PART I. FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
Three Months Ended
March 31,
2021 2020
Revenues and other income
Sales and other operating revenue 57,552 55,134
Income from equity affiliates 1,473 775
Other income 122 249
Total revenues and other income 59,147 56,158
Costs and other deductions
Crude oil and product purchases 32,601 32,083
Production and manufacturing expenses 8,062 8,297
Selling, general and administrative expenses 2,428 2,579
Depreciation and depletion 5,004 5,819
Exploration expenses, including dry holes 164 288
Non-service pension and postretirement benefit expense 378 269
Interest expense 258 249
Other taxes and duties 6,660 6,832
Total costs and other deductions 55,555 56,416
Income (Loss) before income taxes 3,592 (258)
Income taxes 796 512
Net income (loss) including noncontrolling interests 2,796 (770)
Net income (loss) attributable to noncontrolling interests 66 (160)
Net income (loss) attributable to ExxonMobil 2,730 (610)
Earnings (Loss) per common share (dollars)
0.64 (0.14)
Earnings (Loss) per common share - assuming dilution (dollars)
0.64 (0.14)

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
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EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)

Three Months Ended
March 31,
2021 2020
Net income (loss) including noncontrolling interests 2,796 (770)
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment 149 (5,649)
Postretirement benefits reserves adjustment (excluding amortization) 168 87
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 378 204
Total other comprehensive income (loss) 695 (5,358)
Comprehensive income (loss) including noncontrolling interests 3,491 (6,128)
Comprehensive income (loss) attributable to noncontrolling interests 146 (672)
Comprehensive income (loss) attributable to ExxonMobil 3,345 (5,456)

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

4

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)
March 31,
2021 December 31,
2020
Assets
Current assets
Cash and cash equivalents 3,515 4,364
Notes and accounts receivable – net 24,755 20,581
Inventories
Crude oil, products and merchandise 13,740 14,169
Materials and supplies 4,617 4,681
Other current assets 1,568 1,098
Total current assets 48,195 44,893
Investments, advances and long-term receivables 44,181 43,515
Property, plant and equipment – net 224,641 227,553
Other assets, including intangibles – net 16,753 16,789
Total assets 333,770 332,750
Liabilities
Current liabilities
Notes and loans payable 18,185 20,458
Accounts payable and accrued liabilities 41,017 35,221
Income taxes payable 948 684
Total current liabilities 60,150 56,363
Long-term debt 45,137 47,182
Postretirement benefits reserves 21,835 22,415
Deferred income tax liabilities 18,113 18,165
Long-term obligations to equity companies 3,279 3,253
Other long-term obligations 21,155 21,242
Total liabilities 169,669 168,620
Commitments and contingencies (Note 3) 0 0
Equity
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued) 15,884 15,688
Earnings reinvested 382,953 383,943
Accumulated other comprehensive income (16,090) (16,705)
Common stock held in treasury
(3,785 million shares at March 31, 2021 and
3,786 million shares at December 31, 2020)
(225,773) (225,776)
ExxonMobil share of equity 156,974 157,150
Noncontrolling interests 7,127 6,980
Total equity 164,101 164,130
Total liabilities and equity 333,770 332,750

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
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EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)
Three Months Ended
March 31,
2021 2020
Cash flows from operating activities
Net income (loss) including noncontrolling interests 2,796 (770)
Depreciation and depletion 5,004 5,819
Noncash inventory adjustment - lower of cost or market 0 2,245
Changes in operational working capital, excluding cash and debt 1,953 (942)
All other items – net (489) (78)
Net cash provided by operating activities 9,264 6,274
Cash flows from investing activities
Additions to property, plant and equipment (2,400) (5,945)
Proceeds from asset sales and returns of investments 307 86
Additional investments and advances (349) (728)
Other investing activities including collection of advances 87 220
Net cash used in investing activities (2,355) (6,367)
Cash flows from financing activities
Additions to long-term debt 0 8,466
Reductions in long-term debt 0 (2)
Additions to short-term debt (1)
5,781 13,128
Reductions in short-term debt (1)
(10,849) (6,500)
Additions/(reductions) in commercial paper and debt with three
months or less maturity
1,003 (2,332)
Cash dividends to ExxonMobil shareholders (3,720) (3,719)
Cash dividends to noncontrolling interests (52) (45)
Changes in noncontrolling interests 53 94
Common stock acquired (1) (305)
Net cash used in financing activities (7,785) 8,785
Effects of exchange rate changes on cash 27 (369)
Increase/(decrease) in cash and cash equivalents (849) 8,323
Cash and cash equivalents at beginning of period 4,364 3,089
Cash and cash equivalents at end of period 3,515 11,412
Supplemental Disclosures
Income taxes paid 855 1,372
Cash interest paid
Included in cash flows from operating activities 405 313
Capitalized, included in cash flows from investing activities 151 155
Total cash interest paid 556 468

(1)Includes commercial paper with a maturity greater than three months.

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
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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, 2019 15,637 421,341 (19,493) (225,835) 191,650 7,288 198,938
Amortization of stock-based awards 181 — — — 181 — 181
Other (182) — — — (182) 157 (25)
Net income (loss) for the period — (610) — — (610) (160) (770)
Dividends - common shares — (3,719) — — (3,719) (45) (3,764)
Cumulative effect of accounting
change
— (93) — — (93) (1) (94)
Other comprehensive income (loss) — — (4,846) — (4,846) (512) (5,358)
Acquisitions, at cost — — — (305) (305) (63) (368)
Dispositions — — — 3 3 — 3
Balance as of March 31, 2020 15,636 416,919 (24,339) (226,137) 182,079 6,664 188,743
Balance as of December 31, 2020 15,688 383,943 (16,705) (225,776) 157,150 6,980 164,130
Amortization of stock-based awards 202 — — — 202 — 202
Other (6) — — — (6) 53 47
Net income (loss) for the period — 2,730 — — 2,730 66 2,796
Dividends - common shares — (3,720) — — (3,720) (52) (3,772)
Other comprehensive income (loss) — — 615 — 615 80 695
Acquisitions, at cost — — — (1) (1) 0 (1)
Dispositions — — — 4 4 — 4
Balance as of March 31, 2021 15,884 382,953 (16,090) (225,773) 156,974 7,127 164,101

Three Months Ended March 31, 2021 Three Months Ended March 31, 2020
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 (3,786) 4,233 8,019 (3,785) 4,234
Acquisitions — — — — (6) (6)
Dispositions — 1 1 — — —
Balance as of March 31 8,019 (3,785) 4,234 8,019 (3,791) 4,228

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
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EXXON MOBIL CORPORATION
NOTES TO CONDENSED CONSOLIDATED ~~STATEMENT OF INCOME~~FINANCIAL STATEMENTS
1.

~~(millions~~Basis of ~~dollars)~~Financial Statement Preparation
These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2020 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.
The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

2.
Miscellaneous Financial Information
~~Three Months Ended~~
~~March 31,~~
Crude oil, products and merchandise inventories are carried at the lower of current market value or cost, generally determined under the last-in first-out method (LIFO). The Corporation's results for the first quarter of 2020
~~2019~~
~~Revenues~~ included a before-tax charge of $2,777 million, included in "Crude oil and product purchases" on the Statement of Income, from writing down the book value of inventories to their market value at the end of the period. This adjustment, together with a market adjustment to inventory for equity companies included in "Income from equity affiliates," resulted in a $2,096 million after-tax charge to earnings (excluding noncontrolling interests) in the first quarter of 2020. These charges were adjusted throughout 2020 to reflect the current market price of the inventory at the end of each reporting period.
In the first quarter of 2020, mainly as a result of declines in prices for crude oil, natural gas and petroleum products and a significant decline in the Corporation's market capitalization at the end of the first quarter, before-tax goodwill impairment charges of $611 million and other ~~income~~impairment charges of $299 million were recognized. The charges related to goodwill impairment were included in “Depreciation and depletion” on the Statement of Income while the charges related to other impairments were largely included in “Income from equity affiliates.”
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3. Litigation and Other Contingencies
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.
Other Contingencies. The Corporation and certain of its consolidated subsidiaries were contingently liable at March 31, 2021, 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.
As of March 31, 2021

Equity Company
Obligations (1)
Other Third-Party Obligations Total
(millions of dollars)
Guarantees
Debt-related 1,014 126 1,140
Other 837 4,912 5,749
Total 1,851 5,038 6,889
(1)ExxonMobil share
Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition.
The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.
In accordance with a Venezuelan nationalization decree issued in February 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed the operatorship of the Cerro Negro Heavy Oil Project. The decree also required conversion of the Cerro Negro Project into a “mixed enterprise” and an increase in PdVSA’s or one of its affiliate’s ownership interest in the Project. ExxonMobil refused to accede to the terms proffered by the government, and on June 27, 2007, the government expropriated ExxonMobil’s 41.67 percent interest in the Cerro Negro Project.
ExxonMobil collected awards of $908 million in an arbitration against PdVSA under the rules of the International Chamber of Commerce in respect of an indemnity related to the Cerro Negro Project and $260 million in an arbitration for compensation due for the La Ceiba Project and for export curtailments at the Cerro Negro Project under rules of International Centre for Settlement of Investment Disputes (ICSID). An ICSID arbitration award relating to the Cerro Negro Project’s expropriation ($1.4 billion) was annulled based on a determination that a prior Tribunal failed to adequately explain why the cap on damages in the indemnity owed by PdVSA did not affect or limit the amount owed for the expropriation of the Cerro Negro Project. ExxonMobil filed a new claim seeking to restore the original award of damages for the Cerro Negro Project with ICSID on September 26, 2018.
The net impact of this matter on the Corporation’s consolidated financial results cannot be reasonably estimated. Regardless, the Corporation does not expect the resolution to have a material effect upon the Corporation’s operations or financial condition.
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An affiliate of ExxonMobil is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award. The Contractors appealed that judgment to the Court of Appeal, Abuja Judicial Division. On July 22, 2016, the Court of Appeal upheld the decision of the lower court setting aside the award. On October 21, 2016, the Contractors appealed the decision to the Supreme Court of Nigeria. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. Following dismissal by this court, the Contractors appealed to the Nigerian Court of Appeal in June 2016. In October 2014, the Contractors filed suit in the United States District Court for the Southern District of New York (SDNY) to enforce, if necessary, the arbitration award against NNPC assets residing within that jurisdiction. NNPC moved to dismiss the lawsuit. On September 4, 2019, the SDNY dismissed the Contractors’ petition to recognize and enforce the Erha arbitration award. The Contractors filed a notice of appeal in the Second Circuit on October 2, 2019. At this time, the net impact of this matter on the Corporation's consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation's operations or financial condition.

