ExxonMobil announces record full year results

At the end of January, the Corporation announced its full year results for 2022, with industry-leading earnings of $55.7 billion, which were the highest ever recorded by ExxonMobil. We also generated $76.8 billion of cash flow during the year.

A number of factors contributed to the strong figures:

• Year on year production in Guyana and in the Permian rose by 30 per cent
• Our refining output was 4 million barrels per day, the highest globally since 2012 – and best ever in North America
• We saw price and margin improvements driven by recovering demand and tight supply
• Structural cost savings and disciplined expense management helped to offset inflation and higher operating costs from growth projects and capacity additions
• Non-core asset sales and divestments generated $5.2 billion of cash proceeds during the year.

“The hard work and commitment of our people enabled us to deliver industry-leading operating and financial results and shareholder returns in 2022,” said Darren Woods, chairman and chief executive officer.

“While our results clearly benefited from a favourable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight.

“We will continue to invest in our advantaged projects to deliver profitable growth, help meet society’s growing needs, and reduce emissions in our operations, while providing innovative solutions that help others reduce theirs.”    

The earnings announcement included mention of a number of new lower emission or sustainability initiatives, including:

• The elimination of routine flaring in the Permian, which is a key part of our plan achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from our Permian operated unconventional assets by 2030
  
• The start of construction of a $560 million production unit at our Strathcona Refinery capable of producing 20,000 barrels of renewable diesel each day – the largest of its kind in Canada
  
• ExxonMobil and Mitsubishi Heavy Industries (MHI) are working together to deploy MHI’s leading carbon capture technology as part of ExxonMobil’s end-to-end carbon capture and storage solution for industrial customers.
  
• We are continuing to evaluate the potential for carbon capture and storage (CCS) projects, including the Solent Cluster in the south of England (see Newsline November 2022), and an offshore CCS project in Java, Indonesia.
  
• The company also started up its advanced recycling facility in Baytown, Texas, one of the largest advanced recycling facilities in North America, capable of processing more than 80 million pounds of plastic waste per year.

Disposals during the year included the sale to Pan Pacific Holdings of the Billings Refinery and select midstream assets in Montana and Washington; ExxonMobil's interest in Esso Thailand, including the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations to Bangchak Corporation; and the agreement to sell our Italian fuels business to Italiana Petroli.

See the Full Year results announcement in full.