FORM 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
__________to__________
New Jersey |
| 13-5409005 | ||||||
(State or other jurisdiction of |
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incorporation or organization) |
| (I.R.S. Employer Identification Number) |
(972) 940-6000
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Title of Each Class |
| Trading Symbol |
| Name of Each Exchange | ||||||||||
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 | ☐ | ||||||||
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Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
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| Emerging growth company | ☐ |
☐ No ☑
Class |
| Outstanding as of September 30, | ||||||
Common stock, without par value |
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EXXON MOBIL CORPORATION
2020
PART I. FINANCIAL INFORMATION | |||||
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Item 1.Financial Statements |
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Notes to Condensed Consolidated Financial Statements | 9 | ||||
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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations | 20 | ||||
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Item 3.Quantitative and Qualitative Disclosures About Market Risk |
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Item 4.Controls and Procedures |
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PART II. OTHER INFORMATION | |||||
Item 1.Legal Proceedings |
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Item 1A. Risk Factors | 31 | ||||
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds |
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Item 6.Exhibits |
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Index to Exhibits |
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Signature |
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EXXON MOBIL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||
Sales and other operating revenue | 45,425 | 63,422 | 132,836 | 192,559 | ||||||||||||||||||||||
Income from equity affiliates | 517 | 1,196 | 1,395 | 4,264 | ||||||||||||||||||||||
Other income | 257 | 431 | 731 | 942 | ||||||||||||||||||||||
Total revenues and other income | 46,199 | 65,049 | 134,962 | 197,765 | ||||||||||||||||||||||
Costs and other deductions | ||||||||||||||||||||||||||
Crude oil and product purchases | 23,950 | 35,290 | 70,102 | 109,033 | ||||||||||||||||||||||
Production and manufacturing expenses | 7,103 | 8,848 | 22,295 | 27,340 | ||||||||||||||||||||||
Selling, general and administrative expenses | 2,444 | 2,753 | 7,432 | 8,350 | ||||||||||||||||||||||
Depreciation and depletion | 4,983 | 4,873 | 15,718 | 14,075 | ||||||||||||||||||||||
Exploration expenses, including dry holes | 188 | 299 | 690 | 912 | ||||||||||||||||||||||
Non-service pension and postretirement benefit expense | 272 | 357 | 812 | 1,028 | ||||||||||||||||||||||
Interest expense | 279 | 232 | 845 | 629 | ||||||||||||||||||||||
Other taxes and duties | 7,352 | 7,676 | 19,338 | 22,756 | ||||||||||||||||||||||
Total costs and other deductions | 46,571 | 60,328 | 137,232 | 184,123 | ||||||||||||||||||||||
Income (Loss) before income taxes | (372) | 4,721 | (2,270) | 13,642 | ||||||||||||||||||||||
Income taxes | 337 | 1,474 | 378 | 4,598 | ||||||||||||||||||||||
Net income (loss) including noncontrolling interests | (709) | 3,247 | (2,648) | 9,044 | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (29) | 77 | (278) | 394 | ||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil | (680) | 3,170 | (2,370) | 8,650 | ||||||||||||||||||||||
Earnings (Loss) per common share (dollars) | (0.15) | 0.75 | (0.55) | 2.03 | ||||||||||||||||||||||
Earnings (Loss) per common share - assuming dilution (dollars) | (0.15) | 0.75 | (0.55) | 2.03 |
EXXON MOBIL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income (loss) including noncontrolling interests | (709) | 3,247 | (2,648) | 9,044 | ||||||||||||||||||||||
Other comprehensive income (loss) (net of income taxes) | ||||||||||||||||||||||||||
Foreign exchange translation adjustment | 1,469 | (1,424) | (1,305) | (75) | ||||||||||||||||||||||
Adjustment for foreign exchange translation (gain)/loss included in net income | 14 | 0 | 14 | 0 | ||||||||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | (140) | 103 | (189) | 43 | ||||||||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 206 | 186 | 613 | 512 | ||||||||||||||||||||||
Total other comprehensive income (loss) | 1,549 | (1,135) | (867) | 480 | ||||||||||||||||||||||
Comprehensive income (loss) including noncontrolling interests | 840 | 2,112 | (3,515) | 9,524 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 92 | 14 | (449) | 587 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to ExxonMobil | 748 | 2,098 | (3,066) | 8,937 |
EXXON MOBIL CORPORATION | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||||||
(millions of dollars) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | 8,832 | 3,089 | |||||||||
Notes and accounts receivable – net | 19,974 | 26,966 | |||||||||
Inventories | |||||||||||
Crude oil, products and merchandise | 13,162 | 14,010 | |||||||||
Materials and supplies | 4,723 | 4,518 | |||||||||
Other current assets | 2,002 | 1,469 | |||||||||
Total current assets | 48,693 | 50,052 | |||||||||
Investments, advances and long-term receivables | 43,609 | 43,164 | |||||||||
Property, plant and equipment – net | 250,496 | 253,018 | |||||||||
Other assets, including intangibles – net | 15,245 | 16,363 | |||||||||
Total assets | 358,043 | 362,597 | |||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Notes and loans payable | 21,911 | 20,578 | |||||||||
Accounts payable and accrued liabilities | 33,340 | 41,831 | |||||||||
Income taxes payable | 1,217 | 1,580 | |||||||||
Total current liabilities | 56,468 | 63,989 | |||||||||
Long-term debt | 46,888 | 26,342 | |||||||||
Postretirement benefits reserves | 22,097 | 22,304 | |||||||||
Deferred income tax liabilities | 24,467 | 25,620 | |||||||||
Long-term obligations to equity companies | 3,486 | 3,988 | |||||||||
Other long-term obligations | 20,025 | 21,416 | |||||||||
Total liabilities | 173,431 | 163,659 | |||||||||
Commitments and contingencies (Note 3) | |||||||||||
Equity | |||||||||||
Common stock without par value | |||||||||||
(9,000 million shares authorized, 8,019 million shares issued) | 15,997 | 15,637 | |||||||||
Earnings reinvested | 407,728 | 421,341 | |||||||||
Accumulated other comprehensive income | (20,189) | (19,493) | |||||||||
Common stock held in treasury | |||||||||||
(3,791 million shares at September 30, 2020 and 3,785 million shares at December 31, 2019) | (226,136) | (225,835) | |||||||||
ExxonMobil share of equity | 177,400 | 191,650 | |||||||||
Noncontrolling interests | 7,212 | 7,288 | |||||||||
Total equity | 184,612 | 198,938 | |||||||||
Total liabilities and equity | 358,043 | 362,597 |
EXXON MOBIL CORPORATION | |||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||
(millions of dollars) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) including noncontrolling interests | (2,648) | 9,044 | |||||||||
Depreciation and depletion | 15,718 | 14,075 | |||||||||
Noncash inventory adjustment - lower of cost or market | 61 | 0 | |||||||||
Changes in operational working capital, excluding cash and debt | (1,539) | 2,564 | |||||||||
All other items – net | (929) | (2,319) | |||||||||
Net cash provided by operating activities | 10,663 | 23,364 | |||||||||
Cash flows from investing activities | |||||||||||
Additions to property, plant and equipment | (13,653) | (17,657) | |||||||||
Proceeds associated with sales of subsidiaries, property, plant and | |||||||||||
equipment, and sales and returns of investments | 229 | 600 | |||||||||
Additional investments and advances | (3,443) | (2,532) | |||||||||
Other investing activities including collection of advances | 1,710 | 769 | |||||||||
Net cash used in investing activities | (15,157) | (18,820) | |||||||||
Cash flows from financing activities | |||||||||||
Additions to long-term debt | 23,186 | 7,019 | |||||||||
Reductions in long-term debt | (4) | 0 | |||||||||
Reductions in short-term debt | (1,651) | (3,836) | |||||||||
Additions/(reductions) in commercial paper, and debt with three months or less maturity (1) | 139 | 6,139 | |||||||||
Contingent consideration payments | (21) | 0 | |||||||||
Cash dividends to ExxonMobil shareholders | (11,150) | (10,936) | |||||||||
Cash dividends to noncontrolling interests | (137) | (157) | |||||||||
Changes in noncontrolling interests | 511 | 30 | |||||||||
Common stock acquired | (305) | (421) | |||||||||
Net cash used in financing activities | 10,568 | (2,162) | |||||||||
Effects of exchange rate changes on cash | (331) | (73) | |||||||||
Increase/(decrease) in cash and cash equivalents | 5,743 | 2,309 | |||||||||
Cash and cash equivalents at beginning of period | 3,089 | 3,042 | |||||||||
Cash and cash equivalents at end of period | 8,832 | 5,351 | |||||||||
Supplemental Disclosures | |||||||||||
Income taxes paid | 2,341 | 5,259 | |||||||||
Cash interest paid | |||||||||||
Included in cash flows from operating activities | 726 | 515 | |||||||||
Capitalized, included in cash flows from investing activities | 516 | 540 | |||||||||
Total cash interest paid | 1,242 | 1,055 |
2
PART I. FINANCIAL INFORMATION | ||||||||||||||
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Item 1. Financial Statements | ||||||||||||||
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EXXON MOBIL CORPORATION | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||
(millions of dollars) | ||||||||||||||
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| Three Months Ended |
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| Nine Months Ended | ||||||
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| September 30, |
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| 2019 |
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| 2018 |
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| 2019 |
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| 2018 |
Revenues and other income |
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| Sales and other operating revenue |
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| 63,422 |
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| 74,187 |
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| 192,559 |
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| 211,079 | |
| Income from equity affiliates |
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| 1,196 |
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| 1,960 |
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| 4,264 |
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| 5,599 | |
| Other income |
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| 431 |
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| 458 |
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| 942 |
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| 1,639 | |
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| Total revenues and other income |
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| 65,049 |
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| 76,605 |
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| 197,765 |
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| 218,317 |
Costs and other deductions |
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| Crude oil and product purchases |
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| 35,290 |
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| 41,776 |
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| 109,033 |
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| 119,391 | |
| Production and manufacturing expenses |
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| 8,848 |
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| 9,097 |
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| 27,340 |
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| 26,506 | |
| Selling, general and administrative expenses |
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| 2,753 |
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| 2,892 |
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| 8,350 |
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| 8,632 | |
| Depreciation and depletion |
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| 4,873 |
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| 4,658 |
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| 14,075 |
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| 13,717 | |
| Exploration expenses, including dry holes |
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| 299 |
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| 292 |
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| 912 |
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| 911 | |
| Non-service pension and postretirement benefit expense |
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| 357 |
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| 307 |
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| 1,028 |
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| 952 | |
| Interest expense |
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| 232 |
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| 200 |
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| 629 |
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| 551 | |
| Other taxes and duties |
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| 7,676 |
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| 8,303 |
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| 22,756 |
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| 24,825 | |
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| Total costs and other deductions |
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| 60,328 |
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| 67,525 |
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| 184,123 |
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| 195,485 |
Income before income taxes |
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| 4,721 |
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| 9,080 |
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| 13,642 |
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| 22,832 | ||
| Income taxes |
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| 1,474 |
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| 2,634 |
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| 4,598 |
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| 7,617 | |
Net income including noncontrolling interests |
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| 3,247 |
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| 6,446 |
