Expects to deliver growth potential of $20
billion in earnings and $30 billion in cash flow1
Key elements of ExxonMobil’s 2030 plan:
- Increasing Pioneer acquisition average annual synergies by over
50% to more than $3 billion2
- Growing new business earnings potential to $3 billion3
- Adding $7 billion more in structural cost savings vs.
3Q2024
- Increasing Upstream production to 5.4 million oil-equivalent
barrels per day with >60% from advantaged assets
- Growing high-value product sales 80% vs. 2024 that contribute
over 40% of 2030 earnings potential for Product Solutions
- Pursuing up to $30 billion in lower emissions investment
opportunities4
- Investing $27-$29 billion of cash capex in 2025 and $28-$33
billion annually in 2026-2030 to progress attractive long-term
opportunities, with base planned capex roughly flat and
reinvestment rate declining to 40% from 50% over the plan
period5
ExxonMobil today announced its Corporate Plan to 2030, creating
a platform to further extend the company’s track record of
delivering leading shareholder value. The plan reflects the
company’s strategy to leverage its unique set of competitive
advantages and unrivaled opportunities to create significant upside
potential for shareholders. The company expects to deliver
incremental growth potential of $20 billion in earnings and $30
billion in cash flow driven by investing in competitively
advantaged opportunities, continued excellence in execution, and
disciplined cost and capital management.1
“ExxonMobil has a unique set of highly valuable competitive
advantages that equip us to do what few companies have ever done –
create world-scale solutions to society’s biggest challenges,
decade after decade,” said Darren Woods, ExxonMobil Chairman and
CEO. “Our steadfast commitment to strengthening these advantages,
including an unwavering investment in technology, has led to a
history of innovative solutions that meet society’s critical needs,
reduce costs, and grow high-value products. That’s a formula for
profitable growth and shareholder value through and beyond 2030 –
no matter the pace and scale of the energy transition – that truly
puts us in a league of our own.”
Consistent execution of ExxonMobil’s strategy and business
transformation over the past five years has substantially
strengthened its earnings power. On a constant price and margin
basis, the company is generating more than $15 billion in earnings
and more than $20 billion in cash flow vs. 2019, and has delivered
structural cost savings of more than $11 billion year-to-date vs.
2019.6 Cash flow has grown faster than that of any other integrated
oil company (IOC) over the past three- and five-year periods.7 That
outperformance has translated to shareholder value – ExxonMobil’s
total shareholder return leads IOCs year-to-date and over the last
three- and five-year periods.8
Financial strength
Over the next six years, the company expects to generate an
additional $20 billion in earnings potential and $30 billion in
cash flow potential.1 It plans to grow earnings at a CAGR of 10%
and cash flow at 8% and has plans to achieve an additional $7
billion in structural cost savings by simplifying business
processes, optimizing supply chains, further enhancing maintenance
turnaround processes, and modernizing information technology and
data management systems.
The Company’s capital allocation approach prioritizes
competitively advantaged, high-return, low-cost-of-supply
investments. In 2025, the company expects cash capital expenditures
to be in the range of $27 to $29 billion, reflecting the first full
year of Pioneer in the portfolio and investment to build new
businesses with base capex remaining flat. From 2026 to 2030, base
capex is consistent, while capex growth is driven by progressing
advantaged, long-term opportunities in new businesses, and a few
early-stage large projects in the company’s traditional businesses.
The reinvestment rate relative to expected cash flow declines 10
percentage points over the plan period.5
“Through 2030, we plan to deploy about $140 billion to major
projects and the Permian Basin development program,” added Woods.
“We expect this capital to generate returns of more than 30% over
the life of the investments.9 Strong investment returns have driven
42 consecutive years of annual dividend growth, a claim only 4% of
the S&P 500 can make. This is why, when we list our capital
allocation priorities, investing in accretive growth always comes
first.”
