\n| \n \n3.09\n<\/p>\n<\/td>\n | \n \n4.68\n<\/p>\n<\/td>\n | \n \n-1.59\n<\/p>\n<\/td>\n | \n \n2.08\n<\/p>\n<\/td>\n | \n \n+1.01\n<\/p>\n<\/td>\n | \n \nEarnings Per Common Share 4<\/sup><\/p>\n<\/td>\n| \n \n13.26\n<\/p>\n<\/td>\n | \n \n5.39\n<\/p>\n<\/td>\n | \n \n+7.87\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n3.40\n<\/p>\n<\/td>\n | \n \n4.45\n<\/p>\n<\/td>\n | \n \n-1.05\n<\/p>\n<\/td>\n | \n \n2.05\n<\/p>\n<\/td>\n | \n \n+1.35\n<\/p>\n<\/td>\n | \n \nEarnings Excl. Identified Items Per Common Share 4<\/sup><\/p>\n<\/td>\n| \n \n14.06\n<\/p>\n<\/td>\n | \n \n5.38\n<\/p>\n<\/td>\n | \n \n+8.68\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n7,463\n<\/p>\n<\/td>\n | \n \n5,728\n<\/p>\n<\/td>\n | \n \n+1,735\n<\/p>\n<\/td>\n | \n \n5,808\n<\/p>\n<\/td>\n | \n \n+1,655\n<\/p>\n<\/td>\n | \n \nCapital and Exploration Expenditures\n<\/p>\n<\/td>\n | \n \n22,704\n<\/p>\n<\/td>\n | \n \n16,595\n<\/p>\n<\/td>\n | \n \n+6,109\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nExxon Mobil Corporation today announced fourth-quarter 2022 earnings of $12.8 billion, or $3.09 per share assuming dilution, resulting in full-year earnings of $55.7 billion, or $13.26 per share assuming dilution. Fourth-quarter results included unfavorable identified items of $1.3 billion associated with additional European taxes on the energy sector and asset impairments, partly offset by one-time adjustments related to the Sakhalin-1 expropriation. Capital and exploration expenditures were $7.5 billion in the fourth quarter, bringing full-year 2022 investments to $22.7 billion, consistent with our guidance.\n<\/p>\n \n\u201cThe hard work and commitment of our people enabled us to deliver industry-leading operating and financial results and shareholder returns in 2022,\u201d said Darren Woods, chairman and chief executive officer.\n<\/p>\n \n\u201cWhile our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight. We leaned in when others leaned out. Our plan for 2023 calls for further progress on our strategic objectives, which include leading the industry in safety, operating, and financial performance. We will continue to invest in our advantaged projects to deliver profitable growth, help meet society\u2019s growing needs, and reduce emissions in our operations, while providing innovative solutions that help others reduce theirs.\u201d\n<\/p>\n \n\n| \n 1<\/sup> One-year (2022) results with industry peer group estimated using nine month 2022 annualized figures or announced programs (shareholder distributions); industry peer group includes BP, Chevron, Shell, and TotalEnergies.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Best-ever annual refining throughput in North America and the highest globally since 2012, both based on current refinery circuit.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/sup> References to routine flaring herein are consistent with the World Bank\u2019s Zero Routine Flaring Initiative\/Global Gas Flaring Reduction Partnership\u2019s (GGFRP) principle of routine flaring, and excludes safety and non-routine flaring.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n 4<\/sup> Assuming dilution.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\nFull-year Financial Highlights<\/b><\/p>\n\n- \nFull-year 2022 earnings were $55.7 billion compared with $23.0 billion in 2021, an increase of $32.7 billion. Identified items unfavorably impacted earnings by $3.4 billion mainly from Sakhalin-1 impairments in the first quarter. Earnings excluding these identified items were $59.1 billion, an increase of $36.1 billion from prior year.\n<\/li>\n
- \nOther factors impacting results were price and margin improvements driven by recovering demand and tight supply, the favorable mark-to-market impact of unsettled derivatives, and volume increases on strong refining throughput and growth of advantaged assets. Structural cost savings and disciplined expense management helped to offset inflation and higher operating costs from growth projects and capacity additions. In addition, results also benefited from lower Corporate and Financing costs as well as net favorable one-time items.\n<\/li>\n
- \nStructural cost savings now total $7 billion compared to 2019. The company achieved an additional $2 billion of savings during the year and is on track to deliver $9 billion of total annual savings in 2023 vs. 2019.\n<\/li>\n
- \nLeading peers\u00b9 with 87% total shareholder return for the year as well as 25% return on capital employed, the highest one-year return since 2012.\n<\/li>\n
- \nCash increased by $22.9 billion in 2022 with free cash flow of $62.1 billion. Shareholder distributions were $29.8 billion, including $14.9 billion in dividends and $14.9 billion of share repurchases. The company also increased and extended its share-repurchase program with up to $35 billion of cumulative share repurchases in 2023-2024.\n<\/li>\n
- \nThe Corporation declared a first-quarter dividend of $0.91 per share, payable on March 10, 2023, to shareholders of record of Common Stock at the close of business on February 14, 2023.\n<\/li>\n
