. | EXHIBIT 99.2 | ||||||||||||||||
To assist investors in assessing 4Q23 results, the following disclosures have been made available in this 8-K filing: | |||||||||||||||||
–Identified items of $(0.57) per share assuming dilution, as noted on page 1 of the news release | |||||||||||||||||
–A reconciliation of cash flow from operations and asset sales excluding working capital on page 1 of this exhibit and on page 8 of the news release |
4Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 1 of 4) | ||||||||||||||||||||
Earnings/(Loss), $M (unless noted) | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||||||||||||
Upstream | United States | 84 | 1,566 | 920 | 1,632 | 2,493 | ||||||||||||||
Non-U.S. | 4,065 | 4,559 | 3,657 | 4,825 | 5,708 | |||||||||||||||
Total | 4,149 | 6,125 | 4,577 | 6,457 | 8,201 | |||||||||||||||
Energy Products | United States | 1,329 | 1,356 | 1,528 | 1,910 | 2,188 | ||||||||||||||
Non-U.S. | 1,878 | 1,086 | 782 | 2,273 | 1,882 | |||||||||||||||
Total | 3,207 | 2,442 | 2,310 | 4,183 | 4,070 | |||||||||||||||
Chemical Products | United States | 478 | 338 | 486 | 324 | 298 | ||||||||||||||
Non-U.S. | (289) | (89) | 342 | 47 | (48) | |||||||||||||||
Total | 189 | 249 | 828 | 371 | 250 | |||||||||||||||
Specialty Products | United States | 386 | 326 | 373 | 451 | 406 | ||||||||||||||
Non-U.S. | 264 | 293 | 298 | 323 | 354 | |||||||||||||||
Total | 650 | 619 | 671 | 774 | 760 | |||||||||||||||
Corporate and Financing | (565) | (365) | (506) | (355) | (531) | |||||||||||||||
Net income attributable to ExxonMobil (U.S. GAAP) | 7,630 | 9,070 | 7,880 | 11,430 | 12,750 | |||||||||||||||
Earnings/(Loss) per common share (U.S. GAAP) | 1.91 | 2.25 | 1.94 | 2.79 | 3.09 | |||||||||||||||
Earnings/(Loss) per common share - assuming dilution (U.S. GAAP) | 1.91 | 2.25 | 1.94 | 2.79 | 3.09 | |||||||||||||||
Effective Income Tax Rate, % | 30 | % | 34 | % | 33 | % | 34 | % | 36 | % | ||||||||||
Capital and Exploration Expenditures, $M | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||||||||||||
Upstream | United States | 2,258 | 2,241 | 2,206 | 2,108 | 2,118 | ||||||||||||||
Non-U.S. | 3,512 | 2,560 | 2,403 | 2,473 | 3,297 | |||||||||||||||
Total | 5,770 | 4,801 | 4,609 | 4,581 | 5,415 | |||||||||||||||
Energy Products | United States | 227 | 261 | 349 | 358 | 343 | ||||||||||||||
Non-U.S. | 485 | 386 | 382 | 327 | 405 | |||||||||||||||
Total | 712 | 647 | 731 | 685 | 748 | |||||||||||||||
Chemical Products | United States | 211 | 103 | 152 | 285 | 332 | ||||||||||||||
Non-U.S. | 641 | 268 | 507 | 546 | 824 | |||||||||||||||
Total | 852 | 371 | 659 | 831 | 1,156 | |||||||||||||||
Specialty Products | United States | 22 | 16 | 14 | 11 | 12 | ||||||||||||||
Non-U.S. | 127 | 95 | 89 | 80 | 90 | |||||||||||||||
Total | 149 | 111 | 103 | 91 | 102 | |||||||||||||||
Other | 274 | 92 | 64 | 192 | 42 | |||||||||||||||
Total Capital and Exploration Expenditures | 7,757 | 6,022 | 6,166 | 6,380 | 7,463 | |||||||||||||||