Cash flow and earnings growth generate a further $165 billion in
surplus cash over the plan period driving increased shareholder
distributions.10 ExxonMobil has increased its annual dividend per
share for 42 consecutive years, and recently increased its
quarterly dividend by 4 cents per share effective this quarter. The
company continues to expect to repurchase shares at a $20 billion
annual pace in 2025, and today announced plans for a further $20
billion of share repurchases in 2026, assuming reasonable market
conditions.
Upstream
ExxonMobil continues to strengthen its Upstream portfolio of
advantaged assets that offer lower cost of supply and higher
returns. By 2030, at a 2024 dollar real Brent price of $65 per
barrel, a real Henry Hub price of $3 per mmbtu, and a real TTF
price of $6.50 per mmbtu, the company plans to deliver an
additional $9 billion in Upstream annual earnings potential – more
than 50% higher than in 2024.
With the Pioneer acquisition, the company reached its target of
having more than 50% of its total Upstream production from
advantaged assets (Permian, Guyana, and LNG) three years earlier
than planned. By 2030, more than 60% of the company’s production is
expected to come from these advantaged assets, which are expected
to grow by an additional 1.2 million oil-equivalent barrels per day
(Moebd) during that period. Total Upstream production is expected
to reach 5.4 Moebd by 2030, even as the company plans to lower its
operated Upstream emissions intensity 40-50% versus 2016.11
Following its acquisition and integration of Pioneer, ExxonMobil
expects to achieve more than $3 billion in annual synergies, a more
than 50% increase from prior guidance. The company now has the
largest contiguous acreage position in the Permian Basin with
double the number of low-cost net drilling locations versus the
next closest competitor.12 The company is applying its technology
advantage to increase capital efficiency and resource recovery and
expects to roughly double production in the Permian Basin to
approximately 2.3 Moebd by 2030.
ExxonMobil also announced plans for two additional developments
in Guyana, Hammerhead and Longtail, bringing the total number of
developments to eight by 2030. Total production capacity in Guyana,
on an investment basis, is expected to reach 1.7 million barrels
per day with gross production growing to 1.3 million barrels per
day by 2030.
ExxonMobil has four world-class LNG projects under development
and expects to surpass 40 million metric tons per annum of LNG
sales by 2030. The addition of these projects further expands the
company’s global LNG footprint and market access. The company
expects to achieve first LNG sales from the Golden Pass development
in the United States and from the Qatar North Field East expansion
project near the end of 2025. It also is targeting final investment
decisions at Papua New Guinea’s Papua project in 2025 and at
Mozambique’s Rovuma development in 2026.
Product Solutions
ExxonMobil’s Product Solutions business is expected to grow
annual earnings potential by an additional $8 billion by 2030, at
average 2010-2019 margins – a 10% CAGR. About half of the earnings
growth is expected to come from advantaged projects and high-value
products to meet society’s needs today and well into the
future.
The company is on track to start up six advantaged projects in
2025, as many as in the prior five years combined. These projects
drive significant volume and mix improvements and include the China
chemical complex; a hydrofiner in Fawley, U.K.; the Singapore resid
upgrade project; a renewable diesel project in Strathcona, Canada;
additional advanced plastics recycling units in Baytown, Texas; and
an expansion of the ProxximaTM thermoset resin manufacturing
facilities in East Texas.
ProxximaTM has unique properties that will drive substitution in
existing markets and expand into new applications like structural
composites and steel substitutes – areas where traditional resins
struggle to compete. The company is investing in facilities to
produce more ProxximaTM feedstock with plans to ramp up capacity to
nearly 200,000 metric tons per year by 2030.
ExxonMobil also is growing its carbon materials venture to
capture attractive opportunities in battery anode markets.
ExxonMobil developed an advanced coke product that delivers a
higher performance, differentiated graphite. The result is a
battery with up to 30% higher capacity, 30% faster charging time,
and extended battery life. The company is working with automobile
manufacturers to test this new product, with plans to have its
first commercial-scale plant online in 2028 to meet the growing
demand for electric vehicle batteries and their components.