- \nNet-debt-to-capital ratio improved to about 5%, reflecting 2022 debt retirements of $7.2 billion and a period-end cash balance of $29.7 billion, further strengthening the balance sheet and providing greater financial flexibility.\n<\/li>\n
- \nNon-core asset sales and divestments generated $5.2 billion of cash proceeds during the year.\n<\/li>\n<\/ul>\n
\n\n| \n 1<\/sup> One-year (2022) results with industry peer group estimated using nine month 2022 annualized figures or announced programs (shareholder distributions); industry peer group includes BP, Chevron, Shell, and TotalEnergies.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\nProgress Toward Net Zero<\/b><\/p>\n\n- \nPermian operated assets achieved a major milestone in the fourth quarter by achieving zero routine flaring.1<\/sup> This is a key part of ongoing efforts to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from our Permian operated unconventional assets by 2030. The company remains on track to meet its goal of achieving zero routine flaring across all its global Upstream operated assets by 2030 in support of the World Bank\u2019s Zero Routine Flaring Initiative.\n<\/li>\n
- \nThe company reduced methane emissions intensity at all operated assets by more than 40% compared to 2016 levels.2<\/sup><\/li>\n<\/ul>\n
Biofuels and Hydrogen<\/b><\/p>\n\n- \nExxonMobil announced the next step in the development of the world\u2019s largest low-carbon hydrogen production facility with a contract award for front-end engineering and design. The integrated ExxonMobil Baytown facility is expected to produce 1 billion cubic feet of low-carbon hydrogen per day, that would make it the largest low-carbon hydrogen project in the world with an expected startup in 2027-2028. More than 98% of the associated CO2 produced by the facility, or around 7 million metric tons per year, is expected to be captured and permanently stored. The carbon capture and storage network being developed for the project will be made available for use by third-party CO2 emitters in the area in support of their decarbonization efforts.3<\/sup><\/li>\n
- \nExxonMobil’s majority-owned affiliate, Imperial Oil Ltd., will invest about $560 million to move forward with construction of the largest renewable diesel facility in Canada. The project at Imperial\u2019s Strathcona Refinery is expected to produce 20,000 barrels of renewable diesel per day primarily from locally sourced feedstocks. This is expected to help reduce greenhouse gas emissions in the Canadian transportation sector by about 3 million metric tons per year.4<\/sup><\/li>\n<\/ul>\n
Carbon Capture and Storage<\/b><\/p>\n\n- \nExxonMobil and Mitsubishi Heavy Industries (MHI) announced a joint effort to deploy MHI\u2019s leading carbon capture technology as part of ExxonMobil\u2019s end-to-end carbon capture and storage solution for industrial customers.\n<\/li>\n
- \nThe company advanced its evaluation of carbon capture and storage projects in the United Kingdom and Indonesia. In the United Kingdom, ExxonMobil, along with Solent Local Enterprise Partnership and the University of Southampton, announced the first major decarbonization initiative that would substantially reduce carbon emissions from industry, transportation, and households across Southern England. In Indonesia, ExxonMobil and the state-owned energy company, Pertamina, agreed to progress a previously announced regional carbon capture and storage hub offshore Java for domestic and international CO2.\n<\/li>\n<\/ul>\n
\n\n| \n 1<\/sup> References to routine flaring herein are consistent with the World Bank\u2019s Zero Routine Flaring Initiative\/Global Gas Flaring Reduction Partnership\u2019s (GGFRP) principle of routine flaring, and excludes safety and non-routine flaring.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> 2021 vs. 2016 levels (at ExxonMobil operated assets); we are working to continuously improve our performance and methods to detect, measure, and address greenhouse gas emissions.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/sup> The Baytown hydrogen facility has not reached final investment decision. Individual opportunities may advance based on a number of factors, including supportive policy, technology, and market conditions.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n 4<\/sup> Calculated using Canada\u2019s Clean Fuel Regulation and in comparison to conventional fuels.