ExxonMobil Earns $6.8 Billion in Third Quarter 2021
Exxon Mobil Corporation (NYSE:XOM):
Second
Third Quarter
Quarter
First Nine Months
2021
2020
2021
2021
2020
Results Summary
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)
6,750
(680)
4,690
14,170
(2,370)
Earnings/(Loss) Per Common Share
Assuming Dilution
1.57
(0.15)
1.10
3.31
(0.55)
Identified Items Per Common Share
Assuming Dilution
(0.01)
0.03
—
(0.02)
(0.20)
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution
1.58
(0.18)
1.10
3.33
(0.35)
Capital and Exploration Expenditures
3,851
4,133
3,803
10,787
16,603
Exxon Mobil Corporation today announced estimated third-quarter 2021 earnings of $6.8 billion, or $1.57 per share assuming dilution. Third-quarter capital and exploration expenditures were $3.9 billion, bringing year-to-date 2021 investments to $10.8 billion, as the company continued strategic investments in its advantaged assets, including Guyana, Permian Basin, and in Chemical.
Oil-equivalent production in the third quarter was 3.7 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 4% versus the prior-year quarter, including growth in the Permian and Guyana.
“All three of our core businesses generated positive earnings during the quarter, with strong operations and cost control, as well as increased realizations and improved demand for fuels,” said Darren Woods, chairman and chief executive officer. “Free cash flow more than covered the dividend and $4 billion of additional debt reduction. With the progress made in restoring the strength of our balance sheet, this week we announced a dividend increase maintaining 39 consecutive years of annual dividend growth."
"Next month, the board will finalize our corporate plan that supports investment in industry-advantaged, high-return projects, and a growing list of strategic and financially accretive lower-carbon business opportunities," added Woods. "The strong returns generated by our core businesses provide the near-term cash flows to fund lower-carbon opportunities that leverage our competitive strengths in technology, engineering and project development. We expect to increase the level of spend in lower-emission energy solutions by four times over the prior plan, adding projects with strong returns as well as seeding some development investment in large hub projects that require further policy support. Retaining flexibility to strike a balance across our different investment opportunities, while maintaining a strong balance sheet, is critical to ensure our business produces accretive, long-term returns and remains resilient under a wide range of future scenarios. We anticipate the company's strong cash flow outlook will enable us to further increase shareholder distributions by up to $10 billion through a share repurchase program over 12-24 months, beginning in 2022."
Third-Quarter Business Highlights
Upstream
Average realizations for crude oil increased 7% from the second quarter. Natural gas realizations increased 28% from the prior quarter. Liquid volumes increased 5% from the second quarter, driven by lower planned maintenance activity. Natural gas volumes decreased 2%, driven by lower demand in Europe. During the quarter, production volumes in the Permian averaged approximately 500,000 oil-equivalent barrels per day, an increase of approximately 30% from the third quarter of 2020. The focus remains on continuing to grow free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.Downstream
Fuels margins improved from the second quarter with increasing product demand. Lubricants continued to deliver strong performance, supported by above average basestocks margins, strong performance of the Rotterdam Advanced Hydrocracker, and lower operating expenses. Overall refining throughput was up 5% from the second quarter on improved demand and lower planned maintenance activity. After Hurricane Ida left much of Louisiana refining and oil production offline, ExxonMobil secured 3 million barrels from the U.S. Strategic Petroleum Reserve to produce essential fuel supply, delivering record terminal throughput rates to impacted communities and front line workers in the state.Chemical
Quarterly earnings of $2.1 billion reflect reliable operations coupled with strong demand, supported by the company's global supply and logistics flexibility. Industry margins remain historically strong, but moderated in the quarter driven by increased industry supply.Capital Allocation and Structural Cost Improvement
ExxonMobil’s 2021 capital program is expected to be near the low end of the $16 billion to $19 billion range. In the fourth quarter, the board of directors will formally approve the corporate plan, with capital spending anticipated to be in the range of $20 billion to $25 billion annually. During the quarter, the company paid down gross debt by an additional $4 billion. Year to date, ExxonMobil has reduced gross debt by $11 billion, and improved the total debt to capital ratio to 25%. The company expects to manage debt within a range of 20% to 25%, ensuring a strong, investment-grade credit rating. In addition to reducing structural costs by $3 billion in 2020, the company has captured $1.5 billion in additional structural savings through the first three quarters of 2021. The company is on pace to exceed total structural cost reductions of $6 billion annually by 2023 compared to 2019 levels, with efforts continuing to identify further structural savings by leveraging the corporation's global scale and integration.Strengthening the Portfolio
