UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to________

Commission File Number 1-2256

Exxon Mobil Corporation

(Exact name of registrant as specified in its charter)

New Jersey	13-5409005
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

5959 Las Colinas Boulevard, Irving, Texas 75039-2298

(Address of principal executive offices) (Zip Code)

(972) 940-6000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

		Name of Each Exchange
Title of Each Class	Trading Symbol	on Which Registered
Common Stock, without par value	XOM	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐No ☑ 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class	Outstanding as of September 30, 2019
Common stock, without par value	4,231,106,066

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
Condensed Consolidated Statement of Income Three and nine months ended September 30, 2019 and 2018	3
Condensed Consolidated Statement of Comprehensive Income Three and nine months ended September 30, 2019 and 2018	4
Condensed Consolidated Balance Sheet As of September 30, 2019 and December 31, 2018	5
Condensed Consolidated Statement of Cash Flows Nine months ended September 30, 2019 and 2018	6
Condensed Consolidated Statement of Changes in Equity Three months ended September 30, 2019 and 2018	7
Condensed Consolidated Statement of Changes in Equity Nine months ended September 30, 2019 and 2018	8
Notes to Condensed Consolidated Financial Statements	9
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.Controls and Procedures	28
PART II. OTHER INFORMATION
Item 1.Legal Proceedings	29
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 6.Exhibits	30
Index to Exhibits	31
Signature	32

2

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
			Three Months Ended		Nine Months Ended
			September 30,		September 30,
			2019	2018	2019	2018
Revenues and other income
	Sales and other operating revenue		63,422	74,187	192,559	211,079
	Income from equity affiliates		1,196	1,960	4,264	5,599
	Other income		431	458	942	1,639
		Total revenues and other income	65,049	76,605	197,765	218,317
Costs and other deductions
	Crude oil and product purchases		35,290	41,776	109,033	119,391
	Production and manufacturing expenses		8,848	9,097	27,340	26,506
	Selling, general and administrative expenses		2,753	2,892	8,350	8,632
	Depreciation and depletion		4,873	4,658	14,075	13,717
	Exploration expenses, including dry holes		299	292	912	911
	Non-service pension and postretirement benefit expense		357	307	1,028	952
	Interest expense		232	200	629	551
	Other taxes and duties		7,676	8,303	22,756	24,825
		Total costs and other deductions	60,328	67,525	184,123	195,485
Income before income taxes			4,721	9,080	13,642	22,832
	Income taxes		1,474	2,634	4,598	7,617
Net income including noncontrolling interests			3,247	6,446	9,044	15,215
	Net income attributable to noncontrolling interests		77	206	394	375
Net income attributable to ExxonMobil			3,170	6,240	8,650	14,840
Earnings per common share (dollars)			0.75	1.46	2.03	3.47
Earnings per common share - assuming dilution (dollars)			0.75	1.46	2.03	3.47

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

3

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)
				Three Months Ended		Nine Months Ended
				September 30,		September 30,
				2019	2018	2019	2018
Net income including noncontrolling interests				3,247	6,446	9,044	15,215
Other comprehensive income (net of income taxes)
	Foreign exchange translation adjustment			(1,424)	124	(75)	(2,720)
	Adjustment for foreign exchange translation (gain)/loss
			included in net income	-	-	-	186
	Postretirement benefits reserves adjustment
			(excluding amortization)	103	(3)	43	(394)
	Amortization and settlement of postretirement benefits reserves
			adjustment included in net periodic benefit costs	186	223	512	689
		Total other comprehensive income		(1,135)	344	480	(2,239)
Comprehensive income including noncontrolling interests				2,112	6,790	9,524	12,976
	Comprehensive income attributable to
			noncontrolling interests	14	311	587	205
Comprehensive income attributable to ExxonMobil				2,098	6,479	8,937	12,771