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n EARNINGS AND VOLUME SUMMARY BY SEGMENT<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Upstream<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n4Q22\n<\/p>\n<\/td>\n | \n \n3Q22\n<\/p>\n<\/td>\n | \n \n4Q21\n<\/p>\n<\/td>\n | \n Dollars in millions (unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2,493\n<\/p>\n<\/td>\n | \n \n3,110\n<\/p>\n<\/td>\n | \n \n1,768\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n11,728\n<\/p>\n<\/td>\n | \n \n3,663\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n5,708\n<\/p>\n<\/td>\n | \n \n9,309\n<\/p>\n<\/td>\n | \n \n4,317\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n24,751\n<\/p>\n<\/td>\n | \n \n12,112\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 8,201<\/b><\/p>\n<\/td>\n | \n 12,419<\/b><\/p>\n<\/td>\n | \n 6,085<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 36,479<\/b><\/p>\n<\/td>\n | \n 15,775<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) Excluding Identified Items (non-GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2,493\n<\/p>\n<\/td>\n | \n \n3,110\n<\/p>\n<\/td>\n | \n \n2,031\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n11,429\n<\/p>\n<\/td>\n | \n \n3,926\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n6,269\n<\/p>\n<\/td>\n | \n \n8,731\n<\/p>\n<\/td>\n | \n \n4,597\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n27,989\n<\/p>\n<\/td>\n | \n \n12,392\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 8,762<\/b><\/p>\n<\/td>\n | \n 11,841<\/b><\/p>\n<\/td>\n | \n 6,628<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 39,418<\/b><\/p>\n<\/td>\n | \n 16,318<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n3,822\n<\/p>\n<\/td>\n | \n \n3,716\n<\/p>\n<\/td>\n | \n \n3,816\n<\/p>\n<\/td>\n | \n \nProduction (koebd)\n<\/p>\n<\/td>\n | \n \n3,737\n<\/p>\n<\/td>\n | \n \n3,712\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- \nUpstream fourth-quarter 2022 earnings were $8.2 billion compared to $12.4 billion in the third quarter, a decrease of $4.2 billion. Earnings decreased mainly from lower prices with both crude and gas realizations down, 15% and 13% respectively, on higher global inventories. Positive unsettled derivatives mark-to-market effects of $1.6 billion were driven by the decline in gas prices and more than offset year-end inventory impacts and seasonally higher expenses. Identified items unfavorably impacted earnings by $1.1 billion, mainly from additional European taxes on the energy sector partly offset by net favorable divestments and adjustments related to the Sakhalin-1 expropriation. Earnings excluding these identified items decreased $3.1 billion from $11.8 billion to $8.8 billion.\n<\/li>\n
- \nProduction in the fourth quarter was 3.8 million oil-equivalent barrels per day. Growth more than offset divestment impacts, as production increased by more than 100,000 oil-equivalent barrels per day compared to the prior quarter.\n<\/li>\n
- \nThe Permian delivered record production in the quarter of more than 560,000 oil-equivalent barrels per day and the company also loaded the first LNG cargo from the Coral South LNG development in Mozambique.\n<\/li>\n
- \nCompared to the same quarter last year, earnings increased $2.1 billion. The improvement was driven by a 46% increase in natural gas realizations and an increase of nearly 10% in crude realizations. Results benefited from $1.4 billion positive unsettled derivatives mark-to-market effects, which more than offset the impact of year-end inventory impacts and higher expenses. Excluding divestments and the Sakhalin-1 expropriation, oil-equivalent production grew by 217,000 barrels per day, driven by the company’s advantaged growth projects in the Permian and Guyana. Earnings excluding identified items were $8.8 billion for the quarter, an increase of $2.1 billion compared to the same quarter last year.\n<\/li>\n
- \nFull-year earnings were $36.5 billion, an increase of $20.7 billion versus 2021 despite a $2.4 billion unfavorable impact from identified items, most notably additional European taxes on the energy sector and the Sakhalin-1 impairment. Earnings excluding identified items were $39.4 billion, an increase of $23.1 billion.\n<\/li>\n
- \nOther factors impacting full-year results were improved liquids and natural gas realizations, reflecting tight supply and recovering demand, and favorable unsettled derivatives mark-to-market effects of $2.8 billion resulting from lower gas prices and the absence of unfavorable 2021 impacts. In addition, structural cost savings and disciplined expense management largely offset higher expenses associated with advantaged growth projects and inflation. Excluding impacts from divestments and the Sakhalin-1 expropriation, oil-equivalent production grew by about 170,000 barrels per day from continued investment in advantaged growth projects in the Permian and Guyana. Production in the Permian grew about 90,000 oil-equivalent barrels per day and Guyana production grew about 70,000 oil-equivalent barrels per day with Liza Phase 2 starting up ahead of schedule and both Liza Phase 1 and 2 producing above the investment basis.\n<\/li>\n<\/ul>\n