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4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income
Cumulative Foreign Exchange Translation Adjustment Postretirement Benefits
Reserves Adjustment Total
(millions of dollars)
Balance as of December 31, 2019 (12,446) (7,047) (19,493)
Current period change excluding amounts reclassified
from accumulated other comprehensive income
(5,113) 72 (5,041)
Amounts reclassified from accumulated other
comprehensive income
0 195 195
Total change in accumulated other comprehensive income (5,113) 267 (4,846)
Balance as of March 31, 2020 (17,559) (6,780) (24,339)
Balance as of December 31, 2020 (10,614) (6,091) (16,705)
Current period change excluding amounts reclassified
from accumulated other comprehensive income (1)
88 158 246
Amounts reclassified from accumulated other
comprehensive income
0 369 369
Total change in accumulated other comprehensive income 88 527 615
Balance as of March 31, 2021 (10,526) (5,564) (16,090)
(1)Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) of $191 million, net of taxes.

Three Months Ended
March 31,
Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense)
2021 2020
(millions of dollars)
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) (484) (262)

Three Months Ended
March 31,
Income Tax (Expense)/Credit For
Components of Other Comprehensive Income
2021 2020
(millions of dollars)
Foreign exchange translation adjustment (53) 7
Postretirement benefits reserves adjustment (excluding amortization) (58) (62)
Amortization and settlement of postretirement benefits reserves
adjustment included in net periodic benefit costs
(106) (58)
Total (217) (113)

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5. Earnings Per Share
Three Months Ended
March 31,
2021 2020
Earnings per common share
Net income (loss) attributable to ExxonMobil (millions of dollars)
2,730 (610)
Weighted average number of common shares outstanding (millions of shares)
4,272 4,270
Earnings (Loss) per common share (dollars) (1)
0.64 (0.14)
Dividends paid per common share (dollars)
0.87 0.87
(1)The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

6. Pension and Other Postretirement Benefits
Three Months Ended
March 31,
2021 2020
(millions of dollars)
Components of net benefit cost
Pension Benefits - U.S.
Service cost 225 235
Interest cost 139 177
Expected return on plan assets (180) (175)
Amortization of actuarial loss/(gain) and prior service cost 55 79
Net pension enhancement and curtailment/settlement cost 298 52
Net benefit cost 537 368
Pension Benefits - Non-U.S.
Service cost 195 175
Interest cost 130 161
Expected return on plan assets (258) (222)
Amortization of actuarial loss/(gain) and prior service cost 123 119
Net pension enhancement and curtailment/settlement cost 12 0
Net benefit cost 202 233
Other Postretirement Benefits
Service cost 49 45
Interest cost 56 70
Expected return on plan assets (5) (4)
Amortization of actuarial loss/(gain) and prior service cost 8 12
Net benefit cost 108 123

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7. Financial Instruments and Derivatives
Financial Instruments. The estimated fair value of financial instruments at March 31, 2021, and December 31, 2020, and the related hierarchy level for the fair value measurement is as follows:
At March 31, 2021
(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)
1,338 264 — 1,602 (1,332) (62) — 208
Advances to/receivables
from equity companies (2)(6)
— 3,115 6,083 9,198 — — (233) 8,965
Other long-term
financial assets (3)
1,157 — 1,046 2,203 — — 120 2,323
Liabilities
Derivative liabilities (4)
1,389 329 — 1,718 (1,332) (113) — 273
Long-term debt (5)
45,594 111 4 45,709 — — (2,236) 43,473
Long-term obligations
to equity companies (6)
— — 3,567 3,567 — — (288) 3,279
Other long-term
financial liabilities (7)
— — 979 979 — — 55 1,034
At December 31, 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)
1,247 194 — 1,441 (1,282) (6) — 153
Advances to/receivables

from equity companies (2)(6)
— 3,275 5,904 9,179 — — (367) 8,812
Other long-term

financial assets (3)
1,235 — 944 2,179 — — 125 2,304
Liabilities

Derivative liabilities (4)
1,443 254 — 1,697 (1,282) (202) — 213

Long-term debt (5)
50,263 125 4 50,392 — — (4,890) 45,502
Long-term obligations

to equity companies (6)
— — 3,530 3,530 — — (277) 3,253
Other long-term

financial liabilities (7)
— — 964 964 — — 44 1,008
(1)Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net
(2)Included in the Balance Sheet line: Investments, advances and long-term receivables
(3)Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net
(4)Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations
(5)Excluding finance lease obligations
(6)Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.
(7)Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.
At March 31, 2021, and December 31, 2020, respectively, the Corporation had $447 million and $504 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.
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The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of March 31, 2021, the Corporation has designated $5.3 billion of its Euro-denominated long-term debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.
Derivative Instruments.
~~Sales~~The Corporation’s size, strong capital structure, geographic diversity and the complementary nature of the Upstream, Downstream and Chemical businesses reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and for trading purposes. Commodity contracts held for trading purposes are presented in the Consolidated Statement of Income on a net basis in the line “Sales and other operating ~~revenue~~revenue.” The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of March 31, 2021, and December 31, 2020, or results of operations for the periods ended March 31, 2021, and 2020.
Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments at March 31, 2021, and December 31, 2020, was as follows:

~~55,134~~
~~61,646~~
March 31, December 31,
2021 2020
(millions)
Crude oil (barrels) 71 40
Petroleum products (barrels) (53) (46)
Natural Gas (MMBTUs) (532) (500)
Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income ~~from equity affiliates~~are included in the following lines on a before-tax basis:
Three Months Ended
March 31,
2021 2020
(millions of dollars)
Sales and other operating revenue (512) 1,236
Crude oil and product purchases 1 (352)
Total (511) 884
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8. Disclosures about Segments and Related Information
Three Months Ended
March 31,
2021 2020
Earnings (Loss) After Income Tax (millions of dollars)
Upstream
United States 363 (704)
Non-U.S. 2,191 1,240
Downstream
United States (113) (101)
Non-U.S. (277) (510)
Chemical
United States 715 288
Non-U.S. 700 (144)
Corporate and financing (849) (679)
Corporate total 2,730 (610)
Sales and Other Operating Revenue
Upstream
United States 1,885 1,777
Non-U.S. 3,094 2,567
Downstream
United States 16,078 15,384
Non-U.S. 28,613 29,304
Chemical
United States 3,091 2,296
Non-U.S. 4,887 3,800
Corporate and financing (96) 6
Corporate total 57,552 55,134
Intersegment Revenue
Upstream
United States 3,323 2,273
Non-U.S. 6,817 6,387
Downstream
United States 3,953 3,952
Non-U.S. 5,381 5,124
Chemical
United States 1,950 1,766
Non-U.S. 1,231 1,263
Corporate and financing 57 55

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Geographic
Three Months Ended
March 31,
Sales and Other Operating Revenue 2021 2020
(millions of dollars)
United States 21,054 19,457
Non-U.S. 36,498 35,677
Total 57,552 55,134
Significant Non-U.S. revenue sources include: (1)
Canada 4,258 3,823
Singapore 3,435 2,616
United Kingdom 2,943 3,691
France 2,782 2,589
Belgium 1,989 1,889
Italy 1,865 1,958
Australia 1,729 1,654
~~775~~(1)
~~1,709~~
~~Other income~~
~~249~~
~~270~~
~~Total revenues~~Revenue is determined by primary country of operations. Excludes certain sales and other ~~income~~operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.
9. Sale of United Kingdom Assets
ExxonMobil signed an agreement with HitecVision, through its wholly-owned portfolio company NEO Energy, for the sale of most of its non-operated upstream assets in the United Kingdom central and northern North Sea for more than $1 billion. The transaction is expected to close near mid-year 2021, subject to standard conditions precedent, including regulatory and third-party approvals. The agreed sales price is subject to interim period adjustments from the effective date of January 1, 2021, to the closing date, and has an additional upside potential of approximately $0.3 billion in contingent payments, based on production level and commodity prices. Estimated total cash flow from the divestment will range from $0.7 billion to $1.2 billion, of which $0.7 billion to $0.8 billion is expected in 2021 and the remainder in future years. The Corporation expects to recognize a gain at closing. Estimated gain and net cash flow could change due to market factors and timing of close.

