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ExxonMobil reports results for second quarter 2020


  • Global oversupply and COVID-related demand impacts drive second quarter loss of $1.1 billion
  • On track to meet or exceed 2020 capital and cash operating spend reduction targets
  • Supporting COVID-19 response by reconfiguring operations to increase production of hand sanitizer and raw materials for protective equipment for first responders

IRVING, Texas – Exxon Mobil Corporation (NYSE:XOM):

First

Second Quarter

Quarter

First Half

2020

2019

2020

2020

2019

Results Summary

(Dollars in millions, except per share data)

Earnings/(Loss) (U.S. GAAP)

(1,080

)

3,130

(610

)

(1,690

)

5,480

Earnings/(Loss) Per Common Share

Assuming Dilution

(0.26

)

0.73

(0.14

)

(0.40

)

1.28

Identified Items Per Common Share

Assuming Dilution

0.44

0.12

(0.67

)

(0.23

)

0.12

Earnings/(Loss) Excluding Identified Items

Per Common Share Assuming Dilution

(0.70

)

0.61

0.53

(0.17

)

1.16

Capital and Exploration Expenditures

5,327

8,079

7,143

12,470

14,969

Exxon Mobil Corporation today announced an estimated second quarter 2020 loss of $1.1 billion, or $0.26 per share assuming dilution. Results included a positive noncash inventory valuation adjustment from rising commodity prices of $1.9 billion, or $0.44 per share assuming dilution. Capital and exploration expenditures were $5.3 billion, nearly $2 billion lower than first quarter reflecting previously announced spend reductions.

Oil-equivalent production was 3.6 million barrels per day, down 7 percent from the second quarter of 2019, including a 3 percent decrease in liquids and a 12 percent decrease in natural gas, mainly reflecting the impacts of COVID-19 on global demand including economic and government mandated curtailments.

“The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins, and sales volumes. We responded decisively by reducing near-term spending and continuing work to improve efficiency by leveraging recent reorganizations,” said Darren W. Woods, chairman and chief executive officer. “The progress we’ve made to date gives us confidence that we will meet or exceed our cost-reduction targets for 2020 and provides a strong foundation for further efficiencies.”

“We have increased debt to a level we feel is appropriate to provide liquidity, given market uncertainties. Based on current projections, we do not plan to take on any additional debt.”

The company has identified significant potential for additional reductions and is undertaking a comprehensive evaluation across the businesses on a country-by-country basis. Additional details will be provided when plans are finalized.

During the quarter, ExxonMobil continued to support COVID-19 response efforts by increasing production of isopropyl alcohol used in sanitizers and specialized polypropylene used in medical masks and gowns. In April, the company reconfigured manufacturing operations in Baton Rouge, Louisiana, to produce and bottle medical-grade hand sanitizer for donation to frontline workers across the U.S. and to the U.S. Air Force. In addition, ExxonMobil donated equipment and contributed to relief efforts around the world, as outlined on the company’s website.

Second Quarter 2020 Business Highlights

Upstream

  • Market prices for crude oil increased following the sharp decline at the end of the first quarter; however, average second quarter realizations for crude oil and natural gas were significantly lower reflecting the continued oversupply conditions in the market and the impacts of COVID-19 on global demand.
  • Liquids volumes were down 7 percent from first quarter reflecting the impact of lower demand, including economic and government mandated curtailments. Excluding these curtailment impacts, liquids volumes increased 5 percent. Natural gas volumes were 15 percent lower driven by seasonal demand in Europe and scheduled maintenance.

Downstream

  • Industry fuels margins were considerably lower than in the first quarter, reflecting the impacts of COVID‑19 on demand for gasoline and jet fuel. The company experienced unfavorable mark-to-market derivative impacts associated with its trading activity, compared to favorable impacts in the previous quarter, driven by significant volatility in commodity prices across the periods.
  • Average refinery utilization was down significantly from first quarter on lower demand, as the company spared about 30 percent of its refining capacity. Over the course of the quarter, utilization increased in line with global fuel demand.

