Does this 8-K provide ExxonMobil's 4Q 2024 earnings?

No. Exhibit 99.1 gives directional ranges for specific factors that management expects to change 4Q24 results relative to 3Q24. It explicitly states it is not an estimate of total 4Q24 earnings and does not reflect operating performance, unscheduled downtime, or foreign exchange effects. Full results are due around January 31, 2025.

What is the biggest negative factor for fourth-quarter 2024 earnings?

Lower liquids prices, estimated at a $0.5 billion to $0.9 billion reduction, primarily in Upstream. Industry margin and timing effects in downstream and chemical segments are also negative in the disclosed ranges, though the table's segment alignment is not fully clear.

Are there any one-time items that could affect reported results?

Yes. Identified Items include Upstream divestment gains estimated at $0.3 billion to $0.5 billion, impairments estimated to reduce results by roughly $0.5 billion to $0.3 billion in Upstream plus smaller amounts elsewhere, and tax-related items estimated at +$0.1 billion to $0.3 billion in two segments. Management defines Identified Items as individually significant non-operational events, typically at least $250 million in absolute corporate earnings impact.

What does 'earnings excluding Identified Items' mean, and why does it matter?

It is a non-GAAP measure that removes individually significant non-operational events so investors can compare underlying business performance across periods. ExxonMobil states it is not a substitute for U.S. GAAP net income. For 3Q24, there were no Identified Items, so the GAAP and non-GAAP figures were both $8.6 billion.

When and how will ExxonMobil release the full 4Q 2024 results?

The company intends to publish results on its website and file a Form 8-K on EDGAR at approximately 5:30 a.m. CT on Friday, January 31, 2025. If EDGAR experiences technical problems, it will post the information on its website at that time and furnish it to EDGAR as soon as possible afterward.

XOM 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed January 7, 2025. Cited figures are marked; the original filing is the authoritative source.

ExxonMobil's January 7, 2025 Form 8-K (Item 7.01, Regulation FD) furnishes Exhibit 99.1, a preview of factors expected to affect fourth-quarter 2024 results relative to third-quarter 2024.

It is not an earnings estimate. The company starts from 3Q24 U.S. GAAP earnings of $8.6 billion^a, which had no Identified Items, so 3Q24 GAAP and non-GAAP earnings are identical. Management gives ranges for each factor, not a total 4Q24 figure, and notes the list is not comprehensive and excludes operating performance, unscheduled downtime, and foreign exchange.

The largest disclosed market headwind is lower liquids prices, estimated at a $0.5 billion to $0.9 billion^b reduction in Upstream earnings. Higher gas prices partly offset this, with an estimated $0.0 billion to $0.4 billion Upstream benefit. Energy Products, Chemical Products, and Specialty Products each show margin and timing effects, though the table's column alignment makes some segment attributions ambiguous.

Planned maintenance and year-end inventory effects are small, generally within ±$0.1 billion to $0.2 billion^c per segment. Identified Items are mixed: Upstream divestments are estimated to add $0.3 billion to $0.5 billion, while impairments subtract an estimated $0.5 billion to $0.3 billion in Upstream and smaller amounts elsewhere. Tax-related items are expected to add $0.1 billion to $0.3 billion in two segments.

For investors, the filing points to a 4Q24 earnings picture pressured by weaker crude and liquids prices, with partial relief from natural gas and divestment gains, and offset by impairments. The company will publish full 4Q24 results on or around January 31, 2025 at approximately 5:30 a.m.

CT on its website and via EDGAR. Investors should treat these ranges as directional guidance subject to finalization, and should wait for the full earnings release for actual results and the reconciliation of non-GAAP measures.

02—Key points

Key Highlights

3Q24 baseline: U.S. GAAP earnings of $8.6 billion (Upstream $6.2B, Energy Products $1.3B, Chemical Products $0.9B, Specialty Products $0.8B, Corporate & Financing $(0.5)B), with no Identified Items, so GAAP and non-GAAP figures match.
Liquids price headwind: estimated $0.5B to $0.9B reduction in 4Q24 earnings, the largest disclosed market factor.
Gas price tailwind: estimated $0.0B to $0.4B benefit, partially offsetting the liquids decline.
Identified Items are mixed: Upstream divestments add an estimated $0.3B to $0.5B, while impairments subtract an estimated $0.5B to $0.3B in Upstream plus smaller amounts in other segments.
Tax-related items are expected to add $0.1B to $0.3B in two segments.
Planned maintenance and year-end inventory effects are small, with most segment ranges around ±$0.1B to $0.2B.
Full 4Q24 results are scheduled for approximately 5:30 a.m. CT on January 31, 2025, posted on the company website and filed on EDGAR.

03—Questions

Frequently Asked Questions

Does this 8-K provide ExxonMobil's 4Q 2024 earnings?
No. Exhibit 99.1 gives directional ranges for specific factors that management expects to change 4Q24 results relative to 3Q24. It explicitly states it is not an estimate of total 4Q24 earnings and does not reflect operating performance, unscheduled downtime, or foreign exchange effects. Full results are due around January 31, 2025.
What is the biggest negative factor for fourth-quarter 2024 earnings?
Lower liquids prices, estimated at a $0.5 billion to $0.9 billion reduction, primarily in Upstream. Industry margin and timing effects in downstream and chemical segments are also negative in the disclosed ranges, though the table's segment alignment is not fully clear.
Are there any one-time items that could affect reported results?
Yes. Identified Items include Upstream divestment gains estimated at $0.3 billion to $0.5 billion, impairments estimated to reduce results by roughly $0.5 billion to $0.3 billion in Upstream plus smaller amounts elsewhere, and tax-related items estimated at +$0.1 billion to $0.3 billion in two segments. Management defines Identified Items as individually significant non-operational events, typically at least $250 million in absolute corporate earnings impact.
What does 'earnings excluding Identified Items' mean, and why does it matter?
It is a non-GAAP measure that removes individually significant non-operational events so investors can compare underlying business performance across periods. ExxonMobil states it is not a substitute for U.S. GAAP net income. For 3Q24, there were no Identified Items, so the GAAP and non-GAAP figures were both $8.6 billion.
When and how will ExxonMobil release the full 4Q 2024 results?
The company intends to publish results on its website and file a Form 8-K on EDGAR at approximately 5:30 a.m. CT on Friday, January 31, 2025. If EDGAR experiences technical problems, it will post the information on its website at that time and furnish it to EDGAR as soon as possible afterward.

04—Continue

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