Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q4 2024 Earnings Presentation
47 slides from Exxon Mobil's earnings presentation, Jan 31, 2025
Slide 1: ExxonMobil 4Q 2024 Earnings Call
ExxonMobil 4Q 2024 Earnings Call January 31, 2025 1
Slide 2: Cautionary statement
Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, future earnings power, potential addressable markets, ambitions, or results in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions o
Slide 3: Delivering leading shareholder value from fundamental transformation of the business
Delivering leading shareholder value from fundamental transformation of the business Full-year earnings of $34 B Cash capex of $26 B; Industry-leading underpinned by advantaged disciplined investing in total shareholder return of growth and strong unmatched opportunities 11%; 10 percentage points op
Slide 4: Competitive advantages deliver leading value today and a long runway of profitable growth
Competitive advantages deliver leading value today and a long runway of profitable growth Delivering advantaged Investing in unmatched Delivering leading growth and strong opportunities in traditional shareholder returns operational performance and new businesses Successfully closed Pioneer Increase
Slide 5: Driving long-term earnings growth
Driving long-term earnings growth Upstream Product Solutions Company-wide % advantaged assets of total Upstream production1 Advantaged projects and high-value product sales growth2 Cumulative structural cost savings ($B) vs. 2019 ~5.4 ~25 Mt ~$6 B Additional structural Upstream Production (Moebd) ~$
Slide 6: 2025 project start-ups: executing our uniquely advantaged growth plans
2025 project start-ups: executing our uniquely advantaged growth plans China Chemical Complex U.K. Fawley Hydrofiner U.S. Advanced Recycling Units Canada Strathcona Renewable Diesel Singapore Resid Upgrade Brazil Bacalhau Guyana Yellowtail U.S. Golden Pass LNG Train 1 U.S. ProxximaTM Systems Expansi
Slide 7: Track record of delivering leading shareholder value, outperforming IOCs
Track record of delivering leading shareholder value, outperforming IOCs on key financial metrics 2024 GAAP earnings 2024 cash flow from operations Structural cost savings vs. 2019 $34 B Earnings ex. identified items of $33.5B $55 B 5-year CAGR of ~15% >$12 B with 5-year CAGR of ~30%1 2024 ROCE 5-ye
Slide 8: Integrated portfolio delivers leading performance across commodity cycles
Macro Integrated portfolio delivers leading performance across commodity cycles 2024 crude and gas prices Industry prices / margins near 10-year average; 10-year annual range1 4Q24 gas prices higher on seasonal demand Refining margins declined in 2024 as additional supply outpaced demand; 4Q24 margi
Slide 9: Business transformation driving leading financial performance (2024 vs. 2023)
2024 vs. 2023 Business transformation driving leading financial performance ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 2023 GAAP Earnings / (Loss) $21.3 $12.1 $1.6 $2.7 ($1.8) $36.0 Additional European taxes on energy sector (0.2) (0.1) - - - (0.2) Impairments (2.7) - (0.3) (
Slide 10: Business transformation driving leading financial performance (4Q24 vs. 3Q24)
4Q24 vs. 3Q24 Business transformation driving leading financial performance ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 3Q24 GAAP Earnings / (Loss) $6.2 $1.3 $0.9 $0.8 ($0.5) $8.6 3Q24 Earnings / (Loss) ex. identified items (non-GAAP) $6.2 $1.3 $0.9 $0.8 ($0.5) $8.6 Price / ma
Slide 11: Effective capital allocation growing shareholder value
Effective capital allocation growing shareholder value Cash flow Strong earnings drove Billion USD free cash flow of >$34B 5.0 (25.6) Full-year cash capex of $26B supporting 55.0 advantaged growth (36.0) $ 31.6 Free cash flow ex-working (6.8) $ 23.2 capital of $36.2B $34.4 billion free cash flow1 co
Slide 12: 1Q25 considerations: Upstream, Product Solutions, Corporate
Upstream Product Solutions Corporate Lower seasonal scheduled Corporate & financing Higher seasonal maintenance to increase expenses expected to be scheduled maintenance volumes by ~80 Koebd $400M-$600M ~70 Koebd impact from First full quarter without Nigeria JV and Argentina Fos-sur-Mer refinery di
Slide 13: Extending our track record of leading performance into 2025
Extending our track record of leading performance into 2025 Lead in safety, operating, Leveraging advantages to capitalize Executing capital allocation priorities and financial performance on unmatched opportunity set and returning cash to shareholders Growing Upstream production to Cash capex of $2
Slide 14: ExxonMobil
ExonMobil | 4
Slide 15: Advantaged assets delivering strong earnings growth
2024 vs. 2023: Upstream Advantaged assets delivering strong earnings growth Upstream year-over-year earnings ex. ident. items Million USD 2024 production of 4.3 Moebd; record Permian 830 volumes of 1.2 Moebd 280 $ 25,175 (1,350) 120 (820) $ 23,609 3,760 (1,250) Lower base volume due to divestments a