Chemical

  • Chemical margins were largely consistent with first quarter. Chemical sales volumes however, while benefiting from resilient demand for essential products, were lower than first quarter driven by the impacts of COVID-19 on global demand.
  • The company continues to support COVID-19 response efforts, further optimizing processes to increase its monthly production of specialized polypropylene, used in masks and medical gowns, and isopropyl alcohol, used in sanitizer, by more than 10 percent.

Strengthening the Portfolio

  • While operations were impacted by logistical restrictions resulting from COVID-19, the company demonstrated production capacity of 120,000 gross barrels of oil per day at the Liza Phase 1 development offshore Guyana. Topsides integration is underway in Singapore on a second floating production, storage and offloading vessel, with production capacity up to 220,000 gross barrels of oil per day, to support the Liza Phase 2 development.
  • During the quarter, ExxonMobil commenced operations at its new Delaware central processing and exporting facility in Eddy County, New Mexico. This new processing and stabilization facility enhances the company’s integration advantages by collecting and processing oil and natural gas from its assets in the Delaware Basin for delivery to Gulf Coast markets.

Disciplined Investing and Expense Management

  • During the quarter, ExxonMobil made significant progress on its previously announced capital and cash operating spend reductions. Planned reductions to the company’s capital investment program for 2020, from $33 billion to $23 billion, are ahead of schedule, reflecting increased efficiencies, lower market prices, and slower project pace. The expected decrease in cash operating expenses of about 15 percent is also ahead of schedule, capturing savings from increased efficiencies, reduced activity, and lower energy costs and volumes.

Advancing Innovative Technologies and Products

  • During the quarter, ExxonMobil launched a first-of-its-kind high-frequency network of sensors designed to monitor and detect methane emissions in the Permian Basin. Project Astra is a collaboration with the University of Texas, Gas Technology Institute, Environmental Defense Fund and Pioneer Natural Resources that could provide a more affordable, efficient solution to address methane emissions over large areas of operations.
  • ExxonMobil has renewed a five-year agreement with Princeton University’s Andlinger Center for Energy and Environment to accelerate research, development and deployment of energy and environmental technologies with a focus on carbon capture and storage, carbonate fuel cells, and lower-emission technologies. The collaboration extends ExxonMobil’s participation in Princeton’s E-filliates Partnership, which began in 2015.
  • Scientists from ExxonMobil, the Georgia Institute of Technology and Imperial College of London published joint research on potential breakthroughs in a new membrane technology that could reduce emissions and energy intensity associated with refining crude oil. Laboratory tests indicate the patent-pending membrane could be used to replace some heat-intensive distillation at refineries in the years ahead.

Results and Volume Summary

Millions of Dollars

2Q

2Q

(unless noted)

2020

2019

Change

Comments

Upstream

U.S.

(1,197

)

335

-1,532

Lower prices

Non-U.S.

(454

)

2,926

-3,380

Lower prices and volumes partly offset by reduced expenses; unfavorable identified items (noncash inventory valuation +168, prior quarter tax item -487)

Total

(1,651

)

3,261

-4,912

Prices -4,520, volume -370, expenses +370, other -120, identified items -270

Production (koebd)

3,638

3,909

-271

Liquids -83 kbd: growth (+80 kbd), higher entitlements, and lower downtime/maintenance, more than offset by lower demand including economic curtailments, government mandates, and divestments

Gas -1,130 mcfd: growth (+105 mcfd), more than offset by divestments, lower demand including economic curtailments, and reduced entitlements

Downstream

U.S.

(101

)

310

-411

Lower industry refining margins and reduced market demand, partly offset by lower expenses and improved manufacturing on lower scheduled maintenance; favorable identified item (noncash inventory valuation +404)

Non-U.S.

1,077

141

+936

Lower industry refining margins and reduced market demand more than offset by lower expenses, improved manufacturing, favorable foreign exchange, and favorable identified items (+1,199, mainly noncash inventory valuation)

Total

976

451

+525

Margins -1,680, market demand -380, expenses +340, manufacturing +500, forex +80, other +70, identified items +1,600

Petroleum Product Sales (kbd)

4,437

5,408

-971

Chemical

U.S.

171

(6

)

+177

Higher margins and lower expenses partly offset by lower volumes on weaker demand

Non-U.S.

