Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

ExxonMobil Earns $4.7 Billion in Second Quarter 2021


Exxon Mobil Corporation (NYSE:XOM):

 

 

 

First 

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

 

2021

2020

 

2021

 

2021

2020

Results Summary

 

 

 

 

 

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

 

 

Earnings/(Loss) (U.S. GAAP)

4,690

(1,080)

 

2,730

 

7,420

 

(1,690)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Per Common Share

 

 

 

 

 

 

 

 

 

Assuming Dilution

1.10

(0.26)

 

0.64

 

1.74

 

(0.40)

 

 

 

 

 

 

 

 

 

 

 

Identified Items Per Common Share

 

 

 

 

 

 

 

 

 

Assuming Dilution

?

0.44

 

(0.01)

 

(0.01)

 

(0.23)

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

 

 

 

 

 

 

 

 

 

Per Common Share Assuming Dilution

1.10

(0.70)

 

0.65

 

1.75

 

(0.17)

 

 

 

 

 

 

 

 

 

 

Capital and Exploration Expenditures

3,803

5,327

 

3,133

 

6,936

 

12,470

Exxon Mobil Corporation (NYSE:XOM) today announced estimated second-quarter 2021 earnings of $4.7 billion, or $1.10 per share assuming dilution, compared with a loss of $1.1 billion in the second quarter of 2020. Second-quarter capital and exploration expenditures were $3.8 billion, bringing the first half of 2021 to $6.9 billion, which is consistent with planned lower activity in the first half of the year. The company anticipates higher second-half planned spending on key projects, including Guyana, Brazil, Permian and in Chemical, with full-year spending towards the lower end of the guidance range of $16 billion to $19 billion.

Oil-equivalent production in the second quarter was 3.6 million barrels per day, down 2% from the second quarter of 2020, driven by increased maintenance activity. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 3%, including growth in the Permian and Guyana.

"Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our products," said Darren Woods, chairman and chief executive officer.

"We're realizing significant benefits from an improved cost structure, solid operating performance and low-cost-of-supply investments that, together, are generating attractive returns and strong cash flow to fund our capital program, pay the dividend and reduce debt. This was particularly true for our Chemical business that delivered their best quarter in company history. In our efforts to support society's energy transition goals, our Low Carbon Solutions business made progress in identifying new opportunities and in establishing new partnerships in carbon capture and storage, hydrogen and low-emission fuels."

Second-Quarter Business Highlights

Upstream

Downstream

Chemical

Strengthening the Portfolio

Capital Allocation and Structural Cost Improvement

Reducing Emissions and Advancing Low Carbon Solutions

Results and Volume Summary

Millions of Dollars

 

2Q

 

2Q

 

 

 

 

(unless noted)

 

2021

 

2020

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

 

U.S.

 

663

 

(1,197)

 

+1,860

 

Higher prices and volumes, reduced expenses

Non-U.S.

 

2,522

 

(454)

 

+2,976

 

Higher prices, increased volumes, and favorable one-time tax items, partly offset by higher planned maintenance; prior quarter favorable identified items (-168, inventory valuation)

 

Total

 

3,185

 

(1,651)

 

+4,836

 

Prices +4,570, volumes +290, expenses +90, planned maintenance -300, identified items -210, other +400

Production (koebd)

 

3,582

 

3,638

 

-56

 

Liquids -106 kbd: higher demand, including the absence of economic curtailments, and project growth, more than offset by lower entitlements, decline, higher planned maintenance, and divestments

 

Gas +304 mcfd: higher demand, including the absence of economic curtailments, partly offset by higher planned maintenance and divestments

Downstream

 

 

 

 

 

 

 

 

U.S.

 

(149)

 

(101)

 

-48

 

Higher margins driven by stronger industry refining conditions, improved demand, and lower non-maintenance expenses, more than offset by higher planned maintenance activity and absence of prior quarter favorable identified items (-404, inventory valuation)

Non-U.S.

