20
22
A
n
n
u
a
l
R
e
p
o
r
t
See Cautionary Statement on Page 139 for important information regarding forward-looking statements and terms used in this report.
About the cover: Our work to meet society’s needs is enabled by sites such as our Baytown, Texas, operations, among the world’s
largest integrated and most technologically advanced refining and petrochemical complexes.
Financial and operating performance significantly led peers1
Continuing to be an industry leader in safety5
E X X O N M O B I L C O R P O R A T I O N | 2 0 2 2 A N N U A L R E P O R T
Earnings
$56B
Cash flow from operations
$77B
shareholder distributions
$30B
ROCE with $23B in capex3
25%
Structural cost savings 2
$7B
total shareholder return4
87%
production growth in the
Permian Basin and Guyana
>30%
elimination of routine flaring in
Permian operated assets7
100%
reduction in corporate-wide
greenhouse gas intensity
versus 2016
>10%
metric-tons-per-year unit started
up at Baton Rouge, doubling the
plant’s polypropylene capacity
450K
pounds of plastic advanced recycling
capacity started up in Baytown, Texas
>80M
reduction in methane intensity
from all operated assets since 2016
>50%
Working to solve the “and” equation:
delivering the energy and products society needs
and reducing our own and others’ greenhouse gas emissions.
2022: A year in review
Increased supply of reliable energy
and essential products
Accelerated lower-emission
opportunities6
&
Letter to shareholders
By evolving our operating model and consolidating into
three core businesses – Upstream, Product Solutions, and
Low Carbon Solutions – we leveraged our advantages
of technology, scale, integration, and world-class
employees to improve effectiveness, efficiency, and
earnings resiliency. The positive impact of these changes
is clearly seen in our results: Our North America refineries
collectively delivered their best-ever annual throughput;8
we achieved record production in our Permian operations;
and we significantly increased volumes in Guyana to help
ease substantial shortages. In addition, we increased
earnings to $56 billion, well ahead of our peers.1
We also increased planned investments in lower-emission
initiatives to approximately $17 billion from 2022 through
2027 and made great strides to lower the emissions
intensity of our operated assets. Low Carbon Solutions
signed a first-of-its-kind agreement to capture, transport,
and permanently store up to 2 million metric tons of
third-party CO2 per year in Louisiana beginning in 2025.
This would be the equivalent of replacing approximately
700,000 gasoline-powered cars with electric vehicles.9
This landmark event signaled to other potential customers
that we are ready and uniquely able to help them meet
their emission-reduction goals. In addition, in Baytown,
Texas, we started up one of North America’s largest
advanced recycling facilities, capable of processing more
than 80 million pounds of plastic waste per year.
Our ability to significantly improve our cost structure and
profitably grow our businesses helped improve earnings
resiliency and fortify our balance sheet while increasing
flexibility to navigate future down cycles. And through it
all, we shared our success with shareholders, reclaiming
The world needs reliable and affordable energy, as recent events have
once again confirmed. Recognizing the vital role we play in this led us –
in the face of deep economic uncertainty in 2020 and 2021 – to lean in
when many retreated. We made the investments necessary to help meet
the growth in global demand we knew would follow the COVID-related
slowdown. As a result, we were positioned for success across all of our
businesses in 2022. At the same time, we continued to focus on ways to
meaningfully reduce our own and others’ greenhouse gas emissions.
our position as the industry leader in total shareholder
returns,4 increasing the annual dividend for the 40th
consecutive year, and returning approximately $30 billion
to shareholders, equally balanced between dividends
and share repurchases. The strength of our business
and financial position have enabled up to $35 billion of
cumulative share repurchases over the next two years.
While our full-year 2022 results clearly benefited from a
buoyant market, our strategy to invest counter-cyclically,
combined with the hard work and commitment of our
people, drove financial performance well above that of
our competitors.
We can help meet the world’s growing need for stable
supplies of energy and essential products while also
reducing our own and others’ emissions in support of
a lower-emission future. For us, this is not an “either/
or” proposition. Rather, it’s an “and” equation. We can
increase supply and reduce greenhouse gas emissions –
strengthening energy security and advancing a thoughtful
energy transition.
Thank you for investing in ExxonMobil and for your
ongoing support.
Darren W. Woods
Chairman and CEO
I
By significantly increasing volumes in Guyana, we helped
provide affordable and reliable energy at a time when the
world faced substantial shortages. (Photo) Liza Unity floating
production, storage, and offloading vessel, Guyana.
I I
E X X O N M O B I L C O R P O R A T I O N | 2 0 2 2 A N N U A L R E P O R T
Our Upstream business works each day to provide reliable and affordable energy solutions.
We continuously innovate and invest, using industry-leading technology and processes to safely
increase oil and natural gas production to meet the needs of a growing and changing global
population.
In 2022, we continued to strengthen and actively manage our industry-leading portfolio of
strategic projects while producing 3.7 million oil-equivalent barrels per day. In the Permian
Basin, we maximized the value of our large acreage position through technology and the scale
of our integrated operations, increasing production by nearly 90,000 oil-equivalent barrels
per day year-over-year while making progress on reducing greenhouse gas emissions at our
operated facilities.
Additionally, we started production
from our second major deepwater
development in Guyana and increased total gross production to more than 360,000 barrels per
day in the fourth quarter. We also expanded future development opportunities, adding 10 new
discoveries in the Stabroek block.