10.
Restructuring Activities
~~56,158~~
~~63,625~~
~~Costs~~
During 2020, ExxonMobil conducted an extensive global review of staffing levels and ~~other deductions~~
~~Crude oil~~subsequently commenced targeted workforce reductions within a number of countries to improve efficiency and ~~product purchases~~
~~32,083~~
~~34,801~~
~~Production~~reduce costs. The programs, which are expected to be substantially completed by the end of 2021, include both voluntary and ~~manufacturing expenses~~
~~8,297~~
~~8,970~~
~~Selling,~~involuntary employee separations and reductions in contractors.
During the first quarter of 2021, the Corporation recorded before-tax charges of $39 million, consisting primarily of employee separation costs, from workforce reductions in Singapore and Europe associated with the global review of staffing levels. These costs are captured in “Selling, general and administrative ~~expenses~~expenses” on the Statement of Income.
For the full year, the Corporation estimates charges of up to $200 million related to planned workforce reduction programs associated with the global review of staffing levels. This does not include charges related to employee reductions associated with any portfolio changes or other projects.
The following table summarizes the reserves and charges related to the workforce reduction programs associated with the global review of staffing levels, which are recorded in “Accounts payable and accrued liabilities.”
2021
(millions of dollars)
Balance at January 1 403
Additions/adjustments 39
Payments made (130)
Balance at March 31 312
~~2,579~~
~~2,770~~
16

~~Depreciation and depletion~~
~~5,819~~
~~4,571~~
~~Exploration expenses, including dry holes~~
~~288~~
~~280~~
~~Non-service pension and postretirement benefit expense~~
~~269~~
~~358~~
~~Interest expense~~
~~249~~
~~181~~
~~Other taxes and duties~~
~~6,832~~
~~7,405~~
~~Total costs and other deductions~~
~~56,416~~
~~59,336~~
~~Income (Loss) before income taxes~~
~~(258)~~
~~4,289~~
~~Income taxes~~
~~512~~
~~1,883~~
~~Net income (loss) including noncontrolling interests~~
~~(770)~~
~~2,406~~
~~Net income (loss) attributable to noncontrolling interests~~
~~(160)~~
56
~~Net income (loss) attributable to ExxonMobil~~
~~(610)~~
~~2,350~~
~~Earnings (Loss) per common share~~ ~~(dollars)~~
~~(0.14)~~
~~0.55~~
~~Earnings (Loss) per common share - assuming dilution~~ ~~(dollars)~~
~~(0.14)~~
~~0.55~~

~~The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.~~

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(millions of dollars)

Mar. 31,

Dec. 31,

2020

2019

Assets

Current assets

Cash and cash equivalents

11,412

3,089

Notes and accounts receivable – net

20,871

26,966

Inventories

Crude oil, products and merchandise

12,067

14,010

Materials and supplies

4,434

4,518

Other current assets

1,465

1,469

Total current assets

50,249

50,052

Investments, advances and long-term receivables

42,981

43,164

Property, plant and equipment – net

248,409

253,018

Other assets, including intangibles – net

14,165

16,363

Total assets

355,804

362,597

Liabilities

Current liabilities

Notes and loans payable

27,755

20,578

Accounts payable and accrued liabilities

35,815

41,831

Income taxes payable

1,203

1,580

Total current liabilities

64,773

63,989

Long-term debt

31,857

26,342

Postretirement benefits reserves

21,913

22,304

Deferred income tax liabilities

24,863

25,620

Long-term obligations to equity companies

4,024

3,988

Other long-term obligations

19,631

21,416

Total liabilities

167,061

163,659

Commitments and contingencies (Note 3)

-

-

Equity

Common stock without par value

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

15,636

15,637

Earnings reinvested

416,919

421,341

Accumulated other comprehensive income

(24,339)

(19,493)

Common stock held in treasury

(3,791 million shares at March 31, 2020 and

3,785 million shares at December 31, 2019)

(226,137)

(225,835)

ExxonMobil share of equity

182,079

191,650

Noncontrolling interests

6,664

7,288

Total equity

188,743

198,938

Total liabilities and equity

355,804

362,597

~~The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.~~

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(millions of dollars)

Three Months Ended

March 31,

2020

2019

Cash flows from operating activities

Net income (loss) including noncontrolling interests

(770)

2,406

Depreciation and depletion

5,819

4,571

Noncash inventory adjustment - lower of cost or market

2,245

-

Changes in operational working capital, excluding cash and debt

(942)

2,257

All other items – net

(78)

(896)

Net cash provided by operating activities

6,274

8,338

Cash flows from investing activities

Additions to property, plant and equipment

(5,945)

(5,199)

Proceeds associated with sales of subsidiaries, property, plant and

equipment, and sales and returns of investments

86

107

Additional investments and advances

(728)

(910)

Other investing activities including collection of advances

220

209

Net cash used in investing activities

(6,367)

(5,793)

Cash flows from financing activities

Additions to long-term debt

8,466

-

Reductions in long-term debt

(2)

-

Reductions in short-term debt

(1,533)

(3,777)

Additions/(reductions) in commercial paper, and debt with three

months or less maturity (1)

5,829

6,776

Cash dividends to ExxonMobil shareholders

(3,719)

(3,505)

Cash dividends to noncontrolling interests

(45)

(43)

Changes in noncontrolling interests

94

(74)

Common stock acquired

(305)

(421)

Net cash used in financing activities

8,785

(1,044)

Effects of exchange rate changes on cash

(369)

43

Increase/(decrease) in cash and cash equivalents

8,323

1,544

Cash and cash equivalents at beginning of period

3,089

3,042

Cash and cash equivalents at end of period

11,412

4,586

Supplemental Disclosures

Income taxes paid

1,372

1,793

Cash interest paid

Included in cash flows from operating activities

313

247

Capitalized, included in cash flows from investing activities

155

175

Total cash interest paid

468

422

(1) Includes a net addition of commercial paper with a maturity of over three months of $8.2 billion in 2020 and $5.3 billion in 2019. The gross amount of commercial paper with a maturity of over three months issued was $13.1 billion in 2020 and $6.4 billion in 2019, while the gross amount repaid was $4.9 billion in 2020 and $1.1 billion in 2019.

~~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

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, 2018

15,258

421,653

(19,564)

(225,553)

191,794

6,734

198,528

Amortization of stock-based awards

223

-

-

-

223

-

223

Other

(5)

-

-

-

(5)

9

4

Net income (loss) for the period

-

2,350

-

-

2,350

56

2,406

Dividends - common shares

-

(3,505)

-

-

(3,505)

(43)

(3,548)

Other comprehensive income (loss)

-

-

782

-

782

126

908

Acquisitions, at cost

-

-

-

(421)

(421)

(83)

(504)

Dispositions

-

-

-

4

4

-

4
Balance as of March 31, 2019

15,476

420,498

(18,782)

(225,970)

191,222

6,799

198,021

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

181

-

-

-

181

-

181

Other

(182)

-

-

-

(182)

157

(25)

Net income (loss) for the period

-

(610)

-

-

(610)

(160)

(770)

Dividends - common shares

-

(3,719)

-

-

(3,719)

(45)

(3,764)

Cumulative effect of accounting

change

-

(93)

-

-

(93)

(1)

(94)

Other comprehensive income (loss)

-

-

(4,846)

-

(4,846)

(512)

(5,358)

Acquisitions, at cost

-

-

-

(305)

(305)

(63)

(368)

Dispositions

-

-

-

3

3

-

3
Balance as of March 31, 2020

15,636

416,919

(24,339)

(226,137)

182,079

6,664

188,743

Three Months Ended March 31, 2020

Three Months Ended March 31, 2019

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

(3,785)

4,234

8,019

(3,782)

4,237

Acquisitions

-

(6)

(6)

-

(6)

(6)

Dispositions

-

-

-

-

-

-

Balance as of March 31

8,019

(3,791)

4,228

8,019

(3,788)

4,231

~~The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.~~

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, 2018

(13,881)

(5,683)

(19,564)

Current period change excluding amounts reclassified

from accumulated other comprehensive income

627

(23)

604

Amounts reclassified from accumulated other

comprehensive income

-

178

178

Total change in accumulated other comprehensive income

627

155

782

Balance as of March 31, 2019

(13,254)

(5,528)

(18,782)

Balance as of December 31, 2019

(12,446)

(7,047)

(19,493)

Current period change excluding amounts reclassified

from accumulated other comprehensive income

(5,113)

72

(5,041)

Amounts reclassified from accumulated other

comprehensive income

-

195

195

Total change in accumulated other comprehensive income

(5,113)

267

(4,846)

Balance as of March 31, 2020

(17,559)

(6,780)

(24,339)

Three Months Ended

Amounts Reclassified Out of Accumulated Other

March 31,

Comprehensive Income - Before-tax Income/(Expense)

2020

2019

(millions of dollars)

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)
(262)

(237)

Three Months Ended

Income Tax (Expense)/Credit For

March 31,

Components of Other Comprehensive Income

2020

2019

(millions of dollars)

Foreign exchange translation adjustment

7

-

Postretirement benefits reserves adjustment (excluding amortization)

(62)

10

Amortization and settlement of postretirement benefits reserves

adjustment included in net periodic benefit costs

(58)

(52)

Total

(113)

(42)

5.~~Earnings Per Share~~

Three Months Ended

March 31,

2020

2019

Earnings per common share

Net income (loss) attributable to ExxonMobil (millions of dollars)

(610)

2,350

Weighted average number of common shares outstanding (millions of shares)

4,270

4,270

Earnings (Loss) per common share (dollars) (1)

(0.14)

0.55

Dividends paid per common share (dollars)

0.87

0.82

~~(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.~~

6.~~Pension and Other Postretirement Benefits~~

Three Months Ended

March 31,

2020

2019

(millions of dollars)

Components of net benefit cost

Pension Benefits - U.S.

