SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

(I.R.S. Employer Identification Number)

5959 Las Colinas Boulevard, Irving, Texas 75039-2298

(Address of principal executive offices) (Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

EXXON MOBIL CORPORATION

FOR THE QUARTERLY PERIOD ENDED JUNE 30, ~~2021~~2022


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Statement of Income - Three and six months ended June 30, ~~2021~~2022 and ~~2020~~ 2021			3

Condensed Consolidated Statement of Comprehensive Income - Three and six months ended June 30, ~~2021~~2022 and ~~2020~~ 2021			4

Condensed Consolidated Balance Sheet - As of June 30, ~~2021~~2022 and December 31, ~~2020~~ 2021			5

Condensed Consolidated Statement of Cash Flows - Six months ended June 30, ~~2021~~2022 and ~~2020~~ 2021			6

Condensed Consolidated Statement of Changes in Equity - Three months ended June 30, ~~2021~~2022 and ~~2020~~ 2021			7



Condensed Consolidated Statement of Changes in Equity - Six months ended June 30, ~~2021~~2022 and ~~2020~~ 2021			8



Notes to Condensed Consolidated Financial Statements			9

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			1918

Item 3. Quantitative and Qualitative Disclosures About Market Risk			2833

Item 4. Controls and Procedures			2833


PART II. OTHER INFORMATION

Item 1. Legal Proceedings			2934



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			2934

Item 6. Exhibits			2934

Index to Exhibits			3035

Signature			3136

PART I. FINANCIAL INFORMATION

~~Item 1. Financial Statements~~

ITEM 1. FINANCIAL STATEMENTS

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
Three Months Ended
June 30, Six Months Ended
June 30,
2021 2020 2021 2020
Revenues and other income
Sales and other operating revenue 65,943 32,277 123,495 87,411
Income from equity affiliates 1,436 103 2,909 878
Other income 363 225 485 474
Total revenues and other income 67,742 32,605 126,889 88,763
Costs and other deductions
Crude oil and product purchases 37,329 14,069 69,930 46,152
Production and manufacturing expenses 8,471 6,895 16,533 15,192
Selling, general and administrative expenses 2,345 2,409 4,773 4,988
Depreciation and depletion 4,952 4,916 9,956 10,735
Exploration expenses, including dry holes 176 214 340 502
Non-service pension and postretirement benefit expense 162 271 540 540
Interest expense 254 317 512 566
Other taxes and duties 7,746 5,154 14,406 11,986
Total costs and other deductions 61,435 34,245 116,990 90,661
Income (Loss) before income taxes 6,307 (1,640) 9,899 (1,898)
Income taxes 1,526 (471) 2,322 41
Net income (loss) including noncontrolling interests 4,781 (1,169) 7,577 (1,939)
Net income (loss) attributable to noncontrolling interests 91 (89) 157 (249)
Net income (loss) attributable to ExxonMobil 4,690 (1,080) 7,420 (1,690)
Earnings (Loss) per common share (dollars)
1.10 (0.26) 1.74 (0.40)
Earnings (Loss) per common share - assuming dilution (dollars)
1.10 (0.26) 1.74 (0.40)



CONDENSED CONSOLIDATED STATEMENT OF INCOME


(millions of dollars, unless noted)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Revenues and other income
Sales and other operating revenue	111,265	65,943	198,999	123,495
Income from equity affiliates	3,688	1,436	6,226	2,909
Other income	728	363	956	485
Total revenues and other income	115,681	67,742	206,181	126,889
Costs and other deductions
Crude oil and product purchases	65,613	37,329	118,001	69,930
Production and manufacturing expenses	10,686	8,471	20,927	16,533
Selling, general and administrative expenses	2,530	2,345	4,939	4,773
Depreciation and depletion (including impairments)	4,451	4,952	13,334	9,956
Exploration expenses, including dry holes	286	176	459	340
Non-service pension and postretirement benefit expense	120	162	228	540
Interest expense	194	254	382	512
Other taxes and duties	6,868	7,746	14,422	14,406
Total costs and other deductions	90,748	61,435	172,692	116,990
Income (loss) before income taxes	24,933	6,307	33,489	9,899
Income taxes	6,359	1,526	9,165	2,322
Net income (loss) including noncontrolling interests	18,574	4,781	24,324	7,577
Net income (loss) attributable to noncontrolling interests	724	91	994	157
Net income (loss) attributable to ExxonMobil	17,850	4,690	23,330	7,420

Earnings (loss) per common share (dollars)	4.21	1.10	5.49	1.74

Earnings (loss) per common share - assuming dilution (dollars)	4.21	1.10	5.49	1.74

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

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

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)

Three Months Ended
June 30, Six Months Ended
June 30,
2021 2020 2021 2020
Net income (loss) including noncontrolling interests 4,781 (1,169) 7,577 (1,939)
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment 423 2,875 572 (2,774)
Postretirement benefits reserves adjustment (excluding amortization) (47) (136) 121 (49)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 215 203 593 407
Total other comprehensive income (loss) 591 2,942 1,286 (2,416)
Comprehensive income (loss) including noncontrolling interests 5,372 1,773 8,863 (4,355)
Comprehensive income (loss) attributable to noncontrolling interests 178 131 324 (541)
Comprehensive income (loss) attributable to ExxonMobil 5,194 1,642 8,539 (3,814)



CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021
Net income (loss) including noncontrolling interests	18,574	4,781		24,324	7,577

Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment	(2,537)	423		(1,796)	572

Postretirement benefits reserves adjustment (excluding amortization)	155	(47)		260	121
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	102	215		195	593
Total other comprehensive income (loss)	(2,280)	591		(1,341)	1,286
Comprehensive income (loss) including noncontrolling interests	16,294	5,372		22,983	8,863
Comprehensive income (loss) attributable to noncontrolling interests	547	178		906	324
Comprehensive income (loss) attributable to ExxonMobil	15,747	5,194		22,077	8,539

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

~~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)
June 30,
2021 December 31,
2020
Assets
Current assets
Cash and cash equivalents 3,465 4,364
Notes and accounts receivable – net 28,540 20,581
Inventories
Crude oil, products and merchandise 14,711 14,169
Materials and supplies 4,564 4,681
Other current assets 1,562 1,098
Total current assets 52,842 44,893
Investments, advances and long-term receivables 44,774 43,515
Property, plant and equipment – net 223,012 227,553
Other assets, including intangibles – net 16,661 16,789
Total assets 337,289 332,750
Liabilities
Current liabilities
Notes and loans payable 15,293 20,458
Accounts payable and accrued liabilities 45,780 35,221
Income taxes payable 1,165 684
Total current liabilities 62,238 56,363
Long-term debt 45,319 47,182
Postretirement benefits reserves 22,082 22,415
Deferred income tax liabilities 18,511 18,165
Long-term obligations to equity companies 3,038 3,253
Other long-term obligations 20,545 21,242
Total liabilities 171,733 168,620
Commitments and contingencies (Note 3) 0 0
Equity
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued) 16,006 15,688
Earnings reinvested 383,922 383,943
Accumulated other comprehensive income (15,586) (16,705)
Common stock held in treasury
(3,785 million shares at June 30, 2021 and
3,786 million shares at December 31, 2020)
(225,771) (225,776)
ExxonMobil share of equity 158,571 157,150
Noncontrolling interests 6,985 6,980
Total equity 165,556 164,130
Total liabilities and equity 337,289 332,750



CONDENSED CONSOLIDATED BALANCE SHEET


(millions of dollars, unless noted)	June 30, 2022	December 31, 2021

ASSETS
Current assets
Cash and cash equivalents	18,861	6,802
Notes and accounts receivable – net	48,063	32,383
Inventories
Crude oil, products and merchandise	19,580	14,519
Materials and supplies	4,005	4,261
Other current assets	2,654	1,189
Total current assets	93,163	59,154
Investments, advances and long-term receivables	46,820	45,195
Property, plant and equipment – net	209,159	216,552
Other assets, including intangibles – net	18,632	18,022
Total Assets	367,774	338,923

