What changed in this filing

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Item 1. Financial Statements

2025-05-05 compared with 2024-11-04 · 151 added, 180 removed, 371 unchanged (47% of the section changed)

3 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Revenues and other income

19 unchanged sentences

Earnings (loss) per common share (dollars)

1.92 2.25 6.12 6.98

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

1.92 2.25 6.12 6.98

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

1 unchanged sentence

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Net income (loss) including noncontrolling interests 8,033 8,566

1 unchanged sentence

Foreign exchange translation adjustment 302 ( 1,267 )

Adjustment for foreign exchange translation (gain)/loss

included in net income — 549 — 549

Postretirement benefits reserves adjustment (excluding amortization) ( 34 ) ( 42 )

7 unchanged sentences

(millions of dollars, unless noted)

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Current assets

28 unchanged sentences

Common stock held in treasury

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

( 3,709 million shares at March 31, 2025 and

3,666 million shares at December 31, 2024)

6 unchanged sentences

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(millions of dollars) Nine Months Ended

September 30,

(millions of dollars) Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES

9 unchanged sentences

Other investing activities including collection of advances 93 215

Cash acquired from mergers and acquisitions 754 —

Net cash used in investing activities ( 4,135 ) ( 4,577 )

5 unchanged sentences

Additions/(reductions) in debt with three months or less maturity ( 41 ) ( 5 )

Contingent consideration payments ( 27 ) ( 68 )

Cash dividends to ExxonMobil shareholders ( 4,335 ) ( 3,808 )

1 unchanged sentence

Changes in noncontrolling interests ( 12 ) ( 6 )

Inflows from noncontrolling interests for major projects

Common stock acquired ( 4,804 ) ( 3,011 )

1 unchanged sentence

Effects of exchange rate changes on cash 86 ( 324 )

Increase/(decrease) in cash and cash equivalents ( 4,596 ) 3,308

Cash and cash equivalents at beginning of period 31,568 29,665

Cash and cash equivalents at end of period 26,972 32,973

Increase/(decrease) in cash and cash equivalents (including restricted) ( 4,675 ) 1,781

Cash and cash equivalents at beginning of period (including restricted) 23,187 31,568

Cash and cash equivalents at end of period (including restricted) 18,512 33,349

SUPPLEMENTAL DISCLOSURES

7 unchanged sentences

Finance leases 6 —

Non-Cash Transaction:

The Corporation acquired Pioneer Natural Resources in an all-stock transaction on May 3, 2024, having issued 545 million shares of ExxonMobil common stock having a fair value of $ 63 billion and assumed debt with a fair value of $ 5 billion.

See Note 2 for additional information.

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

2 unchanged sentences

(millions of dollars, unless noted)

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 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

Other ( 2 ) — — — ( 2 ) 59 57

Net income (loss) for the period — 9,070 — — 9,070 276 9,346

Dividends - common shares — ( 3,663 ) — — ( 3,663 ) ( 218 ) ( 3,881 )

Other comprehensive income (loss) — — ( 431 ) — ( 431 ) 64 ( 367 )

Share repurchases, at cost — — — ( 4,456 ) ( 4,456 ) ( 302 ) ( 4,758 )

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

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

Other ( 19 ) — — — ( 19 ) ( 42 ) ( 61 )

Net income (loss) for the period — 8,610 — — 8,610 361 8,971

Dividends - common shares — ( 4,240 ) — — ( 4,240 ) ( 183 ) ( 4,423 )

Other comprehensive income (loss) — — 1,228 — 1,228 86 1,314

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

Dispositions — — — 2 2 — 2

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

(millions of shares)

Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding

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 )

Dispositions — — — — — —

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.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ExxonMobil Share of Equity

(millions of dollars, unless noted)

Common Stock Earnings Reinvested Accumulated Other Comprehensive Income Common Stock Held

8 unchanged sentences

Dispositions — — — 4 4 — 4

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

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

Balance as of December 31, 2024 46,238 470,903 ( 14,619 ) ( 238,817 ) 263,705 6,901 270,606