ExxonMobil continued to progress its high-return deepwater developments in Guyana, where discoveries at Pinktail and Cataback increased the estimated recoverable resource base to approximately 10 billion barrels of oil equivalent. Exploration, appraisal, and development drilling continues, with a total of six drillships currently operating. The Liza Unity floating production, storage and offloading vessel set sail from Singapore to Guyana in the quarter, and remains on schedule for startup in 2022. The third major development, Payara, is on schedule for 2024 startup, and Yellowtail is expected to achieve first oil in 2025. In Baytown, Texas, the company plans to build its first, large-scale plastic waste advanced recycling facility, with startup expected by year-end 2022. This facility will be among the largest in North America. In Europe, ExxonMobil is collaborating with Plastic Energy on an advanced recycling plant in Notre Dame de Gravenchon, France, which is expected to process 25,000 metric tons of plastic waste per year when it starts up in 2023, with the potential for further expansion to 33,000 metric tons of annual capacity. These efforts support the company’s aim to build approximately 500,000 metric tons per year of advanced recycling capacity globally over the next five years.Reducing Emissions and Advancing Low Carbon Solutions
ExxonMobil plans to grow investments that lower emissions, leveraging the company's technology, scale, integration, and global footprint. Cumulative low-carbon investments are anticipated to be approximately $15 billion from 2022 through 2027. The company is also on track to achieve its 2025 emissions intensity reduction plans by the end of 2021, and expects to announce accelerated Scope 1 and Scope 2 reduction plans later this year. During the quarter, 11 companies, including ExxonMobil, expressed interest in supporting the large-scale deployment of carbon capture and storage technology in Houston. The companies agreed to begin discussing plans that could lead to capturing and safely storing up to 100 million metric tons per year by 2040. Carbon capture and storage is a critical technology in helping society meet its net-zero ambitions, and ExxonMobil has captured more human-made CO2 than any other company. Last week, ExxonMobil announced engineering, procurement, and construction contracts as it plans to increase carbon capture and storage capacity by approximately 1 million metric tons per year at its LaBarge, Wyoming facility. The facility currently captures 6 to 7 million metric tons of CO2 per year and has captured more CO2 than any other facility in the world. A final investment decision is expected in 2022. ExxonMobil announced its majority-owned affiliate, Imperial Oil Ltd., is moving forward with plans to produce renewable diesel at a new complex at its Strathcona refinery in Edmonton, Canada. When construction is complete, the refinery is expected to produce approximately 20,000 barrels per day of renewable diesel, which could reduce emissions in the Canadian transportation sector by about 3 million metric tons per year. The complex will use locally grown plant-based feedstock and hydrogen with carbon capture and storage as part of the manufacturing process. The company signed an agreement with non-profit independent validator MiQ to begin the emission certification process for natural gas produced at Poker Lake facilities in the Permian Basin. Certified lower-emission natural gas validates reduction efforts and helps customers meet their emissions goals. The company has expanded use of aerial LiDARTM imaging and SOOFIE methane-detection technologies, and is evaluating additional next-generation applications as part of its ongoing initiatives to detect and reduce methane emissions.
Results and Volume Summary
Millions of Dollars
3Q
3Q
(unless noted)
2021
2020
Change
Comments
Upstream
U.S.
869
(681)
+1,550
Higher prices, increased volumes, and reduced expenses
Non-U.S.
3,082
298
+2,784
Higher prices and favorable one-time tax items
Total
3,951
(383)
+4,334
Price +3,950, volume +140, expenses +50, identified items +10, other +180
Production (koebd)
3,665
3,672
-7
Liquids +27 kbd: less downtime, growth, and higher demand reflecting the absence of economic curtailments, partly offset by lower entitlements
Gas -206 mcfd: less downtime and growth, more than offset by lower entitlements, Groningen production limit, and divestments
Downstream
U.S.
663
(136)
+799
Improved margins driven by stronger industry refining conditions
Non-U.S.
