Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. Results included unfavorable identified items of approximately $200 million associated with additional European taxes on the energy sector. Oil and gas production, Exxon's largest business, posted a $6.1 billion operating profit, the highest in two years. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. The laws of economics state that this should cause crude oil prices to go up. After all, lower energy prices mean that the company was forced to sell its products for less than it did during the prior-year quarter. Its refining business posted fourth-quarter operating net of $1.4 billion, up sequentially and a big swing from a year ago when results were hurt by pandemic-related demand declines. At first glance, these results were mixed as the company failed to meet the expectations of its analysts in terms of top-line revenue, but it did beat earnings estimates. }. In 2021 the company made a revenue of $285.64 B an increase over the years 2020 revenue that were of $181.50 B .The revenue is the total amount of income that a company generates by the sale of goods or services. The Center for American Progress is an independent nonpartisan policy institute that is dedicated to improving the lives of all Americans through bold, progressive ideas, as well as strong leadership and concerted action. A price-to-earnings growth ratio of less than 1.0 is a sign that the companys stock may be undervalued relative to its forward earnings per share growth and vice versa. Sign Up Please create an employee account to be able to mark statistics as favorites. As we can see, Exxon Mobil has almost no reliance on debt to finance its operations, and it has a much stronger balance sheet than the other supermajors. Exxon reported an adjusted profit of $2.05 per share, 11 cents above analysts' forecast as the bottom line benefited from soaring oil and gas prices, higher volumes and asset sales. All values USD Millions. After all, such a scenario would reduce our incomes and will almost certainly cause the stock price to decline. read more. Netflix, just outside the Fortune 100, paid a measly 1.1 percent on $5.3 billion of U.S. earnings. { document.getElementById('search-form').focus(); }, 300);">. Oil production rose, refining throughput highest since 2013, Narrows 2022 project spending budget to $21-$24 billion, Plans 25% output increase in U.S. Permian basin this year, Mulls accelerating returns to shareholders, shares up 5%. In-depth Research on underfollowed dividend stocks with 7%+ yields. ExxonMobil announces full-year 2022 results IRVING, Texas January 31, 2023 Exxon Mobil Corporation today announced fourth-quarter 2022 earnings of $12.8 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. That nearly completely offsets the year-over-year production increase that we saw here. The company also announced capital expenditures totaled $3 billion in the first quarter, up 55% vs. a year ago on the back of "higher investment" in the U.S. Free cash flow is the amount of money that is generated by a companys ordinary operations and is left over after the company pays all of its bills and makes all necessary capital expenditures. Tackling Climate Change and Environmental Injustice, The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The tax rate for large corporations is nominally 21 percentdown from 35 percent because of the Tax Cuts and Jobs Act (TCJA) of 2017. Exxon Mobil revenue is $402.2B annually. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Exxon Mobil reported total revenue of $86.564 billion in the first quarter of 2023. These are some of the largest companies in the world, pulling in billions of profits; yet none will owe a cent in federal income taxes. Is this happening to you frequently? Learn more about how Statista can support your business. Snap's revenue fell 6% from the prior year to $989 million, whereas analysts had expected $1.01 billion, according to Refinitiv data. Exxon Mobils current yield is not particularly impressive for the energy sector, however, as there are a number of shale companies and midstream partnerships offering yields that are double or even triple Exxon Mobils. var onSuccessSubmitenSubscribeSlideUp = function() { Crude oil prices were down year-over-year, but the company was able to make up for it with higher production. Exxon Mobil pointed this out in its earnings press release, although the company was specifically referring to profits and not revenue: Lower liquids and natural gas realizations coupled with the absence of favorable mark-to-market impacts on unsettled derivatives, fewer days in the quarter, and higher unscheduled maintenance negatively impacted results sequentially.. Sign