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

4

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)
				Sept. 30,	Dec. 31,
				2019	2018
Assets
	Current assets
		Cash and cash equivalents		5,351	3,042
		Notes and accounts receivable – net		25,308	24,701
		Inventories
			Crude oil, products and merchandise	13,131	14,803
			Materials and supplies	4,459	4,155
		Other current assets		1,759	1,272
			Total current assets	50,008	47,973
	Investments, advances and long-term receivables			42,920	40,790
	Property, plant and equipment – net			250,512	247,101
	Other assets, including intangibles – net			15,921	10,332
			Total assets	359,361	346,196
Liabilities
	Current liabilities
		Notes and loans payable		21,196	17,258
		Accounts payable and accrued liabilities		40,541	37,268
		Income taxes payable		2,458	2,612
			Total current liabilities	64,195	57,138
	Long-term debt			25,950	20,538
	Postretirement benefits reserves			19,365	20,272
	Deferred income tax liabilities			26,513	27,244
	Long-term obligations to equity companies			4,232	4,382
	Other long-term obligations			21,997	18,094
			Total liabilities	162,252	147,668
Commitments and contingencies (Note 3)				-	-
Equity
	Common stock without par value
		(9,000 million shares authorized, 8,019 million shares issued)		15,795	15,258
	Earnings reinvested			419,367	421,653
	Accumulated other comprehensive income			(19,277)	(19,564)
	Common stock held in treasury
		(3,788 million shares at September 30, 2019 and
		3,782 million shares at December 31, 2018)		(225,970)	(225,553)
			ExxonMobil share of equity	189,915	191,794
	Noncontrolling interests			7,194	6,734
			Total equity	197,109	198,528
			Total liabilities and equity	359,361	346,196

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

5

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)
				Nine Months Ended
				September 30,
				2019	2018
Cash flows from operating activities
	Net income including noncontrolling interests			9,044	15,215
	Depreciation and depletion			14,075	13,717
	Changes in operational working capital, excluding cash and debt			2,564	(25)
	All other items – net			(2,319)	(1,500)
			Net cash provided by operating activities	23,364	27,407
Cash flows from investing activities
	Additions to property, plant and equipment			(17,657)	(13,480)
	Proceeds associated with sales of subsidiaries, property, plant and
		equipment, and sales and returns of investments		600	3,239
	Additional investments and advances			(2,532)	(1,113)
	Other investing activities including collection of advances			769	492
			Net cash used in investing activities	(18,820)	(10,862)
Cash flows from financing activities
	Additions to long-term debt			7,019	-
	Reductions in short-term debt			(3,836)	(4,279)
	Additions/(reductions) in commercial paper, and debt with three
		months or less maturity (1)		6,139	1,626
	Cash dividends to ExxonMobil shareholders			(10,936)	(10,296)
	Cash dividends to noncontrolling interests			(157)	(192)
	Changes in noncontrolling interests			30	(374)
	Common stock acquired			(421)	(430)
			Net cash used in financing activities	(2,162)	(13,945)
Effects of exchange rate changes on cash				(73)	(108)
Increase/(decrease) in cash and cash equivalents				2,309	2,492
Cash and cash equivalents at beginning of period				3,042	3,177
Cash and cash equivalents at end of period				5,351	5,669
Supplemental Disclosures
	Income taxes paid			5,259	6,740
	Cash interest paid
		Included in cash flows from operating activities		515	337
		Capitalized, included in cash flows from investing activities		540	502
		Total cash interest paid		1,055	839

(1) Includes a net addition of commercial paper with a maturity of over three months of $3.1 billion in 2019 and $0.3 billion in 2018. The gross amount of commercial paper with a maturity of over three months issued was $13.4 billion in 2019 and $3.1 billion in 2018, while the gross amount repaid was $10.3 billion in 2019 and $2.8 billion in 2018.

