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		<title>ExxonMobil: Announces 2024 Results</title>
		<link>https://ie3.euptest.org/exxonmobil-announces-2024-results/</link>
		
		<dc:creator><![CDATA[Monique Nell]]></dc:creator>
		<pubDate>Mon, 03 Feb 2025 13:32:45 +0000</pubDate>
				<category><![CDATA[Companies]]></category>
		<category><![CDATA[ExxonMobil]]></category>
		<category><![CDATA[Finance]]></category>
		<guid isPermaLink="false">https://www.insidentity.com/?p=119038</guid>

					<description><![CDATA[<p>Business transformation drove industry-leading 2024 financial performance Delivered $33.7 billion in earnings and $55.0 billion in cash flow from operations – the third-best year in a decade Achieved record production in Permian and Guyana, and record sales volumes of high-value products Distributed $36.0 billion to shareholders – more than all but five companies in the S&#38;P 500 Achieved $12.1 billion cumulative structural cost savings since 2019; more than offsetting inflation and growth Exxon Mobil Corporation (NYSE: XOM): Results Summary 4Q24 3Q24 Change vs 3Q24 Dollars in millions (except per share data) 2024 2023 Change vs 2023 7,610 8,610 -1,000 Earnings (U.S. GAAP) 33,680 36,010 -2,330 7,394 8,610 -1,216 Earnings Excluding Identified Items (non-GAAP) 33,464 38,572 -5,108 1.72 1.92 -0.20 Earnings Per Common Share ² 7.84 8.89 -1.05 1.67 1.92 -0.25 Earnings Excl. Identified Items Per Common Share (non-GAAP) ² 7.79 9.52 -1.73 7,514 7,159 +355 Capital and Exploration Expenditures 27,551 26,325 +1,226 Exxon Mobil Corporation today announced fourth-quarter 2024 earnings of $7.6 billion, or $1.72 per share assuming dilution. Cash flow from operating activities was $12.2 billion and free cash flow was 8.0 billion. Capital and exploration expenditures, and cash capital expenditures were both $7.5 billion in the fourth quarter, bringing the full-year expenditures to $27.6 billion and $25.6 billion, respectively – both in line with full-year guidance. For the full year 2024, the company reported earnings of $33.7 billion, or $7.84 per share assuming dilution. “Our transformed company delivered unmatched value in 2024,” said Darren Woods, chairman and chief executive officer. “The proof is in our performance. Operationally, we delivered strong results on safety, reliability, and emissions. Financially, we delivered some of our highest earnings and operating cash flow in a decade. We earned returns higher than our peers3 and well above our cost of capital, and we distributed more cash to shareholders than all but five companies in the entire S&#38;P 5001.” “As we look ahead, we’ve built a long runway of value creation. We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030 but well beyond. Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders.” 1 Leading financial performance compared to IOCs includes metrics such as earnings, cash flow from operations and total shareholder returns. Where applicable, individual metrics referencing the IOCs or S&#38;P 500 are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg Consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies. 2 Assuming dilution. 3 ROCE for ExxonMobil is 2024 full year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures. Financial Highlights Full-year 2024 earnings were $33.7 billion versus 36.0 billion in 2023. Unfavourable 2023 identified items included a $2.0 billion impairment in California due to regulatory challenges restarting production and distribution from the now-divested Santa Ynez Unit assets. Earnings excluding identified items decreased as industry refining margins and natural gas prices declined from last year&#8217;s historically high levels. Strong advantaged volume growth including record production from Guyana and Permian, and record high-value product sales volumes, more than offset lower base volumes from non-strategic asset divestments and scheduled maintenance. Structural cost savings partly offset higher expenses from depreciation, scheduled maintenance, new product development and 2025 project start-ups. Since 2019, the company achieved 12.1 billion in cumulative Structural Cost Savings, well beyond what any competitors have achieved, and more than offset inflation and growth. This includes $2.4 billion of savings during the year and $0.8 billion during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019. Return on capital employed led the industry for the year at 12.7% and for the five-year average at 10.8%2. Generated strong cash flow from operations of $55.0 billion and free cash flow of $34.4 billion in 2024. Cash proceeds from asset sales totalled $5.0 billion. Free cash flow excluding a working capital increase of $1.8 billion