LIABILITIES
Current liabilities
Notes and loans payable	7,367	4,276
Accounts payable and accrued liabilities	67,958	50,766
Income taxes payable	4,785	1,601
Total current liabilities	80,110	56,643
Long-term debt	39,516	43,428
Postretirement benefits reserves	17,408	18,430
Deferred income tax liabilities	20,807	20,165
Long-term obligations to equity companies	2,617	2,857
Other long-term obligations	22,808	21,717
Total Liabilities	183,266	163,240

Commitments and contingencies (Note 3)	0	0

EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)	16,018	15,746
Earnings reinvested	407,902	392,059
Accumulated other comprehensive income	(15,017)	(13,764)
Common stock held in treasury
(3,851 million shares at June 30, 2022 and 3,780 million shares at December 31, 2021)	(231,587)	(225,464)
ExxonMobil share of equity	177,316	168,577
Noncontrolling interests	7,192	7,106
Total Equity	184,508	175,683
Total Liabilities and Equity	367,774	338,923

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

~~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)
Six Months Ended
June 30,
2021 2020
Cash flows from operating activities
Net income (loss) including noncontrolling interests 7,577 (1,939)
Depreciation and depletion 9,956 10,735
Changes in operational working capital, excluding cash and debt 1,573 (2,247)
All other items – net (192) (275)
Net cash provided by operating activities 18,914 6,274
Cash flows from investing activities
Additions to property, plant and equipment (5,147) (10,362)
Proceeds from asset sales and returns of investments 557 129
Additional investments and advances (613) (1,524)
Other investing activities including collection of advances 132 309
Net cash used in investing activities (5,071) (11,448)
Cash flows from financing activities
Additions to long-term debt 0 23,186
Reductions in long-term debt 0 (3)
Additions to short-term debt (1)
9,662 20,491
Reductions in short-term debt (1)
(18,000) (15,078)
Additions/(reductions) in debt with three months or less maturity 1,320 (5,998)
Contingent consideration payments (28) (21)
Cash dividends to ExxonMobil shareholders (7,441) (7,434)
Cash dividends to noncontrolling interests (112) (93)
Changes in noncontrolling interests (207) 317
Common stock acquired (1) (305)
Net cash used in financing activities (14,807) 15,062
Effects of exchange rate changes on cash 65 (401)
Increase/(decrease) in cash and cash equivalents (899) 9,487
Cash and cash equivalents at beginning of period 4,364 3,089
Cash and cash equivalents at end of period 3,465 12,576
Supplemental Disclosures
Income taxes paid 2,079 1,768
Cash interest paid
Included in cash flows from operating activities 466 290
Capitalized, included in cash flows from investing activities 313 335
Total cash interest paid 779 625



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW


(millions of dollars)	Six Months Ended June 30,
	2022	2021

CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests	24,324	7,577
Depreciation and depletion (including impairments)	13,334	9,956

Changes in operational working capital, excluding cash and debt	(1,661)	1,573
All other items – net	(1,246)	(192)
Net cash provided by operating activities	34,751	18,914

CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(7,748)	(5,147)
Proceeds from asset sales and returns of investments	1,232	557
Additional investments and advances	(643)	(613)
Other investing activities including collection of advances	150	132
Net cash used in investing activities	(7,009)	(5,071)

CASH FLOW FROM FINANCING ACTIVITIES


Additions to short-term debt	—	9,662
Reductions in short-term debt	(2,336)	(18,000)
Additions/(reductions) in debt with three months or less maturity	1,303	1,320
Contingent consideration payments	(58)	(28)
Cash dividends to ExxonMobil shareholders	(7,487)	(7,441)
Cash dividends to noncontrolling interests	(123)	(112)
Changes in noncontrolling interests	(697)	(207)
Common stock acquired	(5,986)	(1)
Net cash used in financing activities	(15,384)	(14,807)

Effects of exchange rate changes on cash	(299)	65
Increase/(decrease) in cash and cash equivalents	12,059	(899)
Cash and cash equivalents at beginning of period	6,802	4,364
Cash and cash equivalents at end of period	18,861	3,465

SUPPLEMENTAL DISCLOSURES
Income taxes paid	5,545	2,079
Cash interest paid
Included in cash flows from operating activities	352	466
Capitalized, included in cash flows from investing activities	388	313
Total cash interest paid	740	779


Noncash right of use assets recorded in exchange for lease liabilities
Operating leases	1,039	511
Finance leases	656	55

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

~~(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.~~

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 March 31, 2020 15,636 416,919 (24,339) (226,137) 182,079 6,664 188,743
Amortization of stock-based awards 177 — — — 177 — 177
Other (1) — — — (1) 223 222
Net income (loss) for the period — (1,080) — — (1,080) (89) (1,169)
Dividends - common shares — (3,715) — — (3,715) (48) (3,763)
Other comprehensive income (loss) — — 2,722 — 2,722 220 2,942
Dispositions — — — 1 1 — 1
Balance as of June 30, 2020 15,812 412,124 (21,617) (226,136) 180,183 6,970 187,153
Balance as of March 31, 2021 15,884 382,953 (16,090) (225,773) 156,974 7,127 164,101
Amortization of stock-based awards 126 — — — 126 — 126
Other (4) — — — (4) 33 29
Net income (loss) for the period — 4,690 — — 4,690 91 4,781
Dividends - common shares — (3,721) — — (3,721) (60) (3,781)
Other comprehensive income (loss) — — 504 — 504 87 591
Acquisitions, at cost — — — — — (293) (293)
Dispositions — — — 2 2 — 2
Balance as of June 30, 2021 16,006 383,922 (15,586) (225,771) 158,571 6,985 165,556



CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY


	ExxonMobil Share of Equity

(millions of dollars, unless noted)	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 March 31, 2021	15,884	382,953	(16,090)	(225,773)	156,974	7,127	164,101
Amortization of stock-based awards	126	—	—	—	126	—	126
Other	(4)	—	—	—	(4)	33	29
Net income (loss) for the period	—	4,690	—	—	4,690	91	4,781
Dividends - common shares	—	(3,721)	—	—	(3,721)	(60)	(3,781)
Other comprehensive income (loss)	—	—	504	—	504	87	591
Acquisitions, at cost	—	—	—	—	—	(293)	(293)
Dispositions	—	—	—	2	2	—	2
Balance as of June 30, 2021	16,006	383,922	(15,586)	(225,771)	158,571	6,985	165,556

Balance as of March 31, 2022	15,879	393,779	(12,914)	(227,529)	169,215	7,311	176,526
Amortization of stock-based awards	143	—	—	—	143	—	143
Other	(4)	—	—	—	(4)	(15)	(19)
Net income (loss) for the period	—	17,850	—	—	17,850	724	18,574
Dividends - common shares	—	(3,727)	—	—	(3,727)	(63)	(3,790)
Other comprehensive income (loss)	—	—	(2,103)	—	(2,103)	(177)	(2,280)
Acquisitions, at cost	—	—	—	(4,059)	(4,059)	(588)	(4,647)
Dispositions	—	—	—	1	1	—	1
Balance as of June 30, 2022	16,018	407,902	(15,017)	(231,587)	177,316	7,192	184,508

Three Months Ended June 30, 2021 Three Months Ended June 30, 2020
Common Stock Share Activity Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding
(millions of shares) (millions of shares)
Balance as of March 31 8,019 (3,785) 4,234 8,019 (3,791) 4,228
Acquisitions — — — — — —
Dispositions — — — — — —
Balance as of June 30 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.~~


	Three Months Ended June 30, 2022			Three Months Ended June 30, 2021

Common Stock Share Activity (millions of shares)	Issued	Held in Treasury	Outstanding	Issued	Held in Treasury	Outstanding
Balance as of March 31	8,019	(3,806)	4,213	8,019	(3,785)	4,234
Acquisitions	—	(45)	(45)	—	—	—
Dispositions	—	—	—	—	—	—
Balance as of June 30	8,019	(3,851)	4,168	8,019	(3,785)	4,234

