FIRST QUARTER 2020 RESULTS 5.1.20 STEPHEN LITTLETON VICE PRESIDENT, INVESTOR RELATIONS AND SECRETARY
DEVELOPMENTS SINCE FOURTH QUARTER 2019 Liquids realizations fell 55% through first quarter Highest quarterly liquids production since 2016; up 2% from 4Q19 (Permian liquids +15%) UPSTREAM Record Kearl production in first quarter…
UPSTREAM EARNINGS 1Q20 VS. 4Q19 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD 2,190 Lower liquids and gas realizations Favorable foreign exchange impacts Volumes growth driven by Permian and Guyana, (1,720) partly offset…
UPSTREAM VOLUMES 1Q20 VS. 1Q19 CONTRIBUTING FACTORS TO CHANGE IN LIQUIDS VOLUMES Koebd 2,480 Norway divestment 45 25 Liquids production up 7% from 1Q19 driven by: Permian growth Guyana Phase 1 ramp up Kearl and Hebron ramp up…
UPSTREAM VOLUMES 1Q20 VS. 1Q19 CONTRIBUTING FACTORS TO CHANGE IN NATURAL GAS VOLUMES Koebd 1,654 Norway divestment Liquids production up 7% from 1Q19 driven by: Permian growth Guyana Phase 1 ramp up (80) (35) Kearl and Hebron ramp…
DOWNSTREAM EARNINGS 1Q20 VS. 4Q19 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD 1,331 Absence of favorable year-end LIFO 300 (110) Positive mark-to-market derivative impacts 898 Lower refining industry margins 920 (540)…
CHEMICAL EARNINGS 1Q20 VS. 4Q19 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD 466 Stronger margins with lower feed costs 30 250 Lower expenses from efficiencies and reduced maintenance activity 540 (355) 4Q19…
FIRST QUARTER 2020 CASH PROFILE 1Q20 4Q19 Beginning Cash 3.1 5.4 Cash flow from operating activities reflects improved operating performance offset by Earnings / (Loss) (0.6) 5.7 industry market conditions Depreciation 5.8 4.9…
SECOND QUARTER 2020 OUTLOOK Economic shut-ins and market curtailments as result of COVID-19; 400 Koebd UPSTREAM Lower seasonal demand in Europe impacting natural gas volumes; 100 Koebd Continued pressure on refining margins;…
MANAGEMENT PERSPECTIVES DARREN WOODS CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
KEY MESSAGES Long-term fundamentals remain strong, supported by growing population and energy demand Conserving cash while preserving value; deep portfolio of opportunities provides optionality Remain committed to capital allocation…
COVID-19 RESPONSE PROTECTING HEALTH AND SAFETY Protocols in place for workforce health and safety Enhanced cleaning, social distancing, working from home Enables continuous operations for critical activity Maximizing isopropyl…
CHALLENGING MARKET ENVIRONMENT CRUDE SUPPLY / DEMAND Millions of barrels per day Wide range of coronavirus industry demand 110 scenarios Range of 3P estimates 100 IEA demand Current estimates for full year liquid demand…
CHALLENGING MARKET ENVIRONMENT EXXONMOBIL CHINA SALES1 Percent change, year-over-year 15 Finished Retail fuels Early into China recovery Polyethylene lubricants (Fujian) Initial sales data limited but encouraging 0 Additional…
RESPONDING TO PRESERVE VALUE CASH OPERATING COSTS1 Billion USD 15 Reducing 2020 cash Opex by 15% Suspended discretionary activities Y/Y Change Capturing market savings and lower costs -7% 1Q20 down 7% relative to 1Q19 10…
RESPONDING TO PRESERVE VALUE CAPEX Billion USD 40 Reducing 2020 Capex 30% to 23 billion Previous Reductions ramp as year progresses range Extensive collaboration with partners, contractors, and resource holders Revised 20…
PERMIAN UPDATE PERMIAN PRODUCTION Koebd, net 400 Adjusting short-cycle without compromising advantages Pace Capex revision optionality Maintain scale to achieve capital efficiency Progressing cube development Impact of Capex…
GUYANA UPDATE CAPACITY Kbd, gross 1,000 Liza Phase 1 production ramp-up ongoing, expected to reach full capacity in June FPSO 4 and 5 Liza Phase 2 development remains on schedule for 2022 start-up Working with government on…
KEY MESSAGES Long-term fundamentals remain strong, supported by growing population and energy demand Conserving cash while preserving value; deep portfolio of opportunities provides optionality Remain committed to capital allocation…
Q&A
FIRST QUARTER IDENTIFIED ITEMS U/S D/S CHEM C&F TOTAL U.S. GAAP earnings / (loss) 536 (611) 144 (679) (610) Inventory Lower of Cost or Market (263) (1,603) (230) - (2,096) Impairments (356) (339) (92) - (787) Earnings / (loss)…
SECOND QUARTER 2020 OUTLOOK DOWNSTREAM SCHEDULED MAINTENANCE QUARTERLY EARNINGS IMPACT1 Million USD 500 Full year 2020 turnaround activity down from 2019 250 Second quarter scheduled maintenance in line with first quarter 0 2019…
SUPPLEMENTAL INFORMATION Slide 10 Slide 21 1) Includes PP&E Adds of (5.9B) and net investments/advances of (0.5B) 1) Exxon Mobil Corporation revolving credit facilities 2) For historical periods, Debt / Book Capitalization is sourced…
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