Low Carbon Solutions
ExxonMobil is pursuing up to $30 billion of low emission
opportunities between 2025 and 2030, with almost 65% spent on
reducing emissions for third-party customers. Execution of these
opportunities is contingent on the right policy and regulation as
well as continued technology and market development. ExxonMobil is
pacing investments in new ventures to balance opportunities and
risks as markets develop.
ExxonMobil’s Low Carbon Solutions business focuses on three
primary verticals: carbon capture and storage, hydrogen, and
lithium. These opportunities align with ExxonMobil’s core
competencies.
The company is developing the world’s first large-scale carbon
capture and storage system, which includes a high-capacity CO2
pipeline network connecting emitters from many industries to
permanent subsurface storage capacity throughout the U.S. Gulf
Coast.
ExxonMobil expects its low-carbon hydrogen facility in Baytown
to be the world’s largest, producing up to 1 billion cubic feet of
virtually carbon-free hydrogen per day with about 98% of the CO2
captured and stored. Some of this hydrogen will be used to produce
over a million metric tons per year of low-carbon ammonia. The
company is working toward a final investment decision in 2025 with
the potential to start operations in 2029.
The company is building foundational projects that work with the
right policy, today’s technology, and today’s infrastructure. At
the same time, ExxonMobil is developing new technologies to reduce
the cost of emission reductions, which is the only way to achieve
deployment at scale. With supportive policy and growing market
interest, the company expects its Low Carbon Solutions business to
grow earnings contributions by $2 billion in 2030 versus 2024.
Supporting materials for this press release are available on the
ExxonMobil Investor Relations site.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product
Solutions and Low Carbon Solutions – provide products that enable
modern life, including energy, chemicals, lubricants, and lower
emissions technologies. ExxonMobil holds an industry-leading
portfolio of resources, and is one of the largest integrated fuels,
lubricants, and chemical companies in the world. ExxonMobil also
owns and operates the largest CO2 pipeline network in the United
States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas
emission-reduction plans for 2030 for operated assets, compared to
2016 levels. The plans are to achieve a 20-30% reduction in
corporate-wide greenhouse gas intensity; a 40-50% reduction in
greenhouse gas intensity of upstream operations; a 70-80% reduction
in corporate-wide methane intensity; and a 60-70% reduction in
corporate-wide flaring intensity.
With advancements in technology and the support of clear and
consistent government policies, ExxonMobil aims to achieve net-zero
Scope 1 and 2 greenhouse gas emissions from its operated assets by
2050. To learn more, visit exxonmobil.com and ExxonMobil’s
Advancing Climate Solutions.
Follow us on LinkedIn.
Cautionary Statement
FORWARD-LOOKING STATEMENTS. Statements of future events,
conditions, expectations, plans, performance, earnings power,
opportunities, potential addressable markets, ambitions, or results
in this release are forward-looking statements. Similarly,
discussions of future projects or markets for carbon capture,
transportation, and storage, biofuels, hydrogen, ammonia, lithium,
direct air capture, and other low carbon business plans to reduce
emissions and emission intensity of ExxonMobil, its affiliates, or
third parties are dependent on future market factors, such as
continued technological progress, stable policy support, and timely
rule-making and permitting, and represent forward-looking
statements. Actual future results, including financial and
operating performance; potential earnings, cash flow, surplus cash,
dividends, share repurchases, or shareholder returns; total cash
capital expenditures and mix, including allocations of capital to
low carbon investments; realization and maintenance of structural
cost reductions and efficiency gains, including the ability to
offset inflationary pressures; plans to reduce future emissions and
emissions intensity; ambitions to reach Scope 1 and Scope 2 net
zero from operated assets by 2050, to reach Scope 1 and 2 net zero
in heritage Upstream Permian Basin unconventional operated assets
by 2030 and Pioneer Permian assets by 2035, to eliminate routine
flaring in-line with World Bank Zero Routine Flaring, to reach
near-zero methane emissions from operated assets and other methane
initiatives, to meet ExxonMobil’s emission reduction plans and
goals, divestment and start-up plans, and associated project plans
as well as technology advances, including in the timing and outcome
of projects to capture and store CO2, produce hydrogen and ammonia,