Slide 16: Portfolio high-grading and structural cost savings improving underlying results
2024 vs. 2023: Energy Products Portfolio high-grading and structural cost savings improving underlying results Energy Products year-over-year earnings ex. ident. items Margins down from Million USD historic 2023 levels $ 11,998 Lower base volume due to scheduled maintenance (6,280) and divestment of
Slide 17: Earnings growth driven by advantaged footprint and high-value product sales
2024 vs. 2023: Chemical Products Earnings growth driven by advantaged footprint and high-value product sales Improved margins on Chemical Products year-over-year earnings ex. ident. items Million USD North America feed advantage and higher realizations 190 410 (270) (490) $ 2,672 Record high-value 8
Slide 18: High-margin differentiated products yield consistently strong earnings
2024 vs. 2023: Specialty Products High-margin differentiated products yield consistently strong earnings Delivered record earnings Specialty Products year-over-year earnings ex. ident. items Million USD ex. identified items1 130 70 (300) Results driven by mix $ 2,807 590 (10) (220) $ 3,065 improveme
Slide 19: Continued strong earnings driven by record advantaged asset production
4Q24 vs. 3Q24: Upstream Continued strong earnings driven by record advantaged asset production Upstream quarter-on-quarter earnings ex. ident. items Million USD $ 6,283 4Q24 production of $ 6,158 (40) 4.6 Moebd; record Guyana (410) 310 (200) 110 470 and Permian volumes (120) Higher gas prices partia
Slide 20: Operational excellence underpins solid results in lower-margin environment
4Q24 vs. 3Q24: Energy Products Operational excellence underpins solid results in lower-margin environment Lower margins driven by Energy Products quarter-on-quarter earnings ex. ident. items North America Million USD $ 1,309 Base volumes higher on strong reliability and Joliet (340) 100 20 recovery
Slide 21: Generating positive earnings and cash flow at bottom-of-cycle conditions
4Q24 vs. 3Q24: Chemical Products Generating positive earnings and cash flow at bottom-of-cycle conditions Chemical Products quarter-on-quarter earnings ex. ident. items Million USD Margins declined on $ 893 higher feed costs in North America (430) Seasonally lower sales 0 volumes (10) (40) (150) $ 2
Slide 22: Portfolio of high-value products reliably delivering strong earnings
4Q24 vs. 3Q24: Specialty Products Portfolio of high-value products reliably delivering strong earnings Specialty Products quarter-on-quarter earnings ex. ident. items Million USD Higher margins offset seasonally lower $ 794 60 (30) (30) 0 basestocks sales $ 759 (130) 100 Seasonally higher expenses a
Slide 23: 1Q25 maintenance outlook
1Q25 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD ~30 900 900 ~150 ~30 ~750 ~170 +280 600 600 ~30 ~30 ~560 ~400 +90 ~310 ~310 ~750 ~190 ~190 300 -180 300 ~590 ~230 130 ~280 ~250 -220 90 0 0 1Q24 2
Slide 24: Enhanced disclosures and transparency
Enhanced disclosures and transparency Earnings sensitivities for Upstream, Energy Products, and Modeling Toolkit Chemical Products (located in Investors section of our website) Platform containing select historical and forward-looking financial What is included? and operating data Guide to modeling
Slide 25: Project details: Upstream
Upstream Project details Location Projects Gross Investment Basis Capacity1 Next Milestone Yellowtail +250 Kbd Start-up in 2025 Uaru +250 Kbd Start-up in 2026 Guyana Whiptail +250 Kbd Start-up in 2027 Hammerhead +150 Kbd FID in 2025 Longtail +240 Kbd FID in 2027 Golden Pass +16 MTA Start-up in 2025
Slide 26: Project details: Product Solutions
Product Solutions Project details Aggregate investment basis Estimated Product Solutions Segment Projects volume/capacity impact start-up timing +1,650 Kta Polyethylene Capacity Chemical Products China Chemical Complex 2025 +850 Kta Polypropylene Capacity +37 Kbd Low-Sulfur Diesel, Energy Products F
Slide 27: Project details: Low Carbon Solutions
Low Carbon Solutions Project details Investment basis Estimated Business area Projects/Agreements volume/capacity impact start-up timing CF Industries, Donaldsonville, Louisiana 2.0 MTA Carbon Dioxide 2025 (Ammonia Production) Nucor Steel, Convent, Louisiana 0.8 MTA Carbon Dioxide 2026 (Steel Produc
Slide 28: Supplemental information
Supplemental information Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, shareholder distributions, returns, structural cost savings, cash capital expenditures, synergies, and volumes, including statements regarding future earnings po
Slide 29: Supplemental information
Supplemental information 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, cr
Slide 30: Supplemental information: earnings driver definitions
Supplemental information SELECTED EARNINGS DRIVER DEFINITIONS Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See supplemental information for definitions of advantaged assets, advantaged projects, a
Slide 31: Supplemental information: definitions