Service cost

235

175

Interest cost

177

193

Expected return on plan assets

(175)

(142)

Amortization of actuarial loss/(gain) and prior service cost

79

77

Net pension enhancement and curtailment/settlement cost

52

54

Net benefit cost

368

357

Pension Benefits - Non-U.S.

Service cost

175

139

Interest cost

161

192

Expected return on plan assets

(222)

(197)

Amortization of actuarial loss/(gain) and prior service cost

119

103

Net benefit cost

233

237

Other Postretirement Benefits

Service cost

45

33

Interest cost

70

79

Expected return on plan assets

(4)

(4)

Amortization of actuarial loss/(gain) and prior service cost

12

3

Net benefit cost

123

111

7.~~Financial Instruments and Derivatives~~

~~Financial Instruments.~~ ~~The estimated fair value of financial instruments at March 31, 2020, and December 31, 2019, and the related hierarchy level for the fair value measurement is as follows:~~

At March 31, 2020

(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)

4,565

171

-

4,736

(3,603)

(962)

-

171

Advances to/receivables

from equity companies (2)(7)

-

1,702

6,088

7,790

-

-

746

8,536

Other long-term

financial assets (3)

1,141

-

975

2,116

-

-

51

2,167

Liabilities

Derivative liabilities (4)

3,637

216

-

3,853

(3,603)

(34)

-

216

Long-term debt (5)

33,128

124

4

33,256

-

-

(2,630)

30,626

Long-term obligations

to equity companies (7)

-

-

3,490

3,490

-

-

534

4,024

Other long-term

financial liabilities (6)

-

-

1,064

1,064

-

-

40

1,104

At December 31, 2019

(millions of dollars)

Fair Value

Difference

Total Gross

Effect of

Effect of

in Carrying

Net

Assets

Counterparty

Collateral

Value and

Carrying

Level 1

Level 2

Level 3

& Liabilities

Netting

Netting

Fair Value

Value
Assets

Derivative assets (1)

533

102

-

635

(463)

(70)

-

102

Advances to/receivables

from equity companies (2)(7)

-

1,941

6,729

8,670

-

-

(128)

8,542

Other long-term

financial assets (3)

1,145

-

974

2,119

-

-

44

2,163

Liabilities

Derivative liabilities (4)

568

70

-

638

(463)

(105)

-

70

Long-term debt (5)

25,652

134

3

25,789

-

-

(1,117)

24,672

Long-term obligations

to equity companies (7)

-

-

4,245

4,245

-

-

(257)

3,988

Other long-term

financial liabilities (6)

-

-

1,042

1,042

-

-

16

1,058

(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 company.

~~EXXON MOBIL CORPORATION~~

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

FUNCTIONAL EARNINGS SUMMARY

First Three Months
Earnings (Loss) (U.S. GAAP)

2020

2019

(millions of dollars)
Upstream

United States

(704)

96

Non-U.S.

1,240

2,780
Downstream

United States

(101)

(161)

Non-U.S.

(510)

(95)
Chemical

United States

288

161

Non-U.S.

(144)

357
Corporate and financing

(679)

(788)

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

(610)

2,350

Earnings (Loss) per common share (dollars)

(0.14)

0.55

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

(0.14)

0.55

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

~~CURRENT ECONOMIC CONDITIONS~~

~~During the first quarter of~~

In early 2020, the balance of supply and demand for petroleum and petrochemical products experienced two significant disruptive effects. On the demand side, the COVID-19 pandemic spread rapidly through most areas of the world resulting in substantial reductions in consumer and business activity and significantly reduced demand for crude oil, natural gas, and petroleum products. This reduction in demand coincided with announcements of increased production in certain key ~~oil producing~~oil-producing countries which led to increases in inventory levels and sharp declines in prices for crude oil, natural gas, and ~~other~~petroleum products.

While demand for petroleum and petrochemical ~~products.~~products has rebounded, the lingering effects of the weak 2020 business environment continued to have a negative impact on financial results in 2021 when compared to periods prior to the pandemic. Signs of improvement are emerging with stronger prices and margins across all businesses when compared to the fourth quarter 2020. However, Downstream margins remain lower when compared to historical levels over the last decade.

~~Against~~

FUNCTIONAL EARNINGS SUMMARY


	First Three Months
Earnings (Loss) (U.S. GAAP)	2021	2020
	(millions of dollars)
Upstream
United States	363	(704)
Non-U.S.	2,191	1,240
Downstream
United States	(113)	(101)
Non-U.S.	(277)	(510)
Chemical
United States	715	288
Non-U.S.	700	(144)
Corporate and financing	(849)	(679)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)	2,730	(610)

Earnings (Loss) per common share (dollars)	0.64	(0.14)

Earnings (Loss) per common share - assuming dilution (dollars)	0.64	(0.14)

References in this backdrop of economic uncertainty, global financial markets have experienced significant volatility and disruption, which at times has negatively impacted the efficiency of credit markets and available pools of liquidity.

~~In response~~discussion to ~~these conditions, the Corporation announced significant reductions in 2020 capital spending and operating expenses. Capital and exploration expenditures for 2020 are now expected~~Corporate earnings (loss) mean net income (loss) attributable to ~~be $23 billion, down~~ExxonMobil (U.S. GAAP) from the ~~previously announced $33 billion. The Corporation’s near-term reduction in capital expenditures has resulted in a downward revision~~consolidated income statement. Unless otherwise indicated, references to ~~proved reserves estimates reported in the 2019 Form 10-K of approximately 1 billion oil-equivalent barrels, mainly related~~earnings (loss), Upstream, Downstream, Chemical and Corporate and financing segment earnings (loss), and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to ~~unconventional drilling in the United States. Consequently, unit-of-production depreciation and depletion rates for Upstream assets will be higher beginning in the first quarter.~~

The Corporation also took additional actions to strengthen its liquidity including issuing $8.5 billion of long-term debt securities in the first quarter of 2020 and issuing a further $9.5 billion of long-term debt securities subsequent to the date of the financial statements as described in Note 7. In the first quarter of 2020, the Corporation established a short-term credit facility to provide an additional $7.0 billion of borrowing capacity for general corporate purposes to supplement its existing short-term revolving credit facilities of $7.9 billion as of year-end 2019. The majority of these credit facilities will expire within one year and may be renewed or replaced according to the Corporation’s financing needs and business environment. As of March 31, 2020, no material amounts have been drawn on these facilities.

noncontrolling interests.

Should industry conditions near the end of the first quarter persist for an extended period into the future, the Corporation expects lower realized prices for its products to result in lower earnings and operating cash flow than in previous quarters. Amidst these conditions, project deferrals and idling of capacity will continue or may increase, and project cancellations could occur, resulting in lower volumes across one or more business segments. The capital spending reductions will result in lower near-term production volumes in the Upstream and delays in previously anticipated volume increases in future years. While the Corporation’s view of long-term supply and demand fundamentals has not changed significantly, any future reduction in the range of its long-term price outlooks could put a significant portion of its long-lived assets at risk for impairment. However, due to the inherent difficulty in predicting future commodity prices, and the relationship between industry prices and costs, it is not practicable to reasonably estimate the existence or range of any potential future impairment charges related to the Corporation’s long-lived assets.

As disclosed in ExxonMobil’s 2019 Form 10-K, low crude oil and natural gas prices can impact the Corporation’s proved reserves as reported under Securities and Exchange Commission (SEC) rules. Average year-to-date crude oil and natural gas prices have been significantly affected by the very low prices experienced near the end of the first quarter. If prices seen near the end of the first quarter persist for the remainder of the year, under the SEC definition of proved reserves, certain quantities of crude oil and natural gas will not qualify as proved reserves at year-end 2020. Since proved reserves estimates are affected by a number of factors including timing and completion of development projects, reservoir performance, market prices and differentials, costs, fiscal and commercial terms, government policies, regulatory approvals and partner considerations, it is not practicable to reasonably estimate the range of any potential future revisions to the Corporation’s proved reserves for year-end 2020 reporting.

The Corporation has taken steps, in line with government guidelines and restrictions, to limit the spread of COVID-19 among employees, contractors and the broader community, while also maintaining operations to ensure reliable supply of products to customers. The Corporation maintains robust business continuity plans, but should these efforts not be successful the Corporation could experience declines in workforce productivity that exacerbate some of the adverse operating and financial effects noted above.

REVIEW OF FIRST QUARTER ~~2020~~2021 RESULTS

ExxonMobil’s first quarter ~~2020 results~~2021 earnings were ~~a loss of $610 million,~~$2.7 billion, or ~~$0.14~~$0.64 per diluted share, compared with ~~earnings~~a loss of ~~$2.4~~$0.6 billion a year earlier. The ~~decrease~~increase in earnings was primarily the result of the absence of prior year unfavorable non-operational impacts, including an inventory write-down and impairments; higher Upstream realizations and Chemical margins; and lower ~~Upstream realizations.~~expenses. These impacts were partly offset by ~~higher~~lower Downstream margins, ~~on favorable mark-to-market derivatives, reduced maintenance activity mainly in the Downstream,~~winter storm impacts, unfavorable foreign exchange impacts, and lower Upstream ~~volume growth. Unfavorable non-operational impacts reflected an inventory write-down and impairments, with further information provided in Note 2.~~volumes.

