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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
f8k991001x0x0.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 March 31, 2024
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)
22777 Springwoods Village Parkway, Spring, Texas 77389-1425
(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 March 31, 2024
Common stock, without par value 3,943,006,866



EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024
 TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements
  
Condensed Consolidated Statement of Income - Three months ended March 31, 2024 and 2023
  
Condensed Consolidated Statement of Comprehensive Income - Three months ended March 31, 2024 and 2023
  
Condensed Consolidated Balance Sheet - As of March 31, 2024 and December 31, 2023
  
Condensed Consolidated Statement of Cash Flows - Three months ended March 31, 2024 and 2023
  
Condensed Consolidated Statement of Changes in Equity - Three months ended March 31, 2024 and 2023
  
Notes to Condensed Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
  
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
Item 5. Other Information
Item 6. Exhibits
  
Index to Exhibits
  
Signature
 


2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars, unless noted)
Three Months Ended
March 31,
20242023
Revenues and other income  
Sales and other operating revenue80,411 83,644 
Income from equity affiliates1,842 2,381 
Other income830 539 
Total revenues and other income83,083 86,564 
Costs and other deductions
Crude oil and product purchases47,601 46,003 
Production and manufacturing expenses9,091 9,436 
Selling, general and administrative expenses2,495 2,390 
Depreciation and depletion (includes impairments)4,812 4,244 
Exploration expenses, including dry holes148 141 
Non-service pension and postretirement benefit expense23 167 
Interest expense221 159 
Other taxes and duties6,323 7,221 
Total costs and other deductions70,714 69,761 
Income (loss) before income taxes12,369 16,803 
Income tax expense (benefit)3,803 4,960 
Net income (loss) including noncontrolling interests8,566 11,843 
Net income (loss) attributable to noncontrolling interests346 413 
Net income (loss) attributable to ExxonMobil8,220 11,430 
Earnings (loss) per common share (dollars)
2.06 2.79 
Earnings (loss) per common share - assuming dilution (dollars)
2.06 2.79 
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
March 31,
20242023
Net income (loss) including noncontrolling interests8,566 11,843 
Other comprehensive income (net of income taxes)
Foreign exchange translation adjustment(1,267)173 
Postretirement benefits reserves adjustment (excluding amortization)(42)19 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs9 6 
Total other comprehensive income (loss)(1,300)198 
Comprehensive income (loss) including noncontrolling interests7,266 12,041 
Comprehensive income (loss) attributable to noncontrolling interests226 436 
Comprehensive income (loss) attributable to ExxonMobil7,040 11,605 
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)
March 31, 2024December 31, 2023
ASSETS 
Current assets  
Cash and cash equivalents33,320 31,539 
Cash and cash equivalents – restricted29 29 
Notes and accounts receivable – net40,366 38,015 
Inventories
Crude oil, products and merchandise18,891 20,528 
Materials and supplies4,600 4,592 
Other current assets2,171 1,906 
Total current assets99,377 96,609 
Investments, advances and long-term receivables47,608 47,630 
Property, plant and equipment – net213,723 214,940 
Other assets, including intangibles – net17,210 17,138 
Total Assets377,918 376,317 
LIABILITIES
Current liabilities
Notes and loans payable8,227 4,090 
Accounts payable and accrued liabilities59,531 58,037 
Income taxes payable4,163 3,189 
Total current liabilities71,921 65,316 
Long-term debt32,213 37,483 
Postretirement benefits reserves10,475 10,496 
Deferred income tax liabilities24,106 24,452 
Long-term obligations to equity companies1,909 1,804 
Other long-term obligations24,242 24,228 
Total Liabilities164,866 163,779 
Commitments and contingencies (Note 3)
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
17,971 17,781 
Earnings reinvested458,339 453,927 
Accumulated other comprehensive income(13,169)(11,989)
Common stock held in treasury
(4,076 million shares at March 31, 2024 and
4,048 million shares at December 31, 2023)
(257,891)(254,917)
ExxonMobil share of equity205,250 204,802 
Noncontrolling interests7,802 7,736 
Total Equity213,052 212,538 
Total Liabilities and Equity377,918 376,317 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


