8-KRegulation FD

EXXON MOBIL CORP 8-K Report, Regulation FD Disclosure (Jun 17, 2022)

Filed June 17, 2022For Securities:XOM

Summary

ExxonMobil (XOM) announced a strategic business restructuring effective April 1, 2022, aimed at enhancing customer support, improving performance, and driving value. This involves combining its Downstream and Chemical businesses into a new entity called ExxonMobil Product Solutions, and centralizing Technology & Engineering and Operations & Sustainability groups. The company will begin reporting under this new structure in its upcoming Form 10-Q for the quarter ending June 30, 2022. This 8-K filing includes a retrospective application of these new segments and reclassified historical results for the five years prior to January 1, 2022. Importantly, these restatements had no impact on ExxonMobil's historical consolidated operating results, cash flows, or equity. Investors can find further details and guidance for the Product Solutions business in the supplementary materials provided via Exhibit 99.2.

Key Highlights

  • 1ExxonMobil has officially restructured its business operations, creating a new segment called ExxonMobil Product Solutions.
  • 2The new structure combines the Downstream and Chemical businesses to leverage scale and integration benefits.
  • 3Technology & Engineering and Operations & Sustainability groups have been centralized.
  • 4The company will adopt this new reporting structure starting with the Q2 2022 Form 10-Q filing.
  • 5Historical financial data for the past five years (prior to Jan 1, 2022) has been reclassified to reflect the new segment structure.
  • 6The restructuring did not alter ExxonMobil's overall historical consolidated operating results, cash flows, or equity.
  • 7Additional investor information and guidance for the Product Solutions business is available in an accompanying presentation (Exhibit 99.2).

Frequently Asked Questions

The primary goal of the restructuring is to better support customers, enhance operational performance, and drive greater value by streamlining the business structure and capturing benefits from scale and integration.

ExxonMobil will begin reporting its financial results based on the new segment structure with the filing of its Quarterly Report on Form 10-Q for the period ending June 30, 2022.

The restructuring involved reclassifying historical segment data for the past five years. However, these changes had no impact on ExxonMobil's consolidated operating results, cash flows, or equity for those historical periods.

More details about the restructuring and guidance for the ExxonMobil Product Solutions business can be found in the presentation provided as Exhibit 99.2 to this 8-K filing, which is available on the company's website.