Summary
ExxonMobil Corporation (XOM) reported a significant turnaround in its financial performance for the nine months ended September 30, 2021, compared to the same period in 2020. The company shifted from a net loss of $2.37 billion in the first nine months of 2020 to a strong net income of $14.17 billion in the same period of 2021. This dramatic improvement was driven by a substantial increase in revenues, higher commodity prices, and a recovery in demand across its Upstream, Downstream, and Chemical segments. The third quarter of 2021 also demonstrated robust performance, with net income reaching $6.75 billion, a substantial increase from the $0.68 billion loss reported in the third quarter of 2020. This financial strength is supported by improved operational execution, effective cost management, and favorable market conditions, particularly in Upstream realizations and Chemical margins. The company's strategic capital allocation priorities, including investing in advantaged projects, strengthening the balance sheet, and returning capital to shareholders through dividends, remain central to its financial strategy.
Financial Highlights
43 data points| Revenue | $71.89B |
| SG&A Expenses | $2.29B |
| Operating Expenses | $64.18B |
| Interest Expense | $214.00M |
| Net Income | $6.75B |
| EPS (Basic) | $1.57 |
| EPS (Diluted) | $1.57 |
| Shares Outstanding (Basic) | 4.28B |
Key Highlights
- 1Net income for the first nine months of 2021 was $14.17 billion, a significant improvement from a net loss of $2.37 billion in the same period of 2020.
- 2Third-quarter 2021 earnings were $6.75 billion, a substantial rebound from a $0.68 billion loss in the third quarter of 2020.
- 3Total revenues and other income increased to $200.68 billion for the first nine months of 2021 from $134.96 billion in the prior year period.
- 4Upstream segment earnings saw a dramatic increase, reaching $9.69 billion for the first nine months of 2021, up from a loss of $1.50 billion in the prior year, driven by higher liquid and gas realizations.
- 5Downstream segment earnings improved to $0.64 billion for the first nine months of 2021, from a loss of $0.13 billion in the prior year, aided by stronger industry refining conditions.
- 6Chemical segment earnings were strong, totaling $5.88 billion for the first nine months of 2021, more than quadrupling from $1.27 billion in the prior year, due to higher margins.
- 7Capital and exploration expenditures were $10.79 billion for the first nine months of 2021, a decrease from $16.60 billion in the prior year, reflecting a strategic focus on capital discipline.
- 8The company distributed $11.2 billion in dividends to shareholders in the first nine months of 2021.