 

(78)

 

1,077

 

-1,155

 

Higher demand and improved margins reflecting stronger industry refining conditions, more than offset by higher planned maintenance activity and unfavorable foreign exchange;

prior quarter favorable identified items

(-1,190, inventory valuation)

Total

 

(227)

 

976

 

-1,203

 

Margins +430, demand +270, identified items -1,590, planned maintenance -390, other +70

 

Petroleum Product Sales (kbd)

 

5,041

 

4,437

 

+604

 

 

Chemical

 

 

 

 

 

 

 

 

U.S.

 

1,282

 

171

 

+1,111

 

Higher margins and stronger demand

Non-U.S.

 

1,038

 

296

 

+742

 

Higher margins, stronger demand, favorable foreign exchange, and reduced expenses, partly offset by planned maintenance; prior quarter favorable identified item

(-144, inventory valuation)

Total

 

2,320

 

467

 

+1,853

 

Margins +1,680, demand +250, expenses +100, planned maintenance -160,

identified items -120, other +100

Prime Product Sales (kt)

 

6,513

 

5,945

 

+568

 

 

Corporate and financing

 

(588)

 

(872)

 

+284

 

Lower financing costs and net favorable tax impacts

Results and Volume Summary

Millions of Dollars

 

2Q

 

1Q

 

 

 

 

(unless noted)

 

2021

 

2021

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

 

U.S.

 

663

 

363

 

+300

 

Higher liquids prices, higher liquids volumes, and favorable one-time items

Non-U.S.

 

2,522

 

2,191

 

+331

 

Higher liquids prices, higher liquids volumes,

and favorable one-time items, partly offset by

higher planned maintenance and seasonally lower gas volumes

Total

 

3,185

 

2,554

 

+631

 

Prices +680, planned maintenance -360,

other +310

Production (koebd)

 

3,582

 

3,787

 

-205

 

Liquids -58 kbd: lower entitlements and higher planned maintenance, partly offset by improved reliability and winter storm recovery

 

Gas -879 mcfd: lower seasonal demand, lower entitlements, and higher planned maintenance, partly offset by winter storm recovery

Downstream

 

 

 

 

 

 

 

 

U.S.

 

(149)

 

(113)

 

-36

 

Winter storm recovery and improved demand, more than offset by higher planned maintenance activity

Non-U.S.

 

(78)

 

(277)

 

+199

 

Higher margins driven by more favorable industry refining conditions and improved demand, partly offset by higher planned maintenance activity

Total

 

(227)

 

(390)

 

+163

 

Margins +190, demand +70, planned maintenance -220, other +120

Petroleum Product Sales (kbd)

 

5,041

 

4,881

 

+160

 

 

Chemical

 

 

 

 

 

 

 

 

U.S.

 

1,282

 

715

 

+567

 

Stronger margins

Non-U.S.

 

1,038

 

700

 

+338

 

Stronger margins, partly offset by planned maintenance

Total

 

2,320

 

1,415

 

+905

 

Margins +1,080, planned maintenance -180

Prime Product Sales (kt)

 

6,513

 

6,446

 

+67

 

 

Corporate and financing

 

(588)

 

(849)

 

+261

 

Lower retirement-related expenses and lower financing costs

Results and Volume Summary

Millions of Dollars

 

YTD

 

YTD

 

 

 

 

(unless noted)

 

2021

 

2020

 

Change

 

Comments

Upstream

 

 

 

 

 

 

 

 

U.S.

 

1,026

 

(1,901)

 

+2,927

 

Higher prices and reduced expenses; prior year unfavorable identified items (+315, impairment)

Non-U.S.

 

4,713

 

786

 

+3,927

 

Higher prices and favorable one-time tax items, partly offset by higher planned maintenance and unfavorable foreign exchange

Total

 

5,739

 

(1,115)

 

+6,854

 

Prices +6,130, expenses +480, identified items +410, planned maintenance -330, other +170

Production (koebd)

 

3,684

 

3,842

 

-158

 

Liquids -164 kbd: higher demand including the absence of economic curtailments, and project growth, more than offset by lower entitlements, increased government mandates, decline and higher planned maintenance

 

Gas +38 mcfd: higher demand, including the absence of economic curtailments, partly offset by higher planned maintenance, Groningen production limit, and divestments

Downstream

 

 

 

 

 

 

 

 

U.S.