\n\n| \n Energy Products<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n4Q22\n<\/p>\n<\/td>\n | \n \n3Q22\n<\/p>\n<\/td>\n | \n \n4Q21\n<\/p>\n<\/td>\n | \n Dollars in millions (unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2,188\n<\/p>\n<\/td>\n | \n \n3,008\n<\/p>\n<\/td>\n | \n \n699\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n8,340\n<\/p>\n<\/td>\n | \n \n668\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n1,882\n<\/p>\n<\/td>\n | \n \n2,811\n<\/p>\n<\/td>\n | \n \n203\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n6,626\n<\/p>\n<\/td>\n | \n \n(1,014)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 4,070<\/b><\/p>\n<\/td>\n | \n 5,819<\/b><\/p>\n<\/td>\n | \n 901<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 14,966<\/b><\/p>\n<\/td>\n | \n (347)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) Excluding Identified Items (non-GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2,246\n<\/p>\n<\/td>\n | \n \n3,008\n<\/p>\n<\/td>\n | \n \n699\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n8,398\n<\/p>\n<\/td>\n | \n \n668\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2,508\n<\/p>\n<\/td>\n | \n \n2,811\n<\/p>\n<\/td>\n | \n \n203\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n7,252\n<\/p>\n<\/td>\n | \n \n(1,014)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 4,754<\/b><\/p>\n<\/td>\n | \n 5,819<\/b><\/p>\n<\/td>\n | \n 901<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 15,650<\/b><\/p>\n<\/td>\n | \n (347)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n5,423\n<\/p>\n<\/td>\n | \n \n5,537\n<\/p>\n<\/td>\n | \n \n5,373\n<\/p>\n<\/td>\n | \n \nEnergy Products Sales (kbd)\n<\/p>\n<\/td>\n | \n \n5,347\n<\/p>\n<\/td>\n | \n \n5,130\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- \nEnergy Products fourth-quarter 2022 earnings totaled $4.1 billion compared to $5.8 billion in the third quarter, a decrease of $1.7 billion. Continued strong industry refining margins partially offset an unfavorable derivatives mark-to-market impact of $1.0 billion, mainly due to the absence of prior quarter gains. In addition, increased maintenance spend and lower throughput, driven by French industrial actions, were offset by favorable year-end inventory impacts. Identified items associated with additional European taxes on the energy sector as well as asset impairments reduced earnings by $0.7 billion. Earnings excluding these identified items were $4.8 billion for the quarter, a decrease of $1.1 billion from the third quarter.\n<\/li>\n
- \nEarnings increased $3.2 billion compared to the fourth quarter of 2021 due to stronger industry refining margins, increased marketing and trading contributions, and favorable foreign exchange impacts, partly offset by increased maintenance expenses and unfavorable derivatives mark-to-market impacts. In addition, earnings were unfavorably impacted by identified items of $0.7 billion, mainly additional European taxes on the energy sector and asset impairments. Earnings excluding identified items were $4.8 billion for the quarter, an increase of $3.9 billion from the same quarter last year.\n<\/li>\n
- \nFull-year 2022 earnings were $15.0 billion compared to a loss of $0.3 billion last year. Identified items reduced earnings by $0.7 billion mainly from additional European taxes on the energy sector and asset impairments. Earnings excluding identified items were $15.7 billion, an increase of $16 billion from last year.\n<\/li>\n
- \nResults for the year increased from improved industry refining margins, which benefited from higher demand and low inventories. Results were also helped by stronger trading and marketing margins, improved product yields, higher throughput, as well as favorable foreign exchange and year-end inventory impacts. In addition, continued disciplined cost management helped to offset higher expenses from inflation and project activity.\n<\/li>\n
- \nRefining throughput for the year was 4 million barrels per day, up 171,000 barrels from 2021 on a current refinery circuit basis, reflecting best-ever annual refining throughput in North America and the highest globally since 2012.\n<\/li>\n
- \nThe company mechanically completed its Beaumont Refinery expansion, the largest in the United States since 2012 and expects to bring 250,000 barrels per day of crude distillation capacity to the market in first quarter 2023.\n<\/li>\n
- \nThe company announced an agreement with Par Pacific Holdings for the sale of the Billings Refinery and select midstream assets in Montana and Washington, as well as an agreement with Italiana Petroli for the sale of the Italy fuels business during the quarter. Additionally, in January an agreement was reached with Bangchak Corporation for the sale of ExxonMobil’s interest in Esso Thailand, including the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations.\n<\/li>\n<\/ul>\n