5


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)Three Months Ended
March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income (loss) including noncontrolling interests8,566 11,843 
Depreciation and depletion (includes impairments)4,812 4,244 
Changes in operational working capital, excluding cash and debt2,008 (302)
All other items – net(722)556 
Net cash provided by operating activities14,664 16,341 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(5,074)(5,412)
Proceeds from asset sales and returns of investments703 854 
Additional investments and advances(421)(445)
Other investing activities including collection of advances215 78 
Net cash used in investing activities(4,577)(4,925)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt108 20 
Reductions in short-term debt
(1,106)(126)
Additions/(reductions) in debt with three months or less maturity (5)(192)
Cash dividends to ExxonMobil shareholders(3,808)(3,738)
Cash dividends to noncontrolling interests(166)(115)
Changes in noncontrolling interests6 (16)
Common stock acquired(3,011)(4,340)
Net cash used in financing activities(7,982)(8,507)
Effects of exchange rate changes on cash(324)102 
Increase/(decrease) in cash and cash equivalents1,781 3,011 
Cash and cash equivalents at beginning of period31,568 29,665 
Cash and cash equivalents at end of period33,349 32,676 
SUPPLEMENTAL DISCLOSURES
Income taxes paid2,718 4,404 
Cash interest paid
Included in cash flows from operating activities301 256 
Capitalized, included in cash flows from investing activities297 291 
Total cash interest paid598 547 
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases351 393 
Finance leases 438 
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 Treasury
ExxonMobil Share of EquityNon-controlling InterestsTotal
Equity
Balance as of December 31, 202215,752 432,860 (13,270)(240,293)195,049 7,424 202,473 
Amortization of stock-based awards158 — — — 158 — 158 
Other(6)— — — (6)(16)(22)
Net income (loss) for the period— 11,430 — — 11,430 413 11,843 
Dividends - common shares— (3,738)— — (3,738)(115)(3,853)
Other comprehensive income (loss)— — 175 — 175 23 198 
Share repurchases, at cost— — — (4,385)(4,385)— (4,385)
Dispositions— — — 2 2 — 2 
Balance as of March 31, 202315,904 440,552 (13,095)(244,676)198,685 7,729 206,414 
Balance as of December 31, 202317,781 453,927 (11,989)(254,917)204,802 7,736 212,538 
Amortization of stock-based awards197 — — — 197 — 197 
Other(7)— — — (7)6 (1)
Net income (loss) for the period— 8,220 — — 8,220 346 8,566 
Dividends - common shares— (3,808)— — (3,808)(166)(3,974)
Other comprehensive income (loss)— — (1,180)— (1,180)(120)(1,300)
Share repurchases, at cost— — — (2,978)(2,978)— (2,978)
Dispositions— — — 4 4 — 4 
Balance as of March 31, 202417,971 458,339 (13,169)(257,891)205,250 7,802 213,052 

 Three Months Ended March 31, 2024 Three Months Ended March 31, 2023
Common Stock Share Activity
(millions of shares)
IssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
Balance as of December 318,019 (4,048)3,971 8,019 (3,937)4,082 
Share repurchases, at cost— (28)(28)— (39)(39)
Dispositions— — — — — — 
Balance as of March 318,019 (4,076)3,943 8,019 (3,976)4,043 
The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

7


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 2023 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.
The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

Note 2. Pioneer Natural Resources Merger
On October 11, 2023, the Corporation entered into a merger agreement with Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company, in exchange for ExxonMobil common stock. Based on the October 5 closing price for ExxonMobil shares, the fixed exchange rate of 2.3234 per Pioneer share, and Pioneer's outstanding net debt, the implied enterprise value of the transaction was approximately $65 billion. We expect that the number of shares issuable in connection with the transaction to be approximately 545 million. The transaction is expected to close in the second quarter of 2024, subject to regulatory approvals.
Pioneer holds over 850,000 net acres in the Midland Basin of West Texas, which consist of proved reserves totaling over 2.4 billion barrels of oil equivalent (as of December 31, 2023) and over 700 thousand oil-equivalent barrels per day of production for the three months ended December 31, 2023.


8


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.
State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change.
Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies, including ExxonMobil, requesting compensation for the restoration of coastal marsh erosion in the state. We believe the factual and legal theories set forth in these proceedings are meritless.
While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect on the Corporation’s operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims.
Other Contingencies
The Corporation and certain of its consolidated subsidiaries were contingently liable at March 31, 2024, 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. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence.
 March 31, 2024
 (millions of dollars)
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
Guarantees   
Debt-related1,130 146 1,276 
Other681 5,820 6,501 
Total1,811 5,966 7,777 
(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.