 

(262)

 

(202)

 

-60

 

Lower margins on weaker industry refining conditions, and increased planned maintenance activity, partly offset by reduced expenses and improved demand

Non-U.S.

 

(355)

 

567

 

-922

 

Lower margins on weaker realized fuels margins, net unfavorable one-time items including terminal conversion costs, increased planned maintenance activity, and unfavorable foreign exchange impacts, partly offset by reduced expenses and improved demand; prior year unfavorable identified items

(+341, mainly impairments)

Total

 

(617)

 

365

 

-982

 

Margins -1,340, demand +260, planned maintenance -350, expenses +490, identified items +350, other -390

Petroleum Product Sales (kbd)

 

4,961

 

4,862

 

+99

 

 

Chemical

 

 

 

 

 

 

 

 

U.S.

 

1,997

 

459

 

+1,538

 

Higher margins, improved demand, and lower expenses; prior year unfavorable identified items (+119, mainly impairments)

Non-U.S.

 

1,738

 

152

 

+1,586

 

Higher margins and demand, lower expenses, and favorable foreign exchange, partly offset by planned maintenance

Total

 

3,735

 

611

 

+3,124

 

Margins +2,300, demand +290, expenses +250, planned maintenance -80, identified items +210, other +150

Prime Product Sales (kt)

 

12,959

 

12,182

 

+777

 

 

Corporate and financing

 

(1,437)

 

(1,551)

 

+114

 

Lower financing costs and net favorable tax impacts, partly offset by higher retirement-related expenses

 

 

Cash Flow from Operations and Asset Sales excluding Working Capital

 

Millions of Dollars

 

2Q

 

 

 

 

 

2021

 

Comments

 

Net income (loss) including noncontrolling interests

 

4,781

 

Including $91 million noncontrolling interests

 

Depreciation

 

4,952

 

 

 

Changes in operational working capital

 

(380)

 

 

 

Other

 

297

 

 

 

Cash Flow from Operating

 

9,650

 

 

 

Activities (U.S. GAAP)

 

 

 

 

 

Asset sales

 

250

 

 

 

Cash Flow from Operations

 

9,900

 

 

 

and Asset Sales

 

 

 

 

 

Changes in operational working capital

 

380

 

 

 

Cash Flow from Operations

 

10,280

 

 

 

and Asset Sales excluding Working Capital

 

 

 

 

 

Millions of Dollars

 

YTD

 

 

 

 

 

2021

 

Comments

 

Net income (loss) including noncontrolling interests

 

7,577

 

Including $157 million noncontrolling interests

 

Depreciation

 

9,956

 

 

 

Changes in operational working capital

 

1,573

 

Higher net payables due to market conditions

 

Other

 

(192)

 

 

 

Cash Flow from Operating

 

18,914

 

 

 

Activities (U.S. GAAP)

 

 

 

 

 

Asset sales

 

557

 

 

 

Cash Flow from Operations

 

19,471

 

 

 

and Asset Sales

 

 

 

 

 

Changes in operational working capital

 

(1,573)

 

 

 

Cash Flow from Operations

 

17,898

 

 

 

and Asset Sales excluding Working Capital

 

 

 

 

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on July 30, 2021. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix; cost reductions, including the ability to meet or exceed announced cash cost and expense reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; CO2 volumes captured and stored; biofuel production; cash flow, dividends and shareholder returns; business and project plans, timing, costs, capacities, and returns; and resource recoveries and production rates could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials for our products; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the ultimate impacts of COVID-19, including the extent and nature of further outbreaks and the effects of government responses on people and economies; reservoir performance; the outcome of exploration projects; timely completion of development and other construction projects; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits; government policies and support and market demand for low carbon technologies like carbon capture; war, and other political or security disturbances; opportunities for potential investments or divestments and satisfaction of applicable conditions to closing, including regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies while maintaining future competitive positioning; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil's 2020 Form 10-K.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for 2021 periods is shown on page 7 and for 2021 and 2020 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for 2021 periods is shown on page 7 and for 2021 and 2020 periods in Attachment V.