592
(95)
+687
Improved margins reflecting stronger industry refining conditions, favorable asset management items, and reduced expenses, partly offset by unfavorable foreign exchange impacts
Total
1,255
(231)
+1,486
Margin +1,250, volume -10, expenses +70, identified items -10, other +190
Petroleum Product Sales (kbd)
5,327
5,023
+304
Chemical
U.S.
1,183
357
+826
Higher margins, partly offset by increased expenses driven by higher turnaround and maintenance activity
Non-U.S.
957
304
+653
Higher margins
Total
2,140
661
+1,479
Margin +1,640, expenses -50, identified items -120, other +10
Prime Product Sales (kt)
6,672
6,624
+48
Corporate and financing
(596)
(727)
+131
Lower corporate costs, partly offset by net unfavorable tax impacts
Results and Volume Summary
Millions of Dollars
3Q
2Q
(unless noted)
2021
2021
Change
Comments
Upstream
U.S.
869
663
+206
Higher prices and increased liquids volumes, partly offset by unfavorable one-time items
Non-U.S.
3,082
2,522
+560
Higher prices, increased liquids volumes, and lower expenses, partly offset by the absence of favorable one-time items and seasonally lower gas demand
Total
3,951
3,185
+766
Price +750, volume +250, expenses +80,
other -310
Production (koebd)
3,665
3,582
+83
Liquids +113 kbd: less downtime and Permian-driven growth
Gas -184 mcfd: less downtime, more than offset by lower seasonal demand and divestments
Downstream
U.S.
663
(149)
+812
Higher margins driven by stronger industry refining conditions, and increased volumes and reduced expenses driven by lower turnaround activity
Non-U.S.
592
(78)
+670
Higher margins driven by improved industry refining conditions, increased volumes and reduced expenses driven by lower turnaround activity, and favorable one-time asset management items
Total
1,255
(227)
+1,482
Margin +790, volume +320, expenses +200, other +170
Petroleum Product Sales (kbd)
5,327
5,041
+286
Chemical
U.S.
1,183
1,282
-99
Increased expenses driven by higher maintenance and turnaround activity
Non-U.S.
957
1,038
-81
Lower margins, partly offset by reduced expenses
Total
2,140
2,320
-180
Margin -210, volume +80, expenses +40, other -90
Prime Product Sales (kt)
6,672
6,513
+159
Corporate and financing
(596)
(588)
-8
Results and Volume Summary
Millions of Dollars
YTD
YTD
(unless noted)
2021
2020
Change
Comments
Upstream
U.S.
1,895
(2,582)
+4,477
Higher prices, increased liquids volumes, and reduced expenses; prior year identified items (+315, impairments)
Non-U.S.
7,795
1,084
+6,711
Higher prices and favorable one-time tax items, partly offset by lower liquids volumes driven by entitlement effects, and unfavorable foreign exchange impacts
Total
9,690
(1,498)
+11,188
Price +10,100, volume -210, expenses +520, identified items +420, other +360
Production (koebd)
3,677
3,785
-108
Liquids -100 kbd: higher demand reflecting the absence of economic curtailments, and project growth, more than offset by lower entitlements, increased government mandates, decline and divestments
Gas -44 mcfd: higher demand offset by lower entitlements, Groningen production limit, and divestments
Downstream
U.S.
401
(338)
+739
Higher margins on stronger industry refining conditions, and reduced expenses
Non-U.S.
237
472
-235
Lower margins on weaker realized fuels margins, and unfavorable foreign exchange impacts, partly offset by reduced expenses; prior year identified items
(+335, mainly impairments)
Total
638
134
+504
Margin -50, volume -30, expenses +430, identified items +340, other -190
Petroleum Product Sales (kbd)
5,084
4,916
+168
Chemical
U.S.
3,180
816
+2,364
Higher margins, increased volumes, and reduced expenses
Non-U.S.