Our partners and communities in Guyana share in the benefits, as the nation’s GDP has more
than tripled since our first discovery in 2015, and our industry now employs more than 4,000
Guyanese with more than 1,000 local vendors supporting our activities. Last year, we reached
an agreement to supply the country with natural gas to enable cleaner power generation
and reduced electricity costs. At the same time, our investments in the community, through
the ExxonMobil Foundation and direct engagement, are improving women’s economic
development and enhancing science, technology, engineering, and mathematics (STEM)
education opportunities, among many other activities.
We are an industry leader in liquefied natural gas (LNG), a key component to reducing
greenhouse gas emissions in the global energy mix. We participated in the production of
81 million metric tons per year of LNG – accounting for one-fifth of global demand. The
Coral South Floating LNG development offshore Mozambique began production in October,
contributing additional supply of cleaner-burning, reliable, and transportable LNG at a time
when it was greatly needed in European and other international markets.
Upstream
production growth in
Permian and Guyana
versus 2021
>30%
While achieving record production
in 2022, we made progress toward
our 2030 Scope 1 and 2 net-zero
goal for our Permian Basin
unconventional operated assets.
During the year, we eliminated
routine flaring7 and continued work
to electrify operations with lower-
emission power generated from
wind, solar, and natural gas.
I I I
metric tons per year
of LNG production,
accounting for one-fifth
of global demand
81M
Meeting society’s needs and reducing emissions.
By combining our Chemical and Downstream businesses to form ExxonMobil Product Solutions,
we established the world’s largest integrated chemical, fuels, and lubricants company. Joining
these organizations aligned our product portfolios under one management team with one set of
prioritized objectives and a single face to customers.
Product Solutions supplies high-value products needed by modern society at industry-leading
scale. From the lubricants used in wind turbines to the plastics used in electric vehicles,
electronic devices, food preservation, and medical supplies, our products enhance quality of life
and play a central role in the energy transition. Our advanced product solutions enable more
durable and lighter products that use less material, save energy, reduce cost and waste, and
have lower life-cycle greenhouse gas emissions compared to alternatives as a group.10
As demand for transportation fuels
returned in 2022, we were ready to
increase supply, with our global
refinery throughput reaching its highest annual level since 2012.11 We completed the Beaumont
refinery expansion, growing our crude capacity by an additional 250,000 barrels per day in
2023. We also moved closer to meeting our goal of supplying 200,000 barrels per day of
lower-emission biofuels by 2030, as the 20,000-barrel-per-day Strathcona renewable diesel
project reached final investment decision in January 2023.
To meet growing demand for high-value performance chemicals, we started up a world-
scale, state-of-the-art chemical plant in Corpus Christi, Texas, to produce materials used in
packaging, agricultural film, construction materials, clothing, and automotive coolants. We
also doubled our polypropylene capacity in Baton Rouge, Louisiana. Throughout the year, we
remained focused on operational excellence to grow safely and reliably.
Advancing plastics circularity
We increased plastics production capacity by nearly 10% to meet growing global needs and
support lower-emission products, while helping address the issue of plastic waste by starting
up one of the largest advanced recycling facilities in North America.12
Advanced recycling solutions break down hard-to-recycle plastics and transform them into
raw materials for new products needed for everyday life. Plastics are too valuable and too
versatile to waste, which is why we are working with industry, governments, communities,
and consumers to complement traditional mechanical recycling with chemical processes that
break down plastic waste to the molecular level. This enables us to produce certified-circular
polymers13 with quality and performance properties that are identical to polymers made from
virgin raw materials.
We are uniquely positioned with our scale, integration, and technology to expand advanced
recycling capacity to help broaden the range of plastics that society recycles. Our additional
capacity will provide the capability to recycle more than 80 million pounds of plastic waste per
year. We expect to grow that to 1 billion pounds of global annual advanced recycling capacity
by year-end 2026.
Product Solutions
I V
increase in global
refinery throughput
versus 202111
~4.5%
E X X O N M O B I L C O R P O R A T I O N | 2 0 2 2 A N N U A L R E P O R T
Improving quality of life and profitably growing.
pounds of annual
advanced recycling
capacity by year-end
2026
~1B
Our majority-owned affiliate Imperial Oil Ltd. will invest about
$560 million to move forward with construction of the largest
renewable diesel facility in Canada. This project at the Strathcona
refinery, which is expected to produce 20,000 barrels of renewable
diesel per day using low-carbon hydrogen produced with carbon
capture and storage technology, reached final investment decision
in January 2023.
With our ExxtendTM technology for advanced recycling, we processed more than 10 million pounds of
plastic waste at our pilot operations in Baytown, Texas, in 2022 – that is the equivalent to preventing
more than 850 million plastic bags from reaching landfills.14 (Photo) Polypropylene production.
V
V I
E X X O N M O B I L C O R P O R A T I O N | 2 0 2 2 A N N U A L R E P O R T
Impermeable cap rock layers thousands of feet
below ground permanently seal millions of metric
tons of CO2 safely underground with limited
disruption to the local landscape. It’s one example
of how Low Carbon Solutions is working on
significant emission reductions from hard-to-
decarbonize sectors.
Marshland
Underground CO2
storage reservoir
Industrial
sources of CO2
Impermeable cap
rock seals CO2
underground
Carbon capture and storage solutions
on Pecan Island
(Photo) Survey work has begun on Pecan Island, Louisiana, for a carbon capture
and storage project as part of our landmark agreement with CF Industries. We are
further supporting the region with a $500,000 contribution to Ducks Unlimited
to restore 900 acres of marsh damaged by Hurricane Rita in 2005.