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

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(millions of dollars)
ExxonMobil Share of Equity
Common Stock Earnings Reinvested Accumulated Other Comprehensive Income Common Stock Held in Treasury ExxonMobil Share of Equity Non-controlling Interests Total Equity
Balance as of December 31, 2019 15,637 421,341 (19,493) (225,835) 191,650 7,288 198,938
Amortization of stock-based awards 358 — — — 358 — 358
Other (183) — — — (183) 380 197
Net income (loss) for the period — (1,690) — — (1,690) (249) (1,939)
Dividends - common shares — (7,434) — — (7,434) (93) (7,527)
Cumulative effect of accounting
change
— (93) — — (93) (1) (94)
Other comprehensive income (loss) — — (2,124) — (2,124) (292) (2,416)
Acquisitions, at cost — — — (305) (305) (63) (368)
Dispositions — — — 4 4 — 4
Balance as of June 30, 2020 15,812 412,124 (21,617) (226,136) 180,183 6,970 187,153
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 328 — — — 328 — 328
Other (10) — — — (10) 86 76
Net income (loss) for the period — 7,420 — — 7,420 157 7,577
Dividends - common shares — (7,441) — — (7,441) (112) (7,553)
Other comprehensive income (loss) — — 1,119 — 1,119 167 1,286
Acquisitions, at cost — — — (1) (1) (293) (294)
Dispositions — — — 6 6 — 6
Balance as of June 30, 2021 16,006 383,922 (15,586) (225,771) 158,571 6,985 165,556



CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY


	ExxonMobil Share of Equity

(millions of dollars, unless noted)	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, 2020	15,688	383,943	(16,705)	(225,776)	157,150	6,980	164,130
Amortization of stock-based awards	328	—	—	—	328	—	328
Other	(10)	—	—	—	(10)	86	76
Net income (loss) for the period	—	7,420	—	—	7,420	157	7,577
Dividends - common shares	—	(7,441)	—	—	(7,441)	(112)	(7,553)

Other comprehensive income (loss)	—	—	1,119	—	1,119	167	1,286
Acquisitions, at cost	—	—	—	(1)	(1)	(293)	(294)
Dispositions	—	—	—	6	6	—	6
Balance as of June 30, 2021	16,006	383,922	(15,586)	(225,771)	158,571	6,985	165,556

Balance as of December 31, 2021	15,746	392,059	(13,764)	(225,464)	168,577	7,106	175,683
Amortization of stock-based awards	281	—	—	—	281	—	281
Other	(9)	—	—	—	(9)	(1)	(10)
Net income (loss) for the period	—	23,330	—	—	23,330	994	24,324
Dividends - common shares	—	(7,487)	—	—	(7,487)	(123)	(7,610)

Other comprehensive income (loss)	—	—	(1,253)	—	(1,253)	(88)	(1,341)
Acquisitions, at cost	—	—	—	(6,126)	(6,126)	(696)	(6,822)
Dispositions	—	—	—	3	3	—	3
Balance as of June 30, 2022	16,018	407,902	(15,017)	(231,587)	177,316	7,192	184,508


		Six Months Ended June 30, 2021			Six Months Ended June 30, 2020				Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Common Stock Share Activity		Issued	Held in Treasury	Outstanding	Issued	Held in Treasury	Outstanding
		(millions of shares)			(millions of shares)
Common Stock Share Activity (millions of shares)								Common Stock Share Activity (millions of shares)	Issued	Held in Treasury	Outstanding	Issued	Held in Treasury	Outstanding
Balance as of December 31	Balance as of December 31	8,019	(3,786)	4,233	8,019	(3,785)	4,234	Balance as of December 31	8,019	(3,780)	4,239	8,019	(3,786)	4,233
Acquisitions	Acquisitions	—	—	—	—	(6)	(6)	Acquisitions	—	(71)	(71)	—	—	—
Dispositions	Dispositions	—	1	1	—	—	—	Dispositions	—	—	—	—	1	1
Balance as of June 30	Balance as of June 30	8,019	(3,785)	4,234	8,019	(3,791)	4,228	Balance as of June 30	8,019	(3,851)	4,168	8,019	(3,785)	4,234

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

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

~~EXXON MOBIL CORPORATION~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~



NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1.Basis of 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~~2021 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.

Note 2.~~Miscellaneous Financial Information~~ Russia

~~Crude oil, products~~In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and ~~merchandise inventories are carried at~~develop steps to exit the ~~lower~~venture. In light of ~~current market~~this, an impairment assessment was conducted, and management determined that the carrying value ~~or cost, generally determined under~~of the ~~last-in first-out method (LIFO).~~asset group was not recoverable. As a result, the Corporation’s first quarter earnings included after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (including impairments)” on the Condensed Consolidated Statement of Income. The Corporation's ~~results for~~exit from the ~~second quarter~~project would result in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represented less than 1 percent of 2020 included a before-tax credit of $2,624 million, as rising prices reduced the charge against the book value of inventories from $2,777 million in the first quarter 2020 to $153 million for the first half of 2020. This adjustment, which is included in "Crude oil and product purchases", together with a market adjustment to inventory for equity companies included in "Income from equity affiliates", resulted in a $1,922 million after-tax credit to earnings (excluding noncontrolling interests) in the second quarter of 2020.

~~In the first half 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~~18.5 billion oil-equivalent barrels of proved reserves at the end of the first quarter, before-tax goodwill impairment charges of $611 million and other impairment charges of $363 million were recognized. The charges related to goodwill impairments 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.”year-end 2021.

Note 3. Litigation and Other Contingencies

~~Litigation.~~ 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.~~ Contingencies

The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, ~~2021,~~2022, 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.

~~(1)ExxonMobil share~~


	June 30, 2022

(millions of dollars)	Equity Company Obligations (1)	Other Third-Party Obligations	Total
Guarantees
Debt-related	1,138	144	1,282
Other	757	5,903	6,660
Total	1,895	6,047	7,942

(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~~rights; sanctions 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.

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.Note 4. Other Comprehensive Income Information


ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars)	Cumulative Foreign Exchange Translation Adjustment	Postretirement Benefits Reserves Adjustment	Total
Balance as of December 31, 2020	(10,614)	(6,091)	(16,705)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)	425	119	544
Amounts reclassified from accumulated other comprehensive income	—	575	575
Total change in accumulated other comprehensive income	425	694	1,119
Balance as of June 30, 2021	(10,189)	(5,397)	(15,586)

Balance as of December 31, 2021	(11,499)	(2,265)	(13,764)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)	(1,682)	245	(1,437)
Amounts reclassified from accumulated other comprehensive income	—	184	184
Total change in accumulated other comprehensive income	(1,682)	429	(1,253)
Balance as of June 30, 2022	(13,181)	(1,836)	(15,017)

(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $327 million and $135 million in 2022 and 2021, respectively.


Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021

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)	(132)	(280)	(252)	(764)


Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021

Foreign exchange translation adjustment	(68)	19	(90)	(34)
Postretirement benefits reserves adjustment (excluding amortization)	(83)	25	(123)	(33)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	(30)	(65)	(57)	(171)
Total	(181)	(21)	(270)	(238)

~~4. Other Comprehensive Income Information~~Note 5. Earnings Per Share

Comprehensive Income

from accumulated other comprehensive income (1)

comprehensive income

Current period change excluding amounts reclassified

from accumulated other comprehensive income (1)

comprehensive income

~~(1)Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $135 million and $5 million in 2021 and 2020, respectively.~~


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Earnings per common share
Net income (loss) attributable to ExxonMobil (millions of dollars)	17,850	4,690	23,330	7,420
Weighted average number of common shares outstanding (millions of shares)	4,233	4,276	4,248	4,274
Earnings (loss) per common share (dollars) (1)	4.21	1.10	5.49	1.74
Dividends paid per common share (dollars)	0.88	0.87	1.76	1.74

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

Amounts Reclassified Out of Accumulated Other Three Months Ended
June 30, Six Months Ended
June 30,
Comprehensive Income - Before-tax Income/(Expense) 2021 2020 2021 2020
(millions of dollars) (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) (280) (260) (764) (522)