9


Note 4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income
(millions of dollars)
Cumulative Foreign
Exchange
Translation
Adjustment
Postretirement
Benefits Reserves
Adjustment
Total
Balance as of December 31, 2022(14,591)1,321 (13,270)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
157 14 171 
Amounts reclassified from accumulated other comprehensive income 4 4 
Total change in accumulated other comprehensive income157 18 175 
Balance as of March 31, 2023(14,434)1,339 (13,095)
Balance as of December 31, 2023(13,056)1,067 (11,989)
Current period change excluding amounts reclassified from accumulated other comprehensive income (1)
(1,138)(48)(1,186)
Amounts reclassified from accumulated other comprehensive income 6 6 
Total change in accumulated other comprehensive income(1,138)(42)(1,180)
Balance as of March 31, 2024(14,194)1,025 (13,169)
(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $84 million and $(74) million in 2024 and 2023, respectively.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense)
(millions of dollars)
Three Months Ended
March 31,
20242023
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)(12)(8)

Income Tax (Expense)/Credit For
Components of Other Comprehensive Income
(millions of dollars)
Three Months Ended
March 31,
20242023
Foreign exchange translation adjustment(75)48 
Postretirement benefits reserves adjustment (excluding amortization)4 11 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs(3)(2)
Total(74)57 

10


Note 5. Earnings Per Share 
Earnings per common shareThree Months Ended
March 31,
20242023
Net income (loss) attributable to ExxonMobil (millions of dollars)
8,220 11,430 
Weighted-average number of common shares outstanding (millions of shares) (1)
3,998 4,102 
Earnings (loss) per common share (dollars) (2)
2.06 2.79 
Dividends paid per common share (dollars)
0.95 0.91 
(1) Includes restricted shares not vested.
(2) 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
March 31,
20242023
Components of net benefit cost  
Pension Benefits - U.S.  
Service cost113 120 
Interest cost168 166 
Expected return on plan assets(181)(133)
Amortization of actuarial loss/(gain) 21 21 
Amortization of prior service cost(8)(7)
Net pension enhancement and curtailment/settlement cost3 8 
Net benefit cost116 175 
Pension Benefits - Non-U.S.
Service cost83 82 
Interest cost227 234 
Expected return on plan assets(261)(174)
Amortization of actuarial loss/(gain)25 14 
Amortization of prior service cost13 12 
Net benefit cost87 168 
Other Postretirement Benefits
Service cost18 20 
Interest cost63 70 
Expected return on plan assets(5)(4)
Amortization of actuarial loss/(gain)(26)(30)
Amortization of prior service cost(16)(10)
Net benefit cost34 46 
 
11


Note 7. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at March 31, 2024 and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows:
 March 31, 2024
 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)
5,813 1,304 — 7,117 (6,492)(88)— 537 
Advances to/receivables from equity companies (2)(6)
— 2,458 4,657 7,115 — — 498 7,613 
Other long-term financial assets (3)
1,372 — 1,042 2,414 — — 174 2,588 
Liabilities
Derivative liabilities (4)
5,944 1,376 — 7,320 (6,492)(218)— 610 
Long-term debt (5)
25,558 1,378 — 26,936 — — 3,494 30,430 
Long-term obligations to equity companies (6)
— — 2,039 2,039 — — (130)1,909 
Other long-term financial liabilities (7)
— — 694 694 — — 48 742 
 
 December 31, 2023
 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)
4,544 1,731 — 6,275 (5,177)(528)— 570 
Advances to/receivables from equity companies (2)(6)
— 2,517 4,491 7,008 — — 519 7,527 
Other long-term financial assets (3)
1,389 — 944 2,333 — — 202 2,535 
Liabilities
Derivative liabilities (4)
4,056 1,608 — 5,664 (5,177)(40)— 447 
Long-term debt (5)
30,556 2,004 — 32,560 — — 3,102 35,662 
Long-term obligations to equity companies (6)
— — 1,896 1,896 — — (92)1,804 
Other long-term financial liabilities (7)
— — 697 697 — — 45 742 
(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 March 31, 2024 and December 31, 2023, respectively, the Corporation had $736 million and $800 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements.
12