2022 was a milestone year for Low Carbon Solutions, which supports reducing greenhouse
gas emissions from our operations and provides products and solutions to help lower our
customers’ emissions. We do this through a focus on carbon capture and storage, hydrogen,
and lower-emission fuels.
These three technologies fit well with our proven experience and differentiated competitive
advantages. They are also critical to reducing emissions in the highest-emitting and hardest-to-
decarbonize sectors: manufacturing, power generation, and commercial transportation. Our
strategy gives us the flexibility to pace investments over time, effectively allocating resources
as markets and policies evolve. With clear and consistent government policy and technology
advancements, we can continue to grow our pipeline of lower-emission opportunities,
generate accretive returns, and progress our plans to lead in the energy transition.
Scaling up solutions
Carbon capture and storage is recognized
by the International Energy Agency as an
essential technology to help reduce global emissions. In 2022, we took a major step forward by
entering into the largest-of-its-kind commercial agreement with CF Industries, which will help
the state of Louisiana achieve its goal of net-zero emissions by 2050. The 2 million metric tons
of CO2 emissions expected to be captured annually by this project are equivalent to replacing
approximately 700,000 gasoline-powered cars with electric vehicles.9
Hydrogen is a zero-carbon energy carrier that can serve as an affordable and reliable source
of energy for heavy-duty trucking and in the steel, refining, and chemical sectors. Hydrogen
created from natural gas and coupled with carbon capture and storage is likely to play an
important role in the lower-emission energy system of the future. Our project in Baytown,
Texas, is expected to produce 1 billion cubic feet of low-carbon hydrogen per day – making
it the largest low-carbon hydrogen project in the world at planned start up in 2027 to 2028.
More than 98% of the associated CO2 produced by the facility, or around 7 million metric tons
per year, is expected to be captured and permanently stored. The project’s carbon capture
and storage network will be made available to third-party CO2 emitters. It represents our initial
contribution to the Houston Hub, a broad, cross-industry effort, which has an initial goal to
capture and store about 50 million metric tons of CO2 per year by 2030.15
Low Carbon Solutions
V I I
~7M
metric tons COƗ per
year of storage expected
at our new low-carbon
hydrogen facility
in Baytown
Already a world leader in carbon capture and storage,
we took another major step forward with our first,
and largest-of-its-kind, commercial agreement with
CF Industries. This project is expected to capture,
transport, and store up to 2 million metric tons of
CO2 emissions annually. It also sends an important
message that we are ready to provide critical and
scalable solutions to reduce the CO2 emissions of
other large industrial customers around the world.
Industry emission sources16 Safe and secure storage
CF Industries
ExxonMobil
Pecan Island area
EnLink Pipeline*
L O U I S I A N A
*for illustrative purposes
Supporting net zero and delivering solutions.
Our unique competitive advantages have been built over decades, bringing our shareholders exceptional results
through the right strategic priorities and extraordinary execution by our employees around the world. Our five-year
plan is expected to drive leading business outcomes and is a continuation of the path that delivered industry-leading
performance in 2022.
Corporate plan through 2027
V I I I
E X X O N M O B I L C O R P O R A T I O N | 2 0 2 2 A N N U A L R E P O R T
Our winning proposition
Upstream
Low Carbon Solutions
Product Solutions
~500K
40-50%
oil-equivalent barrels of expected
growth by 2027 versus 2023
reduction in Upstream
greenhouse gas intensity
by 203018
2X
1B
volume of high-value products
with differentiated performance
by 2027 versus 2019
pounds per year of advanced
recycling capacity expected
by 2026
>10%
~1B
overall return on the portfolio
of investments from 2022-202719
cubic feet of low-carbon hydrogen
per day expected from our facility
in Baytown, Texas
earnings and cash flow growth
potential by 2027 versus 201917
2X
reduction in corporate-wide
greenhouse gas intensity by 203018
20-30%
$20-25B
Up to $35B
annual capital investments
2023–2027
cumulative share repurchase
program for 2023–2024
2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASIDNGTON, D.C. 20549
E)f{onMobil
FORMlO-K
lil ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
or
□TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
New Jersey
(State or other jurisdiction of
incorporation or organization)
Title of Each Class
Common Stock, without par value
0.142% Notes due 2024
0.524% Notes due 2028
0.835% Notes due 2032
1.408% Notes due 2039
For the transition period from ___ to __ _
Commission File Number 1-2256
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code)
(972) 940-6000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Trading Symbol
XOM
XOM24B
XOM28
XOM32
XOM39A
13-5409005
(I.R.S. Employer
Identification Number)
Name of Each Exchange on Which Registered
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes Iii No □
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □ No Iii
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes Iii No □
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes Iii No □
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer
Non-accelerated filer
Iii
□
Accelerated filer
Smaller reporting company
Emerging growth company
□
□
□
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Iii
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes □ No Iii
The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2022, the last business day of the registrant's most recently completed
second fiscal quarter, based on the closing price on that date of$85.64 on the New York Stock Exchange composite tape, was in excess of$356 billion.