Note 6. Pension and Other Postretirement Benefits

adjustment included in net periodic benefit costs

~~5. Earnings Per Share~~

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

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

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

Dividends paid per common share (dollars)

~~(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~~

Note 7. Financial Instruments and Derivatives

~~Financial Instruments.~~The estimated fair value of financial instruments and derivatives at June 30, ~~2021,~~2022 and December 31, ~~2020,~~2021, and the related hierarchy level for the fair value measurement was as follows:

At June 30, 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)
2,156 594 — 2,750 (2,357) 0 — 393
Advances to/receivables
from equity companies (2)(6)
— 3,167 5,727 8,894 — — (291) 8,603
Other long-term
financial assets (3)
1,104 — 1,303 2,407 — — 190 2,597
Liabilities
Derivative liabilities (4)
2,806 759 — 3,565 (2,357) (650) — 558
Long-term debt (5)
46,787 100 4 46,891 — — (3,376) 43,515
Long-term obligations
to equity companies (6)
— — 3,337 3,337 — — (299) 3,038
Other long-term
financial liabilities (7)
— — 972 972 — — 57 1,029

Derivative assets (1)

Advances to/receivables from equity companies (2)(6)

from equity companies (2)(6)

Other long-term financial assets (3)

financial assets (3)

Derivative liabilities (4)

Long-term obligations to equity companies (6)

to equity companies (6)

financial liabilities (7)

Other long-term financial liabilities (7)

~~(1)Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net~~


	December 31, 2021


	Fair Value
(millions of dollars)	Level 1	Level 2	Level 3	Total Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value
Assets
Derivative assets (1)	1,422	1,523	—	2,945	(1,930)	(28)	—	987

Advances to/receivables from equity companies (2)(6)	—	3,076	5,373	8,449	—	—	(123)	8,326

Other long-term financial assets (3)	1,134	—	1,058	2,192	—	—	181	2,373

Liabilities
Derivative liabilities (4)	1,701	2,594	—	4,295	(1,930)	(306)	—	2,059
Long-term debt (5)	44,454	88	3	44,545	—	—	(2,878)	41,667

Long-term obligations to equity companies (6)	—	—	3,084	3,084	—	—	(227)	2,857

Other long-term financial liabilities (7)	—	—	902	902	—	—	58	960

~~(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.


(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 June 30, ~~2021,~~2022 and December 31, ~~2020,~~2021, respectively, the Corporation had ~~$495~~$1,403 million and ~~$504~~$641 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.

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 June 30, ~~2021,~~2022, the

Corporation has designated ~~$5.3~~$4.7 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.

The Corporation had undrawn short-term committed lines of credit of ~~$10.7~~$10.6 billion, of which $10 billion will expire without renewal in the third quarter, and undrawn long-term committed lines of credit of ~~$0.6~~$0.4 billion as of second quarter ~~2021.~~2022.

Derivative Instruments

~~Derivative Instruments.~~The Corporation’s size, strong capital structure, geographic diversity and the complementary nature of ~~the Upstream, Downstream and Chemical businesses~~our business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and ~~for trading purposes.~~to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed 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 June 30, ~~2021,~~2022 and December 31, ~~2020,~~2021, or results of operations for the periods ended June 30, ~~2021,~~2022 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 June 30, ~~2021,~~2022 and December 31, ~~2020,~~2021, was as follows:

Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis:





(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Sales and other operating revenue	(1,413)	(1,088)	(3,948)	(1,600)
Crude oil and product purchases	—	(20)	(26)	(19)
Total	(1,413)	(1,108)	(3,974)	(1,619)

Note 8. Disclosures about Segments and Related Information

Three Months Ended
June 30, Six Months Ended
June 30,
2021 2020 2021 2020
Earnings (Loss) After Income Tax (millions of dollars) (millions of dollars)
Upstream
United States 663 (1,197) 1,026 (1,901)
Non-U.S. 2,522 (454) 4,713 786
Downstream
United States (149) (101) (262) (202)
Non-U.S. (78) 1,077 (355) 567
Chemical
United States 1,282 171 1,997 459
Non-U.S. 1,038 296 1,738 152
Corporate and financing (588) (872) (1,437) (1,551)
Corporate total 4,690 (1,080) 7,420 (1,690)
Sales and Other Operating Revenue
Upstream
United States 1,726 1,081 3,611 2,858
Non-U.S. 3,792 2,022 6,886 4,589
Downstream
United States 19,040 8,203 35,118 23,587
Non-U.S. 31,899 16,302 60,512 45,606
Chemical
United States 4,007 1,570 7,098 3,866
Non-U.S. 5,474 3,090 10,361 6,890
Corporate and financing 5 9 (91) 15
Corporate total 65,943 32,277 123,495 87,411
Intersegment Revenue
Upstream
United States 3,827 1,378 7,150 3,651
Non-U.S. 7,747 2,852 14,564 9,239
Downstream
United States 5,438 2,056 9,391 6,008
Non-U.S. 5,505 2,752 10,886 7,876
Chemical
United States 2,488 1,220 4,438 2,986
Non-U.S. 1,342 708 2,573 1,971
Corporate and financing 52 56 109 111
Effective April 1, 2022, the Corporation streamlined its business structure by combining the Chemical and Downstream businesses into a single business, Product Solutions. Product Solutions consists of 3 operating segments:

•Energy Products: Fuels, aromatics, and catalysts and licensing

•Chemical Products: Olefins, polyethylene, polypropylene, and intermediates

•Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins

Information disclosed in this note has been recast for the new segmentation.


(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Earnings (Loss) After Income Tax
Upstream
United States	3,749	663	6,125	1,026
Non-U.S.	7,622	2,522	9,734	4,713
Energy Products
United States	2,655	(278)	3,144	(510)
Non-U.S.	2,617	(578)	1,933	(1,267)
Chemical Products
United States	625	1,149	1,395	1,803
Non-U.S.	450	1,051	1,086	1,788
Specialty Products
United States	232	262	478	442
Non-U.S.	185	487	415	862
Corporate and Financing	(286)	(588)	(980)	(1,437)
Corporate total	17,850	4,690	23,330	7,420

Sales and Other Operating Revenue
Upstream
United States	3,958	1,726	6,614	3,611
Non-U.S.	7,101	3,792	13,444	6,886
Energy Products
United States	34,473	18,770	59,326	34,304
Non-U.S.	52,804	29,925	94,519	56,815
Chemical Products
United States	3,180	3,035	6,274	5,533
Non-U.S.	4,497	4,244	8,994	7,985
Specialty Products
United States	1,653	1,242	3,044	2,379
Non-U.S.	3,591	3,204	6,769	6,073
Corporate and Financing	8	5	15	(91)
Corporate total (1)	111,265	65,943	198,999	123,495

Intersegment Revenue
Upstream
United States	7,180	3,827	13,371	7,150
Non-U.S.	13,533	7,747	24,368	14,564
Energy Products
United States	8,348	4,102	15,197	7,263
Non-U.S.	10,848	5,186	19,610	10,085
Chemical Products
United States	2,558	1,461	4,325	2,806
Non-U.S.	1,600	929	3,107	1,751
Specialty Products
United States	713	584	1,272	1,080
Non-U.S.	195	160	419	320
Corporate and Financing	59	52	116	109

(1) See footnote on the next page


Geographic Sales and Other Operating Revenue
(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
United States	43,264	24,773	75,258	45,827
Non-U.S.	68,001	41,170	123,741	77,668
Total (1)	111,265	65,943	198,999	123,495

Significant Non-U.S. revenue sources include: (2)
Canada	9,642	5,282	16,638	9,541
United Kingdom	8,306	3,815	15,854	6,758
France	5,265	3,247	9,622	6,029
Singapore	4,774	3,515	9,096	6,950
Italy	3,063	2,466	5,898	4,331
Belgium	3,041	2,192	5,877	4,181
Australia	3,205	2,019	5,661	3,748

(1) Includes approximately 23% and 15% related to revenue outside the scope of ASC 606 "Revenue from Contracts with Customers" for the three months ended June 30, 2022 and June 30, 2021, respectively, and 22% and 16% for the six months ended June 30, 2022 and June 30, 2021, respectively. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
(2) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.

