ExxonMobil Announces 2024 Results

SPRING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM): Results Summary 4Q24 3Q24 Change vs 3Q24 Dollars in millions (except per share data) 2024 2023 Change vs 2023 7,610 8,610 -1,000 Earnings (U.S. GAAP) 33,680 36,010 -2,330 7,394 8,610 -1,216 Earnings Excluding Identified Items (non-GAAP) 33,464 38,572 -5,108 1.72 1.92 -0.20 Earnings Per Common Share ² 7.84 8.89 -1.05 1.67 1.92 -0.25 Earnings Excl. Identified Items Per Common Share (non-GAAP) ² 7.79 9.52 -1.73 7,514 7,159 +355 Capital and Exploration Expenditures 27,551 26,325 +1,226 Exxon Mobil Corporation today announced fourth-quarter 2024 earnings of $7.6 billion, or $1.72 per share assuming dilution. Cash flow from operating activities was $12.2 billion and free cash flow was 8.0 billion. Capital and exploration expenditures, and cash capital expenditures were both $7.5 billion in the fourth quarter, bringing the full-year expenditures to $27.6 billion and $25.6 billion, respectively – both in line with full-year guidance. For full-year 2024, the company reported earnings of $33.7 billion, or $7.84 per share assuming dilution. “Our transformed company delivered unmatched value in 2024,” said Darren Woods, chairman and chief executive officer. “The proof is in our performance. Operationally, we delivered strong results on safety, reliability, and emissions. Financially, we delivered some of our highest earnings and operating cash flow in a decade. We earned returns higher than our peers3 and well above our cost of capital, and we distributed more cash to shareholders than all but five companies in the entire S&P 5001.” “As we look ahead, we’ve built a long runway of value creation. We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030, but well beyond. Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders.” 1 Leading financial performance compared to IOCs include metrics such as earnings, cash flow from operations and total shareholder returns. Where applicable, individual metrics referencing the IOCs or S&P 500 are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies. 2 Assuming dilution. 3 ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures. Financial Highlights Full-year 2024 earnings were $33.7 billion versus 36.0 billion in 2023. Unfavorable 2023 identified items included a $2.0 billion impairment in California due to regulatory challenges restarting production and distribution from the now-divested Santa Ynez Unit assets. Earnings excluding identified items decreased as industry refining margins and natural gas prices declined from last year's historically high levels. Strong advantaged volume growth including record production from Guyana and Permian, and record high-value product sales volumes, more than offset lower base volumes from non-strategic asset divestments and scheduled maintenance. Structural cost savings partly offset higher expenses from depreciation, scheduled maintenance, new product development and 2025 project start-ups. Since 2019, the company achieved 12.1 billion of cumulative Structural Cost Savings, well beyond what any competitors have achieved, and more than offsetting inflation and growth. This includes $2.4 billion of savings during the year and $0.8 billion during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019. Return on capital employed led industry for the year at 12.7% and for the five-year average at 10.8%2. Generated strong cash flow from operations of $55.0 billion and free cash flow of $34.4 billion in 2024. Cash proceeds from asset sales totaled $5.0 billion. Free cash flow excluding a working capital increase of $1.8 billion was $36.2 billion, which covered industry-leading shareholder distributions of $36.0 billion3 – $16.7 billion of dividends and $19.3 billion of share repurchases, consistent with announced plans. In addition, the company delivered industry-leading total shareholder returns of 11%, 25% and 14% for the last one, three and five years3. As previously communicated, ExxonMobil plans to extend its annual $20 billion share-repurchase program through 2026. The Corporation declared a first-quarter dividend of $0.99 per share, payable on March 10, 2025, to shareholders of record of Common Stock at the close of business on February 12, 2025. The company raised its fourth-quarter dividend by 4% and has increased its annual dividend for 42 consecutive years. The debt-to-capital ratio was 13% and the net-debt-to-capital ratio was 6%4, reflecting a period-end cash balance of $23.2 billion. 