This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2021 and 2020 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share ? assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation's products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities ("sales-based taxes"). It combines "Income taxes" and "Total other taxes and duties" with sales-based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation's products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as "proved reserves" under SEC definitions, but which are expected to be ultimately recoverable. The term "project" as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil's frequently used financial and operating measures and other terms including "Cash operating expenses", "Cash flow from operations and asset sales", and "Total taxes including sales-based taxes" is contained under the heading "Frequently Used Terms" available through the "Investors" section of our website at www.exxonmobil.com.

Reference to Earnings

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

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

Estimated Key Financial and Operating Data

Attachment I

Exxon Mobil Corporation

Second Quarter 2021

(millions of dollars, unless noted)

     

 

 

 

 

 

First 

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

2021

 

2020

 

2021

 

2021

 

2020

Earnings (Loss) / Earnings (Loss) Per Share

 

 

 

 

 

 

 

 

 

Total revenues and other income

67,742

 

32,605

 

59,147

 

126,889

 

88,763

Total costs and other deductions

61,435

 

34,245

 

55,555

 

116,990

 

90,661

Income (loss) before income taxes

6,307

 

(1,640)

 

3,592

 

9,899

 

(1,898)

Income taxes

1,526

 

(471)

 

796

 

2,322

 

41

Net income (loss) including noncontrolling interests

4,781

 

(1,169)

 

2,796

 

7,577

 

(1,939)

Net income (loss) attributable to noncontrolling interests

91

 

(89)

 

66

 

157

 

(249)

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

4,690

 

(1,080)

 

2,730

 

7,420

 

(1,690)

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share (dollars)

1.10

 

(0.26)

 

0.64

 

1.74

 

(0.40)

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share

 

 

 

 

 

 

 

 

 

- assuming dilution (dollars)

1.10

 

(0.26)

 

0.64

 

1.74

 

(0.40)

 

 

 

 

 

 

 

 

 

 

Exploration expenses, including dry holes

176

 

214

 

164

 

340

 

502

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

 

Dividends on common stock

 

 

 

 

 

 

 

 

 

Total

3,721

 

3,715

 

3,720

 

7,441

 

7,434

Per common share (dollars)

0.87

 

0.87

 

0.87

 

1.74

 

1.74

 

 

 

 

 

 

 

 

 

 

Millions of common shares outstanding

 

 

 

 

 

 

 

 

 

At period end

 

 

 

 

 

 

4,234

 

4,228

Average - assuming dilution

4,276

 

4,271

 

4,272

 

4,274

 

4,270

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of equity at period end

 

 

 

 

 

 

158,571

 

180,183

ExxonMobil share of capital employed at period end

 

 

 

 

 

 

221,275

 

251,998

 

 

 

 

 

 

 

 

 

 

Income taxes

1,526

 

(471)

 

796

 

2,322

 

41

Total other taxes and duties

8,441

 

5,683

 

7,283

 

15,724

 

13,180

Total taxes

9,967

 

5,212

 

8,079

 

18,046

 

13,221

Sales-based taxes

5,448

 

3,129

 

4,662

 

10,110

 

7,614

Total taxes including sales-based taxes

15,415

 

8,341

 

12,741

 

28,156

 

20,835

 

 

 

 

 

 

 

 

 

 

ExxonMobil share of income taxes of

 

 

 

 

 

 

 

 

 

equity companies

525

 

(18)

 

600

 

1,125

 

442

Attachment II-a

Exxon Mobil Corporation

Second Quarter 2021

     

 

 

 

 

 

First

 

 

 

 

$ Millions

Second Quarter

 

Quarter

 

First Half

 

2021 

 

 2020

 

2021 

 

2021 

 

2020 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) (U.S. GAAP)

4,690

 

(1,080)

 

2,730

 

7,420

 

(1,690)

 

 

 

 

 

 

 

 

 

 

Identified Items Included in Earnings/(Loss)

 

 

 

 

 

 

 

 

 

Noncash inventory valuation - lower of cost or market

?

 

1,922

 

?

 

?

 

(174)

Impairments

?

 

?