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 March 31, 2024, the Corporation has designated $4.9 billion of its Euro-denominated 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 $323 million and undrawn long-term committed lines of credit of $1,914 million as of first quarter 2024.
Derivative Instruments
The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its 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" and in the Consolidated Statement of Cash Flows in “Cash Flows from Operating Activities”. 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 March 31, 2024 and December 31, 2023, or results of operations for the periods ended March 31, 2024 and 2023.
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 March 31, 2024 and December 31, 2023, was as follows:
(millions)March 31, 2024December 31, 2023
Crude oil (barrels)15 (7)
Petroleum products (barrels)(39)(43)
Natural gas (MMBTUs)(577)(560)
Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis:
(millions of dollars)Three Months Ended
March 31,
20242023
Sales and other operating revenue(792)651 
Crude oil and product purchases3 (25)
Total(789)626 
13


Note 8. Disclosures about Segments and Related Information
(millions of dollars)Three Months Ended
March 31,
20242023
Earnings (Loss) After Income Tax
Upstream  
United States1,054 1,632 
Non-U.S.4,606 4,825 
Energy Products
United States836 1,910 
Non-U.S.540 2,273 
Chemical Products
United States504 324 
Non-U.S.281 47 
Specialty Products
United States404 451 
Non-U.S.357 323 
Corporate and Financing(362)(355)
Corporate total8,220 11,430 
Sales and Other Operating Revenue
Upstream
United States2,190 2,770 
Non-U.S.3,526 5,387 
Energy Products
United States24,803 24,924 
Non-U.S.39,409 39,976 
Chemical Products
United States2,194 2,029 
Non-U.S.3,646 3,692 
Specialty Products
United States1,469 1,568 
Non-U.S.3,150 3,289 
Corporate and Financing24 9 
Corporate total80,411 83,644 
Intersegment Revenue
Upstream
United States5,988 4,956 
Non-U.S.9,980 9,399 
Energy Products
United States6,558 5,451 
Non-U.S.6,752 6,969 
Chemical Products
United States1,865 1,788 
Non-U.S.1,025 777 
Specialty Products
United States655 680 
Non-U.S.164 99 
Corporate and Financing79 64 
14


Geographic Sales and Other Operating Revenue  
(millions of dollars)Three Months Ended
March 31,
20242023
United States30,656 31,291 
Non-U.S.49,755 52,353 
Total80,411 83,644 
Significant Non-U.S. revenue sources include: (1)
Canada7,055 6,721 
United Kingdom5,160 7,011 
Singapore4,018 3,731 
France3,473 3,484 
Australia2,425 2,428 
Belgium2,407 2,649 
Germany2,347 2,293 
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in non-U.S. operations where attribution to a specific country is not practicable.

Revenue from Contracts with Customers
Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Sales and other operating revenue
(millions of dollars)
Three Months Ended
March 31,
20242023
Revenue from contracts with customers58,419 64,304 
Revenue outside the scope of ASC 60621,992 19,340 
Total80,411 83,644 
15


Note 9. Divestment Activities
Through March 31, 2024, the Corporation realized proceeds of approximately $0.7 billion from its divestment activities with negligible impact on net after-tax earnings. This included the sale of the Santa Ynez Unit and associated facilities in California, as well as other smaller divestments.
In 2023, the Corporation realized proceeds of approximately $4.1 billion and recognized net after-tax earnings of approximately $0.6 billion from its divestment activities. This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments.
In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In mid-2022, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of these matters.

16


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
In the first quarter of 2024 the price of crude oil remained flat relative to fourth quarter 2023 and near the middle of the pre-COVID 10-year range (2010-2019), as markets remained balanced. More recently, the market for crude has tightened driven by ongoing concerns over conflict in the Middle East. Natural gas prices decreased, moving back toward the middle of the 10-year range, on high inventory levels and lower demand. Refining margins in the quarter rose to the top of the 10-year range, as demand grew while turnarounds and global disruptions weighed on supply. Chemical margins remained relatively flat at bottom-of-cycle conditions, as new capacity additions offset demand growth.

