FIRST-QUARTER 2022

RESULTS

04.29.22

GUYANA

CAUTIONARY STATEMENT

FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, or expectations in this presentation or the subsequent discussion period are forward-looking statements. Similarly, emission-reduction roadmaps to drive toward net zero 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; earnings, cash flow, and rates of return; 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; technology efforts, including timing and outcome of projects to capture and store CO2 ,

produce biofuels and use plastic waste as recycled feedstock; achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, or Scope 1 and Scope 2 net zero in Upstream Permian operated assets by 2030, the elimination of routine flaring in-line with World Bank Zero Routine Flaring, or the completion of major asset emission-reduction roadmaps; maintenance and turnaround activity; price and margin recovery; shareholder distributions; the ability to access debt markets; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors including global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; the impact of trading activities; policy and consumer support for emission-reduction products and technology; the outcome of competitive bidding and project wins; regulatory actions targeting public companies in the oil and gas industry; changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment; the development and transportation of our products; taxes, trade sanctions, and actions taken in response to pandemic concerns; the pace of regional and global economic recovery from the pandemic and the occurrence and severity of future outbreaks; the ability to realize efficiencies within and across our business

lines and to maintain cost reductions without impairing our competitive positioning; the outcome and timing of exploration and development projects; reservoir performance, including variability in unconventional projects; timely completion of construction projects; war and other security disturbances; actions of consumers and changes in consumer preferences; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of our or competitors' research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading "Factors Affecting Future Results" available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management's knowledge and reasonable expectations at the time of this presentation and we assume no duty to update these statements as of any future date. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact.

Reconciliations and definitions of non-GAAP and other terms are provided in the text or in the supplemental information accompanying these slides beginning on page 19.

SUSTAINABLY GROWING SHAREHOLDER VALUE

Create sustainable solutions that improve quality of life and meet society's evolving needs

Leading Performance | Essential Partner | Advantaged Portfolio | Innovative Solutions | Meaningful Development

  • Building a competitively advantaged production portfolio

    • Achieved Liza Phase 2 first oil, made Yellowtail final investment decision, announced five new Guyana discoveries, and increased the estimated recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels

    • Payara project FPSO construction running ~5 months ahead of schedule; start-up likely before year-end 2023

    • Reached Permian production of ~560 Koebd at end of the first quarter;1 on track for 25% annual increase

    • Executing LNG growth plan; Coral South FLNG commissioning underway with first cargo in 4Q 2022

  • Advancing accretive Low Carbon Solutions initiatives and reducing our own emissions

    • Announced plans for Baytown hydrogen plant and CCS, supporting development of Houston hub

    • Reached final investment decision on expansion of LaBarge CCS facility

    • Received top certification for methane emissions management at Poker Lake

  • Delivering scale and integration benefits through significant business reorganization

    • Combined world-scale Downstream and Chemical organizations to grow high-value products, improve competitiveness, and lead in sustainability

    • Consolidated single technology organization to focus and deploy technologies to highest-value opportunities

    • Central operations and sustainability group optimizing maintenance practices and emission-reduction programs

See Supplemental Information for definitions and footnotes.

MARKET ENVIRONMENT

Crude, natural gas, and refining margins strengthened due to ongoing tight supply / demand balance

PRICES / MARGINS 10-year annual range1

Crude2

Natural gas3

Refining

Chemical

($/bbl)

($/mbtu)

margins4

margins5

($/bbl)

($/tonne)

1Q21

4Q211Q2210-year range

See Supplemental Information for footnotes.

  • Continued tight crude supply with recovering demand

  • Supply uncertainty, low inventory levels, and growing demand further increased natural gas prices

  • Global demand recovery and ongoing supply pressure increasing refining margins

  • Compressed chemical margins due to lag in pricing with rising feed and energy costs

Bottom-of-cycle conditions in Asia Pacific; higher margins in Atlantic Basin

FIRST-QUARTER FINANCIAL RESULTS

Earnings

$8.8 billion

ex. identified items; higher Upstream realizations and refining margins offset by derivative impacts1

Cash flow from operations

$14.8 billion

increased cash balance by $4.3 billion after funding capex, shareholder distributions, and debt reduction

1Reconciliation to U.S. GAAP on page 6.

See Supplemental Information for definitions.

Structural savings

>$5 billion

versus 2019; on track to exceed $9 billion in annual savings by 2023

Debt-to-capital ratio 21% reduced net debt-to-capital to 17%

Capex

$4.9 billion

consistent with full-year range of $21-24 billion

Shareholder distributions

$5.8 billion

including 2/3 dividends and 1/3 share repurchases

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Exxon Mobil Corporation published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 10:41:03 UTC.