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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
xom-20220630_g1.gif
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
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 incorporation or organization) 
(I.R.S. Employer 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: 
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, without par value XOM New York Stock Exchange
0.142% Notes due 2024XOM24BNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 June 30, 2022
Common stock, without par value 4,167,636,295



EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
 TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements
  
Condensed Consolidated Statement of Income - Three and six months ended June 30, 2022 and 2021
  
Condensed Consolidated Statement of Comprehensive Income - Three and six months ended June 30, 2022 and 2021
  
Condensed Consolidated Balance Sheet - As of June 30, 2022 and December 31, 2021
  
Condensed Consolidated Statement of Cash Flows - Six months ended June 30, 2022 and 2021
  
Condensed Consolidated Statement of Changes in Equity - Three months ended June 30, 2022 and 2021
Condensed Consolidated Statement of Changes in Equity - Six months ended June 30, 2022 and 2021
  
Notes to Condensed Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations18 
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk33 
  
Item 4. Controls and Procedures33 
  
  
PART II. OTHER INFORMATION
Item 1. Legal Proceedings34 
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
34 
  
Item 6. Exhibits
34 
  
Index to Exhibits35 
  
Signature36 
  
2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars, unless noted)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues and other income  
Sales and other operating revenue111,265 65,943 198,999 123,495 
Income from equity affiliates3,688 1,436 6,226 2,909 
Other income728 363 956 485 
Total revenues and other income115,681 67,742 206,181 126,889 
Costs and other deductions
Crude oil and product purchases65,613 37,329 118,001 69,930 
Production and manufacturing expenses10,686 8,471 20,927 16,533 
Selling, general and administrative expenses2,530 2,345 4,939 4,773 
Depreciation and depletion (including impairments)4,451 4,952 13,334 9,956 
Exploration expenses, including dry holes286 176 459 340 
Non-service pension and postretirement benefit expense120 162 228 540 
Interest expense194 254 382 512 
Other taxes and duties6,868 7,746 14,422 14,406 
Total costs and other deductions90,748 61,435 172,692 116,990 
Income (loss) before income taxes24,933 6,307 33,489 9,899 
Income taxes6,359 1,526 9,165 2,322 
Net income (loss) including noncontrolling interests18,574 4,781 24,324 7,577 
Net income (loss) attributable to noncontrolling interests724 91 994 157 
Net income (loss) attributable to ExxonMobil17,850 4,690 23,330 7,420 
Earnings (loss) per common share (dollars)
4.21 1.10 5.49 1.74 
Earnings (loss) per common share - assuming dilution (dollars)
4.21 1.10 5.49 1.74 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


3


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income (loss) including noncontrolling interests18,574 4,781 24,324 7,577 
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment(2,537)423 (1,796)572 
Postretirement benefits reserves adjustment (excluding amortization)155 (47)260 121 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs102 215 195 593 
Total other comprehensive income (loss)(2,280)591 (1,341)1,286 
Comprehensive income (loss) including noncontrolling interests16,294 5,372 22,983 8,863 
Comprehensive income (loss) attributable to noncontrolling interests547 178 906 324 
Comprehensive income (loss) attributable to ExxonMobil15,747 5,194 22,077 8,539 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.



4


CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars, unless noted)
June 30, 2022December 31, 2021
ASSETS 
Current assets  
Cash and cash equivalents18,861 6,802 
Notes and accounts receivable – net48,063 32,383 
Inventories
Crude oil, products and merchandise19,580 14,519 
Materials and supplies4,005 4,261 
Other current assets2,654 1,189 
Total current assets93,163 59,154 
Investments, advances and long-term receivables46,820 45,195 
Property, plant and equipment – net209,159 216,552 
Other assets, including intangibles – net18,632 18,022 
Total Assets367,774 338,923 
LIABILITIES
Current liabilities
Notes and loans payable7,367 4,276 
Accounts payable and accrued liabilities67,958 50,766 
Income taxes payable4,785 1,601 
Total current liabilities80,110 56,643 
Long-term debt39,516 43,428 
Postretirement benefits reserves17,408 18,430 
Deferred income tax liabilities20,807 20,165 
Long-term obligations to equity companies2,617 2,857 
Other long-term obligations22,808 21,717 
Total Liabilities183,266 163,240 
Commitments and contingencies (Note 3)
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
16,018 15,746 
Earnings reinvested407,902 392,059 
Accumulated other comprehensive income(15,017)(13,764)
Common stock held in treasury
(3,851 million shares at June 30, 2022 and
3,780 million shares at December 31, 2021)
(231,587)(225,464)
ExxonMobil share of equity177,316 168,577 
Noncontrolling interests7,192 7,106 
Total Equity184,508 175,683 
Total Liabilities and Equity367,774 338,923 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


5



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(millions of dollars)Six Months Ended June 30,
20222021
CASH FLOW FROM OPERATING ACTIVITIES  
Net income (loss) including noncontrolling interests24,324 7,577 
Depreciation and depletion (including impairments)13,334 9,956 
Changes in operational working capital, excluding cash and debt(1,661)1,573 
All other items – net(1,246)(192)
Net cash provided by operating activities34,751 18,914 
CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(7,748)(5,147)
Proceeds from asset sales and returns of investments1,232 557 
Additional investments and advances(643)(613)
Other investing activities including collection of advances150 132 
Net cash used in investing activities(7,009)(5,071)
CASH FLOW FROM FINANCING ACTIVITIES
Additions to short-term debt
 9,662 
Reductions in short-term debt
(2,336)(18,000)
Additions/(reductions) in debt with three months or less maturity 1,303 1,320 
Contingent consideration payments(58)(28)
Cash dividends to ExxonMobil shareholders(7,487)(7,441)
Cash dividends to noncontrolling interests(123)(112)
Changes in noncontrolling interests(697)(207)
Common stock acquired(5,986)(1)
Net cash used in financing activities(15,384)(14,807)
Effects of exchange rate changes on cash(299)65 
Increase/(decrease) in cash and cash equivalents12,059 (899)
Cash and cash equivalents at beginning of period6,802 4,364 
Cash and cash equivalents at end of period18,861 3,465 
SUPPLEMENTAL DISCLOSURES
Income taxes paid5,545 2,079 
Cash interest paid
Included in cash flows from operating activities352 466 
Capitalized, included in cash flows from investing activities388 313 
Total cash interest paid740 779 
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases1,039 511 
Finance leases656 55 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

 
6


CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
 ExxonMobil Share of Equity  
(millions of dollars, unless noted)
Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of March 31, 202115,884 382,953 (16,090)(225,773)156,974 7,127 164,101 
Amortization of stock-based awards126 — — — 126 — 126 
Other(4)— — — (4)33 29 
Net income (loss) for the period— 4,690 — — 4,690 91 4,781 
Dividends - common shares— (3,721)— — (3,721)(60)(3,781)
Other comprehensive income (loss)— — 504 — 504 87 591 
Acquisitions, at cost— — — — — (293)(293)
Dispositions— — — 2 2 — 2 
Balance as of June 30, 202116,006 383,922 (15,586)(225,771)158,571 6,985 165,556 
Balance as of March 31, 202215,879 393,779 (12,914)(227,529)169,215 7,311 176,526 
Amortization of stock-based awards143 — — — 143 — 143 
Other(4)— — — (4)(15)(19)
Net income (loss) for the period— 17,850 — — 17,850 724 18,574 
Dividends - common shares— (3,727)— — (3,727)(63)(3,790)
Other comprehensive income (loss)— — (2,103)— (2,103)(177)(2,280)
Acquisitions, at cost— — — (4,059)(4,059)(588)(4,647)
Dispositions— — — 1 1 — 1 
Balance as of June 30, 202216,018 407,902 (15,017)(231,587)177,316 7,192 184,508 

 Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
Common Stock Share Activity (millions of shares)
IssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
Balance as of March 318,019 (3,806)4,213 8,019 (3,785)4,234 
Acquisitions— (45)(45)— — — 
Dispositions— — — — — — 
Balance as of June 308,019 (3,851)4,168 8,019 (3,785)4,234 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
7


CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
 ExxonMobil Share of Equity  
(millions of dollars, unless noted)
Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 202015,688 383,943 (16,705)(225,776)157,150 6,980 164,130 
Amortization of stock-based awards328 — — — 328 — 328 
Other(10)— — — (10)86 76 
Net income (loss) for the period— 7,420 — — 7,420 157 7,577 
Dividends - common shares— (7,441)— — (7,441)(112)(7,553)
Other comprehensive income (loss)— — 1,119 — 1,119 167 1,286 
Acquisitions, at cost— — — (1)(1)(293)(294)
Dispositions— — — 6 6 — 6 
Balance as of June 30, 202116,006 383,922 (15,586)(225,771)158,571 6,985 165,556 
Balance as of December 31, 202115,746 392,059 (13,764)(225,464)168,577 7,106 175,683 
Amortization of stock-based awards281 — — — 281 — 281 
Other(9)— — — (9)(1)(10)
Net income (loss) for the period— 23,330 — — 23,330 994 24,324 
Dividends - common shares— (7,487)— — (7,487)(123)(7,610)
Other comprehensive income (loss)— — (1,253)— (1,253)(88)(1,341)
Acquisitions, at cost— — — (6,126)(6,126)(696)(6,822)
Dispositions— — — 3 3 — 3 
Balance as of June 30, 202216,018 407,902 (15,017)(231,587)177,316 7,192 184,508 

 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
Common Stock Share Activity (millions of shares)
IssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
Balance as of December 318,019 (3,780)4,239 8,019 (3,786)4,233 
Acquisitions— (71)(71)— — — 
Dispositions— — — — 1 1 
Balance as of June 308,019 (3,851)4,168 8,019 (3,785)4,234 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

8


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Basis of Financial Statement Preparation
These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2021 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.
 
The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

Note 2. Russia
In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it plans to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation’s first quarter earnings included after-tax charges of $3.4 billion largely representing the impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (including impairments)” on the Condensed Consolidated Statement of Income. The Corporation's exit from the project would result in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represented less than one percent of the Corporation's 18.5 billion oil-equivalent barrels of proved reserves at year-end 2021.




9


Note 3. Litigation and Other Contingencies
Litigation
A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.
Other Contingencies
The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, 2022, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
 June 30, 2022
 (millions of dollars)
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
Guarantees   
Debt-related1,138 144 1,282 
Other757 5,903 6,660 
Total1,895 6,047 7,942 
(1) ExxonMobil share
Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition.
The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights; sanctions and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.

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Note 4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income (millions of dollars)
Cumulative Foreign Exchange Translation AdjustmentPostretirement Benefits
 Reserves Adjustment
Total
Balance as of December 31, 2020(10,614)(6,091)(16,705)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
425 119 544 
Amounts reclassified from accumulated other comprehensive income 575 575 
Total change in accumulated other comprehensive income425 694 1,119 
Balance as of June 30, 2021(10,189)(5,397)(15,586)
Balance as of December 31, 2021(11,499)(2,265)(13,764)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(1,682)245 (1,437)
Amounts reclassified from accumulated other comprehensive income 184 184 
Total change in accumulated other comprehensive income(1,682)429 (1,253)
Balance as of June 30, 2022(13,181)(1,836)(15,017)
 (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $327 million and $135 million in 2022 and 2021, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs  
(Statement of Income line: Non-service pension and postretirement benefit expense)(132)(280)(252)(764)

Income Tax (Expense)/Credit For
Components of Other Comprehensive Income (millions of dollars)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021

Foreign exchange translation adjustment
(68)19 (90)(34)
Postretirement benefits reserves adjustment (excluding amortization)(83)25 (123)(33)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs(30)(65)(57)(171)
Total(181)(21)(270)(238)

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Note 5. Earnings Per Share 
 Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Earnings per common share  
Net income (loss) attributable to ExxonMobil (millions of dollars)
17,850 4,690 23,330 7,420 
Weighted average number of common shares outstanding (millions of shares)
4,233 4,276 4,248 4,274 
Earnings (loss) per common share (dollars) (1)
4.21 1.10 5.49 1.74 
Dividends paid per common share (dollars)
0.88 0.87 1.76 1.74 
(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