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| 9,044 |
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| 15,215 | ||
| Net income attributable to noncontrolling interests |
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| 77 |
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| 206 |
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| 394 |
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| 375 | |
Net income attributable to ExxonMobil |
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| 3,170 |
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| 6,240 |
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| 8,650 |
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| 14,840 | ||
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Earnings per common share (dollars) |
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| 0.75 |
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| 1.46 |
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| 2.03 |
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| 3.47 | ||
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Earnings per common share - assuming dilution (dollars) |
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| 0.75 |
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| 1.46 |
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| 2.03 |
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| 3.47 |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
EXXON MOBIL CORPORATION | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
ExxonMobil Share of Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | 15,639 | 419,913 | (18,205) | (225,970) | 191,377 | 7,088 | 198,465 | ||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | 156 | — | — | — | 156 | — | 156 | ||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | 228 | 228 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the period | — | 3,170 | — | — | 3,170 | 77 | 3,247 | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (3,716) | — | — | (3,716) | (57) | (3,773) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | (1,072) | — | (1,072) | (63) | (1,135) | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | — | — | (79) | (79) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | 15,795 | 419,367 | (19,277) | (225,970) | 189,915 | 7,194 | 197,109 | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 15,812 | 412,124 | (21,617) | (226,136) | 180,183 | 6,970 | 187,153 | ||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | 187 | — | — | — | 187 | — | 187 | ||||||||||||||||||||||||||||||||||
Other | (2) | — | — | — | (2) | 194 | 192 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the period | — | (680) | — | — | (680) | (29) | (709) | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (3,716) | — | — | (3,716) | (44) | (3,760) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | 1,428 | — | 1,428 | 121 | 1,549 | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 15,997 | 407,728 | (20,189) | (226,136) | 177,400 | 7,212 | 184,612 |
EXXON MOBIL CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||
(millions of dollars) | |||||||||||||||
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| Three Months Ended |
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| Nine Months Ended | ||||||
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| September 30, |
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| September 30, | ||||||
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| 2019 |
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| 2018 |
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| 2019 |
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| 2018 |
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Net income including noncontrolling interests |
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| 3,247 |
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| 6,446 |
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| 9,044 |
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| 15,215 | |||
Other comprehensive income (net of income taxes) |
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| Foreign exchange translation adjustment |
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| (1,424) |
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| 124 |
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| (75) |
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| (2,720) | ||
| Adjustment for foreign exchange translation (gain)/loss |
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| included in net income |
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| - |
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| - |
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| 186 |
| Postretirement benefits reserves adjustment |
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| (excluding amortization) |
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| 103 |
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| (3) |
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| 43 |
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| (394) |
| Amortization and settlement of postretirement benefits reserves |
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| adjustment included in net periodic benefit costs |
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| 186 |
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| 223 |
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| 512 |
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| 689 |
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| Total other comprehensive income |
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| (1,135) |
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| 344 |
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| 480 |
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| (2,239) | |
Comprehensive income including noncontrolling interests |
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| 2,112 |
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| 6,790 |
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| 9,524 |
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| 12,976 | |||
| Comprehensive income attributable to |
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| noncontrolling interests |
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| 14 |
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| 311 |
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| 587 |
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| 205 |
Comprehensive income attributable to ExxonMobil |
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| 2,098 |
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| 6,479 |
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| 8,937 |
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| 12,771 |
Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Common Stock Share Activity Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding (millions of shares) (millions of shares) Balance as of June 30 8,019 (3,791) 4,228 8,019 (3,788) 4,231 Acquisitions — — — — — — Dispositions — — — — — — Balance as of September 30 8,019 (3,791) 4,228 8,019 (3,788) 4,231
EXXON MOBIL CORPORATION | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
ExxonMobil Share of Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||
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 | 545 | — | — | — | 545 | — | 545 | ||||||||||||||||||||||||||||||||||
Other | (8) | — | — | — | (8) | 275 | 267 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the period | — | 8,650 | — | — | 8,650 | 394 | 9,044 | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (10,936) | — | — | (10,936) | (157) | (11,093) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | 287 | — | 287 | 193 | 480 | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | (421) | (421) | (245) | (666) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | 4 | 4 | — | 4 | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | 15,795 | 419,367 | (19,277) | (225,970) | 189,915 | 7,194 | 197,109 | ||||||||||||||||||||||||||||||||||
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 | 545 | — | — | — | 545 | — | 545 | ||||||||||||||||||||||||||||||||||
Other | (185) | — | — | — | (185) | 574 | 389 | ||||||||||||||||||||||||||||||||||
Net income (loss) for the period | — | (2,370) | — | — | (2,370) | (278) | (2,648) | ||||||||||||||||||||||||||||||||||
Dividends - common shares | — | (11,150) | — | — | (11,150) | (137) | (11,287) | ||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | (93) | — | — | (93) | (1) | (94) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | (696) | — | (696) | (171) | (867) | ||||||||||||||||||||||||||||||||||
Acquisitions, at cost | — | — | — | (305) | (305) | (63) | (368) | ||||||||||||||||||||||||||||||||||
Dispositions | — | — | — | 4 | 4 | — | 4 | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 15,997 | 407,728 | (20,189) | (226,136) | 177,400 | 7,212 | 184,612 |
EXXON MOBIL CORPORATION |
| |||||||||
CONDENSED CONSOLIDATED BALANCE SHEET |
| |||||||||
(millions of dollars) |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sept. 30, |
|
| Dec. 31, |
|
|
|
|
|
|
| 2019 |
|
| 2018 |
|
Assets |
|
|
|
|
|
|
| |||
| Current assets |
|
|
|
|
|
|
| ||
|
| Cash and cash equivalents |
|
| 5,351 |
|
| 3,042 |
| |
|
| Notes and accounts receivable – net |
|
| 25,308 |
|
| 24,701 |
| |
|
| Inventories |
|
|
|
|
|
|
| |
|
|
| Crude oil, products and merchandise |
|
| 13,131 |
|
| 14,803 |
|
|
|
| Materials and supplies |
|
| 4,459 |
|
| 4,155 |
|
|
| Other current assets |
|
| 1,759 |
|
| 1,272 |
| |
|
|
| Total current assets |
|
| 50,008 |
|
| 47,973 |
|
| Investments, advances and long-term receivables |
|
| 42,920 |
|
| 40,790 |
| ||
| Property, plant and equipment – net |
|
| 250,512 |
|
| 247,101 |
| ||
| Other assets, including intangibles – net |
|
| 15,921 |
|
| 10,332 |
| ||
|
|
| Total assets |
|
| 359,361 |
|
| 346,196 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
| |||
| Current liabilities |
|
|
|
|
|
|
| ||
|
| Notes and loans payable |
|
| 21,196 |
|
| 17,258 |
| |
|
| Accounts payable and accrued liabilities |
|
| 40,541 |
|
| 37,268 |
| |
|
| Income taxes payable |
|
| 2,458 |
|
| 2,612 |
| |
|
|
| Total current liabilities |
|
| 64,195 |
|
| 57,138 |
|
| Long-term debt |
|
| 25,950 |
|
| 20,538 |
| ||
| Postretirement benefits reserves |
|
| 19,365 |
|
| 20,272 |
| ||
| Deferred income tax liabilities |
|
| 26,513 |
|
| 27,244 |
| ||
| Long-term obligations to equity companies |
|
| 4,232 |
|
| 4,382 |
| ||
| Other long-term obligations |
|
| 21,997 |
|
| 18,094 |
| ||
|
|
| Total liabilities |
|
| 162,252 |
|
| 147,668 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 3) |
|
| - |
|
| - |
| |||
|
|
|
|
|
|
|
| |||
Equity |
|
|
|
|
|
|
| |||
| Common stock without par value |
|
|
|
|
|
|
| ||
|
| (9,000 million shares authorized, 8,019 million shares issued) |
|
| 15,795 |
|
| 15,258 |
| |
| Earnings reinvested |
|
| 419,367 |
|
| 421,653 |
| ||
| Accumulated other comprehensive income |
|
| (19,277) |
|
| (19,564) |
| ||
| Common stock held in treasury |
|
|
|
|
|
|
| ||
|
| (3,788 million shares at September 30, 2019 and |
|
|
|
|
|
|
| |
|
| 3,782 million shares at December 31, 2018) |
|
| (225,970) |
|
| (225,553) |
| |
|
|
| ExxonMobil share of equity |
|
| 189,915 |
|
| 191,794 |
|
| Noncontrolling interests |
|
| 7,194 |
|
| 6,734 |
| ||
|
|
| Total equity |
|
| 197,109 |
|
| 198,528 |
|
|
|
| Total liabilities and equity |
|
| 359,361 |
|
| 346,196 |
|
Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Common Stock Share Activity Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding (millions of shares) (millions of shares) Balance as of December 31 8,019 (3,785) 4,234 8,019 (3,782) 4,237 Acquisitions — (6) (6) — (6) (6) Dispositions — — — — — — Balance as of September 30 8,019 (3,791) 4,228 8,019 (3,788) 4,231
EXXON MOBIL CORPORATION |
| |||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
| |||||||||
(millions of dollars) |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nine Months Ended |
| |||
|
|
|
|
|
| September 30, |
| |||
|
|
|
|
|
| 2019 |
|
| 2018 |
|
Cash flows from operating activities |
|
|
|
|
|
|
| |||
| Net income including noncontrolling interests |
|
| 9,044 |
|
| 15,215 |
| ||
| Depreciation and depletion |
|
| 14,075 |
|
| 13,717 |
| ||
| Changes in operational working capital, excluding cash and debt |
|
| 2,564 |
|
| (25) |
| ||
| All other items – net |
|
| (2,319) |
|
| (1,500) |
| ||
|
|
| Net cash provided by operating activities |
|
| 23,364 |
|
| 27,407 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
| |||
| Additions to property, plant and equipment |
|
| (17,657) |
|
| (13,480) |
| ||
| Proceeds associated with sales of subsidiaries, property, plant and |
|
|
|
|
|
|
| ||
|
| equipment, and sales and returns of investments |
|
| 600 |
|
| 3,239 |
| |
| Additional investments and advances |
|
| (2,532) |
|
| (1,113) |
| ||
| Other investing activities including collection of advances |
|
| 769 |
|
| 492 |
| ||
|
|
| Net cash used in investing activities |
|
| (18,820) |
|
| (10,862) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
| |||
| Additions to long-term debt |
|
| 7,019 |
|
| - |
| ||
| Reductions in short-term debt |
|
| (3,836) |
|
| (4,279) |
| ||
| Additions/(reductions) in commercial paper, and debt with three |
|
|
|
|
|
|
| ||
|
| months or less maturity (1) |
|
| 6,139 |
|
| 1,626 |
| |
| Cash dividends to ExxonMobil shareholders |
|
| (10,936) |
|
| (10,296) |
| ||
| Cash dividends to noncontrolling interests |
|
| (157) |
|
| (192) |
| ||
| Changes in noncontrolling interests |
|
| 30 |
|
| (374) |
| ||
| Common stock acquired |
|
| (421) |
|
| (430) |
| ||
|
|
| Net cash used in financing activities |
|
| (2,162) |
|
| (13,945) |
|
Effects of exchange rate changes on cash |
|
| (73) |
|
| (108) |
| |||
Increase/(decrease) in cash and cash equivalents |
|
| 2,309 |
|
| 2,492 |
| |||
Cash and cash equivalents at beginning of period |
|
| 3,042 |
|
| 3,177 |
| |||
Cash and cash equivalents at end of period |
|
| 5,351 |
|
| 5,669 |
| |||
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
| |||
| Income taxes paid |
|
| 5,259 |
|
| 6,740 |
| ||
| Cash interest paid |
|
|
|
|
|
|
| ||
|
| Included in cash flows from operating activities |
|
| 515 |
|
| 337 |
| |
|
| Capitalized, included in cash flows from investing activities |
|
| 540 |
|
| 502 |
| |
|
| Total cash interest paid |
|
| 1,055 |
|
| 839 |
|
(1) Includes a net addition of commercial paper with a maturity of over three months of $3.1 billion in 2019 and $0.3 billion in 2018. The gross amount of commercial paper with a maturity of over three months issued was $13.4 billion in 2019 and $3.1 billion in 2018, while the gross amount repaid was $10.3 billion in 2019 and $2.8 billion in 2018.