produce biofuels, produce lithium, create new advanced carbon
materials, and use plastic waste as feedstock for advanced
recycling; maintenance and turnaround activity; drilling and
improvement programs; price and margin recovery; planned Pioneer or
Denbury integration benefits; resource recoveries and production
rates; and product sales levels and mix could differ materially due
to a number of factors. These include global or regional changes in
oil, gas, petrochemicals, or feedstock prices, differentials,
seasonal fluctuations, or other market or economic conditions
affecting the oil, gas, and petrochemical industries and the demand
for our products; new or changing government policies for lower
carbon and new market investment opportunities, or policies
limiting the attractiveness of investments such as European taxes
on energy and unequal support for different methods of carbon
capture; consumer preferences including willingness and ability to
pay for reduced emissions products; variable impacts of trading
activities; the outcome of competitive bidding and project awards;
regulatory actions targeting public companies in the oil and gas
industry; the development or changes in local, national, or
international laws, regulations, and policies affecting our
business including with respect to the environment, taxes, and
trade sanctions; adoption of regulatory rules consistent with
written laws; the ability to realize efficiencies within and across
our business lines and to maintain current cost reductions as
efficiencies without impairing our competitive positioning;
decisions to invest in future reserves; reservoir performance,
including variability and timing factors applicable to
unconventional projects and the success of new unconventional
technologies; the level, outcome, and timing of exploration and
development projects and decisions to invest in future resources;
timely completion of construction projects; war, civil unrest,
attacks against the company or industry, and other political or
security disturbances; expropriations, seizures, and capacity,
insurance, or shipping limitations by foreign governments or
international embargoes; changes in market strategy by national oil
companies; opportunities for and regulatory approval of investments
or divestments; the outcome of other energy companies’ 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 Form 10-K and under the heading “Factors
Affecting Future Results” available under the “Earnings” tab
through the “Investors” page of our website at www.exxonmobil.com.
All forward-looking statements are based on management’s knowledge
and reasonable expectations at the time of this release 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.
Supplemental Information
See the Supplemental Information below through the end of this
press release for additional important information required by
Regulation G for non-GAAP measures, measures that the company
considers useful to investors, and definitions of terms used in
herein, including cash capex; cash opex excluding energy and
production taxes; earnings and cash flow ex. identified items and
working capital / other adjusted to 2024 $65/bbl real Brent and
10-year average Energy, Chemical, and Specialty Products margins;
operating costs; shareholder distributions; and structural cost
savings. Supplemental Information also includes information on the
assumptions used in these materials, including assumptions on
future crude oil prices and product margins used to develop
outlooks regarding future potential outcomes of current management
plans.
IMPORTANT INFORMATION AND ASSUMPTIONS REGARDING CERTAIN
FORWARD-LOOKING STATEMENTS. For all price point comparisons, unless
otherwise indicated, we assume $65/bbl Brent crude prices, $3/mmbtu
Henry Hub gas prices, and $6.5/mmbtu TTF gas prices. Unless
otherwise specified, crude prices are Brent prices. These are used
for clear comparison purposes and are not necessarily
representative of management’s internal price assumptions. Crude
and natural gas prices for future years are adjusted for inflation
(assumption of 2.5%) from 2024. Operating costs and capex are also
inflated consistent with plans done on a country-by-country basis.
Energy, Chemical, and Specialty Product margins reflect annual
historical averages for the 10-year period from 2010-2019 unless
otherwise stated. Lower emissions returns are calculated based on
current and potential future government policies based on
ExxonMobil projections as of the date of this presentation. These
prices are not intended to reflect management’s forecasts for
future prices or the prices we use for internal planning purposes.
Unless otherwise indicated, asset sales and proceeds and Corporate
and Financing expenses are aligned with our internal planning.