up today and receive company updates straight to your inbox. subscribe.submit(); Moreover, the Institute for Taxation and Economic Policy (ITEP) conducted a comprehensive analysis of federal taxes and company profits for a larger set of companies last year, concluding that former President Donald Trumps TCJA allowed many companies to pay $0 in taxes. The company has eliminated the tab taken on during the 2020 downturn to keep paying dividends to shareholders. In fact, I can recall some articles that have been published on Seeking Alpha stating that Exxon Mobil is the best dividend stock in the market. While we can certainly debate that claim all day, the fact is that the dividend is one of the things that a typical investor will have in their minds when purchasing shares of Exxon Mobil. This means that less money comes into the company and that less money is available to cover expenses and make its way down to the bottom line. Finally, the stock appears to be very reasonably priced today. A full list of supporters is available, 4 Things Bank Regulators Can Do to Help Prevent Bank Failures, DACA Boosts Recipients Well-Being and Economic Contributions: 2022 Survey Results, 5 Things To Know About the Child Care for Working Families Act, Speaker McCarthys Debt Ceiling Proposal Would Undo Benefits of Inflation Reduction Act. This can cause a companys interest expenses to increase following the rollover in certain market conditions. dataLayer.push({"event": "signup_submit", "form_detail":"enSubscribeSlideUp"}); Exxon This peak value was achieved in 2012. Exxon Mobil should be able to maintain it and continue to deliver the regular increases that investors have come to expect from this company. The revamping will "position us to lead in cash flow and earnings growth, operating performance, and the energy transition, Chief Executive Darren Woods said in a statement. This is a modified version of the familiar price-to-earnings ratio that takes a companys earnings per share growth into account. read more. ExxonMobil is moving to expand its carbon capture and storage segment. The highest profit margin attained by XOM between 2012 and 2021 was 9.94%. ", Exxon Mobil, Total assets of ExxonMobil from 2001 to 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/281181/total-assets-of-exxon-mobil/ (last visited May 02, 2023), Total assets of ExxonMobil from 2001 to 2022 (in million U.S. dollars) [Graph], Exxon Mobil, March 31, 2023. Business Solutions including all features. It has also increased dividend payments to shareholders over the past several years. The past year presented the most challenging market conditions ExxonMobil has The company slashed spending after fuel demand cratered two years ago. Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. This represents a 108.58% increase over the $5.480 billion that the company reported in the first quarter of 2022. Please do not hesitate to contact me. However both companies saw revenue slip compared to a year ago, as the two U.S. majors come off booming profits last year. Even with the charge for exiting Russia, net income doubled to $5.4 billion. } If you have an ad-blocker enabled you may be blocked from proceeding. For investors looking for income in the near term, and potential growth from its long-term investments, ExxonMobil could be a good fit for a portfolio. This status quo can be changed. The Best Stocks to Invest $5,000 in Right Now, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. I am long various energy-focused funds that may hold long positions in any stock mentioned in this article. Operating revenue of ExxonMobil from 2001 to 2022 (in million U.S. dollars) ExxonMobil's net profit 2001-2022 ExxonMobil's net profit 2001-2022 Net income/loss of Ending corporate giveaways in the tax code and closing loopholes would ensure that large corporations start paying their fair share, allowing the country to raise revenue needed to invest in American families and grow a healthy economy that works for all. Stripping out certain items, earnings Even with a substantial spending increase into the end of the year to $17 billion, Exxon managed to use the extra proceeds from oil prices to reduce debt, said Biraj Borkhataria, Co-Head European Energy Research at RBC Capital Markets. This greatly reduces the appeal of the company as a dividend play in my eyes. if(subscribe.checkValidity()) { This represents a 4.35% decline over the $90.500 billion that the company reported Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. Show publisher information "ExxonMobil closed a tumultuous year with results that can be described as solid," Peter McNally, global sector lead at research firm Third Bridge. However, this issue extends