Exploration expenses, including dry holes | 139 | 338 | 133 | 141 | 348 | |||||||||||||||
Cash Capital Expenditures, $M | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||||||||||||
Additions to property, plant and equipment | 6,228 | 4,920 | 5,359 | 5,412 | 5,783 | |||||||||||||||
Net investments and advances | 506 | 276 | 284 | 367 | 905 | |||||||||||||||
Total Cash Capital Expenditures | 6,734 | 5,196 | 5,643 | 5,779 | 6,688 | |||||||||||||||
Total Cash and Cash Equivalents, $G | 31.6 | 33.0 | 29.6 | 32.7 | 29.7 | |||||||||||||||
Total Debt, $G | 41.6 | 41.3 | 41.5 | 41.4 | 41.2 | |||||||||||||||
Cash Flow from Operations and Asset Sales excluding working capital (non-GAAP), $M | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||||||||||||
Net cash provided by operating activities (GAAP) | 13,682 | 15,963 | 9,383 | 16,341 | 17,621 | |||||||||||||||
Proceeds associated with asset sales | 1,020 | 917 | 1,287 | 854 | 1,333 | |||||||||||||||
Cash flow from operations and asset sales (non-GAAP) | 14,702 | 16,880 | 10,670 | 17,195 | 18,954 | |||||||||||||||
Changes in operational working capital | 2,191 | (1,821) | 3,583 | 302 | 200 | |||||||||||||||
Cash flow from operations and asset sales excluding working capital (non-GAAP) | 16,893 | 15,059 | 14,253 | 17,497 | 19,154 | |||||||||||||||
Common Shares Outstanding, millions | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||||||||||||
At quarter end | 3,971 | 3,963 | 4,003 | 4,043 | 4,082 | |||||||||||||||
Weighted-average - assuming dilution | 4,010 | 4,025 | 4,066 | 4,102 | 4,138 |
. |
4Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 2 of 4) | ||||||||||||||||||||
Upstream Volumes | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||||||||||||
Liquids production (kbd) ¹ | ||||||||||||||||||||
United States | 851 | 756 | 785 | 820 | 789 | |||||||||||||||
Canada/Other Americas | 709 | 655 | 618 | 670 | 682 | |||||||||||||||
Europe | 3 | 4 | 4 | 4 | 4 | |||||||||||||||
Africa | 231 | 229 | 206 | 220 | 223 | |||||||||||||||
Asia | 722 | 713 | 702 | 749 | 725 | |||||||||||||||
Australia/Oceania | 34 | 40 | 38 | 32 | 38 | |||||||||||||||
Worldwide liquids production | 2,550 | 2,397 | 2,353 | 2,495 | 2,461 | |||||||||||||||
¹ Net production of crude oil, natural gas liquids, bitumen and synthetic oil, kbd. | ||||||||||||||||||||
Natural gas production available for sale (mcfd) | ||||||||||||||||||||
United States | 2,262 | 2,271 | 2,346 | 2,367 | 2,383 | |||||||||||||||
Canada/Other Americas | 98 | 94 | 97 | 94 | 74 | |||||||||||||||
Europe | 367 | 368 | 375 | 548 | 536 | |||||||||||||||
Africa | 149 | 129 | 86 | 134 | 89 | |||||||||||||||
Asia | 3,486 | 3,528 | 3,350 | 3,597 | 3,704 | |||||||||||||||
Australia/Oceania | 1,283 | 1,358 | 1,275 | 1,276 | 1,381 | |||||||||||||||
Worldwide natural gas production available for sale | 7,645 | 7,748 | 7,529 | 8,016 | 8,167 | |||||||||||||||
Oil-equivalent production, koebd ² | 3,824 | 3,688 | 3,608 | 3,831 | 3,822 | |||||||||||||||
² Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | ||||||||||||||||||||
Manufacturing Throughput and Sales | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||||||||||||
Refinery throughput, kbd | ||||||||||||||||||||
United States | 1,933 | 1,868 | 1,944 | 1,643 | 1,694 | |||||||||||||||
Canada | 407 | 415 | 388 | 417 | 433 | |||||||||||||||
Europe | 1,014 | 1,251 | 1,209 | 1,189 | 1,157 | |||||||||||||||
Asia Pacific | 450 | 517 | 463 | 565 | 532 | |||||||||||||||
Other | 82 | 164 | 169 | 184 | 167 | |||||||||||||||
Worldwide refinery throughput | 3,886 | 4,215 | 4,173 | 3,998 | 3,983 | |||||||||||||||
Energy Products sales, kbd | ||||||||||||||||||||
United States | 2,704 | 2,626 | 2,743 | 2,459 | 2,507 | |||||||||||||||
Non-U.S. | 2,653 | 2,925 | 2,916 | 2,818 | 2,916 | |||||||||||||||
Worldwide Energy Products sales | 5,357 | 5,551 | 5,658 | 5,277 | 5,423 | |||||||||||||||
Gasolines, naphthas | 2,255 | 2,316 | 2,401 | 2,177 | 2,270 | |||||||||||||||
Heating oils, kerosene, diesel | 1,735 | 1,834 | 1,842 | 1,770 | 1,798 | |||||||||||||||
Aviation fuels | 328 | 358 | 344 | 312 | 349 | |||||||||||||||
Heavy fuels | 185 | 229 | 228 | 215 | 210 | |||||||||||||||
Other energy products | 854 | 814 | 844 | 803 | 796 | |||||||||||||||
Worldwide Energy Products sales | 5,357 | 5,551 | 5,658 | 5,277 | 5,423 | |||||||||||||||
Chemical Products sales, kt | ||||||||||||||||||||
United States | 1,743 | 1,750 | 1,725 | 1,561 | 1,583 | |||||||||||||||
Non-U.S. | 3,033 | 3,358 | 3,124 | 3,088 | 3,076 | |||||||||||||||
Worldwide Chemical Products sales | 4,776 | 5,108 | 4,849 | 4,649 | 4,658 | |||||||||||||||
Specialty Products sales, kt | ||||||||||||||||||||
United States | 473 | 498 | 514 | 476 | 455 | |||||||||||||||
Non-U.S. | 1,367 | 1,414 | 1,391 | 1,464 | 1,332 | |||||||||||||||
Worldwide Specialty Products sales | 1,839 | 1,912 | 1,905 | 1,940 | 1,787 |
. |
4Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 3 of 4) | |||||||||||
Earnings Factor Analysis, $M | 4Q23 vs 4Q22 | 4Q23 vs 3Q23 | 2023 vs 2022 | ||||||||
Upstream | |||||||||||
Prior Period | 8,201 | 6,125 | 36,479 | ||||||||
Realization | (3,490) | — | (16,670) | ||||||||
Volume / Mix | 490 | 550 | 970 | ||||||||
Expenses | 10 | 20 | (420) | ||||||||
Identified Items | (1,560) | (2,100) | 640 | ||||||||
Other | 500 | (450) | 310 | ||||||||
Current Period | 4,149 | 4,149 | 21,308 | ||||||||
Energy Products | |||||||||||
Prior Period | 4,070 | 2,442 | 14,966 | ||||||||
Margin | (1,550) | 190 | (3,190) | ||||||||
Volume / Mix | (130) | (120) | 80 | ||||||||
Expenses | (160) | (170) | (540) | ||||||||
Identified Items | 870 | 220 | 830 | ||||||||
Other | 110 | 640 | — | ||||||||
Current Period | 3,207 | 3,207 | 12,142 | ||||||||
Chemical Products | |||||||||||
Prior Period | 250 | 249 | 3,543 | ||||||||
Margin | 400 | 430 | (870) | ||||||||
Volume / Mix | (10) | (130) | (160) | ||||||||
Expenses | (80) | (10) | (470) | ||||||||
Identified Items | (390) | (390) | (390) | ||||||||