1 The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these drivers. 2 ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures. 3 Leading measures for the IOCs are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies. 4 Net debt is total debt of $41.7 billion less $23.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $270.6 billion. EARNINGS AND VOLUME SUMMARY BY SEGMENT Upstream 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 Earnings/(Loss) (U.S. GAAP) 1,256 1,686 United States 6,426 4,202 5,242 4,472 Non-U.S. 18,964 17,106 6,498 6,158 Worldwide 25,390 21,308 Earnings/(Loss) Excluding Identified Items (non-GAAP) 1,616 1,686 United States 6,786 5,691 4,667 4,472 Non-U.S. 18,389 17,918 6,283 6,158 Worldwide 25,175 23,609 4,602 4,582 Production (koebd) 4,333 3,738 Upstream full-year earnings were $25.4 billion, $4.1 billion higher than 2023. Identified items for the year improved earnings by $0.2 billion versus the unfavorable $2.3 billion impact in 2023 mainly driven by the impairment of the now-divested Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution. Excluding identified items, earnings increased $1.6 billion due to advantaged assets volume growth from record Guyana and Permian production, and structural cost savings. These increases were partly offset by lower natural gas prices, higher depreciation expense, and lower base volumes from divestments of non-strategic assets and entitlements. Net production in 2024 was at the highest level in over ten years at 4.3 million oil-equivalent barrels per day, an increase of 16%, or 595,000 oil-equivalent barrels per day. Fourth-quarter earnings were $6.5 billion, an increase of $340 million from the third quarter driven by record production in Guyana and Permian, stronger natural gas prices, and favorable tax impacts, partly offset by lower crude realizations. Net production in the fourth quarter was 4.6 million oil-equivalent barrels per day, an increase of 20,000 oil-equivalent barrels per day versus the prior quarter. Energy Products 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 Earnings/(Loss) (U.S. GAAP) 296 517 United States 2,099 6,123 106 792 Non-U.S. 1,934 6,019 402 1,309 Worldwide 4,033 12,142 Earnings/(Loss) Excluding Identified Items (non-GAAP) 330 517 United States 2,133 5,931 (7) 792 Non-U.S. 1,821 6,067 323 1,309 Worldwide 3,954 11,998 5,537 5,580 Energy Products Sales (kbd) 5,418 5,461 Energy Products full-year 2024 earnings were $4.0 billion compared to $12.1 billion in 2023 due to significantly weaker industry refining margins, which declined from historically high levels as increased supply from industry capacity additions outpaced record global demand. Earnings improvement from structural cost savings and advantaged projects provided a partial offset to the impacts from higher scheduled maintenance and divestments. Fourth-quarter earnings totaled $402 million, a decrease of $907 million from the third quarter. Results were driven by unfavorable timing effects mainly from the absence of prior quarter favorable unsettled derivative mark-to-market impacts and weaker North America margins, partly offset by higher base volumes on strong reliability and recovery from the tornado at the Joliet refinery. Chemical Products 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 Earnings/(Loss) (U.S. GAAP) 230 367 United States 1,627 1,626 (110) 526 Non-U.S. 950 11 120 893 Worldwide 2,577 1,637 Earnings/(Loss) Excluding Identified Items (non-GAAP) 273 367 United States 1,670 1,594 (58) 526 Non-U.S. 1,002 431 215 893 Worldwide 2,672 2,025 4,635 4,830 Chemical Products Sales (kt) 19,392 19,382 Chemical Products 2024 earnings were $2.6 billion, an increase of $940 million versus 2023. Unfavorable 2023 identified items of $388 million were mainly associated with asset impairments and other financial reserves. 