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
6
| EXXON MOBIL CORPORATION | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||||
| (millions of dollars) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ExxonMobil Share of Equity |
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
| Accumulated |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| Other |
| Common |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| Compre- |
| Stock |
| ExxonMobil |
| Non- |
|
|
| ||||
|
|
|
|
| Common |
| Earnings |
| hensive |
| Held in |
| Share of |
| controlling |
| Total | |||||||
|
|
|
|
| Stock |
| Reinvested |
| Income |
| Treasury |
| Equity |
| Interests |
| Equity | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2018 |
|
| 15,086 |
|
| 416,418 |
|
| (18,609) |
|
| (225,673) |
|
| 187,222 |
|
| 6,311 |
|
| 193,533 | |||
| Amortization of stock-based awards |
|
| 169 |
|
| - |
|
| - |
|
| - |
|
| 169 |
|
| - |
|
| 169 | ||
| Other |
|
| (1) |
|
| - |
|
| - |
|
| - |
|
| (1) |
|
| (1) |
|
| (2) | ||
| Net income for the period |
|
| - |
|
| 6,240 |
|
| - |
|
| - |
|
| 6,240 |
|
| 206 |
|
| 6,446 | ||
| Dividends - common shares |
|
| - |
|
| (3,503) |
|
| - |
|
| - |
|
| (3,503) |
|
| (57) |
|
| (3,560) | ||
| Other comprehensive income |
|
| - |
|
| - |
|
| 239 |
|
| - |
|
| 239 |
|
| 105 |
|
| 344 | ||
| Acquisitions, at cost |
|
| - |
|
| - |
|
| - |
|
| (1) |
|
| (1) |
|
| (98) |
|
| (99) | ||
Balance as of September 30, 2018 |
|
| 15,254 |
|
| 419,155 |
|
| (18,370) |
|
| (225,674) |
|
| 190,365 |
|
| 6,466 |
|
| 196,831 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Balance as of June 30, 2019 |
|
| 15,639 |
|
| 419,913 |
|
| (18,205) |
|
| (225,970) |
|
| 191,377 |
|
| 7,088 |
|
| 198,465 | |||
| Amortization of stock-based awards |
|
| 156 |
|
| - |
|
| - |
|
| - |
|
| 156 |
|
| - |
|
| 156 | ||
| Other |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 275 |
|
| 275 | ||
| Net income for the period |
|
| - |
|
| 3,170 |
|
| - |
|
| - |
|
| 3,170 |
|
| 77 |
|
| 3,247 | ||
| Dividends - common shares |
|
| - |
|
| (3,716) |
|
| - |
|
| - |
|
| (3,716) |
|
| (57) |
|
| (3,773) | ||
| Other comprehensive income |
|
| - |
|
| - |
|
| (1,072) |
|
| - |
|
| (1,072) |
|
| (63) |
|
| (1,135) | ||
| Acquisitions, at cost |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (79) |
|
| (79) | ||
| Dispositions |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (47) |
|
| (47) | ||
Balance as of September 30, 2019 |
|
| 15,795 |
|
| 419,367 |
|
| (19,277) |
|
| (225,970) |
|
| 189,915 |
|
| 7,194 |
|
| 197,109 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended September 30, 2019 |
|
|
|
| Three Months Ended September 30, 2018 | ||||||||||||||
|
|
|
|
|
|
|
| Held in |
|
|
|
|
|
|
|
|
|
| Held in |
|
|
| ||
| Common Stock Share Activity |
| Issued |
| Treasury |
| Outstanding |
|
|
|
| Issued |
| Treasury |
| Outstanding | ||||||||
|
|
|
| (millions of shares) |
|
|
|
| (millions of shares) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of June 30 |
|
| 8,019 |
|
| (3,788) |
|
| 4,231 |
|
|
|
|
| 8,019 |
|
| (3,785) |
|
| 4,234 | ||
|
|
| Acquisitions |
|
| - |
|
| - |
|
| - |
|
|
|
|
| - |
|
| - |
|
| - |
|
|
| Dispositions |
|
| - |
|
| - |
|
| - |
|
|
|
|
| - |
|
| - |
|
| - |
| Balance as of September 30 |
|
| 8,019 |
|
| (3,788) |
|
| 4,231 |
|
|
|
|
| 8,019 |
|
| (3,785) |
|
| 4,234 |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
7
| EXXON MOBIL CORPORATION | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||||
| (millions of dollars) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ExxonMobil Share of Equity |
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
| Accumulated |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| Other |
| Common |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| Compre- |
| Stock |
| ExxonMobil |
| Non- |
|
|
| ||||
|
|
|
|
| Common |
| Earnings |
| hensive |
| Held in |
| Share of |
| controlling |
| Total | |||||||
|
|
|
|
| Stock |
| Reinvested |
| Income |
| Treasury |
| Equity |
| Interests |
| Equity | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| 605 |
|
| - |
|
| - |
|
| - |
|
| 605 |
|
| - |
|
| 605 | ||
| Other |
|
| (7) |
|
| - |
|
| - |
|
| - |
|
| (7) |
|
| (8) |
|
| (15) | ||
| Net income for the period |
|
| - |
|
| 14,840 |
|
| - |
|
| - |
|
| 14,840 |
|
| 375 |
|
| 15,215 | ||
| Dividends - common shares |
|
| - |
|
| (10,296) |
|
| - |
|
| - |
|
| (10,296) |
|
| (192) |
|
| (10,488) | ||
| Cumulative effect of accounting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| change |
|
| - |
|
| 71 |
|
| (39) |
|
| - |
|
| 32 |
|
| 15 |
|
| 47 |
| Other comprehensive income |
|
| - |
|
| - |
|
| (2,069) |
|
| - |
|
| (2,069) |
|
| (170) |
|
| (2,239) | ||
| Acquisitions, at cost |
|
| - |
|
| - |
|
| - |
|
| (430) |
|
| (430) |
|
| (366) |
|
| (796) | ||
| Dispositions |
|
| - |
|
| - |
|
| - |
|
| 2 |
|
| 2 |
|
| - |
|
| 2 | ||
Balance as of September 30, 2018 |
|
| 15,254 |
|
| 419,155 |
|
| (18,370) |
|
| (225,674) |
|
| 190,365 |
|
| 6,466 |
|
| 196,831 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
|
| 545 |
|
| - |
|
| - |
|
| - |
|
| 545 |
|
| - |
|
| 545 | ||
| Other |
|
| (8) |
|
| - |
|
| - |
|
| - |
|
| (8) |
|
| 275 |
|
| 267 | ||
| Net income for the period |
|
| - |
|
| 8,650 |
|
| - |
|
| - |
|
| 8,650 |
|
| 394 |
|
| 9,044 | ||
| Dividends - common shares |
|
| - |
|
| (10,936) |
|
| - |
|
| - |
|
| (10,936) |
|
| (157) |
|
| (11,093) | ||
| Other comprehensive income |
|
| - |
|
| - |
|
| 287 |
|
| - |
|
| 287 |
|
| 193 |
|
| 480 | ||
| Acquisitions, at cost |
|
| - |
|
| - |
|
| - |
|
| (421) |
|
| (421) |
|
| (245) |
|
| (666) | ||
| Dispositions |
|
| - |
|
| - |
|
| - |
|
| 4 |
|
| 4 |
|
| - |
|
| 4 | ||
Balance as of September 30, 2019 |
|
| 15,795 |
|
| 419,367 |
|
| (19,277) |
|
| (225,970) |
|
| 189,915 |
|
| 7,194 |
|
| 197,109 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nine Months Ended September 30, 2019 |
|
|
|
| Nine Months Ended September 30, 2018 | ||||||||||||||
|
|
|
|
|
|
|
| Held in |
|
|
|
|
|
|
|
|
|
| Held in |
|
|
| ||
| Common Stock Share Activity |
| Issued |
| Treasury |
| Outstanding |
|
|
|
| Issued |
| Treasury |
| Outstanding | ||||||||
|
|
|
| (millions of shares) |
|
|
|
| (millions of shares) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of December 31 |
|
| 8,019 |
|
| (3,782) |
|
| 4,237 |
|
|
|
|
| 8,019 |
|
| (3,780) |
|
| 4,239 | ||
|
|
| Acquisitions |
|
| - |
|
| (6) |
|
| (6) |
|
|
|
|
| - |
|
| (5) |
|
| (5) |
|
|
| Dispositions |
|
| - |
|
| - |
|
| - |
|
|
|
|
| - |
|
| - |
|
| - |
| Balance as of September 30 |
|
| 8,019 |
|
| (3,788) |
|
| 4,231 |
|
|
|
|
| 8,019 |
|
| (3,785) |
|
| 4,234 |
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
8
EXXON MOBIL CORPORATION
Effective January 1, 2019,
Effective January 1, 2020, ExxonMobil will adopt 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 Corporation does not expect a material change in the credit allowance for trade receivables and continues to evaluate the impact on other financial assets in scope of the standard.
equity affiliates.”