2,695
456
+2,239
Higher margins, favorable foreign exchange, reduced expenses, and increased volumes
Total
5,875
1,272
+4,603
Margin +3,890, volume +260, expenses +190, identified items +90, other +170
Prime Product Sales (kt)
19,631
18,806
+825
Corporate and financing
(2,033)
(2,278)
+245
Lower financing costs
Cash Flow from Operations and Asset Sales excluding Working Capital
Millions of Dollars
3Q
2021
Comments
Net income (loss) including noncontrolling interests
6,942
Including $192 million noncontrolling interests
Depreciation
4,990
Changes in operational working capital
659
Other
(500)
Cash Flow from Operating
12,091
Activities (U.S. GAAP)
Asset sales
18
Cash Flow from Operations
12,109
and Asset Sales
Changes in operational working capital
(659)
Cash Flow from Operations
11,450
and Asset Sales excluding Working Capital
Millions of Dollars
YTD
2021
Comments
Net income (loss) including noncontrolling interests
14,519
Including $349 million noncontrolling interests
Depreciation
14,946
Changes in operational working capital
2,232
Higher net payables due to market conditions
Other
(692)
Cash Flow from Operating
31,005
Activities (U.S. GAAP)
Asset sales
575
Cash Flow from Operations
31,580
and Asset Sales
Changes in operational working capital
(2,232)
Cash Flow from Operations
29,348
and Asset Sales excluding Working Capital
ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on October 29, 2021. To listen to the event or access an archived replay, please visit www.exxonmobil.com.
Cautionary Statement
Outlooks, projections, goals, targets, descriptions of strategic, operating, and financial plans and objectives, and other statements of future events or conditions in this release, are forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; cost reductions and efficiency gains, including the ability to meet or exceed announced cost and expense reduction objectives; plans to reduce future emissions and emissions intensity; timing and outcome of projects to capture and store CO2; timing and outcome of biofuel and plastic waste recycling 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; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access short- and long-term debt markets on a timely and affordable basis; the ultimate impacts of COVID-19, including the extent and nature of further outbreaks and the effects of government responses on people and economies; reservoir performance; the outcome of exploration projects; timely completion of development and other construction projects; 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; 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’s 2020 Form 10-K.
Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for 2021 periods is shown on page 7 and for 2021 and 2020 periods in Attachment V.
This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for 2021 periods is shown on page 7 and for 2021 and 2020 periods in Attachment V.
This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2021 and 2020 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).
This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.
References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. 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 of even date herewith. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including "Cash operating expenses", “Cash flow from operations and asset sales”, "Free cash flow", and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.
Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.
Estimated Key Financial and Operating Data
Attachment I
Exxon Mobil Corporation
Third Quarter 2021
(millions of dollars, unless noted)
Second
Third Quarter
Quarter
First Nine Months
2021
2020
2021
2021
2020
Earnings (Loss) / Earnings (Loss) Per Share
Total revenues and other income
73,786
46,199
67,742
200,675
134,962
Total costs and other deductions
64,180
46,571