 

?

 

?

 

(787)

Other items (severance - global workforce review)

(12)

 

?

 

(31)

 

(43)

 

?

Corporate total

(12)

 

1,922

 

(31)

 

(43)

 

(961)

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

4,702

 

(3,002)

 

2,761

 

7,463

 

(729)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ Per Common Share1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Per Common Share

 

 

 

 

 

 

 

 

 

Assuming Dilution (U.S. GAAP)

1.10

 

(0.26)

 

0.64

 

1.74

 

(0.40)

 

 

 

 

 

 

 

 

 

 

Identified Items Included in Earnings/(Loss)

 

 

 

 

 

 

 

 

 

Per Common Share Assuming Dilution

 

 

 

 

 

 

 

 

 

Noncash inventory valuation - lower of cost or market

?

 

0.44

 

?

 

?

 

(0.05)

Impairments

?

 

?

 

?

 

?

 

(0.18)

Other items (severance - global workforce review)

?

 

?

 

(0.01)

 

(0.01)

 

?

Corporate total

?

 

0.44

 

(0.01)

 

(0.01)

 

(0.23)

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

 

 

 

 

 

 

 

 

 

Per Common Share Assuming Dilution

1.10

 

(0.70)

 

0.65

 

1.75

 

(0.17)

 

 

 

 

 

 

 

 

 

 

1 Computed using the average number of shares outstanding during each period.

 

 

 

 

 

 

 

 

 

 

Attachment II-b

Exxon Mobil Corporation

Second Quarter 2021

(millions of dollars)

     

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

2021

 

2020

 

2021

 

2021

 

2020

Earnings/(Loss) (U.S. GAAP)

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

United States

663

 

(1,197)

 

363

 

1,026

 

(1,901)

Non-U.S.

2,522

 

(454)

 

2,191

 

4,713

 

786

Downstream

 

 

 

 

 

 

 

 

 

United States

(149)

 

(101)

 

(113)

 

(262)

 

(202)

Non-U.S.

(78)

 

1,077

 

(277)

 

(355)

 

567

Chemical

 

 

 

 

 

 

 

 

 

United States

1,282

 

171

 

715

 

1,997

 

459

Non-U.S.

1,038

 

296

 

700

 

1,738

 

152

Corporate and financing

(588)

 

(872)

 

(849)

 

(1,437)

 

(1,551)

Net income (loss) attributable to ExxonMobil

4,690

 

(1,080)

 

2,730

 

7,420

 

(1,690)

 

 

 

 

 

 

 

 

 

 

Identified Items Included in Earnings/(Loss)

 

 

 

 

 

 

 

 

 

U.S. Upstream

 

 

 

 

 

 

 

 

 

Impairments

?

 

?

 

?

 

?

 

(315)

Other Items (Inventory valuation)

?

 

45

 

?

 

?

 

?

Non-U.S. Upstream

 

 

 

 

 

 

 

 

 

Impairments

?

 

?

 

?

 

?

 

(41)

Other Items (Inventory valuation)

?

 

168

 

?

 

?

 

(50)

U.S. Downstream

 

 

 

 

 

 

 

 

 

Impairments

?

 

?

 

?

 

?

 

(4)

Other Items (Inventory valuation)

?

 

404

 

?

 

?

 

(3)

Non-U.S. Downstream

 

 

 

 

 

 

 

 

 

Impairments

?

 

?

 

?

 

?

 

(335)

Other Items (Inventory valuation)

?

 

1,190

 

?

 

?

 

(6)

U.S. Chemical

 

 

 

 

 

 

 

 

 

Impairments

?

 

?

 

?

 

?

 

(90)

Other Items (Inventory valuation)

?

 

(29)

 

?

 

?

 

(29)

Non-U.S. Chemical

 

 

 

 

 

 

 

 

 

Impairments

?

 

?

 

?

 

?

 

(2)

Other Items (Inventory valuation)

?

 

144

 

?

 

?

 

(86)

Corporate and financing

 

 

 

 

 

 

 

 

 

Severance - global workforce review

(12)

 

?

 

(31)

 

(43)

 

?

