10-Q 1 xom-20220930.htm FORM 10-Q xom-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
xom-20220930_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 September 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 September 30, 2022
Common stock, without par value 4,118,293,421



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

PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements
  
Condensed Consolidated Statement of Income - Three and nine months ended September 30, 2022 and 2021
  
Condensed Consolidated Statement of Comprehensive Income - Three and nine months ended September 30, 2022 and 2021
  
Condensed Consolidated Balance Sheet - As of September 30, 2022 and December 31, 2021
  
Condensed Consolidated Statement of Cash Flows - Nine months ended September 30, 2022 and 2021
  
Condensed Consolidated Statement of Changes in Equity - Three months ended September 30, 2022 and 2021
Condensed Consolidated Statement of Changes in Equity - Nine months ended September 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 Risk34 
  
Item 4. Controls and Procedures34 
  
  
PART II. OTHER INFORMATION
Item 1. Legal Proceedings35 
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
36 
  
Item 6. Exhibits
36 
  
Index to Exhibits37 
  
Signature38 
  
2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars, unless noted)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenues and other income  
Sales and other operating revenue106,512 71,892 305,511 195,387 
Income from equity affiliates4,632 1,670 10,858 4,579 
Other income926 224 1,882 709 
Total revenues and other income112,070 73,786 318,251 200,675 
Costs and other deductions
Crude oil and product purchases60,197 39,745 178,198 109,675 
Production and manufacturing expenses11,317 8,719 32,244 25,252 
Selling, general and administrative expenses2,324 2,287 7,263 7,060 
Depreciation and depletion (including impairments)5,642 4,990 18,976 14,946 
Exploration expenses, including dry holes (1)
218 190 677 530 
Non-service pension and postretirement benefit expense154 146 382 686 
Interest expense209 214 591 726 
Other taxes and duties6,587 7,889 21,009 22,295 
Total costs and other deductions86,648 64,180 259,340 181,170 
Income (loss) before income taxes25,422 9,606 58,911 19,505 
Income taxes5,224 2,664 14,389 4,986 
Net income (loss) including noncontrolling interests20,198 6,942 44,522 14,519 
Net income (loss) attributable to noncontrolling interests538 192 1,532 349 
Net income (loss) attributable to ExxonMobil19,660 6,750 42,990 14,170 
Earnings (loss) per common share (dollars)
4.68 1.57 10.17 3.31 
Earnings (loss) per common share - assuming dilution (dollars)
4.68 1.57 10.17 3.31 
(1)
Includes $74 million related to the write-off of exploratory well costs in 2022 that were previously capitalized for greater than one year at December 31, 2021.
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
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income (loss) including noncontrolling interests20,198 6,942 44,522 14,519 
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment(3,361)(1,625)(5,157)(1,053)
Postretirement benefits reserves adjustment (excluding amortization)108 184 368 305 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs128 196 323 789 
Total other comprehensive income (loss)(3,125)(1,245)(4,466)41 
Comprehensive income (loss) including noncontrolling interests17,073 5,697 40,056 14,560 
Comprehensive income (loss) attributable to noncontrolling interests199 57 1,105 381 
Comprehensive income (loss) attributable to ExxonMobil16,874 5,640 38,951 14,179 
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)
September 30, 2022December 31, 2021
ASSETS 
Current assets  
Cash and cash equivalents30,407 6,802 
Cash and cash equivalents – restricted57  
Notes and accounts receivable – net42,411 32,383 
Inventories
Crude oil, products and merchandise20,078 14,519 
Materials and supplies4,018 4,261 
Other current assets2,318 1,189 
Total current assets99,289 59,154 
Investments, advances and long-term receivables50,235 45,195 
Property, plant and equipment – net203,102 216,552 
Other assets, including intangibles – net17,526 18,022 
Total Assets370,152 338,923 
LIABILITIES
Current liabilities
Notes and loans payable6,182 4,276 
Accounts payable and accrued liabilities62,550 50,766 
Income taxes payable5,325 1,601 
Total current liabilities74,057 56,643 
Long-term debt39,246 43,428 
Postretirement benefits reserves16,799 18,430 
Deferred income tax liabilities21,274 20,165 
Long-term obligations to equity companies2,647 2,857 
Other long-term obligations23,086 21,717 
Total Liabilities177,109 163,240 
Commitments and contingencies (Note 3)
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
16,106 15,746 
Earnings reinvested423,877 392,059 
Accumulated other comprehensive income(17,803)(13,764)
Common stock held in treasury
(3,901 million shares at September 30, 2022 and
3,780 million shares at December 31, 2021)
(236,080)(225,464)
ExxonMobil share of equity186,100 168,577 
Noncontrolling interests6,943 7,106 
Total Equity193,043 175,683 
Total Liabilities and Equity370,152 338,923 
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)Nine Months Ended September 30,
20222021
CASH FLOW FROM OPERATING ACTIVITIES  
Net income (loss) including noncontrolling interests44,522 14,519 
Depreciation and depletion (including impairments)18,976 14,946 
Changes in operational working capital, excluding cash and debt6 2,232 
All other items – net(4,328)(692)
Net cash provided by operating activities59,176 31,005 
CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(12,624)(7,987)
Proceeds from asset sales and returns of investments3,914 575 
Additional investments and advances(915)(1,055)
Other investing activities including collection of advances238 342 
Net cash used in investing activities(9,387)(8,125)
CASH FLOW FROM FINANCING ACTIVITIES
Additions to long-term debt55 46 
Reductions in long-term debt  (4)
Additions to short-term debt
 12,197 
Reductions in short-term debt
(3,895)(24,066)
Additions/(reductions) in debt with three months or less maturity 1,638 997 
Contingent consideration payments(58)(28)
Cash dividends to ExxonMobil shareholders(11,172)(11,161)
Cash dividends to noncontrolling interests(191)(166)
Changes in noncontrolling interests(1,074)(278)
Common stock acquired(10,480)(1)
Net cash used in financing activities(25,177)(22,464)
Effects of exchange rate changes on cash(950)(12)
Increase/(decrease) in cash and cash equivalents23,662 404 
Cash and cash equivalents at beginning of period6,802 4,364 
Cash and cash equivalents at end of period30,464 4,768 
SUPPLEMENTAL DISCLOSURES
Income taxes paid10,172 3,516 
Cash interest paid
Included in cash flows from operating activities660 818 
Capitalized, included in cash flows from investing activities605 478 
Total cash interest paid1,265 1,296 
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases1,648 804 
Finance leases730 168 
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 June 30, 202116,006 383,922 (15,586)(225,771)158,571 6,985 165,556 
Amortization of stock-based awards99 — — — 99 — 99 
Other(1)— — — (1)4 3 
Net income (loss) for the period— 6,750 — — 6,750 192 6,942 
Dividends - common shares— (3,720)— — (3,720)(54)(3,774)
Other comprehensive income (loss)— — (1,110)— (1,110)(135)(1,245)
Acquisitions, at cost— — — — — (75)(75)
Dispositions— — —   —  
Balance as of September 30, 202116,104 386,952 (16,696)(225,771)160,589 6,917 167,506 
Balance as of June 30, 202216,018 407,902 (15,017)(231,587)177,316 7,192 184,508 
Amortization of stock-based awards91 — — — 91 — 91 
Other(3)— — — (3)(29)(32)
Net income (loss) for the period— 19,660 — — 19,660 538 20,198 
Dividends - common shares— (3,685)— — (3,685)(68)(3,753)
Other comprehensive income (loss)— — (2,786)— (2,786)(339)(3,125)
Acquisitions, at cost— — — (4,494)(4,494)(351)(4,845)
Dispositions— — — 1 1 — 1 
Balance as of September 30, 202216,106 423,877 (17,803)(236,080)186,100 6,943 193,043 

 Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Common Stock Share Activity (millions of shares)
IssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
Balance as of June 308,019 (3,851)4,168 8,019 (3,785)4,234 
Acquisitions— (50)(50)— — — 
Dispositions— — — — — — 
Balance as of September 308,019 (3,901)4,118 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 awards427 — — — 427 — 427 
Other(11)— — — (11)90 79 
Net income (loss) for the period— 14,170 — — 14,170 349 14,519 
Dividends - common shares— (11,161)— — (11,161)(166)(11,327)
Other comprehensive income (loss)— — 9 — 9 32 41 
Acquisitions, at cost— — — (1)(1)(368)(369)
Dispositions— — — 6 6 — 6 
Balance as of September 30, 202116,104 386,952 (16,696)(225,771)160,589 6,917 167,506 
Balance as of December 31, 202115,746 392,059 (13,764)(225,464)168,577 7,106 175,683 
Amortization of stock-based awards372 — — — 372 — 372 
Other(12)— — — (12)(30)(42)
Net income (loss) for the period— 42,990 — — 42,990 1,532 44,522 
Dividends - common shares— (11,172)— — (11,172)(191)(11,363)
Other comprehensive income (loss)— — (4,039)— (4,039)(427)(4,466)
Acquisitions, at cost— — — (10,620)(10,620)(1,047)(11,667)
Dispositions— — — 4 4 — 4 
Balance as of September 30, 202216,106 423,877 (17,803)(236,080)186,100 6,943 193,043 