61,435
181,170
137,232
Income (loss) before income taxes
9,606
(372)
6,307
19,505
(2,270)
Income taxes
2,664
337
1,526
4,986
378
Net income (loss) including noncontrolling interests
6,942
(709)
4,781
14,519
(2,648)
Net income (loss) attributable to noncontrolling interests
192
(29)
91
349
(278)
Net income (loss) attributable to ExxonMobil (U.S. GAAP)
6,750
(680)
4,690
14,170
(2,370)
Earnings (loss) per common share (dollars)
1.57
(0.15)
1.10
3.31
(0.55)
Earnings (loss) per common share
- assuming dilution (dollars)
1.57
(0.15)
1.10
3.31
(0.55)
Exploration expenses, including dry holes
190
188
176
530
690
Other Financial Data
Dividends on common stock
Total
3,720
3,716
3,721
11,161
11,150
Per common share (dollars)
0.87
0.87
0.87
2.61
2.61
Millions of common shares outstanding
At period end
4,234
4,228
Average - assuming dilution
4,276
4,271
4,276
4,275
4,270
ExxonMobil share of equity at period end
160,589
177,400
ExxonMobil share of capital employed at period end
219,399
248,485
Income taxes
2,664
337
1,526
4,986
378
Total other taxes and duties
8,572
7,901
8,441
24,296
21,081
Total taxes
11,236
8,238
9,967
29,282
21,459
Sales-based taxes
5,775
4,303
5,448
15,885
11,917
Total taxes including sales-based taxes
17,011
12,541
15,415
45,167
33,376
ExxonMobil share of income taxes of
equity companies
713
134
525
1,838
576
Attachment II-a
Exxon Mobil Corporation
Third Quarter 2021
Second
$ Millions
Third Quarter
Quarter
First Nine Months
2021
2020
2021
2021
2020
Earnings/(Loss) (U.S. GAAP)
6,750
(680)
4,690
14,170
(2,370)
Identified Items Included in Earnings/(Loss)
Noncash inventory valuation - lower of cost or market
—
113
—
—
(61)
Impairments
—
—
—
—
(787)
Other items (severance - global workforce review)
(5)
—
(12)
(48)
—
Corporate total
(5)
113
(12)
(48)
(848)
Earnings/(Loss) Excluding Identified Items
6,755
(793)
4,702
14,218
(1,522)
$ Per Common Share1
Earnings/(Loss) Per Common Share
Assuming Dilution (U.S. GAAP)
1.57
(0.15)
1.10
3.31
(0.55)
Identified Items Included in Earnings/(Loss)
Per Common Share Assuming Dilution
Noncash inventory valuation - lower of cost or market
—
0.03
—
—
(0.02)
Impairments
—
—
—
—
(0.18)
Other items (severance - global workforce review)
(0.01)
—
—
(0.02)
—
Corporate total
(0.01)
0.03
—
(0.02)
(0.20)
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution
1.58
(0.18)
1.10
3.33
(0.35)
1 Computed using the average number of shares outstanding during each period.
Attachment II-b
Exxon Mobil Corporation
Third Quarter 2021
(millions of dollars)
Second
Third Quarter
Quarter
First Nine Months
2021
2020
2021
2021
2020
Earnings/(Loss) (U.S. GAAP)
Upstream
United States
869
(681)
663
1,895
(2,582)
Non-U.S.
3,082
298
2,522
7,795
1,084
Downstream
United States
663
(136)
(149)
401
(338)
Non-U.S.
592
(95)
(78)
237
472
Chemical
United States
1,183
357
1,282
3,180
816
Non-U.S.
957
304
1,038
2,695
456
Corporate and financing
(596)
(727)
(588)
(2,033)
(2,278)
Net income (loss) attributable to ExxonMobil
6,750
(680)
4,690
14,170
(2,370)
Identified Items Included in Earnings/(Loss)
U.S. Upstream
Other Items (Inventory valuation, impairment)
—
—
—
—
(315)
Non-U.S. Upstream
Other Items (Inventory valuation, impairment)
—
(11)
—
—
(102)
U.S. Downstream
Other Items (Inventory valuation, impairment)
—
3
—
—
(4)
Non-U.S. Downstream
Other Items (Inventory valuation, impairment)
—
6
—
—
(335)
U.S. Chemical
Other Items (Inventory valuation, impairment)
—
29
—
—
(90)
Non-U.S. Chemical
Other Items (Inventory valuation, impairment)
—
86
—
—
(2)
Corporate and financing
Severance - global workforce review
(5)
—
(12)
(48)
—
Corporate total
(5)
113
(12)
(48)
(848)
Earnings/(Loss) Excluding Identified Items
Upstream
United States
869
(681)
663
1,895
(2,267)
Non-U.S.
3,082
309
2,522
7,795
1,186
Downstream
United States
663
(139)
(149)
401
(334)
Non-U.S.
592
(101)
(78)
237
807
Chemical
United States
1,183
328
1,282
3,180
906
Non-U.S.