beyond the Fortune 100: Other large, notable companies pay similarly low rates. The airline said its bookings in March were strong, allowing revenue to soar 22% to $5.7 billion in the quarter. May '19 Exxon Mobil produced an average of 3.831 million barrels of oil equivalents per day in the reporting period. In, Exxon Mobil. As my long-time readers are no doubt well aware, it is my usual practice to share the highlights from a companys earnings report before delving into an analysis of its results. Prices for oil, natural gas and petrochemicals all soared in 2021, allowing ExxonMobil to report revenue of $285.6 billion, up from $181.5 billion in 2020. Meanwhile, huge, highly profitable corporations such as Amazon, ExxonMobil, Microsoft, JPMorgan Chase, Verizon, FedEx, Ford, General Motors (GM), Bank of America, Chevron, UPS, MetLife, Merck, Nike, and Coca-Cola all enjoyed effective tax rates of less than 10 percentor less than half the federal statutory rate. PD=Previous Day. One metric that we can use to evaluate an oil companys financial structure is the net debt-to-equity ratio. Quarter Ended Editing by Nick Zieminski and Jane Merriman, As oil output peaks, US Gulf of Mexico makes room for carbon capture, Oil holds steady as economic fears weigh against potential crude draw, Exxon Mobil not quitting exploration in Brazil, Brazilian oil-export tax a 'concerning' development,' says Shell chief, Exclusive: Kleiner Perkins partner Wen Hsieh to launch TSMC-backed new fund -sources, Factbox: Long-serving Qantas executive Vanessa Hudson named as next CEO, Adani-owned NDTV profit plunges about 98% on weak advertising demand, How JPMorgan's Dimon won the First Republic deal. And the average net profit margin for S&P 500 companies averaged across those quarters is 12.79 percent, according to a Yahoo News analysis of the FactSet data. WebExxon revenue for the quarter ending December 31, 2022 was $95.429B, a 12.32% increase year-over-year. See here for a complete list of exchanges and delays. Is SoFi Stock a Buy Now? Please. , an advocacy organization dedicated to improving the lives of all Americans. (see Methodology for more details on these tax rate calculations). American Progress would like to acknowledge the many generous supporters who make our work possible. Policymakers must act now to ensure that large, profitable corporations pay their fair share. This is because these highlights provide a background for the remainder of the article as well as serve as a framework for the resultant analysis. The amount passengers paid to fly each mile on American rose 21% from a year earlier. We are currently offering a two-week free trial for the service, so check us out! Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The results of a record first-quarter profit even as revenue decreased from the year-ago period show the company is operating efficiently. Exxon annual revenue for 2022 was This represents a 4.24% increase over the 3.675 million barrels of oil equivalent per day that it produced on average during the equivalent quarter of last year. Chevron reported earnings up 6% to The companys third-quarter results also speak to Exxons ongoing recovery following the pandemic. The company completed the ramp-up of the Beaumont Refinery expansion, demonstrating 250,000 barrels per day of crude oil distillation capacity. We do not believe in changing an investment based on short-term market swings. For instance, Salesforce paid no federal income taxes in 2021, despite $2.7 billion in U.S. earnings; Duke Energy paid no federal income taxes in 2021, despite $3.7 billion in U.S. earnings; and Kinder Morgan paid no federal income taxes in 2021, despite $2.2 billion in U.S. earnings. 2022 2021 2020 2019 2018 5-year trend; Sales/Revenue: 400,438: 280,510: 178,170: 255,995: 279,202 Thus, any event that causes a companys cash flows to decline could push it into financial distress if it has too much debt. Exxon Mobil Corp (XOM) Exxon Mobil Revenue (Annual): 398.68B for Dec. 31, 2022 View 4,000+ Financial Data Types: Add Browse Revenue (Annual) Chart Exxon revenue for the twelve months ending December 31, 2022 was $413.680B, a 44.83% increase year-over-year. ExxonMobil CEO Darren Woods stated, "We are growing value by increasing production from our advantaged assets to meet global demand. Exxon reported income of $17.9 billion for the three months through June, more than three times what it earned in the same quarter a year ago. Corporations such as AT&T, Charter Communications, American International Group (AIG), and Dow reported that they will pay negative effective federal income tax rates on their U.S. profits for 2021, effectively enjoying tax refunds instead. Here is how this compares