What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-04 compared with 2024-08-05 · 58 added, 45 removed, 493 unchanged (17% of the section changed)

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

26 unchanged sentences

(millions of dollars) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

2 unchanged sentences

Foreign exchange translation adjustment 1,315 ( 933 ) ( 67 ) ( 246 )

Adjustment for foreign exchange translation (gain)/loss

included in net income — 549 — 549

Postretirement benefits reserves adjustment (excluding amortization) ( 17 ) 11 ( 30 ) 47

7 unchanged sentences

(millions of dollars, unless noted)

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Current assets

28 unchanged sentences

Common stock held in treasury

( 3,576 million shares at June 30, 2024 and

( 3,624 million shares at September 30, 2024 and

4,048 million shares at December 31, 2023)

6 unchanged sentences

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(millions of dollars) Six Months Ended

(millions of dollars) Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES

44 unchanged sentences

Common Stock Earnings Reinvested Accumulated Other Comprehensive Income Common Stock Held in Treasury ExxonMobil Share of Equity Non-controlling Interests Total Equity

Balance as of March 31, 2023 15,904 440,552 ( 13,095 ) ( 244,676 ) 198,685 7,729 206,414

Balance as of June 30, 2023 16,029 444,731 ( 12,657 ) ( 249,057 ) 199,046 7,951 206,997

Amortization of stock-based awards 138 — — — 138 — 138

5 unchanged sentences

Dispositions — — — 1 1 — 1

Balance as of September 30, 2023 16,165 450,138 ( 13,088 ) ( 253,512 ) 199,703 7,830 207,533

Balance as of June 30, 2024 46,781 463,294 ( 13,187 ) ( 228,483 ) 268,405 7,861 276,266

Balance as of March 31, 2024 17,971 458,339 ( 13,169 ) ( 257,891 ) 205,250 7,802 213,052

Amortization of stock-based awards 174 — — — 174 — 174

4 unchanged sentences

Share repurchases, at cost — — — ( 5,568 ) ( 5,568 ) ( 275 ) ( 5,843 )

Issued for acquisitions 28,749 — — 34,603 63,352 — 63,352

Dispositions — — — 2 2 — 2

Balance as of June 30, 2024 46,781 463,294 ( 13,187 ) ( 228,483 ) 268,405 7,861 276,266

Three Months Ended June 30, 2024 Three Months Ended June 30, 2023

Balance as of September 30, 2024 46,936 467,664 ( 11,959 ) ( 234,049 ) 268,592 7,808 276,400

Three Months Ended September 30, 2024 Three Months Ended September 30, 2023

Common Stock Share Activity

1 unchanged sentence

Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding

Balance as of March 31 8,019 ( 4,076 ) 3,943 8,019 ( 3,976 ) 4,043

Balance as of June 30 8,019 ( 3,576 ) 4,443 8,019 ( 4,016 ) 4,003

Share repurchases, at cost — ( 48 ) ( 48 ) — ( 40 ) ( 40 )

Issued for acquisitions — 545 545 — — —

Dispositions — — — — — —

Balance as of June 30 8,019 ( 3,576 ) 4,443 8,019 ( 4,016 ) 4,003

Balance as of September 30 8,019 ( 3,624 ) 4,395 8,019 ( 4,056 ) 3,963

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

12 unchanged sentences

Dispositions — — — 5 5 — 5

Balance as of June 30, 2023 16,029 444,731 ( 12,657 ) ( 249,057 ) 199,046 7,951 206,997

Balance as of September 30, 2023 16,165 450,138 ( 13,088 ) ( 253,512 ) 199,703 7,830 207,533

Balance as of December 31, 2023 17,781 453,927 ( 11,989 ) ( 254,917 ) 204,802 7,736 212,538

7 unchanged sentences

Dispositions — — — 121 121 — 121

Balance as of June 30, 2024 46,781 463,294 ( 13,187 ) ( 228,483 ) 268,405 7,861 276,266

Six Months Ended June 30, 2024 Six Months Ended June 30, 2023

Balance as of September 30, 2024 46,936 467,664 ( 11,959 ) ( 234,049 ) 268,592 7,808 276,400

Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023

Common Stock Share Activity

5 unchanged sentences

Dispositions — — — — — —

Balance as of June 30 8,019 ( 3,576 ) 4,443 8,019 ( 4,016 ) 4,003

Balance as of September 30 8,019 ( 3,624 ) 4,395 8,019 ( 4,056 ) 3,963

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

48 unchanged sentences

(millions of dollars)

Three Months Ended

June 30, 2024 Six Months Ended

June 30, 2024

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

Sales and other operating revenues 6,291 10,663

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2024 2023 2024 2023

September 30, Nine Months Ended

September 30,

Sales and other operating revenues 87,792 94,697 266,349 270,122

21 unchanged sentences

Other Contingencies

The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, 2024, for guarantees relating to notes, loans and performance under contracts.