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

6

	EXXON MOBIL CORPORATION
	CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	(millions of dollars)
			ExxonMobil Share of Equity
							Accumulated
								Other		Common
								Compre-		Stock		ExxonMobil		Non-
			Common		Earnings			hensive		Held in		Share of		controlling		Total
			Stock		Reinvested			Income		Treasury		Equity		Interests		Equity
Balance as of June 30, 2018				15,086		416,418			(18,609)		(225,673)		187,222		6,311		193,533
	Amortization of stock-based awards			169		-			-		-		169		-		169
	Other			(1)		-			-		-		(1)		(1)		(2)
	Net income for the period			-		6,240			-		-		6,240		206		6,446
	Dividends - common shares			-		(3,503)			-		-		(3,503)		(57)		(3,560)
	Other comprehensive income			-		-			239		-		239		105		344
	Acquisitions, at cost			-		-			-		(1)		(1)		(98)		(99)
Balance as of September 30, 2018				15,254		419,155			(18,370)		(225,674)		190,365		6,466		196,831
Balance as of June 30, 2019				15,639		419,913			(18,205)		(225,970)		191,377		7,088		198,465
	Amortization of stock-based awards			156		-			-		-		156		-		156
	Other			-		-			-		-		-		275		275
	Net income for the period			-		3,170			-		-		3,170		77		3,247
	Dividends - common shares			-		(3,716)			-		-		(3,716)		(57)		(3,773)
	Other comprehensive income			-		-			(1,072)		-		(1,072)		(63)		(1,135)
	Acquisitions, at cost			-		-			-		-		-		(79)		(79)
	Dispositions			-		-			-		-		-		(47)		(47)
Balance as of September 30, 2019				15,795		419,367			(19,277)		(225,970)		189,915		7,194		197,109
			Three Months Ended September 30, 2019									Three Months Ended September 30, 2018
					Held in									Held in
	Common Stock Share Activity		Issued		Treasury			Outstanding				Issued		Treasury		Outstanding
			(millions of shares)									(millions of shares)
	Balance as of June 30			8,019		(3,788)			4,231				8,019		(3,785)		4,234
		Acquisitions		-		-			-				-		-		-
		Dispositions		-		-			-				-		-		-
	Balance as of September 30			8,019		(3,788)			4,231				8,019		(3,785)		4,234

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

7

	EXXON MOBIL CORPORATION
	CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	(millions of dollars)
			ExxonMobil Share of Equity
							Accumulated
								Other		Common
								Compre-		Stock		ExxonMobil		Non-
			Common		Earnings			hensive		Held in		Share of		controlling		Total
			Stock		Reinvested			Income		Treasury		Equity		Interests		Equity
Balance as of December 31, 2017				14,656		414,540			(16,262)		(225,246)		187,688		6,812		194,500
	Amortization of stock-based awards			605		-			-		-		605		-		605
	Other			(7)		-			-		-		(7)		(8)		(15)
	Net income for the period			-		14,840			-		-		14,840		375		15,215
	Dividends - common shares			-		(10,296)			-		-		(10,296)		(192)		(10,488)
	Cumulative effect of accounting
		change		-		71			(39)		-		32		15		47
	Other comprehensive income			-		-			(2,069)		-		(2,069)		(170)		(2,239)
	Acquisitions, at cost			-		-			-		(430)		(430)		(366)		(796)
	Dispositions			-		-			-		2		2		-		2
Balance as of September 30, 2018				15,254		419,155			(18,370)		(225,674)		190,365		6,466		196,831
Balance as of December 31, 2018				15,258		421,653			(19,564)		(225,553)		191,794		6,734		198,528
	Amortization of stock-based awards			545		-			-		-		545		-		545
	Other			(8)		-			-		-		(8)		275		267
	Net income for the period			-		8,650			-		-		8,650		394		9,044
	Dividends - common shares			-		(10,936)			-		-		(10,936)		(157)		(11,093)
	Other comprehensive income			-		-			287		-		287		193		480
	Acquisitions, at cost			-		-			-		(421)		(421)		(245)		(666)
	Dispositions			-