5 unchanged sentences

Share repurchases, at cost — — — ( 4,852 ) ( 4,852 ) — ( 4,852 )

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

Dispositions — — — 11 11 — 11

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

Balance as of March 31, 2025 46,426 474,290 ( 14,338 ) ( 243,658 ) 262,720 7,086 269,806

Three Months Ended March 31, 2025 Three Months Ended March 31, 2024

Common Stock Share Activity

3 unchanged sentences

Share repurchases, at cost — ( 43 ) ( 43 ) — ( 28 ) ( 28 )

Issued for acquisitions — 545 545 — — —

Dispositions — — — — — —

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

Balance as of March 31 8,019 ( 3,709 ) 4,310 8,019 ( 4,076 ) 3,943

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

4 unchanged sentences

All such adjustments are of a normal recurring nature.

Restricted cash represents sale proceeds required to be set aside by a contractual arrangement for any potential like kind exchange.

The restriction will lapse upon the earlier of completion of the exchange or the expiry of the underlying time period, which is less than one year.

The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

1 unchanged sentence

On May 3, 2024, the Corporation acquired Pioneer Natural Resources Company ("Pioneer"), an independent oil and gas exploration and production company.

The acquisition included over 850 thousand net acres in the Midland Basin of West Texas and proved reserves in excess of 2 billion oil-equivalent barrels.

In connection with the acquisition, we issued 545 million shares of ExxonMobil common stock having a fair value of $ 63 billion on the acquisition date, and assumed debt with a fair value of $ 5 billion.

14 unchanged sentences

(1) Current assets and current liabilities consist primarily of accounts receivable and payable, with their respective fair values approximating historical values given their short-term duration, expectation of insignificant bad debt expense, and our credit rating.

(2) Property, plant and equipment was preliminarily valued using the income approach.

Significant inputs and assumptions used in the income approach included estimates for commodity prices, future oil and gas production profiles, operating expenses, capital expenditures, and a risk-adjusted discount rate.

(2) Property, plant and equipment, of which a significant portion relates to crude oil and natural gas properties, was primarily valued using the income approach.

Significant inputs and assumptions used in the income approach included estimates for commodity prices, future oil and gas production volumes, drilling and development costs, and risk-adjusted discount rates.

Collectively, these inputs are level 3 inputs.

17 unchanged sentences

(1) In June 2024, the Corporation redeemed in full all of the Convertible Senior Notes assumed from Pioneer for an amount consistent with the acquisition date fair value.

Actual and Pro Forma Impact of Merger

The following table presents revenues and earnings for Pioneer since the acquisition date (May 3, 2024), for the periods presented:

(millions of dollars)

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

Sales and other operating revenues 6,291 10,663

Net income (loss) attributable to ExxonMobil 615 1,013

The following table presents unaudited pro forma information for the Corporation as if the merger with Pioneer had occurred at the beginning of January 1, 2023:

(millions of dollars)

Three Months Ended

September 30, Nine Months Ended

September 30,

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

Net income (loss) attributable to ExxonMobil 8,610 10,049 26,866 30,712

The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the merger and factually supportable.

The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2023.

In addition, the unaudited pro forma consolidated results reflect pro forma adjustments primarily related to conforming Pioneer's accounting policies to ExxonMobil, additional depreciation expense related to the fair value adjustment of the acquired property, plant and equipment, our capital structure, Pioneer's transaction-related costs, and applicable income tax impacts of the pro forma adjustments.

Our transaction costs to effect the acquisition were immaterial.

Litigation and Other Contingencies

15 unchanged sentences

Other Contingencies

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.

The Corporation and certain of its consolidated subsidiaries were contingently liable at March 31, 2025, 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.

September 30, 2024

March 31, 2025

(millions of dollars) Equity Company

19 unchanged sentences

Total change in accumulated other comprehensive income ( 1,138 ) ( 42 ) ( 1,180 )

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

Balance as of March 31, 2024 ( 14,194 ) 1,025 ( 13,169 )

Balance as of December 31, 2024 ( 16,166 ) 1,547 ( 14,619 )

3 unchanged sentences

Total change in accumulated other comprehensive income 295 ( 14 ) 281

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

Balance as of March 31, 2025 ( 15,871 ) 1,533 ( 14,338 )

(2) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $( 99 ) million and $ 84 million in 2025 and 2024, respectively.