Other | 20 | 40 | (20) | ||||||||
Current Period | 189 | 189 | 1,637 | ||||||||
Specialty Products | |||||||||||
Prior Period | 760 | 619 | 2,415 | ||||||||
Margin | (200) | 120 | 440 | ||||||||
Volume / Mix | 50 | (50) | (120) | ||||||||
Expenses | 30 | (80) | 20 | ||||||||
Identified Items | (50) | (90) | (50) | ||||||||
Other | 60 | 130 | 10 | ||||||||
Current Period | 650 | 650 | 2,714 | ||||||||
Upstream Volume Factor Analysis, koebd | 4Q23 vs 4Q22 | 4Q23 vs 3Q23 | 2023 vs 2022 | ||||||||
Prior Period | 3,822 | 3,688 | 3,737 | ||||||||
Entitlements - Net Interest | — | — | (24) | ||||||||
Entitlements - Price / Spend / Other | 30 | 89 | 56 | ||||||||
Government Mandates | (25) | 2 | (28) | ||||||||
Divestments | (70) | (1) | (114) | ||||||||
Growth / Other | 67 | 46 | 111 | ||||||||
Current Period | 3,824 | 3,824 | 3,738 |
. |
4Q23 INVESTOR RELATIONS DATA SUMMARY (PAGE 4 of 4) | |||||||||||||||||
Average Realization Data | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | ||||||||||||
United States | |||||||||||||||||
ExxonMobil | |||||||||||||||||
Crude ($/b) | 76.64 | 80.45 | 71.36 | 73.95 | 82.14 | ||||||||||||
Natural Gas ($/kcf) | 2.55 | 2.30 | 1.45 | 3.20 | 6.62 | ||||||||||||
Benchmarks | |||||||||||||||||
WTI ($/b) | 78.37 | 82.50 | 73.78 | 76.11 | 82.85 | ||||||||||||
ANS-WC ($/b) | 84.02 | 87.90 | 78.43 | 79.14 | 87.96 | ||||||||||||
Henry Hub ($/mbtu) | 2.88 | 2.54 | 2.09 | 3.44 | 6.26 | ||||||||||||
Non-U.S. | |||||||||||||||||
ExxonMobil | |||||||||||||||||
Crude ($/b) | 74.23 | 77.48 | 70.08 | 67.93 | 75.78 | ||||||||||||
Natural Gas ($/kcf) | 12.58 | 10.50 | 11.44 | 17.39 | 21.11 | ||||||||||||
European NG ($/kcf) | 17.34 | 13.71 | 14.61 | 27.46 | 35.52 | ||||||||||||
Benchmarks | |||||||||||||||||
Brent ($/b) | 84.05 | 86.76 | 78.40 | 81.28 | 88.71 |
The above numbers reflect ExxonMobil’s current estimate of volumes and realizations given data available as of the end of the fourth quarter of 2023. Volumes and realizations may be adjusted when full statements on joint venture operations are received from outside operators. ExxonMobil management assumes no duty to update these estimates. |
Sources and Uses of Funds, $M | 4Q23 | 2023 | |||||||||||||||
Beginning Cash | 32,973 | 29,665 | |||||||||||||||
Earnings | 7,630 | 36,010 | |||||||||||||||
Depreciation | 7,740 | 20,641 | |||||||||||||||
Working Capital / Other | (1,688) | (1,282) | |||||||||||||||
Proceeds Associated with Asset Sales | 1,020 | 4,078 | |||||||||||||||
Cash Capital Expenditures ¹ | (6,734) | (23,352) | |||||||||||||||
Shareholder Distributions | (8,175) | (32,368) | |||||||||||||||
Debt / Other Financing | (1,198) | (1,824) | |||||||||||||||
Ending Cash | 31,568 | 31,568 | |||||||||||||||
¹ 4Q23 Cash Capital Expenditures includes PP&E adds of ($6.2B) and net advances of ($0.5B). 2023 Cash Capital Expenditures includes PP&E adds of ($21.9B) and net advances of ($1.4B). |
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. |