Oil-equivalent production was ~~4.0~~3.8 million barrels per day, ~~up 2~~down 6 percent from the prior year. Excluding entitlement effects, divestments, and ~~divestments,~~government mandates, oil-equivalent production was ~~up 5 percent.~~down 2 percent from the prior year.

The Corporation distributed $3.7 billion in dividends to shareholders.

First Three Months

2020

2019

(millions of dollars)
Upstream results

United States

(704)

96

Non-U.S.

1,240

2,780

Total

536

2,876


	First Three Months
	2021	2020
	(millions of dollars)
Upstream results
United States	363	(704)
Non-U.S.	2,191	1,240
Total	2,554	536

Upstream earnings were $2,554 million in the first quarter of 2021, compared with earnings of $536 million in the first quarter of ~~2020,~~2020.

•Realizations increased earnings by $1,310 million, driven by higher liquids realizations of $1,390 million.

•Volume and mix effects reduced earnings by $370 million due to lower liquids sales volumes of $390 million partly offset by gas volume mix and timing of $20 million.

•All other items increased earnings by $1,080 million, as the absence of prior year unfavorable non-operational impacts associated with impairments of $360 million and an inventory write down ~~$2,340~~of $260 million, and lower expenses of $700 million were partly offset by unfavorable foreign exchange impacts of $220 million.

•The unfavorable impact of the winter storm on Upstream earnings, included in the factors above, was $240 million.

•U.S. Upstream earnings were $363 million, up $1,067 million from the prior year quarter.

•Non-U.S. Upstream earnings were $2,191 million, up $951 million from the prior year quarter.

•On an oil-equivalent basis, production decreased 6 percent from the first quarter of ~~2019.~~2020.

·	~~Realizations reduced earnings by $2,020 million, with lower liquids realizations of $1,370 million and lower gas realizations of $650 million.~~
·	~~Volume and mix effects increased earnings by $220 million due to higher liquids volumes of $290 million partly offset by lower gas volumes of $70 million.~~
·	~~All other items decreased earnings by $540 million, mainly due to unfavorable non-operational impacts associated with impairments of $360 million and an inventory write-down of $260 million.~~
·	~~U.S. Upstream results were a loss of $704 million, down $800 million from the prior year quarter.~~
·	~~Non-U.S. Upstream earnings were $1,240 million, down $1,540 million from the prior year quarter.~~
·	~~On an oil-equivalent basis, production increased 2 percent from the first quarter of 2019.~~
·	~~Liquids production totaled 2.5 million barrels per day, up 153,000 barrels per day, with growth and lower downtime partly offset by divestments.~~
·	~~Natural gas production was 9.4 billion cubic feet per day, down 528 million cubic feet per day, mainly driven by divestments and lower demand.~~

•Liquids production totaled 2.3 million barrels per day, down 222,000 barrels per day, reflecting the impacts of government mandates, lower entitlements, and the winter storm.

•Natural gas production was 9.2 billion cubic feet per day, down 223 million cubic feet per day, reflecting the impacts of decline, higher downtime, the winter storm, and the Groningen production limit, partly offset by higher demand and project growth.


						First Quarter
Upstream additional information						(thousands of barrels daily)
Volumes reconciliation (Oil-equivalent production) (1)
2020						4,046
Entitlements - Net Interest						(3)
Entitlements - Price / Spend / Other						(51)
Government Mandates						(124)
Divestments						(15)
Growth / Other						(66)
2021						3,787

First Quarter
Upstream additional information

(thousands of barrels daily)
Volumes reconciliation (Oil-equivalent production) (1)

2019

3,981

Entitlements - Net Interest

(6)

Entitlements - Price / Spend / Other

55

Quotas

-

Divestments

(177)

Growth / Other

193

2020

4,046

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

(1)

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

Listed below are descriptions of ExxonMobil’s volumes reconciliation factors which are provided to facilitate understanding of the terms.

Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining factors. These factors consist of net interest changes specified in Production Sharing Contracts (PSCs) which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices.

Entitlements - Price, Spend and Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining factors. These factors include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such factors can also include other temporary changes in net interest as dictated by specific provisions in production agreements.

~~Quotas~~Government Mandates are changes ~~in ExxonMobil’s allowable~~to ExxonMobil's sustainable production ~~arising from~~levels due to temporary non-operational production ~~constraints~~limits imposed by ~~countries which are members~~governments, 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.

Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration.

Growth and Other factors comprise all other operational and non-operational factors not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such factors include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.


	First Three Months
	2021	2020
	(millions of dollars)
Downstream results
United States	(113)	(101)
Non-U.S.	(277)	(510)
Total	(390)	(611)

First Three Months

2020

2019

(millions of dollars)
Downstream results

United States

(101)

(161)

Non-U.S.

(510)

(95)

Total

(611)

(256)

Downstream results were a loss of ~~$611~~$390 million in the first quarter of ~~2020,~~2021, a $221 million improvement from the first quarter of 2020.

•Margins decreased earnings by $1,880 million, including the net unfavorable mark to market impact on unsettled derivatives and weaker industry refining conditions.

•Volume and mix effects decreased earnings by $80 million.

•All other items increased earnings by $2,180 million, as the absence of prior year unfavorable non-operational impacts associated with an inventory write-down of $1,600 million and impairments of $340 million, and lower expenses of $410 million, were partly offset by unfavorable foreign exchange impacts of $100 million and other unfavorable earnings impacts of $70 million.

•The unfavorable impact of the winter storm on Downstream earnings, included in the factors above, was $130 million.

•U.S. Downstream results were a loss of $113 million, compared with a loss of ~~$256~~$101 million in the prior year quarter.

•Non-U.S. Downstream results were a loss of $277 million, a $233 million improvement from the prior year quarter.

•Petroleum product sales of 4.9 million barrels per day were 406,000 barrels per day lower than the prior year quarter.


	First Three Months
	2021	2020
	(millions of dollars)
Chemical results
United States	715	288
Non-U.S.	700	(144)
Total	1,415	144

Chemical earnings were $1,415 million in the first quarter of ~~2019.~~

·	~~Margins increased earnings by $1,260 million, mainly reflecting favorable mark-to-market derivatives and higher margins on product sales.~~
·	~~Volume and mix effects increased earnings by $390 million.~~
·	~~All other items reduced earnings by $2,010 million, mainly due to unfavorable non-operational impacts associated with an inventory write-down of $1,600 million and impairments of $340 million.~~
·	~~U.S. Downstream results were a loss of $101 million, compared with a loss of $161 million in the prior year quarter.~~
·	~~Non-U.S. Downstream results were a loss of $510 million, compared with a loss of $95 million in the prior year quarter.~~
·	~~Petroleum product sales of 5.3 million barrels per day were 128,000 barrels per day lower than the prior year quarter.~~

First Three Months

2020

2019

(millions of dollars)
Chemical results

United States

288

161

Non-U.S.

(144)

357

Total

144

518

~~Chemical earnings were $144 million in the first quarter of 2020, down $374~~2021, up $1,271 million from the first quarter of ~~2019.~~2020.

•

·	~~Higher margins increased earnings by $10 million.~~
·	~~Volume and mix effects decreased earnings by $60 million.~~
·	~~All other items decreased earnings by $320 million, mainly due to unfavorable non-operational impacts associated with an inventory write-down of $230 million and impairments of $90 million.~~
·	~~U.S. Chemical earnings were $288 million, up $127 million from the prior year quarter.~~
·	~~Non-U.S. Chemical results were a loss of $144 million, compared with earnings of $357 million in the prior year quarter.~~
·	~~First quarter prime product sales of 6.2 million metric tons were 535,000 metric tons lower than the prior year quarter.~~

Higher margins increased earnings by $620 million.

•

Volume and mix effects increased earnings by $30 million.

•All other items increased earnings by $620 million, mainly due to the absence of prior year unfavorable non-operational impacts associated with an inventory write-down of $230 million and impairments of $90 million, lower expenses of $240 million, and favorable foreign exchange impacts of $60 million.

•The unfavorable impact of the winter storm on Chemical earnings, included in the factors above, was $230 million.

•U.S. Chemical earnings were $715 million, up $427 million from the prior year quarter.

•Non-U.S. Chemical earnings were $700 million, up $844 million from the prior year quarter.

•First quarter prime product sales of 6.4 million metric tons were 209,000 metric tons higher than the prior year quarter.

First Three Months

2020

2019

(millions of dollars)

Corporate and financing results

(679)

(788)


	First Three Months
	2021	2020
	(millions of dollars)
Corporate and financing results	(849)	(679)

Corporate and financing expenses were ~~$679~~$849 million for the first quarter of ~~2020, down $109~~2021, up $170 million from the first quarter of ~~2019.~~

2020, reflecting higher retirement-related expenses.

