Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-2256 | ||
Entity Registrant Name | Exxon Mobil Corporation | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 13-5409005 | ||
Entity Address Address Line 1 | 22777 Springwoods Village Parkway | ||
Entity Address City or Town | Spring | ||
Entity Address State or Province | TX | ||
Entity Address Postal Zip Code | 77389-1425 | ||
City Area Code | 972 | ||
Local Phone Number | 940-6000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 429 | ||
Entity Common Stock Shares Outstanding | 3,967,844,307 | ||
Documents Incorporated by Reference Text Block | Proxy Statement for the 2024 Annual Meeting of Shareholders (Part III) | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000034088 | ||
Common Stock, without par value [Member] | |||
Document Information [Line Items] | |||
Security 12(b) Title | Common Stock, without par value | ||
Trading Symbol | XOM | ||
Security Exchange Name | NYSE | ||
0.142% Notes Due in 2024 [Member] | |||
Document Information [Line Items] | |||
Security 12(b) Title | 0.142% Notes due 2024 | ||
Trading Symbol | XOM24B | ||
Security Exchange Name | NYSE | ||
0.524% Notes Due in 2028 [Member] | |||
Document Information [Line Items] | |||
Security 12(b) Title | 0.524% Notes due 2028 | ||
Trading Symbol | XOM28 | ||
Security Exchange Name | NYSE | ||
0.835% Notes Due in 2032 [Member] | |||
Document Information [Line Items] | |||
Security 12(b) Title | 0.835% Notes due 2032 | ||
Trading Symbol | XOM32 | ||
Security Exchange Name | NYSE | ||
1.408% Notes Due in 2039 [Member] | |||
Document Information [Line Items] | |||
Security 12(b) Title | 1.408% Notes due 2039 | ||
Trading Symbol | XOM39A | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Houston, Texas |
Auditor Firm ID | 238 |
Consolidated Statement Of Incom
Consolidated Statement Of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues and other income | |||
Total revenues | $ 344,582 | $ 413,680 | $ 285,640 |
Costs and other deductions | |||
Crude oil and product purchases | 193,029 | 228,959 | 155,164 |
Production and manufacturing expenses | 36,885 | 42,609 | 36,035 |
Selling, general and administrative expenses | 9,919 | 10,095 | 9,574 |
Depreciation and depletion (includes impairments) | 20,641 | 24,040 | 20,607 |
Exploration expenses, including dry holes | 751 | 1,025 | 1,054 |
Non-service pension and postretirement benefit expense | 714 | 482 | 786 |
Interest expense | 849 | 798 | 947 |
Other taxes and duties | 29,011 | 27,919 | 30,239 |
Total costs and other deductions | 291,799 | 335,927 | 254,406 |
Income (loss) before income taxes | 52,783 | 77,753 | 31,234 |
Income tax expense (benefit) | 15,429 | 20,176 | 7,636 |
Net income (loss) including noncontrolling interests | 37,354 | 57,577 | 23,598 |
Net income (loss) attributable to noncontrolling interests | 1,344 | 1,837 | 558 |
Net income (loss) attributable to ExxonMobil | $ 36,010 | $ 55,740 | $ 23,040 |
Earnings (loss) per common share (dollars) | $ 8.89 | $ 13.26 | $ 5.39 |
Earnings (loss) per common share, basic (in dollars per share) | $ 8.89 | $ 13.26 | $ 5.39 |
Sales and other operating revenue | |||
Revenues and other income | |||
Total revenues | $ 334,697 | $ 398,675 | $ 276,692 |
Income from equity affiliates | |||
Revenues and other income | |||
Total revenues | 6,385 | 11,463 | 6,657 |
Other income | |||
Revenues and other income | |||
Total revenues | $ 3,500 | $ 3,542 | $ 2,291 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) including noncontrolling interests | $ 37,354 | $ 57,577 | $ 23,598 |
Other comprehensive income (loss) (net of income taxes) | |||
Foreign exchange translation adjustment | 1,241 | (3,482) | (872) |
Adjustment for foreign exchange translation (gain)/loss included in net income | 609 | 0 | (2) |
Postretirement benefits reserves adjustment (excluding amortization) | (369) | 3,395 | 3,118 |
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | 61 | 403 | 925 |
Total other comprehensive income (loss) | 1,542 | 316 | 3,169 |
Comprehensive income (loss) including noncontrolling interests | 38,896 | 57,893 | 26,767 |
Comprehensive income (loss) attributable to noncontrolling interests | 1,605 | 1,659 | 786 |
Comprehensive income (loss) attributable to ExxonMobil | $ 37,291 | $ 56,234 | $ 25,981 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 31,539 | $ 29,640 |
Cash and cash equivalents – restricted | 29 | 25 |
Notes and accounts receivable – net | 38,015 | 41,749 |
Inventories | ||
Crude oil, products and merchandise | 20,528 | 20,434 |
Materials and supplies | 4,592 | 4,001 |
Other current assets | 1,906 | 1,782 |
Total current assets | 96,609 | 97,631 |
Investments, advances and long-term receivables | 47,630 | 49,793 |
Property, plant and equipment, at cost, less accumulated depreciation and depletion | 214,940 | 204,692 |
Other assets, including intangibles – net | 17,138 | 16,951 |
Total Assets | 376,317 | 369,067 |
Current liabilities | ||
Notes and loans payable | 4,090 | 634 |
Accounts payable and accrued liabilities | 58,037 | 63,197 |
Income taxes payable | 3,189 | 5,214 |
Total current liabilities | 65,316 | 69,045 |
Long-term debt | 37,483 | 40,559 |
Postretirement benefits reserves | 10,496 | 10,045 |
Deferred income tax liabilities | 24,452 | 22,874 |
Total Liabilities | 163,779 | 166,594 |
Commitments and contingencies | ||
EQUITY | ||
Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) | 17,781 | 15,752 |
Earnings reinvested | 453,927 | 432,860 |
Accumulated other comprehensive income | (11,989) | (13,270) |
Common stock held in treasury (4,048 million shares in 2023 and 3,937 million shares in 2022) | (254,917) | (240,293) |
ExxonMobil share of equity | 204,802 | 195,049 |
Noncontrolling interests | 7,736 | 7,424 |
Total Equity | 212,538 | 202,473 |
Total Liabilities and Equity | 376,317 | 369,067 |
Related Party | ||
Current liabilities | ||
Other long-term obligations | 1,804 | 2,338 |
Nonrelated Party | ||
Current liabilities | ||
Other long-term obligations | $ 24,228 | $ 21,733 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, without par value | ||
Common stock, shares authorized | 9,000 | 9,000 |
Common stock, shares issued | 8,019 | 8,019 |
Common stock held in treasury, shares | 4,048 | 3,937 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) including noncontrolling interests | $ 37,354 | $ 57,577 | $ 23,598 | |
Adjustments for noncash transactions | ||||
Depreciation and depletion (includes impairments) | 20,641 | 24,040 | 20,607 | |
Deferred income tax charges/(credits) | 634 | 3,758 | 303 | |
Postretirement benefits expense in excess of/(less than) net payments | 90 | (2,981) | 754 | |
Other long-term obligation provisions in excess of/(less than) payments | (1,501) | (1,932) | 50 | |
Dividends received greater than/(less than) equity in current earnings of equity companies | 509 | (2,446) | (668) | |
Changes in operational working capital, excluding cash and debt | ||||
Notes and accounts receivable reduction/(increase) | 4,370 | (11,019) | (12,098) | |
Inventories reduction/(increase) | (3,472) | (6,947) | (489) | |
Other current assets reduction/(increase) | (426) | (688) | (71) | |
Accounts and other payables increase/(reduction) | (4,727) | 18,460 | 16,820 | |
Net (gain)/loss on asset sales | (513) | (1,034) | (1,207) | |
All other items - net | 2,410 | 9 | 530 | |
Net cash provided by operating activities | 55,369 | 76,797 | 48,129 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | (21,919) | (18,407) | (12,076) | |
Proceeds from asset sales and returns of investments | 4,078 | 5,247 | 3,176 | |
Additional investments and advances | (2,995) | (3,090) | (2,817) | |
Other investing activities including collection of advances | 1,562 | 1,508 | 1,482 | |
Net cash used in investing activities | (19,274) | (14,742) | (10,235) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Additions to long-term debt | 939 | [1] | 637 | 46 |
Reductions in long-term debt | (15) | (5) | (8) | |
Additions to short-term debt | 0 | 198 | 12,687 | |
Reductions in short-term debt | (879) | (8,075) | (29,396) | |
Additions/(reductions) in debt with three months or less maturity | (284) | 25 | (2,983) | |
Contingent consideration payments | (68) | (58) | (30) | |
Cash dividends to ExxonMobil shareholders | (14,941) | (14,939) | (14,924) | |
Cash dividends to noncontrolling interests | (531) | (267) | (224) | |
Changes in noncontrolling interests | (770) | (1,475) | (436) | |
Common stock acquired | (17,748) | (15,155) | (155) | |
Net cash provided by (used in) financing activities | (34,297) | (39,114) | (35,423) | |
Effects of exchange rate changes on cash | 105 | (78) | (33) | |
Increase/(decrease) in cash and cash equivalents | 1,903 | 22,863 | 2,438 | |
Cash and cash equivalents at beginning of year | 29,665 | 6,802 | 4,364 | |
Cash and cash equivalents at end of year | $ 31,568 | $ 29,665 | $ 6,802 | |
[1] Includes $568 million issued to facilitate the sale of an entity where the buyer assumed the debt upon closing; no longer on the Consolidated Balance Sheet at the end of 2023. |
Condensed Consolidated Statemen
Condensed Consolidated Statement Of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Long-Term Debt Assumed by 3rd party | 568 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock, without par value [Member] | ExxonMobil Share Of Earnings Reinvested [Member] | ExxonMobil Share Of Accumulated Other Comprehensive Income [Member] | Common Stock Held In Treasury [Member] | ExxonMobil Share of Equity [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2020 | $ 164,130 | $ 15,688 | $ 383,943 | $ (16,705) | $ (225,776) | $ 157,150 | $ 6,980 |
Balance (in shares) - issued at Dec. 31, 2020 | 8,019 | ||||||
Balance (in shares) - in treasury at Dec. 31, 2020 | (3,786) | ||||||
Balance (in shares) - outstanding at Dec. 31, 2020 | 4,233 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Amortization of stock-based awards | $ 534 | 534 | 534 | ||||
Other | (361) | (476) | (476) | 115 | |||
Net income (loss) for the year | 23,598 | 23,040 | 23,040 | 558 | |||
Dividends - common shares (company) | (14,924) | (14,924) | |||||
Dividends - common shares (NCI) | (224) | ||||||
Dividends - common shares (total) | (15,148) | ||||||
Other comprehensive income | 3,169 | 2,941 | 2,941 | 228 | |||
Share repurchases, at cost (company) | (155) | (155) | |||||
Share repurchase, at cost, noncontrolling interest | (551) | ||||||
Share repurchase, at cost, including noncontrolling interest | $ (706) | ||||||
Share repurchases, at cost (in shares) | (2) | ||||||
Dispositions | $ 467 | 467 | 467 | ||||
Dispositions (in shares) | 8 | ||||||
Balance at Dec. 31, 2021 | $ 175,683 | 15,746 | 392,059 | (13,764) | (225,464) | 168,577 | 7,106 |
Balance (in shares) - issued at Dec. 31, 2021 | 8,019 | ||||||
Balance (in shares) - in treasury at Dec. 31, 2021 | (3,780) | ||||||
Balance (in shares) - outstanding at Dec. 31, 2021 | 4,239 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Amortization of stock-based awards | $ 481 | 481 | 481 | ||||
Other | (70) | (475) | (475) | 405 | |||
Net income (loss) for the year | 57,577 | 55,740 | 55,740 | 1,837 | |||
Dividends - common shares (company) | (14,939) | (14,939) | |||||
Dividends - common shares (NCI) | (267) | ||||||
Dividends - common shares (total) | (15,206) | ||||||
Other comprehensive income | 316 | 494 | 494 | (178) | |||
Share repurchases, at cost (company) | (15,295) | (15,295) | |||||
Share repurchase, at cost, noncontrolling interest | (1,479) | ||||||
Share repurchase, at cost, including noncontrolling interest | $ (16,774) | ||||||
Share repurchases, at cost (in shares) | (165) | ||||||
Dispositions | $ 466 | 466 | 466 | ||||
Dispositions (in shares) | 8 | ||||||
Balance at Dec. 31, 2022 | $ 202,473 | 15,752 | 432,860 | (13,270) | (240,293) | 195,049 | 7,424 |
Balance (in shares) - issued at Dec. 31, 2022 | 8,019 | ||||||
Balance (in shares) - in treasury at Dec. 31, 2022 | (3,937) | ||||||
Balance (in shares) - outstanding at Dec. 31, 2022 | 4,082 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Amortization of stock-based awards | $ 565 | 565 | 565 | ||||
Other | (427) | (514) | (2) | (516) | 89 | ||
Net income (loss) for the year | 37,354 | 36,010 | 36,010 | 1,344 | |||
Dividends - common shares (company) | (14,941) | (14,941) | |||||
Dividends - common shares (NCI) | (531) | ||||||
Dividends - common shares (total) | (15,472) | ||||||
Other comprehensive income | 1,542 | 1,281 | 1,281 | 261 | |||
Share repurchases, at cost (company) | (17,993) | (17,993) | |||||
Share repurchase, at cost, noncontrolling interest | (851) | ||||||
Share repurchase, at cost, including noncontrolling interest | $ (18,844) | ||||||
Share repurchases, at cost (in shares) | (165) | ||||||
Issued for acquisitions | $ 4,844 | 1,978 | 2,866 | 4,844 | |||
Issued for acquisitions (in shares) | 46 | ||||||
Dispositions | $ 503 | 503 | 503 | ||||
Dispositions (in shares) | 8 | ||||||
Balance at Dec. 31, 2023 | $ 212,538 | $ 17,781 | $ 453,927 | $ (11,989) | $ (254,917) | $ 204,802 | $ 7,736 |
Balance (in shares) - issued at Dec. 31, 2023 | 8,019 | ||||||
Balance (in shares) - in treasury at Dec. 31, 2023 | (4,048) | ||||||
Balance (in shares) - outstanding at Dec. 31, 2023 | 3,971 |
Summary Of Accounting Policies
Summary Of Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Accounting Policies | Summary of Accounting Policies Principles of Consolidation and Accounting for Investments The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls and any variable interest entities where it is deemed the primary beneficiary. They also include the Corporation’s share of the undivided interest in certain upstream assets, liabilities, revenues, and expenses. Amounts representing the Corporation’s interest in entities that it does not control, but over which it exercises significant influence, are included in “Investments, advances and long-term receivables”. Under the equity method of accounting, the Corporation recognizes its share of the net income of these companies in “Income from equity affiliates”. Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and, therefore, should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted, by law or by contract, substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans. Investments accounted for by the equity method are assessed for possible impairment when events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Examples of key indicators include a history of operating losses, negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee’s business segment or geographic region. If the decline in value of the investment is other than temporary, the carrying value of the investment is written down to fair value. In the absence of market prices for the investment, discounted cash flows are used to assess fair value. The Corporation’s share of the cumulative foreign exchange translation adjustment for equity method investments is reported in “Accumulated other comprehensive income”. Investments in equity securities, other than consolidated subsidiaries and equity method investments, are measured at fair value with changes in fair value recognized in net income. The Corporation uses the modified approach for equity securities that do not have a readily determinable fair value. This modified approach measures investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions in a similar investment of the same issuer. Revenue Recognition The Corporation generally sells crude oil, natural gas, and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments to reflect market conditions. Revenue is recognized at the amount the Corporation expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risks and rewards of ownership. The prices of certain sales are based on price indices that are sometimes not available until the next period. In such cases, estimated realizations are accrued when the sale is recognized, and are finalized when the price is available. Such adjustments to revenue from performance obligations satisfied in previous periods are not significant. Payment for revenue transactions is typically due within 30 days. Future volume delivery obligations that are unsatisfied at the end of the period are expected to be fulfilled through ordinary production or purchases. These performance obligations are based on market prices at the time of the transaction and are fully constrained due to market price volatility. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold. “Sales and other operating revenue” and “Notes and accounts receivable” include revenue and receivables both within the scope of ASC 606 "Revenue from Contracts with Customers” and those outside the scope of ASC 606. Long-term receivables are primarily from receivables outside the scope of ASC 606. Contract assets are mainly from marketing assistance programs and are not significant. Contract liabilities are mainly customer prepayments and accruals of expected volume discounts and are not significant. Income and Other Taxes The Corporation excludes from the Consolidated Statement of Income certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities. Similar taxes, for which the Corporation is not considered to be an agent for the government, are reported on a gross basis (included in both “Sales and other operating revenue” and “Other taxes and duties”). The Corporation accounts for U.S. tax on global intangible low-taxed income as an income tax expense in the period in which it is incurred. Derivative Instruments The Corporation may use derivative instruments for trading purposes and to offset exposures associated with commodity prices, foreign currency exchange rates, and interest rates that arise from existing assets, liabilities, firm commitments, and forecasted transactions. All derivative instruments, except those designated as normal purchase and normal sale, are recorded at fair value. Derivative assets and liabilities with the same counterparty are netted if the right of offset exists and certain other criteria are met. Collateral payables or receivables are netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from adjusting a derivative to fair value depends on the purpose for the derivative. All gains and losses from derivative instruments for which the Corporation does not apply hedge accounting are immediately recognized in earnings. The Corporation may designate derivatives as fair value or cash flow hedges. For fair value hedges, the gain or loss from derivative instruments and the offsetting gain or loss from the hedged item are recognized in earnings. For cash flow hedges, the gain or loss from the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the period that the forecasted transaction affects earnings. Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy levels 1, 2, and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy level 2 inputs are inputs other than quoted prices included within level 1 that are directly or indirectly observable for the asset or liability. Hierarchy level 3 inputs are inputs that are not observable in the market. Inventories 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). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of materials and supplies are valued at cost or less. Property, Plant, and Equipment Cost Basis. The Corporation uses the “successful efforts” method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. Exploratory well costs are carried as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Development costs, including costs of productive wells and development dry holes, are capitalized. Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant, and equipment and are depreciated over the service life of the related assets. Depreciation, Depletion, and Amortization. Depreciation, depletion, and amortization are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life, taking obsolescence into consideration. Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and natural gas reserve volumes. Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using the unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods. Under the unit-of-production method, oil and natural gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank. In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the Corporation uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life. To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes. Investments in refinery, chemical process, and lubes basestock manufacturing equipment are generally depreciated on a straight-line basis over a 25-year life. Service station buildings and fixed improvements are generally depreciated over a 20-year life. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized, and the assets replaced are retired. Impairment Assessment. The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Among the events or changes in circumstances which could indicate that the carrying value of an asset or asset group may not be recoverable are the following: • a significant decrease in the market price of a long-lived asset; • a significant adverse change in the extent or manner in which an asset is being used or in its physical condition, including a significant decrease in current and projected reserve volumes; • a significant adverse change in legal factors or in the business climate that could affect the value, including an adverse action or assessment by a regulator; • an accumulation of project costs significantly in excess of the amount originally expected; • a current-period operating loss combined with a history and forecast of operating or cash flow losses; and • a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932, and relies, in part, on the Corporation’s planning and budgeting cycle. Asset valuation analysis, profitability reviews, and other periodic control processes assist the Corporation in assessing whether events or changes in circumstances indicate the carrying amounts of any of its assets may not be recoverable. Because the lifespans of the vast majority of the Corporation’s major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices and industry margins, development costs, and production costs. Significant reductions in the Corporation’s view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce, or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances can be indicators of potential impairment as well. In general, the Corporation does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources, and levels of prosperity. During the lifespan of its major assets, the Corporation expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins. In the Upstream, the standardized measure of discounted cash flows included in the Supplemental Information on Oil and Gas Exploration and Production Activities is required to use prices based on the average of first-of-month prices in the year. These prices represent discrete points in time and could be higher or lower than the Corporation’s price assumptions which are used for impairment assessments. The Corporation believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves, and therefore, does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment. Global Outlook and Cash Flow Assessment. The annual planning and budgeting process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Global Outlook (Outlook), which contains the Corporation’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation’s business plans will be updated accordingly. If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the Corporate Plan, which is reviewed and approved by the Board of Directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the Corporation’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates. Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its 2030 greenhouse gas emission-reduction plans, including its goal of net-zero Scope 1 and 2 greenhouse gas emissions from unconventional operated assets in the Permian Basin. Volumes are based on projected field and facility production profiles, throughput, or sales. Management’s estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. Cash flow estimates for impairment testing exclude the effects of derivative instruments. As part of the Corporate Plan, the Company considers estimated greenhouse gas emission costs, even for jurisdictions without a current greenhouse gas pricing policy. Fair Value of Impaired Assets. An asset group is impaired if its estimated undiscounted cash flows are less than the asset group's carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based upon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices (which are consistent with the average of third-party industry experts and government agencies), refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group. Other Impairments Related to Property, Plant and Equipment. Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the Corporation's future development plans, the estimated economic chance of success, and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the assets are considered impaired and adjusted to the lower value. Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the Corporation. Environmental Liabilities Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties, and projected cash expenditures are not discounted. Foreign Currency Translation The Corporation selects the functional reporting currency for its international subsidiaries based on the currency of the primary economic environment in which each subsidiary operates. Operations in the Product Solutions businesses use the local currency. However, the U.S. dollar is used in countries with a history of high inflation (primarily in Latin America) and in Singapore, which predominantly sells into the U.S. dollar export market. Upstream operations which are relatively self-contained and integrated within a particular country, such as in Canada and Europe, use the local currency. Some Upstream operations, primarily in Asia and Africa, use the U.S. dollar because they predominantly sell crude and natural gas production into U.S. dollar-denominated markets. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. |
Russia
Russia | 12 Months Ended |
Dec. 31, 2023 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Russia | Russia In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s first-quarter 2022 earnings included after-tax charges of $3.4 billion largely representing the full impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (including impairments)” on the Consolidated Statement of Income. Effective October 14, 2022, the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator. The Corporation’s fourth-quarter 2022 results include an after-tax benefit of $1.1 billion largely reflecting the impact of the expropriation on the company’s various obligations related to Sakhalin. The Corporation's exit from the project resulted in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022. |
Miscellaneous Financial Informa
Miscellaneous Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Miscellaneous Financial Information | Miscellaneous Financial Information Research and development expenses totaled $879 million in 2023, $824 million in 2022, and $843 million in 2021. Net income included before-tax aggregate foreign exchange transaction losses of $51 million, $218 million, and $18 million in 2023, 2022, and 2021, respectively. LIFO Inventory. In 2023, 2022, and 2021, net income included gains of $366 million, $367 million, and $54 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by approximately $14 billion and $15 billion at December 31, 2023 and 2022, respectively. Crude oil, products, and merchandise as of year-end 2023 and 2022 consist of the following: (millions of dollars) Dec 31, 2023 Dec 31, 2022 Crude oil 6,944 6,909 Petroleum products 6,248 6,291 Chemical products (1) 3,930 3,806 Gas/other 3,406 3,428 Total 20,528 20,434 (1) Chemical products includes basic chemicals (olefins and aromatics), polymers (such as polyolefins, adhesions, specialty elastomers, & butyl), intermediates (e.g. hydrocarbon fluids, plasticizers) and synthetics. Government Assistance. ASC 832 "Government Assistance" requires disclosure of certain types of government assistance not otherwise covered by authoritative accounting guidance. During 2023 and 2022, certain governments outside the United States provided payments which, individually and in aggregate, were immaterial to the Corporation's financial results. Among these are programs where governments endeavor to stabilize or cap fuel and energy costs for local consumers. To compensate producers who sell at the government-mandated prices, these governments provide reimbursements to the producers. In 2023 such reimbursements were negligible and in 2022 these reimbursements totaled approximately $1.5 billion before tax, which were reflected as reductions to the line captioned " Crude oil and product purchases |