Recent Mergers and Acquisitions
In October 2023, ExxonMobil announced that it had entered into a definitive merger agreement with Pioneer Natural Resources. The transaction represents an opportunity to deliver leading capital efficiency and cost performance as well as increase production by combining Pioneer's large scale, contiguous, high-quality undeveloped Midland acreage with ExxonMobil's Permian resource development approach. In addition to increasing production, we plan to pull forward Pioneer's Net Zero ambition by 15 years, from 2050 to 2035. See "Note 2. Pioneer Natural Resources Merger" of the Condensed Consolidated Financial Statements for additional information.

Selected Earnings Factor Definitions
The earnings factors have been updated to provide additional visibility into drivers of our business results starting this first quarter of 2024. The company evaluates these factors periodically to determine if any enhancements may provide helpful insights to the market. Listed below are descriptions of the earnings factors:
Advantaged Volume Growth. Earnings impacts from change in volume/mix from advantaged assets, strategic projects, and high-value products.
Advantaged Assets (Advantaged growth projects). Includes Permian, Guyana, Brazil, and LNG.
Strategic Projects. Includes (i) the following completed projects: Rotterdam Hydrocracker, Corpus Christi Chemical Complex, Baton Rouge Polypropylene, Beaumont Crude Expansion, Baytown Chemical Expansion, Permian Crude Venture, and the 2022 Baytown advanced recycling facility; and (ii) the following projects still to be completed: Fawley Hydrofiner, China Chemical Complex, Singapore Resid Upgrade, Strathcona Renewable Diesel, Proxxima VentureTM, USGC Reconfiguration, additional advanced recycling projects under evaluation worldwide, and additional projects in plan yet to be publicly announced.
High-Value Products. Includes performance products and lower-emission fuels. Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. Lower-emission fuels refers to fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Base Volume. Includes all volume/mix factors not included in Advantaged Volume Growth defined above.
Structural Cost Savings. After-tax earnings effect of Structural Cost Savings as defined on page 19, including cash operating expenses related to divestments that were previously in the "volume/mix" factor.
Expenses. Includes all expenses otherwise not included in other earnings factors.
Timing Effects. Timing effects are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
17


Earnings (loss) excluding Identified Items
Earnings (loss) excluding Identified Items (non-GAAP) are earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an Identified Item for an individual segment in a given quarter may be less than $250 million when the item impacts several periods or several segments. Earnings (loss) excluding identified items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for Identified Items. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.
Three Months Ended
March 31, 2024
UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate and FinancingTotal
(millions of dollars)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings (loss) (U.S. GAAP)
1,054 4,606 836 540 504 281 404 357 (362)8,220 
Total Identified Items          
Earnings (loss) excluding Identified Items (Non-GAAP)
1,054 4,606 836 540 504 281 404 357 (362)8,220 
Three Months Ended
March 31, 2023
UpstreamEnergy ProductsChemical ProductsSpecialty ProductsCorporate and FinancingTotal
(millions of dollars)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Earnings (loss) (U.S. GAAP)
1,632 4,825 1,910 2,273 324 47 451 323 (355)11,430 
Identified Items
Tax-related items— (158)— (30)— — — — — (188)
Earnings (loss) excluding Identified Items (Non-GAAP)
1,632 4,983 1,910 2,303 324 47 451 323 (355)11,618 
References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S. GAAP) from the Condensed Consolidated Statement of Income. Unless otherwise indicated, references to earnings (loss); Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing earnings (loss); and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.
Due to rounding, numbers presented may not add up precisely to the totals indicated.

18


Structural Cost Savings
Structural Cost Savings describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $10.1 billion, which included an additional $0.4 billion in the first three months of 2024. The total change between periods in expenses below will reflect both Structural Cost Savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
Dollars in billions (unless otherwise noted)Twelve Months
Ended December 31,
Three Months
Ended March 31,
2019202320232024
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses36.8 36.9 9.4 9.1 
Selling, general and administrative expenses11.4 9.9 2.4 2.5 
Depreciation and depletion (includes impairments)19.0 20.6 4.2 4.8 
Exploration expenses, including dry holes1.3 0.8 0.1 0.1 
Non-service pension and postretirement benefit expense1.2 0.7 0.2 — 
Subtotal69.7 68.9 16.4 16.5 
ExxonMobil’s share of equity company expenses (non-GAAP)9.1 10.5 2.7 2.4 
Total Adjusted Operating Costs (non-GAAP)78.8 79.4 19.1 18.9 
Total Adjusted Operating Costs (non-GAAP)78.8 79.4 19.1 18.9 
Less:
Depreciation and depletion (includes impairments)19.0 20.6 4.2 4.8 
Non-service pension and postretirement benefit expense1.2 0.7 0.2 — 
Other adjustments (includes equity company depreciation
and depletion)
3.6 3.7 0.8 0.9 
Total Cash Operating Expenses (Cash Opex) (non-GAAP)55.0 54.4 13.9 13.2 
Energy and production taxes (non-GAAP)11.0 14.9 4.3 3.4 
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)44.0 39.5 9.6 9.8 
Change
 vs
2019
Change
vs
2023
Estimated Cumulative vs
2019
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)-4.5+0.2
Market+3.6+0.1
Activity/Other+1.6+0.5
Structural Cost Savings-9.7-0.4-10.1
Due to rounding, numbers presented may not add up precisely to the totals indicated.


19


REVIEW OF FIRST QUARTER 2024 RESULTS
ExxonMobil’s first-quarter 2024 earnings were $8.2 billion, or $2.06 per share assuming dilution, compared with earnings of $11.4 billion a year earlier. The decrease in earnings was mainly driven by declining industry refining margins and lower natural gas prices. Capital and exploration expenditures were $5.8 billion, down $0.5 billion from first quarter 2023.

UPSTREAM
Upstream Financial Results
(millions of dollars)Three Months Ended
March 31,
20242023
Earnings (loss) (U.S. GAAP)
United States1,054 1,632 
Non-U.S.4,606 4,825 
Total5,660 6,457 
Identified Items (1)
United States— — 
Non-U.S.— (158)
Total (158)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States1,054 1,632 
Non-U.S.4,606 4,983 
Total5,660 6,615 
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items.

20


Upstream First Quarter Earnings Factor Analysis
(millions of dollars)
6
Price – Price impacts decreased earnings by $820 million, driven by a 32% decrease in natural gas realizations, partially offset by a 4% increase in liquids realizations.
Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $430 million, mainly driven by Guyana liquids growth.
Base Volume – Lower base volumes decreased earnings by $400 million, mainly driven by divestments, government-mandated curtailments, and unfavorable entitlement effects.
Structural Cost Savings – Increased earnings by $90 million.
Expenses – Higher expenses, primarily from depreciation, decreased earnings by $160 million.
Other – Other items decreased earnings by $470 million, reflecting other primarily non-cash impacts from tax and inventory adjustments as well as divestments.
Timing Effects – Less unfavorable timing effects from derivatives mark-to-market impacts increased earnings by $370 million.
Identified Items (1) 1Q 2023 $(158) million loss driven by additional European taxes.
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items.
21



Upstream Operational Results
Three Months Ended
March 31,
 20242023
Net production of crude oil, natural gas liquids, bitumen and synthetic oil
(thousands of barrels daily)
  
United States816 820 
Canada/Other Americas772 670 
Europe
Africa224 220 
Asia711 749 
Australia/Oceania30 32 
Worldwide2,557 2,495 
Net natural gas production available for sale
(millions of cubic feet daily)
United States2,241 2,367 
Canada/Other Americas94 94 
Europe377 548 
Africa150 134 
Asia3,274 3,597 
Australia/Oceania1,226 1,276 
Worldwide7,362 8,016 
 
Oil-equivalent production (1)
(thousands of oil-equivalent barrels daily)
3,784 3,831 
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
22


Upstream Additional Information
(thousands of barrels daily)Three Months Ended
March 31
Volumes reconciliation (Oil-equivalent production) (1)
 
20233,831
Entitlements - Net Interest
Entitlements - Price / Spend / Other(41)
Government Mandates(17)
Divestments(66)
Growth / Other77
20243,784
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
1Q 2024
versus
1Q 2023
1Q 2024 production of 3.8 million oil-equivalent barrels per day decreased 47 thousand oil-equivalent barrels per day from 1Q 2023. Excluding the impacts from entitlements, divestments, and higher government-mandated curtailments, net production grew by 77 thousand oil-equivalent barrels per day, mainly driven by Guyana.
Listed below are descriptions of ExxonMobil’s volumes reconciliation factors which are provided to facilitate understanding of the terms.
Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining factors. These factors consist of net interest changes specified in Production Sharing Contracts (PSCs), which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices. 
Entitlements - Price, Spend and Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining factors. These factors include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such factors can also include other temporary changes in net interest as dictated by specific provisions in production agreements. 
Government Mandates are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions imposed by governments.
Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration. 
Growth and Other comprise all other operational and non-operational factors not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such factors include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.

