ||||
104 | Cover page interactive data file (formatted as Inline XBRL and contained in Exhibit 101). | ||||
_____________________ |
| ||||
* Compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report on Form 10-K. |
* Compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report on Form 10-K.
126
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||||||||||||
EXXON MOBIL CORPORATION | ||||||||||||
|
|
| ||||||||||
| By: | /s/ DARREN W. WOODS | ||||||||||
Dated February 22, 2023 |
Chairman of the |
Each person whose signature appears below constitutes and appoints Leonard M. Fox, Jeremy R. Osterstock, and Richard C. Vint and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated and on February 26, 2020.
Each person whose signature appears below constitutes and appoints John D. Buchanan, Brian J. Conjelko, and Antony E. Peters | and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. | ||||||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated and on February 22, 2023. | |||||||||||||||||||
Principal Executive Officer | Directors | ||||||||||||||||||
/s/ DARREN W. WOODS | /s/ MICHAEL J. ANGELAKIS | /s/ KAISA H. HIETALA | |||||||||||||||||
Darren W. Woods, Chairman of the Board | Michael J. Angelakis | Kaisa H. Hietala | |||||||||||||||||
|
| ||||||||||||||||||
/s/ SUSAN K. AVERY |
| ||||||||||||||||||
| Susan K. | Joseph L. Hooley | |||||||||||||||||
/s/ KATHRYN A. MIKELLS | /s/ ANGELA F. BRALY |
| |||||||||||||||||
| Angela F. | Steven A. Kandarian | |||||||||||||||||
/s/ URSULA M. BURNS |
| ||||||||||||||||||
| Ursula M. | Alexander A. Karsner | |||||||||||||||||
/s/ LEN M. FOX | /s/ GREGORY J. GOFF | /s/ LAWRENCE W. KELLNER | |||||||||||||||||
Len M. Fox, Vice President and Controller | Gregory J. Goff | Lawrence W. Kellner | |||||||||||||||||
/s/ JOHN D. HARRIS II | /s/ JEFFREY W. UBBEN | ||||||||||||||||||
John D. Harris II | Jeffrey W. Ubben | ||||||||||||||||||
127
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128