296

194

+102

Lower expenses partly offset by lower volumes on weaker demand; favorable identified item (+142, noncash inventory valuation)

Total

467

188

+279

Margins +140, expenses +240, volumes -180, other -30, identified items +110

Prime Product Sales (kt)

5,945

6,699

-754

Corporate and financing

(872

)

(770

)

-102

Higher financing costs partly offset by lower corporate expenses

Results and Volume Summary

Millions of Dollars

2Q

1Q

(unless noted)

2020

2020

Change

Comments

Upstream

U.S.

(1,197

)

(704

)

-493

Lower prices; favorable identified items (prior quarter impairment +315, noncash inventory valuation +90)

Non-U.S.

(454

)

1,240

-1,694

Lower prices and volumes, and unfavorable foreign exchange effects, partly offset by reduced expenses; favorable identified items (noncash inventory valuation +386, prior quarter impairment +41)

Total

(1,651

)

536

-2,187

Prices -2,760, volume -250, expenses +350, forex -220, other -140, identified items +830

Production (koebd)

3,638

4,046

-408

Liquids -174 kbd: higher entitlements and lower downtime/maintenance, more than offset by lower demand including economic curtailments and government mandates

Gas -1,406 mcfd: lower seasonal demand, higher downtime/maintenance, and lower entitlements

Downstream

U.S.

(101

)

(101

)

Lower margins on weaker industry refining margins and unfavorable mark-to-market derivatives, and reduced market demand, offset by lower expenses, improved manufacturing on lower downtime, and favorable identified items (noncash inventory valuation +815)

Non-U.S.

1,077

(510

)

+1,587

Lower margins on unfavorable mark-to-market derivatives and weaker industry refining margins, and lower market demand, more than offset by lower expenses, favorable foreign exchange, and favorable identified items (noncash inventory valuation +2,386, prior quarter impairment +335)

Total

976

(611

)

+1,587

Margins -2,340, market demand -240, expenses +220, forex +110, manufacturing +190, other +120, identified items +3,530

Petroleum Product Sales (kbd)

4,437

5,287

-850

Chemical

U.S.

171

288

-117

Lower margins and volumes on weaker demand partly offset by reduced expenses; favorable identified items (+61, mainly prior quarter impairment)

Non-U.S.

296

(144

)

+440

Higher margins partly offset by lower volumes on weaker demand; favorable identified items (+376, mainly noncash inventory valuation)

Total

467

144

+323

Expenses +110, volumes -170, other -50, identified items +430

Prime Product Sales (kt)

5,945

6,237

-292

Corporate and financing

(872

)

(679

)

-193

Mainly higher financing costs

Results and Volume Summary

Millions of Dollars

YTD

YTD

(unless noted)

2020

2019

Change

Comments

Upstream

U.S.

(1,901

)

431

-2,332

Lower prices; unfavorable identified item (impairment -315)

Non-U.S.

786

5,706

-4,920

Lower prices and volumes, partly offset by favorable foreign exchange effects and reduced expenses; unfavorable identified items (noncash inventory valuation -50, impairment -41, prior year tax item -487)

Total

(1,115

)

6,137

-7,252

Prices -6,400, volume -280, expenses +140, forex +210, other -30, identified items -890

Production (koebd)

3,842

3,945

-103

Liquids +35 kbd: growth (+122 kbd), lower downtime/maintenance, and higher entitlements, partly offset by lower demand including economic curtailments, divestments, and government mandates

Gas -827 mcfd: growth (+201 mcfd), more than offset by divestments and lower demand including economic curtailments

Downstream

U.S.

(202

)

149

-351

Lower margins on weaker industry refining margins, and lower market demand, partly offset by improved manufacturing on lower scheduled maintenance, and lower expenses

Non-U.S.

567

46

+521

Higher margins, with favorable mark-to-market derivatives partly offset by weaker industry refining margins, improved manufacturing, and lower expenses, partly offset by reduced market demand; unfavorable identified items (-332, mainly impairment)

Total

365

195

+170

Margins -360, market demand -420, manufacturing +960, expenses +250, other +80, identified items -340

Petroleum Product Sales (kbd)

4,862

5,412

-550

Chemical

U.S.

