Summary
ExxonMobil Corporation (XOM) reported robust financial results for the third quarter and the first nine months of 2022, driven by significantly higher energy prices and strong performance in its Upstream and Energy Products segments. Total revenues and other income surged, with net income attributable to ExxonMobil reaching $19.66 billion for the third quarter and $42.99 billion for the first nine months of the year, representing substantial increases compared to the prior year periods. This exceptional profitability was fueled by elevated crude oil and natural gas realizations, as well as improved refining margins. The company demonstrated strong operational execution and disciplined capital allocation. Cash flow from operating activities remained exceptionally strong, supporting significant investments in capital projects, substantial shareholder returns through dividends and share repurchases, and a continued strengthening of the balance sheet. Despite a challenging geopolitical and economic environment, ExxonMobil maintained its focus on strategic investments and operational efficiency, positioning itself favorably for future growth while navigating market volatility.
Financial Highlights
43 data points| Revenue | $106.51B |
| SG&A Expenses | $2.32B |
| Operating Expenses | $86.65B |
| Interest Expense | $209.00M |
| Net Income | $19.66B |
| EPS (Basic) | $4.68 |
| EPS (Diluted) | $4.68 |
| Shares Outstanding (Basic) | 4.18B |
Key Highlights
- 1Record profitability driven by high energy prices: Net income attributable to ExxonMobil was $19.66 billion for Q3 2022 and $42.99 billion for the first nine months of 2022, up significantly from $6.75 billion and $14.17 billion, respectively, in the prior year periods.
- 2Strong revenue growth: Total revenues and other income reached $112.07 billion in Q3 2022 and $318.25 billion for the first nine months, up from $73.79 billion and $200.68 billion in the prior year periods.
- 3Robust cash flow generation: Net cash provided by operating activities was $59.18 billion for the first nine months of 2022, more than doubling from $31.01 billion in the same period of 2021.
- 4Significant shareholder returns: The company distributed $11.2 billion in dividends and repurchased $10.5 billion of common stock during the first nine months of 2022.
- 5Strategic capital allocation: Capital and exploration expenditures for the first nine months were $15.24 billion, an increase from $10.79 billion in the prior year, supporting growth projects.
- 6Improved financial position: Total debt decreased to $45.4 billion from $47.7 billion at year-end 2021, and the debt to total capital ratio improved.
- 7Exit from Russian operations: ExxonMobil completed its exit from the Sakhalin-1 project following Russian government decrees, with an estimated loss of 150 million oil-equivalent barrels of proved reserves.