Corporate total

(12)

 

1,922

 

(31)

 

(43)

 

(961)

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Excluding Identified Items

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

United States

663

 

(1,242)

 

363

 

1,026

 

(1,586)

Non-U.S.

2,522

 

(622)

 

2,191

 

4,713

 

877

Downstream

 

 

 

 

 

 

 

 

 

United States

(149)

 

(505)

 

(113)

 

(262)

 

(195)

Non-U.S.

(78)

 

(113)

 

(277)

 

(355)

 

908

Chemical

 

 

 

 

 

 

 

 

 

United States

1,282

 

200

 

715

 

1,997

 

578

Non-U.S.

1,038

 

152

 

700

 

1,738

 

240

Corporate and financing

(576)

 

(872)

 

(818)

 

(1,394)

 

(1,551)

Corporate total

4,702

 

(3,002)

 

2,761

 

7,463

 

(729)

Attachment III

Exxon Mobil Corporation

Second Quarter 2021

     

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

2021

 

2020

 

2021

 

2021

 

2020

Net production of crude oil, natural gas

 

 

 

 

 

 

 

 

 

liquids, bitumen and synthetic oil,

 

 

 

 

 

 

 

 

 

thousand barrels per day (kbd)

 

 

 

 

 

 

 

 

 

United States

687

 

628

 

665

 

676

 

664

Canada / Other Americas

529

 

483

 

575

 

552

 

520

Europe

16

 

31

 

35

 

25

 

31

Africa

254

 

333

 

253

 

254

 

346

Asia

669

 

783

 

691

 

680

 

789

Australia / Oceania

45

 

48

 

39

 

42

 

43

Worldwide

2,200

 

2,306

 

2,258

 

2,229

 

2,393

 

 

 

 

 

 

 

 

 

 

Natural gas production available for sale,

 

 

 

 

 

 

 

 

 

million cubic feet per day (mcfd)

 

 

 

 

 

 

 

 

 

United States

2,804

 

2,642

 

2,767

 

2,786

 

2,733

Canada / Other Americas

189

 

269

 

216

 

203

 

293

Europe

654

 

619

 

1,403

 

1,026

 

956

Africa

46

 

4

 

24

 

35

 

6

Asia

3,433

 

3,218

 

3,599

 

3,515

 

3,464

Australia / Oceania

1,168

 

1,238

 

1,164

 

1,166

 

1,241

Worldwide

8,294

 

7,990

 

9,173

 

8,731

 

8,693

 

 

 

 

 

 

 

 

 

 

Oil-equivalent production (koebd)1

3,582

 

3,638

 

3,787

 

3,684

 

3,842

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Attachment IV

Exxon Mobil Corporation

Second Quarter 2021

     

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

2021

 

2020

 

2021

 

2021

 

2020

Refinery throughput (kbd)

 

 

 

 

 

 

 

 

 

United States

1,532

 

1,440

 

1,532

 

1,532

 

1,499

Canada

332

 

278

 

364

 

348

 

330

Europe

1,223

 

1,085

 

1,153

 

1,188

 

1,190

Asia Pacific

607

 

568

 

545

 

576

 

603

Other

164

 

145

 

157

 

161

 

166

Worldwide

3,858

 

3,516

 

3,751

 

3,805

 

3,788

 

 

 

 

 

 

 

 

 

 

Petroleum product sales (kbd)

 

 

 

 

 

 

 

 

 

United States

2,218

 

1,959

 

2,077

 

2,148

 

2,095

Canada

421

 

353

 

409

 

415

 

405

Europe

1,297

 

1,130

 

1,272

 

1,285

 

1,266

Asia Pacific

655

 

640

 

665

 

660

 

674

Other

450

 

355

 

458

 

453

 

422

Worldwide

5,041

 

4,437

 

4,881

 

4,961

 

4,862

 

 

 

 

 

 

 

 

 

 

Gasolines, naphthas

2,117

 

1,736

 

1,996

 

2,057

 

1,929

Heating oils, kerosene, diesel

1,704

 

1,649

 

1,692

 

1,698

 

1,758

Aviation fuels

201

 

147

 

183

 

192

 

265

Heavy fuels

275

 

262

 

257

 

266

 

259

Specialty products

744

 

643

 

753

 

748

 

651

Worldwide

5,041

 

4,437

 

4,881

 

4,961

 

4,862

 

 

 

 

 

 

 

 

 

 

Chemical prime product sales,

 

 

 

 

 

 

 

 

 

thousand metric tons (kt)

 

 

 

 

 

 

 

 

 

United States

2,491

 

1,985

 

2,190

 

4,681

 

4,180

Non-U.S.