LIQUIDITY AND CAPITAL RESOURCES

First Three Months

2020

2019

(millions of dollars)
Net cash provided by/(used in)

Operating activities

6,274

8,338

Investing activities

(6,367)

(5,793)

Financing activities

8,785

(1,044)
Effect of exchange rate changes

(369)

43
Increase/(decrease) in cash and cash equivalents

8,323

1,544

Cash and cash equivalents (at end of period)

11,412

4,586

Cash flow from operations and asset sales

Net cash provided by operating activities (U.S. GAAP)

6,274

8,338

Proceeds associated with sales of subsidiaries, property, plant & equipment,

and sales and returns of investments

86

107

Cash flow from operations and asset sales

6,360

8,445

LIQUIDITY AND CAPITAL RESOURCES


	First Three Months
		2021	2020
	(millions of dollars)
Net cash provided by/(used in)
Operating activities		9,264	6,274
Investing activities		(2,355)	(6,367)
Financing activities		(7,785)	8,785
Effect of exchange rate changes		27	(369)
Increase/(decrease) in cash and cash equivalents		(849)	8,323

Cash and cash equivalents (at end of period)		3,515	11,412

Cash flow from operations and asset sales
Net cash provided by operating activities (U.S. GAAP)		9,264	6,274
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments		307	86
Cash flow from operations and asset sales		9,571	6,360

Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

Cash flow from operations and asset sales in the first quarter of ~~2020~~2021 was ~~$6.4~~$9.6 billion, ~~including asset sales~~an increase of ~~$0.1 billion, a decrease of $2.1~~$3.2 billion from the comparable ~~2019~~2020 period primarily reflecting ~~lower earnings and unfavorable working capital impacts. Current market conditions and the ability of counterparties to secure financing may negatively affect the pace of asset sales in 2020.~~higher earnings.

Cash provided by operating activities totaled ~~$6.3~~$9.3 billion for the first three months of ~~2020, $2.1~~2021, $3.0 billion ~~lower~~higher than ~~2019.~~2020. Net income including noncontrolling interests was ~~a loss~~$2.8 billion, an increase of ~~$0.8 billion, a decrease of $3.2~~$3.6 billion from the prior year period. The adjustments for the noncash ~~provisions were $5.8~~provision of $5.0 billion for depreciation and depletion ~~and $2.2~~was down $0.8 billion ~~for the lower of cost or market inventory adjustment.~~from 2020. Changes in operational working capital were a ~~reduction~~contribution of ~~$0.9~~$2.0 billion, compared to a ~~contribution~~reduction of ~~$2.3~~$0.9 billion in the prior year period. All other items net decreased cash flows by ~~$0.1~~$0.5 billion in ~~2020~~2021 versus a reduction of ~~$0.9~~$0.1 billion in ~~2019.~~2020. See the Condensed Consolidated Statement of Cash Flows for additional details.

Investing activities for the first three months of ~~2020~~2021 used net cash of ~~$6.4~~$2.4 billion, ~~an increase~~a decrease of ~~$0.6~~$4.0 billion compared to the prior year. Spending for additions to property, plant and equipment of ~~$5.9~~$2.4 billion was ~~$0.7~~$3.5 billion ~~higher~~lower than ~~2019.~~2020. Proceeds from asset sales of ~~$0.1~~$0.3 billion were ~~comparable to~~$0.2 billion higher than the prior year. ~~Investments~~Net investments and advances decreased $0.2 billion to ~~$0.5~~$0.3 billion.

~~During the first quarter of 2020, the Corporation issued $8.5 billion of long-term debt.~~ Net cash ~~provided~~used by financing activities was ~~$8.8~~$7.8 billion in the first three months of ~~2020, $9.8~~2021, including $4.1 billion ~~higher than 2019 reflecting~~of debt repayments.This compares to net cash provided by financing activities of $8.8 billion in the ~~2020~~prior year, due to a long-term debt ~~issuance.~~issuance in the first quarter of 2020.

Total debt at the end of the first quarter of ~~2020~~2021 was ~~$59.6~~$63.3 billion compared to ~~$46.9~~$67.6 billion at year-end ~~2019.~~2020. The Corporation's debt to total capital ratio was ~~24.0~~27.8 percent at the end of the first quarter of ~~2020~~2021 compared to ~~19.1~~29.2 percent at year-end ~~2019.~~

~~During~~2020.

The Corporation has access to significant capacity of long-term and short-term liquidity. Commercial paper continues to provide short-term liquidity, and is reflected in "Notes and loans payable" on the first three months of 2020, Exxon Mobil Corporation purchased 6 million shares of its common stock for the treasury at a gross cost of $0.3 billion. These purchases were made to offset shares or units settled in shares issued in conjunction with the company’s benefit plansConsolidated Balance Sheet. Cash and ~~programs. Shares outstanding decreased from 4,234 million at year-end to 4,228 million~~cash equivalents was $3.5 billion at the end of the first quarter of ~~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.~~

2021. The Corporation ~~retained access to significant capacity~~had undrawn short-term committed lines of ~~long-term and short-term liquidity during the period despite challenging financial market conditions. Commercial paper continued to provide short-term liquidity despite brief periods~~credit of ~~reduced investor demand. The balance of commercial paper outstanding was $24.4~~$11.2 billion as of ~~March 31, 2020. To provide increased liquidity and flexibility, the Corporation increased cash and cash equivalents by $8.3 billion to $11.4 billion during the~~ first quarter of 2020. Additionally, in the first quarter of 2020, the Corporation established a short-term credit facility to provide an additional $7.0 billion of borrowing capacity for general corporate purposes to supplement its existing short-term revolving credit facilities of $7.9 billion as of year-end 2019. The majority of these credit facilities will expire within one year and may be renewed or replaced according to the Corporation’s financing needs and business environment. As of March 31, 2020, no material amounts have been drawn on these facilities.

2021.

Short-term and long-term debt is used to cover cash needs in excess of internally generated funds. Under current economic conditions, the level of debt is expected to increase in the near-term. The Corporation’s balance sheet strength and access to financial markets on attractive terms provide the capacity to continue investing in industry-advantaged projects to create value and preserve cash for the dividend. Management views the Corporation’s financial strength as a competitive advantage and maintaining a competitive credit position is an important factor in balancing capital allocation priorities and determining the pace of investments.

The Corporation distributed a total of $3.7 billion to shareholders in the first three months of ~~2020~~2021 through dividends.

The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include potential for future growth and attractive current valuations. Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.

The termination of certain transportation service agreements in the first quarter reduced commitments previously reported at year-end in Form 10-K under “Take-or-pay and unconditional purchase obligations” by approximately $2.3 billion. The majority of those commitments related to the years 2026 and beyond.

Litigation and other contingencies are discussed in Note 3 to the unaudited condensed consolidated financial statements.

TAXES

First Three Months

2020

2019

(millions of dollars)

Income taxes

512

1,883

Effective income tax rate

481
%

53
%

Total other taxes and duties (1)

7,497

8,087

Total

8,009

9,970

TAXES


	First Three Months
		2021		2020
	(millions of dollars)
Income taxes		796		512
Effective income tax rate		33	%	481	%
Total other taxes and duties (1)		7,283		7,497
Total		8,079		8,009

(1)Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses.”

Total taxes were ~~$8.0~~$8.1 billion for the first quarter of ~~2020, a decrease~~2021, an increase of ~~$2.0~~$0.1 billion from ~~2019.~~2020. Income tax expense ~~decreased by $1.4~~was $0.8 billion compared to $0.5 billion in the prior year reflecting ~~lower pre-tax income resulting from lower~~higher commodity prices. The effective income tax rate of ~~481~~33 percent compared to 53481 percent in the prior year period primarily due to a change in mix of ~~earnings~~results in jurisdictions with varying tax ~~rates. The change in mix~~rates and the absence of ~~earnings was primarily driven by~~prior year inventory valuation and impairment impacts. Total other taxes and duties decreased by ~~$0.6~~$0.2 billion to ~~$7.5~~$7.3 billion.

In the United States, the Corporation has various ongoing U.S. federal income tax positions at issue with the Internal Revenue Service (IRS) for tax years beginning in 2006. The Corporation filed a refund suit for tax years 2006-2009 in U.S. federal district court (District Court) with respect to the positions at issue for those years. On February 24, 2020, the Corporation received an adverse ruling on this ~~suit and is assessing the ruling. Unfavorable resolution of all positions at issue with the IRS would not have a materially adverse effect on the Corporation’s net income or liquidity.~~suit. The IRS has asserted penalties associated with several of those positions. The Corporation has not recognized the penalties as an expense because the Corporation does not expect the penalties to be sustained under applicable law.

On January 13, 2021, the District Court ruled that no penalties apply to the Corporation's positions in this suit. The Corporation filed a notice of appeal regarding the substantive issues to the Fifth Circuit Court of Appeals on April 9, 2021. The government filed a notice of appeal regarding the penalty issue to the same court on April 19, 2021. Unfavorable resolution of all positions at issue with the IRS would not have a material adverse effect on the Corporation’s operations or financial condition.

RESTRUCTURING ACTIVITIES

During 2020, ExxonMobil conducted an extensive global review of staffing levels and subsequently commenced targeted workforce reductions within a number of countries to improve efficiency and reduce costs. The programs, which are expected to be substantially complete by the end of 2021, include both voluntary and involuntary employee separations and reductions in contractors.

In the first quarter of 2021, the Corporation recorded before-tax charges of $39 million ($31 million after tax), consisting primarily of employee separation costs, from workforce reduction programs in Singapore and Europe associated with the global review of staffing levels. These costs are captured in “Selling, general and administrative expenses” on the Statement of Income. Before-tax cash outflows in first quarter of 2021 associated with these activities were $130 million.

The Corporation estimates total charges of up to $200 million in 2021 related to planned workforce reduction programs with cash outflows ranging between $400 million and $600 million. This does not include charges related to employee reductions associated with any portfolio changes or other projects. Before-tax workforce reduction savings, including employees and contractors, are estimated to range between $1 billion and $2 billion per year after program completion when compared to 2019 levels.