459

155

+304

Higher margins and lower expenses partly offset by lower volumes on weaker demand; unfavorable identified items (-119, mainly impairment)

Non-U.S.

152

551

-399

Lower margins and volumes on weaker demand partly offset by lower expenses; unfavorable identified items (-90, mainly noncash inventory valuation)

Total

611

706

-95

Margins +180, expenses +190, volumes -280, other +20, identified items -210

Prime Product Sales (kt)

12,182

13,471

-1,289

Corporate and financing

(1,551

)

(1,558

)

+7

Lower corporate costs offset by higher financing costs

Cash Flow from Operations and Asset Sales excluding Working Capital

Millions of Dollars

2Q

2020

Comments

Net income (loss) including noncontrolling interests

(1,169

)

Including ($89) million noncontrolling interests

Depreciation

4,916

Noncash inventory adjustment

(2,069

)

Including ($147) million noncontrolling interests

Changes in operational working capital

(1,460

)

Mainly seasonal reduction in payables and inventory build

Other

(218

)

Cash Flow from Operating

Activities (U.S. GAAP)

Asset sales

43

Cash Flow from Operations

43

and Asset Sales

Changes in operational working capital

1,460

Cash Flow from Operations

1,503

and Asset Sales excluding Working Capital

Millions of Dollars

YTD

2020

Comments

Net income (loss) including noncontrolling interests

(1,939

)

Including ($249) million noncontrolling interests

Depreciation

10,735

Including impairment impacts

Noncash inventory adjustment

176

Including $2 million noncontrolling interests

Changes in operational working capital

(2,402

)

Mainly lower payables and inventory build

Other

(296

)

Cash Flow from Operating

6,274

Activities (U.S. GAAP)

Asset sales

129

Cash Flow from Operations

6,403

and Asset Sales

Changes in operational working capital

2,402

Cash Flow from Operations

8,805

and Asset Sales excluding Working Capital

First Half 2020 Financial Updates

During the first six months of 2020, Exxon Mobil Corporation purchased 6 million shares of its common stock for the treasury at a gross cost of $305 million. These shares were acquired to offset dilution in conjunction with the company’s benefit plans and programs. The corporation will continue to acquire shares to offset dilution in conjunction with its benefit plans and programs.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on July 31, 2020. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

  • Capital and operating cost reductions on track
  • Second quarter loss of $8.3 billion; adjusted loss of $3.0 billion
  • Includes non-cash net charges of $5.2 billion and a $310 million asset sale gain
  • Enters agreement to acquire Noble Energy

SAN RAMON, Calif. – Chevron Corporation (NYSE: CVX) today reported a loss of $8.3 billion ($(4.44) per share – diluted) for second quarter 2020, compared with earnings of $4.3 billion ($2.27 per share – diluted) in second quarter 2019. Included in the current quarter were impairments and other net charges of $1.8 billion primarily associated with downward revisions to the company’s commodity price outlook, severance accruals of $780 million, and a gain of $310 million on the sale of Azerbaijan assets. The company also fully impaired its $2.6 billion investment in Venezuela due to uncertainty associated with the current operating environment and overall outlook. Foreign currency effects decreased earnings by $437 million.

The adjusted loss of $3.0 billion ($(1.59) per share – diluted) in second quarter 2020 compares to adjusted earnings of $3.4 billion ($1.77 per share – diluted) in second quarter 2019. For a reconciliation of adjusted earnings/(loss), see Attachment 5.

Sales and other operating revenues in second quarter 2020 were $16 billion, compared to $36 billion in the year-ago period.

Earnings Summary

Three Months
Ended June 30

Six Months
Ended June 30

Millions of dollars

2020

2019

2020

2019

Earnings by business segment

Upstream

$(6,089)

$3,483

$(3,169)

$6,606

Downstream

(1,010)

729

93

981

All Other

(1,171)

93

(1,595)

(633)

Total (1)(2)

$(8,270)

$4,305

$(4,671)

$6,954

(1) Includes foreign currency effects

$(437)

$15

$77

$(122)

(2) Net income attributable to Chevron Corporation (See Attachment 1)

“The past few months have presented unique challenges,” said Michael K. Wirth, Chevron’s chairman of the board and chief executive officer. “The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices. Given the uncertainties associated with economic recovery, and ample oil and gas supplies, we made a downward revision to our commodity price outlook which resulted in asset impairments and other charges.” While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter 2020.