was $36.2 billion, which covered industry-leading shareholder distributions of $36.0 billion3 – $16.7 billion of dividends and $19.3 billion of share repurchases, consistent with announced plans. In addition, the company delivered industry-leading total shareholder returns of 11%, 25% and 14% for the last one, three and five years. As previously communicated, ExxonMobil plans to extend its annual $20 billion share-repurchase program through 2026. The Corporation declared a first-quarter dividend of $0.99 per share, payable on March 10, 2025, to shareholders of record of Common Stock at the close of business on February 12, 2025. The company raised its fourth-quarter dividend by 4% and has increased its annual dividend for 42 consecutive years. The debt-to-capital ratio was 13% and the net-debt-to-capital ratio was 6%4, reflecting a period-end cash balance of $23.2 billion. 1 The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these drivers. 2 ROCE for ExxonMobil is 2024 full year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures. 3 Leading measures for the IOCs are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg cConsensusas of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies. 4 Net debt is the total debt of $41.7 billion less $23.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $270.6 billion. For the full document click the link below: Exxon Mobil Corporation Stay ahead of the curve! Subscribe to InsidEntity for daily updates on all your favourite companies.</p>
<p>The post <a href="https://ie3.euptest.org/exxonmobil-announces-2024-results/">ExxonMobil: Announces 2024 Results</a> appeared first on <a href="https://ie3.euptest.org">InsidEntity</a>.</p>
]]></description>
										<content:encoded><![CDATA[<table>
<tbody>
<tr>
<td width="575">
<ul>
<li>Business transformation drove industry-leading 2024 financial performance</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>Delivered $33.7 billion in earnings and $55.0 billion in cash flow from operations – the third-best year in a decade</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>Achieved record production in Permian and Guyana, and record sales volumes of high-value products</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>Distributed $36.0 billion to shareholders – more than all but five companies in the S&amp;P 500</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>Achieved $12.1 billion cumulative structural cost savings since 2019; more than offsetting inflation and growth</li>
</ul>
</td>
</tr>
<tr>
<td width="575"><a href="https://www.insidentity.com/report/exxonmobil/"><strong><em>Exxon Mobil Corporation</em></strong></a> (NYSE: XOM):</td>
</tr>
<tr>
<td width="575">
<table width="1170">
<tbody>
<tr>
<td colspan="6" width="1053"><em><u>Results Summary</u></em></td>
<td width="117"></td>
</tr>
<tr>
<td width="117"></td>
<td width="117"></td>
<td width="117"></td>
<td width="468"></td>
<td width="117"></td>
<td width="117"></td>
<td width="117"></td>
</tr>
<tr>
<td width="117">4Q24</td>
<td width="117">3Q24</td>
<td width="117">Change</p>
<p>vs</p>
<p>3Q24</td>
<td width="468"><em>Dollars in millions (except per share data)</em></td>
<td width="117">2024</td>
<td width="117">2023</td>
<td width="117">Change</p>
<p>vs</p>
<p>2023</td>
</tr>
<tr>
<td width="117">7,610</td>
<td width="117">8,610</td>
<td width="117">-1,000</td>
<td width="468">Earnings (U.S. GAAP)</td>
<td width="117">33,680</td>
<td width="117">36,010</td>
<td width="117">-2,330</td>
</tr>
<tr>
<td width="117">7,394</td>
<td width="117">8,610</td>
<td width="117">-1,216</td>
<td width="468">Earnings Excluding Identified Items (non-GAAP)</td>
<td width="117">33,464</td>
<td width="117">38,572</td>
<td width="117">-5,108</td>
</tr>
<tr>
<td width="117"></td>
<td width="117"></td>
<td width="117"></td>
<td width="468"></td>
<td width="117"></td>
<td width="117"></td>
<td width="117"></td>
</tr>
<tr>
<td width="117">1.72</td>
<td width="117">1.92</td>
<td width="117">-0.20</td>
<td width="468">Earnings Per Common Share <sup>²</sup></td>
<td width="117">7.84</td>
<td width="117">8.89</td>
<td width="117">-1.05</td>
</tr>
<tr>
<td width="117">1.67</td>
<td width="117">1.92</td>
<td width="117">-0.25</td>
<td width="468">Earnings Excl. Identified Items Per Common Share (non-GAAP) <sup>²</sup></td>
<td width="117">7.79</td>
<td width="117">9.52</td>
<td width="117">-1.73</td>
</tr>
<tr>
<td width="117"></td>
<td width="117"></td>
<td width="117"></td>
<td width="468"></td>
<td width="117"></td>
<td width="117"></td>
<td width="117"></td>
</tr>
<tr>
<td width="117">7,514</td>
<td width="117">7,159</td>
<td width="117">+355</td>
<td width="468">Capital and Exploration Expenditures</td>