Geographic
Three Months Ended
June 30, Six Months Ended
June 30,
Sales and Other Operating Revenue 2021 2020 2021 2020
(millions of dollars) (millions of dollars)
United States 24,773 10,854 45,827 30,311
Non-U.S. 41,170 21,423 77,668 57,100
Total 65,943 32,277 123,495 87,411
Significant Non-U.S. revenue sources include: (1)
Canada 5,282 2,148 9,541 5,971
United Kingdom 3,815 1,906 6,758 5,597
Singapore 3,515 1,867 6,950 4,483
France 3,247 1,583 6,029 4,172
Italy 2,466 1,228 4,331 3,186
Belgium 2,192 1,247 4,181 3,136
Australia 2,019 1,372 3,748 3,025

~~(1)Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.~~

Note 9. Divestment Activities

~~ExxonMobil~~In February 2022, the Corporation signed an agreement ~~in the first quarter of 2021~~ with ~~HitecVision, through its wholly-owned portfolio company NEO~~Seplat Energy Offshore Limited for the sale of ~~most~~Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In early July, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of ~~its non-operated upstream~~these matters.

In May 2022, the Corporation signed an agreement for the sale of ExxonMobil Exploration and Production Romania, consisting of certain unproved Upstream assets, to Romgaz S.A. The transaction closed in the third quarter, and the Corporation will recognize a gain on the sale of approximately $300 million.

In June 2022, the Corporation signed an agreement with Whitecap Resources Inc. for the sale of XTO Energy Canada, consisting of Upstream unconventional assets in ~~the United Kingdom~~ central ~~and northern North Sea for more than $1 billion. The transaction is expected to close by year-end 2021, subject to standard conditions precedent, including regulatory and third-party approvals.~~Alberta. The agreed sales price is subject to interim period adjustments from ~~the effective date of January~~May 1, ~~2021,~~2022 to the closing date, and has an additional upside potential of approximately $0.3 billion in contingent payments, based on production levels 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.

~~In the second quarter of 2021, ExxonMobil signed an agreement with Celanese for the sale of its global~~ ~~Santoprene~~ business for $1.15 billion, subject to working capital and other adjustments. The sale includes 2 thermoplastic elastomers manufacturing sites in Pensacola, Florida and Newport, Wales along with associated assets.date. The transaction is ~~expected~~anticipated to close in the ~~fourth~~third quarter, ~~of 2021, subject to standard conditions precedent including regulatory approvals. Estimated total cash flow from~~and the ~~divestment is approximately $0.9 billion.~~

~~The~~ Corporation expects to recognize a gain ~~at closing for each~~on the sale of ~~these transactions. Estimated gain and net cash flow could change due to market factors, working capital adjustments, tax impacts, and closing dates.~~approximately $300 million.

~~10.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 completed by the end of 2021, include both voluntary and involuntary employee separations and reductions in contractors.

During the second quarter of 2021, the Corporation recorded before-tax charges of $10 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” on the Statement of Income.

~~For the first six months of the year, the recorded before-tax charges associated with the global review of staffing levels were $49 million.~~

For the full year, the Corporation estimates charges of less than $100 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 tables summarize 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.”

Three Months Ended
June 30, Six Months Ended
June 30,
2021 2021
(millions of dollars) (millions of dollars)
Beginning Balance 312 403
Additions/adjustments 10 49
Payments made (94) (224)
Ending Balance 228 228

~~EXXON MOBIL CORPORATION~~

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~In early 2020,~~During the ~~balance of~~COVID-19 pandemic, industry investment to maintain and increase production capacity was restrained to preserve capital, resulting in underinvestment and supply ~~and~~tightness as demand for petroleum and petrochemical products ~~experienced two significant disruptive effects. On~~recovered. In addition, industry rationalization of refining capacity resulted in more than 3 million barrels per day of capacity being taken offline. Across late 2021 and the first half of 2022, this dynamic, along with supply chain constraints, and a continuation of demand ~~side,~~recovery led to a steady increase in oil and natural gas prices and refining margins. In the ~~COVID-19 pandemic spread rapidly through most areas~~first half of 2022, tightness in the oil and natural gas markets was further exacerbated by Russia’s invasion of Ukraine and subsequent sanctions imposed upon business and other activities in Russia. The price of Brent crude oil and certain regional natural gas indicators increased to levels not seen for several years, and both natural gas realizations and industry refining margins improved to levels well above the 10-year range. By the end of the ~~world resulting in substantial reductions in consumer and business activity and significantly reduced~~second quarter, high prices had led to a tempering of demand for ~~crude~~some products. Commodity and product prices are expected to remain volatile given the current global economic uncertainty and geopolitical events affecting supply and demand.

In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. The Corporation remains focused on protecting the safety of employees, operations, and the environment. The Corporation is complying with all applicable laws and sanctions and is currently engaged in transitioning Sakhalin-1 operating activities to another party.

The Corporation’s first quarter results included after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin (see Note 2 to Condensed Consolidated Financial Statements). Efforts to transition operatorship to a third party and exit the venture are expected to result in minimal hydrocarbon sales and cash flows for the Corporation’s account in future periods. For reference, excluding the impact of impairments and other charges, after-tax earnings related to the Corporation’s interest in Sakhalin during the first half of 2022 were approximately $0.3 billion, and combined oil ~~natural~~and gas ~~and petroleum products. This reduction~~production was approximately 45 thousand oil-equivalent barrels per day. The Corporation's exit from the project would result in ~~demand coincided with announcements~~quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represented less than one percent of ~~increased production in certain key oil-producing countries which led to increases in inventory levels and sharp declines in prices for crude oil, natural gas, and~~ ~~petroleum products.~~

~~Demand for petroleum and petrochemical products has continued to recover through 2021 with~~ the Corporation's ~~second quarter 2021 financial results benefiting~~18.5 billion oil-equivalent barrels of proved reserves at year-end 2021.

The Corporation holds a 25% interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and holds a 16.8% working interest in the Kashagan field in Kazakhstan. Oil production from ~~stronger prices~~those operations is exported through the Caspian Pipeline Consortium (CPC) pipeline, in which the Corporation holds a 7.5% interest. CPC traverses parts of Kazakhstan and ~~margins when compared~~Russia to tanker-loading facilities on the Russian coast of the Black Sea. In the event that existing sanctions related to Russia’s military actions in Ukraine expand, new sanctions are imposed, countermeasures are employed by the Russian Federation, or other direct or indirect impacts arise, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration. For reference, after-tax earnings related to the Corporation’s interests in Kazakhstan for the first ~~quarter~~half of ~~2021.~~2022 were $1.5 billion, and its share of combined oil and gas production was approximately 250 thousand oil-equivalent barrels per day.

Effective April 1, 2022, the Corporation streamlined its business structure by combining the Chemical and Downstream businesses into a single business, Product Solutions. The ~~rate~~new business is focused on growing high-value products, improving competitiveness and ~~pace~~leading in sustainability. Product Solutions consists of ~~recovery, however, has varied across geographies~~three operating segments:

•Energy Products: Fuels, aromatics, and ~~business lines, with Downstream margins remaining low compared~~catalysts and licensing

•Chemical Products: Olefins, polyethylene, polypropylene, and intermediates

•Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins

Further information on financial performance related to ~~historical levels over~~ the ~~last decade. The Corporation continues~~new segments are disclosed in Management's Discussion and Analysis and Note 8 to ~~closely monitor industry and economic conditions amid~~ the ~~uneven global recovery from the COVID-19 pandemic.~~Condensed Consolidated Financial Statements.

