Slide 1: Results demonstrate structural earnings improvements
2023 First-quarter Results demonstrate structural earnings earnings improvements 04.28.23
Slide 2: Cautionary Statement
Cautionary Statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, or ambitions in this presentation or the subsequent discussion period are forward- looking statements. Similarly, discussions of future carbon capture, transportation and storage, as well a
Slide 3: Executing on our strategic priorities
Executing on our strategic priorities Leading Performance | Essential Partner | Advantaged Portfolio | Innovative Solutions | Meaningful Development • Delivering structural earnings improvements driven by growing advantaged assets, mix improvements, and structural cost reductions, consistent with Co
Slide 4: Diversified portfolio provides resiliency across cycles
Diversified portfolio provides resiliency across cycles Industry prices / margins 10-year annual range1 • Crude and gas prices lower on higher inventories • Refining margins moderated slightly; remained above 10-year range reflecting continued low product inventories • Chemical margins improved on N
Slide 5: Structural earnings improvements delivering shareholder value
Structural earnings improvements delivering shareholder value Earnings Structural cost savings Production growth $11.4 Earnings ex. identified items were billion $7.2 billion vs. 2019; on track to deliver ~300 Koebd vs. 1Q22, ex. divestments, Sakhalin-1 $11.6 billion $9 billion by year-end expropria
Slide 6: Continued cost control and mix improvements drove record first-quarter results
Continued cost control and mix improvements drove record first-quarter results U/S EP CP SP C&F TOTAL • Liquids and natural gas realizations decreased due to 4Q22 GAAP Earnings / (Loss) $8.2 $4.1 $0.3 $0.8 ($0.5) $12.8 higher industry inventories Additional European taxes on energy sector (1.4) (0.4
Slide 7: Upstream: continued strong earnings driven by growth from advantaged projects
Upstream: continued strong earnings driven by growth from advantaged projects and disciplined cost management Upstream Contributing factors to change in earnings • Growth in our advantaged Permian, Million USD Guyana, and LNG assets contributed to volume / mix improvement $ 8,762 $ 8,628 Gas 180 770
Slide 8: Upstream production growth supported by advantaged projects
Upstream production growth supported by advantaged projects Upstream Contributing factors to change in volumes • Increased production by ~160 Koebd versus 1Q22 Koebd, net - Growth of ~300 Koebd, excluding impacts from 3,831 divestments, Sakhalin-1 expropriation, and 90 entitlements1 3,675 210 (130)
Slide 9: Energy Products: reliable execution and cost control drove strong performance
Energy Products: reliable execution and cost control drove strong performance Energy Products Contributing factors to change in earnings • Beaumont refinery expansion start-up Million USD and reliable operations partially offset higher scheduled maintenance and fewer days in the quarter $ 4,754 (110
Slide 10: Chemical Products: advantaged geographic footprint and improved mix drove earnings growth
Chemical Products: advantaged geographic footprint and improved mix drove earnings growth Chemical Products • North American ethane advantage strengthened Contributing factors to change in earnings Million USD margins 30 • Baton Rouge polypropylene expansion delivered (50) positive cash and earnings
Slide 11: Specialty Products: consistently strong performance
Specialty Products: consistently strong performance Specialty Products • Strong finished lubricants earnings contribution partially Contributing factors to change in earnings Million USD offset lower basestocks prices $ 800 110 (100) $ 774 • Higher sales driven by China recovery and strengthening U.
Slide 12: Historically strong cash flows
Historically strong cash flows Cash flow • Robust earnings drove free cash flow of $11.4 billion Billion USD • Debt-to-capital stands at 17%; net debt-to-capital (5.8) 0.9 reduced to 4% (0.3) 16.3 (8.1) $ 32.7 • Distributed $8.1 billion to shareholders, including (0.0) $3.7 billion in dividends $ 29
Slide 13: 2Q23 outlook
2Q23 outlook • Seasonal scheduled maintenance and Upstream divestments to lower net volumes by ~110 Koebd • First full quarter of Beaumont refinery expansion Energy Products operations Product • Lower scheduled maintenance Solutions Chemical Products • Lower scheduled maintenance Specialty Products
Slide 14: 2023 advantaged project start-ups meet global needs and further enhance performance
2023 advantaged project start-ups meet global needs and further enhance performance Beaumont Refinery Baytown Performance Guyana Payara Permian Cowboy Central Expansion Chemicals Development Delivery Point Expansion 1Q23 start-up Mid-2023 start-up 4Q23 start-up Phased 2023 start-up • Added 250 Kbd o
Slide 15: Key takeaways: strong performance underpinned by structural earnings improvement
Key takeaways: strong performance underpinned by structural earnings improvement • A record first quarter following a record year • Structural earnings improvement drives shareholder value creation - Diversified portfolio delivers accretive growth opportunities through cycles - Advantaged projects a
Slide 16: Q&A
Q&A 04.28.23
Slide 17: Outlook for second quarter 2023
Outlook for second quarter 2023 Upstream scheduled maintenance earnings impact1 Energy Products scheduled maintenance earnings impact3 Million USD Million USD 600 900 450 530 400 600 200 300 390 250 0 0 2022 quarterly 4Q22 1Q23 2Q23 est. 2022 quarterly 4Q22 1Q23 2Q23 est. average average Chemical Pr
Slide 18: Upstream production supported by advantaged projects
Upstream production supported by advantaged projects Upstream • Increased production by ~10 Koebd versus 4Q22 Contributing factors to change in volumes Koebd, net - Growth of ~50 Koebd, excluding impacts from divestments, entitlements, and other factors1 3,831 3,822 (10) 50 • Advantaged projects del
Slide 19: Supplemental information
Supplemental information ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and
Slide 20: Supplemental Information
Supplemental Information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Capital and exploration 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 In
Slide 21: Supplemental Information
Supplemental Information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Performance product (performance chemicals). Refers to Chemical products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significa
Slide 22: Supplemental Information
Supplemental Information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2022 1Q22 1Q23 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 42.6 10.2 9.4 Selling, general and administrative expenses 11.4 10.1 2.4 2.4 Dep
Slide 23: Supplemental Information
Supplemental Information FREE CASH FLOW 1Q23 Net cash provided by operating activities (U.S. GAAP) 16,341 Additions to property, plant and equipment (5,412) Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments 854 Additional investments
Slide 24: Supplemental Information
Supplemental Information Slide 3 Slide 12 1. Based on ExxonMobil estimates using historical benchmarking results from Solomon 1. Includes PP&E adds of ($5.4) billion and net investments / advances of ($0.4) billion in Associates. first quarter 2023. Slide 4 Slide 14 1. 10-year range includes 2010-20