CAPITAL AND EXPLORATION EXPENDITURES

First Three Months

2020

2019

(millions of dollars)

Upstream (including exploration expenses)

5,126

5,361

Downstream

1,234

829

Chemical

782

696

Other

1

4

Total

7,143

6,890

CAPITAL AND EXPLORATION EXPENDITURES


	First Three Months
		2021	2020
	(millions of dollars)
Upstream (including exploration expenses)		2,357	5,126
Downstream		470	1,234
Chemical		306	782
Other		—	1
Total		3,133	7,143

Capital and exploration expenditures in the first quarter of ~~2020~~2021 were ~~$7.1~~$3.1 billion, ~~up 4~~down 56 percent from the first quarter of ~~2019.~~2020. The Corporation ~~anticipates an investment level~~expects 2021 capital spending to be in the range of ~~$23~~$16 billion ~~in 2020, down from the previously announced $33~~to $19 billion. Actual spending could vary depending on the progress of individual projects and property acquisitions.

If market conditions continue above the Corporation's planning basis, additional cash will not be used to increase capital investment above this range, but will instead be used to accelerate deleveraging.

FORWARD-LOOKING STATEMENTS

Statements related to outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions are forward-looking statements. Actual future results, including financial and operating ~~performance, the impact of the COVID-19 pandemic on results;~~performance; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; progressing carbon capture projects and results; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; and accounting and financial reporting effects resulting from market developments and ExxonMobil’s responsive ~~actions; and the impact of new technologies, including to increase capital efficiency and production and to reduce greenhouse gas emissions,~~actions, could differ materially due to a number of factors. These include the continuity of our board of directors and their strategic oversight; global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; ~~the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and global economies and markets;~~ the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 and government responses on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; government policies and support for low carbon technologies like carbon capture; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies within and between business ~~lines;~~lines and the ability to maintain near-term cost reductions as ongoing efficiencies while maintaining future competitive positioning; unforeseen technical or operating difficulties; ~~unexpected technological developments;~~the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs; the ability to bring new technologies to commercial scale on a cost-competitive ~~basis, including large-scale hydraulic fracturing projects;~~basis; general economic conditions including the occurrence and duration of economic recessions; ~~the results of research programs;~~ and other factors discussed under ~~the heading~~Item 1A. Risk Factors ~~Affecting Future Results on the Investors page of our website at www.exxonmobil.com and in Item 1A~~ of ExxonMobil’s ~~2019~~2020 Form 10-K. We assume no duty to update these statements as of any future date.

The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information about market risks for the three months ended March 31, ~~2020,~~2021, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for ~~2019.~~2020.

Item 4. Controls and Procedures

As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of March 31, ~~2020.~~2021. Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.

On April 13, 2021, the United States filed a proposed Fourth Consent Decree Amendment (the “Proposed Amendment”) with the United States District Court for the Northern District of Illinois. The Proposed Amendment reflects an agreed settlement with the United States Environmental Protection Agency (“EPA”) and the State of Illinois to resolve alleged violations at ExxonMobil Oil Corporation’s Joliet Refinery in Illinois of (i) certain New Source Performance Standards and other requirements for refineries as further described in a 2013 Notice of Violation/Finding of Violation and (ii) certain requirements in the original Consent Decree entered into with the EPA in December 2005 (in each case, as previously reported on the Corporation’s Form 10-Q for the third quarter of 2013 and, with respect to the original 2005 Consent Decree, for the third quarter of 2005). Under the Proposed Amendment, ExxonMobil Oil Corporation has agreed to pay approximately $1.5 million in penalties, including $1,086,640 to the United States Treasury and $428,823 to the State of Illinois, and to implement various measures to reduce emissions at the Joliet Refinery including completion of approximately $10 million in capital improvements. The Proposed Amendment will also replace, supersede, and terminate the original 2005 Consent Decree as it pertains to ExxonMobil Oil Corporation’s Joliet Refinery. Once the Proposed Amendment is published in the Federal Register, it will be open to public comment for 30 days before the U.S. District Court may approve it.

As reported in the Corporation’s Form 10-Q for the ~~second~~third quarter of ~~2006,~~2020, ExxonMobil appealed to the ~~State~~U.S. Court of ~~New York Attorney General (AG) sued~~Appeals for the Fifth Circuit a ~~number~~judgment of parties, including ExxonMobil, in New York state court, Albany County, seeking penalties relating to an alleged discharge of petroleum at a Mobil-branded service station in Uniondale, New York. The suit (captioned "State of New York v. United Gas Corp. et al.") alleged that the discharge has impacted soil and groundwater in the vicinity of the service station. The AG and the seven defendants agreed to settlement terms in January 2020. The settlement includes a payment of $3.2 million by ExxonMobil and the completion of remediation work by one of the other defendants. No civil penalties were assessed for ExxonMobil or the other defendants.

~~Regarding a matter last reported in the Corporation’s Form 10-K for 2019, on December 31, 2019,~~ the United States ~~Federal~~ District Court ~~Northern~~for the Southern District of Texas ~~(the FederalCourt), vacated the~~entered on April 26, 2017, in a citizen suit captioned Environment Texas Citizen Lobby, Inc. et al. v. Exxon Mobil Corporation. The U.S. District Court had awarded approximately $20 million in civil ~~penalty assessed by~~penalties, payable to the United States ~~Department of Treasury, Office of Foreign Assets Control (OFAC) against Exxon Mobil Corporation, ExxonMobil Development Company and ExxonMobil Oil Corporation on July 20, 2017, for allegedly violating~~Treasury. In the ~~Ukraine-Related Sanctions Regulations, 31 C.F.R. part 589. The civil penalty vacated by the Federal Court was~~suit filed in ~~the amount of $2,000,000. On April 8, 2020, OFAC~~December 2010, Environment Texas Citizen Lobby, Inc. and the ~~U.S. Department~~Sierra Club, Lone Star Chapter, sought declaratory and injunctive relief, penalties, attorney fees and litigation costs associated with alleged violations of ~~Justice confirmed~~Title V of the Clean Air Act. Plaintiffs alleged that ExxonMobil repeatedly violated, and will continue to violate, its air operating permits, the Texas State Implementation Plan and the Clean Air Act by emitting air pollutants into the atmosphere from the Baytown complex in excess of applicable emission limitations or otherwise without authorization at the Baytown, Texas, refinery, chemical plant and olefins plant. On July 29, 2020, the Fifth Circuit vacated the U.S. ~~Federal Government will not seek an~~District Court’s penalty award and remanded the case back to the District Court for further proceedings. On March 2, 2021, the U.S. District Court awarded $14.25 million in civil penalties, payable to the United States Treasury. ExxonMobil filed its appeal of the ~~Federal Court’s final~~ judgment ~~vacating~~in the ~~penalty issued by OFAC against~~U.S. Court of Appeals for the ~~Corporation.~~Fifth Circuit on April 12, 2021.

Refer to the relevant portions of Note 3 of this Quarterly Report on Form 10-Q for further information on legal proceedings.

~~Item 1A. Risk Factors~~

The risk factors that are discussed in Item 1A of the registrant’s Annual Report on Form 10-K for 2019, including those risk factors in respect of commodity supply and demand and public health, encompass, among other things, current market conditions of production oversupply as well as demand reduction due to the COVID-19 pandemic which has led to a significant decrease in commodity prices. Our future business results, including cash flows and financing needs, will be affected by the extent and duration of these conditions and the effectiveness of responsive actions that we and others take, including our actions to reduce capital and operating expenses and government actions to address the COVID-19 pandemic, as well as any resulting impact on national and global economies and markets. At this time, it is difficult to predict the timing of any resolution of the current supply imbalances and the ultimate impact of COVID-19, and we continue to monitor market developments and evaluate the impacts of decreased demand on our production levels, as well as impacts on project development and future production.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchase of Equity Securities for Quarter Ended March 31, 2021
Period Total Number
of Shares
Purchased Average
Price Paid
per Share Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans
or Programs
January 2021 — $ — —
February 2021 — $ — —
March 2021 — $ — —
Total — — (See Note 1)
~~Issuer Purchase~~During the first quarter, the Corporation did not purchase any shares of ~~Equity Securities~~its common stock for ~~Quarter Ended March 31, 2020~~the treasury, and did not issue or sell any unregistered equity securitie
s.

~~Total Number of~~
~~Maximum Number~~
~~Shares Purchased~~
~~of Shares~~Note 1 - In its earnings release dated February 2, 2021, the Corporation stated that ~~May~~
~~Total Number~~
~~Average~~
it had suspended its first quarter 2021 anti-dilutive share repurchase program due to market uncertainty and intends to resume this program in the future as ~~Part of Publicly~~market conditions improve
.
~~Yet Be Purchased~~
~~of Shares~~
~~Price Paid~~
~~Announced Plans~~
~~Under the Plans or~~
~~Period~~
~~Purchased~~
~~per Share~~
~~or Programs~~
~~Programs~~
~~January 2020~~
~~1,775,929~~
~~$67.55~~
~~1,775,929~~
~~February 2020~~
~~1,760,540~~
~~$58.75~~
~~1,760,540~~
~~March 2020~~
~~2,038,531~~
~~$39.88~~
~~2,038,531~~
~~Total~~
~~5,575,000~~
~~5,575,000~~
~~(See Note 1)~~
Note 1 - On August 1, 2000, the Corporation announced its intention to resume purchases of shares of its common stock for the treasury both to offset shares issued in conjunction with company benefit plans and programs and to gradually reduce the number of shares outstanding. The announcement did not specify an amount or expiration date. The Corporation has continued to purchase shares since this announcement and to report purchased volumes in its quarterly earnings releases. In its earnings release dated February 2, 2016, the Corporation stated it will continue to acquire shares to offset dilution in conjunction with benefit plans and programs, but had suspended making purchases to reduce shares outstanding effective beginning the first quarter of 2016.