2024 earnings excluding identified items increased by $647 million compared to 2023. Despite continued bottom-of-cycle market conditions, overall margins improved as the company benefited from lower ethane feed costs at its advantaged North America assets and improved high-value product sales and realizations. Record high-value product sales more than offset lower base volumes from high-grading the portfolio product mix. Higher expenses primarily from planned maintenance and cost associated with advantaged projects starting up in 2025 were partly offset by structural cost savings. Fourth-quarter earnings were $120 million, compared to $893 million in the third quarter driven by weaker margins from increased North America ethane feed costs, seasonally higher expenses, and China Chemical Complex start-up preparation costs. Specialty Products 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 Earnings/(Loss) (U.S. GAAP) 350 375 United States 1,576 1,536 396 419 Non-U.S. 1,476 1,178 746 794 Worldwide 3,052 2,714 Earnings/(Loss) Excluding Identified Items (non-GAAP) 354 375 United States 1,580 1,524 405 419 Non-U.S. 1,485 1,283 759 794 Worldwide 3,065 2,807 1,814 1,959 Specialty Products Sales (kt) 7,666 7,597 Specialty Products delivered consistently strong earnings from its portfolio of high-value products. 2024 earnings were $3.1 billion, an increase of $338 million compared with 2023 driven by improved basestock and finished lubes margins, structural cost savings, and record high-value product sales volumes. These increases were partly offset by higher expenses including new product development costs, unfavorable foreign exchange impacts, and the absence of prior year favorable year-end inventory effects. Fourth-quarter earnings were $746 million, compared to $794 million in the third quarter. Higher expenses including new product development costs were mostly offset by favorable tax and year-end inventory impacts. Corporate and Financing 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 (156) (544) Earnings/(Loss) (U.S. GAAP) (1,372) (1,791) (186) (544) Earnings/(Loss) Excluding Identified Items (non-GAAP) (1,402) (1,867) 2024 full-year net charges of $1,372 million decreased $419 million from 2023 due to lower financing costs. Corporate and Financing fourth-quarter net charges of $156 million decreased $388 million versus the third quarter due to lower financing costs which benefited from favorable foreign exchange movements. CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 7,955 8,971 Net income/(loss) including noncontrolling interests 35,063 37,354 6,585 6,258 Depreciation and depletion (includes impairments) 23,442 20,641 (1,552) 2,334 Changes in operational working capital, excluding cash and debt (1,826) (4,255) (759) 6 Other (1,657) 1,629 12,229 17,569 Cash Flow from Operating Activities (U.S. GAAP) 55,022 55,369 3,231 127 Proceeds from asset sales and returns of investments 4,987 4,078 15,460 17,696 Cash Flow from Operations and Asset Sales (non-GAAP) 60,009 59,447 1,552 (2,334) Less: Changes in operational working capital, excluding cash and debt 1,826 4,255 17,012 15,362 Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) 61,835 63,702 (3,231) (127) Less: Proceeds associated with asset sales and returns of investments (4,987) (4,078) 13,781 15,235 Cash Flow from Operations excluding Working Capital (non-GAAP) 56,848 59,624 FREE CASH FLOW¹ 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 12,229 17,569 Cash Flow from Operating Activities (U.S. GAAP) 55,022 55,369 (6,837) (6,160) Additions to property, plant and equipment (24,306) (21,919) (2,261) (294) Additional investments and advances (3,299) (2,995) 1,615 87 Other investing activities including collection of advances 1,926 1,562 3,231 127 Proceeds from asset sales and returns of investments 4,987 4,078 20 — Inflows from noncontrolling interest for major projects 32 124 7,997 11,329 Free Cash Flow (non-GAAP) 34,362 36,219 1,552 (2,334) Less: Changes in operational working capital, excluding cash and debt 1,826 4,255 9,549 8,995 Free Cash Flow excluding Working Capital (non-GAAP) 36,188 40,474 ¹ Free Cash Flow definition was updated in the second quarter of 2024 to exclude cash acquired from mergers and acquisitions and in the fourth quarter of 2024 to include inflows from noncontrolling interests for major projects, which are now shown as a separate investing line item and financing line item respectively in the Consolidated Statement of Cash Flows. See page 10 for definition. RETURN ON AVERAGE CAPITAL EMPLOYED Dollars in millions (unless otherwise noted) 2024 2023 2022 2021 2020 Net income/(loss) attributable to ExxonMobil (U.S. GAAP) 33,680 36,010 55,740 23,040 (22,440) Financing costs (after-tax) Gross third-party debt (1,106) (1,175) (1,213) (1,196) (1,272) ExxonMobil share of equity companies (196) (307) (198) (170) (182) All other financing costs – net (252) 931 276 11 666 Total financing costs (1,554) (551) (1,135) (1,355) (788) Earnings/(loss) excluding financing costs (non-GAAP) 35,234 36,561 56,875 24,395 (21,652) Total assets (U.S. GAAP) 453,475 376,317 369,067 338,923 332,750 Less: liabilities and noncontrolling interests share of assets and liabilities Total current liabilities excluding notes and loans payable (65,352) (61,226) (68,411) (52,367) (35,905) Total long-term liabilities excluding long-term debt (75,807) (60,980) (56,990) (63,169) (65,075) Noncontrolling interests share of assets and liabilities (8,069) (8,878) (9,205) (8,746) (8,773) Add: ExxonMobil share of debt-financed equity company net assets 3,242 3,481 3,705 4,001 4,140 Total capital employed (non-GAAP) 307,489 248,714 238,166 218,642 227,137 Average capital employed (non-GAAP) 278,102 243,440 228,404 222,890 234,031 Return on average capital employed – corporate total (non-GAAP) 12.7 % 15.0 % 24.9 % 10.9 % (9.3) % Five-year average: Return on average capital employed (non-GAAP) 10.8 % CALCULATION OF STRUCTURAL COST SAVINGS Dollars in billions (unless otherwise noted) 2019 2024 Components of Operating Costs From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 Selling, general and administrative expenses 11.4 10.0 Depreciation and depletion (includes impairments) 19.0 23.4 Exploration expenses, including dry holes 1.3 0.8 Non-service pension and postretirement benefit expense 1.2 0.1 Subtotal 69.7 74.0 ExxonMobil’s share of equity company expenses (non-GAAP) 9.1 9.6 Total Adjusted Operating Costs (non-GAAP) 78.8 83.6 Total Adjusted Operating Costs (non-GAAP) 78.8 83.6 Less: Depreciation and depletion (includes impairments) 19.0 23.4 Non-service pension and postretirement benefit expense 1.2 0.1 Other adjustments (includes equity company depreciation and depletion) 3.6 3.7 Total Cash Operating Expenses (Cash Opex) (non-GAAP) 55.0 56.4 Energy and production taxes (non-GAAP) 11.0 13.9 Market Activity / Other Structural Savings Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) 44.0 +4.0 +6.6 -12.1 42.5 This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $12.1 billion, which included an additional $2.4 billion in 2024. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Estimates of cumulative annual structural cost savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management. ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on January 31, 2025. To listen to the event or access an archived replay, please visit www.exxonmobil.com. Selected Earnings Driver Definitions Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products. Base volume. Represents and includes all volume/mix drivers not included in Advantaged volume growth driver defined above. Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments that were previously included in "volume/mix" driver. Expenses. Represents and includes all expenses otherwise not included in other earnings drivers. Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Cautionary Statement Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen, ammonia, lithium, direct air capture, and other low carbon business plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce biofuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, 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 factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; changes in any part of the world in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; the development or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; changes in market tariffs or decoupling of trade networks; changes in market strategy by national oil companies; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; 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 2023 Form 10-K. Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Global Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns. Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. The release is provided under consistent SEC disclosure requirements and should not be misinterpreted as applying to any other disclosure standards. Frequently Used Terms and Non-GAAP Measures This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes 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 the 2023 and 2024 periods is shown on page 6. This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's 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 the 2023 and 2024 periods is shown on page 6. This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, 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. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2024 and 2023 periods in Attachments II-a and II-b. Earnings 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. The company believes 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 in Attachment I-a. This press release also references free cash flow (non-GAAP) and free cash flow excluding working capital (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. These measures are useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow and free cash flow excluding working capital are not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2023 and 2024 periods is shown on page 6. This press release also references cash capex (non-GAAP). Cash capex is the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown in Attachment V. References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release. This press release also references return on average capital employed (ROCE) (non-GAAP). The Corporation's total ROCE is net income attributable to ExxonMobil, excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as one of the best measures of historical capital productivity in our capital-intensive, long-term industry. Additional measures, which are more cash-flow based, are used to make investment decisions. A reconciliation to net income/(loss) attributable to ExxonMobil and to Total assets for 2023 and 2024 periods are shown on page 7. The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression. Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian (heritage Permian and Pioneer), Guyana, and LNG. Advantaged projects refers to capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns. Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments refers to volumes other than high-value products volumes. Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet. Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments. Heritage Permian: Permian basin assets excluding assets acquired as part of the acquisition of Pioneer Natural Resources that closed in May 2024. High-value products includes performance products and lower-emission fuels. Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport. Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet. Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. Total shareholder return (TSR) measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. Shareholder return over a particular measurement period is calculated by: dividing (1) the sum of (a) the cumulative value of dividends received during the measurement period, assuming reinvestment, plus (b) the difference between the stock price at the end and at the beginning of the measurement period; by (2) the stock price at the beginning of the measurement period. Unless stated otherwise, dividends are assumed to be reinvested in stock at market prices at approximately the same time actual dividends are paid and total shareholder return is quoted on an annualized basis. This press release also references Structural Cost Savings, for more details see page 8. Unless otherwise indicated, year-to-date (“YTD”) means as of the last business day of the most recent fiscal quarter. 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, Energy Products, Chemical Products, Specialty Products and Corporate and Financing 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. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs. Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated. ATTACHMENT I-a CONDENSED CONSOLIDATED STATEMENT OF INCOME (Preliminary) Dollars in millions (unless otherwise noted) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Revenues and other income Sales and other operating revenue 81,058 81,688 339,247 334,697 Income from equity affiliates 1,127 1,165 6,194 6,385 Other income 1,241 1,491 4,144 3,500 Total revenues and other income 83,426 84,344 349,585 344,582 Costs and other deductions Crude oil and product purchases 46,393 46,352 199,454 193,029 Production and manufacturing expenses 10,833 9,893 39,609 36,885 Selling, general and administrative expenses 2,617 2,591 9,976 9,919 Depreciation and depletion (includes impairments) 6,585 7,740 23,442 20,641 Exploration expenses, including dry holes 186 139 826 751 Non-service pension and postretirement benefit expense 31 217 121 714 Interest expense 297 272 996 849 Other taxes and duties 6,671 6,515 26,288 29,011 Total costs and other deductions 73,613 73,719 300,712 291,799 Income/(Loss) before income taxes 9,813 10,625 48,873 52,783 Income tax expense/(benefit) 1,858 2,613 13,810 15,429 Net income/(loss) including noncontrolling interests 7,955 8,012 35,063 37,354 Net income/(loss) attributable to noncontrolling interests 345 382 1,383 1,344 Net income/(loss) attributable to ExxonMobil 7,610 7,630 33,680 36,010 OTHER FINANCIAL DATA Dollars in millions (unless otherwise noted) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Earnings per common share (U.S. dollars) 1.72 1.91 7.84 8.89 Earnings per common share - assuming dilution (U.S. dollars) 1.72 1.91 7.84 8.89 Dividends on common stock Total 4,371 3,839 16,704 14,941 Per common share (U.S. dollars) 0.99 0.95 3.84 3.68 Millions of common shares outstanding Average - assuming dilution¹ 4,413 4,010 4,298 4,052 Taxes Income taxes 1,858 2,613 13,810 15,429 Total other taxes and duties 7,594 7,308 29,894 32,191 Total taxes 9,452 9,921 43,704 47,620 Sales-based taxes 5,614 5,792 22,676 24,693 Total taxes including sales-based taxes 15,066 15,713 66,380 72,313 ExxonMobil share of income taxes of equity companies (non-GAAP) 610 843 3,197 3,058 1 Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024. ATTACHMENT I-b CONDENSED CONSOLIDATED BALANCE SHEET (Preliminary) Dollars in millions (unless otherwise noted) December 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents 23,029 31,539 Cash and cash equivalents – restricted 158 29 Notes and accounts receivable – net 43,681 38,015 Inventories Crude oil, products and merchandise 19,444 20,528 Materials and supplies 4,080 4,592 Other current assets 1,598 1,906 Total current assets 91,990 96,609 Investments, advances and long-term receivables 47,200 47,630 Property, plant and equipment – net 294,318 214,940 Other assets, including intangibles – net 19,967 17,138 Total Assets 453,475 376,317 LIABILITIES Current liabilities Notes and loans payable 4,955 4,090 Accounts payable and accrued liabilities 61,297 58,037 Income taxes payable 4,055 3,189 Total current liabilities 70,307 65,316 Long-term debt 36,755 37,483 Postretirement benefits reserves 9,700 10,496 Deferred income tax liabilities 39,042 24,452 Long-term obligations to equity companies 1,346 1,804 Other long-term obligations 25,719 24,228 Total Liabilities 182,869 163,779 EQUITY Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) 46,238 17,781 Earnings reinvested 470,903 453,927 Accumulated other comprehensive income (14,619) (11,989) Common stock held in treasury (3,666 million shares at December 31, 2024, and 4,048 million shares at December 31, 2023) (238,817) (254,917) ExxonMobil share of equity 263,705 204,802 Noncontrolling interests 6,901 7,736 Total Equity 270,606 212,538 Total Liabilities and Equity 453,475 376,317 ATTACHMENT I-c CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Preliminary) Dollars in millions (unless otherwise noted) Twelve Months Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income/(loss) including noncontrolling interests 35,063 37,354 Depreciation and depletion (includes impairments) 23,442 20,641 Changes in operational working capital, excluding cash and debt (1,826) (4,255) All other items – net (1,657) 1,629 Net cash provided by operating activities 55,022 55,369 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (24,306) (21,919) Proceeds from asset sales