FUNCTIONAL EARNINGS SUMMARY

Second Quarter First Six Months
Earnings (Loss) (U.S. GAAP) 2021 2020 2021 2020
(millions of dollars) (millions of dollars)
Upstream
United States 663 (1,197) 1,026 (1,901)
Non-U.S. 2,522 (454) 4,713 786
Downstream
United States (149) (101) (262) (202)
Non-U.S. (78) 1,077 (355) 567
Chemical
United States 1,282 171 1,997 459
Non-U.S. 1,038 296 1,738 152
Corporate and financing (588) (872) (1,437) (1,551)
Net income (loss) attributable to ExxonMobil (U.S. GAAP) 4,690 (1,080) 7,420 (1,690)
Earnings (Loss) per common share (dollars)
1.10 (0.26) 1.74 (0.40)
Earnings (Loss) per common share - assuming dilution (dollars)
1.10 (0.26) 1.74 (0.40)
Earnings (loss) excluding Identified Items, are earnings (loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an Identified Item for an individual segment in a given quarter may be less than $250 million when the item impacts several segments or several periods. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.


Three Months Ended June 30, 2022	Upstream		Energy Products		Chemical Products		Specialty Products		Corporate and Financing	Total
(millions of dollars)	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.
Earnings (loss) (U.S. GAAP)	3,749	7,622	2,655	2,617	625	450	232	185	(286)	17,850
Identified Items

Gain/(loss) on sale of assets	299	—	—	—	—	—	—	—	—	299






Earnings (loss) excluding Identified Items	3,450	7,622	2,655	2,617	625	450	232	185	(286)	17,551


Three Months Ended June 30, 2021	Upstream		Energy Products		Chemical Products		Specialty Products		Corporate and Financing	Total
(millions of dollars)	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.
Earnings (loss) (U.S. GAAP)	663	2,522	(278)	(578)	1,149	1,051	262	487	(588)	4,690
Identified Items




Severance charges	—	—	—	—	—	—	—	—	(12)	(12)



Earnings (loss) excluding Identified Items	663	2,522	(278)	(578)	1,149	1,051	262	487	(576)	4,702


Six Months Ended June 30, 2022	Upstream		Energy Products		Chemical Products		Specialty Products		Corporate and Financing	Total
(millions of dollars)	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.
Earnings (loss) (U.S. GAAP)	6,125	9,734	3,144	1,933	1,395	1,086	478	415	(980)	23,330
Identified Items
Impairments	—	(2,877)	—	—	—	—	—	—	(98)	(2,975)
Gain/(loss) on sale of assets	299	—	—	—	—	—	—	—	—	299




Other - Russia impacts	—	(378)	—	—	—	—	—	—	—	(378)

Earnings (loss) excluding Identified Items	5,826	12,989	3,144	1,933	1,395	1,086	478	415	(882)	26,384


Six Months Ended June 30, 2021	Upstream		Energy Products		Chemical Products		Specialty Products		Corporate and Financing	Total
(millions of dollars)	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.
Earnings (loss) (U.S. GAAP)	1,026	4,713	(510)	(1,267)	1,803	1,788	442	862	(1,437)	7,420
Identified Items




Severance charges	—	—	—	—	—	—	—	—	(43)	(43)



Earnings (loss) excluding Identified Items	1,026	4,713	(510)	(1,267)	1,803	1,788	442	862	(1,394)	7,463

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

Due to rounding, numbers presented may not add up precisely to the totals indicated.

REVIEW OF SECOND QUARTER ~~2021~~2022 RESULTS

ExxonMobil’s second quarter ~~2021~~2022 earnings were ~~$4.7~~$17.9 billion, or ~~$1.10~~$4.21 per diluted share, compared with ~~a loss~~earnings of ~~$1.1~~$4.7 billion a year earlier. The increase in earnings was driven by higher Upstream ~~realizations; higher Chemical~~realizations and ~~Downstream margins; higher volumes;~~Energy Products margins. Capital and ~~lower expenses. These impacts~~exploration expenditures were ~~partly offset by~~$4.6 billion, up $0.8 billion from second quarter 2021.

Earnings for the ~~absence~~first six months of ~~prior~~2022 were $23.3 billion, or $5.49 per diluted share, compared with $7.4 billion a year ~~favorable non-operational inventory adjustments~~earlier. Capital and ~~higher scheduled maintenance activity.~~exploration expenditures were $9.5 billion, up $2.6 billion from 2021. The Corporation distributed $7.5 billion in dividends to shareholders and repurchased $6.1 billion of common stock.


Upstream Financial Results

(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Earnings (loss) (U.S. GAAP)
United States	3,749	663	6,125	1,026
Non-U.S.	7,622	2,522	9,734	4,713
Total	11,371	3,185	15,859	5,739

Identified Items (1)
United States	299	—	299	—
Non-U.S.	—	—	(3,255)	—
Total	299	—	(2,956)	—

Earnings (loss) excluding Identified Items (1)
United States	3,450	663	5,826	1,026
Non-U.S.	7,622	2,522	12,989	4,713
Total	11,072	3,185	18,815	5,739

Upstream Second Quarter Earnings Factor Analysis

(millions of dollars)

Price– Higher realizations increased earnings by $7,900 million as average realizations for crude oil increased 71%, while natural gas realizations increased 186%.

~~Earnings for the first six months~~Volume/Mix – Higher volumes increased earnings by $440 million, reflecting growth in Guyana and Permian and eased curtailments, partly offset by downtime, lower entitlements, and decline.

Other – All other items decreased earnings by $450 million due to divestment-related impairments and absence of ~~2021 were $7.4 billion, or $1.74 per diluted share, compared with a loss of $1.7 billion a~~prior year ~~earlier.~~one-time tax impacts.

Identified Items (1) –2Q 2022 $299 million gain on the sale of U.S. Barnett Shale assets.

~~Capital~~(1) Refer to Functional Earnings Summary for definition of Identified Items and ~~exploration expenditures were $6.9 billion, down $5.5 billion from 2020.~~

Oil-equivalent production was 3.7 million barrels per day, down 4 percent from the prior year. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production was up 1 percent from the prior year.

~~The Corporation distributed $7.4 billion in dividends to shareholders.~~earnings (loss) excluding Identified Items.

Second Quarter First Six Months
2021 2020 2021 2020
(millions of dollars) (millions of dollars)
Upstream results
United States 663 (1,197) 1,026 (1,901)
Non-U.S. 2,522 (454) 4,713 786
Total 3,185 (1,651) 5,739 (1,115)

~~Upstream earnings were $3,185 million in the second quarter of 2021, compared with a loss of $1,651 million in the second quarter of 2020.~~

•~~Realizations increased earnings by $4,320 million, driven by higher liquids realizations of $4,060 million and higher gas realizations of $260 million.~~

•~~Volume and mix effects increased earnings by $40 million due to favorable liquids sales mix of $30 million and higher gas sales volumes of $10 million.~~

•All other items increased earnings by $470 million, as lower expenses of $280 million and favorable other earnings impacts of $270 million were partly offset by unfavorable foreign exchange impacts of $80 million.

•~~U.S. Upstream earnings were $663 million, up $1,860 million from the prior year quarter.~~

•~~Non-U.S. Upstream earnings were $2,522 million, up $2,976 million from the prior year quarter.~~

•~~On an oil-equivalent basis, production decreased 2 percent from the second quarter of 2020.~~

•~~Liquids production totaled 2.2 million barrels per day, down 106,000 barrels per day, as higher demand was more than offset by lower entitlements and increased maintenance activity.~~

•~~Natural gas production was 8.3 billion cubic feet per day, up 304 million cubic feet per day, reflecting the impacts of higher demand partly offset by increased maintenance activity and divestments.~~

Upstream Year-to-Date Earnings Factor Analysis

(millions of dollars)

Price– Higher realizations increased earnings by $13,830 million as average realizations for crude oil increased 69% and natural gas realizations increased 161%.

~~Upstream~~Volume/Mix – Unfavorable volume and mix effects decreased earnings ~~were $5,739~~by $380 million, reflecting impacts from the reduced Groningen gas production limit in Netherlands, higher downtime including the effects of weather in the first ~~six months of 2021, compared with a loss of $1,115 million in the first six months of 2020.~~

•~~Realizations increased earnings by $5,610 million, with higher liquids realizations of $5,450 million~~quarter, and ~~higher gas realizations of $160 million.~~

•~~Volume and mix effects reduced earnings by $320 million, reflecting~~ lower ~~liquid sales volumes of $370 million~~entitlements due to prices, partly offset by ~~higher gas volumes of $50 million.~~growth in Permian and Guyana.