Corporate and Financing expenses reflect estimated potential debt
levels under various disclosed scenarios. All references to
production rates, project capacity, resource size, and acreage are
on a net basis, unless otherwise noted. All references to tons
refer to metric tons, unless otherwise noted.
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, operated by others, and partner are used to indicate
business and other relationships involving common activities and
interests, and those words may not indicate precise legal
relationships.
Competitor data and ExxonMobil data used for comparisons to
competitor data are sourced from publicly available information and
FactSet and are done so consistently for each company in the
comparison. Future competitor data and future ExxonMobil data used
for comparison to future competitor data, unless otherwise noted,
are sourced from FactSet and have not been independently verified
by ExxonMobil or any third party. We note that certain competitors
report financial information under accounting standards other than
U.S. GAAP (i.e., IFRS).
Our capital allocation plans do not extend beyond 2030.
Statements about our businesses that reference periods beyond 2030
are made on a basis consistent with ExxonMobil’s Global Outlook,
which is publicly available on our website.
Frequently Used Terms and Non-GAAP Measures
Advantaged assets (Advantaged growth projects). When used
in reference to our Upstream business, includes Permian (heritage
Permian and Pioneer), Guyana, and LNG.
Advantaged projects. Capital projects and programs of
work that contribute to Energy, Chemical, and/or Specialty Products
segments that drive integration of segments/businesses, increase
yield of higher value products, or deliver higher than average
returns.
Capital and exploration expenditures (Capital expenditures,
Capex). Represents the combined total of additions at cost to
property, plant and equipment, and exploration expenses on a
before-tax basis from the Consolidated Statement of Income.
ExxonMobil’s Capex includes its share of similar costs for equity
companies. Capex excludes assets acquired in nonmonetary exchanges,
the value of ExxonMobil shares used to acquire assets, and
depreciation on the cost of exploration support equipment and
facilities recorded to property, plant and equipment when acquired.
While ExxonMobil’s management is responsible for all investments
and elements of net income, particular focus is placed on managing
the controllable aspects of this group of expenditures.
Cash capital expenditures (Cash Capex) (Non-GAAP). Sum of
Additions to property, plant and equipment; Additional investments
and advances; and Other investing activities including collection
of advances; reduced by Inflows from noncontrolling interests for
major projects, each from the Consolidated Statement of Cash Flows.
Prior to fourth quarter 2024, Inflows from noncontrolling interests
for major projects was included within Changes in noncontrolling
interests on the Consolidated Statement of Cash Flows. This measure
is useful for investors to understand the current period cash
impact of investments in the business.
Cash operating expenses (cash opex) excluding energy and
production taxes (non-GAAP). Subset of total operating costs
that are stewarded internally to support management’s oversight of
spending over time. This measure is useful for investors to
understand our efforts to optimize cash through disciplined expense
management for items within management’s control.
Compound annual growth rate (CAGR). Represents the
consistent rate at which an investment or business result would
have grown had the investment or business result compounded at the
same rate each year.
Distributions to shareholders (shareholder
distributions). The Corporation distributes cash to
shareholders in the form of both dividends and share purchases.
Shares are acquired to reduce shares outstanding and to offset
shares or units settled in shares issued in conjunction with
company benefit plans and programs. For the purposes of calculating
distributions to shareholders, the Corporation includes only the
cost of those shares acquired to reduce shares outstanding.
Divestments. Refers to asset sales; results include
associated cash proceeds and production impacts, as applicable, and
are consistent with our internal planning.
Earnings (loss) excluding Identified Items (Earnings ex.
Ident. Items) (non-GAAP). Earnings (loss) excluding
individually significant non-operational events with, typically, 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. Earnings
(loss) excluding Identified Items does include non-operational
earnings events or impacts that are generally below the $250
million threshold utilized for Identified Items. When the effect of
these events is significant in aggregate, it is indicated in
analysis of period results as part of quarterly earnings press
release and teleconference materials. Management uses these figures
to improve comparability of the underlying business across multiple
periods by isolating and removing significant non-operational
events from business results. The Corporation believes this view
provides investors increased transparency into business results and
trends and provides investors with a view of the business as seen
through the eyes of management. Earnings (loss) excluding
Identified Items is not meant to be viewed in isolation or as a
substitute for net income (loss) attributable to ExxonMobil as
prepared in accordance with U.S. GAAP.