\n\n| \n Chemical Products<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n4Q22\n<\/p>\n<\/td>\n | \n \n3Q22\n<\/p>\n<\/td>\n | \n \n4Q21\n<\/p>\n<\/td>\n | \n Dollars in millions (unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n298\n<\/p>\n<\/td>\n | \n \n635\n<\/p>\n<\/td>\n | \n \n774\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n2,328\n<\/p>\n<\/td>\n | \n \n3,697\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(48)\n<\/p>\n<\/td>\n | \n \n177\n<\/p>\n<\/td>\n | \n \n597\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n1,215\n<\/p>\n<\/td>\n | \n \n3,292\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 250<\/b><\/p>\n<\/td>\n | \n 812<\/b><\/p>\n<\/td>\n | \n 1,371<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 3,543<\/b><\/p>\n<\/td>\n | \n 6,989<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) Excluding Identified Items (non-GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n298\n<\/p>\n<\/td>\n | \n \n635\n<\/p>\n<\/td>\n | \n \n774\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n2,328\n<\/p>\n<\/td>\n | \n \n3,697\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(48)\n<\/p>\n<\/td>\n | \n \n177\n<\/p>\n<\/td>\n | \n \n597\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n1,215\n<\/p>\n<\/td>\n | \n \n3,292\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 250<\/b><\/p>\n<\/td>\n | \n 812<\/b><\/p>\n<\/td>\n | \n 1,371<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 3,543<\/b><\/p>\n<\/td>\n | \n 6,989<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4,658\n<\/p>\n<\/td>\n | \n \n4,680\n<\/p>\n<\/td>\n | \n \n4,833\n<\/p>\n<\/td>\n | \n \nChemical Products Sales (kt)\n<\/p>\n<\/td>\n | \n \n19,167\n<\/p>\n<\/td>\n | \n \n19,142\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- \nChemical Products fourth-quarter 2022 earnings were $0.3 billion compared to $0.8 billion in the third quarter on weaker margins as a result of continued supply additions and softening demand in North America and Europe partially offset by lower North America feed costs.\n<\/li>\n
- \nEarnings were $1.1 billion lower compared to fourth-quarter 2021 on weaker industry margins and lower sales, reflecting softening market conditions.\n<\/li>\n
- \nFull-year earnings of $3.5 billion were above the 10-year average, though below the record $7.0 billion earned in 2021. Earnings remained strong despite bottom-of-cycle conditions in Asia Pacific, increased supply, and the closure of the regional pricing disconnect between Asia and the Atlantic Basin during the year. In addition, earnings were unfavorably impacted by product mix effects, higher expenses from production capacity additions, and foreign exchange effects from a stronger U.S. dollar.\n<\/li>\n
- \nThe company started up its advanced recycling facility in Baytown, Texas, one of the largest advanced recycling facilities in North America, capable of processing more than 80 million pounds of plastic waste per year.\n<\/li>\n
- \nThe company also successfully started up a new polypropylene production unit in Baton Rouge, Louisiana, doubling the plant’s polypropylene production to meet growing demand for high-performance, lightweight, and durable plastics.\n<\/li>\n<\/ul>\n
\n\n| \n Specialty Products<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n4Q22\n<\/p>\n<\/td>\n | \n \n3Q22\n<\/p>\n<\/td>\n | \n \n4Q21\n<\/p>\n<\/td>\n | \n Dollars in millions (unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n406\n<\/p>\n<\/td>\n | \n \n306\n<\/p>\n<\/td>\n | \n \n763\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n1,190\n<\/p>\n<\/td>\n | \n \n1,452\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n354\n<\/p>\n<\/td>\n | \n \n456\n<\/p>\n<\/td>\n | \n \n353\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n1,225\n<\/p>\n<\/td>\n | \n \n1,807\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 760<\/b><\/p>\n<\/td>\n | \n 762<\/b><\/p>\n<\/td>\n | \n 1,116<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 2,415<\/b><\/p>\n<\/td>\n | \n 3,259<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) Excluding Identified Items (non-GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n406\n<\/p>\n<\/td>\n | \n \n306\n<\/p>\n<\/td>\n | \n \n265\n<\/p>\n<\/td>\n | \n \nUnited States\n<\/p>\n<\/td>\n | \n \n1,190\n<\/p>\n<\/td>\n | \n \n954\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n394\n<\/p>\n<\/td>\n | \n \n456\n<\/p>\n<\/td>\n | \n \n217\n<\/p>\n<\/td>\n | \n \nNon-U.S.\n<\/p>\n<\/td>\n | \n \n1,265\n<\/p>\n<\/td>\n | \n \n1,672\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 800<\/b><\/p>\n<\/td>\n | \n 762<\/b><\/p>\n<\/td>\n | \n 482<\/b><\/p>\n<\/td>\n | \n Worldwide<\/b><\/p>\n<\/td>\n | \n 2,455<\/b><\/p>\n<\/td>\n | \n 2,625<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n1,787\n<\/p>\n<\/td>\n | \n \n1,917\n<\/p>\n<\/td>\n | \n \n1,835\n<\/p>\n<\/td>\n | \n \nSpecialty Products Sales (kt)\n<\/p>\n<\/td>\n | \n \n7,810\n<\/p>\n<\/td>\n | \n \n7,666\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- \nSpecialty Products fourth-quarter 2022 earnings were $0.8 billion, in line with the third quarter. The robust quarterly performance was driven by improved margins with continued pricing actions and lower energy prices, partly offset by lower volumes on supply length and higher seasonal expenses.\n<\/li>\n
- \nFourth-quarter 2022 earnings were $0.8 billion compared to $1.1 billion in the same quarter last year, a decrease of $0.4 billion driven by the absence of prior year identified items associated with asset sales. Earnings excluding identified items were $0.8 billion, $0.3 billion higher than the same quarter last year.\n<\/li>\n