3 unchanged sentences

Three 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

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Foreign exchange translation adjustment 59 ( 75 )

4 unchanged sentences

Earnings per common share Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Net income (loss) attributable to ExxonMobil (millions of dollars)

8,610 9,070 26,070 28,380

Weighted-average number of common shares outstanding (millions of shares) (1)

4,462 4,025 4,260 4,064

Earnings (loss) per common share (dollars) (2)

1.92 2.25 6.12 6.98

Dividends paid per common share (dollars)

0.95 0.91 2.85 2.73

(1) Includes restricted shares not vested as well as 545 million shares issued for the Pioneer merger on May 3, 2024.

(1) Includes restricted shares not vested.

(2) Earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

1 unchanged sentence

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Components of net benefit cost

22 unchanged sentences

Financial Instruments and Derivatives

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

The estimated fair value of financial instruments and derivatives at March 31, 2025 and December 31, 2024, and the related hierarchy level for the fair value measurement was as follows:

March 31, 2025

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

45 unchanged sentences

(6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs.

The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.

The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company.

(7) Included in the Balance Sheet line:

1 unchanged sentence

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

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.

At March 31, 2025 and December 31, 2024, respectively, the Corporation had $ 538 million and $ 491 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 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.

As of March 31, 2025, 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.

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 $ 1,613 million as of the end of third quarter 2024.

The Corporation had undrawn short-term committed lines of credit of $ 0.2 billion and undrawn long-term committed lines of credit of $ 1.0 billion as of the end of first quarter 2025.

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 September 30, 2024 and December 31, 2023, or results of operations for the periods ended September 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 March 31, 2025 and December 31, 2024, or results of operations for the periods ended March 31, 2025 and 2024.

The Corporation operates a program to hedge certain of its fixed-rate debt instruments against changes in fair value due to changes in the designated benchmark interest rate.

This program utilizes fair value hedge accounting.

The derivative (hedging) instruments are fixed-for-floating interest rate swaps, with settlement dates that correspond to the interest payments associated with the fixed-rate debt (hedged item).

Changes in the fair values of the hedging instruments are perfectly offset by changes in the fair values of the hedged items;

the effects of these changes in fair values are recorded in "Interest expense" in the Consolidated Statement of Income.

This program was not material to the Consolidated Financial Statements as of the end of first quarter 2025.

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 September 30, 2024 and December 31, 2023, was as follows:

(millions) September 30, 2024 December 31, 2023

The net notional long/(short) position of derivative instruments at March 31, 2025 and December 31, 2024, was as follows:

(millions) March 31, 2025 December 31, 2024

Crude oil (barrels) 35 13

3 unchanged sentences

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Sales and other operating revenue 19 ( 792 )

2 unchanged sentences

Disclosures about Segments and Related Information

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Earnings (Loss) After Income Tax

United States 1,686 1,566 5,170 4,118

4,472 4,559 13,722 13,041

Energy Products

United States 517 1,356 1,803 4,794

792 1,086 1,828 4,141

Chemical Products

United States 367 338 1,397 1,148

526 ( 89 ) 1,060 300

Specialty Products

United States 375 326 1,226 1,150

419 293 1,080 914

Corporate and Financing ( 544 ) ( 365 ) ( 1,216 ) ( 1,226 )

Corporate total 8,610 9,070 26,070 28,380

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

Three Months Ended March 31, 2025

Revenues and other income

Sales and other operating revenue 7,318 3,960 23,885 36,077 2,022 3,385 1,367 3,025 81,039

United States 7,111 2,587 16,030 7,030

Income from equity affiliates 4 1,247 36 1 23 140 — ( 22 ) 1,429

Intersegment revenue 6,556 9,850 4,624 6,672 1,675 739 549 114 30,779

Other income ( 135 ) 374 56 24 1 ( 1 ) — 27 346

Segment revenues and other income 13,743 15,431 28,601 42,774 3,721 4,263 1,916 3,144 113,593