Other Comprehensive Income Info
Other Comprehensive Income Information | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Other Comprehensive Income Information | 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 (883) 2,938 2,055 Amounts reclassified from accumulated other comprehensive income (2) 888 886 Total change in accumulated other comprehensive income (885) 3,826 2,941 Balance as of December 31, 2021 (11,499) (2,265) (13,764) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) (3,092) 3,205 113 Amounts reclassified from accumulated other comprehensive income — 381 381 Total change in accumulated other comprehensive income (3,092) 3,586 494 Balance as of December 31, 2022 (14,591) 1,321 (13,270) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 1,108 (305) 803 Amounts reclassified from accumulated other comprehensive income 427 51 478 Total change in accumulated other comprehensive income 1,535 (254) 1,281 Balance as of December 31, 2023 (13,056) 1,067 (11,989) (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $(135) million and $230 million in 2023 and 2022, respectively. Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) 2023 2022 2021 Foreign exchange translation gain/(loss) included in net income (Statement of Income line: Other income) (609) — 2 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) (81) (519) (1,229) Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) 2023 2022 2021 Foreign exchange translation adjustment 341 54 (114) Postretirement benefits reserves adjustment (excluding amortization) 200 (1,120) (983) Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (20) (116) (304) Total 521 (1,182) (1,401) |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | Cash Flow Information The Consolidated Statement of Cash Flows provides information about changes in cash and cash equivalents. Highly liquid investments with maturities of three months or less when acquired are classified as cash equivalents. In 2023, the Corporation completed the acquisition of Denbury Inc. (Denbury) through the issuance of 46 million shares of ExxonMobil Corporation common stock having a fair value of $4.8 billion on the acquisition date. Additional information is provided in Note 21. In 2023, the Corporation completed the sale of Esso Thailand. The sale included cash proceeds as well as cash from debt that was issued to facilitate the sale, which was assumed by the buyer upon closing. For 2023, The “Net (gain)/loss on asset sales” on the Consolidated Statement of Cash Flows includes before-tax amounts mainly from the sale of upstream assets in the United States. For 2022, the number includes before-tax amounts from the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments. For 2021, the number includes before-tax amounts from the sale of non-operated upstream assets in the United Kingdom Central and Northern North Sea and the sale of ExxonMobil's global Santoprene business. These net (gain)/loss amounts are reported in "Other income" on the Consolidated Statement of Income. (millions of dollars) 2023 2022 2021 Income taxes paid 15,473 15,364 5,341 Cash interest paid Included in cash flows from operating activities 584 666 819 Capitalized, included in cash flows from investing activities 1,152 838 655 Total cash interest paid 1,736 1,504 1,474 |
Additional Working Capital Info
Additional Working Capital Information | 12 Months Ended |
Dec. 31, 2023 | |
Additional Working Capital Information [Abstract] | |
Additional Working Capital Information | Additional Working Capital Information (millions of dollars) Dec 31, 2023 Dec 31, 2022 Notes and accounts receivable Trade, less reserves of $170 million and $168 million 30,296 32,844 Other, less reserves of $101 million and $402 million 7,719 8,905 Total 38,015 41,749 Notes and loans payable Bank loans 6 379 Commercial paper 75 74 Long-term debt due within one year 4,009 181 Total 4,090 634 Accounts payable and accrued liabilities Trade payables 31,249 33,169 Payables to equity companies 11,885 14,585 Accrued taxes other than income taxes 3,817 3,969 Other 11,086 11,474 Total 58,037 63,197 Trade notes and accounts receivables include both receivables within the scope of ASC 606 and outside the scope of ASC 606. 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 receivables within the scope of ASC 606 and those outside it. The Corporation has short-term committed lines of credit of $0.3 billion which were unused as of December 31, 2023. These lines are available for general corporate purposes. |
Equity Company Information
Equity Company Information | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |
Equity Company Information | Equity Company Information The summarized financial information below includes amounts related to certain less-than-majority-owned companies and majority-owned subsidiaries where minority shareholders possess the right to participate in significant management decisions (see Note 1). These companies are primarily engaged in oil and gas exploration and production, natural gas marketing, transportation of crude oil, and petrochemical manufacturing in North America; natural gas production and distribution in Europe; LNG operations in Africa; and exploration, production, LNG operations, and the manufacture and sale of petroleum and petrochemical products in Asia and the Middle East. Also included are several refining and marketing ventures. The share of total equity company revenues from sales to ExxonMobil consolidated companies was 9 percent, 11 percent, and 10 percent in the years 2023, 2022, and 2021, respectively. The Corporation’s ownership in these ventures is in the form of shares in corporate joint ventures as well as interests in partnerships. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned, to the extent practicable, to specific assets and liabilities based on the company’s analysis of the factors giving rise to the difference. The amortization of this difference, as appropriate, is included in “Income from equity affiliates” on the Consolidated Statement of Income. Impairments related to Upstream equity investments of $0.6 billion, $0.6 billion, and $0.2 billion in 2023, 2022, and 2021, respectively, are included in “Income from equity affiliates” or “Other income” on the Consolidated Statement of Income. Equity Company Financial Summary (millions of dollars) 2023 2022 2021 Total ExxonMobil Total ExxonMobil Share Total ExxonMobil Total revenues 132,783 40,682 183,812 57,528 116,972 34,995 Income before income taxes 35,999 10,078 61,550 19,279 35,142 9,278 Income taxes 11,404 3,085 23,149 7,603 11,010 2,763 Income from equity affiliates 24,595 6,993 38,401 11,676 24,132 6,515 Current assets 53,081 18,713 77,457 24,994 45,267 15,542 Long-term assets 150,198 40,986 153,186 42,921 150,699 41,614 Total assets 203,279 59,699 230,643 67,915 195,966 57,156 Current liabilities 30,721 9,652 53,640 15,555 28,862 8,297 Long-term liabilities 57,237 17,059 62,009 18,929 63,138 19,084 Net assets 115,321 32,988 114,994 33,431 103,966 29,775 A list of significant equity companies as of December 31, 2023, together with the Corporation’s percentage ownership interest, is detailed below: Percentage Ownership Interest Upstream Barzan Gas Company Limited 7 BEB Erdgas und Erdoel GmbH & Co. KG 50 Caspian Pipeline Consortium 8 Coral FLNG S.A. 25 Cross Timbers Energy LLC 50 GasTerra B.V. 25 Golden Pass LNG Terminal LLC 30 Golden Pass Pipeline LLC 30 Marine Well Containment Company LLC 10 Mozambique Rovuma Venture S.p.A. 36 Nederlandse Aardolie Maatschappij B.V. 50 Papua New Guinea Liquefied Natural Gas Global Company LDC 33 Permian Highway Pipeline LLC 17 QatarEnergy LNG N (2) 24 QatarEnergy LNG NFE (3) 25 QatarEnergy LNG S (1) 25 QatarEnergy LNG S (2) 31 QatarEnergy LNG S (3) 30 South Hook LNG Terminal Company Limited 24 Tengizchevroil LLP 25 Terminale GNL Adriatico S.r.l. 71 Energy Products, Chemical Products, and/or Specialty Products Al-Jubail Petrochemical Company 50 Alberta Products Pipe Line Ltd. 45 Fujian Refining & Petrochemical Co. Ltd. 25 Gulf Coast Growth Ventures LLC 50 Infineum USA L.P. 50 Permian Express Partners LLC 12 Saudi Aramco Mobil Refinery Company Ltd. 50 Saudi Yanbu Petrochemical Co. 50 |
Investments, Advances And Long-
Investments, Advances And Long-Term Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Investments and Receivables, Net [Abstract] | |
Investments, Advances And Long-Term Receivables | Investments, Advances and Long-Term Receivables (millions of dollars) Dec 31, 2023 Dec 31, 2022 Equity method company investments and advances Investments 34,080 34,522 Advances, net of allowances of $33 million and $28 million 7,527 8,049 Total equity method company investments and advances 41,607 42,571 Equity securities carried at fair value and other investments at adjusted cost basis 177 278 Long-term receivables and miscellaneous, net of reserves of $1,966 million and $1,623 million 5,846 6,944 Total 47,630 49,793 |
Property, Plant And Equipment A
Property, Plant And Equipment And Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant And Equipment And Asset Retirement Obligations [Abstract] | |
Property, Plant And Equipment And Asset Retirement Obligations | Property, Plant and Equipment and Asset Retirement Obligations Property, Plant and Equipment (millions of dollars) December 31, 2023 December 31, 2022 Cost Net Cost Net Upstream 359,031 148,245 350,748 144,146 Energy Products 57,400 27,284 58,393 26,765 Chemical Products 38,801 20,329 36,322 19,064 Specialty Products 9,385 4,378 8,895 4,303 Other 22,768 14,704 18,335 10,414 Total 487,385 214,940 472,693 204,692 In 2023, the Corporation identified situations where events or changes in circumstances indicated that the carrying value of certain long-lived assets may not be recoverable and conducted impairment assessments. Before-tax charges of $3.3 billion were recognized, in large part due to impairing the idled Upstream Santa Ynez Unit assets and associated facilities in California, reflecting the continuing challenges in the state regulatory environment that impeded progress in restoring operations. Other before-tax impairment charges recognized during 2023 included $0.3 billion in Upstream, $0.3 billion in Chemical Products, and $0.1 billion in Specialty Products. In 2022, before-tax impairment charges of $4.5 billion were recognized during the first quarter as a result of the Corporation's plans to discontinue operations on the Sakhalin-1 project and develop steps to exit the venture in response to Russia's military action in Ukraine (Refer to Note 2 for additional information). Other before-tax impairment charges recognized during 2022 included $1.5 billion in Upstream and $0.4 billion in Energy Products. In 2021, the Corporation recognized before-tax impairment charges of $1.2 billion largely as a result of changes to Upstream development plans. Impairment charges are primarily recognized in the lines “ Depreciation and depletion” and “Exploration expenses, including dry holes Asset Retirement Obligations The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the Corporation uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates, and inflation rates. Asset retirement obligations incurred in the current period were Level 3 fair value measurements. The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced. Over time, the liabilities are accreted for the change in their present value. Asset retirement obligations for facilities in the Product Solutions business generally become firm at the time a decision is made to permanently shut down and dismantle the facilities. These obligations may include the costs of asset disposal and additional soil remediation. However, these sites generally have indeterminate lives based on plans for continued operations and as such, the fair value of the conditional legal obligations cannot be measured, since it is impossible to estimate the future settlement dates of such obligations. The following table summarizes the activity in the liability for asset retirement obligations: (millions of dollars) 2023 2022 2021 Balance at January 1 10,491 10,630 11,247 Accretion expense and other provisions 734 744 548 Reduction due to property sales (288) (328) (1,002) Payments made (693) (518) (444) Liabilities incurred 831 119 42 Foreign currency translation 124 (330) (147) Revisions 1,790 174 386 Balance at December 31 12,989 10,491 10,630 The long-term Asset Retirement Obligations were $11,942 million and $9,650 million at December 31, 2023 and 2022, respectively, and are included in “Other long-term obligations” on the Consolidated Balance Sheet. Estimated cash payments in 2024 and 2025 are $1,047 million and $899 million, respectively. |
Accounting For Suspended Explor
Accounting For Suspended Exploratory Well Costs | 12 Months Ended |
Dec. 31, 2023 | |
Capitalized Exploratory Well Costs [Abstract] | |
Accounting For Suspended Exploratory Well Costs | Accounting for Suspended Exploratory Well Costs The Corporation continues capitalization of exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. 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. The following two tables provide details of the changes in the balance of suspended exploratory well costs, including an aging summary of those costs. Change in capitalized suspended exploratory well costs (millions of dollars) 2023 2022 2021 Balance beginning at January 1 3,512 4,120 4,382 Additions pending the determination of proved reserves 200 378 420 Charged to expense (95) (259) (325) Reclassifications to wells, facilities and equipment based on the determination of proved reserves (142) (142) (328) Divestments/Other 84 (585) (29) Ending balance at December 31 3,559 3,512 4,120 Ending balance attributed to equity companies included above 306 306 306 Period-end capitalized suspended exploratory well costs (millions of dollars) 2023 2022 2021 Capitalized for a period of one year or less 200 378 420 Capitalized for a period of between one and five years 1,030 969 1,642 Capitalized for a period of between five and ten years 1,411 1,410 1,657 Capitalized for a period of greater than ten years 918 755 401 Capitalized for a period greater than one year - subtotal 3,359 3,134 3,700 Total 3,559 3,512 4,120 Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project. The table below provides a breakdown of the number of projects with only exploratory well costs capitalized for a period of one year or less and those that have had exploratory well costs capitalized for a period greater than one year. 2023 2022 2021 Number of projects that only have exploratory well costs capitalized for a period of one year or less — 10 4 Number of projects that have exploratory well costs capitalized for a period greater than one year 31 26 30 Total 31 36 34 Of the 31 projects that have exploratory well costs capitalized for a period greater than one year as of December 31, 2023, 16 projects have drilling in the preceding year or exploratory activity planned in the next two years, while the remaining 15 projects are those with completed exploratory activity progressing toward development. The table below provides additional detail for those 15 projects, which total $2,389 million. Country/Project December 31, 2023 Years Wells Drilled / Acquired Comment (millions of dollars) Angola Block 32 Central NE Hub 66 2007 - 2021 Evaluating development plan to tie into existing infrastructure. Argentina La Invernada 72 2014 Evaluating development plan to tie into planned infrastructure. Australia Gorgon Area Ullage 308 1994 - 2015 Evaluating development plans to tie into existing LNG facilities. Canada Hibernia North 25 2019 Awaiting capacity in existing/planned infrastructure. Guyana Whiptail 178 2019 - 2022 Continuing discussions with the government regarding development plan. Kazakhstan Kairan 53 2004 - 2007 Evaluating commercialization and field development alternatives, while continuing discussions with the government regarding the development plan. Mozambique Rovuma LNG Phase 1 150 2017 Progressing development plan to tie into planned LNG facilities. Rovuma LNG Future Non-Straddling Train 120 2017 Evaluating/progressing development plan to tie into planned LNG facilities. Rovuma LNG Unitized Trains 35 2017 Evaluating/progressing development plan to tie into planned LNG facilities. Nigeria Bonga North 34 2004 - 2009 Progressing development plan to tie into existing/planned infrastructure. Papua New Guinea Papua LNG 246 2017 Evaluating/progressing development plans. Muruk 165 2017 - 2019 Evaluating/progressing development plans. P'nyang 116 2012 - 2018 Evaluating/progressing development plans. Tanzania Block 2 525 2012 - 2015 Evaluating development alternatives, while continuing discussions with the government regarding development plan. Vietnam Blue Whale 296 2011 - 2015 Evaluating/progressing development plans. Total 2023 (15 projects) 2,389 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Leases | Leases The Corporation and its consolidated affiliates generally purchase the property, plant and equipment used in operations, but there are situations where assets are leased, primarily for drilling equipment, tankers, office buildings, railcars, and other moveable equipment. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for drilling equipment, tankers, and finance leases is excluded from the calculation of right of use assets and lease liabilities. Generally, assets are leased only for a portion of their useful lives and are accounted for as operating leases. In limited situations, assets are leased for nearly all of their useful lives and are accounted for as finance leases. Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant. In general, leases are capitalized using the incremental borrowing rate of the leasing affiliate. The Corporation’s activities as a lessor are not significant. Lease Cost (millions of dollars) Operating Leases Finance Leases 2023 2022 2021 2023 2022 2021 Operating lease cost 1,976 1,776 1,542 Short-term and other (net of sublease rental income) 1,563 1,389 1,351 Amortization of right of use assets 107 243 133 Interest on lease liabilities 140 210 158 Total (1) 3,539 3,165 2,893 247 453 291 (1) Includes $999 million, $908 million, and $681 million for drilling rigs and related equipment operating leases in 2023, 2022, and 2021, respectively. Balance Sheet (millions of dollars) Operating Leases Finance Leases December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Right of use assets Included in Other assets, including intangibles - net 6,849 6,451 Included in Property, plant and equipment - net 2,712 2,090 Total right of use assets 6,849 6,451 2,712 2,090 Lease liability due within one year Included in Accounts payable and accrued liabilities 1,617 1,527 5 5 Included in Notes and loans payable 95 69 Long-term lease liability Included in Other long-term obligations 4,393 4,067 Included in Long-term debt 1,821 1,389 Included in Long-term obligations to equity companies 121 126 Total lease liability (2) 6,010 5,594 2,042 1,589 Weighted-average remaining lease term (years) 8 9 26 22 Weighted-average discount rate (percent) 3.9 % 2.4 % 7.2 % 8.0 % (2) Includes $2,032 million and $1,646 million for drilling rigs and related equipment operating leases in 2023 and 2022, respectively. Maturity Analysis of Lease Liabilities (millions of dollars) Operating Leases Finance Leases December 31, 2023 2024 1,807 243 2025 1,464 237 2026 1,046 234 2027 577 224 2028 307 241 2029 and beyond 1,781 2,256 Total lease payments 6,982 3,435 Discount to present value (972) (1,393) Total lease liability 6,010 2,042 In addition to the lease liabilities in the table immediately above, at December 31, 2023, undiscounted commitments for leases not yet commenced totaled $4,063 million for operating leases and $2,256 million for finance leases. Estimated cash payments for operating and finance leases not yet commenced are $267 million and $331 million for 2024 and 2025 respectively. Not yet commenced finance leases primarily relate to a CO2 transportation and service agreement, and a long-term hydrogen purchase agreement. The underlying assets are primarily designed by, and are being constructed by, the lessors. Other Information (millions of dollars) Operating Leases Finance Leases 2023 2022 2021 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 1,135 1,119 1,135 20 20 20 Cash flows from investing activities 758 500 291 Cash flows from financing activities 86 149 110 Noncash right of use assets recorded for lease liabilities In exchange for lease liabilities during the period 2,161 1,997 1,405 529 73 200 |
Leases | Leases The Corporation and its consolidated affiliates generally purchase the property, plant and equipment used in operations, but there are situations where assets are leased, primarily for drilling equipment, tankers, office buildings, railcars, and other moveable equipment. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for drilling equipment, tankers, and finance leases is excluded from the calculation of right of use assets and lease liabilities. Generally, assets are leased only for a portion of their useful lives and are accounted for as operating leases. In limited situations, assets are leased for nearly all of their useful lives and are accounted for as finance leases. Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant. In general, leases are capitalized using the incremental borrowing rate of the leasing affiliate. The Corporation’s activities as a lessor are not significant. Lease Cost (millions of dollars) Operating Leases Finance Leases 2023 2022 2021 2023 2022 2021 Operating lease cost 1,976 1,776 1,542 Short-term and other (net of sublease rental income) 1,563 1,389 1,351 Amortization of right of use assets 107 243 133 Interest on lease liabilities 140 210 158 Total (1) 3,539 3,165 2,893 247 453 291 (1) Includes $999 million, $908 million, and $681 million for drilling rigs and related equipment operating leases in 2023, 2022, and 2021, respectively. Balance Sheet (millions of dollars) Operating Leases Finance Leases December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Right of use assets Included in Other assets, including intangibles - net 6,849 6,451 Included in Property, plant and equipment - net 2,712 2,090 Total right of use assets 6,849 6,451 2,712 2,090 Lease liability due within one year Included in Accounts payable and accrued liabilities 1,617 1,527 5 5 Included in Notes and loans payable 95 69 Long-term lease liability Included in Other long-term obligations 4,393 4,067 Included in Long-term debt 1,821 1,389 Included in Long-term obligations to equity companies 121 126 Total lease liability (2) 6,010 5,594 2,042 1,589 Weighted-average remaining lease term (years) 8 9 26 22 Weighted-average discount rate (percent) 3.9 % 2.4 % 7.2 % 8.0 % (2) Includes $2,032 million and $1,646 million for drilling rigs and related equipment operating leases in 2023 and 2022, respectively. Maturity Analysis of Lease Liabilities (millions of dollars) Operating Leases Finance Leases December 31, 2023 2024 1,807 243 2025 1,464 237 2026 1,046 234 2027 577 224 2028 307 241 2029 and beyond 1,781 2,256 Total lease payments 6,982 3,435 Discount to present value (972) (1,393) Total lease liability 6,010 2,042 In addition to the lease liabilities in the table immediately above, at December 31, 2023, undiscounted commitments for leases not yet commenced totaled $4,063 million for operating leases and $2,256 million for finance leases. Estimated cash payments for operating and finance leases not yet commenced are $267 million and $331 million for 2024 and 2025 respectively. Not yet commenced finance leases primarily relate to a CO2 transportation and service agreement, and a long-term hydrogen purchase agreement. The underlying assets are primarily designed by, and are being constructed by, the lessors. Other Information (millions of dollars) Operating Leases Finance Leases 2023 2022 2021 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 1,135 1,119 1,135 20 20 20 Cash flows from investing activities 758 500 291 Cash flows from financing activities 86 149 110 Noncash right of use assets recorded for lease liabilities In exchange for lease liabilities during the period 2,161 1,997 1,405 529 73 200 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share 2023 2022 2021 Net income (loss) attributable to ExxonMobil (millions of dollars) 36,010 55,740 23,040 Weighted-average number of common shares outstanding (millions of shares) (1) 4,052 4,205 4,275 Earnings (loss) per common share (dollars) (2) 8.89 13.26 5.39 Dividends paid per common share (dollars) 3.68 3.55 3.49 (1) Includes restricted shares not vested. (2) The earnings (loss) per common share and earnings (loss) per common share - assuming dilution are the same in each period shown. |
Financial Instruments And Deriv
Financial Instruments And Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments And Derivatives [Abstract] | |
Financial Instruments And Derivatives | Financial Instruments and Derivatives The estimated fair value of financial instruments and derivatives at December 31, 2023, and December 31, 2022, and the related hierarchy level for the fair value measurement was as follows: December 31, 2023 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Assets Derivative assets (1) 4,544 1,731 — 6,275 (5,177) (528) — 570 Advances to/receivables from equity companies (2)(6) — 2,517 4,491 7,008 — — 519 7,527 Other long-term financial assets (3) 1,389 — 944 2,333 — — 202 2,535 Liabilities Derivative liabilities (4) 4,056 1,608 — 5,664 (5,177) (40) — 447 Long-term debt (5) 30,556 2,004 — 32,560 — — 3,102 35,662 Long-term obligations to equity companies (6) — — 1,896 1,896 — — (92) 1,804 Other long-term financial liabilities (7) — — 697 697 — — 45 742 December 31, 2022 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Assets Derivative assets (1) 4,309 3,455 — 7,764 (5,778) (969) — 1,017 Advances to/receivables from equity companies (2)(6) — 2,406 4,958 7,364 — — 685 8,049 Other long-term financial assets (3) 1,208 — 1,413 2,621 — — 346 2,967 Liabilities Derivative liabilities (4) 3,417 3,264 — 6,681 (5,778) (79) — 824 Long-term debt (5) 33,112 1,880 6 34,998 — — 4,173 39,171 Long-term obligations to equity companies (6) — — 2,467 2,467 — — (129) 2,338 Other long-term financial liabilities (7) — — 679 679 — — 38 717 (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 December 31, 2023, and December 31, 2022, respectively, the Corporation had $800 million and $1,494 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements. Derivative Instruments. The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its 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 to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue” and in the Consolidated Statement of Cash Flows in “Cash Flows from Operating Activities”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of December 31, 2023 and 2022, or results of operations for 2023, 2022, and 2021. 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 December 31, 2023, and December 31, 2022, was as follows: (millions) December 31, December 31, 2023 2022 Crude oil (barrels) (7) 4 Petroleum products (barrels) (43) (52) Natural gas (MMBTUs) (560) (64) Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income are included in the following lines on a before-tax basis: (millions of dollars) 2023 2022 2021 Sales and other operating revenue 986 (1,763) (3,818) Crude oil and product purchases 79 314 48 Total 1,065 (1,449) (3,770) |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-Term Debt At December 31, 2023, long-term debt consisted of $32,510 million due in U.S. dollars and $4,973 million representing the U.S. dollar equivalent at year-end exchange rates of amounts payable in foreign currencies. These amounts exclude that portion of long-term debt, totaling $4,009 million, which matures within one year and is included in current liabilities. On December 22, 2022, the Company irrevocably deposited sufficient cash with the Trustee to fund (i) the redemption of its 2.726% notes due 2023 and (ii) the redemption of its 1.571% notes due 2023. After the deposit of the funds, the Corporation was released from its obligation and the debt was extinguished. The amounts of long-term debt, excluding finance lease obligations, maturing in each of the four years after December 31, 2024, in millions of dollars, are: 2025 – $5,371; 2026 – $3,651; 2027 – $1,098; and 2028 – $1,207. At December 31, 2023, the Corporation's unused long-term lines of credit were $1.3 billion. 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 December 31, 2023, the Corporation has designated its $5.0 billion of Euro-denominated debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective. Summarized long-term debt at year-end 2023 and 2022 are shown in the table below: (millions of dollars, except where stated otherwise) Average Rate (1) Dec 31, 2023 Dec 31, 2022 Exxon Mobil Corporation (2) 3.176% notes due 2024 — 1,000 2.019% notes due 2024 — 1,000 2.709% notes due 2025 1,750 1,750 2.992% notes due 2025 2,767 2,781 3.043% notes due 2026 2,500 2,500 2.275% notes due 2026 1,000 1,000 3.294% notes due 2027 1,000 1,000 2.440% notes due 2029 1,250 1,250 3.482% notes due 2030 2,000 2,000 2.610% notes due 2030 2,000 2,000 2.995% notes due 2039 750 750 4.227% notes due 2040 2,080 2,084 3.567% notes due 2045 1,000 1,000 4.114% notes due 2046 2,500 2,500 3.095% notes due 2049 1,500 1,500 4.327% notes due 2050 2,750 2,750 3.452% notes due 2051 2,750 2,750 Exxon Mobil Corporation - Euro-denominated 0.142% notes due 2024 — 1,600 0.524% notes due 2028 1,105 1,066 0.835% notes due 2032 1,105 1,066 1.408% notes due 2039 1,105 1,066 XTO Energy Inc. (3) 6.100% senior notes due 2036 189 189 6.750% senior notes due 2037 286 289 6.375% senior notes due 2038 223 224 Industrial revenue bonds due 2022-2051 3.080% 2,123 2,245 Finance leases & other obligations 5.985% 3,838 3,299 Debt issuance costs (88) (100) Total long-term debt 37,483 40,559 (1) Average effective or imputed interest rates at December 31, 2023. (2) Includes premiums of $97 million in 2023 and $115 million in 2022. (3) Includes premiums of $71 million in 2023 and $76 million in 2022. |