- \nQuarterly results increased from improved basestock industry margins and positive year-end inventory effects, partly offset by lower sales volumes.\n<\/li>\n
- \nFull-year earnings were $2.4 billion compared with $3.3 billion in 2021, a decrease of $0.8 billion. Identified items reduced earnings by $0.7 billion, mainly associated with the absence of an asset sale gain. Earnings excluding identified items were $2.5 billion, a decrease of $0.2 billion compared to last year.\n<\/li>\n
- \nFull-year results were also impacted by decreased margins with higher feed costs and energy prices largely offset by continued focus on revenue management, increased expenses from higher maintenance and inflation, and unfavorable foreign exchange impacts partly offset by positive year-end inventory effects.\n<\/li>\n<\/ul>\n
\n\n| \n Corporate and Financing<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n4Q22\n<\/p>\n<\/td>\n | \n \n3Q22\n<\/p>\n<\/td>\n | \n \n4Q21\n<\/p>\n<\/td>\n | \n Dollars in millions (unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(531)\n<\/p>\n<\/td>\n | \n \n(152)\n<\/p>\n<\/td>\n | \n \n(603)\n<\/p>\n<\/td>\n | \n Earnings\/(Loss) (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n \n(1,663)\n<\/p>\n<\/td>\n | \n \n(2,636)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (531)<\/b><\/p>\n<\/td>\n | \n (552)<\/b><\/p>\n<\/td>\n | \n (587)<\/b><\/p>\n<\/td>\n | \n Earnings\/(Loss) Excluding Identified Items (non-GAAP)<\/b><\/p>\n<\/td>\n | \n (1,965)<\/b><\/p>\n<\/td>\n | \n (2,572)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n- \nCorporate and Financing reported net charges of $0.5 billion in the fourth quarter of 2022 compared to charges of $0.2 billion in the third quarter, an increase of $0.4 billion driven by the absence of prior quarter identified items related to tax and other reserve adjustments.\n<\/li>\n
- \nNet charges of $0.5 billion in the fourth quarter of 2022 were down $0.1 billion from the same quarter of 2021.\n<\/li>\n
- \nFull-year net charges of $1.7 billion declined $1.0 billion from last year, mainly due to decreased pension-related expenses, favorable one-time tax impacts, lower financing costs, and favorable identified item impacts of $0.4 billion associated with tax and other reserve adjustments.\n<\/li>\n<\/ul>\n
\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n.\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n4Q22\n<\/p>\n<\/td>\n | \n \n3Q22\n<\/p>\n<\/td>\n | \n \n4Q21\n<\/p>\n<\/td>\n | \n Dollars in millions<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n13,055\n<\/p>\n<\/td>\n | \n \n20,198\n<\/p>\n<\/td>\n | \n \n9,079\n<\/p>\n<\/td>\n | \n \nNet income\/(loss) including noncontrolling interests\n<\/p>\n<\/td>\n | \n \n57,577\n<\/p>\n<\/td>\n | \n \n23,598\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n5,064\n<\/p>\n<\/td>\n | \n \n5,642\n<\/p>\n<\/td>\n | \n \n5,661\n<\/p>\n<\/td>\n | \n \nDepreciation and depletion (includes impairments)\n<\/p>\n<\/td>\n | \n \n24,040\n<\/p>\n<\/td>\n | \n \n20,607\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(200)\n<\/p>\n<\/td>\n | \n \n1,667\n<\/p>\n<\/td>\n | \n \n1,930\n<\/p>\n<\/td>\n | \n \nChanges in operational working capital\n<\/p>\n<\/td>\n | \n \n(194)\n<\/p>\n<\/td>\n | \n \n4,162\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(298)\n<\/p>\n<\/td>\n | \n \n(3,082)\n<\/p>\n<\/td>\n | \n \n454\n<\/p>\n<\/td>\n | \n \nOther\n<\/p>\n<\/td>\n | \n \n(4,626)\n<\/p>\n<\/td>\n | \n \n(238)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 17,621<\/b><\/p>\n<\/td>\n | \n 24,425<\/b><\/p>\n<\/td>\n | \n 17,124<\/b><\/p>\n<\/td>\n | \n Cash Flow from Operating Activities (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n 76,797<\/b><\/p>\n<\/td>\n | \n 48,129<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n1,333\n<\/p>\n<\/td>\n | \n \n2,682\n<\/p>\n<\/td>\n | \n \n2,601\n<\/p>\n<\/td>\n | \n \nProceeds associated with asset sales\n<\/p>\n<\/td>\n | \n \n5,247\n<\/p>\n<\/td>\n | \n \n3,176\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 18,954<\/b><\/p>\n<\/td>\n | \n 27,107<\/b><\/p>\n<\/td>\n | \n 19,725<\/b><\/p>\n<\/td>\n | \n Cash Flow from Operations and Asset Sales (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 82,044<\/b><\/p>\n<\/td>\n | \n 51,305<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n200\n<\/p>\n<\/td>\n | \n \n(1,667)\n<\/p>\n<\/td>\n | \n \n(1,930)\n<\/p>\n<\/td>\n | \n \nChanges in operational working capital\n<\/p>\n<\/td>\n | \n \n194\n<\/p>\n<\/td>\n | \n \n(4,162)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 19,154<\/b><\/p>\n<\/td>\n | \n 25,440<\/b><\/p>\n<\/td>\n | \n 17,795<\/b><\/p>\n<\/td>\n | \n Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 82,238<\/b><\/p>\n<\/td>\n | \n 47,143<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n FREE CASH FLOW<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q22\n<\/p>\n<\/td>\n | \n \n3Q22\n<\/p>\n<\/td>\n | \n \n4Q21\n<\/p>\n<\/td>\n | \n Dollars in millions<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 17,621<\/b><\/p>\n<\/td>\n | \n 24,425<\/b><\/p>\n<\/td>\n | \n 17,124<\/b><\/p>\n<\/td>\n | \n Cash Flow from Operating Activities (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n 76,797<\/b><\/p>\n<\/td>\n | \n 48,129<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(5,783)\n<\/p>\n<\/td>\n | \n \n(4,876)\n<\/p>\n<\/td>\n | \n \n(4,089)\n<\/p>\n<\/td>\n | \n \nAdditions to property, plant and equipment\n<\/p>\n<\/td>\n | \n \n(18,407)\n<\/p>\n<\/td>\n | \n \n(12,076)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2,175)\n<\/p>\n<\/td>\n | \n \n(272)\n<\/p>\n<\/td>\n | \n \n(1,762)\n<\/p>\n<\/td>\n | \n \nAdditional investments and advances\n<\/p>\n<\/td>\n | \n \n(3,090)\n<\/p>\n<\/td>\n | \n \n(2,817)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n1,270\n<\/p>\n<\/td>\n | \n \n88\n<\/p>\n<\/td>\n | \n \n1,140\n<\/p>\n<\/td>\n | \n \nOther investing activities including collection of advances\n<\/p>\n<\/td>\n | \n \n1,508\n<\/p>\n<\/td>\n | \n \n1,482\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n1,333\n<\/p>\n<\/td>\n | \n \n2,682\n<\/p>\n<\/td>\n | \n \n2,601\n<\/p>\n<\/td>\n | \n \nProceeds from asset sales and returns of investments\n<\/p>\n<\/td>\n | \n \n5,247\n<\/p>\n<\/td>\n | \n \n3,176\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 12,266<\/b><\/p>\n<\/td>\n | \n 22,047<\/b><\/p>\n<\/td>\n | \n 15,014<\/b><\/p>\n<\/td>\n | \n Free Cash Flow (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 62,055<\/b><\/p>\n<\/td>\n | \n 37,894<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n RETURN ON AVERAGE CAPITAL EMPLOYED<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Dollars in millions (unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income\/(loss) attributable to ExxonMobil (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n 55,740<\/b><\/p>\n<\/td>\n | \n 23,040<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFinancing costs (after-tax)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross third-party debt\n<\/p>\n<\/td>\n | \n \n(1,213)\n<\/p>\n<\/td>\n | \n \n(1,196)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExxonMobil share of equity companies\n<\/p>\n<\/td>\n | \n \n(198)\n<\/p>\n<\/td>\n | \n \n(170)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAll other financing costs \u2013 net\n<\/p>\n<\/td>\n | \n \n276\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal financing costs\n<\/p>\n<\/td>\n | \n \n(1,135)\n<\/p>\n<\/td>\n | \n \n(1,355)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Earnings\/(loss) excluding financing costs (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 56,875<\/b><\/p>\n<\/td>\n | \n 24,395<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total assets (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n 369,067<\/b><\/p>\n<\/td>\n | \n 338,923<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLess liabilities and noncontrolling interests share of assets and liabilities\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current liabilities excluding notes and loans payable\n<\/p>\n<\/td>\n | \n \n(68,411)\n<\/p>\n<\/td>\n | \n \n(52,367)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal long-term liabilities excluding long-term debt\n<\/p>\n<\/td>\n | \n \n(56,990)\n<\/p>\n<\/td>\n | \n \n(63,169)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNoncontrolling interests share of assets and liabilities\n<\/p>\n<\/td>\n | \n \n(9,205)\n<\/p>\n<\/td>\n | \n \n(8,746)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdd ExxonMobil share of debt-financed equity company net assets\n<\/p>\n<\/td>\n | \n \n3,705\n<\/p>\n<\/td>\n | \n \n4,001\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total capital employed (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 238,166<\/b><\/p>\n<\/td>\n | \n 218,642<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average capital employed (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 228,404<\/b><\/p>\n<\/td>\n | \n 222,890<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Return on average capital employed \u2013 corporate total (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 24.9%<\/b><\/p>\n<\/td>\n | \n 10.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n CALCULATION OF STRUCTURAL COST SAVINGS<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n OPERATING COSTS AND CASH OPERATING EXPENSES<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Dollars in billions<\/i><\/p>\n<\/td>\n | \n \n2019\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Components of operating costs<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n From ExxonMobil\u2019s Consolidated statement of income<\/b><\/p>\n (U.S. GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProduction and manufacturing expenses\n<\/p>\n<\/td>\n | \n \n36.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n42.6\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling, general and administrative expenses\n<\/p>\n<\/td>\n | \n \n11.