Heritage Permian. Permian basin assets excluding assets
acquired as part of the acquisition of Pioneer Natural Resources
that closed in May 2024.
High-value products. Includes performance products and
lower-emissions fuels.
Industry-leading results (industry-leading returns,
industry-leading financial performance, industry-leading
shareholder value). Includes our leadership in metrics such as
earnings, cash flow, dividends paid, share buybacks, and total
shareholder return versus the IOCs. Similar terms, such as
industry-leading performance or industry-leading shareholder value,
refer to our leadership versus the IOCs in metrics such as
production or individual terms such as return on capital employed
and total shareholder return as applicable in the context
presented.
IOCs. Unless stated otherwise, IOCs include each of BP,
Chevron, Shell, and TotalEnergies.
Lower-emission fuels. Fuels with lower life cycle
emissions than conventional transportation fuels for gasoline,
diesel, and jet transport.
Operating costs (Opex) (non-GAAP). Operating costs are
the costs during the period to produce, manufacture, and otherwise
prepare the company’s products for sale – including energy,
staffing, and maintenance costs. They exclude the cost of raw
materials, taxes, and interest expense and are on a before-tax
basis. While ExxonMobil’s management is responsible for all revenue
and expense elements of net income, operating costs, as defined
above, represent the expenses most directly under management’s
control, and therefore are useful for investors and ExxonMobil
management in evaluating management’s performance.
Performance products (performance chemicals, performance
lubricants). Refers to products that provide differentiated
performance for multiple applications through enhanced properties
versus commodity alternatives and bring significant additional
value to customers and end-users.
Project. The term “project” as used in this presentation
can refer to a variety of different activities and does not
necessarily have the same meaning as in any government payment
transparency reports. Projects or plans may not reflect investment
decisions made by the company. Individual opportunities may advance
based on a number of factors, including availability of supportive
policy, technology for cost-effective abatement, and alignment with
our partners and other stakeholders. The company may refer to these
opportunities as projects in external disclosures at various stages
throughout their progression.
Reinvestment rate. Cash capex as a percentage of cash
flow from operations excluding identified items and working capital
/ other.
Returns, rate of return, investment returns, project returns,
IRR. Unless referring specifically to ROCE or external data,
references to returns, rate of return, IRR, and similar terms mean
future discounted cash flow returns on future capital investments
based on current company estimates. Investment returns exclude
prior exploration and acquisition costs.
Structural cost savings (structural cost reductions,
structural cost efficiencies, structural efficiencies, structural
cost improvements). Structural cost savings describe decreases
in cash opex excluding energy and production taxes as a result of
operational efficiencies, workforce reductions, divestment-related
reductions, and other cost-savings measures, that are expected to
be sustainable compared to 2019 levels. Relative to 2019, estimated
cumulative structural cost savings totaled $11.3 billion as of
September 30, 2024. The total change between periods in expenses
will reflect both structural cost savings and other changes in
spend, including market factors, such as inflation and foreign
exchange impacts, as well as changes in activity levels and costs
associated with new operations, mergers and acquisitions, new
business venture development, and early-stage projects. Estimates
of cumulative annual structural savings may be revised depending on
whether cost reductions realized in prior periods are determined to
be sustainable compared to 2019 levels. Structural cost savings are
stewarded internally to support management’s oversight of spending
over time. This measure is useful for investors to understand our
efforts to optimize spending through disciplined expense
management.
Structural earnings improvements (structural improvements,
growing earnings power, improved earnings power). Structural
earnings improvements consist of efforts to improve earnings on a
like-for-like price and margin basis and incorporate improvement
efforts by the corporation such as growing advantaged assets,
improving mix, and reducing structural costs.