Litigation
A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. 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 Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. 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 contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.
The Corporation and certain of its consolidated subsidiaries were contingently liable at September 30, 2019,2020, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
9
As of September 30, 2020 | |||||||||||||||||||||||
Equity Company Obligations (1) | Other Third-Party Obligations | Total | |||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Guarantees | |||||||||||||||||||||||
Debt-related | 968 | 120 | 1,088 | ||||||||||||||||||||
Other | 690 | 4,806 | 5,496 | ||||||||||||||||||||
Total | 1,658 | 4,926 | 6,584 |
|
|
|
|
|
| As of September 30, 2019 |
|
| ||||||
|
|
|
|
|
| Equity |
|
| Other |
|
|
|
|
|
|
|
|
|
|
| Company |
|
| Third Party |
|
|
|
|
|
|
|
|
|
|
| Obligations (1) |
|
| Obligations |
|
| Total |
|
|
|
|
|
|
|
| (millions of dollars) |
|
| ||||||
| Guarantees |
|
|
|
|
|
|
|
|
|
|
| ||
|
| Debt-related |
|
| 737 |
|
| 93 |
|
| 830 |
|
| |
|
| Other |
|
| 808 |
|
| 4,580 |
|
| 5,388 |
|
| |
|
|
| Total |
|
| 1,545 |
|
| 4,673 |
|
| 6,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) | ExxonMobil share |
|
|
|
|
|
|
|
|
|
|
|
(1) ExxonMobil share
10
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, 2017 |
|
| (9,482) |
|
| (6,780) |
|
| (16,262) | ||
| Current period change excluding amounts reclassified |
|
|
|
|
|
|
|
|
| ||
|
| from accumulated other comprehensive income |
|
| (2,551) |
|
| (406) |
|
| (2,957) | |
| Amounts reclassified from accumulated other |
|
|
|
|
|
|
|
|
| ||
|
| comprehensive income |
|
| 186 |
|
| 663 |
|
| 849 | |
| Total change in accumulated other comprehensive income |
|
| (2,365) |
|
| 257 |
|
| (2,108) | ||
| Balance as of September 30, 2018 |
|
| (11,847) |
|
| (6,523) |
|
| (18,370) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of December 31, 2018 |
|
| (13,881) |
|
| (5,683) |
|
| (19,564) | ||
| Current period change excluding amounts reclassified |
|
|
|
|
|
|
|
|
| ||
|
| from accumulated other comprehensive income |
|
| (252) |
|
| 48 |
|
| (204) | |
| Amounts reclassified from accumulated other |
|
|
|
|
|
|
|
|
| ||
|
| comprehensive income |
|
| - |
|
| 491 |
|
| 491 | |
| Total change in accumulated other comprehensive income |
|
| (252) |
|
| 539 |
|
| 287 | ||
| Balance as of September 30, 2019 |
|
| (14,133) |
|
| (5,144) |
|
| (19,277) |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
| Three Months Ended |
|
| Nine Months Ended | ||||||
| Amounts Reclassified Out of Accumulated Other |
|
| September 30, |
|
| September 30, | ||||||||
| Comprehensive Income - Before-tax Income/(Expense) |
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 | ||
|
|
|
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign exchange translation gain/(loss) included in net income |
|
|
|
|
|
|
|
|
|
| ||||
|
| (Statement of Income line: Other income) | - |
|
| - |
|
| - |
|
| (186) | |||
| 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) | (236) |
|
| (287) |
|
| (664) |
|
| (897) |
|
|
|
|
|
| Three Months Ended |
|
| Nine Months Ended | ||||||
| Income Tax (Expense)/Credit For |
|
| September 30, |
|
| September 30, | ||||||||
| Components of Other Comprehensive Income |
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 | ||
|
|
|
|
| (millions of dollars) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign exchange translation adjustment |
|
| 1 |
|
| 8 |
|
| 1 |
|
| 13 | ||
| Postretirement benefits reserves adjustment |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| (excluding amortization) |
|
| (56) |
|
| - |
|
| (36) |
|
| 66 | |
| Amortization and settlement of postretirement benefits reserves |
|
|
|
|
|
|
|
|
|
|
| |||
|
| adjustment included in net periodic benefit costs |
|
| (50) |
|
| (64) |
|
| (152) |
|
| (208) | |
| Total |
|
| (105) |
|
| (56) |
|
| (187) |
|
| (129) |
Cumulative Foreign Exchange Translation Adjustment Post-retirement Benefits Reserves Adjustment Total (millions of dollars) Balance as of December 31, 2018 (13,881) (5,683) (19,564) (252) 48 (204) 0 491 491 Total change in accumulated other comprehensive income (252) 539 287 Balance as of September 30, 2019 (14,133) (5,144) (19,277) Balance as of December 31, 2019 (12,446) (7,047) (19,493) (1,125) (172) (1,297) 14 587 601 Total change in accumulated other comprehensive income (1,111) 415 (696) Balance as of September 30, 2020 (13,557) (6,632) (20,189)
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Foreign exchange translation gain/(loss) included in net income (Statement of Income line: Other income) | (14) | 0 | (14) | 0 | ||||||||||||||||||||||
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) | (268) | (236) | (790) | (664) |
Income Tax (Expense)/Credit For Components of Other Comprehensive Income | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Foreign exchange translation adjustment | 57 | 1 | 72 | 1 | ||||||||||||||||||||||
Postretirement benefits reserves adjustment (excluding amortization) | 74 | (56) | 64 | (36) | ||||||||||||||||||||||
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (62) | (50) | (177) | (152) | ||||||||||||||||||||||
Total | 69 | (105) | (41) | (187) |
5.Earnings Per Share
|
|
|
|
| Three Months Ended |
|
| Nine Months Ended | ||||||
|
|
|
|
| September 30, |
|
| September 30, | ||||||
|
|
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share |
|
|
|
|
|
|
|
|
|
|
| ||
| Net income attributable to ExxonMobil (millions of dollars) |
| 3,170 |
|
| 6,240 |
|
| 8,650 |
|
| 14,840 | ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Weighted average number of common shares |
|
|
|
|
|
|
|
|
|
|
| ||
|
| outstanding (millions of shares) |
| 4,271 |
|
| 4,271 |
|
| 4,270 |
|
| 4,271 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share (dollars) (1) |
| 0.75 |
|
| 1.46 |
|
| 2.03 |
|
| 3.47 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends paid per common share (dollars) |
| 0.87 |
|
| 0.82 |
|
| 2.56 |
|
| 2.41 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Earnings per common share | ||||||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil (millions of dollars) | (680) | 3,170 | (2,370) | 8,650 | ||||||||||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 4,271 | 4,271 | 4,270 | 4,270 | ||||||||||||||||||||||
Earnings (Loss) per common share (dollars) (1) | (0.15) | 0.75 | (0.55) | 2.03 | ||||||||||||||||||||||
Dividends paid per common share (dollars) | 0.87 | 0.87 | 2.61 | 2.56 |
|
|
|
|
|
|
| Three Months Ended |
|
| Nine Months Ended | ||||||
|
|
|
|
|
|
| September 30, |
|
| September 30, | ||||||
|
|
|
|
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
|
|
|
|
| (millions of dollars) | ||||||||||
| Components of net benefit cost |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Pension Benefits - U.S. |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| Service cost |
|
| 208 |
|
| 203 |
|
| 563 |
|
| 616 | |
|
|
| Interest cost |
|
| 192 |
|
| 179 |
|
| 574 |
|
| 540 | |
|
|
| Expected return on plan assets |
|
| (143) |
|
| (182) |
|
| (427) |
|
| (545) | |
|
|
| Amortization of actuarial loss/(gain) and prior |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| service cost |
|
| 77 |
|
| 93 |
|
| 233 |
|
| 276 |
|
|
| Net pension enhancement and |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| curtailment/settlement cost |
|
| 54 |
|
| 63 |
|
| 161 |
|
| 189 |
|
|
| Net benefit cost |
|
| 388 |
|
| 356 |
|
| 1,104 |
|
| 1,076 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pension Benefits - Non-U.S. |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| Service cost |
|
| 136 |
|
| 149 |
|
| 413 |
|
| 461 | |
|
|
| Interest cost |
|
| 189 |
|
| 185 |
|
| 573 |
|
| 571 | |
|
|
| Expected return on plan assets |
|
| (192) |
|
| (233) |
|
| (581) |
|
| (722) | |
|
|
| Amortization of actuarial loss/(gain) and prior |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| service cost |
|
| 102 |
|
| 113 |
|
| 260 |
|
| 344 |
|
|
| Net pension enhancement and |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| curtailment/settlement cost |
|
| - |
|
| - |
|
| - |
|
| 33 |
|
|
| Net benefit cost |
|
| 235 |
|
| 214 |
|
| 665 |
|
| 687 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Postretirement Benefits |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| Service cost |
|
| 38 |
|
| 40 |
|
| 104 |
|
| 111 | |
|
|
| Interest cost |
|
| 79 |
|
| 75 |
|
| 237 |
|
| 226 | |
|
|
| Expected return on plan assets |
|
| (4) |
|
| (5) |
|
| (12) |
|
| (17) | |
|
|
| Amortization of actuarial loss/(gain) and prior |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| service cost |
|
| 3 |
|
| 19 |
|
| 10 |
|
| 57 |
|
|
| Net benefit cost |
|
| 116 |
|
| 129 |
|
| 339 |
|
| 377 |
Three Months Ended
September 30,Nine Months Ended