•Other – All other items ~~increased~~decreased earnings by ~~$1,560~~$370 million ~~as lower expenses of $990 million~~due to divestment-related impairments and the absence of prior year ~~unfavorable non-operational impacts~~one-time tax impacts.

Identified Items (1) –2022 $(2,956) million loss as a result of ~~$410 million and other favorable earnings impacts of $460 million were~~the company's plans to discontinue operations on the Russia Sakhalin-1 project, partly offset by ~~unfavorable foreign exchange effects~~a gain on the sale of ~~$300 million.~~U.S. Barnett Shale assets.

•~~U.S. Upstream~~(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings ~~were $1,026 million, compared with a loss of $1,901 million in the prior year.~~(loss) excluding Identified Items.

•~~Non-U.S. Upstream earnings were $4,713 million, up $3,927 million from the prior year.~~

•~~On an oil-equivalent basis, production decreased 4 percent from the first six months of 2020.~~

•Liquids production totaled 2.2 million barrels per day, down 164,000 barrels per day, with higher demand and project growth more than offset by lower entitlements, government mandates, decline and increased maintenance activity.

•Natural gas production was 8.7 billion cubic feet per day, up 38 million cubic feet per day, as higher demand was largely offset by increased maintenance activity, the Groningen production limit, and divestments.

Second Quarter First Six Months
Upstream additional information (thousands of barrels daily) (thousands of barrels daily)
Volumes reconciliation (Oil-equivalent production) (1)

2020 3,638 3,842
Entitlements - Net Interest 4 (1)
Entitlements - Price / Spend / Other (147) (94)
Government Mandates (6) (65)
Divestments (23) (20)
Growth / Other 116 22
2021 3,582 3,684


Upstream Operational Results

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily)
United States	777	687		765	676
Canada/Other Americas	556	529		516	552
Europe	4	16		4	25
Africa	224	254		240	254
Asia	691	669		714	680
Australia/Oceania	46	45		43	42
Worldwide	2,298	2,200		2,282	2,229

Net natural gas production available for sale (millions of cubic feet daily)
United States	2,699	2,804		2,738	2,786
Canada/Other Americas	180	189		180	203
Europe	825	654		798	1,026
Africa	67	46		63	35
Asia	3,320	3,433		3,330	3,515
Australia/Oceania	1,515	1,168		1,421	1,166
Worldwide	8,606	8,294		8,530	8,731


Oil-equivalent production (1) (thousands of oil-equivalent barrels daily)	3,732	3,582		3,704	3,684

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

2Q 2022 versus 2Q 2021

~~(1)~~Liquids production – 2.3 million barrels per day increased 98 thousand barrels per day from 2Q 2021, reflecting growth in Permian and Guyana and easing government-mandated curtailments, partly offset by lower entitlements due to higher prices, higher downtime, and divestments.

Natural gas ~~is converted to an oil-equivalent basis at six~~production available for sale – 8.6 billion cubic feet per day increased 312 million cubic feet per ~~one thousand barrels.~~day from 2Q2021, reflecting reduced scheduled maintenance, partly offset by lower entitlements and divestments.

YTD 2022 versus YTD 2021

Liquids production – 2.3 million barrels per day increased 53 thousand barrels per day from 2021, reflecting growth in Permian and Guyana and easing government-mandated curtailments, partly offset by lower entitlements due to higher prices, higher downtime including the effects of weather in the first quarter of 2022, and divestments.

Natural gas production available for sale – 8.5 billion cubic feet per day decreased 201 million cubic feet per day from 2021, reflecting impacts from the reduced Groningen production limit, divestments, and entitlements.


Upstream Additional Information

(thousands of barrels daily)	Three Months Ended June 30	Six Months Ended June 30
Volumes reconciliation (Oil-equivalent production) (1)
2021	3,582	3,684
Entitlements - Net Interest	(27)	(29)
Entitlements - Price / Spend / Other	(57)	(48)
Government Mandates	90	101
Divestments	(28)	(46)
Other	172	42
2022	3,732	3,704

(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.

Government Mandates are changes to ExxonMobil's sustainable production levels ~~due to~~as a result of temporary non-operational production limits or sanctions imposed by governments, generally upon a country, sector, type or method of 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.

Second Quarter First Six Months
2021 2020 2021 2020
(millions of dollars) (millions of dollars)
Downstream results
United States (149) (101) (262) (202)
Non-U.S. (78) 1,077 (355) 567
Total (227) 976 (617) 365
ENERGY PRODUCTS

~~Downstream results were a loss of $227 million in the second quarter of 2021, down $1,203 million from the second quarter of 2020.~~


Energy Products Financial Results

(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021
Earnings (loss) (U.S. GAAP)
United States	2,655	(278)		3,144	(510)
Non-U.S.	2,617	(578)		1,933	(1,267)
Total	5,273	(856)		5,077	(1,777)






Earnings (loss) excluding Identified Items (1)
United States	2,655	(278)		3,144	(510)
Non-U.S.	2,617	(578)		1,933	(1,267)
Total	5,273	(856)		5,077	(1,777)

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.

•~~Margins increased earnings by $430 million, reflecting stronger industry refining conditions.~~

•~~Volume and mix effects increased earnings by $220 million.~~

•All other items decreased earnings by $1,860 million, reflecting the absence of a prior year favorable inventory adjustment of $1,590 million, unfavorable foreign exchange impacts of $90 million, higher expenses of $60 million, and other unfavorable earnings impacts of $120 million.

•~~U.S. Downstream results were a loss of $149 million, compared with a loss of $101 million in the prior year quarter.~~

•~~Non-U.S. Downstream results were a loss of $78 million, down $1,155 million from the prior year quarter.~~


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


Class						Outstanding as of June 30, ~~2021~~2022
Common stock, without par value						~~4,233,562,917~~4,167,636,295


		June 30,	December 31,
		2021	2020
		(millions)
(millions)				(millions)	June 30, 2022	December 31, 2021
Crude oil (barrels)	Crude oil (barrels)	30	40	Crude oil (barrels)	47	82
Petroleum products (barrels)	Petroleum products (barrels)	(69)	(46)	Petroleum products (barrels)	(39)	(48)
Natural gas (MMBTUs)	Natural gas (MMBTUs)	(461)	(500)	Natural gas (MMBTUs)	(115)	(115)


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


	Three Months Ended June 30, 2021			Three Months Ended June 30, 2020
Common Stock Share Activity	Issued	Held in Treasury	Outstanding	Issued	Held in Treasury	Outstanding
	(millions of shares)			(millions of shares)
Balance as of March 31	8,019	(3,785)	4,234	8,019	(3,791)	4,228
Acquisitions	—	—	—	—	—	—
Dispositions	—	—	—	—	—	—
Balance as of June 30	8,019	(3,785)	4,234	8,019	(3,791)	4,228


		As of June 30, 2021
		Equity Company Obligations (1)	Other Third-Party Obligations	Total
		(millions of dollars)
Guarantees
	Debt-related	1,026	131	1,157
	Other	865	4,933	5,798
	Total	1,891	5,064	6,955


Amounts Reclassified Out of Accumulated Other	Three Months Ended June 30,		Six Months Ended June 30,
Comprehensive Income - Before-tax Income/(Expense)	2021	2020	2021	2020
	(millions of dollars)		(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)	(280)	(260)	(764)	(522)


Income Tax (Expense)/Credit For	Three Months Ended June 30,		Six Months Ended June 30,
Components of Other Comprehensive Income	2021	2020	2021	2020
	(millions of dollars)		(millions of dollars)
Foreign exchange translation adjustment	19	8	(34)	15
Postretirement benefits reserves adjustment (excluding amortization)	25	52	(33)	(10)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	(65)	(57)	(171)	(115)
Total	(21)	3	(238)	(110)