Incentive Program
Incentive Program | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Program | Incentive Program The 2003 Incentive Program provides for grants of stock options, stock appreciation rights (SARs), restricted stock, and other forms of awards. Awards may be granted to eligible employees of the Corporation and those affiliates at least 50 percent owned. Outstanding awards are subject to certain forfeiture provisions contained in the program or award instrument. Options and SARs may be granted at prices not less than 100 percent of market value on the date of grant and have a maximum life of 10 years. The maximum number of shares of stock that may be issued under the 2003 Incentive Program is 220 million. Awards that are forfeited, expire, or are settled in cash, do not count against this maximum limit. The 2003 Incentive Program does not have a specified term. New awards may be made until the available shares are depleted, unless the Board terminates the plan early. At the end of 2023, remaining shares available for award under the 2003 Incentive Program were 54 million. Restricted Stock and Restricted Stock Units. Awards totaling 9,701 thousand, 9,392 thousand, and 8,133 thousand of restricted (nonvested) common stock units were granted in 2023, 2022, and 2021, respectively. Compensation expense for these awards is based on the price of the stock at the date of grant and is recognized in income over the requisite service period. Shares for these awards are issued to employees from treasury stock. The units that are settled in cash are recorded as liabilities, and their changes in fair value are recognized over the vesting period. During the applicable restricted periods, the shares and units may not be sold or transferred and are subject to forfeiture. The majority of the awards have graded vesting periods, with 50 percent of the shares and units in each award vesting after three years, and the remaining 50 percent vesting after seven years. Some management, professional, and technical participants will receive awards that vest in full after three years. Awards granted to a small number of senior executives have vesting periods of five years for 50 percent of the award and of 10 years for the remaining 50 percent of the award, except that for awards granted prior to 2020 the vesting of the 10-year portion of the award is delayed until retirement if later than 10 years. The following tables summarize information about restricted stock and restricted stock units for the year ended December 31, 2023. Restricted stock and units outstanding 2023 Shares Weighted-Average (thousands) (dollars) Issued and outstanding at January 1 37,573 67.47 Awards issued in 2023 9,247 110.84 Vested (8,572) 67.75 Forfeited (436) 73.62 Issued and outstanding at December 31 37,812 77.94 Value of restricted stock units 2023 2022 2021 Grant price (dollars) 103.16 110.46 62.76 Value at date of grant: (millions of dollars) Units settled in stock 900 931 461 Units settled in cash 101 106 49 Total value 1,001 1,037 510 As of December 31, 2023, there was $2,120 million of unrecognized compensation cost related to the nonvested restricted awards. This cost is expected to be recognized over a weighted-average period of 4.7 years. The compensation cost charged against income for the restricted stock and restricted stock units was $611 million, $648 million, and $612 million for 2023, 2022, and 2021, respectively. The income tax benefit recognized in income related to this compensation expense was $50 million, $52 million, and $49 million for the same periods, respectively. The fair value of shares and units vested in 2023, 2022, and 2021 was $892 million, $1,027 million, and $562 million, respectively. Cash payments of $79 million, $89 million, and $48 million for vested restricted stock units settled in cash were made in 2023, 2022, and 2021, respectively. |
Litigation And Other Contingenc
Litigation And Other Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency [Abstract] | |
Litigation And Other Contingencies | 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. State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change. Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies, including ExxonMobil, requesting compensation for the restoration of coastal marsh erosion in the state. We believe the factual and legal theories set forth in these proceedings are meritless. While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect on the Corporation’s operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims. Other Contingencies. The Corporation and certain of its consolidated subsidiaries were contingently liable at December 31, 2023, 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. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence. December 31, 2023 (millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total Guarantees Debt-related 1,151 149 1,300 Other 711 5,796 6,507 Total 1,862 5,945 7,807 (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. |
Pension And Other Postretiremen
Pension And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits | Pension and Other Postretirement Benefits The benefit obligations and plan assets associated with the Corporation’s principal benefit plans are measured on December 31. Pension Benefits Other Postretirement Benefits (millions of dollars, except where stated otherwise) U.S. Non-U.S. 2023 2022 2023 2022 2023 2022 Weighted-average assumptions used to determine benefit obligations at December 31 Discount rate (percent) 5.30 5.60 4.30 4.90 5.30 5.60 Long-term rate of compensation increase (percent) 4.50 4.50 4.50 5.20 4.50 4.50 Change in benefit obligation Benefit obligation at January 1 12,350 18,511 19,342 29,492 5,211 7,265 Service cost 466 712 323 570 78 138 Interest cost 664 518 922 614 276 216 Actuarial loss/(gain) (1) 550 (4,432) 1,393 (7,742) 176 (1,990) Benefits paid (2)(3) (870) (2,959) (1,214) (1,415) (545) (492) Foreign exchange rate changes — — 515 (2,258) 11 (47) Amendments, divestments and other (17) — 46 81 (193) 121 Benefit obligation at December 31 13,143 12,350 21,327 19,342 5,014 5,211 Accumulated benefit obligation at December 31 11,033 10,367 19,769 18,047 — — (1) Actuarial loss/(gain) primarily reflects lower discount rates. (2) Benefit payments for funded and unfunded plans. (3) For 2023 and 2022, other postretirement benefits paid are net of $19 million and $24 million of Medicare subsidy receipts, respectively. For selection of the discount rate for U.S. plans, several sources of information are considered, including interest rate market indicators and the effective discount rate determined by use of a yield curve based on high-quality, noncallable bonds applied to the estimated cash outflows for benefit payments. For major non-U.S. plans, the discount rate is determined by using a spot yield curve of high-quality, local-currency-denominated bonds at an average maturity approximating that of the liabilities. The measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.0 percent in 2025 and subsequent years. Pension Benefits Other Postretirement Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 2023 2022 Change in plan assets Fair value at January 1 10,989 13,266 16,757 24,880 348 440 Actual return on plan assets 1,121 (3,265) 1,484 (5,287) 36 (66) Foreign exchange rate changes — — 492 (2,012) — — Company contribution — 3,596 615 655 38 27 Benefits paid (1) (743) (2,608) (878) (1,070) (51) (53) Other — — (39) (409) — — Fair value at December 31 11,367 10,989 18,431 16,757 371 348 (1) Benefit payments for funded plans. The funding levels of all qualified pension plans are in compliance with standards set by applicable law or regulation. As shown in the table below, certain smaller U.S. pension plans and a number of non-U.S. pension plans are not funded because local applicable tax rules and regulatory practices do not encourage funding of these plans. All defined benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate. Pension Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 Assets in excess of/(less than) benefit obligation Balance at December 31 Funded plans (271) (23) 1,028 1,019 Unfunded plans (1,505) (1,338) (3,924) (3,604) Total (1,776) (1,361) (2,896) (2,585) The authoritative guidance for defined benefit pension and other postretirement plans requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income. Pension Benefits Other Postretirement Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 2023 2022 Assets in excess of/(less than) benefit obligation Balance at December 31 (1) (1,776) (1,361) (2,896) (2,585) (4,643) (4,863) Amounts recorded in the consolidated balance sheet consist of: Other assets — — 1,895 1,962 — — Current liabilities (201) (168) (225) (254) (288) (304) Postretirement benefits reserves (1,575) (1,193) (4,566) (4,293) (4,355) (4,559) Total recorded (1,776) (1,361) (2,896) (2,585) (4,643) (4,863) Amounts recorded in accumulated other comprehensive income consist of: Net actuarial loss/(gain) 744 897 1,364 846 (1,453) (1,726) Prior service cost (283) (295) 401 278 (459) (190) Total recorded in accumulated other comprehensive income 461 602 1,765 1,124 (1,912) (1,916) (1) Fair value of assets less benefit obligation shown on the preceding page. The long-term expected rate of return on funded assets shown below is established for each benefit plan by developing a forward-looking, long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. Pension Benefits Other Postretirement (millions of dollars, except where stated otherwise) U.S. Non-U.S. 2023 2022 2021 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate (percent) 5.60 3.00 2.80 4.90 2.20 1.60 5.60 3.10 2.80 Long-term rate of return on funded assets (percent) 5.20 4.60 5.30 4.20 3.50 4.10 4.70 3.80 4.60 Long-term rate of compensation increase (percent) 4.50 4.50 5.50 5.20 4.20 4.20 4.50 4.50 5.50 Components of net periodic benefit cost Service cost 466 712 919 323 570 774 78 138 188 Interest cost 664 518 558 922 614 526 276 216 221 Expected return on plan assets (532) (560) (722) (688) (815) (1,031) (14) (14) (19) Amortization of actuarial loss/(gain) 85 156 244 108 180 420 (122) 6 76 Amortization of prior service cost (29) (29) (23) 52 43 57 (42) (42) (42) Net pension enhancement and curtailment/settlement cost 29 205 489 5 4 32 — — — Net periodic benefit cost 683 1,002 1,465 722 596 778 176 304 424 Changes in amounts recorded in accumulated other comprehensive income: Net actuarial loss/(gain) (39) (607) (504) 602 (1,641) (2,361) 154 (1,910) (891) Amortization of actuarial (loss)/gain (114) (361) (733) (108) (183) (430) 122 (6) (76) Prior service cost/(credit) (17) — (72) 153 84 92 (312) — — Amortization of prior service (cost)/credit 29 29 23 (52) (40) (55) 42 42 42 Foreign exchange rate changes — — — 46 (199) (255) (2) (7) — Total recorded in other comprehensive income (141) (939) (1,286) 641 (1,979) (3,009) 4 (1,881) (925) Total recorded in net periodic benefit cost and other comprehensive income, before tax 542 63 179 1,363 (1,383) (2,231) 180 (1,577) (501) Costs for defined contribution plans were $383 million, $365 million, and $177 million in 2023, 2022, and 2021, respectively. A summary of the change in accumulated other comprehensive income is shown in the table below: Total Pension and Other Postretirement Benefits (millions of dollars) 2023 2022 2021 (Charge)/credit to other comprehensive income, before tax U.S. pension 141 939 1,286 Non-U.S. pension (641) 1,979 3,009 Other postretirement benefits (4) 1,881 925 Total (charge)/credit to other comprehensive income, before tax (504) 4,799 5,220 (Charge)/credit to income tax (see Note 4) 180 (1,236) (1,287) (Charge)/credit to investment in equity companies 16 235 110 (Charge)/credit to other comprehensive income including noncontrolling interests, after tax (308) 3,798 4,043 Charge/(credit) to equity of noncontrolling interests 54 (212) (217) (Charge)/credit to other comprehensive income attributable to ExxonMobil (254) 3,586 3,826 The Corporation’s investment strategy for benefit plan assets reflects a long-term view, a careful assessment of the risks inherent in plan assets and liabilities, and broad diversification to reduce the risk of the portfolio. The benefit plan assets are primarily invested in passive global equity and local currency fixed income index funds to diversify risk while minimizing costs. The equity funds hold ExxonMobil stock only to the extent necessary to replicate the relevant equity index. The fixed income funds are largely invested in investment grade corporate and government debt securities with interest rate sensitivity designed to approximate the interest rate sensitivity of plan liabilities. Target asset allocations for benefit plans are reviewed periodically and set based on considerations such as risk, diversification, liquidity, and funding level. The target asset allocations for the major benefit plans range from 10 to 35 percent in equity securities and the remainder in fixed income securities. The equity for the U.S. and certain non-U.S. plans include allocations to private equity partnerships that primarily focus on early-stage venture capital of less than 5 percent. The fair value measurement levels are accounting terms that refer to different methods of valuing assets. The terms do not represent the relative risk or credit quality of an investment. The 2023 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below: U.S. Pension Non-U.S. Pension (millions of dollars) Fair Value Measurement at December 31, 2023, Using: Fair Value Measurement at December 31, 2023, Using: Level 1 Level 2 Level 3 Net Asset Value Total Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. — — — 2,114 2,114 — — — 2,642 2,642 Non-U.S. — — — 1,344 1,344 52 (1) — — 1,688 1,740 Private equity — — — 375 375 — — — 294 294 Debt securities Corporate — 4,699 (2) — 1 4,700 — 61 (2) — 4,370 4,431 Government — 2,650 (2) — 2 2,652 134 (3) 171 (2) — 8,429 8,734 Asset-backed — — — 1 1 — 22 (2) — 221 243 Other — — — — — — — — 4 4 Real Estate — — — — — — — — 70 70 Cash — — — 178 178 189 17 (4) — 45 251 Total at fair value — 7,349 — 4,015 11,364 375 271 — 17,763 18,409 Insurance contracts at contract value 3 22 Total plan assets 11,367 18,431 (1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. (3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices. (4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input. Other Postretirement (millions of dollars) Fair Value Measurement at December 31, 2023, Using: Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. 84 (1) — — — 84 Non-U.S. 40 (1) — — — 40 Debt securities Corporate — 61 (2) — — 61 Government — 182 (2) — — 182 Asset-backed — 3 (2) — — 3 Cash — 1 — — 1 Total at fair value 124 247 — — 371 (1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. The 2022 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below: U.S. Pension Non-U.S. Pension (millions of dollars) Fair Value Measurement at December 31, 2022, Using: Fair Value Measurement at December 31, 2022, Using: Level 1 Level 2 Level 3 Net Asset Value Total Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. — — — 1,726 1,726 — — — 2,318 2,318 Non-U.S. — — — 1,131 1,131 61 (1) — — 1,676 1,737 Private equity — — — 506 506 — — — 472 472 Debt securities Corporate — 4,582 (2) — 1 4,583 — 63 (2) — 4,199 4,262 Government — 2,869 (2) — 2 2,871 202 (3) 144 (2) — 7,189 7,535 Asset-backed — — — 1 1 — 22 (2) — 185 207 Cash — — — 168 168 88 40 (4) — 77 205 Total at fair value — 7,451 — 3,535 10,986 351 269 — 16,116 16,736 Insurance contracts at contract value 3 21 Total plan assets 10,989 16,757 (1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. (3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices. (4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input. Other Postretirement (millions of dollars) Fair Value Measurement at December 31, 2022, Using: Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. 70 (1) — — — 70 Non-U.S. 37 (1) — — — 37 Debt securities Corporate — 59 (2) — — 59 Government — 175 (2) — — 175 Asset-backed — 4 (2) — — 4 Cash — 3 — — 3 Total at fair value 107 241 — — 348 (1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. A summary of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below: Pension Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 For funded pension plans with an accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation — — 1,145 1,098 Fair value of plan assets — — 562 400 For funded pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation 11,638 11,012 2,334 1,956 Fair value of plan assets 11,367 10,989 1,465 1,012 For unfunded pension plans: Projected benefit obligation 1,505 1,338 3,924 3,604 Accumulated benefit obligation 1,173 1,045 3,592 3,261 All other postretirement benefit plans are unfunded or underfunded. Pension Benefits Other Postretirement Benefits (millions of dollars) U.S. Non-U.S. Gross Medicare Subsidy Receipt Contributions expected in 2024 — 275 — — Benefit payments expected in: 2024 1,053 1,200 363 — 2025 1,053 1,158 356 — 2026 1,064 1,144 347 1 2027 1,066 1,185 342 1 2028 1,087 1,216 339 1 2029 - 2033 5,644 6,116 1,710 3 |
Disclosures About Segments And
Disclosures About Segments And Related Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Disclosures About Segments And Related Information | Disclosures about Segments and Related Information Our reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products. The factors used to identify these reportable segments are based on the nature of the operations that are undertaken by each segment. The Upstream segment is organized and operates to explore for and produce crude oil and natural gas. The Energy Products, Chemical Products, and Specialty Products segments are organized and operate to manufacture and sell petroleum products and petrochemicals. • Energy Products: Fuels, aromatics, and catalysts and licensing • Chemical Products: Olefins, polyolefins, and intermediates • Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins Earnings after income tax include transfers at estimated market prices. In Corporate and Financing, interest revenue relates to interest earned on cash deposits and marketable securities. Interest expense includes non-debt-related interest expense of $234 million in 2023, $117 million in 2022, and $103 million in 2021. (millions of dollars) Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Corporate Total U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. As of December 31, 2023 Earnings (loss) after income tax 4,202 17,106 6,123 6,019 1,626 11 1,536 1,178 (1,791) 36,010 Earnings of equity companies included above 63 5,550 140 131 126 761 — (25) (361) 6,385 Sales and other operating revenue 9,500 16,074 103,868 164,515 7,951 14,314 6,044 12,363 68 334,697 Intersegment revenue 20,971 38,982 23,481 28,258 7,991 3,643 2,570 555 244 — Depreciation and depletion expense 8,863 7,737 765 797 605 706 93 222 853 20,641 Interest revenue — — — — — — — — 1,628 1,628 Interest expense 82 74 4 7 2 2 — 2 676 849 Income tax expense (benefit) 1,016 10,593 1,543 1,492 396 158 458 235 (462) 15,429 Additions to property, plant and equipment 10,372 8,217 1,106 1,455 600 1,775 81 370 5,062 29,038 Investments in equity companies 4,436 21,485 406 1,135 3,086 2,700 — 952 (120) 34,080 Total assets 67,452 138,914 32,123 42,337 17,599 17,076 2,620 8,379 49,817 376,317 As of December 31, 2022 Earnings (loss) after income tax 11,728 24,751 8,340 6,626 2,328 1,215 1,190 1,225 (1,663) 55,740 Earnings of equity companies included above 411 10,133 126 322 91 771 — (23) (368) 11,463 Sales and other operating revenue 14,579 30,585 117,824 188,153 10,670 16,949 6,152 13,727 36 398,675 Intersegment revenue 25,658 46,076 29,001 36,894 9,081 5,201 2,587 825 241 — Depreciation and depletion expense 5,791 14,013 741 1,246 542 446 95 193 973 24,040 Interest revenue — — — — — — — — 446 446 Interest expense 51 38 1 7 — 1 — 1 699 798 Income tax expense (benefit) 3,330 11,575 2,615 2,420 520 292 334 252 (1,162) 20,176 Additions to property, plant and equipment 5,940 6,441 1,141 964 1,026 1,692 37 200 897 18,338 Investments in equity companies 4,893 21,502 368 1,154 3,124 2,417 — 1,177 (113) 34,522 Total assets 66,695 139,764 31,729 41,836 17,342 15,875 2,839 8,316 44,671 369,067 As of December 31, 2021 Earnings (loss) after income tax 3,663 12,112 668 (1,014) 3,697 3,292 1,452 1,807 (2,636) 23,040 Earnings of equity companies included above 288 5,535 122 100 (139) 1,141 — (36) (354) 6,657 Sales and other operating revenue 8,883 12,914 78,500 130,406 11,995 16,633 4,858 12,473 30 276,692 Intersegment revenue 16,692 33,405 16,735 25,097 5,993 4,082 2,193 749 227 — Depreciation and depletion expense 6,831 9,918 700 1,036 505 450 97 195 875 20,607 Interest revenue — — — — — — — — 33 33 Interest expense 58 36 1 6 — 1 — 1 844 947 Income tax expense (benefit) 1,116 4,871 156 (165) 1,235 684 464 329 (1,054) 7,636 Additions to property, plant and equipment 3,308 5,308 979 874 538 712 28 136 658 12,541 Investments in equity companies 4,999 18,544 353 972 3,019 2,490 — 1,185 (337) 31,225 Total assets 67,294 141,978 26,932 37,698 16,695 14,555 2,878 8,030 22,863 338,923 Due to rounding, numbers presented may not add up precisely to the totals indicated. Revenue from Contracts with Customers Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Revenue outside the scope of ASC 606 primarily relates to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it. Sales and other operating revenue (millions of dollars) 2023 2022 2021 Revenue from contracts with customers 256,455 304,758 228,968 Revenue outside the scope of ASC 606 78,242 93,917 47,724 Total 334,697 398,675 276,692 Geographic Sales and other operating revenue (millions of dollars) 2023 2022 2021 United States 127,374 149,225 104,236 Non-U.S. 207,323 249,450 172,456 Total 334,697 398,675 276,692 Significant non-U.S. revenue sources include: (1) Canada 28,994 32,970 22,166 United Kingdom 23,372 33,988 14,759 Singapore 15,331 19,029 15,031 France 14,803 17,727 13,236 Australia 9,883 11,316 7,646 Belgium 9,840 11,279 9,153 Germany 9,297 10,190 7,565 (1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable. Long-lived assets (millions of dollars) December 31, 2023 2022 2021 United States 95,792 90,051 90,412 Non-U.S. 119,148 114,641 126,140 Total 214,940 204,692 216,552 Significant non-U.S. long-lived assets include: Canada 31,682 31,106 34,907 Singapore 12,490 11,972 11,969 Australia 11,212 11,372 12,988 Guyana 9,689 6,766 4,892 Kazakhstan 7,728 8,172 8,463 Papua New Guinea 7,433 7,338 7,534 United Arab Emirates 5,480 5,448 5,392 Brazil 4,203 3,649 4,337 China 3,669 2,350 984 Nigeria 3,319 4,090 5,235 Russia — — 4,055 |
Income And Other Taxes
Income And Other Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income And Other Taxes [Abstract] | |
Income And Other Taxes | Income and Other Taxes (millions of dollars) 2023 2022 2021 U.S. Non-U.S. Total U.S. Non-U.S. Total U.S. Non-U.S. Total Income tax expense (benefit) Federal and non-U.S. Current 1,987 12,111 14,098 696 15,071 15,767 236 6,948 7,184 Deferred - net 463 481 944 4,122 (539) 3,583 870 (914) (44) U.S. tax on non-U.S. operations 315 — 315 65 — 65 26 — 26 Total federal and non-U.S. 2,765 12,592 15,357 4,883 14,532 19,415 1,132 6,034 7,166 State 72 — 72 761 — 761 470 — 470 Total income tax expense (benefit) 2,837 12,592 15,429 5,644 14,532 20,176 1,602 6,034 7,636 All other taxes and duties Other taxes and duties 3,871 25,140 29,011 4,087 23,832 27,919 3,731 26,508 30,239 Included in production and manufacturing expenses 1,961 726 2,687 2,204 862 3,066 1,589 674 2,263 Included in SG&A expenses 183 310 493 151 319 470 170 283 453 Total other taxes and duties 6,015 26,176 32,191 6,442 25,013 31,455 5,490 27,465 32,955 Total 8,852 38,768 47,620 12,086 39,545 51,631 7,092 33,499 40,591 The above provisions for deferred income taxes include net expenses of $24 million in 2023, and $30 million in 2022, and net benefits of $53 million in 2021 related to changes in tax laws and rates. Additional European Taxes on the Energy Sector. On October 6, 2022, European Union (“EU”) Member States adopted an EU Council Regulation which, along with other measures, introduced a new tax described as an emergency intervention to address high energy prices. This regulation imposed a mandatory tax on certain companies active in the crude petroleum, coal, natural gas, and refinery sectors. The regulation required Member States to levy a minimum 33 percent tax on in-scope companies’ 2022 and/or 2023 “surplus profits", defined in the regulation as taxable profits exceeding 120 percent of the annual average profits during the 2018-2021 period. EU Member States were required to implement the tax, or an equivalent national measure, by December 31, 2022. The enactment of these regulations by Member States resulted in an after-tax charge of approximately $1.8 billion to the Corporation’s fourth-quarter 2022 results and approximately $0.2 billion in 2023, mainly reflected in the line “Income tax expense (benefit)” on the Consolidated Statement of Income. The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2023, 2022, and 2021 is as follows: (millions of dollars) 2023 2022 2021 Income (loss) before income taxes United States 14,786 28,281 9,478 Non-U.S. 37,997 49,472 21,756 Total 52,783 77,753 31,234 Theoretical tax 11,084 16,328 6,559 Effect of equity method of accounting (1,341) (2,407) (1,398) Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1) 5,888 6,423 2,809 State taxes, net of federal tax benefit 57 601 371 Other (259) (769) (705) Total income tax expense (credit) 15,429 20,176 7,636 Effective tax rate calculation Income tax expense (credit) 15,429 20,176 7,636 ExxonMobil share of equity company income taxes 3,058 7,594 2,756 Total income tax expense (credit) 18,487 27,770 10,392 Net income (loss) including noncontrolling interests 37,354 57,577 23,598 Total income (loss) before taxes 55,841 85,347 33,990 Effective income tax rate 33% 33% 31% (1) Includes the impact of the additional European taxes on the energy sector of $1,825 million in 2022 and $115 million in 2023. Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. Deferred tax liabilities/(assets) are comprised of the following at December 31: Tax effects of temporary differences for: (millions of dollars) 2023 2022 Property, plant and equipment 26,627 25,607 Other liabilities 7,534 7,401 Total deferred tax liabilities 34,161 33,008 Pension and other postretirement benefits (1,777) (1,754) Asset retirement obligations (3,532) (3,045) Tax loss carryforwards (4,317) (4,862) Other assets (6,361) (6,948) Total deferred tax assets (15,987) (16,609) Asset valuation allowances 2,641 2,650 Net deferred tax liabilities 20,815 19,049 In 2023, asset valuation allowances of $2,641 million decreased by $9 million and included net provisions of $104 million and foreign currency and other effects of $113 million. Balance sheet classification (millions of dollars) 2023 2022 Other assets, including intangibles, net (3,637) (3,825) Deferred income tax liabilities 24,452 22,874 Net deferred tax liabilities 20,815 19,049 The Corporation’s undistributed earnings from subsidiary companies outside the United States include amounts that have been retained to fund prior and future capital project expenditures. Deferred income taxes have not been recorded for potential future tax obligations, such as foreign withholding tax and state tax, as these undistributed earnings are expected to be indefinitely reinvested for the foreseeable future. As of December 31, 2023, it is not practicable to estimate the unrecognized deferred tax liability. However, unrecognized deferred taxes on remittance of these funds are not expected to be material. Unrecognized Tax Benefits. The Corporation is subject to income taxation in many jurisdictions around the world. The benefits of uncertain tax positions that the Corporation has taken or expects to take in its income tax returns are recognized in the financial statements if management concludes that it is more likely than not that the position will be sustained with the tax authorities. For a position that is likely to be sustained, the benefit recognized in the financial statements is measured at the largest amount that is greater than 50 percent likely of being realized. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. The following table summarizes the movement in unrecognized tax benefits: Gross unrecognized tax benefits (millions of dollars) 2023 2022 2021 Balance at January 1 3,398 9,130 8,764 Additions based on current year's tax positions 350 539 358 Additions for prior years' tax positions 400 294 100 Reductions for prior years' tax positions (38) (6,243) (79) Reductions due to lapse of the statute of limitations (25) (16) (2) Settlements with tax authorities (153) (277) (11) Foreign exchange effects/other 3 (29) — Balance at December 31 3,935 3,398 9,130 The gross unrecognized tax benefit balances are predominantly related to tax positions that would reduce the Corporation’s effective tax rate if the positions are favorably resolved. Unfavorable resolution of these tax positions generally would not increase the effective tax rate. The 2023, 2022, and 2021 changes in unrecognized tax benefits did not have a material effect on the Corporation’s net income. Resolution of these tax positions through negotiations with the relevant tax authorities or through litigation will take many years to complete. It is difficult to predict the timing of resolution for these tax positions since the timing is not entirely within the control of the Corporation. Unlike 2022, during which litigation resolved certain unrecognized tax benefit positions, there was no major resolution of unrecognized tax benefit positions in 2023. The Corporation has various U.S. federal income tax positions at issue with the Internal Revenue Service (IRS) for tax years beginning in 2010. Unfavorable resolution of these issues would not have a material adverse effect on the Corporation’s operations or financial condition. It is reasonably possible that the total amount of unrecognized tax benefits could increase by up to 20 percent or decrease by up to 30 percent in the next 12 months. The following table summarizes the tax years that remain subject to examination by major tax jurisdiction: Country of Operation Open Tax Years Australia 2010 — 2023 Belgium 2020 — 2023 Canada 2001 — 2023 Kazakhstan 2015 — 2023 Nigeria 2016 — 2023 Papua New Guinea 2008 — 2023 United Arab Emirates 2022 — 2023 United States 2010 — 2023 The Corporation classifies interest on income tax-related balances as interest expense or interest income and classifies tax-related penalties as operating expense. For 2023, 2022, and 2021 the Corporation's net interest expense on income tax reserves was $60 million, $16 million, and $0 million, respectively. The related interest payable balances were $134 million and $63 million at December 31, 2023 and 2022, respectively. |
Divestment Activities
Divestment Activities | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestment Activities | Divestment Activities In 2023, the Corporation realized proceeds of approximately $4.1 billion and recognized net after-tax earnings of approximately $0.6 billion from its divestment activities. This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments. In 2022, the Corporation realized proceeds of approximately $5.2 billion and recognized net after-tax earnings of approximately $0.4 billion from its divestment activities. This included the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments. In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In early July 2022, 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 these matters. On February 14, 2024, the Corporation closed the sale of the Santa Ynez Unit and associated facilities in California. The Corporation expects no material impacts on its first quarter 2024 financial statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions Denbury Inc. On November 2, 2023, the Corporation acquired Denbury, a developer of carbon capture, utilization, and storage solutions and enhanced oil recovery producing assets. The acquisition also included Gulf Coast and Rocky Mountain oil and natural gas operations which consisted of proved reserves totaling approximately 0.2 billion oil-equivalent barrels and approximately 45 thousand oil-equivalent barrels per day of production. Total consideration was $5.1 billion, which included the issuance of 46 million shares of ExxonMobil common stock from treasury having a fair value of $4.8 billion on the acquisition date, and cash payments of $0.3 billion related to repayment of Denbury's credit facility and settlement of fractional shares. The transaction was accounted for as a business combination in accordance with ASC 805, which requires that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The following table summarizes the fair values of the assets acquired and liabilities assumed: (billions of dollars) Current assets 0.4 Property, plant & equipment 6.4 Other assets 0.2 Total assets 7.0 Current liabilities 0.3 Long-term liabilities 1.6 Total liabilities 1.9 Net assets acquired 5.1 Inputs for the assumptions used in the income approach to value property, plant and equipment included estimates for pipeline tariff rates, pipeline throughput volumes, commodity prices, future oil and gas production profiles, operating expenses, and a risk-adjusted discount rate. The Denbury acquisition resulted in an immaterial amount of goodwill. Revenues and earnings arising from Denbury's operations are immaterial in 2023 for pro forma disclosure purposes. Pioneer Natural Resources Company On October 11, 2023, the Corporation announced a merger agreement with Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company, in exchange for ExxonMobil common stock. Based on the October 5 closing price for ExxonMobil shares, the fixed exchange rate of 2.3234 per Pioneer share, and Pioneer's outstanding net debt, the implied enterprise value of the transaction was approximately $65 billion. We expect the number of shares issuable in connection with the transaction to be approximately 546 million. The transaction is expected to close in the second quarter of 2024, subject to regulatory approvals. Pioneer holds over 850 thousand net acres in the Midland Basin of West Texas, which consist of proved reserves totaling over 2.3 billion oil-equivalent barrels (as of December 31, 2022) and over 700 thousand oil-equivalent barrels per day of production for the three months ended September 30, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) attributable to ExxonMobil | $ 36,010 | $ 55,740 | $ 23,040 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary Of Accounting Policies
Summary Of Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Accounting for Investments | Principles of Consolidation and Accounting for Investments The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls and any variable interest entities where it is deemed the primary beneficiary. They also include the Corporation’s share of the undivided interest in certain upstream assets, liabilities, revenues, and expenses. Amounts representing the Corporation’s interest in entities that it does not control, but over which it exercises significant influence, are included in “Investments, advances and long-term receivables”. Under the equity method of accounting, the Corporation recognizes its share of the net income of these companies in “Income from equity affiliates”. Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and, therefore, should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted, by law or by contract, substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans. Investments accounted for by the equity method are assessed for possible impairment when events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Examples of key indicators include a history of operating losses, negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee’s business segment or geographic region. If the decline in value of the investment is other than temporary, the carrying value of the investment is written down to fair value. In the absence of market prices for the investment, discounted cash flows are used to assess fair value. The Corporation’s share of the cumulative foreign exchange translation adjustment for equity method investments is reported in “Accumulated other comprehensive income”. Investments in equity securities, other than consolidated subsidiaries and equity method investments, are measured at fair value with changes in fair value recognized in net income. The Corporation uses the modified approach for equity securities that do not have a readily determinable fair value. This modified approach measures investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions in a similar investment of the same issuer. |
Revenue Recognition | Revenue Recognition The Corporation generally sells crude oil, natural gas, and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments to reflect market conditions. Revenue is recognized at the amount the Corporation expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risks and rewards of ownership. The prices of certain sales are based on price indices that are sometimes not available until the next period. In such cases, estimated realizations are accrued when the sale is recognized, and are finalized when the price is available. Such adjustments to revenue from performance obligations satisfied in previous periods are not significant. Payment for revenue transactions is typically due within 30 days. Future volume delivery obligations that are unsatisfied at the end of the period are expected to be fulfilled through ordinary production or purchases. These performance obligations are based on market prices at the time of the transaction and are fully constrained due to market price volatility. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold. “Sales and other operating revenue” and “Notes and accounts receivable” include revenue and receivables both within the scope of ASC 606 "Revenue from Contracts with Customers” and those outside the scope of ASC 606. Long-term receivables are primarily from receivables outside the scope of ASC 606. Contract assets are mainly from marketing assistance programs and are not significant. Contract liabilities are mainly customer prepayments and accruals of expected volume discounts and are not significant. |
Income and Other Taxes | Income and Other Taxes The Corporation excludes from the Consolidated Statement of Income certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities. Similar taxes, for which the Corporation is not considered to be an agent for the government, are reported on a gross basis (included in both “Sales and other operating revenue” and “Other taxes and duties”). The Corporation accounts for U.S. tax on global intangible low-taxed income as an income tax expense in the period in which it is incurred. |
Derivative Instruments | Derivative Instruments The Corporation may use derivative instruments for trading purposes and to offset exposures associated with commodity prices, foreign currency exchange rates, and interest rates that arise from existing assets, liabilities, firm commitments, and forecasted transactions. All derivative instruments, except those designated as normal purchase and normal sale, are recorded at fair value. Derivative assets and liabilities with the same counterparty are netted if the right of offset exists and certain other criteria are met. Collateral payables or receivables are netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from adjusting a derivative to fair value depends on the purpose for the derivative. All gains and losses from derivative instruments for which the Corporation does not apply hedge accounting are immediately recognized in earnings. The Corporation may designate derivatives as fair value or cash flow hedges. For fair value hedges, the gain or loss from derivative instruments and the offsetting gain or loss from the hedged item are recognized in earnings. For cash flow hedges, the gain or loss from the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the period that the forecasted transaction affects earnings. |
Fair Value | Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy levels 1, 2, and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy level 2 inputs are inputs other than quoted prices included within level 1 that are directly or indirectly observable for the asset or liability. Hierarchy level 3 inputs are inputs that are not observable in the market. |
Inventories | Inventories |
Property, Plant And Equipment | Property, Plant, and Equipment Cost Basis. The Corporation uses the “successful efforts” method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. Exploratory well costs are carried as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Development costs, including costs of productive wells and development dry holes, are capitalized. Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant, and equipment and are depreciated over the service life of the related assets. Depreciation, Depletion, and Amortization. Depreciation, depletion, and amortization are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life, taking obsolescence into consideration. Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and natural gas reserve volumes. Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using the unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods. Under the unit-of-production method, oil and natural gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank. In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the Corporation uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life. To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes. Investments in refinery, chemical process, and lubes basestock manufacturing equipment are generally depreciated on a straight-line basis over a 25-year life. Service station buildings and fixed improvements are generally depreciated over a 20-year life. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized, and the assets replaced are retired. Impairment Assessment. The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Among the events or changes in circumstances which could indicate that the carrying value of an asset or asset group may not be recoverable are the following: • a significant decrease in the market price of a long-lived asset; • a significant adverse change in the extent or manner in which an asset is being used or in its physical condition, including a significant decrease in current and projected reserve volumes; • a significant adverse change in legal factors or in the business climate that could affect the value, including an adverse action or assessment by a regulator; • an accumulation of project costs significantly in excess of the amount originally expected; • a current-period operating loss combined with a history and forecast of operating or cash flow losses; and • a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932, and relies, in part, on the Corporation’s planning and budgeting cycle. Asset valuation analysis, profitability reviews, and other periodic control processes assist the Corporation in assessing whether events or changes in circumstances indicate the carrying amounts of any of its assets may not be recoverable. Because the lifespans of the vast majority of the Corporation’s major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices and industry margins, development costs, and production costs. Significant reductions in the Corporation’s view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce, or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances can be indicators of potential impairment as well. In general, the Corporation does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources, and levels of prosperity. During the lifespan of its major assets, the Corporation expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins. In the Upstream, the standardized measure of discounted cash flows included in the Supplemental Information on Oil and Gas Exploration and Production Activities is required to use prices based on the average of first-of-month prices in the year. These prices represent discrete points in time and could be higher or lower than the Corporation’s price assumptions which are used for impairment assessments. The Corporation believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves, and therefore, does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment. Global Outlook and Cash Flow Assessment. The annual planning and budgeting process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Global Outlook (Outlook), which contains the Corporation’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation’s business plans will be updated accordingly. If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the Corporate Plan, which is reviewed and approved by the Board of Directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the Corporation’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates. Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its 2030 greenhouse gas emission-reduction plans, including its goal of net-zero Scope 1 and 2 greenhouse gas emissions from unconventional operated assets in the Permian Basin. Volumes are based on projected field and facility production profiles, throughput, or sales. Management’s estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. Cash flow estimates for impairment testing exclude the effects of derivative instruments. As part of the Corporate Plan, the Company considers estimated greenhouse gas emission costs, even for jurisdictions without a current greenhouse gas pricing policy. Fair Value of Impaired Assets. An asset group is impaired if its estimated undiscounted cash flows are less than the asset group's carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based upon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices (which are consistent with the average of third-party industry experts and government agencies), refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group. Other Impairments Related to Property, Plant and Equipment. Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the Corporation's future development plans, the estimated economic chance of success, and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. |
Environmental Liabilities | Environmental Liabilities Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties, and projected cash expenditures are not discounted. |
Foreign Currency Translation | Foreign Currency Translation The Corporation selects the functional reporting currency for its international subsidiaries based on the currency of the primary economic environment in which each subsidiary operates. Operations in the Product Solutions businesses use the local currency. However, the U.S. dollar is used in countries with a history of high inflation (primarily in Latin America) and in Singapore, which predominantly sells into the U.S. dollar export market. Upstream operations which are relatively self-contained and integrated within a particular country, such as in Canada and Europe, use the local currency. Some Upstream operations, primarily in Asia and Africa, use the U.S. dollar because they predominantly sell crude and natural gas production into U.S. dollar-denominated markets. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. |
Asset Retirement Obligations | The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the Corporation uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates, and inflation rates. Asset retirement obligations incurred in the current period were Level 3 fair value measurements. The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced. Over time, the liabilities are accreted for the change in their present value. |
Oil and Gas Properties | The Corporation continues capitalization of exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. |
Leases | Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for drilling equipment, tankers, and finance leases is excluded from the calculation of right of use assets and lease liabilities.In general, leases are capitalized using the incremental borrowing rate of the leasing affiliate. |
Net Investment Hedge Risk Management | 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. |
Stock-Based Payments | Compensation expense for these awards is based on the price of the stock at the date of grant and is recognized in income over the requisite service period. Shares for these awards are issued to employees from treasury stock. The units that are settled in cash are recorded as liabilities, and their changes in fair value are recognized over the vesting period. |
Commitments and 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. |
Income Tax Uncertainties | The benefits of uncertain tax positions that the Corporation has taken or expects to take in its income tax returns are recognized in the financial statements if management concludes that it is more likely than not that the position will be sustained with the tax authorities. For a position that is likely to be sustained, the benefit recognized in the financial statements is measured at the largest amount that is greater than 50 percent likely of being realized. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. |
Miscellaneous Financial Infor_2
Miscellaneous Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Crude Oil, Products And Merchandise | Crude oil, products, and merchandise as of year-end 2023 and 2022 consist of the following: (millions of dollars) Dec 31, 2023 Dec 31, 2022 Crude oil 6,944 6,909 Petroleum products 6,248 6,291 Chemical products (1) 3,930 3,806 Gas/other 3,406 3,428 Total 20,528 20,434 (1) Chemical products includes basic chemicals (olefins and aromatics), polymers (such as polyolefins, adhesions, specialty elastomers, & butyl), intermediates (e.g. hydrocarbon fluids, plasticizers) and synthetics. |
Other Comprehensive Income In_2
Other Comprehensive Income Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule Of Accumulated 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 (883) 2,938 2,055 Amounts reclassified from accumulated other comprehensive income (2) 888 886 Total change in accumulated other comprehensive income (885) 3,826 2,941 Balance as of December 31, 2021 (11,499) (2,265) (13,764) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) (3,092) 3,205 113 Amounts reclassified from accumulated other comprehensive income — 381 381 Total change in accumulated other comprehensive income (3,092) 3,586 494 Balance as of December 31, 2022 (14,591) 1,321 (13,270) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 1,108 (305) 803 Amounts reclassified from accumulated other comprehensive income 427 51 478 Total change in accumulated other comprehensive income 1,535 (254) 1,281 Balance as of December 31, 2023 (13,056) 1,067 (11,989) (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $(135) million and $230 million in 2023 and 2022, respectively. |
Reclassification Out Of Accumulated Other Comprehensive Income | Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) 2023 2022 2021 Foreign exchange translation gain/(loss) included in net income (Statement of Income line: Other income) (609) — 2 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) (81) (519) (1,229) |
Schedule Of Income Tax (Expense)/Credit For Components Of Other Comprehensive Income | Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) 2023 2022 2021 Foreign exchange translation adjustment 341 54 (114) Postretirement benefits reserves adjustment (excluding amortization) 200 (1,120) (983) Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (20) (116) (304) Total 521 (1,182) (1,401) |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Payments For Interest And Income Taxes | (millions of dollars) 2023 2022 2021 Income taxes paid 15,473 15,364 5,341 Cash interest paid Included in cash flows from operating activities 584 666 819 Capitalized, included in cash flows from investing activities 1,152 838 655 Total cash interest paid 1,736 1,504 1,474 |
Additional Working Capital In_2
Additional Working Capital Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Additional Working Capital Information [Abstract] | |
Schedule Of Notes, Accounts Receivable And Payable, Loans Payable, And Accrued Liabilities | (millions of dollars) Dec 31, 2023 Dec 31, 2022 Notes and accounts receivable Trade, less reserves of $170 million and $168 million 30,296 32,844 Other, less reserves of $101 million and $402 million 7,719 8,905 Total 38,015 41,749 Notes and loans payable Bank loans 6 379 Commercial paper 75 74 Long-term debt due within one year 4,009 181 Total 4,090 634 Accounts payable and accrued liabilities Trade payables 31,249 33,169 Payables to equity companies 11,885 14,585 Accrued taxes other than income taxes 3,817 3,969 Other 11,086 11,474 Total 58,037 63,197 |
Equity Company Information (Tab
Equity Company Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |
Schedule Of Equity Company Financial Summary | Equity Company Financial Summary (millions of dollars) 2023 2022 2021 Total ExxonMobil Total ExxonMobil Share Total ExxonMobil Total revenues 132,783 40,682 183,812 57,528 116,972 34,995 Income before income taxes 35,999 10,078 61,550 19,279 35,142 9,278 Income taxes 11,404 3,085 23,149 7,603 11,010 2,763 Income from equity affiliates 24,595 6,993 38,401 11,676 24,132 6,515 Current assets 53,081 18,713 77,457 24,994 45,267 15,542 Long-term assets 150,198 40,986 153,186 42,921 150,699 41,614 Total assets 203,279 59,699 230,643 67,915 195,966 57,156 Current liabilities 30,721 9,652 53,640 15,555 28,862 8,297 Long-term liabilities 57,237 17,059 62,009 18,929 63,138 19,084 Net assets 115,321 32,988 114,994 33,431 103,966 29,775 |
Schedule Of The Corporation's Percentage Ownership Interest | A list of significant equity companies as of December 31, 2023, together with the Corporation’s percentage ownership interest, is detailed below: Percentage Ownership Interest Upstream Barzan Gas Company Limited 7 BEB Erdgas und Erdoel GmbH & Co. KG 50 Caspian Pipeline Consortium 8 Coral FLNG S.A. 25 Cross Timbers Energy LLC 50 GasTerra B.V. 25 Golden Pass LNG Terminal LLC 30 Golden Pass Pipeline LLC 30 Marine Well Containment Company LLC 10 Mozambique Rovuma Venture S.p.A. 36 Nederlandse Aardolie Maatschappij B.V. 50 Papua New Guinea Liquefied Natural Gas Global Company LDC 33 Permian Highway Pipeline LLC 17 QatarEnergy LNG N (2) 24 QatarEnergy LNG NFE (3) 25 QatarEnergy LNG S (1) 25 QatarEnergy LNG S (2) 31 QatarEnergy LNG S (3) 30 South Hook LNG Terminal Company Limited 24 Tengizchevroil LLP 25 Terminale GNL Adriatico S.r.l. 71 Energy Products, Chemical Products, and/or Specialty Products Al-Jubail Petrochemical Company 50 Alberta Products Pipe Line Ltd. 45 Fujian Refining & Petrochemical Co. Ltd. 25 Gulf Coast Growth Ventures LLC 50 Infineum USA L.P. 50 Permian Express Partners LLC 12 Saudi Aramco Mobil Refinery Company Ltd. 50 Saudi Yanbu Petrochemical Co. 50 |
Investments, Advances And Lon_2
Investments, Advances And Long-Term Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Investments and Receivables, Net [Abstract] | |
Schedule Of Investments, Advances And Long-Term Receivables | (millions of dollars) Dec 31, 2023 Dec 31, 2022 Equity method company investments and advances Investments 34,080 34,522 Advances, net of allowances of $33 million and $28 million 7,527 8,049 Total equity method company investments and advances 41,607 42,571 Equity securities carried at fair value and other investments at adjusted cost basis 177 278 Long-term receivables and miscellaneous, net of reserves of $1,966 million and $1,623 million 5,846 6,944 Total 47,630 49,793 |
Property, Plant And Equipment_2