Class
Outstanding as of January 31, 2023
Common stock, without par value
4,070,984,988
Documents Incorporated by Reference: Proxy Statement for the 2023 Annual Meeting of Shareholders (Part ID)
* Not included with the 2022 Annual Report to Shareholders but available on the Investor section of our website at www.exxonmobil.com
*
*
*
PART I
ITEM 1. BUSINESS
Exxon Mobil Corporation was incorporated in the State of New Jersey in I 882. Divisions and affiliated companies of ExxonMobil
operate or market products in the United States and most other countries of the world. Our principal business involves exploration for,
and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products,
petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission business opportunities including carbon
capture and storage, hydrogen, and lower-emission fuels. Affiliates of ExxonMobil conduct extensive research programs in support of
these businesses.
Exxon Mobil Corporation has several divisions and hundreds of affiliates, many with names that include ExxonMobil, Exxon, Essa,
Mobil or XTO. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Essa, Mobil, and XTO, as well as terms
like Corporation, Company, our, we, and its, are sometimes used as abbreviated references to specific affiliates or groups of affiliates.
The precise meaning depends on the context in question.
The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying
the energy, fuel, and chemical needs of industrial and individual consumers. Certain industry participants, including ExxonMobil, are
expanding investments in lower-emission energy and emission-reduction services and technologies. The Corporation competes with
other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods
of competition which are lawful and appropriate for such purposes.
Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the
following: "Management's Discussion and Analysis of Financial Condition and Results of Operations: Business Results" and "Note
18: Disclosures about Segments and Related Information". Information on oil and gas reserves is contained in the "Oil and Gas
Reserves" part of the "Supplemental Information on Oil and Gas Exploration and Production Activities" portion of the Financial
Section of this report.
ExxonMobil has a long-standing commitment to the development of proprietary technology. We have a wide array of research
programs designed to meet the needs identified in each of our business segments. ExxonMobil held over 8 thousand active patents
worldwide at the end of 2022. For technology licensed to third parties, revenues totaled approximately $129 million in 2022. Although
technology is an important contributor to the overall operations and results of our Company, the profitability of each business segment
is not dependent on any individual patent, trade secret, trademark, license, franchise, or concession.
ExxonMobil operates in a highly complex, competitive, and changing global energy business environment where decisions and risks
play out over time horizons that are often decades in length. This long-term orientation underpins the Corporation's philosophy on
talent development.
Talent development begins with recruiting exceptional candidates and continues with individually planned experiences and training
designed to facilitate broad development and a deep understanding of our business across the business cycle. Our career-oriented
approach to talent development results in strong retention and an average length of service of about 30 years for our career employees.
Compensation, benefits, and workplace programs support the Corporation's talent management approach, and are designed to attract
and retain employees for a career through compensation that is market competitive, long-term oriented, and highly differentiated by
individual performance.
Over 60 percent of our global employee workforce is from outside the U.S., and over the past decade 39 percent of our global hires for
management, professional and technical positions were female and 35 percent of our U.S. hires for management, professional and
technical positions were minorities. With over 160 nationalities represented in the company, we encourage and respect diversity of
thought, ideas, and perspective from our workforce. We consider and monitor diversity through all stages of employment, including
recruitment, training, and development of our employees. We also work closely with the communities where we operate to identify
and invest in initiatives that help support local needs, including local talent and skill development.
The number of regular employees was 62 thousand, 63 thousand, and 72 thousand at years ended 2022, 2021, and 2020, respectively.
Regular employees are defined as active executive, management, professional, technical, and wage employees who work full time or
part time for the Corporation and are covered by the Corporation's benefit plans and programs.
As discussed in item IA. Risk Factors in this report, compliance with existing and potential future government regulations, including
taxes, environmental regulations, and other government regulations and policies that directly or indirectly affect the production and
sale of our products, may have material effects on the capital expenditures, earnings, and competitive position of ExxonMobil. With
respect to the environment, throughout ExxonMobil' s businesses, new and ongoing measures are taken to prevent and minimize the
impact of our operations on air, water, and ground, including, but not limited to, compliance with environmental regulations. These
include a significant investment in refining infrastructure and technology to manufacture clean fuels, as well as projects to monitor and
reduce air, water, and waste emissions, and expenditures for asset retirement obligations. Using definitions and guidelines established
by the American Petroleum Institute, ExxonMobil' s 2022 worldwide environmental expenditures for all such preventative and
remediation steps, including ExxonMobil's share of equity company expenditures, were $5.7 billion, of which $3.8 billion were
included in expenses with the remainder in capital expenditures. As the Corporation progresses its emission-reduction plans,
worldwide environmental expenditures are expected to increase to approximately $7.3 billion in 2023, with capital expenditures
expected to account for approximately 46 percent of the total. Costs for 2024 are anticipated to increase to approximately $8.2 billion,
with capital expenditures expected to account for approximately 51 percent of the total.
Information concerning the source and availability of raw materials used in the Corporation's business, the extent of seasonality in the
business, the possibility of renegotiation of profits or termination of contracts at the election of governments, and risks attendant to
foreign operations may be found in "Item IA. Risk Factors" and "Item 2. Properties" in this report.
ExxonMobil maintains a website at exxonmobil.com. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act
of 1934 are made available through our website as soon as reasonably practical after we electronically file or furnish the reports to the
Securities and Exchange Commission (SEC). Also available on the Corporation's website are the company's Corporate Governance
Guidelines, Code of Ethics and Business Conduct, and additional policies as well as the charters of the audit, compensation, and other
committees of the Board of Directors. Information on our website is not incorporated into this report.
