Summary
ExxonMobil's 2019 10-K filing shows a significant year-over-year decline in net income, primarily driven by lower commodity prices and weaker refining margins. Despite these challenges, the company maintained substantial capital expenditures, investing heavily in upstream projects, particularly in the Americas and Guyana. The company's long-term outlook remains focused on growth in energy demand, with a strategic emphasis on natural gas and developing unconventional resources. ExxonMobil continues to highlight its integrated business model, financial strength, and disciplined investment approach as key competitive advantages in navigating the dynamic energy landscape. The company also detailed its extensive oil and gas reserves, production data, and operational capacities across its upstream, downstream, and chemical segments.
Financial Highlights
48 data points| Revenue | $255.58B |
| R&D Expenses | $1.21B |
| SG&A Expenses | $11.40B |
| Operating Expenses | $244.88B |
| Interest Expense | $830.00M |
| Net Income | $14.34B |
| EPS (Basic) | $3.36 |
| EPS (Diluted) | $3.36 |
| Shares Outstanding (Basic) | 4.27B |
Key Highlights
- 1Net income attributable to ExxonMobil decreased to $14.34 billion in 2019 from $20.84 billion in 2018, impacted by lower realizations and refining margins.
- 2Upstream earnings saw a slight increase to $14.44 billion, benefiting from favorable volume and mix effects and a gain from asset divestments, despite lower overall realizations.
- 3Downstream earnings significantly declined to $2.32 billion from $6.01 billion in 2018, primarily due to weaker refining margins and higher expenses.
- 4Chemical segment earnings dropped sharply to $592 million from $3.35 billion in 2018, largely attributed to weaker margins and increased expenses related to new assets.
- 5Capital and exploration expenditures totaled $31.1 billion in 2019, with a significant portion directed towards upstream projects, including growth in the U.S. Permian Basin and key developments in Guyana.
- 6Total proved liquids reserves remained robust at approximately 14.6 billion barrels, with a significant portion (about 34%) classified as proved undeveloped.
- 7The company maintained a strong financial position, with debt-to-capital ratios of 19.1% in 2019, supported by significant cash flow from operations.