Property, Plant And Equipment And Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant And Equipment And Asset Retirement Obligations [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment (millions of dollars) December 31, 2023 December 31, 2022 Cost Net Cost Net Upstream 359,031 148,245 350,748 144,146 Energy Products 57,400 27,284 58,393 26,765 Chemical Products 38,801 20,329 36,322 19,064 Specialty Products 9,385 4,378 8,895 4,303 Other 22,768 14,704 18,335 10,414 Total 487,385 214,940 472,693 204,692 |
Schedule of Asset Retirement Obligations | The following table summarizes the activity in the liability for asset retirement obligations: (millions of dollars) 2023 2022 2021 Balance at January 1 10,491 10,630 11,247 Accretion expense and other provisions 734 744 548 Reduction due to property sales (288) (328) (1,002) Payments made (693) (518) (444) Liabilities incurred 831 119 42 Foreign currency translation 124 (330) (147) Revisions 1,790 174 386 Balance at December 31 12,989 10,491 10,630 |
Accounting For Suspended Expl_2
Accounting For Suspended Exploratory Well Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capitalized Exploratory Well Costs [Abstract] | |
Change In Capitalized Suspended Exploratory Well Costs | Change in capitalized suspended exploratory well costs (millions of dollars) 2023 2022 2021 Balance beginning at January 1 3,512 4,120 4,382 Additions pending the determination of proved reserves 200 378 420 Charged to expense (95) (259) (325) Reclassifications to wells, facilities and equipment based on the determination of proved reserves (142) (142) (328) Divestments/Other 84 (585) (29) Ending balance at December 31 3,559 3,512 4,120 Ending balance attributed to equity companies included above 306 306 306 |
Period End Capitalized Suspended Exploratory Well Costs | Period-end capitalized suspended exploratory well costs (millions of dollars) 2023 2022 2021 Capitalized for a period of one year or less 200 378 420 Capitalized for a period of between one and five years 1,030 969 1,642 Capitalized for a period of between five and ten years 1,411 1,410 1,657 Capitalized for a period of greater than ten years 918 755 401 Capitalized for a period greater than one year - subtotal 3,359 3,134 3,700 Total 3,559 3,512 4,120 |
Number Of Projects With Capitalized Suspended Exploratory Well Costs | 2023 2022 2021 Number of projects that only have exploratory well costs capitalized for a period of one year or less — 10 4 Number of projects that have exploratory well costs capitalized for a period greater than one year 31 26 30 Total 31 36 34 |
Additional Detail For Projects With Completed Exploratory Activity Progressing Toward Development | The table below provides additional detail for those 15 projects, which total $2,389 million. Country/Project December 31, 2023 Years Wells Drilled / Acquired Comment (millions of dollars) Angola Block 32 Central NE Hub 66 2007 - 2021 Evaluating development plan to tie into existing infrastructure. Argentina La Invernada 72 2014 Evaluating development plan to tie into planned infrastructure. Australia Gorgon Area Ullage 308 1994 - 2015 Evaluating development plans to tie into existing LNG facilities. Canada Hibernia North 25 2019 Awaiting capacity in existing/planned infrastructure. Guyana Whiptail 178 2019 - 2022 Continuing discussions with the government regarding development plan. Kazakhstan Kairan 53 2004 - 2007 Evaluating commercialization and field development alternatives, while continuing discussions with the government regarding the development plan. Mozambique Rovuma LNG Phase 1 150 2017 Progressing development plan to tie into planned LNG facilities. Rovuma LNG Future Non-Straddling Train 120 2017 Evaluating/progressing development plan to tie into planned LNG facilities. Rovuma LNG Unitized Trains 35 2017 Evaluating/progressing development plan to tie into planned LNG facilities. Nigeria Bonga North 34 2004 - 2009 Progressing development plan to tie into existing/planned infrastructure. Papua New Guinea Papua LNG 246 2017 Evaluating/progressing development plans. Muruk 165 2017 - 2019 Evaluating/progressing development plans. P'nyang 116 2012 - 2018 Evaluating/progressing development plans. Tanzania Block 2 525 2012 - 2015 Evaluating development alternatives, while continuing discussions with the government regarding development plan. Vietnam Blue Whale 296 2011 - 2015 Evaluating/progressing development plans. Total 2023 (15 projects) 2,389 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Lease Cost | Lease Cost (millions of dollars) Operating Leases Finance Leases 2023 2022 2021 2023 2022 2021 Operating lease cost 1,976 1,776 1,542 Short-term and other (net of sublease rental income) 1,563 1,389 1,351 Amortization of right of use assets 107 243 133 Interest on lease liabilities 140 210 158 Total (1) 3,539 3,165 2,893 247 453 291 (1) Includes $999 million, $908 million, and $681 million for drilling rigs and related equipment operating leases in 2023, 2022, and 2021, respectively. |
Right Of Use Assets And Lease Liabilities | Balance Sheet (millions of dollars) Operating Leases Finance Leases December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Right of use assets Included in Other assets, including intangibles - net 6,849 6,451 Included in Property, plant and equipment - net 2,712 2,090 Total right of use assets 6,849 6,451 2,712 2,090 Lease liability due within one year Included in Accounts payable and accrued liabilities 1,617 1,527 5 5 Included in Notes and loans payable 95 69 Long-term lease liability Included in Other long-term obligations 4,393 4,067 Included in Long-term debt 1,821 1,389 Included in Long-term obligations to equity companies 121 126 Total lease liability (2) 6,010 5,594 2,042 1,589 Weighted-average remaining lease term (years) 8 9 26 22 Weighted-average discount rate (percent) 3.9 % 2.4 % 7.2 % 8.0 % (2) Includes $2,032 million and $1,646 million for drilling rigs and related equipment operating leases in 2023 and 2022, respectively. |
Maturity Analysis of Operating Leases | Maturity Analysis of Lease Liabilities (millions of dollars) Operating Leases Finance Leases December 31, 2023 2024 1,807 243 2025 1,464 237 2026 1,046 234 2027 577 224 2028 307 241 2029 and beyond 1,781 2,256 Total lease payments 6,982 3,435 Discount to present value (972) (1,393) Total lease liability 6,010 2,042 |
Maturity Analysis of Finance Leases | Maturity Analysis of Lease Liabilities (millions of dollars) Operating Leases Finance Leases December 31, 2023 2024 1,807 243 2025 1,464 237 2026 1,046 234 2027 577 224 2028 307 241 2029 and beyond 1,781 2,256 Total lease payments 6,982 3,435 Discount to present value (972) (1,393) Total lease liability 6,010 2,042 |
Operating And Finance Leases Other Information | Other Information (millions of dollars) Operating Leases Finance Leases 2023 2022 2021 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 1,135 1,119 1,135 20 20 20 Cash flows from investing activities 758 500 291 Cash flows from financing activities 86 149 110 Noncash right of use assets recorded for lease liabilities In exchange for lease liabilities during the period 2,161 1,997 1,405 529 73 200 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | Earnings per common share 2023 2022 2021 Net income (loss) attributable to ExxonMobil (millions of dollars) 36,010 55,740 23,040 Weighted-average number of common shares outstanding (millions of shares) (1) 4,052 4,205 4,275 Earnings (loss) per common share (dollars) (2) 8.89 13.26 5.39 Dividends paid per common share (dollars) 3.68 3.55 3.49 (1) Includes restricted shares not vested. (2) The earnings (loss) per common share and earnings (loss) per common share - assuming dilution are the same in each period shown. |
Financial Instruments and Der_2
Financial Instruments and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments And Derivatives [Abstract] | |
Financial Instruments | The estimated fair value of financial instruments and derivatives at December 31, 2023, and December 31, 2022, and the related hierarchy level for the fair value measurement was as follows: December 31, 2023 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Assets Derivative assets (1) 4,544 1,731 — 6,275 (5,177) (528) — 570 Advances to/receivables from equity companies (2)(6) — 2,517 4,491 7,008 — — 519 7,527 Other long-term financial assets (3) 1,389 — 944 2,333 — — 202 2,535 Liabilities Derivative liabilities (4) 4,056 1,608 — 5,664 (5,177) (40) — 447 Long-term debt (5) 30,556 2,004 — 32,560 — — 3,102 35,662 Long-term obligations to equity companies (6) — — 1,896 1,896 — — (92) 1,804 Other long-term financial liabilities (7) — — 697 697 — — 45 742 December 31, 2022 Fair Value (millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Assets Derivative assets (1) 4,309 3,455 — 7,764 (5,778) (969) — 1,017 Advances to/receivables from equity companies (2)(6) — 2,406 4,958 7,364 — — 685 8,049 Other long-term financial assets (3) 1,208 — 1,413 2,621 — — 346 2,967 Liabilities Derivative liabilities (4) 3,417 3,264 — 6,681 (5,778) (79) — 824 Long-term debt (5) 33,112 1,880 6 34,998 — — 4,173 39,171 Long-term obligations to equity companies (6) — — 2,467 2,467 — — (129) 2,338 Other long-term financial liabilities (7) — — 679 679 — — 38 717 (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. |
Schedule of Notional Amounts of Outstanding Derivative Positions | The net notional long/(short) position of derivative instruments at December 31, 2023, and December 31, 2022, was as follows: (millions) December 31, December 31, 2023 2022 Crude oil (barrels) (7) 4 Petroleum products (barrels) (43) (52) Natural gas (MMBTUs) (560) (64) |
Derivative Instruments - Before-Tax Realized and Unrealized Gains / (Losses) | Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income are included in the following lines on a before-tax basis: (millions of dollars) 2023 2022 2021 Sales and other operating revenue 986 (1,763) (3,818) Crude oil and product purchases 79 314 48 Total 1,065 (1,449) (3,770) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Summarized Long-Term Debt | Summarized long-term debt at year-end 2023 and 2022 are shown in the table below: (millions of dollars, except where stated otherwise) Average Rate (1) Dec 31, 2023 Dec 31, 2022 Exxon Mobil Corporation (2) 3.176% notes due 2024 — 1,000 2.019% notes due 2024 — 1,000 2.709% notes due 2025 1,750 1,750 2.992% notes due 2025 2,767 2,781 3.043% notes due 2026 2,500 2,500 2.275% notes due 2026 1,000 1,000 3.294% notes due 2027 1,000 1,000 2.440% notes due 2029 1,250 1,250 3.482% notes due 2030 2,000 2,000 2.610% notes due 2030 2,000 2,000 2.995% notes due 2039 750 750 4.227% notes due 2040 2,080 2,084 3.567% notes due 2045 1,000 1,000 4.114% notes due 2046 2,500 2,500 3.095% notes due 2049 1,500 1,500 4.327% notes due 2050 2,750 2,750 3.452% notes due 2051 2,750 2,750 Exxon Mobil Corporation - Euro-denominated 0.142% notes due 2024 — 1,600 0.524% notes due 2028 1,105 1,066 0.835% notes due 2032 1,105 1,066 1.408% notes due 2039 1,105 1,066 XTO Energy Inc. (3) 6.100% senior notes due 2036 189 189 6.750% senior notes due 2037 286 289 6.375% senior notes due 2038 223 224 Industrial revenue bonds due 2022-2051 3.080% 2,123 2,245 Finance leases & other obligations 5.985% 3,838 3,299 Debt issuance costs (88) (100) Total long-term debt 37,483 40,559 (1) Average effective or imputed interest rates at December 31, 2023. (2) Includes premiums of $97 million in 2023 and $115 million in 2022. (3) Includes premiums of $71 million in 2023 and $76 million in 2022. |
Incentive Program (Tables)
Incentive Program (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary Of Restricted Stock And Units Outstanding | The following tables summarize information about restricted stock and restricted stock units for the year ended December 31, 2023. Restricted stock and units outstanding 2023 Shares Weighted-Average (thousands) (dollars) Issued and outstanding at January 1 37,573 67.47 Awards issued in 2023 9,247 110.84 Vested (8,572) 67.75 Forfeited (436) 73.62 Issued and outstanding at December 31 37,812 77.94 |
Grant Value Of Restricted Stock Units | Value of restricted stock units 2023 2022 2021 Grant price (dollars) 103.16 110.46 62.76 Value at date of grant: (millions of dollars) Units settled in stock 900 931 461 Units settled in cash 101 106 49 Total value 1,001 1,037 510 |
Litigation And Other Continge_2
Litigation And Other Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency [Abstract] | |
Schedule Of Guarantees | December 31, 2023 (millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total Guarantees Debt-related 1,151 149 1,300 Other 711 5,796 6,507 Total 1,862 5,945 7,807 (1) ExxonMobil share. |
Pension And Other Postretirem_2
Pension And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Change In Benefit Obligation Of Pension And Other Postretirement Benefits | Pension Benefits Other Postretirement Benefits (millions of dollars, except where stated otherwise) U.S. Non-U.S. 2023 2022 2023 2022 2023 2022 Weighted-average assumptions used to determine benefit obligations at December 31 Discount rate (percent) 5.30 5.60 4.30 4.90 5.30 5.60 Long-term rate of compensation increase (percent) 4.50 4.50 4.50 5.20 4.50 4.50 Change in benefit obligation Benefit obligation at January 1 12,350 18,511 19,342 29,492 5,211 7,265 Service cost 466 712 323 570 78 138 Interest cost 664 518 922 614 276 216 Actuarial loss/(gain) (1) 550 (4,432) 1,393 (7,742) 176 (1,990) Benefits paid (2)(3) (870) (2,959) (1,214) (1,415) (545) (492) Foreign exchange rate changes — — 515 (2,258) 11 (47) Amendments, divestments and other (17) — 46 81 (193) 121 Benefit obligation at December 31 13,143 12,350 21,327 19,342 5,014 5,211 Accumulated benefit obligation at December 31 11,033 10,367 19,769 18,047 — — (1) Actuarial loss/(gain) primarily reflects lower discount rates. (2) Benefit payments for funded and unfunded plans. (3) For 2023 and 2022, other postretirement benefits paid are net of $19 million and $24 million of Medicare subsidy receipts, respectively. |
Change In Plan Assets Of Pension And Other Postretirement Benefits | Pension Benefits Other Postretirement Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 2023 2022 Change in plan assets Fair value at January 1 10,989 13,266 16,757 24,880 348 440 Actual return on plan assets 1,121 (3,265) 1,484 (5,287) 36 (66) Foreign exchange rate changes — — 492 (2,012) — — Company contribution — 3,596 615 655 38 27 Benefits paid (1) (743) (2,608) (878) (1,070) (51) (53) Other — — (39) (409) — — Fair value at December 31 11,367 10,989 18,431 16,757 371 348 (1) Benefit payments for funded plans. |
Summary Of Assets In Excess Of/(Less Than) Benefit Obligation | Pension Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 Assets in excess of/(less than) benefit obligation Balance at December 31 Funded plans (271) (23) 1,028 1,019 Unfunded plans (1,505) (1,338) (3,924) (3,604) Total (1,776) (1,361) (2,896) (2,585) |
Amounts Recorded In Balance Sheet And Other Comprehensive Income | Pension Benefits Other Postretirement Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 2023 2022 Assets in excess of/(less than) benefit obligation Balance at December 31 (1) (1,776) (1,361) (2,896) (2,585) (4,643) (4,863) Amounts recorded in the consolidated balance sheet consist of: Other assets — — 1,895 1,962 — — Current liabilities (201) (168) (225) (254) (288) (304) Postretirement benefits reserves (1,575) (1,193) (4,566) (4,293) (4,355) (4,559) Total recorded (1,776) (1,361) (2,896) (2,585) (4,643) (4,863) Amounts recorded in accumulated other comprehensive income consist of: Net actuarial loss/(gain) 744 897 1,364 846 (1,453) (1,726) Prior service cost (283) (295) 401 278 (459) (190) Total recorded in accumulated other comprehensive income 461 602 1,765 1,124 (1,912) (1,916) (1) Fair value of assets less benefit obligation shown on the preceding page. |
Schedule Of Assumptions, Components Of Benefit Cost And Amounts Recorded In Accumulated Other Comprehensive Income For Pension And Other Postretirement Benefits | Pension Benefits Other Postretirement (millions of dollars, except where stated otherwise) U.S. Non-U.S. 2023 2022 2021 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate (percent) 5.60 3.00 2.80 4.90 2.20 1.60 5.60 3.10 2.80 Long-term rate of return on funded assets (percent) 5.20 4.60 5.30 4.20 3.50 4.10 4.70 3.80 4.60 Long-term rate of compensation increase (percent) 4.50 4.50 5.50 5.20 4.20 4.20 4.50 4.50 5.50 Components of net periodic benefit cost Service cost 466 712 919 323 570 774 78 138 188 Interest cost 664 518 558 922 614 526 276 216 221 Expected return on plan assets (532) (560) (722) (688) (815) (1,031) (14) (14) (19) Amortization of actuarial loss/(gain) 85 156 244 108 180 420 (122) 6 76 Amortization of prior service cost (29) (29) (23) 52 43 57 (42) (42) (42) Net pension enhancement and curtailment/settlement cost 29 205 489 5 4 32 — — — Net periodic benefit cost 683 1,002 1,465 722 596 778 176 304 424 Changes in amounts recorded in accumulated other comprehensive income: Net actuarial loss/(gain) (39) (607) (504) 602 (1,641) (2,361) 154 (1,910) (891) Amortization of actuarial (loss)/gain (114) (361) (733) (108) (183) (430) 122 (6) (76) Prior service cost/(credit) (17) — (72) 153 84 92 (312) — — Amortization of prior service (cost)/credit 29 29 23 (52) (40) (55) 42 42 42 Foreign exchange rate changes — — — 46 (199) (255) (2) (7) — Total recorded in other comprehensive income (141) (939) (1,286) 641 (1,979) (3,009) 4 (1,881) (925) Total recorded in net periodic benefit cost and other comprehensive income, before tax 542 63 179 1,363 (1,383) (2,231) 180 (1,577) (501) |
Summary Of Change In Accumulated Other Comprehensive Income | A summary of the change in accumulated other comprehensive income is shown in the table below: Total Pension and Other Postretirement Benefits (millions of dollars) 2023 2022 2021 (Charge)/credit to other comprehensive income, before tax U.S. pension 141 939 1,286 Non-U.S. pension (641) 1,979 3,009 Other postretirement benefits (4) 1,881 925 Total (charge)/credit to other comprehensive income, before tax (504) 4,799 5,220 (Charge)/credit to income tax (see Note 4) 180 (1,236) (1,287) (Charge)/credit to investment in equity companies 16 235 110 (Charge)/credit to other comprehensive income including noncontrolling interests, after tax (308) 3,798 4,043 Charge/(credit) to equity of noncontrolling interests 54 (212) (217) (Charge)/credit to other comprehensive income attributable to ExxonMobil (254) 3,586 3,826 |
Fair Value Of The Benefit Plan Assets (Pension) | The 2023 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below: U.S. Pension Non-U.S. Pension (millions of dollars) Fair Value Measurement at December 31, 2023, Using: Fair Value Measurement at December 31, 2023, Using: Level 1 Level 2 Level 3 Net Asset Value Total Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. — — — 2,114 2,114 — — — 2,642 2,642 Non-U.S. — — — 1,344 1,344 52 (1) — — 1,688 1,740 Private equity — — — 375 375 — — — 294 294 Debt securities Corporate — 4,699 (2) — 1 4,700 — 61 (2) — 4,370 4,431 Government — 2,650 (2) — 2 2,652 134 (3) 171 (2) — 8,429 8,734 Asset-backed — — — 1 1 — 22 (2) — 221 243 Other — — — — — — — — 4 4 Real Estate — — — — — — — — 70 70 Cash — — — 178 178 189 17 (4) — 45 251 Total at fair value — 7,349 — 4,015 11,364 375 271 — 17,763 18,409 Insurance contracts at contract value 3 22 Total plan assets 11,367 18,431 (1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. (3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices. (4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input. The 2022 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below: U.S. Pension Non-U.S. Pension (millions of dollars) Fair Value Measurement at December 31, 2022, Using: Fair Value Measurement at December 31, 2022, Using: Level 1 Level 2 Level 3 Net Asset Value Total Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. — — — 1,726 1,726 — — — 2,318 2,318 Non-U.S. — — — 1,131 1,131 61 (1) — — 1,676 1,737 Private equity — — — 506 506 — — — 472 472 Debt securities Corporate — 4,582 (2) — 1 4,583 — 63 (2) — 4,199 4,262 Government — 2,869 (2) — 2 2,871 202 (3) 144 (2) — 7,189 7,535 Asset-backed — — — 1 1 — 22 (2) — 185 207 Cash — — — 168 168 88 40 (4) — 77 205 Total at fair value — 7,451 — 3,535 10,986 351 269 — 16,116 16,736 Insurance contracts at contract value 3 21 Total plan assets 10,989 16,757 (1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. (3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices. (4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input. |
Fair Value Of The Benefit Plan Assets (Other Postretirement) | Other Postretirement (millions of dollars) Fair Value Measurement at December 31, 2023, Using: Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. 84 (1) — — — 84 Non-U.S. 40 (1) — — — 40 Debt securities Corporate — 61 (2) — — 61 Government — 182 (2) — — 182 Asset-backed — 3 (2) — — 3 Cash — 1 — — 1 Total at fair value 124 247 — — 371 (1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. Other Postretirement (millions of dollars) Fair Value Measurement at December 31, 2022, Using: Level 1 Level 2 Level 3 Net Asset Value Total Asset category: Equity securities U.S. 70 (1) — — — 70 Non-U.S. 37 (1) — — — 37 Debt securities Corporate — 59 (2) — — 59 Government — 175 (2) — — 175 Asset-backed — 4 (2) — — 4 Cash — 3 — — 3 Total at fair value 107 241 — — 348 (1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges. (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions. |
Pension Plans With Accumulated Benefit Obligation In Excess Of Plan Assets | A summary of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below: Pension Benefits (millions of dollars) U.S. Non-U.S. 2023 2022 2023 2022 For funded pension plans with an accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation — — 1,145 1,098 Fair value of plan assets — — 562 400 For funded pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation 11,638 11,012 2,334 1,956 Fair value of plan assets 11,367 10,989 1,465 1,012 For unfunded pension plans: Projected benefit obligation 1,505 1,338 3,924 3,604 Accumulated benefit obligation 1,173 1,045 3,592 3,261 |
Expected Contributions and Benefit Payments for Pension Benefits And Other Postretirement Benefits | Pension Benefits Other Postretirement Benefits (millions of dollars) U.S. Non-U.S. Gross Medicare Subsidy Receipt Contributions expected in 2024 — 275 — — Benefit payments expected in: 2024 1,053 1,200 363 — 2025 1,053 1,158 356 — 2026 1,064 1,144 347 1 2027 1,066 1,185 342 1 2028 1,087 1,216 339 1 2029 - 2033 5,644 6,116 1,710 3 |
Disclosures About Segments An_2
Disclosures About Segments And Related Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Disclosures About Segments And Related Information | (millions of dollars) Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Corporate Total U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. As of December 31, 2023 Earnings (loss) after income tax 4,202 17,106 6,123 6,019 1,626 11 1,536 1,178 (1,791) 36,010 Earnings of equity companies included above 63 5,550 140 131 126 761 — (25) (361) 6,385 Sales and other operating revenue 9,500 16,074 103,868 164,515 7,951 14,314 6,044 12,363 68 334,697 Intersegment revenue 20,971 38,982 23,481 28,258 7,991 3,643 2,570 555 244 — Depreciation and depletion expense 8,863 7,737 765 797 605 706 93 222 853 20,641 Interest revenue — — — — — — — — 1,628 1,628 Interest expense 82 74 4 7 2 2 — 2 676 849 Income tax expense (benefit) 1,016 10,593 1,543 1,492 396 158 458 235 (462) 15,429 Additions to property, plant and equipment 10,372 8,217 1,106 1,455 600 1,775 81 370 5,062 29,038 Investments in equity companies 4,436 21,485 406 1,135 3,086 2,700 — 952 (120) 34,080 Total assets 67,452 138,914 32,123 42,337 17,599 17,076 2,620 8,379 49,817 376,317 As of December 31, 2022 Earnings (loss) after income tax 11,728 24,751 8,340 6,626 2,328 1,215 1,190 1,225 (1,663) 55,740 Earnings of equity companies included above 411 10,133 126 322 91 771 — (23) (368) 11,463 Sales and other operating revenue 14,579 30,585 117,824 188,153 10,670 16,949 6,152 13,727 36 398,675 Intersegment revenue 25,658 46,076 29,001 36,894 9,081 5,201 2,587 825 241 — Depreciation and depletion expense 5,791 14,013 741 1,246 542 446 95 193 973 24,040 Interest revenue — — — — — — — — 446 446 Interest expense 51 38 1 7 — 1 — 1 699 798 Income tax expense (benefit) 3,330 11,575 2,615 2,420 520 292 334 252 (1,162) 20,176 Additions to property, plant and equipment 5,940 6,441 1,141 964 1,026 1,692 37 200 897 18,338 Investments in equity companies 4,893 21,502 368 1,154 3,124 2,417 — 1,177 (113) 34,522 Total assets 66,695 139,764 31,729 41,836 17,342 15,875 2,839 8,316 44,671 369,067 As of December 31, 2021 Earnings (loss) after income tax 3,663 12,112 668 (1,014) 3,697 3,292 1,452 1,807 (2,636) 23,040 Earnings of equity companies included above 288 5,535 122 100 (139) 1,141 — (36) (354) 6,657 Sales and other operating revenue 8,883 12,914 78,500 130,406 11,995 16,633 4,858 12,473 30 276,692 Intersegment revenue 16,692 33,405 16,735 25,097 5,993 4,082 2,193 749 227 — Depreciation and depletion expense 6,831 9,918 700 1,036 505 450 97 195 875 20,607 Interest revenue — — — — — — — — 33 33 Interest expense 58 36 1 6 — 1 — 1 844 947 Income tax expense (benefit) 1,116 4,871 156 (165) 1,235 684 464 329 (1,054) 7,636 Additions to property, plant and equipment 3,308 5,308 979 874 538 712 28 136 658 12,541 Investments in equity companies 4,999 18,544 353 972 3,019 2,490 — 1,185 (337) 31,225 Total assets 67,294 141,978 26,932 37,698 16,695 14,555 2,878 8,030 22,863 338,923 Due to rounding, numbers presented may not add up precisely to the totals indicated. |
Disaggregation of Revenue | Sales and other operating revenue (millions of dollars) 2023 2022 2021 Revenue from contracts with customers 256,455 304,758 228,968 Revenue outside the scope of ASC 606 78,242 93,917 47,724 Total 334,697 398,675 276,692 |
Geographic Sales And Other Operating Revenue | Sales and other operating revenue (millions of dollars) 2023 2022 2021 United States 127,374 149,225 104,236 Non-U.S. 207,323 249,450 172,456 Total 334,697 398,675 276,692 Significant non-U.S. revenue sources include: (1) Canada 28,994 32,970 22,166 United Kingdom 23,372 33,988 14,759 Singapore 15,331 19,029 15,031 France 14,803 17,727 13,236 Australia 9,883 11,316 7,646 Belgium 9,840 11,279 9,153 Germany 9,297 10,190 7,565 (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. |
Schedule Of Long-Lived Assets By Geographic Regions | Long-lived assets (millions of dollars) December 31, 2023 2022 2021 United States 95,792 90,051 90,412 Non-U.S. 119,148 114,641 126,140 Total 214,940 204,692 216,552 Significant non-U.S. long-lived assets include: Canada 31,682 31,106 34,907 Singapore 12,490 11,972 11,969 Australia 11,212 11,372 12,988 Guyana 9,689 6,766 4,892 Kazakhstan 7,728 8,172 8,463 Papua New Guinea 7,433 7,338 7,534 United Arab Emirates 5,480 5,448 5,392 Brazil 4,203 3,649 4,337 China 3,669 2,350 984 Nigeria 3,319 4,090 5,235 Russia — — 4,055 |
Income And Other Taxes (Tables)
Income And Other Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income And Other Taxes [Abstract] | |
Schedule Of Income And Other Taxes | (millions of dollars) 2023 2022 2021 U.S. Non-U.S. Total U.S. Non-U.S. Total U.S. Non-U.S. Total Income tax expense (benefit) Federal and non-U.S. Current 1,987 12,111 14,098 696 15,071 15,767 236 6,948 7,184 Deferred - net 463 481 944 4,122 (539) 3,583 870 (914) (44) U.S. tax on non-U.S. operations 315 — 315 65 — 65 26 — 26 Total federal and non-U.S. 2,765 12,592 15,357 4,883 14,532 19,415 1,132 6,034 7,166 State 72 — 72 761 — 761 470 — 470 Total income tax expense (benefit) 2,837 12,592 15,429 5,644 14,532 20,176 1,602 6,034 7,636 All other taxes and duties Other taxes and duties 3,871 25,140 29,011 4,087 23,832 27,919 3,731 26,508 30,239 Included in production and manufacturing expenses 1,961 726 2,687 2,204 862 3,066 1,589 674 2,263 Included in SG&A expenses 183 310 493 151 319 470 170 283 453 Total other taxes and duties 6,015 26,176 32,191 6,442 25,013 31,455 5,490 27,465 32,955 Total 8,852 38,768 47,620 12,086 39,545 51,631 7,092 33,499 40,591 |
Reconciliation Between Income Tax Expense And A Theoretical U.S. Tax | The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2023, 2022, and 2021 is as follows: (millions of dollars) 2023 2022 2021 Income (loss) before income taxes United States 14,786 28,281 9,478 Non-U.S. 37,997 49,472 21,756 Total 52,783 77,753 31,234 Theoretical tax 11,084 16,328 6,559 Effect of equity method of accounting (1,341) (2,407) (1,398) Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1) 5,888 6,423 2,809 State taxes, net of federal tax benefit 57 601 371 Other (259) (769) (705) Total income tax expense (credit) 15,429 20,176 7,636 Effective tax rate calculation Income tax expense (credit) 15,429 20,176 7,636 ExxonMobil share of equity company income taxes 3,058 7,594 2,756 Total income tax expense (credit) 18,487 27,770 10,392 Net income (loss) including noncontrolling interests 37,354 57,577 23,598 Total income (loss) before taxes 55,841 85,347 33,990 Effective income tax rate 33% 33% 31% (1) Includes the impact of the additional European taxes on the energy sector of $1,825 million in 2022 and $115 million in 2023. |