The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other
information regarding issuers that file electronically with the SEC.
ITEM lA. RISK FACTORS
ExxonMobil's financial and operating results are subject to a variety of risks inherent in the global oil, gas, and petrochemical
businesses, and the pursuit of lower-emission business opportunities. Many of these risk factors are not within the company's control
and could adversely affect our business, our financial and operating results, or our financial condition. These risk factors include:
Supply and Demand
The oil, gas, and petrochemical businesses are fundamentally commodity businesses. This means ExxonMobil's operations and
earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined products.
Oil, gas, petrochemical, and product prices and margins in tum depend on local, regional, and global events or conditions that affect
supply and demand for the relevant commodity or product. Any material decline in oil or natural gas prices could have a material
adverse effect on the company's operations, financial condition, and proved reserves, especially in the Upstream segment. On the
other hand, a material increase in oil or natural gas prices could have a material adverse effect on the company's operations, especially
in the Energy Products, Chemical Products, and Specialty Products segments. Our pursuit of lower-emission business opportunities
including carbon capture and storage, hydrogen, and lower-emission fuels also depends on the growth and development of markets for
those products and services, including implementation of supportive government policies and developments in technology to enable
those products and services to be provided on a cost-effective basis at commercial scale. See "Climate Change and the Energy
Transition" in this Item IA.
Economic conditions. The demand for energy and petrochemicals is generally linked closely with broad-based economic activities
and levels of prosperity. The occurrence of recessions or other periods of low or negative economic growth will typically have a direct
adverse impact on our results. Other factors that affect general economic conditions in the world or in a major region, such as changes
in population growth rates, periods of civil unrest, government regulation or austerity programs, trade tariffs or broader breakdowns in
global trade, security or public health issues and responses, or currency exchange rate fluctuations, can also impact the demand for
energy and petrochemicals. Sovereign debt downgrades, defaults, inability to access debt markets due to rating, banking, or legal
constraints, liquidity crises, the breakup or restructuring of fiscal, monetary, or political systems such as the European Union, and
other events or conditions that impair the functioning of financial markets and institutions also pose risks to ExxonMobil, including
risks to the safety of our financial assets and to the ability of our partners and customers to fulfill their commitments to ExxonMobil.
Our future business results, including cash flows and financing needs, will also be affected by the rate of recovery from the COVID-19
pandemic, as well as the occurrence and severity of future outbreaks, the responsive actions taken by governments and others, and the
resulting effects on regional and global markets and economies.
2
Cybersecurity. ExxonMobil is regularly subject to attempted cybersecurity disruptions from a variety of sources including state
sponsored actors. ExxonMobil's defensive preparedness includes multi-layered technological capabilities for prevention and detection
of cybersecurity disruptions; non-technological measures such as threat information sharing with governmental and industry groups;
annual internal training and awareness campaigns including routine testing of employee awareness and an emphasis on resiliency,
including business response and recovery. If the measures we are taking to protect against cybersecurity disruptions prove to be
insufficient or if our proprietary data is otherwise not protected, ExxonMobil, as well as our customers, employees, or third parties,
could be adversely affected. We are also exposed to potential harm from cybersecurity events that may affect the operations ofthird
parties, including our partners, suppliers, service providers (including providers of cloud-hosting services for our data or applications),
and customers. Cybersecurity disruptions could cause physical harm to people or the environment; damage or destroy assets;
compromise business systems; result in proprietary information being altered, lost, or stolen; result in employee, customer, or third
party information being compromised; or otherwise disrupt our business operations. We could incur significant costs to remedy the
effects of a major cybersecurity disruption in addition to costs in connection with resulting regulatory actions, litigation, or
reputational harm.
Preparedness. Our operations may be disrupted by severe weather events, natural disasters, human error, and similar events. For
example, hurricanes may damage our offshore production facilities or coastal refining and petrochemical plants in vulnerable areas.
Our facilities are designed, engineered, constructed, and operated to withstand a variety of extreme climatic and other conditions, with
safety factors built in to cover a number of uncertainties, including those associated with wave, wind, and current intensity, marine ice
flow patterns, permafrost stability, storm surge magnitude, temperature extremes, extreme rainfall events, and earthquakes. Our
consideration of changing weather conditions and inclusion of safety factors in design covers the engineering uncertainties that climate
change and other events may potentially introduce. Our ability to mitigate the adverse impacts of these events depends in part upon the
effectiveness of our robust facility engineering, our rigorous disaster preparedness and response, and business continuity planning.
Insurance limitations. The ability of the Corporation to insure against many of the risks it faces as described in this Item IA is
limited by the availability and cost of coverage, which may not be economic, as well as the capacity of the applicable insurance
markets, which may not be sufficient.
Competition. As noted in Item 1 above, the energy and petrochemical industries are highly competitive. We face competition not only
from other private firms, but also from state-owned companies that are increasingly competing for opportunities outside of their home
countries and as partners with other private firms. In some cases, these state-owned companies may pursue opportunities in
furtherance of strategic objectives of their government owners, with less focus on financial returns than companies owned by private
shareholders, such as ExxonMobil. Technology and expertise provided by industry service companies may also enhance the
competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource
owning countries to partner with private-sector oil and gas companies in order to monetize national resources. As described in more
detail above, our hydrocarbon-based energy products are also subject to growing and, in many cases, government-supported
competition from alternative energy sources.