September 30, 2020 2019 2020 2019 (millions of dollars) (millions of dollars) Components of net benefit cost Pension Benefits - U.S. Service cost 245 208 712 563 Interest cost 177 192 531 574 Expected return on plan assets (178) (143) (528) (427) Amortization of actuarial loss/(gain) and prior service cost 79 77 237 233 Net pension enhancement and curtailment/settlement cost 52 54 156 161 Net benefit cost 375 388 1,108 1,104 Pension Benefits - Non-U.S. Service cost 178 136 524 413 Interest cost 165 189 488 573 Expected return on plan assets (226) (192) (664) (581) Amortization of actuarial loss/(gain) and prior service cost 124 102 358 260 Net benefit cost 241 235 706 665 Other Postretirement Benefits Service cost 45 38 134 104 Interest cost 70 79 208 237 Expected return on plan assets (4) (4) (13) (12) Amortization of actuarial loss/(gain) and prior service cost 13 3 39 10 Net benefit cost 124 116 368 339
7.Financial Instruments and Derivatives
|
|
|
|
| At September 30, 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) |
| 483 |
| 80 |
| - |
| 563 |
| (392) |
| (91) |
| - |
| 80 | ||
| Advances to/receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| from equity companies (2)(7) |
| - |
| 1,934 |
| 6,948 |
| 8,882 |
| - |
| - |
| (149) |
| 8,733 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial assets (3) |
| 1,078 |
| - |
| 761 |
| 1,839 |
| - |
| - |
| 78 |
| 1,917 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Derivative liabilities (4) |
| 414 |
| 58 |
| - |
| 472 |
| (392) |
| (22) |
| - |
| 58 | ||
| Long-term debt (5) |
| 25,709 |
| 131 |
| 4 |
| 25,844 |
| - |
| - |
| (1,175) |
| 24,669 | ||
| Long-term obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| to equity companies (7) |
| - |
| - |
| 4,466 |
| 4,466 |
| - |
| - |
| (234) |
| 4,232 | |
| Other long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| financial liabilities (6) |
| - |
| - |
| 1,054 |
| 1,054 |
| - |
| - |
| (9) |
| 1,045 |
|
|
|
|
| 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 the Balance Sheet lines: Notes and accounts receivable, less estimated doubtful amounts 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) | Included in the Balance Sheet line: Other long-term obligations | ||||||||||||||||||
(7) | 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 equity company. |
At September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
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) | 637 | 121 | — | 758 | (571) | (80) | — | 107 | ||||||||||||||||||||||||||||||||||||||||||
Advances to/receivables | ||||||||||||||||||||||||||||||||||||||||||||||||||
from equity companies (2)(7) | — | 3,152 | 6,081 | 9,233 | — | — | (193) | 9,040 | ||||||||||||||||||||||||||||||||||||||||||
Other long-term | ||||||||||||||||||||||||||||||||||||||||||||||||||
financial assets (3) | 1,197 | — | 915 | 2,112 | — | — | 130 | 2,242 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (4) | 817 | 91 | — | 908 | (571) | (259) | — | 78 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt (5) | 49,153 | 149 | 4 | 49,306 | — | — | (4,031) | 45,275 | ||||||||||||||||||||||||||||||||||||||||||
Long-term obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||
to equity companies (7) | — | — | 3,685 | 3,685 | — | — | (199) | 3,486 | ||||||||||||||||||||||||||||||||||||||||||
Other long-term | ||||||||||||||||||||||||||||||||||||||||||||||||||
financial liabilities (6) | — | — | 1,073 | 1,073 | — | — | 11 | 1,084 |
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
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) | 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 |
The increase in the estimated fair value and book value of long-term debt reflects the Corporation’sCorporation's issuance of $7.0new debt securities during 2020. The carrying value of these debt securities as of September 30, 2020, is below:
Issuance Date | Description of Notes | Carrying Value | |||||||||
(millions of dollars) | |||||||||||
March 2020 | |||||||||||
2.992% Notes due 2025 | 1,500 | ||||||||||
3.294% Notes due 2027 | 1,000 | ||||||||||
3.482% Notes due 2030 | 2,000 | ||||||||||
4.227% Notes due 2040 | 1,250 | ||||||||||
4.327% Notes due 2050 | 2,750 | ||||||||||
April 2020 | |||||||||||
1.571% Notes due 2023 | 2,750 | ||||||||||
2.992% Notes due 2025 (1) | 1,310 | ||||||||||
2.610% Notes due 2030 | 2,000 | ||||||||||
4.227% Notes due 2040 (1) | 842 | ||||||||||
3.452% Notes due 2051 | 2,750 | ||||||||||
June 2020 (2) | |||||||||||
0.142% Notes due 2024 | 1,756 | ||||||||||
0.524% Notes due 2028 | 1,171 | ||||||||||
0.835% Notes due 2032 | 1,171 | ||||||||||
1.408% Notes due 2039 | 1,171 | ||||||||||
Total | 23,421 |
2020.
At September 30, 2019, the
September 30, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
(millions) | |||||||||||
Crude oil (barrels) | 50 | 57 | |||||||||
Petroleum products (barrels) | (50) | (38) | |||||||||
Natural Gas (MMBTUs) | (438) | (165) | |||||||||
|
|
|
|
|
| Three Months Ended |
|
| Nine Months Ended | ||||||
|
|
|
|
|
| September 30, |
|
| September 30, | ||||||
|
|
|
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
|
|
|
|
| (millions of dollars) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenue |
|
| 144 |
|
| (68) |
|
| (98) |
|
| (72) | |||
Crude oil and product purchases |
|
| 60 |
|
| (107) |
|
| 75 |
|
| (380) | |||
|
| Total |
|
| 204 |
|
| (175) |
|
| (23) |
|
| (452) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Sales and other operating revenue | (297) | 144 | 688 | (98) | ||||||||||||||||||||||
Crude oil and product purchases | 134 | 60 | (396) | 75 | ||||||||||||||||||||||
Total | (163) | 204 | 292 | (23) |
8.Disclosures about Segments and Related Information
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Earnings (Loss) After Income Tax | (millions of dollars) | (millions of dollars) | ||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||
United States | (681) | 37 | (2,582) | 468 | ||||||||||||||||||||||
Non-U.S. | 298 | 2,131 | 1,084 | 7,837 | ||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||
United States | (136) | 673 | (338) | 822 | ||||||||||||||||||||||
Non-U.S. | (95) | 557 | 472 | 603 | ||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||
United States | 357 | 53 | 816 | 208 | ||||||||||||||||||||||
Non-U.S. | 304 | 188 | 456 | 739 | ||||||||||||||||||||||
Corporate and financing | (727) | (469) | (2,278) | (2,027) | ||||||||||||||||||||||
Corporate total | (680) | 3,170 | (2,370) | 8,650 | ||||||||||||||||||||||
Sales and Other Operating Revenue | ||||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||
United States | 1,422 | 1,941 | 4,280 | 7,228 | ||||||||||||||||||||||
Non-U.S. | 2,015 | 3,069 | 6,604 | 10,582 | ||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||
United States | 12,267 | 18,358 | 35,854 | 52,721 | ||||||||||||||||||||||
Non-U.S. | 23,862 | 33,391 | 69,468 | 100,994 | ||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||
United States | 2,162 | 2,412 | 6,028 | 7,421 | ||||||||||||||||||||||
Non-U.S. | 3,684 | 4,241 | 10,574 | 13,583 | ||||||||||||||||||||||
Corporate and financing | 13 | 10 | 28 | 30 | ||||||||||||||||||||||
Corporate total | 45,425 | 63,422 | 132,836 | 192,559 | ||||||||||||||||||||||
Intersegment Revenue | ||||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||
United States | 2,348 | 2,876 | 5,999 | 7,828 | ||||||||||||||||||||||
Non-U.S. | 5,132 | 7,383 | 14,371 | 22,888 | ||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||
United States | 2,812 | 5,439 | 8,820 | 16,942 | ||||||||||||||||||||||
Non-U.S. | 3,334 | 5,826 | 11,210 | 18,563 | ||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||
United States | 1,480 | 1,489 | 4,466 | 5,947 | ||||||||||||||||||||||
Non-U.S. | 895 | 1,413 | 2,866 | 4,543 | ||||||||||||||||||||||
Corporate and financing | 55 | 60 | 166 | 168 |
Geographic | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Sales and Other Operating Revenue | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
United States | 15,851 | 22,711 | 46,162 | 67,370 | ||||||||||||||||||||||
Non-U.S. | 29,574 | 40,711 | 86,674 | 125,189 | ||||||||||||||||||||||
Total | 45,425 | 63,422 | 132,836 | 192,559 | ||||||||||||||||||||||
Significant Non-U.S. revenue sources include: (1) | ||||||||||||||||||||||||||
Canada | 3,566 | 4,945 | 9,537 | 15,141 | ||||||||||||||||||||||
United Kingdom | 2,827 | 4,042 | 8,424 | 13,244 | ||||||||||||||||||||||
Singapore | 2,400 | 2,942 | 6,883 | 9,197 | ||||||||||||||||||||||
France | 2,273 | 3,266 | 6,446 | 9,597 | ||||||||||||||||||||||
Italy | 2,055 | 2,691 | 5,241 | 7,830 | ||||||||||||||||||||||
Belgium | 1,504 | 2,598 | 4,639 | 9,371 |
|
|
|
|
|
| Three Months Ended |
|
| Nine Months Ended | ||||||
|
|
|
|
|
| September 30, |
|
| September 30, | ||||||
|
|
|
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
| Earnings After Income Tax |
| (millions of dollars) | ||||||||||||
|
| Upstream |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 37 |
|
| 606 |
|
| 468 |
|
| 1,474 |
|
|
| Non-U.S. |
|
| 2,131 |
|
| 3,623 |
|
| 7,837 |
|
| 9,292 |
|
| Downstream |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 673 |
|
| 961 |
|
| 822 |
|
| 1,975 |
|
|
| Non-U.S. |
|
| 557 |
|
| 681 |
|
| 603 |
|
| 1,331 |
|
| Chemical |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 53 |