Deferred Tax Liabilities/(Assets) | Deferred tax liabilities/(assets) are comprised of the following at December 31: Tax effects of temporary differences for: (millions of dollars) 2023 2022 Property, plant and equipment 26,627 25,607 Other liabilities 7,534 7,401 Total deferred tax liabilities 34,161 33,008 Pension and other postretirement benefits (1,777) (1,754) Asset retirement obligations (3,532) (3,045) Tax loss carryforwards (4,317) (4,862) Other assets (6,361) (6,948) Total deferred tax assets (15,987) (16,609) Asset valuation allowances 2,641 2,650 Net deferred tax liabilities 20,815 19,049 |
Deferred Income Tax (Assets) And Liabilities By Balance Sheet Classification | Balance sheet classification (millions of dollars) 2023 2022 Other assets, including intangibles, net (3,637) (3,825) Deferred income tax liabilities 24,452 22,874 Net deferred tax liabilities 20,815 19,049 |
Unrecognized Tax Benefits | The following table summarizes the movement in unrecognized tax benefits: Gross unrecognized tax benefits (millions of dollars) 2023 2022 2021 Balance at January 1 3,398 9,130 8,764 Additions based on current year's tax positions 350 539 358 Additions for prior years' tax positions 400 294 100 Reductions for prior years' tax positions (38) (6,243) (79) Reductions due to lapse of the statute of limitations (25) (16) (2) Settlements with tax authorities (153) (277) (11) Foreign exchange effects/other 3 (29) — Balance at December 31 3,935 3,398 9,130 |
Remaining Tax Years Subject To Examination By Major Tax Jurisdiction | The following table summarizes the tax years that remain subject to examination by major tax jurisdiction: Country of Operation Open Tax Years Australia 2010 — 2023 Belgium 2020 — 2023 Canada 2001 — 2023 Kazakhstan 2015 — 2023 Nigeria 2016 — 2023 Papua New Guinea 2008 — 2023 United Arab Emirates 2022 — 2023 United States 2010 — 2023 |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed: (billions of dollars) Current assets 0.4 Property, plant & equipment 6.4 Other assets 0.2 Total assets 7.0 Current liabilities 0.3 Long-term liabilities 1.6 Total liabilities 1.9 Net assets acquired 5.1 |
Summary Of Accounting Policie_2
Summary Of Accounting Policies (Details) | Dec. 31, 2023 |
Investments in refinery, chemical process, and lubes basestock manufacturing equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Service station buildings and fixed improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Russia (Details)
Russia (Details) Boe in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Boe | |
Schedule of Impaired Long-Lived Assets Held and Used And Impact Of Expropriation [Line Items] | ||
Impact of expropriation (after-tax) benefit | $ 1,100 | |
Sakhalin -1 [Member] | ||
Schedule of Impaired Long-Lived Assets Held and Used And Impact Of Expropriation [Line Items] | ||
Asset impairment charges after tax | $ 3,400 | |
Asset impairment charges, before-tax | $ 4,600 | |
Proved developed and undeveloped reserves disqualified exit from operations | Boe | 150 |
Miscellaneous Financial Infor_3
Miscellaneous Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Research and development expense | $ 879 | $ 824 | $ 843 |
Foreign currency transaction gain/(loss), before tax | (51) | (218) | (18) |
Gains/(losses) on combined effects of LIFO inventory accumulations and draw-downs | 366 | 367 | $ 54 |
Aggregate replacement cost of inventories estimated to exceed LIFO carrying values | $ 14,000 | $ 15,000 |
Miscellaneous Financial Infor_4
Miscellaneous Financial Information (Crude Oil, Products And Merchandise) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Crude oil | $ 6,944 | $ 6,909 |
Petroleum products | 6,248 | 6,291 |
Chemical products | 3,930 | 3,806 |
Gas/other | 3,406 | 3,428 |
Total | $ 20,528 | $ 20,434 |
Miscellaneous Financial Infor_5
Miscellaneous Financial Information (Government Assistance Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Government Assistance [Line Items] | ||
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Crude oil and product purchases | |
Government Assistance, Affordable Fuel Pricing | ||
Government Assistance [Line Items] | ||
Government assistance, amount - before tax amount | $ 1.5 | |
Government assistance, receivable | $ 0.5 |
Other Comprehensive Income In_3
Other Comprehensive Income Information (Schedule of Accumulated Other Comprehensive Income Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cumulative Translation Adjustment Summary [Roll Forward] | |||
Current period change excluding amounts reclassified from accumulated other comprehensive income | $ 1,241 | $ (3,482) | $ (872) |
Amounts reclassified from accumulated other comprehensive income | 609 | 0 | (2) |
Postretirement Benefits Reserves Adjustment [Roll Forward] | |||
Current period change excluding amounts reclassified from accumulated other comprehensive income | (369) | 3,395 | 3,118 |
Amounts reclassified from accumulated other comprehensive income | 61 | 403 | 925 |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (13,270) | ||
Balance at end of period | (11,989) | (13,270) | |
Exxon Mobil Corporation Share After Noncontrolling Interest [Member] | |||
Cumulative Translation Adjustment Summary [Roll Forward] | |||
Balance at beginning of period | (14,591) | (11,499) | (10,614) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | 1,108 | (3,092) | (883) |
Amounts reclassified from accumulated other comprehensive income | 427 | 0 | (2) |
Total change in accumulated other comprehensive income | 1,535 | (3,092) | (885) |
Balance at end of period | (13,056) | (14,591) | (11,499) |
Net investment hedge gain/(loss), net of taxes | (135) | 230 | |
Postretirement Benefits Reserves Adjustment [Roll Forward] | |||
Balance at beginning of period | 1,321 | (2,265) | (6,091) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | (305) | 3,205 | 2,938 |
Amounts reclassified from accumulated other comprehensive income | 51 | 381 | 888 |
Total change in accumulated other comprehensive income | (254) | 3,586 | 3,826 |
Balance at end of period | 1,067 | 1,321 | (2,265) |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (13,270) | (13,764) | (16,705) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | 803 | 113 | 2,055 |
Amounts reclassified from accumulated other comprehensive income | 478 | 381 | 886 |
Total change in accumulated other comprehensive income | 1,281 | 494 | 2,941 |
Balance at end of period | $ (11,989) | $ (13,270) | $ (13,764) |
Other Comprehensive Income In_4
Other Comprehensive Income Information (Amounts Reclassified Out Of Acc Other Comp Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income Information Before Tax [Abstract] | |||
Foreign exchange translation gain/(loss) included in net income (Statement of Income line: Other income) | $ (609) | $ 0 | $ 2 |
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) | $ (81) | $ (519) | $ (1,229) |
Other Comprehensive Income In_5
Other Comprehensive Income Information (Schedule Of Income Tax (Expense)/Credit For Components Of Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income Information Tax [Abstract] | |||
Foreign exchange translation adjustment | $ 341 | $ 54 | $ (114) |
Postretirement benefits reserves adjustment (excluding amortization) | 200 | (1,120) | (983) |
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | (20) | (116) | (304) |
Total | $ 521 | $ (1,182) | $ (1,401) |
Cash Flow Information (Narrativ
Cash Flow Information (Narrative) (Details) - Denbury Inc. $ in Billions | Nov. 02, 2023 USD ($) shares |
Equity interests issued or issuable, number of shares (in shares) | shares | 46,000,000 |
Business acquisition, equity interest issued or issuable, value assigned | $ | $ 4.8 |
Cash Flow Information (Cash Pay
Cash Flow Information (Cash Payments For Interest And Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |||
Income taxes paid | $ 15,473 | $ 15,364 | $ 5,341 |
Included in cash flows from operating activities | 584 | 666 | 819 |
Capitalized, included in cash flows from investing activities | 1,152 | 838 | 655 |
Total cash interest paid | $ 1,736 | $ 1,504 | $ 1,474 |
Additional Working Capital In_3
Additional Working Capital Information (Schedule Of Notes, Accounts Receivable And Payable, Loans Payable, Accrued Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and accounts receivable | ||
Trade, less reserves of $170 million and $168 million | $ 30,296 | $ 32,844 |
Other, less reserves of $101 million and $402 million | 7,719 | 8,905 |
Total | 38,015 | 41,749 |
Trade notes and accounts receivable, reserves | 170 | 168 |
Other notes and accounts receivable, reserves | 101 | 402 |
Notes and loans payable | ||
Bank loans | 6 | 379 |
Commercial paper | 75 | 74 |
Long-term debt due within one year | 4,009 | 181 |
Total | 4,090 | 634 |
Accounts payable and accrued liabilities | ||
Trade payables | 31,249 | 33,169 |
Payables to equity companies | 11,885 | 14,585 |
Accrued taxes other than income taxes | 3,817 | 3,969 |
Other | 11,086 | 11,474 |
Total | $ 58,037 | $ 63,197 |
Additional Working Capital In_4
Additional Working Capital Information (Narrative) (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Short Term Financing [Member] | |
Line of Credit Facility [Line Items] | |
Unused credit lines | $ 0.3 |
Equity Company Information (Nar
Equity Company Information (Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Share of equity company revenues from sales to consolidated companies | 9% | 11% | 10% |
Upstream | |||
Schedule of Equity Method Investments [Line Items] | |||
Impairment related to equity method investments | $ 0.6 | $ 0.6 | $ 0.2 |
Equity Company Information (Sch
Equity Company Information (Schedule Of Equity Company Financial Summary) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 344,582 | $ 413,680 | $ 285,640 |
Income from equity affiliates | 6,385 | 11,463 | 6,657 |
Current assets | 96,609 | 97,631 | |
Total Assets | 376,317 | 369,067 | 338,923 |
Current liabilities | 65,316 | 69,045 | |
Net assets | 34,080 | 34,522 | 31,225 |
ExxonMobil [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income from equity affiliates | 6,993 | 11,676 | 6,515 |
Net assets | 32,988 | 33,431 | 29,775 |
Nonconsolidated Investees, Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Income from equity affiliates | 24,595 | 38,401 | 24,132 |
Net assets | 115,321 | 114,994 | 103,966 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 132,783 | 183,812 | 116,972 |
Income before income taxes | 35,999 | 61,550 | 35,142 |
Income taxes | 11,404 | 23,149 | 11,010 |
Current assets | 53,081 | 77,457 | 45,267 |
Long-term assets | 150,198 | 153,186 | 150,699 |
Total Assets | 203,279 | 230,643 | 195,966 |
Current liabilities | 30,721 | 53,640 | 28,862 |
Long-term liabilities | 57,237 | 62,009 | 63,138 |
ExxonMobil [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 40,682 | 57,528 | 34,995 |
Income before income taxes | 10,078 | 19,279 | 9,278 |
Income taxes | 3,085 | 7,603 | 2,763 |
Current assets | 18,713 | 24,994 | 15,542 |
Long-term assets | 40,986 | 42,921 | 41,614 |
Total Assets | 59,699 | 67,915 | 57,156 |
Current liabilities | 9,652 | 15,555 | 8,297 |
Long-term liabilities | $ 17,059 | $ 18,929 | $ 19,084 |
Equity Company Information (S_2
Equity Company Information (Schedule Of The Corporation's Percentage Ownership Interest) (Details) | Dec. 31, 2023 |
Upstream | Barzan Gas Company Limited | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 7% |
Upstream | BEB Erdgas und Erdoel GmbH & Co. KG | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Upstream | Caspian Pipeline Consortium | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 8% |
Upstream | Coral FLNG S.A. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 25% |
Upstream | Cross Timbers Energy LLC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Upstream | GasTerra B.V. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 25% |
Upstream | Golden Pass LNG Terminal LLC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 30% |
Upstream | Golden Pass Pipeline LLC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 30% |
Upstream | Marine Well Containment Company LLC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 10% |
Upstream | Mozambique Rovuma Venture S.p.A. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 36% |
Upstream | Nederlandse Aardolie Maatschappij B.V. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Upstream | Papua New Guinea Liquefied Natural Gas Global Company LDC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 33% |
Upstream | Permian Highway Pipeline LLC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 17% |
Upstream | QatarEnergy LNG N (2) | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 24% |
Upstream | QatarEnergy LNG NFE (3) | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 25% |
Upstream | QatarEnergy LNG S (1) | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 25% |
Upstream | QatarEnergy LNG S (2) | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 31% |
Upstream | QatarEnergy LNG S (3) | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 30% |
Upstream | South Hook LNG Terminal Company Limited | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 24% |
Upstream | Tengizchevroil LLP | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 25% |
Upstream | Terminale GNL Adriatico S.r.l. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 71% |
Energy Products, Chemical Products, and/or Specialty Products | Al-Jubail Petrochemical Company | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Energy Products, Chemical Products, and/or Specialty Products | Alberta Products Pipe Line Ltd. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 45% |
Energy Products, Chemical Products, and/or Specialty Products | Fujian Refining & Petrochemical Co. Ltd. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 25% |
Energy Products, Chemical Products, and/or Specialty Products | Gulf Coast Growth Ventures LLC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Energy Products, Chemical Products, and/or Specialty Products | Infineum USA L.P. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Energy Products, Chemical Products, and/or Specialty Products | Permian Express Partners LLC | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 12% |
Energy Products, Chemical Products, and/or Specialty Products | Saudi Aramco Mobil Refinery Company Ltd. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Energy Products, Chemical Products, and/or Specialty Products | Saudi Yanbu Petrochemical Co. | |
Schedule of Equity Method Investments [Line Items] | |
Percentage Ownership Interest | 50% |
Investments, Advances And Lon_3
Investments, Advances And Long-Term Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Term Investments and Receivables, Net [Abstract] | |||
Investments | $ 34,080 | $ 34,522 | $ 31,225 |
Advances, net of allowances of $33 million and $28 million | 7,527 | 8,049 | |
Total equity method company investments and advances | 41,607 | 42,571 | |
Equity securities carried at fair value and other investments at adjusted cost basis | 177 | 278 | |
Long-term receivables and miscellaneous, net of reserves of $1,966 million and $1,623 million | 5,846 | 6,944 | |
Total | 47,630 | 49,793 | |
Advances, allowances | 33 | 28 | |
Reserves for long-term receivables and miscellaneous investments | $ 1,966 | $ 1,623 |
Property, Plant And Equipment_3
Property, Plant And Equipment And Asset Retirement Obligations (Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, cost | $ 487,385 | $ 472,693 | |
Property, plant and equipment, net | 214,940 | 204,692 | $ 216,552 |
Upstream [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, cost | 359,031 | 350,748 | |
Property, plant and equipment, net | 148,245 | 144,146 | |
Energy Products [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, cost | 57,400 | 58,393 | |
Property, plant and equipment, net | 27,284 | 26,765 | |
Chemical Products [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, cost | 38,801 | 36,322 | |
Property, plant and equipment, net | 20,329 | 19,064 | |
Specialty Products [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, cost | 9,385 | 8,895 | |
Property, plant and equipment, net | 4,378 | 4,303 | |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, cost | 22,768 | 18,335 | |
Property, plant and equipment, net | $ 14,704 | $ 10,414 |
Property, Plant And Equipment_4
Property, Plant And Equipment And Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Impairment, long-lived asset, held-for-use, before-tax | $ 3,300 | $ 1,200 | |
Accumulated depreciation and depletion | 272,445 | $ 268,001 | |
Long-term asset retirement obligations | 11,942 | 9,650 | |
Asset retirement obligations estimated cash payments in 2024 | 1,047 | ||
Asset retirement obligations estimated cash payments in 2025 | $ 899 | ||
Impairment, long-lived asset, held-for-use, before-tax, statement of income or comprehensive income [Extensible Enumeration] | Depreciation and depletion (includes impairments), Exploration expenses, including dry holes | ||
Sakhalin -1 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment, long-lived asset, held-for-use, before-tax | 4,500 | ||
Chemical Products [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment, long-lived asset, held-for-use, before-tax | $ 300 | ||
Energy Products [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment, long-lived asset, held-for-use, before-tax | 400 | ||
Specialty Products [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment, long-lived asset, held-for-use, before-tax | 100 | ||
Other Upstream [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment, long-lived asset, held-for-use, before-tax | $ 300 | $ 1,500 |
Property, Plant And Equipment_5
Property, Plant And Equipment And Asset Retirement Obligations (Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at January 1 | $ 10,491 | $ 10,630 | $ 11,247 |
Accretion expense and other provisions | 734 | 744 | 548 |
Reduction due to property sales | (288) | (328) | (1,002) |
Payments made | (693) | (518) | (444) |
Liabilities incurred | 831 | 119 | 42 |
Foreign currency translation | 124 | (330) | (147) |
Revisions | 1,790 | 174 | 386 |
Balance at December 31 | $ 12,989 | $ 10,491 | $ 10,630 |
Accounting For Suspended Expl_3
Accounting For Suspended Exploratory Well Costs (Change In Capitalized Suspended Exploratory Well Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | |||
Balance beginning at January 1 | $ 3,512 | $ 4,120 | $ 4,382 |
Additions pending the determination of proved reserves | 200 | 378 | 420 |
Charged to expense | (95) | (259) | (325) |
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (142) | (142) | (328) |
Divestments/Other | 84 | (585) | (29) |
Ending balance at December 31 | 3,559 | 3,512 | 4,120 |
Ending balance attributed to equity companies included above | $ 306 | $ 306 | $ 306 |
Accounting For Suspended Expl_4
Accounting For Suspended Exploratory Well Costs (Schedule Of Period End Capitalized Suspended Exploratory Well Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Capitalized Exploratory Well Costs [Line Items] | ||||
Capitalized for a period of one year or less | $ 200 | $ 378 | $ 420 | |
Capitalized for a period greater than one year - subtotal | 3,359 | 3,134 | 3,700 | |
Total | 3,559 | 3,512 | 4,120 | $ 4,382 |
Capitalized For A Period Of Between One And Five Years [Member] | ||||
Capitalized Exploratory Well Costs [Line Items] | ||||
Capitalized for a period greater than one year - subtotal | 1,030 | 969 | 1,642 | |
Capitalized For A Period Of Between Five And Ten Years [Member] | ||||
Capitalized Exploratory Well Costs [Line Items] | ||||
Capitalized for a period greater than one year - subtotal | 1,411 | 1,410 | 1,657 | |
Capitalized For A Period Of Greater Than Ten Years [Member] | ||||
Capitalized Exploratory Well Costs [Line Items] | ||||
Capitalized for a period greater than one year - subtotal | $ 918 | $ 755 | $ 401 |
Accounting For Suspended Expl_5
Accounting For Suspended Exploratory Well Costs (Schedule Of Number Of Projects With Suspended Exploratory Well Costs) (Details) - project | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Capitalized Exploratory Well Costs [Abstract] | |||
Number of projects that only have exploratory well costs capitalized for a period of one year or less | 0 | 10 | 4 |
Number of projects that have exploratory well costs capitalized for a period greater than one year | 31 | 26 | 30 |
Total | 31 | 36 | 34 |
Accounting For Suspended Expl_6
Accounting For Suspended Exploratory Well Costs (Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) project | Dec. 31, 2022 USD ($) project | Dec. 31, 2021 USD ($) project | Dec. 31, 2020 USD ($) |
Exploratory Wells Drilled [Line Items] | ||||
Number of projects that have exploratory well costs capitalized for a period greater than one year | 31 | 26 | 30 | |
Number of projects that have drilling in the preceding twelve months or exploratory activity planned in the next two years as of December 31. | 16 | |||
Number of projects with completed exploratory activity progressing toward development as of December 31 | 15 | |||
Capitalized exploratory well costs | $ | $ 3,559 | $ 3,512 | $ 4,120 | $ 4,382 |
Fifteen Projects | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ | $ 2,389 |
Accounting For Suspended Expl_7
Accounting For Suspended Exploratory Well Costs (Schedule Of Additional Detail For The Projects) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 3,559 | $ 3,512 | $ 4,120 | $ 4,382 |
Fifteen Projects | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | 2,389 | |||
Angola | Projects in Angola - Block 32 Central NE Hub [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 66 | |||
Angola | Minimum [Member] | Projects in Angola - Block 32 Central NE Hub [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2007 | |||
Angola | Maximum [Member] | Projects in Angola - Block 32 Central NE Hub [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2021 | |||
Argentina | Project in Argentina - La Invernada [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 72 | |||
Argentina | Minimum [Member] | Project in Argentina - La Invernada [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2014 | |||
Argentina | Maximum [Member] | Project in Argentina - La Invernada [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2014 | |||
Australia | Project in Australia - Gorgon Area Ullage [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 308 | |||
Australia | Minimum [Member] | Project in Australia - Gorgon Area Ullage [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 1994 | |||
Australia | Maximum [Member] | Project in Australia - Gorgon Area Ullage [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2015 | |||
Canada | Project in Canada - Hibernia North [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 25 | |||
Canada | Minimum [Member] | Project in Canada - Hibernia North [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2019 | |||
Canada | Maximum [Member] | Project in Canada - Hibernia North [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2019 | |||
Guyana | Project in Guyana - Whiptail [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 178 | |||
Guyana | Minimum [Member] | Project in Guyana - Whiptail [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2019 | |||
Guyana | Maximum [Member] | Project in Guyana - Whiptail [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2022 | |||
Kazakhstan | Project in Kazakhstan - Kairan [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 53 | |||
Kazakhstan | Minimum [Member] | Project in Kazakhstan - Kairan [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2004 | |||
Kazakhstan | Maximum [Member] | Project in Kazakhstan - Kairan [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2007 | |||
Mozambique | Project in Mozambique - Rovuma LNG Phase 1 [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 150 | |||
Mozambique | Project in Mozambique - Rovuma LNG Future Non-Straddling Train [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | 120 | |||
Mozambique | Project in Mozambique - Rovuma LNG Unitized Trains [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 35 | |||
Mozambique | Minimum [Member] | Project in Mozambique - Rovuma LNG Phase 1 [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Mozambique | Minimum [Member] | Project in Mozambique - Rovuma LNG Future Non-Straddling Train [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Mozambique | Minimum [Member] | Project in Mozambique - Rovuma LNG Unitized Trains [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Mozambique | Maximum [Member] | Project in Mozambique - Rovuma LNG Phase 1 [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Mozambique | Maximum [Member] | Project in Mozambique - Rovuma LNG Future Non-Straddling Train [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Mozambique | Maximum [Member] | Project in Mozambique - Rovuma LNG Unitized Trains [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Nigeria | Project in Nigeria - Bonga North [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 34 | |||
Nigeria | Minimum [Member] | Project in Nigeria - Bonga North [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2004 | |||
Nigeria | Maximum [Member] | Project in Nigeria - Bonga North [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2009 | |||
Papua New Guinea | Project in Papua New Guinea - Papua LNG [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 246 | |||
Papua New Guinea | Project In Papua New Guinea - Muruk [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | 165 | |||
Papua New Guinea | Project in Papua New Guinea - P'nyang [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 116 | |||
Papua New Guinea | Minimum [Member] | Project in Papua New Guinea - Papua LNG [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Papua New Guinea | Minimum [Member] | Project In Papua New Guinea - Muruk [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Papua New Guinea | Minimum [Member] | Project in Papua New Guinea - P'nyang [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2012 | |||
Papua New Guinea | Maximum [Member] | Project in Papua New Guinea - Papua LNG [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2017 | |||
Papua New Guinea | Maximum [Member] | Project In Papua New Guinea - Muruk [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2019 | |||
Papua New Guinea | Maximum [Member] | Project in Papua New Guinea - P'nyang [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2018 | |||
Tanzania | Project in Tanzania - Tanzania Block 2 [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 525 | |||
Tanzania | Minimum [Member] | Project in Tanzania - Tanzania Block 2 [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2012 | |||
Tanzania | Maximum [Member] | Project in Tanzania - Tanzania Block 2 [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2015 | |||
Vietnam | Project in Vietnam - Blue Whale [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Capitalized exploratory well costs | $ 296 | |||
Vietnam | Minimum [Member] | Project in Vietnam - Blue Whale [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2011 | |||
Vietnam | Maximum [Member] | Project in Vietnam - Blue Whale [Member] | ||||
Exploratory Wells Drilled [Line Items] | ||||
Years Wells Drilled / Acquired | 2015 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease [Member] | |||
Schedule of Operating and Finance Lease Cost [Line Items] | |||
Operating lease cost | $ 1,976 | $ 1,776 | $ 1,542 |
Short-term and other (net of sublease rental income) | 1,563 | 1,389 | 1,351 |
Total | 3,539 | 3,165 | 2,893 |
Finance Lease [Member] | |||
Schedule of Operating and Finance Lease Cost [Line Items] | |||
Amortization of right of use assets | 107 | 243 | 133 |
Interest on lease liabilities | 140 | 210 | 158 |
Total | 247 | 453 | 291 |
Drilling Rigs and Related Equipment [Member] | |||
Schedule of Operating and Finance Lease Cost [Line Items] | |||
Total | $ 999 | $ 908 | $ 681 |
Leases (Right of Use) (Details)
Leases (Right of Use) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Operating lease right of use asset | $ 6,849 | $ 6,451 |
Operating lease liability - current included in Accounts payable and accrued liabilities | 1,617 | 1,527 |
Operating lease liability - noncurrent included in Other long-term obligations | 4,393 | 4,067 |