23


ENERGY PRODUCTS
Energy Products Financial Results
(millions of dollars)Three Months Ended
March 31,
20242023
Earnings (loss) (U.S. GAAP)
United States836 1,910 
Non-U.S.540 2,273 
Total1,376 4,183 
Identified Items (1)
United States— — 
Non-U.S.— (30)
Total (30)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States836 1,910 
Non-U.S.540 2,303 
Total1,376 4,213 
Due to rounding, numbers presented may not add up precisely to the totals indicated.

Energy Products First Quarter Earnings Factor Analysis
(millions of dollars)
6
Margin – Margins decreased earnings by $2,000 million driven by weaker industry refining margins.
Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $140 million, primarily driven by the Beaumont refinery expansion.
Base Volume – Lower base volumes decreased earnings by $210 million, on divestment of three refining assets (Billings, Sriracha, and Trecate).
Structural Cost Savings – Increased earnings by $140 million.
Expenses – Higher expenses decreased earnings by $290 million, on higher scheduled maintenance and turnaround activity.
Other – All other items increased earnings by $40 million.
Timing Effects – Unfavorable timing effects from derivatives mark-to-market impacts decreased earnings by $660 million.
Identified Items (1) – 1Q 2023 $(30) million loss related to additional European taxes.
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items.

24


Energy Products Operational Results
(thousands of barrels daily)Three Months Ended
March 31,
20242023
Refinery throughput
United States1,900 1,643 
Canada407 417 
Europe954 1,189 
Asia Pacific402 565 
Other180 184 
Worldwide3,843 3,998 
Energy Products sales (1)
United States2,576 2,459 
Non-U.S.2,656 2,818 
Worldwide5,232 5,277 
Gasoline, naphthas2,178 2,177 
Heating oils, kerosene, diesel1,742 1,770 
Aviation fuels339 312 
Heavy fuels214 215 
Other energy products759 803 
(1) Data reported net of purchases/sales contracts with the same counterparty.
25


CHEMICAL PRODUCTS
Chemical Products Financial Results
(millions of dollars)Three Months Ended
March 31,
20242023
Earnings (loss) (U.S. GAAP)
United States504 324 
Non-U.S.281 47 
Total785 371 
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States504 324 
Non-U.S.281 47 
Total785 371 
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items.
Chemical Products First Quarter Earnings Factor Analysis
(millions of dollars)
6
Margin – Increased North America feed advantage from lower natural gas prices and higher margins from performance chemicals realizations, more than offset industry margin decline, increasing earnings by $200 million.
Advantaged Volume Growth – Additional high-value product volumes increased earnings by $40 million.
Base Volume – Higher base volumes increased earnings by $160 million, primarily driven by strong reliability and absence of turnarounds.
Structural Cost Savings – Increased earnings by $20 million.
Expenses – Lower turnaround expenses increased earnings by $10 million.
Other – All other items decreased earnings by $20 million.
Chemical Products Operational Results
(thousands of metric tons)Three Months Ended
March 31,
20242023
Chemical Products sales (2)
United States1,847 1,561 
Non-U.S.3,207 3,088 
Worldwide5,054 4,649 
(2) Data reported net of purchases/sales contracts with the same counterparty.
26


SPECIALTY PRODUCTS
Specialty Products Financial Results
(millions of dollars)Three Months Ended
March 31,
20242023
Earnings (loss) (U.S. GAAP)
United States404 451 
Non-U.S.357 323 
Total761 774 
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
United States404 451 
Non-U.S.357 323 
Total761 774 
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items.
Specialty Products First Quarter Earnings Factor Analysis
(millions of dollars)
6
Margin – Stronger finished lubes margins due to lower feed costs more than offset weaker basestock margins, increasing earnings by $30 million.
Base Volume – Unfavorable volume/mix effects decreased earnings by $20 million.
Structural Cost Savings – Increased earnings by $20 million.
Expenses – Higher expenses decreased earnings by $40 million.