 Nine Months Ended September 30, 2022 Nine Months Ended September 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— (121)(121)— — — 
Dispositions— — — — 1 1 
Balance as of September 308,019 (3,901)4,118 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 planned 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 full 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. Effective October 14, the Russian government unilaterally terminated the Corporation’s interests in Sakhalin-1, and the project has been transferred to a Russian operator. The Corporation's exit from the project results in quantities estimated at 150 million oil-equivalent barrels no longer qualifying as proved reserves, which represents 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 September 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.
 September 30, 2022
 (millions of dollars)
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
Guarantees   
Debt-related1,239 154 1,393 
Other727 5,032 5,759 
Total1,966 5,186 7,152 
(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. In the third quarter, the Corporation entered into a long-term purchase agreement with minimum annual payments of approximately $0.4 billion from 2025 through 2045. As of September 30, undiscounted commitments for leases not yet commenced totaled $2.5 billion for operating leases and $4.3 billion for finance leases.
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.


10


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)
(1,041)289 (752)
Amounts reclassified from accumulated other comprehensive income 761 761 
Total change in accumulated other comprehensive income(1,041)1,050 9 
Balance as of September 30, 2021(11,655)(5,041)(16,696)
Balance as of December 31, 2021(11,499)(2,265)(13,764)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(4,680)335 (4,345)
Amounts reclassified from accumulated other comprehensive income 306 306 
Total change in accumulated other comprehensive income(4,680)641 (4,039)
Balance as of September 30, 2022(16,179)(1,624)(17,803)
 (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $551 million and $240 million in 2022 and 2021, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)
Three Months Ended
September 30,
Nine Months Ended
September 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)(163)(256)(415)(1,020)

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

Foreign exchange translation adjustment
(61)(26)(151)(60)
Postretirement benefits reserves adjustment (excluding amortization)(82)(76)(205)(109)
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs(35)(60)(92)(231)
Total(178)(162)(448)(400)

11


Note 5. Earnings Per Share 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Earnings per common share  
Net income (loss) attributable to ExxonMobil (millions of dollars)
19,660 6,750 42,990 14,170 
Weighted average number of common shares outstanding (millions of shares)
4,185 4,276 4,227 4,275 
Earnings (loss) per common share (dollars) (1)
4.68 1.57 10.17 3.31 
Dividends paid per common share (dollars)
0.88 0.87 2.64 2.61 
(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
September 30,
Nine Months Ended
September 30,
2022202120222021
Components of net benefit cost  
Pension Benefits - U.S.  
Service cost173 228 529 661 
Interest cost130 139 388 418 
Expected return on plan assets(140)(181)(420)(542)
Amortization of actuarial loss/(gain) 39 62 117 184 
Amortization of prior service cost(8)(5)(22)(17)
Net pension enhancement and curtailment/settlement cost87 75 177 468 
Net benefit cost281 318 769 1,172 
Pension Benefits - Non-U.S.
Service cost138 194 433 587 
Interest cost149 131 466 396 
Expected return on plan assets(198)(256)(618)(777)
Amortization of actuarial loss/(gain)44 104 138 319 
Amortization of prior service cost10 14 33 43 
Net pension enhancement and curtailment/settlement cost 4 (1)16 
Net benefit cost143 191 451 584 
Other Postretirement Benefits
Service cost30 44 108 139 
Interest cost54 55 162 166 
Expected return on plan assets(4)(5)(11)(14)
Amortization of actuarial loss/(gain)1 19 4 57 
Amortization of prior service cost(10)(10)(31)(31)
Net benefit cost71 103 232 317 
 

12


Note 7. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at September 30, 2022 and December 31, 2021, and the related hierarchy level for the fair value measurement was as follows:
 September 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)
5,972 4,379 — 10,351 (8,398)(519)— 1,434 
Advances to/receivables from equity companies (2)(6)
— 2,374 5,325 7,699 — — 734 8,433 
Other long-term financial assets (3)
1,185 — 1,329 2,514 — — 313 2,827 
Liabilities
Derivative liabilities (4)
5,638 5,112 — 10,750 (8,398)(185)— 2,167 
Long-term debt (5)
32,236 90 6 32,332 — — 4,638 36,970 
Long-term obligations to equity companies (6)
— — 2,711 2,711 — — (64)2,647 
Other long-term financial liabilities (7)
— — 773 773 — — 56 829 
 
 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