Costs and other items

Crude oil and product purchases 5,429 3,261 25,106 35,046 2,154 3,015 997 2,079 77,087

Operating expenses, excl.

depreciation and depletion (1)

2,763 2,281 2,082 2,159 1,063 1,084 472 570 12,474

Energy Products

United States 25,536 27,251 76,754 78,303

Depreciation and depletion (includes impairments) 3,038 1,689 195 173 145 122 27 38 5,427

Interest expense 37 6 — 1 — — — — 44

Other taxes and duties 64 539 787 4,562 16 22 2 44 6,036

Total costs and other deductions 11,331 7,776 28,170 41,941 3,378 4,243 1,498 2,731 101,068

Segment income (loss) before income taxes

2,412 7,655 431 833 343 20 418 413 12,525

Chemical Products

United States 2,200 1,924 6,607 5,945

Income tax expense (benefit) 542 2,598 94 187 88 ( 6 ) 96 77 3,676

Segment net income (loss) incl.

noncontrolling interests 1,870 5,057 337 646 255 26 322 336 8,849

Net income (loss) attributable to noncontrolling interests — 171 40 116 — 8 — 3 338

Segment income (loss) 1,870 4,886 297 530 255 18 322 333 8,511

Reconciliation of consolidated revenues

Segment revenues and other income 113,593

Other revenues (2)

Elimination of intersegment revenues ( 30,779 )

Total consolidated revenues and other income 83,130

Reconciliation of income (loss) attributable to ExxonMobil

Total segment income (loss) 8,511

Corporate and Financing income (loss) ( 798 )

Net income (loss) attributable to ExxonMobil 7,713

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

Three Months Ended March 31, 2025

Additions to property, plant and equipment (3)

2,780 2,022 116 228 145 117 49 53 5,510

Specialty Products

United States 1,455 1,503 4,462 4,613

As of March 31, 2025

Investments in equity companies 4,933 21,359 454 923 2,998 2,663 — 805 34,135

Total assets 153,432 136,606 33,105 46,181 17,400 18,023 2,837 8,334 415,918

Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total

Three Months Ended March 31, 2025

Additions to property, plant and equipment (3)

5,510 519 6,029

Corporate and Financing 25 31 74 43

Corporate total 87,792 88,570 258,189 253,009

As of March 31, 2025

Investments in equity companies 34,135 ( 132 ) 34,003

Total assets 415,918 35,990 451,908

(1) Operating expenses, excl.

depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement:

Production and manufacturing expenses;

Selling, general and administrative expenses;

Exploration expenses, including dry holes;

and Non-service pension and postretirement benefit expense.

(2) Primarily Corporate and Financing Interest revenue of $ 363 million.

(3) Includes non-cash additions.

Due to rounding, numbers presented may not add up precisely to the totals indicated.

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

Three Months Ended March 31, 2024

Revenues and other income

Sales and other operating revenue 2,190 3,526 24,803 39,409 2,194 3,646 1,469 3,150 80,387

Income from equity affiliates ( 105 ) 1,708 33 25 57 205 — ( 9 ) 1,914

Intersegment revenue 5,988 9,980 6,558 6,752 1,865 1,025 655 164 32,987

United States 6,672 5,091 18,205 15,091

10,543 10,532 31,566 28,343

Energy Products

United States 5,500 6,724 18,595 17,249

Other income ( 39 ) 137 43 19 1 5 3 32 201

Segment revenues and other income 8,034 15,351 31,437 46,205 4,117 4,881 2,127 3,337 115,489

Costs and other items

Crude oil and product purchases 2,993 2,483 27,276 38,351 2,291 3,351 1,146 2,285 80,176

Operating expenses, excl.

depreciation and depletion (1)