to the companys peers: As we can clearly see, all of these companies stocks appear quite cheap relative to their forward earnings per share growth. *Authors note: Corporations are presented in order of size, per the Fortune 100 list. ExxonMobil's Record-Setting Profits Continue. Low Carbon Solutions supports reducing emissions from our operations and provides solutions to help our customers reduce their emissions through developing markets in carbon capture and storage, hydrogen, and lower-emission fuels. The Motley Fool has a disclosure policy. Building an Economy for All, Economic Justice, Economy, Taxes+1More, Associate Director, State and Local Government Affairs. subscribe.submit(); Overall, the multi-nation organizations output will be 3.66 million barrels per day lower than in the summer of 2022. 5-year trend. This chart shows the price of West Texas Intermediate crude oil from January 1, 2022, until the end of the first quarter: It should be fairly obvious that this will reduce Exxon Mobils financial performance. Exxon Mobil Corp. I have no business relationship with any company whose stock is mentioned in this article. Sep '18. Revenue at ExxonMobil soared 53% to $90.5 billion. Making the world smarter, happier, and richer. I am not receiving compensation for it (other than from Seeking Alpha). In the first quarter of 2023, Exxon Mobil achieved a levered free cash flow of $8.7548 billion, which was unfortunately the lowest figure that it had since December 2021: (all figures in millions of U.S. dollars). However, as I have pointed out in various previous articles, right now just about everything in the traditional energy industry appears to be substantially undervalued based on this ratio. Our Standards: The Thomson Reuters Trust Principles. In the same period a year earlier, the company earned 41 cents per share on an adjusted basis, on $67.17 billion in revenue. "But we believe the overall sector tailwinds are likely to outweigh company-specific factors in 2022. As the demand for crude oil typically surges during the summer months, we almost certainly have a situation in which near-term demand increases but supply declines. if(subscribe.checkValidity()) { The record first-quarter GAAP net income of $11.4 billion was more than twice what it earned in the year-ago quarterly period. The company also managed to complete a project that should boost its output of refined products. IRVING, Texas April 28, 2023 Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. Earlier today, oil and gas supermajor Exxon Mobil Corporation (NYSE:XOM) announced its first-quarter 2023 earnings results. Please disable your ad-blocker and refresh. Exxon Mobil reported net income of $11.430 billion in the first quarter of 2023. Net Profit Margin = (Net Income / Revenue) x 100% = 8.07%. The company reported a loss of 5 cents per share and revenue of $460.16 million against consensus estimates of 7 cents and $441 million, according to Refinitiv. This is the amount of money that can be used for things such as reducing debt, buying back stock, or paying a dividend. While this analysis was limited to companies on the Fortune 100 list, there are many other large, notable companies that paid no federal income taxes in 2021, underscoring that the problem extends well beyond the Fortune 100. Lead industry in innovations that advance modern living and a net-zero future. Profit from the additional features of your individual account. Sign Up Exxon Mobils profit more than doubled in the first quarter as the oil and natural gas company overcame declining prices by producing more oil. As stated in the highlights, Exxon Mobil increased its production by 156,000 barrels of oil equivalents per day compared to the prior-year quarter. Effective tax rates were calculated by dividing the current U.S. federal income tax expense that companies reported to the SEC by their U.S earnings before federal income taxthat is, U.S. pretax earnings less state and local current income tax expense. Norwegian Cruise Line also boosted its full-year profit forecast amid strong travel demand. Analysts Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Fortunately, there are some signs that energy prices could rise over the remainder of the year. Overall, ExxonMobil stock has vastly outperformed the broader market in the last year, providing a 1-year trailing total return of 67.2% compared with -7.5% for the S&P 500 as of July 29. If you are an admin, please authenticate by logging in again. This analysis generally follows the methodology used by ITEP, except that ITEP typically makes certain additional adjustments and refinements, including deducting excess benefits from stock options from current income tax expense.