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10.1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and depletion (includes impairments)\n<\/p>\n<\/td>\n | \n \n19.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExploration expenses, including dry holes\n<\/p>\n<\/td>\n | \n \n1.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-service pension and postretirement benefit expense\n<\/p>\n<\/td>\n | \n \n1.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Subtotal<\/b><\/p>\n<\/td>\n | \n 69.7<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 78.2<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nExxonMobil\u2019s share of equity company expenses\n<\/p>\n<\/td>\n | \n \n9.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n13.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total operating costs (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 78.8<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 91.2<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess:\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and depletion (includes impairments)\n<\/p>\n<\/td>\n | \n \n19.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-service pension and postretirement benefit expense\n<\/p>\n<\/td>\n | \n \n1.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther adjustments (includes equity company depreciation\n<\/p>\n \nand depletion)\n<\/p>\n<\/td>\n | \n \n3.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total cash operating expenses (cash opex) (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 55.0<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 63.2<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEnergy and production taxes\n<\/p>\n<\/td>\n | \n \n11.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n23.8\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Market<\/b><\/p>\n<\/td>\n | \n Activity \/<\/b><\/p>\n Other<\/b><\/p>\n<\/td>\n | \n Structural<\/b><\/p>\n Savings<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total cash operating expenses (cash opex) excluding energy and production taxes (non-GAAP)<\/b><\/p>\n<\/td>\n | \n 44.0<\/b><\/p>\n<\/td>\n | \n +3<\/b><\/p>\n<\/td>\n | \n -1<\/b><\/p>\n<\/td>\n | \n -7<\/b><\/p>\n<\/td>\n | \n 39.4<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n This press release also references structural cost savings. Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce 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 $7 billion. The total change between periods in expenses above will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural 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.<\/i><\/p>\n ExxonMobil will discuss financial and operating results and other matters during a webcast at 7:30 a.m. Central Time on January 31, 2023. To listen to the event or access an archived replay, please visit www.exxonmobil.com<\/a><\/i>.<\/b><\/p>\nCautionary Statement<\/span><\/i><\/p>\nOutlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, biofuel and hydrogen plans to drive towards net zero emissions are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; 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, reaching Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions from its operations, meeting ExxonMobil\u2019s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology efforts, timing and outcome of projects to capture and store CO2, and produced biofuels; timing and outcome of hydrogen projects; 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; 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; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of future investment such as the European tax on the energy sector; 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 COVID-19, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the 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; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications; government policies and support and market demand for low carbon technologies; war, and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; 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; 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\u2019s 2021 Form 10-K.<\/i><\/p>\n Forward-looking and other statements regarding our environmental, social and other sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or requiring disclosure in our filing with the SEC. In addition, historical, current, and forward-looking environmental, social and 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.<\/i><\/p>\n Frequently Used Terms and Non-GAAP Measures<\/span><\/i><\/p>\nThis 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 2021 and 2022 periods is shown on page 8.<\/i><\/p>\n This press release also includes 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 2021 and 2022 periods is shown on page 8.<\/i><\/p>\n This press release also includes earnings\/(loss) excluding identified items <\/i> | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |