2018 results and highlights

Report April 2, 2019

2018 results and highlights

Financial highlights

(millions of dollars, unless noted)
  Earnings after income taxes Average capital employed(1) Return on average capital employed (%)(1) Capital and exploration expenditures(1)
Upstream 14,079 177,874 7.9 20,194
Downstream 6,010 25,740 23.3 3,429
Chemical 3,351 30,420 11.0 2,235
Corporate and Financing (2,600) (1,660) N.A. 65
Total 20,840 232,374 9.2 25,923

Operating highlights

Liquids production (net, thousands of barrels per day) 2,266
Natural gas production available for sale (net, millions of cubic feet per day) 9,405
Oil-equivalent production(2) (net, thousands of oil-equivalent barrels per day) 3,833
Refinery throughput (thousands of barrels per day) 4,272
Petroleum product sales(3) (thousands of barrels per day) 5,512
Chemical prime product sales(3) (thousands of tonnes) 26,869
(1) See Frequently used terms.
(2) Natural gas converted to oil-equivalent at 6 million cubic feet per 1,000 barrels.
(3) Sales data reported net of purchases/sales contracts with the same counterparty.
(4) Competitor data estimated on a consistent basis with ExxonMobil and based on public information.
(5) Net income attributable to ExxonMobil.
(6) S&P 500 and CPI indexed to 1982 Exxon dividend.
(7) CPI based on historical yearly average from U.S. Bureau of Labor Statistics.

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Technology has led to the development of industry-advantaged assets, processes, products, and applications. We invest in fundamental science and research, leading to advances in existing processes and products, as well as new discoveries. This allows us to meet the evolving needs of society, lower operating and project costs, and develop higher-value processes and products.

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The size and breadth of our business provides a critical foundation for long-term success. It enables investments in the development of advanced technologies by leveraging benefits across a large base of operations. Facilities and businesses operated consistently around the globe accelerate experience and learning – replicating innovations, improving effectiveness, and driving down cost. Our size allows us to pursue a wide range of value-accretive investments across the commodity price cycle – specifically taking advantage of counter-cyclical opportunities.

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Strong business fundamentals underpin investments

Our view of global energy and product demand and supply through 2040 informs long-term strategies and investments.

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