|
| 404 |
|
| 208 |
|
| 1,360 |
|
|
| Non-U.S. |
|
| 188 |
|
| 309 |
|
| 739 |
|
| 1,254 |
|
| Corporate and financing |
|
| (469) |
|
| (344) |
|
| (2,027) |
|
| (1,846) | |
|
| Corporate total |
|
| 3,170 |
|
| 6,240 |
|
| 8,650 |
|
| 14,840 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales and Other Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Upstream |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 1,941 |
|
| 2,728 |
|
| 7,228 |
|
| 7,637 |
|
|
| Non-U.S. |
|
| 3,069 |
|
| 4,129 |
|
| 10,582 |
|
| 11,344 |
|
| Downstream |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 18,358 |
|
| 19,963 |
|
| 52,721 |
|
| 56,616 |
|
|
| Non-U.S. |
|
| 33,391 |
|
| 39,077 |
|
| 100,994 |
|
| 110,855 |
|
| Chemical |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 2,412 |
|
| 3,152 |
|
| 7,421 |
|
| 9,160 |
|
|
| Non-U.S. |
|
| 4,241 |
|
| 5,125 |
|
| 13,583 |
|
| 15,429 |
|
| Corporate and financing |
|
| 10 |
|
| 13 |
|
| 30 |
|
| 38 | |
|
| Corporate total |
|
| 63,422 |
|
| 74,187 |
|
| 192,559 |
|
| 211,079 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Intersegment Revenue |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Upstream |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 2,876 |
|
| 2,203 |
|
| 7,828 |
|
| 6,336 |
|
|
| Non-U.S. |
|
| 7,383 |
|
| 8,536 |
|
| 22,888 |
|
| 22,788 |
|
| Downstream |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 5,439 |
|
| 5,834 |
|
| 16,942 |
|
| 16,527 |
|
|
| Non-U.S. |
|
| 5,826 |
|
| 8,275 |
|
| 18,563 |
|
| 22,975 |
|
| Chemical |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| United States |
|
| 1,489 |
|
| 2,408 |
|
| 5,947 |
|
| 6,952 |
|
|
| Non-U.S. |
|
| 1,413 |
|
| 1,841 |
|
| 4,543 |
|
| 5,657 |
|
| Corporate and financing |
|
| 60 |
|
| 54 |
|
| 168 |
|
| 153 |
15
| Geographic |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| Three Months Ended |
|
| Nine Months Ended | ||||||||
|
|
|
|
| September 30, |
|
| September 30, | ||||||
| Sales and Other Operating Revenue |
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 | ||
|
|
|
|
| (millions of dollars) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| United States |
| 22,711 |
|
| 25,843 |
|
| 67,370 |
|
| 73,413 | ||
| Non-U.S. |
| 40,711 |
|
| 48,344 |
|
| 125,189 |
|
| 137,666 | ||
|
| Total |
| 63,422 |
|
| 74,187 |
|
| 192,559 |
|
| 211,079 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Significant Non-U.S. revenue sources include: (1) |
|
|
|
|
|
|
|
|
|
|
| ||
|
| Canada |
| 4,945 |
|
| 6,214 |
|
| 15,141 |
|
| 17,752 | |
|
| United Kingdom |
| 4,042 |
|
| 4,797 |
|
| 13,244 |
|
| 14,240 | |
|
| France |
| 3,266 |
|
| 3,588 |
|
| 9,597 |
|
| 10,405 | |
|
| Belgium |
| 2,598 |
|
| 3,996 |
|
| 9,371 |
|
| 12,063 | |
|
| Singapore |
| 2,942 |
|
| 3,502 |
|
| 9,197 |
|
| 10,387 | |
|
| Italy |
| 2,691 |
|
| 3,316 |
|
| 7,830 |
|
| 9,684 | |
|
| Australia |
| 2,100 |
|
| 2,348 |
|
| 5,948 |
|
| 6,464 | |
|
| Germany |
| 1,964 |
|
| 2,518 |
|
| 5,879 |
|
| 7,184 |
(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.
10. Allowance for Current Expected Credit Loss (CECL)
Variable payments under these lease agreements are not significant. Residual valuefinancial guarantees restrictions, or covenants related to leases, and transactions with related parties are also not significant. In general, leases are capitalized using the incremental borrowing rate of the leasing affiliate. The Corporation’s activities as a lessor are not significant.
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 |
|
| Three Months Ended September 30, 2019 | ||||||||
Operating lease cost |
|
| 65 |
| 310 |
| 375 |
|
| ||
Short-term and other (net of sublease rental income) |
|
| 259 |
| 216 |
| 475 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right of use assets |
|
|
|
|
|
|
|
| 29 | ||
Interest on lease liabilities |
|
|
|
|
|
|
|
| 35 | ||
| Total |
|
| 324 |
| 526 |
| 850 |
| 64 | |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Cost |
|
| Nine Months Ended September 30, 2019 | ||||||||
Operating lease cost |
|
| 162 |
| 878 |
| 1,040 |
|
| ||
Short-term and other (net of sublease rental income) |
|
| 712 |
| 846 |
| 1,558 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right of use assets |
|
|
|
|
|
|
|
| 91 | ||
Interest on lease liabilities |
|
|
|
|
|
|
|
| 102 | ||
| Total |
|
| 874 |
| 1,724 |
| 2,598 |
| 193 | |
|
|
|
|
|
|
|
|
|
|
|
|
17
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
| ||
|
|
|
|
| and Related |
|
|
| Finance | ||
|
|
|
|
| Equipment | Other |
| Total |
| Leases | |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
| September 30, 2019 | ||||||||
Right of use assets |
|
|
|
|
|
|
|
|
| ||
| Included in Other assets, including intangibles - net |
|
| 634 |
| 5,919 |
| 6,553 |
|
| |
| Included in Property, plant and equipment - net |
|
|
|
|
|
|
|
| 1,499 | |
|
| Total right of use assets |
|
| 634 |
| 5,919 |
| 6,553 |
| 1,499 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease liability due within one year |
|
|
|
|
|
|
|
|
| ||
| Included in Accounts payable and accrued liabilities |
|
| 230 |
| 952 |
| 1,182 |
| 23 | |
| Included in Notes and loans payable |
|
|
|
|
|
|
|
| 169 | |
Long-term lease liability |
|
|
|
|
|
|
|
|
| ||
| Included in Other long-term obligations |
|
| 383 |
| 4,014 |
| 4,397 |
|
| |
| Included in Long-term debt |
|
|
|
|
|
|
|
| 1,281 | |
| Included in Long-term obligations to equity companies |
|
|
|
|
|
|
|
| 139 | |
|
| Total lease liability |
|
| 613 |
| 4,966 |
| 5,579 |
| 1,612 |
|
|
|
|
|
|
|
|
|
|
|
|
Maturity Analysis of Lease Liabilities |
|
| September 30, 2019 | ||||||||
2019 remaining months |
|
| 58 |
| 299 |
| 357 |
| 173 | ||
2020 |
|
| 234 |
| 1,026 |
| 1,260 |
| 205 | ||
2021 |
|
| 138 |
| 795 |
| 933 |
| 182 | ||
2022 |
|
| 79 |
| 557 |
| 636 |
| 174 | ||
2023 |
|
| 44 |
| 451 |
| 495 |
| 173 | ||
2024 |
|
| 29 |
| 406 |
| 435 |
| 172 | ||
2025 and beyond |
|
| 71 |
| 2,390 |
| 2,461 |
| 2,427 | ||
| Total lease payments |
|
| 653 |
| 5,924 |
| 6,577 |
| 3,506 | |
Discount to present value |
|
| (40) |
| (958) |
| (998) |
| (1,894) | ||
| Total lease liability |
|
| 613 |
| 4,966 |
| 5,579 |
| 1,612 | |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term - years |
|
| 4 |
| 10 |
| 10 |
| 25 | ||
Weighted average discount rate - percent |
|
| 3.0% |
| 3.2% |
| 3.2% |
| 9.8% | ||
|
|
|
|
|
|
|
|
|
|
|
|
In addition to the lease liabilities in the table immediately above, at September 30, 2019, undiscounted commitments for leases not yet commenced totaled $0.7 billion for operating leases and $3.4 billion for finance leases. The finance leases relate to floating production storage and offloading vessels and a long-term hydrogen purchase agreement. The underlying assets for these finance leases were primarily designed by, and are being constructedthat cannot be cancelled unilaterally by the lessors.
|
|
|
| Operating Leases |
|
| |||||
|
|
|
|
| Drilling Rigs |
|
|
|
| ||
|
|
|
|
| and Related |
|
|
| Finance | ||
|
|
|
|
| Equipment | Other |
| Total |
| Leases | |
|
|
|
|
| (millions of dollars) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
| Nine Months Ended September 30, 2019 | ||||||||
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
| ||
| Cash flows from operating activities |
|
|
|
| 799 |
| 799 |
| 41 | |
| Cash flows from investing activities |
|
| 192 |
|
|
| 192 |
|
| |
| Cash flows from financing activities |
|
|
|
|
|
|
|
| 48 | |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| 341 |
| 2,872 |
| 3,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
18
At December 31, 2018, the Corporation and its consolidated subsidiaries held noncancelable operating leases and charters covering drilling equipment, tankers and other assets with minimum undiscounted lease commitments totaling $6,112 million as indicated in the table. Estimated related sublease rental income from noncancelable subleases totals $22 million.
|
| Lease Payments | |||||
|
| Under Minimum Commitments | |||||
|
| As of December 31, 2018 | |||||
|
|
| Drilling Rigs |
|
| ||
|
|
| and Related |
|
| ||
|
|
| Equipment | Other |
| Total | |
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
2019 |
|
| 222 |
| 934 |
| 1,156 |
2020 |
|
| 166 |
| 819 |
| 985 |
2021 |
|
| 107 |
| 658 |
| 765 |
2022 |
|
| 43 |
| 506 |
| 549 |
2023 |
|
| 32 |
| 422 |
| 454 |
2024 and beyond |
|
| 53 |
| 2,150 |
| 2,203 |
Total |
|
| 623 |
| 5,489 |
| 6,112 |
Net rental cost under both cancelable and noncancelable operating leases incurred during 2018, 2017 and 2016 were as follows:
|
|
|
| For full year | ||||
|
|
|
| 2018 |
| 2017 |
| 2016 |
|
|
|
| (millions of dollars) | ||||
|
|
|
|
|
|
|
|
|
Rental cost |
|
|
|
|
|
| ||
| Drilling rigs and related equipment |
| 723 |
| 792 |
| 1,274 | |
| Other (net of sublease rental income) |
| 1,992 |
| 1,826 |
| 1,817 | |
|
| Total |
| 2,715 |
| 2,618 |
| 3,091 |
10.Accounting for Suspended Exploratory Well Costs
For the category of exploratory well costs at year-end 2018 that were suspended more than one year, a total of $18 million was expensed inIn the first nine months of 2019.