<td width="117">27,551</td>
<td width="117">26,325</td>
<td width="117">+1,226</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td width="575">Exxon Mobil Corporation today announced fourth-quarter 2024 earnings of $7.6 billion, or $1.72 per share assuming dilution. Cash flow from operating activities was $12.2 billion and free cash flow was 8.0 billion. Capital and exploration expenditures, and cash capital expenditures were both $7.5 billion in the fourth quarter, bringing the full-year expenditures to $27.6 billion and $25.6 billion, respectively – both in line with full-year guidance. For the full year 2024, the company reported earnings of $33.7 billion, or $7.84 per share assuming dilution.</td>
</tr>
<tr>
<td width="575">“Our transformed company delivered unmatched value in 2024,” said <a href="https://www.insidentity.com/director/darren-woods/"><strong><em>Darren Woods</em></strong></a>, chairman and chief executive officer. “The proof is in our performance. Operationally, we delivered strong results on safety, reliability, and emissions. Financially, we delivered some of our highest earnings and operating cash flow in a decade. We earned returns higher than our peers<sup>3</sup> and well above our cost of capital, and we distributed more cash to shareholders than all but five companies in the entire S&amp;P 500<sup>1</sup>.”</td>
</tr>
<tr>
<td width="575">“As we look ahead, we’ve built a long runway of value creation. We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030 but well beyond. Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders.”</td>
</tr>
<tr>
<td width="575">
<table>
<tbody>
<tr>
<td width="17"><em><sup>1</sup></em></td>
<td width="2"></td>
<td width="604"><em>Leading financial performance compared to IOCs includes metrics such as earnings, cash flow from operations and total shareholder returns. Where applicable, individual metrics referencing the IOCs or S&amp;P 500 are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg Consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.</em></td>
</tr>
<tr>
<td width="17"><em><sup>2</sup></em></td>
<td width="2"></td>
<td width="604"><em>Assuming dilution.</em></td>
</tr>
<tr>
<td width="17"><em><sup>3</sup></em></td>
<td width="2"></td>
<td width="604"><em>ROCE for ExxonMobil is 2024 full year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.</em></td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td width="575"><em><u>Financial Highlights</u></em></td>
</tr>
<tr>
<td width="575">
<ul>
<li>Full-year 2024 earnings were $33.7 billion versus 36.0 billion in 2023. Unfavourable 2023 identified items included a $2.0 billion impairment in California due to regulatory challenges restarting production and distribution from the now-divested Santa Ynez Unit assets. Earnings excluding identified items decreased as industry refining margins and natural gas prices declined from last year&#8217;s historically high levels. Strong advantaged volume growth including record production from Guyana and Permian, and record high-value product sales volumes, more than offset lower base volumes from non-strategic asset divestments and scheduled maintenance. Structural cost savings partly offset higher expenses from depreciation, scheduled maintenance, new product development and 2025 project start-ups.</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>Since 2019, the company achieved 12.1 billion in cumulative Structural Cost Savings, well beyond what any competitors have achieved, and more than offset inflation and growth. This includes $2.4 billion of savings during the year and $0.8 billion during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019.</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>Return on capital employed led the industry for the year at 12.7% and for the five-year average at 10.8%<sup>2</sup>.</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>Generated strong cash flow from operations of $55.0 billion and free cash flow of $34.4 billion in 2024. Cash proceeds from asset sales totalled $5.0 billion. Free cash flow excluding a working capital increase of $1.8 billion was $36.2 billion, which covered industry-leading shareholder distributions of $36.0 billion<sup>3</sup> – $16.7 billion of dividends and $19.3 billion of share repurchases, consistent with announced plans. In addition, the company delivered industry-leading total shareholder returns of 11%, 25% and 14% for the last one, three and five years. As previously communicated, ExxonMobil plans to extend its annual $20 billion share-repurchase program through 2026.</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>The Corporation declared a first-quarter dividend of $0.99 per share, payable on March 10, 2025, to shareholders of record of Common Stock at the close of business on February 12, 2025. The company raised its fourth-quarter dividend by 4% and has increased its annual dividend for 42 consecutive years.</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<ul>
<li>The debt-to-capital ratio was 13% and the net-debt-to-capital ratio was 6%<sup>4</sup>, reflecting a period-end cash balance of $23.2 billion.</li>
</ul>
</td>
</tr>
<tr>
<td width="575">
<table>
<tbody>
<tr>
<td width="17"><em><sup>1</sup></em></td>
<td width="2"></td>
<td width="604"><em>The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these drivers.</em></td>
</tr>
<tr>
<td width="17"><em><sup>2</sup></em></td>
<td width="2"></td>
<td width="604"><em>ROCE for ExxonMobil is 2024 full year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.</em></td>
</tr>
<tr>
<td width="17"><em><sup>3</sup></em></td>
<td width="2"></td>
<td width="604"><em>Leading measures for the IOCs are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg cConsensusas of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.</em></td>
</tr>
<tr>
<td width="17"><em><sup>4</sup></em></td>
<td width="2"></td>
<td width="604"><em>Net debt is the total debt of $41.7 billion less $23.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $270.6 billion.</em></td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td width="575">For the full document click the link below:</td>
</tr>
<tr>
<td width="575"><em><strong><a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1180/exxonmobil-announces-2024-results" target="_blank" rel="noopener">Exxon Mobil Corporation</a></strong></em></td>
</tr>
<tr>
<td width="575"><em>Stay ahead of the curve! Subscribe to </em><a href="https://www.insidentity.com/subscriber-fee/"><strong><em>InsidEntity</em></strong></a><em> for daily updates on all your favourite companies.</em></td>
</tr>
</tbody>
</table>

	<div class="wpw-fp-follow-post-wrapper wpw-fp-follow-btn-wrapper">
			</div><!-- wpw-fp-follow-post-wrapper --><p>The post <a href="https://ie3.euptest.org/exxonmobil-announces-2024-results/">ExxonMobil: Announces 2024 Results</a> appeared first on <a href="https://ie3.euptest.org">InsidEntity</a>.</p>
]]></content:encoded>
					
		
		
			</item>
		<item>
		<title>ExxonMobil: To Release Fourth Quarter 2024 Financial Results</title>
		<link>https://ie3.euptest.org/exxonmobil-to-release-fourth-quarter-2024-financial-results/</link>
		
		<dc:creator><![CDATA[Monique Nell]]></dc:creator>
		<pubDate>Wed, 22 Jan 2025 10:45:37 +0000</pubDate>
				<category><![CDATA[Companies]]></category>
		<category><![CDATA[ExxonMobil]]></category>
		<category><![CDATA[Finance]]></category>
		<guid isPermaLink="false">https://www.insidentity.com/?p=117568</guid>

					<description><![CDATA[<p>Exxon Mobil Corporation (NYSE: XOM) will release its fourth quarter 2024 financial results on Friday, January 31, 2025. The company will issue a press release via Business Wire that will be available at 5:30 a.m. CT at investor.exxonmobil.com. Darren Woods, Chairman and Chief Executive Officer; Kathy Mikells, Senior Vice President and Chief Financial Officer; and Jim Chapman, Vice President, Treasurer and Investor Relations, will review the results during a live conference call at 8:30 a.m. CT. The presentation will be accessible via webcast or by calling (888) 572-7032 (Toll-free) or (720) 543-0311 (Local). Please reference passcode 8807853 to join the call. An archived replay of the call and a copy of the presentation with accompanying supplemental financial data will be available at investor.exxonmobil.com. For the full document click the link below: Exxon Mobil Corporation Stay ahead of the curve! Subscribe to InsidEntity for daily updates on all your favourite companies.</p>
<p>The post <a href="https://ie3.euptest.org/exxonmobil-to-release-fourth-quarter-2024-financial-results/">ExxonMobil: To Release Fourth Quarter 2024 Financial Results</a> appeared first on <a href="https://ie3.euptest.org">InsidEntity</a>.</p>
]]></description>
										<content:encoded><![CDATA[<table>
<tbody>
<tr>
<td width="623"><a href="https://www.insidentity.com/report/exxonmobil/"><strong><em>Exxon Mobil Corporation</em></strong></a> (NYSE: XOM) will release its fourth quarter 2024 financial results on Friday, January 31, 2025. The company will issue a press release via Business Wire that will be available at 5:30 a.m. CT at <a href="https://investor.exxonmobil.com/">investor.exxonmobil.com</a>.</td>
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<td width="623"><a href="https://www.insidentity.com/director/darren-woods/"><strong><em>Darren Woods</em></strong></a>, Chairman and Chief Executive Officer; Kathy Mikells, Senior Vice President and Chief Financial Officer; and Jim Chapman, Vice President, Treasurer and Investor Relations, will review the results during a live conference call at 8:30 a.m. CT. The presentation will be accessible via <a href="https://event.webcasts.com/starthere.jsp?ei=1703864&amp;tp_key=8e9de82a04">webcast</a> or by calling (888) 572-7032 (Toll-free) or (720) 543-0311 (Local). Please reference passcode 8807853 to join the call. An archived replay of the call and a copy of the presentation with accompanying supplemental financial data will be available at <a href="https://investor.exxonmobil.com/">investor.exxonmobil.com</a>.</td>
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<td width="623">For the full document click the link below:</td>
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<td width="623"><em><strong><a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1179/exxonmobil-to-release-fourth-quarter-2024-financial-results" target="_blank" rel="noopener">Exxon Mobil Corporation</a></strong></em></td>
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<td width="623"><em>Stay ahead of the curve! Subscribe to </em><a href="https://www.insidentity.com/subscriber-fee/"><strong><em>InsidEntity</em></strong></a><em> for daily updates on all your favourite companies.</em></td>
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			</div><!-- wpw-fp-follow-post-wrapper --><p>The post <a href="https://ie3.euptest.org/exxonmobil-to-release-fourth-quarter-2024-financial-results/">ExxonMobil: To Release Fourth Quarter 2024 Financial Results</a> appeared first on <a href="https://ie3.euptest.org">InsidEntity</a>.</p>
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		<title>Exxon Mobile: Announces Second-Quarter 2024 Results</title>
		<link>https://ie3.euptest.org/exxon-mobile-announces-second-quarter-2024-results/</link>
		
		<dc:creator><![CDATA[Monique Nell]]></dc:creator>
		<pubDate>Mon, 23 Sep 2024 08:51:32 +0000</pubDate>
				<category><![CDATA[ExxonMobil]]></category>
		<category><![CDATA[Finance]]></category>
		<guid isPermaLink="false">https://www.insidentity.com/?p=94494</guid>

					<description><![CDATA[<p>Exxon Mobil Corporation today announced second-quarter 2024 earnings of $9.2 billion, or $2.14 per share assuming dilution. Cash flow from operating activities was $10.6 billion and cash flow from operations excluding working capital movements was $15.2 billion. Shareholder distributions of $9.5 billion included $4.3 billion of dividends and $5.2 billion of share repurchases, consistent with the company&#8217;s announced plans. “We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company,” said Darren Woods, chairman and chief executive officer. “We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger. We also achieved a record in high-value product sales, growing by 10% versus the first half of last year. We closed on our transformative merger with Pioneer in about half the time of similar deals. And we’re continuing to build businesses such as ProxximaTM, carbon materials and virtually carbon-free hydrogen, with approximately 98% of CO2 removed, that will create value long into the future.” Financial Highlights: Year-to-date earnings were $17.5 billion versus $19.3 billion in the first half of 2023. Earnings excluding identified items were $17.5 billion compared to $19.5 billion in the same period last year. Earnings decreased as industry refining margins and natural gas prices declined from last year&#8217;s historically high levels to trade within the ten-year historical range2, while crude prices rose modestly. Strong advantaged volume growth from record Guyana, Pioneer, and heritage Permian assets, high-value products and the Beaumont refinery expansion more than offset lower base volumes from divestments of non-strategic assets and government-mandated curtailments. Structural cost savings partially offset higher expenses from scheduled maintenance, depreciation and support of new businesses and 2025 project start-ups. Achieved $10.7 billion of cumulative Structural Cost Savings versus 2019, including an additional $1.0 billion of savings during the year and $0.6 billion during the quarter. The company is on track to deliver cumulative savings totalling $5 billion through the end of 2027 versus 2023. Generated strong cash flow from operations of $25.2 billion and free cash flow of $15.0 billion in the first half of the year, including working capital outflows of $2.6 billion driven by higher seasonal cash tax payments. Excluding working capital, cash flow from operations and free cash flow were $27.8 billion and $17.6 billion, respectively. Year-to-date shareholder distributions of $16.3 billion included $8.1 billion of dividends and $8.3 billion of share repurchases. Following the close of the Pioneer transaction, the Corporation increased the annual pace of share repurchases to $20 billion through 2025, assuming reasonable market conditions. The company plans to repurchase over $19 billion of shares in 2024. The Corporation declared a third-quarter dividend of $0.95 per share, payable on September 10, 2024, to shareholders of record of Common Stock at the close of business on August 15, 2024. The company&#8217;s debt-to-capital ratio was 14% and the net-debt-to-capital ratio was 6%3, reflecting a year-to-date debt repayment of $3.9 billion and a period-end cash balance of $26.5 billion. Capital and exploration expenditures were $7.0 billion in the second quarter including $0.7 billion from Pioneer, bringing year-to-date expenditures to $12.9 billion. The Corporation anticipates full-year capital and exploration expenditures to be approximately $28 billion, which includes the top end of the previously announced guidance for ExxonMobil of $25 billion, and about $3 billion for 8 months of Pioneer, consistent with their prior guidance. ADVANCING CLIMATE SOLUTIONS: Virtually Carbon-Free Hydrogen: ExxonMobil and Air Liquide reached an agreement to support the production of virtually carbon-free hydrogen, with approximately 98% of CO2 removed, and ammonia at ExxonMobil’s planned Baytown, Texas hydrogen facility. The agreement will enable the transportation of hydrogen through Air Liquide’s existing pipeline network. Additionally, Air Liquide will build and operate four Large Modular Air separation units (LMAs) to supply 9,000 metric tons of oxygen and up to 6,500 metric tons of nitrogen daily to the facility. The LMAs are expected to primarily use low-carbon electricity to reduce the project’s carbon footprint. The production facility would be the world’s largest planned virtually carbon-free hydrogen project and is expected to produce 1 billion cubic feet of hydrogen daily, and more than 1 million metric tons of ammonia per year while capturing approximately 98% of the associated CO2 emissions. ExxonMobil aims to help enable the growth of a low-carbon hydrogen market along the U.S. Gulf Coast to assist industrial customers achieve their decarbonization goals. Lithium: ExxonMobil has signed a non-binding memorandum of understanding (MOU) with SK On, a global leading electric vehicle (EV) battery developer, that enables a multiyear offtake agreement of up to 100,000 metric tons of MobilTM Lithium from the company’s first planned project in Arkansas. SK On plans to use lithium in its EV battery manufacturing operations in the United States. Carbon Capture and Storage: ExxonMobil signed its fourth carbon capture and storage (CCS) agreement with a major industrial customer, bringing the total contracted CO2 to store for industrial customers up to 5.5 million metric tons per year. The new agreement is the second project with CF Industries, a major fertilizer and ammonia producer. Under the contract, ExxonMobil will transport and store up to 500,000 metric tons of CO2 per year from CF’s operations in Yazoo City, Mississippi, reducing CO2 emissions from the site by up to 50%. Products Supporting a Lower-Emissions Future: The ProxximaTM business transforms lower-value gasoline molecules into a high-performance, high-value thermoset resin that can be used in coatings, lightweight construction materials, and advanced composites for cars and trucks – including battery boxes for electric vehicles. Materials made with ProxximaTM are lighter, stronger, more durable, and produced with significantly fewer GHG emissions than traditional alternatives1. In March, the company showcased the automotive uses of ProxximaTM at the world’s leading international composites exhibition in Paris. The company is progressing projects in Texas, with startups anticipated in 2025, that will significantly expand production of ProxximaTM. The company sees the total potential addressable market for ProxximaTM at 5 million metric tons and 30 billion dollars by 2030 with demand growing faster<a href="https://ie3.euptest.org/exxon-mobile-announces-second-quarter-2024-results/" class="" rel="bookmark">Read More &#187;<span class="screen-reader-text">Exxon Mobile: Announces Second-Quarter 2024 Results</span></a></p>
<p>The post <a href="https://ie3.euptest.org/exxon-mobile-announces-second-quarter-2024-results/">Exxon Mobile: Announces Second-Quarter 2024 Results</a> appeared first on <a href="https://ie3.euptest.org">InsidEntity</a>.</p>
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<td width="601"><em><strong><a href="https://www.insidentity.com/report/exxonmobil/" target="_blank" rel="noopener">Exxon Mobil Corporation</a></strong></em> today announced second-quarter 2024 earnings of $9.2 billion, or $2.14 per share assuming dilution. Cash flow from operating activities was $10.6 billion and cash flow from operations excluding working capital movements was $15.2 billion. Shareholder distributions of $9.5 billion included $4.3 billion of dividends and $5.2 billion of share repurchases, consistent with the company&#8217;s announced plans.</td>
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<td width="601">“We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company,” said Darren Woods, chairman and chief executive officer.</td>
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<td width="601">“We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger. We also achieved a record in high-value product sales, growing by 10% versus the first half of last year. We closed on our transformative merger with Pioneer in about half the time of similar deals. And we’re continuing to build businesses such as Proxxima<sup>TM</sup>, carbon materials and virtually carbon-free hydrogen, with approximately 98% of CO<sub>2</sub> removed, that will create value long into the future.”</td>
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<td width="601"><em>Financial Highlights:</em></td>
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<td width="601">Year-to-date earnings were $17.5 billion versus $19.3 billion in the first half of 2023. Earnings excluding identified items were $17.5 billion compared to $19.5 billion in the same period last year. Earnings decreased as industry refining margins and natural gas prices declined from last year&#8217;s historically high levels to trade within the ten-year historical range<sup>2</sup>, while crude prices rose modestly. Strong advantaged volume growth from record Guyana, Pioneer, and heritage Permian assets, high-value products and the Beaumont refinery expansion more than offset lower base volumes from divestments of non-strategic assets and government-mandated curtailments. Structural cost savings partially offset higher expenses from scheduled maintenance, depreciation and support of new businesses and 2025 project start-ups.</td>
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<td width="601">Achieved $10.7 billion of cumulative Structural Cost Savings versus 2019, including an additional $1.0 billion of savings during the year and $0.6 billion during the quarter. The company is on track to deliver cumulative savings totalling $5 billion through the end of 2027 versus 2023.</td>
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<td width="601">Generated strong cash flow from operations of $25.2 billion and free cash flow of $15.0 billion in the first half of the year, including working capital outflows of $2.6 billion driven by higher seasonal cash tax payments. Excluding working capital, cash flow from operations and free cash flow were $27.8 billion and $17.6 billion, respectively. Year-to-date shareholder distributions of $16.3 billion included $8.1 billion of dividends and $8.3 billion of share repurchases. Following the close of the Pioneer transaction, the Corporation increased the annual pace of share repurchases to $20 billion through 2025, assuming reasonable market conditions. The company plans to repurchase over $19 billion of shares in 2024.</td>
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<td width="601">The Corporation declared a third-quarter dividend of $0.95 per share, payable on September 10, 2024, to shareholders of record of Common Stock at the close of business on August 15, 2024.</td>
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<td width="601">The company&#8217;s debt-to-capital ratio was 14% and the net-debt-to-capital ratio was 6%<sup>3</sup>, reflecting a year-to-date debt repayment of $3.9 billion and a period-end cash balance of $26.5 billion.</td>
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<td width="601">Capital and exploration expenditures were $7.0 billion in the second quarter including $0.7 billion from Pioneer, bringing year-to-date expenditures to $12.9 billion. The Corporation anticipates full-year capital and exploration expenditures to be approximately $28 billion, which includes the top end of the previously announced guidance for ExxonMobil of $25 billion, and about $3 billion for 8 months of Pioneer, consistent with their prior guidance.</td>
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<td width="601"><em>ADVANCING CLIMATE SOLUTIONS:</em></td>
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<td width="601">Virtually Carbon-Free Hydrogen:</td>
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<td width="601">ExxonMobil and Air Liquide reached an agreement to support the production of virtually carbon-free hydrogen, with approximately 98% of CO<sub>2</sub> removed, and ammonia at ExxonMobil’s planned Baytown, Texas hydrogen facility. The agreement will enable the transportation of hydrogen through Air Liquide’s existing pipeline network. Additionally, Air Liquide will build and operate four Large Modular Air separation units (LMAs) to supply 9,000 metric tons of oxygen and up to 6,500 metric tons of nitrogen daily to the facility. The LMAs are expected to primarily use low-carbon electricity to reduce the project’s carbon footprint. The production facility would be the world’s largest planned virtually carbon-free hydrogen project and is expected to produce 1 billion cubic feet of hydrogen daily, and more than 1 million metric tons of ammonia per year while capturing approximately 98% of the associated CO<sub>2</sub> emissions. ExxonMobil aims to help enable the growth of a low-carbon hydrogen market along the U.S. Gulf Coast to assist industrial customers achieve their decarbonization goals.</td>
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<td width="601">Lithium:</td>
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<td width="601">ExxonMobil has signed a non-binding memorandum of understanding (MOU) with SK On, a global leading electric vehicle (EV) battery developer, that enables a multiyear offtake agreement of up to 100,000 metric tons of Mobil<sup>TM</sup> Lithium from the company’s first planned project in Arkansas. SK On plans to use lithium in its EV battery manufacturing operations in the United States.</td>
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<td width="601">Carbon Capture and Storage:</td>
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<td width="601">ExxonMobil signed its fourth carbon capture and storage (CCS) agreement with a major industrial customer, bringing the total contracted CO<sub>2</sub> to store for industrial customers up to 5.5 million metric tons per year. The new agreement is the second project with CF Industries, a major fertilizer and ammonia producer. Under the contract, ExxonMobil will transport and store up to 500,000 metric tons of CO<sub>2</sub> per year from CF’s operations in Yazoo City, Mississippi, reducing CO<sub>2</sub> emissions from the site by up to 50%.</td>
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<td width="601">Products Supporting a Lower-Emissions Future:</td>
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<td width="601">The Proxxima<sup>TM</sup> business transforms lower-value gasoline molecules into a high-performance, high-value thermoset resin that can be used in coatings, lightweight construction materials, and advanced composites for cars and trucks – including battery boxes for electric vehicles. Materials made with Proxxima<sup>TM</sup> are lighter, stronger, more durable, and produced with significantly fewer GHG emissions than traditional alternatives<sup>1</sup>. In March, the company showcased the automotive uses of Proxxima<sup>TM</sup> at the world’s leading international composites exhibition in Paris. The company is progressing projects in Texas, with startups anticipated in 2025, that will significantly expand production of Proxxima<sup>TM</sup>. The company sees the total potential addressable market for Proxxima<sup>TM</sup> at 5 million metric tons and 30 billion dollars by 2030 with demand growing faster than GDP and returns above 15%.</td>
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<td width="601">The Carbon Materials venture transforms the molecular structure of low-value, carbon-rich feeds from the company&#8217;s refining processes into high-value products for a range of applications. The company is targeting market segments including carbon fibre, polymer additives, and battery materials with margins of several thousand dollars per ton and growth rates outpacing GDP.</td>
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<td width="601">For the full report click the link below:</p>
<p><em><strong><a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1169/exxonmobil-announces-second-quarter-2024-results" target="_blank" rel="noopener">Exxon Mobile: Announces Second-Quarter 2024 Results</a></strong></em></td>
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			</div><!-- wpw-fp-follow-post-wrapper --><p>The post <a href="https://ie3.euptest.org/exxon-mobile-announces-second-quarter-2024-results/">Exxon Mobile: Announces Second-Quarter 2024 Results</a> appeared first on <a href="https://ie3.euptest.org">InsidEntity</a>.</p>
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