Exxon Mobil Corp., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Notes and loans payable	4,090)	634)	4,276)	20,458)	20,578)
Long-term debt, excluding due within one year	37,483)	40,559)	43,428)	47,182)	26,342)
Total debt (carrying amount)	41,573)	41,193)	47,704)	67,640)	46,920)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Exxon Mobil Corp. total debt decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Notes and loans payable	4,009)
Long-term debt, excluding finance lease obligations	32,560)
Long-term finance lease liability	1,821)
Total debt (fair value)	38,390)
Financial Ratio
Debt, fair value to carrying amount ratio	0.92

Weighted-average effective interest rate on debt: 3.44%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.71%	1,750)	47)
2.99%	2,767)	83)
3.04%	2,500)	76)
2.28%	1,000)	23)
3.29%	1,000)	33)
2.44%	1,250)	31)
3.48%	2,000)	70)
2.61%	2,000)	52)
3.00%	750)	22)
4.23%	2,080)	88)
3.57%	1,000)	36)
4.11%	2,500)	103)
3.10%	1,500)	46)
4.33%	2,750)	119)
3.45%	2,750)	95)
0.52%	1,105)	6)
0.84%	1,105)	9)
1.41%	1,105)	16)
6.10%	189)	12)
6.75%	286)	19)
6.38%	223)	14)
3.08%	2,123)	65)
5.99%	3,838)	230)
Total	37,571)	1,294)
3.44%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,294 ÷ 37,571 = 3.44%

Exxon Mobil Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense	849)	798)	947)	1,158)	830)
Interest capitalized	1,152)	838)	655)	665)	731)
Interest costs incurred	2,001)	1,636)	1,602)	1,823)	1,561)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Exxon Mobil Corp. interest expense decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Exxon Mobil Corp. interest capitalized increased from 2021 to 2022 and from 2022 to 2023.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Exxon Mobil Corp. interest costs incurred increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	36,010)	55,740)	23,040)	(22,440)	14,340)
Add: Net income attributable to noncontrolling interest	1,344)	1,837)	558)	(811)	434)
Add: Income tax expense	15,429)	20,176)	7,636)	(5,632)	5,282)
Add: Interest expense	849)	798)	947)	1,158)	830)
Earnings before interest and tax (EBIT)	53,632)	78,551)	32,181)	(27,725)	20,886)

Interest costs incurred	2,001)	1,636)	1,602)	1,823)	1,561)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	63.17	98.43	33.98	-23.94	25.16
Adjusted interest coverage ratio (with capitalized interest)²	26.80	48.01	20.09	-15.21	13.38

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 53,632 ÷ 849 = 63.17

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 53,632 ÷ 2,001 = 26.80

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Exxon Mobil Corp. adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Exxon Mobil Corp. (NYSE:XOM)

Analysis of Debt