		At June 30, 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)	2,156	594	—	2,750	(2,357)	0	—	393
	Advances to/receivables
	from equity companies (2)(6)	—	3,167	5,727	8,894	—	—	(291)	8,603
	Other long-term
	financial assets (3)	1,104	—	1,303	2,407	—	—	190	2,597
Liabilities
	Derivative liabilities (4)	2,806	759	—	3,565	(2,357)	(650)	—	558
	Long-term debt (5)	46,787	100	4	46,891	—	—	(3,376)	43,515
	Long-term obligations
	to equity companies (6)	—	—	3,337	3,337	—	—	(299)	3,038
	Other long-term
	financial liabilities (7)	—	—	972	972	—	—	57	1,029


			At December 31, 2020									June 30, 2022
			(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		Fair Value
(millions of dollars)											(millions of dollars)	Level 1	Level 2	Level 3	Total Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value
Assets	Assets										Assets
Derivative assets (1)											Derivative assets (1)	6,269	2,935	—	9,204	(7,954)	(209)	—	1,041
		Derivative assets (1)	1,247	194	—	1,441	(1,282)	(6)	—	153
Advances to/receivables from equity companies (2)(6)											Advances to/receivables from equity companies (2)(6)	—	2,511	5,017	7,528	—	—	666	8,194
		Advances to/receivables
		from equity companies (2)(6)	—	3,275	5,904	9,179	—	—	(367)	8,812
		Other long-term
Other long-term financial assets (3)											Other long-term financial assets (3)	1,166	—	1,017	2,183	—	—	188	2,371
		financial assets (3)	1,235	—	944	2,179	—	—	125	2,304
Liabilities	Liabilities										Liabilities
Derivative liabilities (4)											Derivative liabilities (4)	6,278	3,921	—	10,199	(7,954)	(218)	—	2,027
Long-term debt (5)											Long-term debt (5)	34,229	61	5	34,295	—	—	2,935	37,230
		Derivative liabilities (4)	1,443	254	—	1,697	(1,282)	(202)	—	213
Long-term obligations to equity companies (6)											Long-term obligations to equity companies (6)	—	—	2,635	2,635	—	—	(18)	2,617
		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
Other long-term financial liabilities (7)											Other long-term financial liabilities (7)	—	—	742	742	—	—	51	793


Geographic
	Three Months Ended June 30,		Six Months Ended June 30,
Sales and Other Operating Revenue	2021	2020	2021	2020
	(millions of dollars)		(millions of dollars)
United States	24,773	10,854	45,827	30,311
Non-U.S.	41,170	21,423	77,668	57,100
Total	65,943	32,277	123,495	87,411

Significant Non-U.S. revenue sources include: (1)
Canada	5,282	2,148	9,541	5,971
United Kingdom	3,815	1,906	6,758	5,597
Singapore	3,515	1,867	6,950	4,483
France	3,247	1,583	6,029	4,172
Italy	2,466	1,228	4,331	3,186
Belgium	2,192	1,247	4,181	3,136
Australia	2,019	1,372	3,748	3,025


	Second Quarter		First Six Months
Earnings (Loss) (U.S. GAAP)	2021	2020	2021	2020
	(millions of dollars)		(millions of dollars)
Upstream
United States	663	(1,197)	1,026	(1,901)
Non-U.S.	2,522	(454)	4,713	786
Downstream
United States	(149)	(101)	(262)	(202)
Non-U.S.	(78)	1,077	(355)	567
Chemical
United States	1,282	171	1,997	459
Non-U.S.	1,038	296	1,738	152
Corporate and financing	(588)	(872)	(1,437)	(1,551)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)	4,690	(1,080)	7,420	(1,690)

Earnings (Loss) per common share (dollars)	1.10	(0.26)	1.74	(0.40)

Earnings (Loss) per common share - assuming dilution (dollars)	1.10	(0.26)	1.74	(0.40)


Energy Products Operational Results

(thousands of barrels daily)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Refinery throughput
United States	1,686	1,532	1,686	1,532
Canada	413	332	406	348
Europe	1,164	1,223	1,179	1,188
Asia Pacific	532	607	534	576
Other	193	164	180	161
Worldwide	3,988	3,858	3,985	3,805

Energy Products sales (1)
United States	2,452	2,230	2,358	2,153
Non-U.S.	2,858	2,776	2,853	2,766
Worldwide	5,310	5,006	5,211	4,920

Gasoline, naphthas	2,208	2,117	2,161	2,057
Heating oils, kerosene, diesel oils	1,755	1,704	1,739	1,698
Aviation fuels	350	201	319	192
Heavy fuels	228	275	238	266
Other energy products	769	709	753	707

(1) Data reported net of purchases/sales contracts with the same counterparty.


Chemical Products Financial Results

(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021
Earnings (loss) (U.S. GAAP)
United States	625	1,149		1,395	1,803
Non-U.S.	450	1,051		1,086	1,788
Total	1,076	2,200		2,481	3,591






Earnings (loss) excluding Identified Items (1)
United States	625	1,149		1,395	1,803
Non-U.S.	450	1,051		1,086	1,788
Total	1,076	2,200		2,481	3,591

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.


Chemical Products Operational Results

(thousands of metric tons)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021
Chemical Products sales (1)
United States	1,998	1,782		4,030	3,403
Non-U.S.	2,812	2,949		5,798	6,093
Worldwide	4,811	4,731		9,829	9,496

(1) Data reported net of purchases/sales contracts with the same counterparty.


Specialty Products Financial Results

(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021
Earnings (loss) (U.S. GAAP)
United States	232	262		478	442
Non-U.S.	185	487		415	862
Total	417	750		893	1,304






Earnings (loss) excluding Identified Items (1)
United States	232	262		478	442
Non-U.S.	185	487		415	862
Total	417	750		893	1,304

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.


Specialty Products Operational Results

(thousands of metric tons)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021
Specialty Products sales (1)
United States	590	495		1,111	1,005
Non-U.S.	1,511	1,447		2,995	2,932
Worldwide	2,100	1,942		4,107	3,936

(1) Data reported net of purchases/sales contracts with the same counterparty.


Corporate and Financing Financial Results

(millions of dollars)	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021		2022	2021

Earnings (loss) (U.S. GAAP)	(286)	(588)		(980)	(1,437)
Identified Items (1)	—	(12)		(98)	(43)
Earnings (loss) excluding Identified Items (1)	(286)	(576)		(882)	(1,394)

(1) Refer to Functional Earnings Summary for definition of Identified Items and earnings (loss) excluding Identified Items.


Issuer Purchase of Equity Securities for Quarter Ended June 30, 2022

Period	Total Number of Shares Purchased(1)	Average Price Paid per Share(2)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars)
April 2022	13,118,849	$85.39	13,118,849	$26.8
May 2022	16,117,414	$90.83	16,113,008	$25.4
June 2022	15,691,398	$94.02	15,691,302	$23.9
Total	44,927,661	$90.36	44,923,159

(1) Includes shares withheld from participants in the company's incentive program for personal income taxes.
(2) In the first quarter, the average price paid per share was $78.63, which brings the full-year average price paid per share to $86.03.
(3) In its earnings release dated April 29, 2022, the Corporation stated that the company increased its share repurchase program from up to $10 billion to a total of up to $30 billion through 2023. Purchases in the second quarter of 2022 were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1.


Exhibit						Description



~~10(iii)(c.1)~~						~~ExxonMobil Supplemental Savings Plan. (incorporated by reference to Exhibit 10(iii)(c.1) to the Registrant's report on Form 10-Q for the quarter ended March 31, 2021).~~
~~10(iii)(c.2)~~						~~ExxonMobil Supplemental Pension Plan. (incorporated by reference to Exhibit 10(iii)(c.2) to the Registrant's report on Form 10-Q for the quarter ended March 31, 2021).~~
~~10(iii)(c.3)~~						~~ExxonMobil Additional Payments Plan. (incorporated by reference to Exhibit 10(iii)(c.3) to the Registrant's report on Form 10-Q for the quarter ended March 31, 2021).~~
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~~Chief 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~~Chief 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
Date: August ~~4, 2021~~3, 2022	By:	/s/ LEN M. FOX
		Len M. Fox
		Vice President, Controller and
		Principal Accounting Officer