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS 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
Slide 32: Supplemental information: definitions
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS 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 o
Slide 33: Supplemental information: definitions
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS 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. T
Slide 34: Supplemental information: definitions
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS 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
Slide 35: Reconciliation of earnings ex. identified items
Supplemental information RECONCILIATION OF EARNINGS EX. IDENT ITEMS 2019 2020 2021 2022 2023 2024 Earnings (U.S. GAAP) 14.3 (22.4) 23.0 55.7 36.0 33.7 Asset management 3.7 0.0 1.1 0.9 0.3 0.4 Impairment 0.0 (20.1) (0.8) (4.2) (3.0) (0.6) Tax / Other items 1.1 (1.0) (0.3) (0.0) 0.2 0.4 Earnings ex. i
Slide 36: Reconciliation of Upstream unit earnings
Supplemental information RECONCILIATION OF UPSTREAM UNIT EARNINGS UPSTREAM EARNINGS EX. IDENT. ITEMS 2019 2024 Earnings (U.S. GAAP) 14.4 25.4 Asset management (Announced divestments) 3.7 0.4 Impairment 0.0 (0.4) Tax / Other items (Tax items, Additional European taxes on energy sector) 0.8 0.2 Earnin
Slide 37: Reconciliation of Energy Products unit earnings
Supplemental information RECONCILIATION OF ENERGY PRODUCTS UNIT EARNINGS ENERGY PRODUCTS EARNINGS EX. IDENT. ITEMS 2019 2024 Earnings (U.S. GAAP) 1.4 4.0 Identified items (0.0) 0.1 Earnings ex. identified items 1.5 4.0 Adjustment to 10-year average Energy Products margins, which refer to the average
Slide 38: Reconciliation of Chemical Products unit earnings
Supplemental information RECONCILIATION OF CHEMICAL PRODUCTS UNIT EARNINGS CHEMICAL PRODUCTS EARNINGS EX. IDENT. ITEMS 2019 2024 Earnings (U.S. GAAP) 0.8 2.6 Identified items 0.0 (0.1) Earnings ex. identified items 0.8 2.7 Adjustment to 10-year average Chemical Products margins, which refer to the a
Slide 39: Reconciliation of Specialty Products unit earnings
Supplemental information RECONCILIATION OF SPECIALTY PRODUCTS UNIT EARNINGS SPECIALTY PRODUCTS EARNINGS EX. IDENT. ITEMS 2019 2024 Earnings (U.S. GAAP) 0.7 3.1 Identified items - (0.0) Earnings ex. identified items 0.7 3.1 Adjustment to 10-year average Specialty Products margins, which refer to the
Slide 40: Cash capital expenditures
Supplemental information CASH CAPITAL EXPENDITURES 4Q24 Additions to property, plant and equipment 6,837 Net investments and advances 646 Less: inflows from noncontrolling interests for major projects (20) Total cash capital expenditures (non-GAAP) $7,463 CASH CAPITAL EXPENDITURES 2024 Additions to
Slide 41: Free cash flow
Supplemental information FREE CASH FLOW 4Q24 2024 Net cash provided by operating activities (U.S. GAAP) 12,229 55,022 Additions to property, plant and equipment (6,837) (24,306) Proceeds from asset sales and returns of investments 3,231 4,987 Additional investments and advances (2,261) (3,299) Other
Slide 42: Calculation of structural cost savings
Supplemental information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2024 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 Selling, general and administrative expenses 11.4 10.0 Depreciation and depletion (in
Slide 43: Average capital employed
Supplemental information AVERAGE CAPITAL EMPLOYED 2019 2020 2021 2022 2023 2024 Business uses: asset and liability perspective Total Assets 362.6 332.8 338.9 369.1 376.3 453.5 Less liabilities and noncontrolling interests share of assets and liabilities Total current liabilities excluding notes and
Slide 44: Return on average capital employed
Supplemental information RETURN ON AVERAGE CAPITAL EMPLOYED 2020 2021 2022 2023 2024 Net income (loss) attributable to ExxonMobil (U.S. GAAP) (22.4) 23.0 55.7 36.0 33.7 Financing costs (after-tax) Gross third-party debt (1.3) (1.2) (1.2) (1.2) (1.1) ExxonMobil share of equity companies (0.2) (0.2) (
Slide 45: Adjusted return on average capital employed
Supplemental information ADJUSTED RETURN ON AVERAGE CAPITAL EMPLOYED 2019 2020 2021 2022 2023 2024 (Ex. assets under construction and cash) Net income (loss) attributable to ExxonMobil (U.S. GAAP) (22.4) 23.0 55.7 36.0 33.7 Total financing costs1 (0.8) (1.4) (1.1) (0.6) (1.6) Earnings (loss) excludi
Slide 46: Footnotes
Supplemental information Slide 4 Slide 4 (cont.) 1) We sustained our 0.02 workforce Lost-Time Incident Rate again in 2024. Our workforce 4) “End-to-end CCS system” entails integration of CO2 capture, transportation, and storage. Lost-Time Incident Rate for 2020-2024 was 0.02 per 200,000 work hours,
Slide 47: Footnotes
Supplemental information Slide 8 Slide 13 1) 10-year range includes 2010-2019, a representative 10-year business cycle which avoids 1) Earnings from projects listed on Slide 6. Earnings exclude identified items and are adjusted the extreme outliers in both directions that the market experienced in r