Synergies. Synergies refer to pre-tax increases in cash
flow due to factors such as higher resource recovery, lower
development costs, lower operating costs, among others.
Technology investments. Expenditures to fund and support
the activities of the ExxonMobil Technology and Engineering
Company, which includes research, development, engineering, and
information technology. Other technology expenditures are not
included in the definition for this disclosure.
Total shareholder return (TSR). For the purposes of this
disclosure, total shareholder return is as defined by FactSet and
measures the change in value of an investment in common stock over
a specified period of time, assuming dividend reinvestment. For
this purpose, FactSet assumes dividends are reinvested in stock at
market prices on the ex-dividend date. Unless stated otherwise,
total shareholder return is quoted on an annualized basis.
Supplemental Information
Reconciliation of 2019 Earnings and
Cash Flow from Operations
2019 Earnings (Billion USD)
TOTAL
Earnings (U.S. GAAP)
14.3
Asset Management
(3.7)
Impairment
0.0
Tax / Other Items
(1.1)
Earnings ex. Identified Items
9.6
Adjustment to 2024 $65/bbl real Brent and
10-year average Energy, Chemical, and Specialty Product margins
0.6
Earnings, ex. identified items and
adjusted to 2024 $65/bbl real Brent and 10-year average Energy,
Chemical, and Specialty Product margins
10.2
2019 Cash Flow from Operations (Billion
USD)
Earnings, ex. identified items and
adjusted to 2024 $65/bbl real Brent and 10-year average Energy,
Chemical, and Specialty Product margins
10.2
Depreciation, ex. identified items
19.0
Cash flow from operating activities,
ex. Identified items (excluding working capital / other), adjusted
to 2024 $65/bbl real Brent and 10-year average Energy, Chemical,
and Specialty Product margins
29.2
Calculation of Structural Cost Savings
(Billion USD)
2019
2023
YTD’23
YTD’24
Components of operating costs
From ExxonMobil’s Consolidated
statement of income
(U.S. GAAP)
Production and manufacturing expenses
36.8
36.9
27.0
28.8
Selling, general and administrative
expenses
11.4
9.9
7.3
7.4
Depreciation and depletion (includes
impairments)
19.0
20.6
12.9
16.9
Exploration expenses, including dry
holes
1.3
0.8
0.6
0.6
Non-service pension and postretirement
benefit expense
1.2
0.7
0.5
0.1
Subtotal
69.7
68.9
48.3
53.7
ExxonMobil’s share of equity company
expenses (non-GAAP)
9.1
10.5
7.4
7.1
Total adjusted operating costs
(non-GAAP)
78.8
79.4
55.7
60.8
Total adjusted operating costs
(non-GAAP)
78.8
79.4
55.7
60.8
Less:
Depreciation and depletion (includes
impairments)
19.0
20.6
12.9
16.9
Non-service pension and postretirement
benefit expense
1.2
0.7
0.5
0.1
Other adjustments (including equity
company depreciation and depletion)
3.6
3.7
2.3
2.5
Total cash operating expense (cash
opex) (non-GAAP)
55.0
54.4
40.0
41.3
Energy and production taxes (non-GAAP)
11.0
14.9
11.0
10.3
Total cash operating expenses (cash
opex) excluding energy and production taxes (non-GAAP)
44.0
39.5
29.0
31.0
vs. 2019
vs. 2023
Cumulative
Total cash operating expenses (cash
opex) excluding energy and production taxes (non-GAAP)
-4.5
+2.0
Market
+3.6
+0.4
Activity/Other
+1.6
+3.2
Structural cost savings
-9.7
-1.6
-11.3
___________________
1 Increases are versus 2024. Earnings and
cash flow from operations exclude identified items and are adjusted
to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and
10-year average Energy, Chemical, and Specialty Product margins,
which refer to the average of annual margins from 2010-2019. Cash
flow from operations also excludes working capital/other.
2 $3 billion in Pioneer synergies is a
>50% increase vs. prior disclosures and is based on a 10-year
average.