957
218
1,038
2,695
458
Corporate and financing
(591)
(727)
(576)
(1,985)
(2,278)
Corporate total
6,755
(793)
4,702
14,218
(1,522)
Attachment III
Exxon Mobil Corporation
Third Quarter 2021
Second
Third Quarter
Quarter
First Nine Months
2021
2020
2021
2021
2020
Net production of crude oil, natural gas
liquids, bitumen and synthetic oil,
thousand barrels per day (kbd)
United States
758
692
687
704
673
Canada / Other Americas
569
487
529
557
509
Europe
21
26
16
24
29
Africa
248
297
254
252
330
Asia
668
735
669
676
771
Australia / Oceania
49
49
45
44
45
Worldwide
2,313
2,286
2,200
2,257
2,357
Natural gas production available for sale,
million cubic feet per day (mcfd)
United States
2,701
2,611
2,804
2,757
2,692
Canada / Other Americas
184
269
189
197
284
Europe
343
401
654
796
770
Africa
53
11
46
41
8
Asia
3,365
3,791
3,433
3,465
3,574
Australia / Oceania
1,464
1,233
1,168
1,266
1,238
Worldwide
8,110
8,316
8,294
8,522
8,566
Oil-equivalent production (koebd)1
3,665
3,672
3,582
3,677
3,785
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Attachment IV
Exxon Mobil Corporation
Third Quarter 2021
Second
Third Quarter
Quarter
First Nine Months
2021
2020
2021
2021
2020
Refinery throughput (kbd)
United States
1,684
1,601
1,532
1,583
1,533
Canada
404
341
332
367
334
Europe
1,215
1,183
1,223
1,197
1,187
Asia Pacific
585
486
607
579
564
Other
163
148
164
162
161
Worldwide
4,051
3,759
3,858
3,888
3,779
Petroleum product sales (kbd)
United States
2,346
2,297
2,218
2,215
2,163
Canada
472
446
421
434
418
Europe
1,404
1,253
1,297
1,325
1,262
Asia Pacific
648
614
655
656
654
Other
457
413
450
454
419
Worldwide
5,327
5,023
5,041
5,084
4,916
Gasolines, naphthas
2,191
2,077
2,117
2,102
1,978
Heating oils, kerosene, diesel
1,796
1,750
1,704
1,731
1,755
Aviation fuels
228
152
201
204
227
Heavy fuels
276
242
275
269
255
Specialty products
836
802
744
778
701
Worldwide
5,327
5,023
5,041
5,084
4,916
Chemical prime product sales,
thousand metric tons (kt)
United States
2,531
2,363
2,491
7,212
6,543
Non-U.S.
4,141
4,261
4,022
12,419
12,263
Worldwide
6,672
6,624
6,513
19,631
18,806
Attachment V
Exxon Mobil Corporation
Third Quarter 2021
(millions of dollars)
Second
Third Quarter
Quarter
First Nine Months
2021
2020
2021
2021
2020
Capital and Exploration Expenditures
Upstream
United States
976
1,260
925
2,711
5,695
Non-U.S.
1,863
1,534
1,892
5,302
5,802
Total
2,839
2,794
2,817
8,013
11,497
Downstream
United States
199
390
193
663
1,856
Non-U.S.
267
382
262
728
1,203
Total
466
772
455
1,391
3,059
Chemical
United States
385
407
313
906
1,567
Non-U.S.
160
157
217
475
474
Total
545
564
530
1,381
2,041
Other
1
3
1
2
6
Worldwide
3,851
4,133
3,803
10,787
16,603
Cash Flow from Operations and Asset Sales excluding Working Capital
Net cash provided by operating activities
(U.S. GAAP)
12,091
4,389
9,650
31,005
10,663
Proceeds associated with asset sales
18
100
250
575
229
Cash flow from operations and asset sales
12,109
4,489
9,900
31,580
10,892
Changes in operational working capital
(659)
(863)
380
(2,232)
1,539
Cash flow from operations and asset sales
11,450
3,626
10,280
29,348
12,431
excluding working capital
Attachment VI
Exxon Mobil Corporation
Earnings/(Loss)
$ Millions
$ Per Common Share1
2017
First Quarter
4,010
0.95
Second Quarter
3,350
0.78
Third Quarter
3,970
0.93
Fourth Quarter
8,380
1.97
Year
19,710
4.63
2018
First Quarter
4,650
1.09
Second Quarter
3,950
0.92
Third Quarter
6,240
1.46
Fourth Quarter
6,000
1.41
Year
20,840
4.88
2019
First Quarter
2,350
0.55
Second Quarter
3,130
0.73
Third Quarter
3,170
0.75
Fourth Quarter
5,690
1.33
Year
14,340
3.36
2020
First Quarter
(610)
(0.14)
Second Quarter
(1,080)
(0.26)
Third Quarter
(680)
(0.15)
Fourth Quarter
(20,070)
(4.70)
Year
(22,440)
(5.25)
2021
First Quarter
2,730
0.64
Second Quarter
4,690
1.10
Third Quarter
6,750
1.57
1 Computed using the average number of shares outstanding during each period.
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