Workflow
ExxonMobil(XOM) - 2024 Q4 - Annual Report
XOMExxonMobil(XOM)2025-02-19 21:39
Slide

Acquisition and Investments - On May 3, 2024, ExxonMobil acquired Pioneer Natural Resources Company for a total consideration of 68billion,including68 billion, including 63 billion in common stock and 5billioninassumeddebt,enhancingitsupstreamportfoliosignificantly[11]−In2024,theCorporationmadeinvestmentsof5 billion in assumed debt, enhancing its upstream portfolio significantly[11] - In 2024, the Corporation made investments of 16.4 billion to develop reported proved undeveloped reserves, which accounted for 75% of total upstream capital and exploration expenditures of 21.8billion[72]−TheacquisitionofPioneerincreasedthecompany′sPermianBasinacreageandproductioncapacity[87]FinancialPerformance−Totalsalesandotheroperatingrevenuefor2024reached21.8 billion[72] - The acquisition of Pioneer increased the company's Permian Basin acreage and production capacity[87] Financial Performance - Total sales and other operating revenue for 2024 reached 339,247 million, a slight increase from 334,697millionin2023[185]−NetincomeattributabletoExxonMobilfor2024was334,697 million in 2023[185] - Net income attributable to ExxonMobil for 2024 was 33,680 million, down from 36,010millionin2023,resultinginearningspershareof36,010 million in 2023, resulting in earnings per share of 7.84 compared to 8.89inthepreviousyear[185]−Thecompany′stotalassetsincreasedto8.89 in the previous year[185] - The company's total assets increased to 453,475 million in 2024 from 376,317millionin2023,reflectingastronggrowthinassetbase[190]−Cashflowfromoperationsandassetsalesfor2024was376,317 million in 2023, reflecting a strong growth in asset base[190] - Cash flow from operations and asset sales for 2024 was 60,009 million, slightly up from 59,447millionin2023[188]−ExxonMobil′stotalcapitalemployedincreasedto59,447 million in 2023[188] - ExxonMobil's total capital employed increased to 307,489 million in 2024, compared to 248,714millionin2023,indicatingenhancedinvestmentinoperations[190]−Theratioofcurrentassetstocurrentliabilitiesdecreasedto1.31in2024from1.48in2023,suggestingatighterliquidityposition[185]−NetincomeattributabletoExxonMobilfor2024is248,714 million in 2023, indicating enhanced investment in operations[190] - The ratio of current assets to current liabilities decreased to 1.31 in 2024 from 1.48 in 2023, suggesting a tighter liquidity position[185] - Net income attributable to ExxonMobil for 2024 is 33,680 million, a decrease of 6.9% from 36,010millionin2023[201]−Corporatetotalnetincomefor2024is36,010 million in 2023[201] - Corporate total net income for 2024 is 33,680 million, down from 36,010millionin2023,adecreaseof9.236,010 million in 2023, a decrease of 9.2%[201] Production and Operations - Total crude oil and natural gas liquids production for 2024 is 2,068 thousand barrels daily, an increase of 23% from 1,682 thousand barrels daily in 2023[76] - Total natural gas production available for sale is 8,078 million cubic feet daily in 2024, compared to 7,734 million cubic feet daily in 2023, reflecting a growth of 4.4%[76] - Oil-equivalent production for 2024 is 4,333 thousand barrels daily, an increase from 3,738 thousand barrels daily in 2023, representing a growth of 15.9%[76] - Net liquids production increased to 2,987 thousand barrels daily in 2024, up from 2,449 thousand barrels daily in 2023, indicating improved operational efficiency[183] Emission Reduction and Sustainability - The corporation's commitment to lower-emission energy and emission-reduction technologies is reflected in its ongoing investments in carbon capture, hydrogen, and lower-emission fuels[12] - The company aims to achieve net-zero emissions for Scope 1 and 2 from operations, emphasizing the need for technology development and government policy support[36] - ExxonMobil aims to achieve Scope 1 and Scope 2 net zero emissions from operated assets by 2050, with interim targets of 2030 for the Permian Basin and 2035 for Pioneer assets[1] - The company plans to eliminate routine flaring in line with World Bank Zero Routine Flaring initiatives and aims for near-zero methane emissions from operated assets[1] Risks and Challenges - ExxonMobil's operations are significantly affected by commodity price fluctuations, with potential adverse effects on financial condition and proved reserves due to changes in oil and gas prices[24] - The company faces risks from economic downturns, which can directly impact demand for energy and petrochemicals, affecting overall financial results[24] - Regulatory changes, including increases in taxes and environmental regulations, pose risks that could adversely affect ExxonMobil's operations and profitability[32] - The corporation's competitive position may be impacted by government restrictions on oil and gas access, especially during periods of high commodity prices[29] Research and Development - ExxonMobil held over 8,000 active patents worldwide at the end of 2024, generating approximately 102 million in revenue from technology licensed to third parties[14] - Research and development costs rose to 987millionin2024,upfrom987 million in 2024, up from 879 million in 2023, highlighting a focus on innovation[185] Shareholder Actions - ExxonMobil declared a dividend of 0.99percommonshare,payableonMarch10,2025[155]−InQ42024,ExxonMobilrepurchasedatotalof49,413,503sharesatanaveragepriceof0.99 per common share, payable on March 10, 2025[155] - In Q4 2024, ExxonMobil repurchased a total of 49,413,503 shares at an average price of 116.96 per share[156] - The share repurchase program included 19.1billionin2024,withanexpectedpaceof19.1 billion in 2024, with an expected pace of 20 billion per year through 2026[156] Workforce and Diversity - The number of regular employees at ExxonMobil was 61,000 in 2024, a slight decrease from 62,000 in both 2023 and 2022[18] - The company emphasizes diversity, with over 60% of its global workforce coming from outside the U.S., representing 160 nationalities[17] - The company’s long-term strategy includes a focus on talent development, resulting in an average employee tenure of about 30 years[16]