3 $3 billion by 2030 subject to additional
investment by ExxonMobil, final 45V regulations for hydrogen
production credits, and receipt of government permitting for carbon
capture and storage projects.
4 Lower emissions cash capex includes cash
capex attributable to carbon capture and storage, hydrogen,
lithium, biofuels, ProxximaTM, Carbon Materials, and activities to
lower ExxonMobil’s emissions and/or third party (3P) emissions.
Planned spend is from 2025-2030.
5 See below for definition of reinvestment
rate. Cash flow from operations excludes identified items and
working capital/other is adjusted to 2024 $65/bbl real Brent
(assumes annual inflation of 2.5%) and 10-year average Energy,
Chemical, and Specialty Product margins, which refer to the average
of annual margins from 2010-2019.
6 Earnings and cash flow from operations
exclude identified items and are adjusted to 2024 $65/bbl real
Brent (assumes annual inflation of 2.5%) and 10-year average
Energy, Chemical, and Specialty Product margins, which refer to the
average of annual margins from 2010-2019. Cash flow from operations
also excludes working capital/other.
7 Third-party cash flow refers to cash
flow excluding working capital/other and is calculated as earnings
sourced from FactSet plus depreciation sourced from FactSet. 2019
to 2023 figures are actuals. 2024 figures are consensus estimates
as of December 5, 2024. Three- and five-year CAGRs are from 2021 to
2024E and 2019 to 2024E respectively.
8 Calculated as of November 29, 2024.
9 Major investments represents investments
over $500 million that are expected to start up between 2025 and
2030. Includes pre-2025 capex spend on these investments, except
for the Permian work program, which is limited to capex between
2025-2030. Calculations for full-life major investments returns are
based on ExxonMobil internal project plans for investments over
$500 million that are expected to start up between 2025 and 2030
and the Permian work program. Calculations include internal project
plan price assumptions.
10 Surplus cash is calculated assuming
2024 $65 real Brent (assumes annual inflation of 2.5%) and 10-year
average Energy, Chemical, and Specialty Product margins, which
refer to the average of annual margins from 2010-2019. Any
decisions on future dividend levels are at the discretion of the
Board of Directors. This calculation assumes dividends are held
flat relative to 4Q24 levels. The PP&E / I&A factor
includes changes in non-controlling interests. 3Q24 cash balance
excludes a $5 billion minimum cash assumption.
11 Plans based on Scope 1 and Scope 2
emissions from operated assets. Intensity is calculated as
emissions per metric ton of throughput/production. ExxonMobil
reported emissions, reductions, and avoidance performance data are
based on a combination of measured and estimated emissions data
using reasonable efforts and collection methods. Calculations are
based on industry standards and best practices, including guidance
from the American Petroleum Institute (API) and Ipieca. There is
uncertainty associated with the emissions, reductions, and
avoidance performance data due to variation in the processes and
operations, the availability of sufficient data, quality of those
data, and methodology used for measurement and estimation.
Performance data may include rounding. Changes to the performance
data may be reported as part of the Company’s annual publications
as new or updated data and/or emission methodologies become
available. We are working to continuously improve our performance
and methods to detect, measure and address greenhouse gas
emissions. ExxonMobil works with industry, including API and
Ipieca, to improve emission factors and methodologies, including
measurements and estimates. ExxonMobil’s plans regarding expected
GHG emissions reductions by 2030 can be found in our 2024 Advancing
Climate Solutions report.
12 Based on Enverus 2024 Permian Basin
Play Fundamentals article with updated data as of 10/2024 |
Locations normalized to 10,000-foot laterals; Peers include Apache
Corporation, BP, ConocoPhillips, Coterra Energy, Chevron, Devon
Energy, Diamondback Energy, EOG Resources, Matador Resources,
Ovintiv, Occidental, and Permian Resources. PV-10 Breakeven @ 20:1
WTI:HH ($/bbl).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241210516473/en/
ExxonMobil Media Relations (737) 272-1452
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