Item 6. Exhibits

See Index to Exhibits of this report.

INDEX TO EXHIBITS

~~Exhibit~~	~~Description~~
Exhibit			Description
~~3(ii)~~		~~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).~~
~~10(iii)(f.4)~~			~~Standing resolution for non-employee director cash fees dated March 1, 2020.~~
~~31.1~~
10(iii)(c.1)			ExxonMobil Supplemental Savings Plan.
10(iii)(c.2)			ExxonMobil Supplemental Pension Plan.
10(iii)(c.3)			ExxonMobil Additional Payments Plan.
31.1			Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
31.2			Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer.
31.3			Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
32.1			Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.
32.2			Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer.
32.3			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).

EXXON MOBIL CORPORATION

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	EXXON MOBIL CORPORATION
Date: May ~~6, 2020~~ 5, 2021	By:	/s/ ~~DAVID S. ROSENTHAL~~LEN M. FOX
		~~David S. Rosenthal~~Len M. Fox
		Vice President, Controller and
		Principal Accounting Officer


New Jersey		13-5409005
(State or other jurisdiction of	~~(I.R.S. Employer~~
incorporation or organization)	(I.R.S. Employer Identification Number)


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


Class						Outstanding as of March 31, ~~2020~~ 2021
Common stock, without par value						~~4,228,211,252~~4,233,538,917


PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

Condensed Consolidated Statement of Income Three months ended March 31, ~~2020~~2021 and ~~2019~~ 2020			3

Condensed Consolidated Statement of Comprehensive Income Three months ended March 31, ~~2020~~2021 and ~~2019~~ 2020			4

Condensed Consolidated Balance Sheet As of March 31, ~~2020~~2021 and December 31, ~~2019~~ 2020			5

Condensed Consolidated Statement of Cash Flows Three months ended March 31, ~~2020~~2021 and ~~2019~~ 2020			6

Condensed Consolidated Statement of Changes in Equity Three months ended March 31, ~~2020~~2021 and ~~2019~~ 2020			7



Notes to Condensed Consolidated Financial Statements			8

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations			17

Item 3.Quantitative and Qualitative Disclosures About Market Risk			24

Item 4.Controls and Procedures			24


PART II. OTHER INFORMATION

Item 1.Legal Proceedings			25

~~Item 1A.Risk Factors~~			25

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds			2625

Item 6.Exhibits			2625

Index to Exhibits			2726

Signature			2827

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)

				Mar. 31,	Dec. 31,
				2020	2019
Assets
	Current assets
		Cash and cash equivalents		11,412	3,089
		Notes and accounts receivable – net		20,871	26,966
		Inventories
			Crude oil, products and merchandise	12,067	14,010
			Materials and supplies	4,434	4,518
		Other current assets		1,465	1,469
			Total current assets	50,249	50,052
	Investments, advances and long-term receivables			42,981	43,164
	Property, plant and equipment – net			248,409	253,018
	Other assets, including intangibles – net			14,165	16,363
			Total assets	355,804	362,597

Liabilities
	Current liabilities
		Notes and loans payable		27,755	20,578
		Accounts payable and accrued liabilities		35,815	41,831
		Income taxes payable		1,203	1,580
			Total current liabilities	64,773	63,989
	Long-term debt			31,857	26,342
	Postretirement benefits reserves			21,913	22,304
	Deferred income tax liabilities			24,863	25,620
	Long-term obligations to equity companies			4,024	3,988
	Other long-term obligations			19,631	21,416
			Total liabilities	167,061	163,659

Commitments and contingencies (Note 3)				-	-

Equity
	Common stock without par value
		(9,000 million shares authorized, 8,019 million shares issued)		15,636	15,637
	Earnings reinvested			416,919	421,341
	Accumulated other comprehensive income			(24,339)	(19,493)
	Common stock held in treasury
		(3,791 million shares at March 31, 2020 and
		3,785 million shares at December 31, 2019)		(226,137)	(225,835)
			ExxonMobil share of equity	182,079	191,650
	Noncontrolling interests			6,664	7,288
			Total equity	188,743	198,938
			Total liabilities and equity	355,804	362,597

			As of March 31, 2020
			Equity	Other
			Company	Third Party
			Obligations (1)	Obligations	Total
			(millions of dollars)
Guarantees
	Debt-related		868	108	976
	Other		846	4,636	5,482
		Total	1,714	4,744	6,458

(1)	ExxonMobil share

			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, 2018			(13,881)	(5,683)	(19,564)
Current period change excluding amounts reclassified
	from accumulated other comprehensive income		627	(23)	604
Amounts reclassified from accumulated other
	comprehensive income		-	178	178
Total change in accumulated other comprehensive income			627	155	782
Balance as of March 31, 2019			(13,254)	(5,528)	(18,782)

Balance as of December 31, 2019			(12,446)	(7,047)	(19,493)
Current period change excluding amounts reclassified
	from accumulated other comprehensive income		(5,113)	72	(5,041)
Amounts reclassified from accumulated other
	comprehensive income		-	195	195
Total change in accumulated other comprehensive income			(5,113)	267	(4,846)
Balance as of March 31, 2020			(17,559)	(6,780)	(24,339)

		Three Months Ended
Income Tax (Expense)/Credit For		March 31,
Components of Other Comprehensive Income		2020	2019
		(millions of dollars)

Foreign exchange translation adjustment		7	-
Postretirement benefits reserves adjustment (excluding amortization)		(62)	10
Amortization and settlement of postretirement benefits reserves
	adjustment included in net periodic benefit costs	(58)	(52)
Total		(113)	(42)

			At March 31, 2020
			(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)		4,565	171	-	4,736	(3,603)	(962)	-	171
	Advances to/receivables
		from equity companies (2)(7)	-	1,702	6,088	7,790	-	-	746	8,536
	Other long-term
		financial assets (3)	1,141	-	975	2,116	-	-	51	2,167

Liabilities
	Derivative liabilities (4)		3,637	216	-	3,853	(3,603)	(34)	-	216
	Long-term debt (5)		33,128	124	4	33,256	-	-	(2,630)	30,626
	Long-term obligations
		to equity companies (7)	-	-	3,490	3,490	-	-	534	4,024
	Other long-term
		financial liabilities (6)	-	-	1,064	1,064	-	-	40	1,104

			At December 31, 2019
			(millions of dollars)

			Fair Value
									Difference
						Total Gross	Effect of	Effect of	in Carrying	Net
						Assets	Counterparty	Collateral	Value and	Carrying
			Level 1	Level 2	Level 3	& Liabilities	Netting	Netting	Fair Value	Value
Assets
	Derivative assets (1)		533	102	-	635	(463)	(70)	-	102
	Advances to/receivables
		from equity companies (2)(7)	-	1,941	6,729	8,670	-	-	(128)	8,542
	Other long-term
		financial assets (3)	1,145	-	974	2,119	-	-	44	2,163

Liabilities
	Derivative liabilities (4)		568	70	-	638	(463)	(105)	-	70
	Long-term debt (5)		25,652	134	3	25,789	-	-	(1,117)	24,672
	Long-term obligations
		to equity companies (7)	-	-	4,245	4,245	-	-	(257)	3,988
	Other long-term
		financial liabilities (6)	-	-	1,042	1,042	-	-	16	1,058

(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 company.

Sales and Other Operating Revenue
	Upstream
		United States	1,777	2,693
		Non-U.S.	2,567	3,804
	Downstream
		United States	15,384	15,642
		Non-U.S.	29,304	32,297
	Chemical
		United States	2,296	2,505
		Non-U.S.	3,800	4,695
	Corporate and financing		6	10
	Corporate total		55,134	61,646

Intersegment Revenue
	Upstream
		United States	2,273	2,311
		Non-U.S.	6,387	7,129
	Downstream
		United States	3,952	4,761
		Non-U.S.	5,124	6,169
	Chemical
		United States	1,766	1,889
		Non-U.S.	1,263	1,547
	Corporate and financing		55	53

Geographic
		Three Months Ended
		March 31,
Sales and Other Operating Revenue		2020	2019
		(millions of dollars)

United States		19,457	20,840
Non-U.S.		35,677	40,806
	Total	55,134	61,646

Significant Non-U.S. revenue sources include: (1)
	Canada	3,823	4,850
	United Kingdom	3,691	4,421
	Singapore	2,616	3,121
	France	2,589	3,074
	Italy	1,958	2,645
	Belgium	1,889	3,529

	Reserve for		Liabilities for
	Notes and Other		Off Balance
	Receivables and Loans		Sheet Assets
	Trade	Other			Total
	(millions of dollars)

Balance at December 31, 2019	34	469		-	503
Cumulative effect of accounting change	52	45		12	109
Current period provision	4	1		(1)	4
Write-offs charged against the allowance	(1)	-		-	(1)
Other	(1)	(14)		2	(13)
Balance at March 31, 2020	88	501		13	602