Specialty Products Operational Results
(thousands of metric tons)Three Months Ended
March 31,
20242023
Specialty Products sales (2)
United States495 476 
Non-U.S.1,464 1,464 
Worldwide1,959 1,940 
(2) Data reported net of purchases/sales contracts with the same counterparty.

27


CORPORATE AND FINANCING
Corporate and Financing Financial Results
(millions of dollars)Three Months Ended
March 31,
20242023
Earnings (loss) (U.S. GAAP)(362)(355)
Earnings (loss) excluding Identified Items (1) (Non-GAAP)
(362)(355)
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items.
Corporate and Financing expenses were $362 million for the first quarter of 2024, $7 million higher than the first quarter of 2023.
28


LIQUIDITY AND CAPITAL RESOURCES
(millions of dollars)Three Months Ended
March 31,
20242023
Net cash provided by/(used in)
Operating activities14,664 16,341 
Investing activities(4,577)(4,925)
Financing activities(7,982)(8,507)
Effect of exchange rate changes(324)102 
Increase/(decrease) in cash and cash equivalents1,781 3,011 
Cash and cash equivalents (at end of period)33,349 32,676 
Cash flow from operations and asset sales
Net cash provided by operating activities (U.S. GAAP)14,664 16,341 
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments703 854 
Cash flow from operations and asset sales (Non-GAAP)
15,367 17,195 
Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.
Cash flow from operations and asset sales in the first quarter of 2024 was $15.4 billion, a decrease of $1.8 billion from the comparable 2023 period primarily reflecting lower earnings.
Cash provided by operating activities totaled $14.7 billion for the first three months of 2024, $1.7 billion lower than 2023. Net income including noncontrolling interests was $8.6 billion, a decrease of $3.3 billion from the prior year period. The adjustment for the noncash provision of $4.8 billion for depreciation and depletion was up $0.6 billion from 2023. Changes in operational working capital were a contribution of $2.0 billion during the period. All other items net decreased cash flows by $0.7 billion in 2024 versus a contribution of $0.6 billion in 2023. See the Condensed Consolidated Statement of Cash Flows for additional details.
Investing activities for the first three months of 2024 used net cash of $4.6 billion, a decrease of $0.3 billion compared to the prior year. Spending for additions to property, plant and equipment of $5.1 billion was $0.3 billion lower than 2023. Proceeds from asset sales were $0.7 billion, a decrease of $0.2 billion compared to the prior year. Net investments and advances decreased $0.2 billion from $0.4 billion in 2023.
Net cash used in financing activities was $8.0 billion in the first three months of 2024, including $3.0 billion for the purchase of 27.5 million shares of ExxonMobil stock, as part of the previously announced buyback program. This compares to net cash used in financing activities of $8.5 billion in the prior year. Total debt at the end of the first quarter of 2024 was $40.4 billion compared to $41.6 billion at year-end 2023. The Corporation's debt to total capital ratio was 16.0 percent at the end of the first quarter of 2024 compared to 16.4 percent at year-end 2023. The net debt to capital ratio was 3.2 percent at the end of the first quarter, a decrease of 1.3 percentage points from year-end 2023. The Corporation's capital allocation priorities are investing in competitively advantaged, high-return projects; maintaining a strong balance sheet; and sharing our success with our shareholders through more consistent share repurchases and a growing dividend. The Corporation distributed a total of $3.8 billion to shareholders in the first three months of 2024 through dividends.
The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are expected to cover the majority of financial requirements, supplemented by long-term and short-term debt. The Corporation had undrawn short-term committed lines of credit of $0.3 billion and undrawn long-term committed lines of credit of $1.9 billion as of first quarter 2024.
The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include strategic fit, cost synergies, potential for future growth, low cost of supply, and attractive valuations. Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.
Litigation and other contingencies are discussed in Note 3 to the unaudited condensed consolidated financial statements.
29


Contractual Obligations
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. Through the first quarter of 2024, the Corporation entered into two long-term purchase agreements with an estimated total obligation of approximately $3.0 billion.

TAXES
(millions of dollars)Three Months Ended
March 31,
20242023
Income taxes3,803 4,960 
Effective income tax rate36 %34 %
Total other taxes and duties (1)
7,160 8,095