ExxonMobil Full-Year Report 2023
Highlights
- Delivered industry-leading 2023 earnings of $36.0 billion, generated $55.4 billion of cash flow from operating activities and distributed $32.4 billion to shareholders
- Leading industry in compounded annual growth rate for earnings excl. identified items and cash flow since 2019.
- Increased Guyana and Permian production by 18% vs. 2022 and achieved record annual refinery throughput.
- Strengthened portfolio with $4.1 billion of non-core asset divestments, and two acquisitions; one that accelerates Low Carbon Solutions and one that will transform the Upstream business.
- Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030
- Delivered full-year 2023 earnings of $36.0 billion and return on capital employed of 15%.
- Achieved $9.7 billion of cumulative structural cost savings in 2023 versus 2019, exceeding the $9 billion plan with an additional $2.3 billion of savings during the year and $0.7 billion during the quarter. The company plans to deliver cumulative savings totaling $15 billion through the end of 2027.
- Generated strong cash flow from operations of $13.7 billion and free cash flow of $8.0 billion in the fourth quarter. For the full year, cash increased $1.9 billion with free cash flow of $36.1 billion. Peer-leading 2023 shareholder distributions of $32.4 billion included $14.9 billion of dividends, and $17.4 billion of share repurchases consistent with announced plans.
- The Corporation declared a first-quarter dividend of $0.95 per share, payable on March 11, 2024, to shareholders of record of Common Stock at the close of business on February 14, 2024. Including the 4% increase in fourth-quarter dividend, the company has increased its annual dividend for a peer-leading 41 consecutive years.
- The debt-to-capital ratio was 16%, and the net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $31.6 billion.