1,727 2,630 2,014 2,138 991 1,060 428 535 11,523

Chemical Products

United States 1,864 2,231 5,679 6,103

Depreciation and depletion expense 1,842 2,035 196 189 159 109 22 39 4,591

Interest expense 28 15 1 2 — — — 1 47

Other taxes and duties 98 613 820 4,703 17 19 2 52 6,324

Total costs and other deductions 6,688 7,776 30,307 45,383 3,458 4,539 1,598 2,912 102,661

Segment income (loss) before income taxes 1,346 7,575 1,130 822 659 342 529 425 12,828

Income tax expense (benefit) 292 2,825 236 138 155 50 125 63 3,884

Segment net income (loss) incl.

noncontrolling interests 1,054 4,750 894 684 504 292 404 362 8,944

Net income (loss) attributable to noncontrolling interests — 144 58 144 — 11 — 5 362

Segment income (loss) 1,054 4,606 836 540 504 281 404 357 8,582

Reconciliation of consolidated revenues

Segment revenues and other income 115,489

Other revenues (2)

Elimination of intersegment revenues ( 32,987 )

Total consolidated revenues and other income 83,083

Reconciliation of income (loss) attributable to ExxonMobil

Total segment income (loss) 8,582

Corporate and Financing income (loss) ( 362 )

Net income (loss) attributable to ExxonMobil 8,220

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

Three Months Ended March 31, 2024

Additions to property, plant and equipment (3)

2,028 1,664 142 321 100 235 14 58 4,562

Specialty Products

United States 545 594 1,834 1,958

As of December 31, 2024

Investments in equity companies 4,884 21,396 444 915 3,016 2,649 — 814 34,118

Total assets 154,914 134,609 32,143 43,399 17,445 17,692 2,882 8,040 411,124

Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total

Three Months Ended March 31, 2024

Additions to property, plant and equipment (3)

4,562 512 5,074

Corporate and Financing 111 39 261 167

As of December 31, 2024

Investments in equity companies 34,118 ( 108 ) 34,010

Total assets 411,124 42,351 453,475

(1) Operating expenses, excl.

depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement:

Production and manufacturing expenses;

Selling, general and administrative expenses;

Exploration expenses, including dry holes;

and Non-service pension and postretirement benefit expense.

(2) Primarily Corporate and Financing Interest revenue of $ 474 million.

(3) Includes non-cash additions.

Due to rounding, numbers presented may not add up precisely to the totals indicated.

Revenue from Contracts with Customers

Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606.

Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606.

Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives.

Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.

Sales and other operating revenue

(millions of dollars)

Three Months Ended

Revenue from contracts with customers 56,931 58,419

Revenue outside the scope of ASC 606 24,127 21,992

Total 81,058 80,411

Geographic Sales and Other Operating Revenue

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

United States 34,607 30,656

6 unchanged sentences

Singapore 3,833 4,018

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

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

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

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

1 unchanged sentence

operations where attribution to a specific country is not practicable.

Revenue from Contracts with Customers

Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606.

Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606.

Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives.

Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.

Sales and other operating revenue

(millions of dollars)

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Revenue from contracts with customers 63,594 68,533 186,194 196,159

Revenue outside the scope of ASC 606 24,198 20,037 71,995 56,850

Total 87,792 88,570 258,189 253,009

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.

Through March 31, 2025, the Corporation realized proceeds of approximately $ 1.8 billion and net after-tax earnings of approximately $ 0.2 billion from its divestment activities.

This included the sale of select conventional assets in Texas and New Mexico, Mobil Argentina S.A., as well as other smaller divestments.

In 2024, the Corporation realized proceeds of approximately $ 5.0 billion and recognized net after-tax earnings of approximately $ 1.0 billion from its divestment activities.

This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments.

In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited.

The agreement is subject to certain conditions precedent and government approvals.

In mid-2022, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company.

In June 2024, the court order was lifted and arbitration suspended.

The closing date and any loss on sale will depend on resolution of the conditions precedent and government approvals.

This included the sale of the Santa Ynez Unit and associated facilities in California, Mobil Producing Nigeria Unlimited, ExxonMobil Exploration Argentina, the Fos-sur-Mer Refinery (France), the Adriatic LNG terminal (Italy), and certain conventional and unconventional assets in the United States, as well as other smaller divestments.

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