Total operating lease liability | $ 6,010 | $ 5,594 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, including intangibles – net | Other assets, including intangibles – net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term obligations | Other long-term obligations |
Operating lease weighted average remaining lease term - years | 8 years | 9 years |
Operating lease weighted average discount rate - percent | 3.90% | 2.40% |
Leases, Finance [Abstract] | ||
Finance lease right of use asset | $ 2,712 | $ 2,090 |
Total finance lease liability | $ 2,042 | $ 1,589 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, at cost, less accumulated depreciation and depletion | Property, plant and equipment, at cost, less accumulated depreciation and depletion |
Finance lease weighted average remaining lease term - years | 26 years | 22 years |
Finance lease weighted average discount rate - percent | 7.20% | 8% |
Accounts Payable And Accrued Liabilities [Member] | ||
Leases, Finance [Abstract] | ||
Finance lease liability - current | $ 5 | $ 5 |
Notes And Loans Payable [Member] | ||
Leases, Finance [Abstract] | ||
Finance lease liability - current | 95 | 69 |
Long-Term Debt [Member] | ||
Leases, Finance [Abstract] | ||
Finance lease liability - noncurrent | 1,821 | 1,389 |
Long-Term Obligations To Equity Companies [Member] | ||
Leases, Finance [Abstract] | ||
Finance lease liability - noncurrent | 121 | 126 |
Drilling Rigs and Related Equipment [Member] | ||
Operating Leases | ||
Total operating lease liability | $ 2,032 | $ 1,646 |
Leases (Maturity Schedule) (Det
Leases (Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Total operating lease liability | $ 6,010 | $ 5,594 |
Finance Leases | ||
Total finance lease liability | 2,042 | $ 1,589 |
Operating Lease [Member] | ||
Operating Leases | ||
2024 | 1,807 | |
2025 | 1,464 | |
2026 | 1,046 | |
2027 | 577 | |
2028 | 307 | |
2029 and beyond | 1,781 | |
Total operating lease payments | 6,982 | |
Operating lease - discount to present value | (972) | |
Total operating lease liability | 6,010 | |
Finance Lease [Member] | ||
Finance Leases | ||
2024 | 243 | |
2025 | 237 | |
2026 | 234 | |
2027 | 224 | |
2028 | 241 | |
2029 and beyond | 2,256 | |
Total finance lease payments | 3,435 | |
Finance lease - discount to present value | (1,393) | |
Total finance lease liability | $ 2,042 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Lessee Lease Description [Line Items] | |
Estimated 2024 cash payments for operating and finance leases not yet commenced | $ 267 |
Estimated 2025 cash payments for operating and finance leases not yet commenced | 331 |
Operating Lease [Member] | |
Lessee Lease Description [Line Items] | |
Additional undiscounted commitments for leases not yet commenced | 4,063 |
Finance Lease [Member] | |
Lessee Lease Description [Line Items] | |
Additional undiscounted commitments for leases not yet commenced | $ 2,256 |
Leases (Other Information) (Det
Leases (Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease [Member] | |||
Lessee Lease Description [Line Items] | |||
Cash flows from operating activities - operating leases | $ 1,135 | $ 1,119 | $ 1,135 |
Cash flow from investing activities | 758 | 500 | 291 |
Operating right-of-use assets obtained in exchange for new lease liabilities | 2,161 | 1,997 | 1,405 |
Finance Lease Paid To Equity Company [Member] | |||
Lessee Lease Description [Line Items] | |||
Cash flows from operating activities - finance leases | 20 | 20 | 20 |
Finance Lease Paid To Third Parties [Member] | |||
Lessee Lease Description [Line Items] | |||
Cash flow from financing activities | 86 | 149 | 110 |
Finance right-of-use assets obtained in exchange for new lease liabilities | $ 529 | $ 73 | $ 200 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per common share | |||
Net income (loss) attributable to ExxonMobil | $ 36,010 | $ 55,740 | $ 23,040 |
Weighted average number of common shares outstanding (in shares) | 4,052 | 4,205 | 4,275 |
Earnings (loss) per common share, basic (in dollars per share) | $ 8.89 | $ 13.26 | $ 5.39 |
Earnings (loss) per common share, diluted (in dollars per share) | 8.89 | 13.26 | 5.39 |
Dividends paid per common share (in dollars per share) | $ 3.68 | $ 3.55 | $ 3.49 |
Financial Instruments And Der_3
Financial Instruments And Derivatives - Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Total Gross Assets & Liabilities [Domain] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | $ 6,275 | $ 7,764 |
Advances to/receivables from equity companies | 7,008 | 7,364 |
Other long-term financial assets | 2,333 | 2,621 |
Derivative liabilities | 5,664 | 6,681 |
Long-term debt | 32,560 | 34,998 |
Long-term obligations to equity companies | 1,896 | 2,467 |
Other long-term financial liabilities | $ 697 | $ 679 |
Derivative asset, current, statement of financial position [Extensible Enumeration] | Other assets, including intangibles – net, Receivables, Net, Current | Other assets, including intangibles – net, Receivables, Net, Current |
Derivative liability, current, statement of financial position [Extensible Enumeration] | Accounts payable and accrued liabilities, Other long-term obligations | Accounts payable and accrued liabilities, Other long-term obligations |
Effect Of Counterparty Netting [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | $ (5,177) | $ (5,778) |
Derivative liabilities | (5,177) | (5,778) |
Effect Of Collateral Netting [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | (528) | (969) |
Derivative liabilities | (40) | (79) |
Difference In Carrying Value And Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Advances to/receivables from equity companies | 519 | 685 |
Other long-term financial assets | 202 | 346 |
Long-term debt | 3,102 | 4,173 |
Long-term obligations to equity companies | (92) | (129) |
Other long-term financial liabilities | 45 | 38 |
Net Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | 570 | 1,017 |
Advances to/receivables from equity companies | 7,527 | 8,049 |
Other long-term financial assets | 2,535 | 2,967 |
Derivative liabilities | 447 | 824 |
Long-term debt | 35,662 | 39,171 |
Long-term obligations to equity companies | 1,804 | 2,338 |
Other long-term financial liabilities | 742 | 717 |
Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | 4,544 | 4,309 |
Other long-term financial assets | 1,389 | 1,208 |
Derivative liabilities | 4,056 | 3,417 |
Long-term debt | 30,556 | 33,112 |
Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative assets | 1,731 | 3,455 |
Advances to/receivables from equity companies | 2,517 | 2,406 |
Derivative liabilities | 1,608 | 3,264 |
Long-term debt | 2,004 | 1,880 |
Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Advances to/receivables from equity companies | 4,491 | 4,958 |
Other long-term financial assets | 944 | 1,413 |
Long-term debt | 0 | 6 |
Long-term obligations to equity companies | 1,896 | 2,467 |
Other long-term financial liabilities | $ 697 | $ 679 |
Financial Instruments And Der_4
Financial Instruments And Derivatives (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments And Derivatives [Abstract] | ||
Initial margin collateral receivable | $ 800 | $ 1,494 |
Financial Instruments and Der_5
Financial Instruments and Derivatives - Derivative Instrument Balance Sheet (Details) bbl in Millions, MMBTU in Millions | 12 Months Ended | |
Dec. 31, 2023 MMBTU bbl | Dec. 31, 2022 MMBTU bbl | |
Crude Oil [Member] | Long [Member] | ||
Net notional long / short position of derivative instruments bbl | 4 | |
Crude Oil [Member] | Short [Member] | ||
Net notional long / short position of derivative instruments bbl | 7 | |
Petroleum Products [Member] | Short [Member] | ||
Net notional long / short position of derivative instruments bbl | 43 | 52 |
Natural Gas [Member] | Short [Member] | ||
Net notional long / short position of derivative instruments MMBtus | MMBTU | 560 | 64 |
Financial Instruments and Der_6
Financial Instruments and Derivatives - Derivative Instruments (Details) - Not Designated As Hedging Instrument, Trading [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Realized and Unrealized Before-Tax Gain / Loss on Derivative Instruments Recognized in the Consolidated Statement of Income | |||
Total | $ 1,065 | $ (1,449) | $ (3,770) |
Sales and other operating revenue | |||
Realized and Unrealized Before-Tax Gain / Loss on Derivative Instruments Recognized in the Consolidated Statement of Income | |||
Total | 986 | (1,763) | (3,818) |
Crude oil and product purchases | |||
Realized and Unrealized Before-Tax Gain / Loss on Derivative Instruments Recognized in the Consolidated Statement of Income | |||
Total | $ 79 | $ 314 | $ 48 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Long-term Debt [Line Items] | |
Long-term debt in U.S. dollars | $ 32,510 |
U.S. dollar equivalent at year-end exchange rates of amounts payable in foreign currencies | 4,973 |
Portion of long-term debt included in current liability | 4,009 |
Long-term debt maturing - 2025 | 5,371 |
Long-term debt maturing - 2026 | 3,651 |
Long-term debt maturing - 2027 | 1,098 |
Long-term debt maturing - 2028 | 1,207 |
Net investment hedge, European business | $ 5,000 |
Other U.S. Dollar Obligations [Member] | Exxon Mobil Corporation [Member] | Two Point Seven Two Six Notes Due 2023 [Member] | |
Long-term Debt [Line Items] | |
Interest rate | 2.726% |
Other U.S. Dollar Obligations [Member] | Exxon Mobil Corporation [Member] | OnePointFiveSevenOneNotesDue2023 [Member] | |
Long-term Debt [Line Items] | |
Interest rate | 1.571% |
Long Term Financing [Member] | |
Long-term Debt [Line Items] | |
Unused credit lines | $ 1,300 |
Long-Term Debt (Summarized Long
Long-Term Debt (Summarized Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term Debt [Line Items] | ||
Debt issuance costs | $ (88) | $ (100) |
Long-term debt | 37,483 | 40,559 |
Exxon Mobil Corporation [Member] | ||
Long-term Debt [Line Items] | ||
Debt instrument, unamortized premium | 97 | 115 |
XTO Energy Inc. [Member] | ||
Long-term Debt [Line Items] | ||
Debt instrument, unamortized premium | 71 | 76 |
3.176% notes due 2024 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 0 | 1,000 |
Interest rate | 3.176% | |
2.019% notes due 2024 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 0 | 1,000 |
Interest rate | 2.019% | |
2.709% notes due 2025 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,750 | 1,750 |
Interest rate | 2.709% | |
2.992% notes due 2025 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,767 | 2,781 |
Interest rate | 2.992% | |
3.043% notes due 2026 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,500 | 2,500 |
Interest rate | 3.043% | |
2.275% notes due 2026 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,000 | 1,000 |
Interest rate | 2.275% | |
3.294% notes due 2027 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,000 | 1,000 |
Interest rate | 3.294% | |
2.440% notes due 2029 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,250 | 1,250 |
Interest rate | 2.44% | |
3.482% notes due 2030 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,000 | 2,000 |
Interest rate | 3.482% | |
2.610% notes due 2030 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,000 | 2,000 |
Interest rate | 2.61% | |
2.995% notes due 2039 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 750 | 750 |
Interest rate | 2.995% | |
4.227% notes due 2040 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,080 | 2,084 |
Interest rate | 4.227% | |
3.567% notes due 2045 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,000 | 1,000 |
Interest rate | 3.567% | |
4.114% notes due 2046 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,500 | 2,500 |
Interest rate | 4.114% | |
3.095% notes due 2049 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,500 | 1,500 |
Interest rate | 3.095% | |
4.327% notes due 2050 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,750 | 2,750 |
Interest rate | 4.327% | |
3.452% notes due 2051 | Exxon Mobil Corporation [Member] | Other U.S. Dollar Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 2,750 | 2,750 |
Interest rate | 3.452% | |
0.142% notes due 2024 | Exxon Mobil Corporation - Euro-denominated | Other Foreign Currency Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 0 | 1,600 |
Interest rate | 0.142% | |
0.524% notes due 2028 | Exxon Mobil Corporation - Euro-denominated | Other Foreign Currency Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,105 | 1,066 |
Interest rate | 0.524% | |
0.835% notes due 2032 | Exxon Mobil Corporation - Euro-denominated | Other Foreign Currency Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,105 | 1,066 |
Interest rate | 0.835% | |
1.408% notes due 2039 | Exxon Mobil Corporation - Euro-denominated | Other Foreign Currency Obligations [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 1,105 | 1,066 |
Interest rate | 1.408% | |
6.100% senior notes due 2036 | XTO Energy Inc. [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 189 | 189 |
Interest rate | 6.10% | |
6.750% senior notes due 2037 | XTO Energy Inc. [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 286 | 289 |
Interest rate | 6.75% | |
6.375% senior notes due 2038 | XTO Energy Inc. [Member] | Senior Notes [Member] | ||
Long-term Debt [Line Items] | ||
Senior notes, noncurrent | $ 223 | 224 |
Interest rate | 6.375% | |
Industrial revenue bonds due 2022-2051 | Combined Exxon Mobil And Affiliates [Member] | ||
Long-term Debt [Line Items] | ||
Other long-term debt | $ 2,123 | 2,245 |
Average effective interest rate | 3.08% | |
Finance leases & other obligations | Combined Exxon Mobil And Affiliates [Member] | ||
Long-term Debt [Line Items] | ||
Average effective interest rate | 5.985% | |
Finance lease liability - noncurrent included in Long-term debt | $ 3,838 | $ 3,299 |
Incentive Program (Narrative) (
Incentive Program (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum ownership of affiliates needed for awards | 50% | ||
Options and stock appreciation rights grant, minimum percentage of market value, date of grant | 100% | ||
Share-based compensation arrangement by share-based payment award expiration period | 10 years | ||
Number of shares issuable under 2003 incentive program, maximum | 220,000 | ||
Remaining shares available for award under 2003 incentive program | 54,000 | ||
Restricted Stock [Member] | |||
Long-term incentive awards (in shares) | 9,701 | 9,392 | 8,133 |
Percent of the shares in each award vesting after three years | 50% | ||
Percent of the shares in each award vesting after seven years | 50% | ||
Percent of shares in each award vesting after five years | 50% | ||
Percent of shares in each award vesting in later of ten years or retirement | 50% | ||
Unrecognized compensation cost | $ 2,120 | ||
Unrecognized compensation cost, weighted-average period of recognition, years | 4 years 8 months 12 days | ||
Compensation cost charged against income | $ 611 | $ 648 | $ 612 |
Income tax benefit recognized in income | 50 | 52 | 49 |
Fair value of shares/awards vested | 892 | 1,027 | 562 |
Cash payments, vested restricted stock units | $ 79 | $ 89 | $ 48 |
Restricted Stock [Member] | Management, Professional, And Technical Participants | |||
Vesting period | 3 years | ||
Restricted Stock [Member] | Minimum [Member] | |||
Vesting period | 3 years | ||
Restricted Stock [Member] | Minimum [Member] | Executive Officer [Member] | |||
Vesting period | 5 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Vesting period | 7 years | ||
Restricted Stock [Member] | Maximum [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Vesting period | 10 years | ||
Restricted Stock [Member] | Maximum [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Vesting period | 10 years |
Incentive Program (Summary Of R
Incentive Program (Summary Of Restricted Stock And Units Outstanding) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Shares | |
Issued and outstanding at January 1 (shares) | shares | 37,573 |
Awards issued in 2023 (shares) | shares | 9,247 |
Vested (shares) | shares | (8,572) |
Forfeited (shares) | shares | (436) |
Issued and outstanding at December 31 (shares) | shares | 37,812 |
Weighted-Average Grant-Date Fair Value per Share | |
Issued and outstanding at January 1 (USD per share) | $ / shares | $ 67.47 |
Awards issued in 2023 (USD per share) | $ / shares | 110.84 |
Vested (USD per share) | $ / shares | 67.75 |
Forfeited (USD per share) | $ / shares | 73.62 |
Issued and outstanding at December 31 (USD per share) | $ / shares | $ 77.94 |
Incentive Program (Grant Value
Incentive Program (Grant Value Of Restricted Stock Units) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant price, per share | $ 103.16 | $ 110.46 | $ 62.76 |
Units settled in stock | $ 900 | $ 931 | $ 461 |
Units settled in cash | 101 | 106 | 49 |
Total value | $ 1,001 | $ 1,037 | $ 510 |
Litigation And Other Continge_3
Litigation And Other Contingencies (Schedule Of Guarantees) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Guarantees | $ 7,807 |
Equity Company Obligations [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | 1,862 |
Other Third-Party Obligations [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | 5,945 |
Debt-Related Guarantees [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | 1,300 |
Debt-Related Guarantees [Member] | Equity Company Obligations [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | 1,151 |
Debt-Related Guarantees [Member] | Other Third-Party Obligations [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | 149 |
Other Guarantees [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | 6,507 |
Other Guarantees [Member] | Equity Company Obligations [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | 711 |
Other Guarantees [Member] | Other Third-Party Obligations [Member] | |
Loss Contingencies [Line Items] | |
Guarantees | $ 5,796 |
Pension And Other Postretirem_3
Pension And Other Postretirement Benefits (Benefit Obligations And Plan Assets Associated With Principal Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligation | |||
Medicare subsidy receipts | $ 19 | $ 24 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 5.30% | 5.60% | |
Long-term rate of compensation increase (percent) | 4.50% | 4.50% | |
Change in benefit obligation | |||
Benefit obligation at January 1 | $ 5,211 | $ 7,265 | |
Service cost | 78 | 138 | $ 188 |
Interest cost | 276 | 216 | 221 |
Actuarial loss/(gain) | 176 | (1,990) | |
Benefits paid | (545) | (492) | |
Foreign exchange rate changes | 11 | (47) | |
Amendments, divestments and other | (193) | 121 | |
Benefit obligation at December 31 | $ 5,014 | $ 5,211 | 7,265 |
United States | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 5.30% | 5.60% | |
Long-term rate of compensation increase (percent) | 4.50% | 4.50% | |
Change in benefit obligation | |||
Benefit obligation at January 1 | $ 12,350 | $ 18,511 | |
Service cost | 466 | 712 | 919 |
Interest cost | 664 | 518 | 558 |
Actuarial loss/(gain) | 550 | (4,432) | |
Benefits paid | (870) | (2,959) | |
Amendments, divestments and other | (17) | 0 | |
Benefit obligation at December 31 | 13,143 | 12,350 | 18,511 |
Accumulated benefit obligation at December 31 | $ 11,033 | $ 10,367 | |
Pension Benefits - Non-U.S. [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 4.30% | 4.90% | |
Long-term rate of compensation increase (percent) | 4.50% | 5.20% | |
Change in benefit obligation | |||
Benefit obligation at January 1 | $ 19,342 | $ 29,492 | |
Service cost | 323 | 570 | 774 |
Interest cost | 922 | 614 | 526 |
Actuarial loss/(gain) | 1,393 | (7,742) | |
Benefits paid | (1,214) | (1,415) | |
Foreign exchange rate changes | 515 | (2,258) | |
Amendments, divestments and other | 46 | 81 | |
Benefit obligation at December 31 | 21,327 | 19,342 | $ 29,492 |
Accumulated benefit obligation at December 31 | $ 19,769 | $ 18,047 |
Pension And Other Postretirem_4
Pension And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate | 4% | ||
Year that rate reaches ultimate trend rate | 2025 | ||
Costs for defined contribution plans | $ 383 | $ 365 | $ 177 |
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 35% | ||
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 10% | ||
Venture Capital Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 5% |
Pension And Other Postretirem_5
Pension And Other Postretirement Benefits (Change In Plan Assets Of Pension And Other Postretirement Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Postretirement Benefits [Member] | ||
Change in plan assets | ||
Fair value at January 1 | $ 348 | $ 440 |
Actual return on plan assets | 36 | (66) |
Company contribution | 38 | 27 |
Benefits paid | (51) | (53) |
Fair value at December 31 | 371 | 348 |
United States | ||
Change in plan assets | ||
Fair value at January 1 | 10,989 | |
Fair value at December 31 | 11,367 | 10,989 |
United States | Pension Plans, Defined Benefit [Member] | ||
Change in plan assets | ||
Fair value at January 1 | 10,989 | 13,266 |
Actual return on plan assets | 1,121 | (3,265) |
Company contribution | 0 | 3,596 |
Benefits paid | (743) | (2,608) |
Fair value at December 31 | 11,367 | 10,989 |
Pension Benefits - Non-U.S. [Member] | ||
Change in plan assets | ||
Fair value at January 1 | 16,757 | |
Fair value at December 31 | 18,431 | 16,757 |
Pension Benefits - Non-U.S. [Member] | Pension Plans, Defined Benefit [Member] | ||
Change in plan assets | ||
Fair value at January 1 | 16,757 | 24,880 |
Actual return on plan assets | 1,484 | (5,287) |
Foreign exchange rate changes | 492 | (2,012) |
Company contribution | 615 | 655 |
Benefits paid | (878) | (1,070) |
Other | (39) | (409) |
Fair value at December 31 | $ 18,431 | $ 16,757 |
Pension And Other Postretirem_6
Pension And Other Postretirement Benefits (Summary Of Assets In Excess Of/(Less Than) Benefit Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded plans | $ (271) | $ (23) |
Unfunded plans | (1,505) | (1,338) |
Total | (1,776) | (1,361) |
Pension Benefits - Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded plans | 1,028 | 1,019 |
Unfunded plans | (3,924) | (3,604) |
Total | $ (2,896) | $ (2,585) |
Pension And Other Postretirem_7
Pension And Other Postretirement Benefits (Assets Recorded In Balance Sheet And Other Comprehensive Income) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Postretirement benefits reserves | $ (10,496) | $ (10,045) |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at December 31 | (4,643) | (4,863) |
Current liabilities | (288) | (304) |
Postretirement benefits reserves | (4,355) | (4,559) |
Total recorded | (4,643) | (4,863) |
Net actuarial loss/(gain) | (1,453) | (1,726) |
Prior service cost | (459) | (190) |
Total recorded in accumulated other comprehensive income | (1,912) | (1,916) |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at December 31 | (1,776) | (1,361) |
Total recorded | (1,776) | (1,361) |
United States | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at December 31 | (1,776) | (1,361) |
Current liabilities | (201) | (168) |
Postretirement benefits reserves | (1,575) | (1,193) |
Total recorded | (1,776) | (1,361) |
Net actuarial loss/(gain) | 744 | 897 |
Prior service cost | (283) | (295) |
Total recorded in accumulated other comprehensive income | 461 | 602 |
Pension Benefits - Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at December 31 | (2,896) | (2,585) |
Total recorded | (2,896) | (2,585) |
Pension Benefits - Non-U.S. [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at December 31 | (2,896) | (2,585) |
Other assets | 1,895 | 1,962 |
Current liabilities | (225) | (254) |
Postretirement benefits reserves | (4,566) | (4,293) |
Total recorded | (2,896) | (2,585) |
Net actuarial loss/(gain) | 1,364 | 846 |
Prior service cost | 401 | 278 |
Total recorded in accumulated other comprehensive income | $ 1,765 | $ 1,124 |
Pension And Other Postretirem_8
Pension And Other Postretirement Benefits (Long-Term Rates Of Pension And Other Postretirement Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded in other comprehensive income | $ 504 | $ (4,799) | $ (5,220) |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 5.60% | 3.10% | 2.80% |
Long-term rate of return on funded assets (percent) | 4.70% | 3.80% | 4.60% |
Long-term rate of compensation increase (percent) | 4.50% | 4.50% | 5.50% |
Service cost | $ 78 | $ 138 | $ 188 |
Interest cost | 276 | 216 | 221 |
Expected return on plan assets | (14) | (14) | (19) |
Amortization of actuarial loss/(gain) | (122) | 6 | 76 |
Amortization of prior service cost | (42) | (42) | (42) |
Net periodic benefit cost | 176 | 304 | 424 |
Net actuarial loss/(gain) | 154 | (1,910) | (891) |
Amortization of actuarial (loss)/gain | 122 | (6) | (76) |
Prior service cost/(credit) | (312) | 0 | 0 |
Amortization of prior service (cost)/credit | 42 | 42 | 42 |
Foreign exchange rate changes | (2) | (7) | 0 |
Total recorded in other comprehensive income | 4 | (1,881) | (925) |
Total recorded in net periodic benefit cost and other comprehensive income, before tax | 180 | (1,577) | (501) |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded in other comprehensive income | $ (141) | $ (939) | $ (1,286) |
United States | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 5.60% | 3% | 2.80% |
Long-term rate of return on funded assets (percent) | 5.20% | 4.60% | 5.30% |
Long-term rate of compensation increase (percent) | 4.50% | 4.50% | 5.50% |
Service cost | $ 466 | $ 712 | $ 919 |
Interest cost | 664 | 518 | 558 |
Expected return on plan assets | (532) | (560) | (722) |
Amortization of actuarial loss/(gain) | 85 | 156 | 244 |
Amortization of prior service cost | (29) | (29) | (23) |
Net pension enhancement and curtailment/settlement cost | 29 | 205 | 489 |
Net periodic benefit cost | 683 | 1,002 | 1,465 |
Net actuarial loss/(gain) | (39) | (607) | (504) |
Amortization of actuarial (loss)/gain | (114) | (361) | (733) |
Prior service cost/(credit) | (17) | 0 | (72) |
Amortization of prior service (cost)/credit | 29 | 29 | 23 |
Total recorded in other comprehensive income | (141) | (939) | (1,286) |
Total recorded in net periodic benefit cost and other comprehensive income, before tax | 542 | 63 | 179 |
Pension Benefits - Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded in other comprehensive income | $ 641 | $ (1,979) | $ (3,009) |
Pension Benefits - Non-U.S. [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 4.90% | 2.20% | 1.60% |
Long-term rate of return on funded assets (percent) | 4.20% | 3.50% | 4.10% |
Long-term rate of compensation increase (percent) | 5.20% | 4.20% | 4.20% |
Service cost | $ 323 | $ 570 | $ 774 |
Interest cost | 922 | 614 | 526 |
Expected return on plan assets | (688) | (815) | (1,031) |
Amortization of actuarial loss/(gain) | 108 | 180 | 420 |
Amortization of prior service cost | 52 | 43 | 57 |
Net pension enhancement and curtailment/settlement cost | 5 | 4 | 32 |
Net periodic benefit cost | 722 | 596 | 778 |
Net actuarial loss/(gain) | 602 | (1,641) | (2,361) |
Amortization of actuarial (loss)/gain | (108) | (183) | (430) |
Prior service cost/(credit) | 153 | 84 | 92 |
Amortization of prior service (cost)/credit | (52) | (40) | (55) |
Foreign exchange rate changes | 46 | (199) | (255) |
Total recorded in other comprehensive income | 641 | (1,979) | (3,009) |
Total recorded in net periodic benefit cost and other comprehensive income, before tax | $ 1,363 | $ (1,383) | $ (2,231) |
Pension And Other Postretirem_9
Pension And Other Postretirement Benefits (Summary Of The Change In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total (charge)/credit to other comprehensive income, before tax | $ (504) | $ 4,799 | $ 5,220 |
(Charge)/credit to income tax (see Note 4) | 180 | (1,236) | (1,287) |
(Charge)/credit to investment in equity companies | 16 | 235 | 110 |
(Charge)/credit to other comprehensive income including noncontrolling interests, after tax | (308) | 3,798 | 4,043 |
Charge/(credit) to equity of noncontrolling interests | 54 | (212) | (217) |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total (charge)/credit to other comprehensive income, before tax | (4) | 1,881 | 925 |
Exxon Mobil Corporation Share After Noncontrolling Interest [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total change in accumulated other comprehensive income | (254) | 3,586 | 3,826 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total (charge)/credit to other comprehensive income, before tax | 141 | 939 | 1,286 |
Pension Benefits - Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total (charge)/credit to other comprehensive income, before tax | $ (641) | $ 1,979 | $ 3,009 |
Pension And Other Postretire_10
Pension And Other Postretirement Benefits (Fair Value Of Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 11,367 | $ 10,989 |
United States | Total At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 4,015 | 3,535 |
Fair value of plan assets | 11,364 | 10,986 |
United States | U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 2,114 | 1,726 |