and returns of investments 4,987 4,078 Additional investments and advances (3,299) (2,995) Other investing activities including collection of advances 1,926 1,562 Cash acquired from mergers and acquisitions 754 — Net cash used in investing activities (19,938) (19,274) CASH FLOWS FROM FINANCING ACTIVITIES Additions to long-term debt 899 939 Reductions in long-term debt (1,150) (15) Reductions in short-term debt (4,743) (879) Additions/(Reductions) in debt with three months or less maturity (18) (284) Contingent consideration payments (27) (68) Cash dividends to ExxonMobil shareholders (16,704) (14,941) Cash dividends to noncontrolling interests (658) (531) Changes in noncontrolling interests (791) (894) Inflows from noncontrolling interest for major projects 32 124 Common stock acquired (19,629) (17,748) Net cash provided by (used in) financing activities (42,789) (34,297) Effects of exchange rate changes on cash (676) 105 Increase/(Decrease) in cash and cash equivalents (8,381) 1,903 Cash and cash equivalents at beginning of period 31,568 29,665 Cash and cash equivalents at end of period 23,187 31,568 Non-Cash Transaction: The Corporation acquired Pioneer Natural Resources in an all-stock transaction on May 3, 2024, having issued 545 million shares of ExxonMobil common stock having a fair value of $63 billion and assumed debt with a fair value of $5 billion. ATTACHMENT II-a KEY FIGURES: IDENTIFIED ITEMS 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 7,610 8,610 Earnings/(Loss) (U.S. GAAP) 33,680 36,010 Identified Items (608) — Impairments (608) (3,040) 415 — Gain/(Loss) on sale of assets 415 305 409 — Tax-related items 409 348 — — Other — (175) 216 — Total Identified Items 216 (2,562) 7,394 8,610 Earnings/(Loss) Excluding Identified Items (non-GAAP) 33,464 38,572 4Q24 3Q24 Dollars per common share 2024 2023 1.72 1.92 Earnings/(Loss) Per Common Share (U.S. GAAP) ¹ 7.84 8.89 Identified Items Per Common Share ¹ (0.14) — Impairments (0.14) (0.75) 0.10 — Gain/(Loss) on sale of assets 0.10 0.08 0.09 — Tax-related items 0.09 0.08 — — Other — (0.04) 0.05 — Total Identified Items Per Common Share ¹ 0.05 (0.63) 1.67 1.92 Earnings/(Loss) Excl. Identified Items Per Common Share (non-GAAP) ¹ 7.79 9.52 ¹ Assuming dilution. ATTACHMENT II-b KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT Fourth Quarter 2024 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 1,256 5,242 296 106 230 (110) 350 396 (156) 7,610 Identified Items Impairments (360) (48) (34) (59) (43) (52) (4) (8) — (608) Gain/(Loss) on sale of assets — 385 — — — — — — 30 415 Tax-related items — 238 — 172 — — — (1) — 409 Total Identified Items (360) 575 (34) 113 (43) (52) (4) (9) 30 216 Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,616 4,667 330 (7) 273 (58) 354 405 (186) 7,394 Third Quarter 2024 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 1,686 4,472 517 792 367 526 375 419 (544) 8,610 Total Identified Items — — — — — — — — — — Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,686 4,472 517 792 367 526 375 419 (544) 8,610 2024 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 6,426 18,964 2,099 1,934 1,627 950 1,576 1,476 (1,372) 33,680 Identified Items Impairments (360) (48) (34) (59) (43) (52) (4) (8) — (608) Gain/(Loss) on sale of assets — 385 — — — — — — 30 415 Tax-related items — 238 — 172 — — — (1) — 409 Total Identified Items (360) 575 (34) 113 (43) (52) (4) (9) 30 216 Earnings/(Loss) Excl. Identified Items (non-GAAP) 6,786 18,389 2,133 1,821 1,670 1,002 1,580 1,485 (1,402) 33,464 2023 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 4,202 17,106 6,123 6,019 1,626 11 1,536 1,178 (1,791) 36,010 Identified Items Impairments (1,978) (686) — — (21) (273) — (82) — (3,040) Gain/(Loss) on sale of assets 305 — — — — — — — — 305 Tax-related items 184 (126) 192 (48) 53 — 12 5 76 348 Other — — — — — (147) — (28) — (175) Total Identified Items (1,489) (812) 192 (48) 32 (420) 12 (105) 76 (2,562) Earnings/(Loss) Excl. Identified Items (non-GAAP) 5,691 17,918 5,931 6,067 1,594 431 1,524 1,283 (1,867) 38,572 ATTACHMENT III KEY FIGURES: UPSTREAM VOLUMES 4Q24 3Q24 Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) 2024 2023 1,468 1,444 United States 1,248 803 825 772 Canada/Other Americas 784 664 2 4 Europe 3 4 198 199 Africa 