11. Sale2020, the COVID-19 pandemic spread through most areas of Norway Assets
ExxonMobil signed an agreement with Vår Energi AS (Vår) for the sale of its non-operated upstream assetsworld resulting in Norway for $4.5 billion. The transaction is expected to closeeconomic uncertainty, global financial market volatility, and negative effects in the fourth quarter of 2019, subject to standard conditions precedent, including customary approvals from regulatory authorities. The agreed sales price of $4.5 billion is subject to interim period adjustments from the effective date of January 1, 2019, to the closing date, and obligations for income taxes from the effective date will transfer to Vår. Estimated total cash flow from the divestment is around $3.5 billion after closing adjustments, with expected 2019 cash proceeds of around $2.6 billion and estimated cash flow in future periods associated with deferred consideration of $0.3 billion and an estimated refund of income tax payments of $0.6 billion.credit markets. The Corporation expectshas considered these effects, along with the significantly lower balances of trade receivables at the end of the quarter, in its estimate of credit losses and concluded no material adjustment to recognize a gaincredit allowances in the quarter was required. At September 30, 2020, the Corporation’s evaluation of approximately $3.5 billion at closing. Estimated gainfinancial assets under Financial Instruments – Credit Losses (Topic 326), as amended, included $16,450 million of notes and accounts receivable, net cash flow could change significantly due to market factorsof allowances of $148 million, and timing$9,668 million of close.loans and long-term receivables, net of allowances of $436 million, and certain other financial assets where there is immaterial risk of loss.
Reserve for Notes and Other Receivables and Loans | Liabilities for Off- Balance Sheet Assets | ||||||||||||||||||||||
Trade | Other | Total | |||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
Balance at December 31, 2019 | 34 | 469 | 0 | 503 | |||||||||||||||||||
Cumulative effect of accounting change | 52 | 45 | 12 | 109 | |||||||||||||||||||
Current period provision | 0 | (4) | (1) | (5) | |||||||||||||||||||
Write-offs charged against the allowance | (1) | (1) | — | (2) | |||||||||||||||||||
Other | 0 | (10) | 0 | (10) | |||||||||||||||||||
Balance at September 30, 2020 | 85 | 499 | 11 | 595 |
EXXON MOBIL CORPORATION
FUNCTIONAL EARNINGS SUMMARY | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Third Quarter |
|
| First Nine Months | ||||||
Earnings (U.S. GAAP) |
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 | |
|
|
| (millions of dollars) | ||||||||||
Upstream |
|
|
|
|
|
|
|
|
|
|
|
| |
| United States |
|
| 37 |
|
| 606 |
|
| 468 |
|
| 1,474 |
| Non-U.S. |
|
| 2,131 |
|
| 3,623 |
|
| 7,837 |
|
| 9,292 |
Downstream |
|
|
|
|
|
|
|
|
|
|
|
| |
| United States |
|
| 673 |
|
| 961 |
|
| 822 |
|
| 1,975 |
| Non-U.S. |
|
| 557 |
|
| 681 |
|
| 603 |
|
| 1,331 |
Chemical |
|
|
|
|
|
|
|
|
|
|
|
| |
| United States |
|
| 53 |
|
| 404 |
|
| 208 |
|
| 1,360 |
| Non-U.S. |
|
| 188 |
|
| 309 |
|
| 739 |
|
| 1,254 |
Corporate and financing |
|
| (469) |
|
| (344) |
|
| (2,027) |
|
| (1,846) | |
| Net income attributable to ExxonMobil (U.S. GAAP) |
|
| 3,170 |
|
| 6,240 |
|
| 8,650 |
|
| 14,840 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share (dollars) |
|
| 0.75 |
|
| 1.46 |
|
| 2.03 |
|
| 3.47 | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share - assuming dilution (dollars) |
|
| 0.75 |
|
| 1.46 |
|
| 2.03 |
|
| 3.47 |
Third Quarter | First Nine Months | |||||||||||||||||||||||||
Earnings (Loss) (U.S. GAAP) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||
United States | (681) | 37 | (2,582) | 468 | ||||||||||||||||||||||
Non-U.S. | 298 | 2,131 | 1,084 | 7,837 | ||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||
United States | (136) | 673 | (338) | 822 | ||||||||||||||||||||||
Non-U.S. | (95) | 557 | 472 | 603 | ||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||
United States | 357 | 53 | 816 | 208 | ||||||||||||||||||||||
Non-U.S. | 304 | 188 | 456 | 739 | ||||||||||||||||||||||
Corporate and financing | (727) | (469) | (2,278) | (2,027) | ||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil (U.S. GAAP) | (680) | 3,170 | (2,370) | 8,650 | ||||||||||||||||||||||
Earnings (Loss) per common share (dollars) | (0.15) | 0.75 | (0.55) | 2.03 | ||||||||||||||||||||||
Earnings (Loss) per common share - assuming dilution (dollars) | (0.15) | 0.75 | (0.55) | 2.03 |
Earnings of $8.7 billion
Earningsor $0.55 per diluted share, assuming dilution were $2.03.compared with earnings of $8.7 billion a year earlier.
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Upstream results | ||||||||||||||||||||||||||
United States | (681) | 37 | (2,582) | 468 | ||||||||||||||||||||||
Non-U.S. | 298 | 2,131 | 1,084 | 7,837 | ||||||||||||||||||||||
Total | (383) | 2,168 | (1,498) | 8,305 |
|
|
|
|
| Third Quarter |
|
| First Nine Months | ||||||
|
|
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
|
|
| (millions of dollars) | ||||||||||
Upstream earnings |
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States |
|
| 37 |
|
| 606 |
|
| 468 |
|
| 1,474 | |
| Non-U.S. |
|
| 2,131 |
|
| 3,623 |
|
| 7,837 |
|
| 9,292 | |
|
| Total |
|
| 2,168 |
|
| 4,229 |
|
| 8,305 |
|
| 10,766 |
Upstream results were a loss of $383 million in the third quarter of 2020, compared with earnings wereof $2,168 million in the third quarter of 2019,2019.
|
| |||||||
|
| |||||||
|
| |||||||
|
| |||||||
|
| |||||||
|
| |||||||
|
| |||||||
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
•Liquids production totaled 2.4 million barrels per day, down 12,000 barrels per day, with growth, higher entitlements, and lower downtime more than offset by divestments, government mandates, and lower demand.
Third Quarter | First Nine Months | |||||||||||||
Upstream additional information | (thousands of barrels daily) | (thousands of barrels daily) | ||||||||||||
Volumes reconciliation (Oil-equivalent production) (1) | ||||||||||||||
2019 | 3,899 | 3,929 | ||||||||||||
Entitlements - Net Interest | (9) | (8) | ||||||||||||
Entitlements - Price / Spend / Other | 159 | 108 | ||||||||||||
Government Mandates | (139) | (82) | ||||||||||||
Divestments | (154) | (163) | ||||||||||||
Growth / Other | (84) | 1 | ||||||||||||
2020 | 3,672 | 3,785 |
(1)
Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
|
|
|
| Third Quarter |
|
| First Nine Months | ||||
Upstream additional information |
|
|
| (thousands of barrels daily) |
| ||||||
Volumes reconciliation (Oil-equivalent production)(1) |
|
|
|
|
|
|
|
|
| ||
2018 |
|
|
| 3,786 |
|
|
|
| 3,774 |
| |
| Entitlements - Net Interest |
|
|
| - |
|
|
|
| - |
|
| Entitlements - Price / Spend / Other |
|
|
| 23 |
|
|
|
| 19 |
|
| Quotas |
|
|
| - |
|
|
|
| - |
|
| Divestments |
|
|
| (12) |
|
|
|
| (16) |
|
| Growth / Other |
|
|
| 102 |
|
|
|
| 152 |
|
2019 |
|
|
| 3,899 |
|
|
|
| 3,929 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
|
|
QuotasGovernment Mandates are changes in ExxonMobil’s allowableto ExxonMobil's sustainable production arising fromlevels due to temporary non-operational production constraintslimits imposed by countries which are membersgovernments, generally upon a 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.
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Downstream results | ||||||||||||||||||||||||||
United States | (136) | 673 | (338) | 822 | ||||||||||||||||||||||
Non-U.S. | (95) | 557 | 472 | 603 | ||||||||||||||||||||||
Total | (231) | 1,230 | 134 | 1,425 |
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| Third Quarter |
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| First Nine Months | ||||||
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|
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| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
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| (millions of dollars) | ||||||||||
Downstream earnings |
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States |
|
| 673 |
|
| 961 |
|
| 822 |
|
| 1,975 | |
| Non-U.S. |
|
| 557 |
|
| 681 |
|
| 603 |
|
| 1,331 | |
|
| Total |
|
| 1,230 |
|
| 1,642 |
|
| 1,425 |
|
| 3,306 |
Downstream earningsresults were $1,230a loss of $231 million in the third quarter of 2019,2020, down $412$1,461 million from the third quarter of 2018.2019.
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•Margins decreased earnings by $2,260 million, as weaker industry refining margins were partly offset by favorable mark-to-market derivatives.
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| Third Quarter |
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| First Nine Months | ||||||
|
|
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
|
|
| (millions of dollars) | ||||||||||
Chemical earnings |
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States |
|
| 53 |
|
| 404 |
|
| 208 |
|
| 1,360 | |
| Non-U.S. |
|
| 188 |
|
| 309 |
|
| 739 |
|
| 1,254 | |
|
| Total |
|
| 241 |
|
| 713 |
|
| 947 |
|
| 2,614 |
Third Quarter First Nine Months 2020 2019 2020 2019 (millions of dollars) (millions of dollars) Chemical results United States 357 53 816 208 Non-U.S. 304 188 456 739 Total 661 241 1,272 947
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| |
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| |
| U.S. | |
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| |
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|
Chemical earnings were $947$357 million, up $304 million, compared with earnings of $53 million in the prior year quarter.
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Higher margins increased earnings by $190 million.
Volume and mix effects decreased earnings by $220 million.