Fair value of plan assets | 2,114 | 1,726 |
United States | Non-U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 1,344 | 1,131 |
Fair value of plan assets | 1,344 | 1,131 |
United States | Private Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 375 | 506 |
Fair value of plan assets | 375 | 506 |
United States | Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 1 | 1 |
Fair value of plan assets | 4,700 | 4,583 |
United States | Government Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 2 | 2 |
Fair value of plan assets | 2,652 | 2,871 |
United States | Asset-Backed Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 1 | 1 |
Fair value of plan assets | 1 | 1 |
United States | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 178 | 168 |
Fair value of plan assets | 178 | 168 |
United States | Insurance Contracts At Contract Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 3 |
United States | Fair Value Inputs Level 2 [Member] | Total At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 7,349 | 7,451 |
United States | Fair Value Inputs Level 2 [Member] | Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 4,699 | 4,582 |
United States | Fair Value Inputs Level 2 [Member] | Government Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 2,650 | 2,869 |
Pension Benefits - Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18,431 | 16,757 |
Pension Benefits - Non-U.S. [Member] | Total At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 17,763 | 16,116 |
Fair value of plan assets | 18,409 | 16,736 |
Pension Benefits - Non-U.S. [Member] | U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 2,642 | 2,318 |
Fair value of plan assets | 2,642 | 2,318 |
Pension Benefits - Non-U.S. [Member] | Non-U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 1,688 | 1,676 |
Fair value of plan assets | 1,740 | 1,737 |
Pension Benefits - Non-U.S. [Member] | Private Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 294 | 472 |
Fair value of plan assets | 294 | 472 |
Pension Benefits - Non-U.S. [Member] | Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 4,370 | 4,199 |
Fair value of plan assets | 4,431 | 4,262 |
Pension Benefits - Non-U.S. [Member] | Government Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 8,429 | 7,189 |
Fair value of plan assets | 8,734 | 7,535 |
Pension Benefits - Non-U.S. [Member] | Asset-Backed Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 221 | 185 |
Fair value of plan assets | 243 | 207 |
Pension Benefits - Non-U.S. [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 4 | |
Fair value of plan assets | 4 | |
Pension Benefits - Non-U.S. [Member] | Defined Benefit Plan, Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 70 | |
Fair value of plan assets | 70 | |
Pension Benefits - Non-U.S. [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, net asset value | 45 | 77 |
Fair value of plan assets | 251 | 205 |
Pension Benefits - Non-U.S. [Member] | Insurance Contracts At Contract Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22 | 21 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 1 [Member] | Total At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 375 | 351 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 1 [Member] | Non-U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 52 | 61 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 1 [Member] | Government Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 134 | 202 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 1 [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 189 | 88 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 2 [Member] | Total At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 271 | 269 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 2 [Member] | Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 61 | 63 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 2 [Member] | Government Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 171 | 144 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 2 [Member] | Asset-Backed Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | 22 | 22 |
Pension Benefits - Non-U.S. [Member] | Fair Value Inputs Level 2 [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, fair value hierarchy | $ 17 | $ 40 |
Pension And Other Postretire_11
Pension And Other Postretirement Benefits (Fair Value Of Benefit Plan Assets - Other Postretirement) (Details) - Other Postretirement Benefit Plans Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, net asset value | $ 0 | $ 0 | |
Fair value of plan assets | 371 | 348 | $ 440 |
U.S. Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, net asset value | 0 | 0 | |
Fair value of plan assets | 84 | 70 | |
Non-U.S. Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, net asset value | 0 | 0 | |
Fair value of plan assets | 40 | 37 | |
Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 61 | 59 | |
Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 182 | 175 | |
Asset-backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, net asset value | 0 | 0 | |
Fair value of plan assets | 1 | 3 | |
Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | 124 | 107 | |
Fair Value Inputs Level 1 [Member] | U.S. Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | 84 | 70 | |
Fair Value Inputs Level 1 [Member] | Non-U.S. Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | 40 | 37 | |
Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | 247 | 241 | |
Fair Value Inputs Level 2 [Member] | Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | 61 | 59 | |
Fair Value Inputs Level 2 [Member] | Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | 182 | 175 | |
Fair Value Inputs Level 2 [Member] | Asset-backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | 3 | 4 | |
Fair Value Inputs Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, fair value hierarchy | $ 1 | $ 3 |
Pension And Other Postretire_12
Pension And Other Postretirement Benefits (Pension Plans With Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
United States | Funded Pension Plans [Member] | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | $ 0 | $ 0 |
Fair value of plan assets | 0 | 0 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | 11,638 | 11,012 |
Fair value of plan assets | 11,367 | 10,989 |
United States | Unfunded Pension Plans [Member] | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | 1,173 | 1,045 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | 1,505 | 1,338 |
Pension Benefits - Non-U.S. [Member] | Funded Pension Plans [Member] | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | 1,145 | 1,098 |
Fair value of plan assets | 562 | 400 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | 2,334 | 1,956 |
Fair value of plan assets | 1,465 | 1,012 |
Pension Benefits - Non-U.S. [Member] | Unfunded Pension Plans [Member] | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | 3,592 | 3,261 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 3,924 | $ 3,604 |
Pension And Other Postretire_13
Pension And Other Postretirement Benefits (Expected Contribution Pension Benefits And Other Postretirement Benefits) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Gross Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefits payments expected in 2024 | $ 363 |
Benefits payments expected in 2025 | 356 |
Benefits payments expected in 2026 | 347 |
Benefits payments expected in 2027 | 342 |
Benefits payments expected in 2028 | 339 |
Benefits payments expected in 2029-2033 | 1,710 |
Other Postretirement Benefits Medicare Subsidy Receipt [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefits payments expected in 2024 | 0 |
Benefits payments expected in 2025 | 0 |
Benefits payments expected in 2026 | 1 |
Benefits payments expected in 2027 | 1 |
Benefits payments expected in 2028 | 1 |
Benefit payments expected in 2029-2033 | 3 |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions expected in 2024 | 0 |
Benefits payments expected in 2024 | 1,053 |
Benefits payments expected in 2025 | 1,053 |
Benefits payments expected in 2026 | 1,064 |
Benefits payments expected in 2027 | 1,066 |
Benefits payments expected in 2028 | 1,087 |
Benefits payments expected in 2029-2033 | 5,644 |
Pension Benefits - Non-U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions expected in 2024 | 275 |
Benefits payments expected in 2024 | 1,200 |
Benefits payments expected in 2025 | 1,158 |
Benefits payments expected in 2026 | 1,144 |
Benefits payments expected in 2027 | 1,185 |
Benefits payments expected in 2028 | 1,216 |
Benefits payments expected in 2029-2033 | $ 6,116 |
Disclosures About Segments An_3
Disclosures About Segments And Related Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Measurement Disclosures [Abstract] | |||
Non-debt-related interest expense | $ 234 | $ 117 | $ 103 |
Disclosures About Segments An_4
Disclosures About Segments And Related Information (Schedule Of Segments And Related Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | $ 36,010 | $ 55,740 | $ 23,040 |
Earnings of equity companies included above | 6,385 | 11,463 | 6,657 |
Sales and other operating revenue | 344,582 | 413,680 | 285,640 |
Depreciation and depletion expense | 20,641 | 24,040 | 20,607 |
Interest revenue | 1,628 | 446 | 33 |
Interest expense | 849 | 798 | 947 |
Income tax expense (benefit) | 15,429 | 20,176 | 7,636 |
Additions to property, plant and equipment | 29,038 | 18,338 | 12,541 |
Investments in equity companies | 34,080 | 34,522 | 31,225 |
Total Assets | 376,317 | 369,067 | 338,923 |
Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 334,697 | 398,675 | 276,692 |
United States | |||
Segment Reporting Information [Line Items] | |||
Income tax expense (benefit) | 2,837 | 5,644 | 1,602 |
United States | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 127,374 | 149,225 | 104,236 |
Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Income tax expense (benefit) | 12,592 | 14,532 | 6,034 |
Non-U.S. | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 207,323 | 249,450 | 172,456 |
Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 4,202 | 11,728 | 3,663 |
Earnings of equity companies included above | 63 | 411 | 288 |
Intersegment revenue | 20,971 | 25,658 | 16,692 |
Depreciation and depletion expense | 8,863 | 5,791 | 6,831 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 82 | 51 | 58 |
Income tax expense (benefit) | 1,016 | 3,330 | 1,116 |
Additions to property, plant and equipment | 10,372 | 5,940 | 3,308 |
Investments in equity companies | 4,436 | 4,893 | 4,999 |
Total Assets | 67,452 | 66,695 | 67,294 |
Upstream | United States | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 9,500 | 14,579 | 8,883 |
Upstream | Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 17,106 | 24,751 | 12,112 |
Earnings of equity companies included above | 5,550 | 10,133 | 5,535 |
Intersegment revenue | 38,982 | 46,076 | 33,405 |
Depreciation and depletion expense | 7,737 | 14,013 | 9,918 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 74 | 38 | 36 |
Income tax expense (benefit) | 10,593 | 11,575 | 4,871 |
Additions to property, plant and equipment | 8,217 | 6,441 | 5,308 |
Investments in equity companies | 21,485 | 21,502 | 18,544 |
Total Assets | 138,914 | 139,764 | 141,978 |
Upstream | Non-U.S. | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 16,074 | 30,585 | 12,914 |
Energy Products [Member] | United States | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 6,123 | 8,340 | 668 |
Earnings of equity companies included above | 140 | 126 | 122 |
Intersegment revenue | 23,481 | 29,001 | 16,735 |
Depreciation and depletion expense | 765 | 741 | 700 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 4 | 1 | 1 |
Income tax expense (benefit) | 1,543 | 2,615 | 156 |
Additions to property, plant and equipment | 1,106 | 1,141 | 979 |
Investments in equity companies | 406 | 368 | 353 |
Total Assets | 32,123 | 31,729 | 26,932 |
Energy Products [Member] | United States | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 103,868 | 117,824 | 78,500 |
Energy Products [Member] | Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 6,019 | 6,626 | (1,014) |
Earnings of equity companies included above | 131 | 322 | 100 |
Intersegment revenue | 28,258 | 36,894 | 25,097 |
Depreciation and depletion expense | 797 | 1,246 | 1,036 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 7 | 7 | 6 |
Income tax expense (benefit) | 1,492 | 2,420 | (165) |
Additions to property, plant and equipment | 1,455 | 964 | 874 |
Investments in equity companies | 1,135 | 1,154 | 972 |
Total Assets | 42,337 | 41,836 | 37,698 |
Energy Products [Member] | Non-U.S. | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 164,515 | 188,153 | 130,406 |
Chemical Products [Member] | United States | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 1,626 | 2,328 | 3,697 |
Earnings of equity companies included above | 126 | 91 | (139) |
Intersegment revenue | 7,991 | 9,081 | 5,993 |
Depreciation and depletion expense | 605 | 542 | 505 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 2 | 0 | 0 |
Income tax expense (benefit) | 396 | 520 | 1,235 |
Additions to property, plant and equipment | 600 | 1,026 | 538 |
Investments in equity companies | 3,086 | 3,124 | 3,019 |
Total Assets | 17,599 | 17,342 | 16,695 |
Chemical Products [Member] | United States | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 7,951 | 10,670 | 11,995 |
Chemical Products [Member] | Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 11 | 1,215 | 3,292 |
Earnings of equity companies included above | 761 | 771 | 1,141 |
Intersegment revenue | 3,643 | 5,201 | 4,082 |
Depreciation and depletion expense | 706 | 446 | 450 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 2 | 1 | 1 |
Income tax expense (benefit) | 158 | 292 | 684 |
Additions to property, plant and equipment | 1,775 | 1,692 | 712 |
Investments in equity companies | 2,700 | 2,417 | 2,490 |
Total Assets | 17,076 | 15,875 | 14,555 |
Chemical Products [Member] | Non-U.S. | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 14,314 | 16,949 | 16,633 |
Specialty Products [Member] | United States | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 1,536 | 1,190 | 1,452 |
Earnings of equity companies included above | 0 | 0 | 0 |
Intersegment revenue | 2,570 | 2,587 | 2,193 |
Depreciation and depletion expense | 93 | 95 | 97 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Income tax expense (benefit) | 458 | 334 | 464 |
Additions to property, plant and equipment | 81 | 37 | 28 |
Investments in equity companies | 0 | 0 | 0 |
Total Assets | 2,620 | 2,839 | 2,878 |
Specialty Products [Member] | United States | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 6,044 | 6,152 | 4,858 |
Specialty Products [Member] | Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | 1,178 | 1,225 | 1,807 |
Earnings of equity companies included above | (25) | (23) | (36) |
Intersegment revenue | 555 | 825 | 749 |
Depreciation and depletion expense | 222 | 193 | 195 |
Interest revenue | 0 | 0 | 0 |
Interest expense | 2 | 1 | 1 |
Income tax expense (benefit) | 235 | 252 | 329 |
Additions to property, plant and equipment | 370 | 200 | 136 |
Investments in equity companies | 952 | 1,177 | 1,185 |
Total Assets | 8,379 | 8,316 | 8,030 |
Specialty Products [Member] | Non-U.S. | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 12,363 | 13,727 | 12,473 |
Corporate And Financing [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) after income tax | (1,791) | (1,663) | (2,636) |
Earnings of equity companies included above | (361) | (368) | (354) |
Intersegment revenue | 244 | 241 | 227 |
Depreciation and depletion expense | 853 | 973 | 875 |
Interest revenue | 1,628 | 446 | 33 |
Interest expense | 676 | 699 | 844 |
Income tax expense (benefit) | (462) | (1,162) | (1,054) |
Additions to property, plant and equipment | 5,062 | 897 | 658 |
Investments in equity companies | (120) | (113) | (337) |
Total Assets | 49,817 | 44,671 | 22,863 |
Corporate And Financing [Member] | Sales and other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | $ 68 | $ 36 | $ 30 |
Disclosures About Segments An_5
Disclosures About Segments And Related Information ( Sales and Other Operating Revenues) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total | $ 344,582 | $ 413,680 | $ 285,640 |
Sales and other operating revenue | |||
Disaggregation of Revenue [Line Items] | |||
Sales and other operating revenue | 256,455 | 304,758 | 228,968 |
Revenue outside the scope of ASC 606 | 78,242 | 93,917 | 47,724 |
Total | $ 334,697 | $ 398,675 | $ 276,692 |
Disclosures About Segments An_6
Disclosures About Segments And Related Information (Schedule Of Geographic Sales And Other Operating Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | $ 344,582 | $ 413,680 | $ 285,640 |
Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 334,697 | 398,675 | 276,692 |
United States | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 127,374 | 149,225 | 104,236 |
Non-U.S. | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 207,323 | 249,450 | 172,456 |
Canada | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 28,994 | 32,970 | 22,166 |
United Kingdom | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 23,372 | 33,988 | 14,759 |
Singapore | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 15,331 | 19,029 | 15,031 |
France | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 14,803 | 17,727 | 13,236 |
Australia | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 9,883 | 11,316 | 7,646 |
Belgium | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | 9,840 | 11,279 | 9,153 |
Germany | Sales and other operating revenue | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Total | $ 9,297 | $ 10,190 | $ 7,565 |
Disclosures About Segments An_7
Disclosures About Segments And Related Information (Schedule Of Long-Lived Assets By Geographic Regions) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 214,940 | $ 204,692 | $ 216,552 |
United States | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 95,792 | 90,051 | 90,412 |
Non-U.S. | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 119,148 | 114,641 | 126,140 |
Canada | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 31,682 | 31,106 | 34,907 |
Singapore | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 12,490 | 11,972 | 11,969 |
Australia | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 11,212 | 11,372 | 12,988 |
Guyana | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 9,689 | 6,766 | 4,892 |
Kazakhstan | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 7,728 | 8,172 | 8,463 |
Papua New Guinea | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 7,433 | 7,338 | 7,534 |
United Arab Emirates | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 5,480 | 5,448 | 5,392 |
Brazil | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 4,203 | 3,649 | 4,337 |
China | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 3,669 | 2,350 | 984 |
Nigeria | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 3,319 | 4,090 | 5,235 |
Russia | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 0 | $ 0 | $ 4,055 |
Income And Other Taxes (Narrati
Income And Other Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income And Other Taxes [Abstract] | ||||
Net deferred income tax expense (credits)/changes for tax rate and law changes | $ 24 | $ 30 | $ (53) | |
Effective income tax rate reconciliation, European tax on energy sector, amount | $ 1,800 | $ 200 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | |
Valuation Allowance [Abstract] | ||||
Asset valuation allowances | 2,650 | $ 2,641 | $ 2,650 | |
Valuation allowance change | $ (9) | |||
Potential percentage increase in unrecognized tax benefits | 20% | |||
Potential percentage decrease in unrecognized tax benefits | 30% | |||
Interest expense on income tax reserves | $ 60 | 16 | $ 0 | |
Interest payable on income tax reserves | $ 63 | 134 | $ 63 | |
Change in net provisions [Member] | ||||
Valuation Allowance [Abstract] | ||||
Valuation allowance change | 104 | |||
Effects of foreign currency translation [Member] | ||||
Valuation Allowance [Abstract] | ||||
Valuation allowance change | $ (113) |
Income And Other Taxes (Schedul
Income And Other Taxes (Schedule Of Income And Other Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income and Other Taxes [Line Items] | |||
Current | $ 14,098 | $ 15,767 | $ 7,184 |
Deferred - net | 944 | 3,583 | (44) |
U.S. tax on non-U.S. operations | 315 | 65 | 26 |
Total federal and non-U.S. | 15,357 | 19,415 | 7,166 |
State | 72 | 761 | 470 |
Total income tax expense (benefit) | 15,429 | 20,176 | 7,636 |
Other taxes and duties | 29,011 | 27,919 | 30,239 |
Other taxes and duties included in production and manufacturing expenses | 2,687 | 3,066 | 2,263 |
Other taxes and duties included in SG&A expenses | 493 | 470 | 453 |
Total other taxes and duties | 32,191 | 31,455 | 32,955 |
Total | 47,620 | 51,631 | 40,591 |
United States | |||
Income and Other Taxes [Line Items] | |||
Current | 1,987 | 696 | 236 |
Deferred - net | 463 | 4,122 | 870 |
U.S. tax on non-U.S. operations | 315 | 65 | 26 |
Total federal and non-U.S. | 2,765 | 4,883 | 1,132 |
State | 72 | 761 | 470 |
Total income tax expense (benefit) | 2,837 | 5,644 | 1,602 |
Other taxes and duties | 3,871 | 4,087 | 3,731 |
Other taxes and duties included in production and manufacturing expenses | 1,961 | 2,204 | 1,589 |
Other taxes and duties included in SG&A expenses | 183 | 151 | 170 |
Total other taxes and duties | 6,015 | 6,442 | 5,490 |
Total | 8,852 | 12,086 | 7,092 |
Non-U.S. | |||
Income and Other Taxes [Line Items] | |||
Current | 12,111 | 15,071 | 6,948 |
Deferred - net | 481 | (539) | (914) |
Total federal and non-U.S. | 12,592 | 14,532 | 6,034 |
Total income tax expense (benefit) | 12,592 | 14,532 | 6,034 |
Other taxes and duties | 25,140 | 23,832 | 26,508 |
Other taxes and duties included in production and manufacturing expenses | 726 | 862 | 674 |
Other taxes and duties included in SG&A expenses | 310 | 319 | 283 |
Total other taxes and duties | 26,176 | 25,013 | 27,465 |
Total | $ 38,768 | $ 39,545 | $ 33,499 |
Income And Other Taxes (Reconci
Income And Other Taxes (Reconciliation Between Income Tax Expense And Theoretical U.S. Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income And Other Taxes [Abstract] | |||
United States income (loss) before income taxes | $ 14,786 | $ 28,281 | $ 9,478 |
Non-U.S. income (loss) before income taxes | 37,997 | 49,472 | 21,756 |
Income (loss) before income taxes | 52,783 | 77,753 | 31,234 |
Theoretical tax | 11,084 | 16,328 | 6,559 |
Effect of equity method of accounting | (1,341) | (2,407) | (1,398) |
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax | 5,888 | 6,423 | 2,809 |
State taxes, net of federal tax benefit | 57 | 601 | 371 |
Other | (259) | (769) | (705) |
Total income tax expense (benefit) | 15,429 | 20,176 | 7,636 |
ExxonMobil share of equity company income taxes | 3,058 | 7,594 | 2,756 |
Total income tax expense (credit) | 18,487 | 27,770 | 10,392 |
Net income (loss) including noncontrolling interests | 37,354 | 57,577 | 23,598 |
Total income (loss) before taxes | $ 55,841 | $ 85,347 | $ 33,990 |
Effective income tax rate | 33% | 33% | 31% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Tax Rate [Line Items] | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 24 | $ 30 | $ (53) |
United States | |||
Income And Other Taxes [Abstract] | |||
Total income tax expense (benefit) | 2,837 | 5,644 | 1,602 |
Non-U.S. | |||
Income And Other Taxes [Abstract] | |||
Total income tax expense (benefit) | 12,592 | 14,532 | $ 6,034 |
Effective Tax Rate [Line Items] | |||
European tax impact | $ 115 | $ 1,825 |
Income And Other Taxes (Deferre
Income And Other Taxes (Deferred Income Taxes Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income And Other Taxes [Abstract] | ||
Property, plant and equipment | $ 26,627 | $ 25,607 |
Other liabilities | 7,534 | 7,401 |
Total deferred tax liabilities | 34,161 | 33,008 |
Pension and other postretirement benefits | (1,777) | (1,754) |
Asset retirement obligations | (3,532) | (3,045) |
Tax loss carryforwards | (4,317) | (4,862) |
Other assets | (6,361) | (6,948) |
Total deferred tax assets | (15,987) | (16,609) |
Asset valuation allowances | 2,641 | 2,650 |
Net deferred tax liabilities | $ 20,815 | $ 19,049 |
Income And Other Taxes (Defer_2
Income And Other Taxes (Deferred Income Tax (Assets) And Liabilities By Balance Sheet Classification) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income And Other Taxes [Abstract] | ||
Other assets, including intangibles, net | $ (3,637) | $ (3,825) |
Deferred income tax liabilities | 24,452 | 22,874 |
Net deferred tax liabilities | $ 20,815 | $ 19,049 |
Income And Other Taxes (Unrecog
Income And Other Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Balance at January 1 | $ 3,398 | $ 9,130 | $ 8,764 |
Additions based on current year's tax positions | 350 | 539 | 358 |
Additions for prior years' tax positions | 400 | 294 | 100 |
Reductions for prior years' tax positions | (38) | (6,243) | (79) |
Reductions due to lapse of the statute of limitations | (25) | (16) | (2) |
Settlements with tax authorities | (153) | (277) | (11) |
Foreign exchange effects/other | 3 | (29) | 0 |
Balance at December 31 | $ 3,935 | $ 3,398 | $ 9,130 |
Income And Other Taxes (Remaini
Income And Other Taxes (Remaining Tax Years Subject To Examination By Major Tax Jurisdiction) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Australia | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2010 |
Australia | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
Belgium | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2020 |
Belgium | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
Canada | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2001 |
Canada | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
Kazakhstan | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2015 |
Kazakhstan | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
Nigeria | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2016 |
Nigeria | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
Papua New Guinea | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2008 |
Papua New Guinea | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
United Arab Emirates | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2022 |
United Arab Emirates | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
United States | Earliest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2010 |
United States | Latest Tax Year [Member] | |
Income and Other Taxes [Line Items] | |
Open tax years by major tax jurisdiction | 2023 |
Divestment Activities (Narrativ
Divestment Activities (Narrative) (Details) - Disposal Group, Disposed of by Sale - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from Sale of Productive Assets | $ 4.1 | $ 5.2 |
Disposal Group Not Discontinued Operation Gain Loss On Disposal, After Tax | $ 0.6 | $ 0.4 |
Mergers and Acquisitions (Narra
Mergers and Acquisitions (Narrative) (Details) a in Thousands, Boe in Thousands, $ in Billions | 3 Months Ended | |||
Nov. 02, 2023 USD ($) Boe shares | Jun. 30, 2024 USD ($) shares | Sep. 30, 2023 Boe | Dec. 31, 2022 a Boe | |
Denbury Inc. | ||||
Business Acquisition [Line Items] | ||||
Proved developed and undeveloped reserve, net (energy) (Barrel of oil equivalent) | Boe | 200,000 | |||
Proved developed and undeveloped reserve, net (energy) per day (barrel of oil equivalent per day) | Boe | 45 | |||
Total purchase price | $ | $ 5.1 | |||
Equity interests issued or issuable, number of shares (in shares) | shares | 46,000,000 | |||
Business acquisition, equity interest issued or issuable, value assigned | $ | $ 4.8 | |||
Payments to acquire businesses, gross | $ | $ 0.3 | |||
Pioneer Natural Resources | ||||
Business Acquisition [Line Items] | ||||
Proved developed and undeveloped reserve, net (energy) (Barrel of oil equivalent) | Boe | 2,300,000 | |||
Proved developed and undeveloped reserve, net (energy) per day (barrel of oil equivalent per day) | Boe | 700 | |||
Area of land | a | 850 | |||
Pioneer Natural Resources | Forecast [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase price | $ | $ 65 | |||
Equity interests issued or issuable, number of shares (in shares) | shares | 546,000,000 | |||
Business combination number of shares of acquirer stock issued in exchange for each share of acquiree stock | 2.3234 |
Mergers and Acquisitions (Net A
Mergers and Acquisitions (Net Assets Acquired) (Details) - Denbury Inc. $ in Billions | Nov. 02, 2023 USD ($) |
Business Acquisition [Line Items] | |
Current assets | $ 0.4 |
Property, plant & equipment | 6.4 |
Other assets | 0.2 |
Total assets | 7 |
Current liabilities | 0.3 |
Long-term liabilities | 1.6 |
Total liabilities | 1.9 |
Net assets acquired | $ 5.1 |