209 221 694 734 Asia 713 721 26 34 Australia/Oceania 30 36 3,213 3,187 Worldwide 2,987 2,449 4Q24 3Q24 Net natural gas production available for sale, million cubic feet per day (mcfd) 2024 2023 3,259 3,140 United States 2,887 2,311 94 103 Canada/Other Americas 101 96 349 350 Europe 352 414 149 140 Africa 152 125 3,183 3,347 Asia 3,322 3,490 1,297 1,289 Australia/Oceania 1,264 1,298 8,331 8,369 Worldwide 8,078 7,734 4,602 4,582 Oil-equivalent production (koebd)¹ 4,333 3,738 1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. ATTACHMENT IV KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES 4Q24 3Q24 Refinery throughput, thousand barrels per day (kbd) 2024 2023 1,957 1,855 United States 1,865 1,848 411 389 Canada 399 407 1,077 1,135 Europe 1,039 1,166 429 449 Asia Pacific 432 498 156 157 Other 165 149 4,030 3,985 Worldwide 3,900 4,068 4Q24 3Q24 Energy Products sales, thousand barrels per day (kbd) 2024 2023 2,848 2,822 United States 2,722 2,633 2,689 2,758 Non-U.S. 2,696 2,828 5,537 5,580 Worldwide 5,418 5,461 2,301 2,281 Gasolines, naphthas 2,251 2,288 1,817 1,796 Heating oils, kerosene, diesel 1,769 1,795 369 366 Aviation fuels 355 336 207 199 Heavy fuels 200 214 842 938 Other energy products 844 829 5,537 5,580 Worldwide 5,418 5,461 4Q24 3Q24 Chemical Products sales, thousand metric tons (kt) 2024 2023 1,682 1,707 United States 7,038 6,779 2,953 3,123 Non-U.S. 12,354 12,603 4,635 4,830 Worldwide 19,392 19,382 4Q24 3Q24 Specialty Products sales, thousand metric tons (kt) 2024 2023 433 488 United States 1,922 1,962 1,382 1,471 Non-U.S. 5,745 5,635 1,814 1,959 Worldwide 7,666 7,597 ATTACHMENT V KEY FIGURES: CAPITAL AND EXPLORATION EXPENDITURES 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 Upstream 3,193 3,017 United States 11,252 8,813 2,578 2,731 Non-U.S. 10,596 10,948 5,771 5,748 Total 21,848 19,761 Energy Products 181 211 United States 756 1,195 525 370 Non-U.S. 1,610 1,580 706 581 Total 2,366 2,775 Chemical Products 238 192 United States 739 751 373 333 Non-U.S. 1,332 1,962 611 525 Total 2,071 2,713 Specialty Products 89 27 United States 145 63 63 66 Non-U.S. 270 391 152 93 Total 415 454 Other 274 212 Other 851 622 7,514 7,159 Worldwide 27,551 26,325 CASH CAPITAL EXPENDITURES¹ 4Q24 3Q24 Dollars in millions (unless otherwise noted) 2024 2023 6,837 6,160 Additions to property, plant and equipment 24,306 21,919 2,261 294 Additional investments and advances 3,299 2,995 (1,615) (87) Other investing activities including collection of advances (1,926) (1,562) (20) — Inflows from noncontrolling interests for major projects (32) (124) 7,463 6,367 Total Cash Capital Expenditures (non-GAAP) 25,647 23,228 ¹ Cash Capital Expenditures definition was updated in the fourth quarter of 2024 to include inflows from noncontrolling interests for major projects, which is now shown as a separate financing line item in the Consolidated Statement of Cash Flows. See page 10 for definition. ATTACHMENT VI KEY FIGURES: EARNINGS/(LOSS) Results Summary 4Q24 3Q24 Change vs 3Q24 Dollars in millions (except per share data) 2024 2023 Change vs 2023 7,610 8,610 -1,000 Earnings (U.S. GAAP) 33,680 36,010 -2,330 7,394 8,610 -1,216 Earnings Excluding Identified Items (non-GAAP) 33,464 38,572 -5,108 1.72 1.92 -0.20 Earnings Per Common Share ¹ 7.84 8.89 -1.05 1.67 1.92 -0.25 Earnings Excl. Identified Items per Common Share (non-GAAP) ¹ 7.79 9.52 -1.73 7,514 7,159 +355 Capital and Exploration Expenditures 27,551 26,325 +1,226 ¹ Assuming dilution. ATTACHMENT VII KEY FIGURES: EARNINGS/(LOSS) BY QUARTER Dollars in millions (unless otherwise noted) 2024 2023 2022 2021 2020 First Quarter 8,220 11,430 5,480 2,730 (610) Second Quarter 9,240 7,880 17,850 4,690 (1,080) Third Quarter 8,610 9,070 19,660 6,750 (680) Fourth Quarter 7,610 7,630 12,750 8,870 (20,070) Full Year 33,680 36,010 55,740 23,040 (22,440) Dollars per common share¹ 2024 2023 2022 2021 2020 First Quarter 2.06 2.79 1.28 0.64 (0.14) Second Quarter 2.14 1.94 4.21 1.10 (0.26) Third Quarter 1.92 2.25 4.68 1.57 (0.15) Fourth Quarter 1.72 1.91 3.09 2.08 (4.70) Full Year 7.84 8.89 13.26 5.39 (5.25) 1 Computed using the average number of shares outstanding during each period; assuming dilution.

ExxonMobil Announces 2024 Results

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