Reputation. Our reputation is an important corporate asset. Factors that could have a negative impact on our reputation include an
operating incident or significant cybersecurity disruption; changes in consumer views concerning our products; a perception by
investors or others that the Corporation is making insufficient progress with respect to our ambition to play a leading role in the energy
transition, or that pursuit of this ambition may result in allocation of capital to investments with reduced returns; and other adverse
events such as those described in this Item IA. Negative impacts on our reputation could in tum make it more difficult for us to
compete successfully for new opportunities, obtain necessary regulatory approvals, obtain financing, and attract talent, or they could
reduce consumer demand for our branded products. ExxonMobil's reputation may also be harmed by events which negatively affect
the image of our industry as a whole.
Projections, estimates, and descriptions ofExxonMobil's plans and objectives included or incorporated in Items 1, lA, 2, 7, and 7A of
this report are forward-looking statements. Actual future results, including project completion dates, production rates, capital
expenditures, costs, and business plans could differ materially due to, among other things, the factors discussed above and elsewhere
in this report.
ITEM lB. UNRESOLVED STAFF COMMENTS
None.
6
15,775
+24,090
-110
-880
-2,400
36,479
2021 Earnings
Price
Volume/Mix
Other
Identified Items (1)
2022 Earnings
(20,030)
+14,960
-340
+2,040
+19,150
15,775
2020 Earnings
Price
Volume/Mix
Other
Identified Items (1)
2021 Earnings
(347)
+14,360
+1,060
+570
-680
14,966
2021 Earnings
Margins
Volume/Mix
Other
Identified Items (1)
2022 Earnings
(2,572)
+1,360
-90
+320
+640
(347)
2020 Earnings
Margins
Volume/Mix
Other
Identified Items (1)
2021 Earnings
6,989
-3,030
-170
-250
3,543
2021 Earnings
Margins
Volume/Mix
Other
2022 Earnings
2,257
+4,370
+130
+130
+105
6,989
2020 Earnings
Margins
Volume/Mix
Other
Identified Items (1)
2021 Earnings
3,259
-220
+20
+30
-670
2,415
2021 Earnings
Margins
Volume/Mix
Other
Identified Items (1)
2022 Earnings
1,201
+680
+300
+220
+860
3,259
2020 Earnings
Margins
Volume/Mix
Other
Identified Items (1)
2021 Earnings
[INTENTIONALLY LEFT BLANK]
133
ADDITIONAL INFORMATION
Stock Performance Graphs
135
Definitions
136
Footnotes
136
Board of Directors
138
134
STOCK PERFORMANCE GRAPHS (unaudited)
The annual total shareholder return (TSR) to ExxonMobil shareholders was 87.0 percent in 2022. The 5-year TSR through
2022 was 11.4 percent, and the 10-year return was 6.9 percent. TSR is calculated as the year-over-year change in share price
plus dividends paid, assuming dividend reinvestment. The graphs below show the relative investment performance of Exxon-
Mobil common stock, the S&P 500, and an industry competitor group over the last five and ten years. The industry competitor
group consists of four other international integrated oil companies: BP, Chevron, Shell, and TotalEnergies.
135
FIVE-YEAR CUMULATIVE TOTAL SHAREHOLDER RETURNS4
$250
200
150
100
50
0
(value of $100 invested at year-end 2017)
ExxonMobil
Industry Group
S&P 500
2017
2018
2019
2020
2021
2022
ExxonMobil
100
85
91
58
92
171
S&P 500
100
96
126
149
192
157
Industry Group
100
94
103
71
97
140
Fiscal years ended December 31
TEN-YEAR CUMULATIVE TOTAL SHAREHOLDER RETURNS4
$400
300
200
100
0
(value of $100 invested at year-end 2012)
ExxonMobil
Industry Group
S&P 500
2012
ExxonMobil
100
113
118
97
66
195
S&P 500
100
151
171
199
310
327
Industry Group
100
108
116
129
98
192
Fiscal years ended December 31
2014
120
132
118
2013
99
153
89
2015
114
208
137
2017
104
262
141
2019
104
399
133
2021
2016
2018
2020
2022
136
DEFINITIONS
Listed below are definitions of several of ExxonMobil’s key business and financial performance measures and other
terms. These definitions are provided to facilitate understanding of the terms and their calculation.
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 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 re-
corded 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.
Performance product (performance chemicals) • Refers to Chemical 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. Further, a reference to “project” or “opportunity”
does not signify that the company has reached a final investment decision. 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 vari-
ous stages throughout their progression.
Returns, rates of return, internal rate of return (IRR) • Unless referring specifically to 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.
Total shareholder return (TSR) • Measures the change in value of an investment in stock over a specified period of time,
assuming dividend reinvestment. We calculate shareholder return over a particular measurement period by: dividing (1) the
sum of (a) the cumulative value of dividends received during the measurement period, assuming reinvestment, plus (b) the
difference between the stock price at the end and at the beginning of the measurement period; by (2) the stock price at the
beginning of the measurement period. For this purpose, we assume dividends are reinvested in stock at market prices at ap-
proximately the same time actual dividends are paid. Shareholder return is usually quoted on an annualized basis.
FOOTNOTES (Pages I through VIII and Page 135)
1. One-year (2022) results; industry peer group includes BP, Chevron, Shell, and Total Energies.
2. For definitions and more information on Structural Cost Savings, see Page 39 of ExxonMobil’s 2022 Form 10-K which
forms part of this Report.
