xom-20230331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File Number 1-2256

Exxon Mobil Corporation

(Exact name of registrant as specified in its charter)


New Jersey						13-5409005
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

5959 Las Colinas Boulevard, Irving, Texas 75039-2298

(Address of principal executive offices) (Zip Code)

(972) 940-6000

(Registrant's telephone number, including area code)

_______________________

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, without par value

XOM

New York Stock Exchange

0.142% Notes due 2024

XOM24B

New York Stock Exchange

0.524% Notes due 2028

XOM28

New York Stock Exchange

0.835% Notes due 2032

XOM32

New York Stock Exchange

1.408% Notes due 2039

XOM39A

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Class						Outstanding as of March 31, 2023
Common stock, without par value						4,042,984,946

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Statement of Income - Three months ended March 31, 2023 and 2022			3

Condensed Consolidated Statement of Comprehensive Income - Three months ended March 31, 2023 and 2022			4

Condensed Consolidated Balance Sheet - As of March 31, 2023 and December 31, 2022			5

Condensed Consolidated Statement of Cash Flows - Three months ended March 31, 2023 and 2022			6



Condensed Consolidated Statement of Changes in Equity - Three months ended March 31, 2023 and 2022			7



Notes to Condensed Consolidated Financial Statements			8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			17

Item 3. Quantitative and Qualitative Disclosures About Market Risk			29

Item 4. Controls and Procedures			29


PART II. OTHER INFORMATION

Item 1. Legal Proceedings			30



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			30

Item 6. Exhibits			30

Index to Exhibits			31

Signature			32

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS



CONDENSED CONSOLIDATED STATEMENT OF INCOME


(millions of dollars, unless noted)	Three Months Ended March 31,
	2023	2022
Revenues and other income
Sales and other operating revenue	83,644	87,734
Income from equity affiliates	2,381	2,538
Other income	539	228
Total revenues and other income	86,564	90,500
Costs and other deductions
Crude oil and product purchases	46,003	52,388
Production and manufacturing expenses	9,436	10,241
Selling, general and administrative expenses	2,390	2,409
Depreciation and depletion (includes impairments)	4,244	8,883
Exploration expenses, including dry holes	141	173
Non-service pension and postretirement benefit expense	167	108
Interest expense	159	188
Other taxes and duties	7,221	7,554
Total costs and other deductions	69,761	81,944
Income (loss) before income taxes	16,803	8,556
Income tax expense (benefit)	4,960	2,806
Net income (loss) including noncontrolling interests	11,843	5,750
Net income (loss) attributable to noncontrolling interests	413	270
Net income (loss) attributable to ExxonMobil	11,430	5,480

Earnings (loss) per common share (dollars)	2.79	1.28

Earnings (loss) per common share - assuming dilution (dollars)	2.79	1.28

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


(millions of dollars)	Three Months Ended March 31,
	2023	2022
Net income (loss) including noncontrolling interests	11,843	5,750

Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment	173	741

Postretirement benefits reserves adjustment (excluding amortization)	19	105
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	6	93
Total other comprehensive income (loss)	198	939
Comprehensive income (loss) including noncontrolling interests	12,041	6,689
Comprehensive income (loss) attributable to noncontrolling interests	436	359
Comprehensive income (loss) attributable to ExxonMobil	11,605	6,330

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



CONDENSED CONSOLIDATED BALANCE SHEET


(millions of dollars, unless noted)	March 31, 2023	December 31, 2022

ASSETS
Current assets
Cash and cash equivalents	32,651	29,640
Cash and cash equivalents – restricted	25	25
Notes and accounts receivable – net	38,808	41,749
Inventories

SEC Form 10-Q filed by Exxon Mobil Corporation