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Exxon Mobil | 8-K: Exxon Mobil Reports Fourth Quarter 2023 Financial Results

SEC announcement ·  Feb 2 06:35
Summary by Moomoo AI
Exxon Mobil Corporation, one of the world's largest publicly traded energy providers and chemical manufacturers, has released its full-year 2023 financial results. The report, dated February 2, 2024, details a year of significant financial achievements despite challenges. Exxon Mobil delivered industry-leading earnings of $36.0 billion, generated $55.4 billion in cash flow from operating activities, and distributed $32.4 billion to shareholders. The company also reported increased production in Guyana and the Permian region by 18% compared to 2022 and achieved a record annual refinery throughput. Exxon Mobil's strategic moves included $4.1 billion in non-core asset divestments and two acquisitions aimed at transforming the Upstream business and accelerating Low Carbon Solutions. Additionally, the company launched the new Mobil Lithium business, targeting the supply of lithium for...Show More
Exxon Mobil Corporation, one of the world's largest publicly traded energy providers and chemical manufacturers, has released its full-year 2023 financial results. The report, dated February 2, 2024, details a year of significant financial achievements despite challenges. Exxon Mobil delivered industry-leading earnings of $36.0 billion, generated $55.4 billion in cash flow from operating activities, and distributed $32.4 billion to shareholders. The company also reported increased production in Guyana and the Permian region by 18% compared to 2022 and achieved a record annual refinery throughput. Exxon Mobil's strategic moves included $4.1 billion in non-core asset divestments and two acquisitions aimed at transforming the Upstream business and accelerating Low Carbon Solutions. Additionally, the company launched the new Mobil Lithium business, targeting the supply of lithium for up to one million electric vehicles per year by 2030. The fourth-quarter earnings for 2023 were reported at $7.6 billion, or $1.91 per share, with identified items such as a $2.0 billion impairment due to regulatory obstacles in California affecting earnings. Excluding these items, earnings were $10.0 billion, or $2.48 per share. The full-year earnings of $36.0 billion, or $8.89 per share, reflect the company's strategic and operational excellence. Darren Woods, chairman and chief executive officer, highlighted the fundamental improvements made to the business, the resilience and commitment of the workforce, and the pride in the year's accomplishments. The report also outlines Exxon Mobil's progress toward net-zero greenhouse gas emissions by 2030 in the Permian Basin and the acquisition of Denbury, Inc., which significantly expands the company's carbon dioxide pipeline network and storage sites. The company's Upstream segment reported fourth-quarter earnings of $4.1 billion, with a decrease from the third quarter due to identified items such as asset impairments. However, earnings excluding identified items saw an increase, bolstered by higher volumes and improved mix from Guyana and Permian growth. The Energy Products segment reported fourth-quarter earnings of $3.2 billion, an increase from the previous quarter, driven by favorable derivative mark-to-market impacts and improved volume and mix. The Chemical Products segment reported earnings of $189 million for the fourth quarter, with identified items reducing earnings by $388 million. The Specialty Products segment continued to deliver strong earnings, reporting $650 million for the fourth quarter. The Corporate and Financing segment reported fourth-quarter net charges of $565 million. The report also includes detailed financial and operational data, including capital and exploration expenditures, manufacturing throughput, sales figures, and a comprehensive analysis of earnings by segment and quarter.

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