Note 6. Pension and Other Postretirement Benefits 
 (millions of dollars)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Components of net benefit cost  
Pension Benefits - U.S.  
Service cost177 208 356 433 
Interest cost129 140 258 279 
Expected return on plan assets(140)(181)(280)(361)
Amortization of actuarial loss/(gain) 39 61 78 122 
Amortization of prior service cost(7)(6)(14)(12)
Net pension enhancement and curtailment/settlement cost53 95 90 393 
Net benefit cost251 317 488 854 
Pension Benefits - Non-U.S.
Service cost145 198 295 393 
Interest cost157 135 317 265 
Expected return on plan assets(207)(263)(420)(521)
Amortization of actuarial loss/(gain)47 107 94 215 
Amortization of prior service cost11 14 23 29 
Net pension enhancement and curtailment/settlement cost(1) (1)12 
Net benefit cost152 191 308 393 
Other Postretirement Benefits
Service cost38 46 78 95 
Interest cost53 55 108 111 
Expected return on plan assets(4)(4)(7)(9)
Amortization of actuarial loss/(gain) 19 3 38 
Amortization of prior service cost(10)(10)(21)(21)
Net benefit cost77 106 161 214 
 

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Note 7. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at June 30, 2022 and December 31, 2021, and the related hierarchy level for the fair value measurement was as follows:
 June 30, 2022
 Fair Value    
(millions of dollars)Level 1Level 2Level 3Total Gross Assets
& Liabilities
Effect of
Counterparty Netting
Effect of
Collateral
Netting
Difference in Carrying Value and Fair ValueNet
Carrying
Value
Assets        
Derivative assets (1)
6,269 2,935 — 9,204 (7,954)(209)— 1,041 
Advances to/receivables from equity companies (2)(6)
— 2,511 5,017 7,528 — — 666 8,194 
Other long-term financial assets (3)
1,166 — 1,017 2,183 — — 188 2,371 
Liabilities
Derivative liabilities (4)
6,278 3,921 — 10,199 (7,954)(218)— 2,027 
Long-term debt (5)
34,229 61 5 34,295 — — 2,935 37,230 
Long-term obligations to equity companies (6)
— — 2,635 2,635 — — (18)2,617 
Other long-term financial liabilities (7)
— — 742 742 — — 51 793 
 
 December 31, 2021
 Fair Value    
(millions of dollars)Level 1Level 2Level 3Total Gross Assets
& Liabilities
Effect of
Counterparty Netting
Effect of
Collateral
Netting
Difference in Carrying Value and Fair ValueNet
Carrying
Value
Assets        
Derivative assets (1)
1,422 1,523 — 2,945 (1,930)(28)— 987 
Advances to/receivables from equity companies (2)(6)
— 3,076 5,373 8,449 — — (123)8,326 
Other long-term financial assets (3)
1,134 — 1,058 2,192 — — 181 2,373 
Liabilities
Derivative liabilities (4)
1,701 2,594 — 4,295 (1,930)(306)— 2,059 
Long-term debt (5)
44,454 88 3 44,545 — — (2,878)41,667 
Long-term obligations to equity companies (6)
— — 3,084 3,084 — — (227)2,857 
Other long-term financial liabilities (7)
— — 902 902 — — 58 960 
(1)Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net
(2)Included in the Balance Sheet line: Investments, advances and long-term receivables
(3)Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net
(4)Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations
(5)Excluding finance lease obligations
(6)Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.
(7)Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.
At June 30, 2022 and December 31, 2021, respectively, the Corporation had $1,403 million and $641 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.
The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of June 30, 2022, the
13


Corporation has designated $4.7 billion of its Euro-denominated long-term debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.
The Corporation had undrawn short-term committed lines of credit of $10.6 billion, of which $10 billion will expire without renewal in the third quarter, and undrawn long-term committed lines of credit of $0.4 billion as of second quarter 2022.
Derivative Instruments
The Corporation’s size, strong capital structure, geographic diversity and the complementary nature of our business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue". The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of June 30, 2022 and December 31, 2021, or results of operations for the periods ended June 30, 2022 and 2021.
Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments at June 30, 2022 and December 31, 2021, was as follows:
(millions)June 30, 2022December 31, 2021
Crude oil (barrels)47 82 
Petroleum products (barrels)(