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| Third Quarter |
|
| First Nine Months | ||||||
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
| (millions of dollars) | ||||||||||
|
|
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|
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|
|
|
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|
Corporate and financing earnings |
|
| (469) |
|
| (344) |
|
| (2,027) |
|
| (1,846) |
All other items increased earnings by $350 million, as lower expenses of $380 million and other favorable earnings impacts of $30 million were partly offset by unfavorable non-operational impacts, including impairments of $130 million.
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Corporate and financing results | (727) | (469) | (2,278) | (2,027) |
LIQUIDITY AND CAPITAL RESOURCES | ||||||||||||||
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| Third Quarter |
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| First Nine Months | ||||||
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| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
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| (millions of dollars) | ||||||||||
Net cash provided by/(used in) |
|
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|
|
|
|
|
|
|
|
|
| ||
| Operating activities |
|
|
|
|
|
|
|
| 23,364 |
|
| 27,407 | |
| Investing activities |
|
|
|
|
|
|
|
| (18,820) |
|
| (10,862) | |
| Financing activities |
|
|
|
|
|
|
|
| (2,162) |
|
| (13,945) | |
Effect of exchange rate changes |
|
|
|
|
|
|
|
| (73) |
|
| (108) | ||
Increase/(decrease) in cash and cash equivalents |
|
|
|
|
|
|
|
| 2,309 |
|
| 2,492 | ||
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Cash and cash equivalents (at end of period) |
|
|
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|
|
|
| 5,351 |
|
| 5,669 | ||
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Cash flow from operations and asset sales |
|
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|
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|
|
|
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| ||
| Net cash provided by operating activities (U.S. GAAP) |
|
| 9,079 |
|
| 11,108 |
|
| 23,364 |
|
| 27,407 | |
| Proceeds associated with sales of subsidiaries, property, |
|
|
|
|
|
|
|
|
|
|
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| |
|
| plant & equipment, and sales and returns of investments |
|
| 460 |
|
| 1,491 |
|
| 600 |
|
| 3,239 |
| Cash flow from operations and asset sales |
|
| 9,539 |
|
| 12,599 |
|
| 23,964 |
|
| 30,646 |
LIQUIDITY AND CAPITAL RESOURCES
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Net cash provided by/(used in) | ||||||||||||||||||||||||||
Operating activities | 10,663 | 23,364 | ||||||||||||||||||||||||
Investing activities | (15,157) | (18,820) | ||||||||||||||||||||||||
Financing activities | 10,568 | (2,162) | ||||||||||||||||||||||||
Effect of exchange rate changes | (331) | (73) | ||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | 5,743 | 2,309 | ||||||||||||||||||||||||
Cash and cash equivalents (at end of period) | 8,832 | 5,351 | ||||||||||||||||||||||||
Cash flow from operations and asset sales | ||||||||||||||||||||||||||
Net cash provided by operating activities (U.S. GAAP) | 4,389 | 9,079 | 10,663 | 23,364 | ||||||||||||||||||||||
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments | 100 | 460 | 229 | 600 | ||||||||||||||||||||||
Cash flow from operations and asset sales | 4,489 | 9,539 | 10,892 | 23,964 |
sales in 2020.
Cash flow from operations and asset sales in
During the third quarter of 2019,2020, the Corporation issued $7.0$23.2 billion of long-term debt and used part of the proceeds to reduce short-term debt. Net cash usedprovided by financing activities was $2.2$10.6 billion in the first nine months of 2019, $11.82020, $12.7 billion lowerhigher than 20182019 reflecting the 20192020 debt issuance.
issuances.
The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are generally expected to cover financial requirements, supplemented by short-term and long-term debt as required. The Corporation replaced a $5.0 billion short-term committed line of credit with a $7.5 billion short-term committed line of credit in the third quarter of 2019.
25
During the first nine months of 2019,2020, Exxon Mobil Corporation purchased 56 million shares of its common stock for the treasury at a gross cost of $0.4$0.3 billion. These 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 4,2374,234 million at year-end 2018 to 4,2314,228 million at the end of the third quarter of 2019.2020. Purchases may be made both in the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.
Total cash and cash equivalents of $5.4 billion at the end of the third quarter of 2019 compared to $3.0 billion at year-end 2018.
TAXES |
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| Third Quarter |
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| First Nine Months |
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|
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|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
|
|
|
| (millions of dollars) |
| ||||||||||
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Income taxes |
|
| 1,474 |
|
| 2,634 |
|
| 4,598 |
|
| 7,617 |
| ||
| Effective income tax rate |
|
| 37 | % |
| 34 | % |
| 41 | % |
| 39 | % | |
Total other taxes and duties (1) |
|
| 8,317 |
|
| 8,939 |
|
| 24,770 |
|
| 26,757 |
| ||
|
| Total |
|
| 9,791 |
|
| 11,573 |
|
| 29,368 |
|
| 34,374 |
|
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Income taxes | 337 | 1,474 | 378 | 4,598 | ||||||||||||||||||||||
Effective income tax rate | -198 | % | 37 | % | -56 | % | 41 | % | ||||||||||||||||||
Total other taxes and duties (1) | 7,901 | 8,317 | 21,081 | 24,770 | ||||||||||||||||||||||
Total | 8,238 | 9,791 | 21,459 | 29,368 |
Total taxes were $29.4 billion for the first nine months of 2019, a decrease of $5.0 billion from 2018. Income tax expense decreased by $3.0 billion to $4.6 billion reflecting lower pre-tax income. The effective income tax rate was 41 percent compared to 39 percent in the prior year period due to a higher share of earnings in higher tax jurisdictions. Total other taxes and duties decreased by $2.0 billion to $24.8 billion.
CAPITAL AND EXPLORATION EXPENDITURES |
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|
|
| Third Quarter |
|
| First Nine Months |
| ||||||
|
|
|
| 2019 |
|
| 2018 |
|
| 2019 |
|
| 2018 |
|
|
|
| (millions of dollars) |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream (including exploration expenses) |
|
| 5,791 |
|
| 5,330 |
|
| 17,394 |
|
| 13,944 |
| |
Downstream |
|
| 1,069 |
|
| 719 |
|
| 3,011 |
|
| 2,563 |
| |
Chemical |
|
| 852 |
|
| 526 |
|
| 2,266 |
|
| 1,524 |
| |
Other |
|
| 7 |
|
| 11 |
|
| 17 |
|
| 49 |
| |
| Total |
|
| 7,719 |
|
| 6,586 |
|
| 22,688 |
|
| 18,080 |
|
CAPITAL AND EXPLORATION EXPENDITURES
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(millions of dollars) | (millions of dollars) | |||||||||||||||||||||||||
Upstream (including exploration expenses) | 2,794 | 5,791 | 11,497 | 17,394 | ||||||||||||||||||||||
Downstream | 772 | 1,069 | 3,059 | 3,011 | ||||||||||||||||||||||
Chemical | 564 | 852 | 2,041 | 2,266 | ||||||||||||||||||||||
Other | 3 | 7 | 6 | 17 | ||||||||||||||||||||||
Total | 4,133 | 7,719 | 16,603 | 22,688 |
RECENTLY ISSUED ACCOUNTING STANDARDS
Effective January 1, 2020, ExxonMobil will adopt 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 Corporation does not expect a material change in the credit allowance for trade receivables and continues to evaluate the impact on other financial assets in scope of the standard.
27
Item 3. Quantitative and Qualitative Disclosures About Market Risk
2019.
28
PART II. OTHER INFORMATION
On August 5, 2019, the State of Texas, acting by and through its Attorney General, on behalf of the Texas Commission on Environmental Quality (State), filed a lawsuit against the Corporation due to an alleged fire that occurred on July 31, 2019, at the Baytown Olefins Plant in Texas. The State alleges that ExxonMobil violated, and continues to violate, the Texas Water Code, the Texas Clean Air Act, ExxonMobil’s permits and promulgated regulations for alleged unauthorized air pollution, unauthorized outdoor burning, nuisance, unauthorized visible emissions, and unauthorized discharge of firefighting wastewater at the plant. The State is seeking civil penalties in an undisclosed amount but likely in excess of $100,000 and injunctive relief against ExxonMobil. The State is also seeking to recover its fees and costs of litigation.
As last reported in the Corporation’s Form 10-Q for the second quarter of 2019, on July 20, 2017, the United States Department of Treasury, Office of Foreign Assets Control (OFAC) assessed a civil penalty against Exxon Mobil Corporation, ExxonMobil Development Company andTexas v. ExxonMobil Oil Corporation, for violatingwas filed in the Ukraine-Related Sanctions Regulations, 31 C.F.R. part 589.98th Judicial District Court of Travis County, Texas. The assessed civil penalty is inState has not quantified the amount of $2,000,000. ExxonMobil and its affiliates have been and continue to be in compliance with all sanctions and disagree that any violation has occurred. ExxonMobil and its affiliates filed a complaint on July 20, 2017, in the United States Federal District Court, Northern District of Texas seeking judicial review of, and to enjoin, the civil penalty under the Administrative Procedures Act and the United States Constitution, including on the basis that it represents an arbitrary and capricious action by OFAC and a violation of the Company’s due process rights.sought.
| ||||||||||||||||||||||||||||||||||||
Issuer Purchase of Equity Securities for Quarter Ended September 30, | ||||||||||||||||||||||||||||||||||||
Period | Total Number | Average | ||||||||||||||||||||||||||||||||||
Total Number of | Maximum Number | |||||||||||||||||||||||||||||||||||
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| — | $ | — | — |
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August 2020 | — | $ | — | — | ||||||||||||||||||||||||||||||||
| — | $ | — | — |
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| |||||||||||||||||||||||||||||
| — |
| — |
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|
| (See Note 1) |
30
INDEX TO EXHIBITS
|
| ||||||||
Exhibit | Description | ||||||||
| |||||||||
By-Laws, as amended effective March 1, 2020 (incorporated by reference to Exhibit 3(ii) to the Registrant’s Report on Form 8-K of March 3, 2020). | |||||||||
Standing resolution for non-employee director cash fees dated March 1, 2020 (incorporated by reference to Exhibit 10(iii)(f.4) to the Registrant's report on Form 10-Q for the quarter ended March 31, 2020). | |||||||||
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 Principal Financial Officer. | ||||||||
| 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 Principal Financial Officer. | ||||||||
| 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). | |||||||
31
EXXON MOBIL CORPORATION
| ||||||||
Date: November | By: | /s/ DAVID S. ROSENTHAL | ||||||
|
| David S. Rosenthal | ||||||
|
| Vice President, Controller and | ||||||
|
| Principal Accounting Officer | ||||||
32