“We reduced our capital budget in response to the current environment and are on track with our commitment to lower operating expense,” Wirth added. Second quarter organic capital expenditures were $3.0 billion, 40 percent below the quarterly budget, and year to date organic capital expenditures are on track with the company’s revised full year guidance of $14 billion. While second quarter 2020 operating expenses of $7.1 billion were up 13 percent from second quarter 2019, second quarter 2020 operating expenses, excluding severance accruals of $1 billion, were down 3 percent compared to the year ago period.

Chevron remains committed to its people, assets and operations in Venezuela. The current operating environment and overall outlook create significant uncertainties regarding recoverability of the company’s investments, leading to a full impairment. Chevron will continue to fulfill its contractual obligations as permitted under the current sanctions and general license, with the intent to return to normal operations in due course.

“I’m proud of our employees’ response to the health, economic and social crises facing the world,” Wirth added. “Our operations continue to run safely — providing the energy essential to every day life. We’re transforming our company to be more efficient, agile and innovative. And we’re having the difficult conversations about race and reaffirming our commitment to equal pay, equal opportunity and equal rights.”

“We’re focused on what we can control. Our actions are guided by our values and our long-standing financial priorities: to protect the dividend, invest for long term value and maintain a strong balance sheet,” Wirth affirmed.

Additionally, the company recently announced that it entered into a definitive agreement with Noble Energy to acquire all of its outstanding shares in an all stock transaction. Wirth said, “Noble’s high-quality assets provide Chevron with low-cost, proved reserves and attractive undeveloped resources that will enhance an already advantaged Upstream portfolio. We believe this transaction will unlock significant value for shareholders of both companies.”

UPSTREAM

Worldwide net oil-equivalent production was 2.99 million barrels per day in second quarter 2020, a decrease of 3 percent from a year ago, and down 8 percent from first quarter 2020. The decrease was largely a result of curtailed production in response to low commodity prices and asset sales, partially offset by net production increases in a number of properties.

U.S. Upstream

Three Months

Six Months

Ended June 30

Ended June 30

Millions of dollars

2020

2019

2020

2019

Earnings

$(2,066)

$896

$(1,825)

$1,644

U.S. upstream operations reported a loss of $2.1 billion in second quarter 2020, compared with earnings of $896 million a year earlier. Included in the current quarter were charges of $1.3 billion for special items including impairments, write-offs and severance accruals. Sharply lower crude oil realizations also contributed to the decrease in earnings between periods.

The company’s average sales price per barrel of crude oil and natural gas liquids was $19 in second quarter 2020, down from $52 a year earlier. The average sales price of natural gas was $0.81 per thousand cubic feet in second quarter 2020, up from $0.68 in last year’s second quarter.

Net oil-equivalent production of 991,000 barrels per day in second quarter 2020 was up 93,000 barrels per day from a year earlier. Production increases from shale and tight properties in the Permian Basin in Texas and New Mexico were partially offset by normal field declines and the effects of production curtailments due to market conditions. The net liquids component of oil-equivalent production in second quarter 2020 increased 5 percent to 747,000 barrels per day, while net natural gas production increased 29 percent to 1.46 billion cubic feet per day, compared to last year’s second quarter.

International Upstream

Three Months
Ended June 30

Six Months
Ended June 30

Millions of dollars

2020

2019

2020

2019

Earnings*

$(4,023)

$2,587

$(1,344)

$4,962

*Includes foreign currency effects

$(262)

$22

$206

$(146)

International upstream operations reported a loss of $4.0 billion in second quarter 2020, compared with earnings of $2.6 billion a year ago. Special items included in second quarter 2020 include charges of $3.9 billion for impairments, write-offs and severance accruals and earnings of $0.7 billion associated with a gain on the Azerbaijan sale and tax items. Sharply lower crude oil realizations and lower crude oil and natural gas sales volumes also contributed to the decrease in earnings between periods. Foreign currency effects had an unfavorable impact on earnings of $284 million between periods.

The average sales price for crude oil and natural gas liquids in second quarter 2020 was $21 per barrel, down from $62 a year earlier. The average sales price of natural gas was $4.48 per thousand cubic feet in the quarter, compared with $5.43 in last year’s second quarter.

Net oil-equivalent production of 2.00 million barrels per day in second quarter 2020 decreased 189,000 barrels per day from second quarter 2019. The decrease is due to production curtailments associated with market conditions and OPEC+ restrictions combined with asset sale related decreases of 100,000 barrels per day. Partially offsetting these items were increased production entitlement effects. The net liquids component of oil-equivalent production decreased 7 percent to 1.08 million barrels per day in second quarter 2020, while net natural gas production of 5.52 billion cubic feet per day decreased 11 percent, compared to last year’s second quarter.

DOWNSTREAM

U.S. Downstream

Three Months
Ended June 30

Six Months
Ended June 30

Millions of dollars

2020

2019

2020

2019

Earnings

$(988)

$465

$(538)

$682

U.S. downstream operations reported a loss of $988 million in second quarter 2020, compared with earnings of $465 million a year earlier. The decrease was mainly due to lower margins on refined product sales, lower sales volumes, lower earnings from 50 percent-owned Chevron Phillips Chemical Company and severance accruals, partially offset by lower maintenance and transportation costs.

Refinery crude oil input in second quarter 2020 decreased 39 percent to 581,000 barrels per day from the year-ago period, as the company cut refinery runs in response to the weak refining margin environment.

Refined product sales of 827,000 barrels per day were down 35 percent from second quarter 2019, mainly due to gasoline, jet fuel and diesel demand destruction associated with the COVID-19 pandemic.

International Downstream

Three Months
Ended June 30

Six Months
Ended June 30

Millions of dollars

2020

2019

2020

2019

Earnings*

$(22)

$264

$631

$299

*Includes foreign currency effects

$(23)

$(9)

$37

$22

International downstream operations reported a loss of $22 million in second quarter 2020, compared with earnings of $264 million a year earlier. The decrease in earnings was largely due to lower margins on refined product sales and severance accruals, partially offset by lower shutdown and transportation costs. Foreign currency effects had an unfavorable impact on earnings of $14 million between periods.

Refinery crude oil input of 589,000 barrels per day in second quarter 2020 decreased 2 percent from the year-ago period.

Refined product sales of 1.10 million barrels per day in second quarter 2020 were down 13 percent from the year-ago period, mainly due to gasoline, jet fuel and diesel demand destruction associated with the COVID-19 pandemic.

ALL OTHER

Three Months
Ended June 30

Six Months
Ended June 30

Millions of dollars

2020

2019

2020

2019

Net Charges*

$(1,171)

$93

$(1,595)

$(633)

*Includes foreign currency effects

$(152)

$2

$(166)

$2

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Net charges in second quarter 2020 were $1.2 billion, compared with net earnings of $93 million in the year-ago period. The increase in net charges between periods was mainly due to absence of the Anadarko termination fee that was received in second quarter 2019, along with severance accruals that were recorded in the current period. Foreign currency effects increased net charges by $154 million between periods.

CASH FLOW FROM OPERATIONS

Cash flow from operations in the first six months of 2020 was $4.8 billion, compared with $13.8 billion in the corresponding 2019 period. Excluding working capital effects, cash flow from operations in the first six months of 2020 was $5.2 billion, compared with $14.1 billion in the corresponding 2019 period.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first six months of 2020 were $7.7 billion, compared with $10.0 billion in 2019. The amounts included $2.3 billion in 2020 and $3.1 billion in 2019 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 83 percent of the company-wide total in 2020. Second quarter 2020 capital expenditures were down 37% compared to second quarter 2019. Included in the 2020 period were inorganic capital expenditures of $0.3 billion associated with the downstream acquisition of Puma Energy (Australia) Holdings Pty Ltd.



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