4,022

 

3,960

 

4,256

 

8,278

 

8,002

Worldwide

6,513

 

5,945

 

6,446

 

12,959

 

12,182

Attachment V

Exxon Mobil Corporation

Second Quarter 2021

(millions of dollars)

     

 

 

 

 

 

First

 

 

 

 

 

Second Quarter

 

Quarter

 

First Half

 

2021

 

2020

 

2021

 

2021

 

2020

Capital and Exploration Expenditures

 

 

 

 

 

 

 

 

 

Upstream

 

 

 

 

 

 

 

 

 

United States

925

 

1,637

 

810

 

1,735

 

4,435

Non-U.S.

1,892

 

1,940

 

1,547

 

3,439

 

4,268

Total

2,817

 

3,577

 

2,357

 

5,174

 

8,703

 

 

 

 

 

 

 

 

 

 

Downstream

 

 

 

 

 

 

 

 

 

United States

193

 

719

 

271

 

464

 

1,466

Non-U.S.

262

 

334

 

199

 

461

 

821

Total

455

 

1,053

 

470

 

925

 

2,287

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

United States

313

 

563

 

208

 

521

 

1,160

Non-U.S.

217

 

132

 

98

 

315

 

317

Total

530

 

695

 

306

 

836

 

1,477

 

 

 

 

 

 

 

 

 

 

Other

1

 

2

 

?

 

1

 

3

 

 

 

 

 

 

 

 

 

 

Worldwide

3,803

 

5,327

 

3,133

 

6,936

 

12,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow from Operations and Asset Sales excluding Working Capital

 

 

 

 

Net cash provided by operating activities

 

 

 

 

 

 

 

 

 

(U.S. GAAP)

9,650

 

?

 

9,264

 

18,914

 

6,274

Proceeds associated with asset sales

250

 

43

 

307

 

557

 

129

Cash flow from operations and asset sales

9,900

 

43

 

9,571

 

19,471

 

6,403

Changes in operational working capital

380

 

1,460

 

(1,953)

 

(1,573)

 

2,402

Cash flow from operations and asset sales

10,280

 

1,503

 

7,618

 

17,898

 

8,805

excluding working capital

 

 

 

 

 

 

 

 

 

Attachment VI

Exxon Mobil Corporation

Earnings/(Loss)

   

 

$ Millions

 

$ Per Common Share1

2017

 

 

 

First Quarter

4,010

 

0.95

Second Quarter

3,350

 

0.78

Third Quarter

3,970

 

0.93

Fourth Quarter

8,380

 

1.97

Year

19,710

 

4.63

 

 

 

 

2018

 

 

 

First Quarter

4,650

 

1.09

Second Quarter

3,950

 

0.92

Third Quarter

6,240

 

1.46

Fourth Quarter

6,000

 

1.41

Year

20,840

 

4.88

 

 

 

 

2019

 

 

 

First Quarter

2,350

 

0.55

Second Quarter

3,130

 

0.73

Third Quarter

3,170

 

0.75

Fourth Quarter

5,690

 

1.33

Year

14,340

 

3.36

 

 

 

 

2020

 

 

 

First Quarter

(610)

 

(0.14)

Second Quarter

(1,080)

 

(0.26)

Third Quarter

(680)

 

(0.15)

Fourth Quarter

(20,070)

 

(4.70)

Year

(22,440)

 

(5.25)

 

 

 

 

2021

 

 

 

First Quarter

2,730

 

0.64

Second Quarter

4,690

 

1.10

 

 

 

 

1 Computed using the average number of shares outstanding during each period.

 


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