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ExxonMobil 8-K Report, Regulation FD Disclosure (Apr 3, 2024)

Reports
Regulation FD
Filing Date
Filed April 3, 2024
Period End
April 3, 2024
Security
XOM
In the record · 2016–202610-K1110-Q338-K166

XOM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 166 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’21Mar ’21
  2. Leadership change8-K · Feb ’23Feb ’23
  3. Deal closed8-K · Jul ’26Jul ’26

01—Abstract

Summary

Summary of the 8-K filed April 3, 2024. Cited figures are marked; the original filing is the authoritative source.

This Form 8-K (Item 7.01, Regulation FD) furnishes Exxon Mobil's "1Q24 Earnings Considerations" (Exhibit 99.1).

It is a directional preview of factors expected to move first-quarter 2024 results relative to fourth-quarter 2023, not an estimate of 1Q24 earnings. Management states the table excludes operating performance, unscheduled downtime, foreign exchange, and other items, and that the figures remain subject to finalization. The company will release full 1Q24 results on approximately April 26, 2024.

The baseline is 4Q23 U.S. GAAP earnings of $7.6 billiona, or $10.0 billion excluding identified items (a non-GAAP measure). The largest 4Q23 identified items were roughly $3.0 billion of impairments, concentrated in Upstream ($2.7 billion), which partly explains the gap between GAAP and adjusted earnings. Upstream's 4Q23 excluding-items earnings were $6.3 billion, against $3.0 billion for Energy Products and $0.6 billion for Chemical Products.

Management's estimates point to mixed market effects. Lower gas prices (-$0.6 to -$0.2 billionb) and weaker liquids prices (-$0.4 to $0.0 billion) weigh on Upstream, while Energy Products benefits from higher industry margins (+$0.5 to +$0.7 billion).

Energy Products also faces the largest planned headwinds, including scheduled maintenance (-$0.7 to -$0.5 billionc) and an absence of year-end inventory benefits, along with timing effects that the filing shows as a negative range (the exhibit's column alignment makes the exact segment attribution of the timing line ambiguous). Investors should treat these ranges as partial inputs to 1Q24 earnings rather than a forecast.

02—Key points

Key Highlights

  1. 4Q23 baseline: U.S. GAAP earnings of $7.6B, or $10.0B excluding identified items; 4Q23 impairments of about $3.0B, mostly in Upstream ($2.7B).
  2. Upstream 4Q23 excluding identified items was $6.3B, the largest segment contributor on an adjusted basis.
  3. Gas price effect estimated at -$0.6B to -$0.2B and liquids price effect at -$0.4B to $0.0B, creating a headwind for Upstream in 1Q24.
  4. Energy Products industry margins are estimated to add $0.5B to $0.7B, partly offsetting other factors.
  5. Energy Products faces scheduled maintenance headwinds of -$0.7B to -$0.5B, plus an absence of year-end inventory effects of about -$0.1B.
  6. Management stresses this is a directional preview: it excludes operating performance, unscheduled downtime, and FX, and is not an earnings estimate.
  7. Full 1Q24 results are scheduled for release around 5:30 a.m. CT on April 26, 2024, via the website and Form 8-K.

03—Questions

Frequently Asked Questions

  1. Does this filing provide Exxon's 1Q24 earnings?

    No. It provides estimated effects of specific market, planned, and seasonal factors relative to 4Q23. Management explicitly states it is not an estimate of 1Q24 earnings and does not capture operating performance, unscheduled downtime, or foreign exchange effects.

  2. Why is there a difference between 4Q23 GAAP earnings and the adjusted figure?

    4Q23 GAAP earnings were $7.6B, while earnings excluding identified items were $10.0B. The roughly $2.4B gap is mainly due to about $3.0B of impairments, partly offset by asset sale gains, tax-related items, and other items. Identified items are individually significant non-operational events, generally at least $250M at the corporate level. Management presents the adjusted figure to aid comparability, but it is a non-GAAP measure and not a substitute for GAAP net income.

  3. Which segment is most exposed to 1Q24 headwinds?

    Upstream faces price pressure from weaker gas prices (-$0.6B to -$0.2B) and liquids prices (-$0.4B to $0.0B). Energy Products faces scheduled maintenance (-$0.7B to -$0.5B) and the absence of year-end inventory effects, though it benefits from higher industry margins (+$0.5B to +$0.7B). Overall direction depends on how these factors net out, along with unmodeled operating performance.

  4. When will Exxon report full 1Q24 results?

    Exxon intends to publish 1Q24 financial results on its website and in a Form 8-K around 5:30 a.m. CT on Friday, April 26, 2024. If EDGAR filing problems occur, the company will post the information on its website and file on EDGAR as soon as possible.

04—Continue

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