3. For definitions and more information on return on average capital employed, see Page 35 of ExxonMobil’s 2022 Form 10-K
which forms part of this Report.
4. See Stock Performance Graphs on Page 135. Source: S&P Global Platts.
5. Based on full-year 2022 ExxonMobil workforce (includes employees and contractors) Lost Time Incident Rate data as of
January 11, 2023. Benchmark sources: American Fuel & Petrochemical Manufacturers (AFPM) Report of Occupational
Injuries and Illnesses, International Association of Oil & Gas Producers (IOGP) Safety performance indicators. Data
converted from incidents per 1,000,000 work hours to incidents per 200,000 work hours.
6. Applies to Scope 1 and 2 greenhouse gas emissions from operated assets. Emission metrics are based on assets operated by
ExxonMobil using performance and plan data for full-year 2022 available as of March 1, 2023. The greenhouse gas intensity
metric includes Scope 2 market-based emissions. 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.
ExxonMobil works with industry, including API and Ipieca, to improve emission factors and methodologies, including
measurements and estimates.
137
7. References to routine flaring herein are consistent with the World Bank’s Zero Routine Flaring Initiative/Global Gas Flaring
Reduction Partnership’s (GGFRP) principle of routine flaring, and exclude safety and non-routine flaring.
8. North America refining throughput record on a same-site basis.
9. Based on ExxonMobil analysis for U.S. vehicles in 2022.
10. April 2018 report of Franklin Associates on Life Cycle Impacts of Plastic Packaging Compared to substitutes (April 2018
Franklin Associates Report); U.S. packaging market; alternatives include steel, aluminum, glass, paper-based packaging,
fiber-based textiles, and wood (Table 4-14). Source: https://www.americanchemistry.com/content/download/7885/file/Life-
Cycle-Impacts-of-Plastic-Packaging-Compared-to-Substitutes-in-the-United-States-and-Canada.pdf.
11. Highest global refining throughput since 2012 on a same-site basis.
12. Increased plastic production capacity based on polyethylene and polypropylene production capacity growth since fourth
quarter 2021, before the start-up of the Corpus Christi chemical complex.
13. Attributed using the International Sustainability & Carbon Certification (ISCC) PLUS mass balance approach.
14. Based on ExxonMobil analysis and an assumed weight of 5.5 grams for a typical plastic grocery bag.
15. The Baytown hydrogen facility has not reached final investment decision. Individual opportunities may advance based on a
number of factors, including supportive policy, technology, and market conditions.
16. Source: ExxonMobil analysis of EPA Facility Level Information on Greenhouse Gases Tool, 2019 data as of Feb. 15, 2022.
17. Statements of potential future earnings and cash flow assume $60/bbl Brent crude prices and $3/mmbtu Henry Hub gas
prices, adjusted for inflation from 2022; Energy, Chemical, and Specialty Product margins at historical averages for the 10-
year period from 2010-2019; and before tax Corporate & Financing expenses between $2.3 and $2.5 billion annually. 2019
baseline excludes identified items. Price assumptions are not intended to reflect management’s forecasts for future prices or
the prices we use for internal planning purposes.
18. 2030 emission-reduction plans include a 20- to 30-percent reduction in corporate-wide greenhouse gas intensity, 40- to
50-percent reduction in upstream greenhouse gas intensity, 70- to 80-percent reduction in corporate-wide methane intensity,
and 60- to 70-percent reduction in corporate-wide hydrocarbon flaring intensity. Plans cover Scope 1 and Scope 2 emissions
for assets operated by the company, versus 2016 levels. ExxonMobil’s 2030 GHG emission reduction plans,https://corporate.
exxonmobil.com/news/newsroom/news-releases/2021/1201_exxonmobil-announces-plans-to-2027-doubling-earnings-and-
cash-flow-potential-reducing-emissions.
19. Lower-emission investment portfolio delivers >10% return on a capital-weighted basis under current and potential future
government policies based on ExxonMobil projections.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO.
For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups. Abbreviated references describing global or regional operational
organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Similarly, 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, and partner are used to indicate business and other relationships involving
common activities and interests, and those words may not indicate precise legal relationships.
The following are trademarks, service marks, or proprietary process names of Exxon Mobil Corporation or one of its affiliates:
Exxon, ExxonMobil, ExxonMobil Low Carbon Solutions, Mobil, Mobil 1, and Mobil EV.
BOARD OF DIRECTORS
138
Michael J. Angelakis
Chairman of the Board and
Chief Executive Officer,
Atairos Group Inc.
(financial services)
Director since 2021
Susan K. Avery
President Emerita, Woods Hole
Oceanographic Institution
(nonprofit ocean research,
exploration, and education)
Director since 2017
Angela F. Braly
Former Chairman of the Board,
President, and Chief Executive Officer,
WellPoint, Inc. (now Elevance Health)
(health insurance)
Director since 2016
Gregory J. Goff
Former Executive Vice Chairman
of the Board,
Marathon Petroleum Corporation
(refining and marketing)
Director since 2021
Kaisa H. Hietala
Former Executive Vice President
of Renewable Products at
Neste Corporation
(renewable energy)
Director since 2021
Steven A. Kandarian
Former Chairman of the Board,
President, and Chief Executive Officer,
MetLife
(insurance)
Director since 2018
Alexander A. Karsner
Senior Strategist at X
(formerly Google X)
(technology)
Director since 2021
Jeffrey W. Ubben
Founder, Portfolio Manager,
and Managing Partner,
Inclusive Capital Partners, L.P.
(financial services)
Director since 2021
Darren W. Woods
Chairman of the Board and
Chief Executive Officer
Director since 2016
Audit Committee
U.M. Burns (Chair), M.J. Angelakis, G.J. Goff, J.D. Harris II, K.H. Hietala
Compensation Committee
A.F. Braly (Chair), J.D. Harris II, J.L. Hooley, S.A. Kandarian
Environment, Safety and Public Policy Committee
S.K. Avery (Chair), A.F. Braly, A.A. Karsner, L.W. Kellner, J.W. Ubben
Finance Committee
M.J. Angelakis (Chair), U.M. Burns, G.J. Goff, K.H. Hietala,
J.W. Ubben, D.W. Woods
Nominating and Governance Committee
J.L. Hooley (Chair), S.K. Avery, S.A. Kandarian, A.A. Karsner,
L.W. Kellner
Executive Committee
D.W. Woods (Chair), M.J. Angelakis, U.M. Burns, G.J. Goff, J.L. Hooley
STANDING COMMITTEES OF THE BOARD
As of January 24, 2023
As of January 1, 2023
Joseph L. Hooley (Lead Director)
Former Chairman of the Board,
President, and Chief Executive Officer,
State Street Corporation
(financial services)
Director since 2020
Lawrence W. Kellner
Chair of the Board,
The Boeing Company (aviation);
President, Emerald Creek Group, LLC
(private equity)
Director since 2023
John D. Harris II
Former Chief Executive Officer,
Raytheon International, Inc.
(space and defense)
Director since 2023
Ursula M. Burns
Former Chairman of the Board
and Chief Executive Officer,
VEON Ltd.
(telecommunication services)
Director since 2012
Shareholder inquiries should be addressed to
ExxonMobil Shareholder Services at Computershare
Trust Company, N.A., ExxonMobil’s transfer agent:
ExxonMobil Shareholder Services
c/o Computershare
P.O. Box 43006
Providence, RI 02940-3006
An automated voice-response system is available
24 hours a day, 7 days a week.
Service representatives are available Monday through Friday
8 a.m. to 8 p.m. Eastern Time.
Registered shareholders can access information about
their ExxonMobil stock accounts via the internet at
computershare.com/exxonmobil.
Additional copies may be obtained from:
Shareholder relations
Exxon Mobil Corporation
Attn: Shareholder Relations
22777 Springwoods Village Parkway
Spring, TX 77389-1425
Email: shareholderrelations@exxonmobil.com
The New York Stock Exchange is the principal exchange on
which Exxon Mobil Corporation common stock is traded.
Computershare Trust Company, N.A., sponsors a
stock purchase and dividend reinvestment plan, the
Computershare Investment Plan for Exxon Mobil
Corporation Common Stock. For more information and
plan materials, go to computershare.com/exxonmobil
or call or write ExxonMobil Shareholder Services.
The 2023 Annual Meeting of Shareholders will be held
virtually at 9:30 a.m. Central Time on Wednesday,
May 31, 2023.
Important shareholder information is available at
exxonmobil.com/investors:
• Publications
• Dividend Information
• Earnings and Financials
• Investor Presentations
• Stock Quote
• Contact Information
• News Releases
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Market information
Stock purchase and dividend reinvestment plan
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Stock symbol: XOM
© 2 0 2 3 E X X O N M O B I L C O R P O R A T I O N
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Cautionary Statement • Statements of plans, objectives, ambitions, and other future events or conditions are forward-looking statements. Actual
future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon
solutions; cost reductions and efficiency gains; plans to reduce future emissions and emissions intensity, including Scope 1 and 2 net zero in Upstream
Permian Basin unconventional operated assets by 2030; timing and outcome of projects to capture and store CO2, and produced biofuels; timing
and outcome of hydrogen projects; plans for plastics recycling; cash flow, dividends and shareholder returns, including the timing and amounts of
share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; and resource recoveries
and production rates could differ materially due to a number of factors. These include global or regional changes in the supply and demand for
oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions or seasonal fluctuations that impact prices and
differentials for our products; government policies supporting lower carbon investment opportunities; actions of competitors and commercial
counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; impacts
of future COVID-19 or other public health crises, including the effects of government responses on people and economies; reservoir performance;
the outcome of exploration projects; timely completion of development and other construction projects; final management approval of future
projects and any changes in the scope, terms, or costs of such projects as approved; changes in law, taxes, or regulation including environmental
regulations, trade sanctions, taxes that limit the attractiveness of future investments, and timely granting of permits and certifications; war, civil
unrest, and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations; opportunities for potential
investments or divestments and satisfaction of applicable conditions to closing; the capture of efficiencies within and between business lines and the
ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the
development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring
new technologies to commercial scale on a cost-competitive basis; and other factors discussed here and in Item 1A. Risk Factors, and under Forward
Looking Statements on Page 42 of our 2022 Form 10-K which forms part of this report. All forward-looking statements are based on management’s
knowledge and reasonable expectations at the time of this report and we assume no duty to update these statements as of any future date. Unless
otherwise specified, data shown is for 2022. Prior years’ data have been reclassified in certain cases to conform to the 2022 presentation basis. Unless
otherwise stated, resources, production rates, and project capacities are gross. References to “emissions” refer to energy-related emissions.
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