The Corporation and certain of its consolidated subsidiaries were contingently liable at September 30, 2024, for guarantees relating to notes, loans and performance under contracts.

Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure.

Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence.

June 30, 2024

September 30, 2024

(millions of dollars) Equity Company

16 unchanged sentences

Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

( 241 ) 44 ( 197 )

Amounts reclassified from accumulated other comprehensive income 367 12 379

Total change in accumulated other comprehensive income 126 56 182

Balance as of June 30, 2023 ( 14,021 ) 1,364 ( 12,657 )

Balance as of September 30, 2023 ( 14,465 ) 1,377 ( 13,088 )

Balance as of December 31, 2023 ( 13,056 ) 1,067 ( 11,989 )

3 unchanged sentences

Total change in accumulated other comprehensive income 32 ( 2 ) 30

Balance as of June 30, 2024 ( 14,253 ) 1,066 ( 13,187 )

Balance as of September 30, 2024 ( 13,024 ) 1,065 ( 11,959 )

(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $ 8 million and $ 25 million in 2024 and 2023, respectively.

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Foreign exchange translation gain/(loss) included in net income

(Statement of Income line:

Other income) — ( 549 ) — ( 549 )

Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

5 unchanged sentences

Earnings per common share Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

11 unchanged sentences

(millions of dollars) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

23 unchanged sentences

Financial Instruments and Derivatives

The estimated fair value of financial instruments and derivatives at June 30, 2024 and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows:

June 30, 2024

The estimated fair value of financial instruments and derivatives at September 30, 2024 and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows:

September 30, 2024

(millions of dollars) Level 1 Level 2 Level 3 Total Gross Assets

49 unchanged sentences

Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.

At June 30, 2024 and December 31, 2023, respectively, the Corporation had $ 675 million and $ 800 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements.

At September 30, 2024 and December 31, 2023, respectively, the Corporation had $ 634 million and $ 800 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements.

The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries.

Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income.

As of June 30, 2024, the Corporation has designated $ 3.2 billion of its Euro-denominated debt and related accrued interest as a net investment hedge of its European business.

As of September 30, 2024, the Corporation has designated $ 3.4 billion of its Euro-denominated debt and related accrued interest as a net investment hedge of its European business.

The net investment hedge is deemed to be perfectly effective.

The Corporation had undrawn short-term committed lines of credit of $ 237 million and undrawn long-term committed lines of credit of $ 1,795 million as of second quarter 2024.

The Corporation had undrawn short-term committed lines of credit of $ 237 million and undrawn long-term committed lines of credit of $ 1,613 million as of the end of third quarter 2024.

Derivative Instruments

3 unchanged sentences

The Corporation’s commodity derivatives are not accounted for under hedge accounting.

At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of June 30, 2024 and December 31, 2023, or results of operations for the periods ended June 30, 2024 and 2023.

At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of September 30, 2024 and December 31, 2023, or results of operations for the periods ended September 30, 2024 and 2023.

Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties.

The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.

The net notional long/(short) position of derivative instruments at June 30, 2024 and December 31, 2023, was as follows:

(millions) June 30, 2024 December 31, 2023

The net notional long/(short) position of derivative instruments at September 30, 2024 and December 31, 2023, was as follows:

(millions) September 30, 2024 December 31, 2023

Crude oil (barrels) 7 ( 7 )

3 unchanged sentences

(millions of dollars) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

4 unchanged sentences

(millions of dollars) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

42 unchanged sentences

(millions of dollars) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

8 unchanged sentences

France 3,574 4,017 10,559 10,995

Australia 2,450 2,392 4,875 4,820

Germany 2,465 2,468 7,260 7,016

Belgium 2,302 2,410 4,709 5,059

Australia 2,365 2,448 7,239 7,269

(1) Revenue is determined by primary country of operations.

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

3 unchanged sentences

Divestment Activities

Through June 30, 2024, the Corporation realized proceeds of approximately $ 1.6 billion and net after-tax earnings of $ 0.4 billion from its divestment activities.

Through September 30, 2024, the Corporation realized proceeds of approximately $ 1.8 billion and net after-tax earnings of $ 0.5 billion from its divestment activities.

This included the sale of the Santa Ynez Unit and associated facilities in California, certain conventional and unconventional assets in the United States, as well as other smaller divestments.

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements