- Business transformation drove industry-leading 2024 financial performance
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- Delivered $33.7 billion in earnings and $55.0 billion in cash flow from operations – the third-best year in a decade
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- Achieved record production in Permian and Guyana, and record sales volumes of high-value products
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- Distributed $36.0 billion to shareholders – more than all but five companies in the S&P 500
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- 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&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&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'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.
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- Return on capital employed led the industry for the year at 12.7% and for the five-year average at 10.8%2.
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- 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. |
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| For the full document click the link below: |
| Exxon Mobil Corporation |
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