Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Exxon Mobil Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Federal	1,987)	696)	236)	262)	(121)
Non-U.S.	12,111)	15,071)	6,948)	2,908)	6,171)
U.S. tax on non-U.S. operations	315)	65)	26)	13)	89)
State	72)	761)	470)	(763)	(182)
Current	14,485)	16,593)	7,680)	2,420)	5,957)
Federal	463)	4,122)	870)	(6,045)	(255)
Non-U.S.	481)	(539)	(914)	(2,007)	(420)
Deferred, net	944)	3,583)	(44)	(8,052)	(675)
Income tax expense (benefit)	15,429)	20,176)	7,636)	(5,632)	5,282)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Exxon Mobil Corp. current increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Deferred, net	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Exxon Mobil Corp. deferred, net increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Exxon Mobil Corp. income tax expense (benefit) increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Exxon Mobil Corp., effective income tax rate (EITR) reconciliation

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Theoretical U.S. tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	33.00%	33.00%	31.00%	17.00%	34.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Exxon Mobil Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Pension and other postretirement benefits	1,777)	1,754)	3,687)	4,703)	4,712)
Asset retirement obligations	3,532)	3,045)	2,865)	3,150)	3,403)
Tax loss carryforwards	4,317)	4,862)	6,914)	8,982)	7,404)
Other assets	6,361)	6,948)	7,694)	7,095)	7,735)
Deferred tax assets, gross	15,987)	16,609)	21,160)	23,930)	23,254)
Asset valuation allowances	(2,641)	(2,650)	(2,634)	(2,731)	(1,924)
Deferred tax assets, net	13,346)	13,959)	18,526)	21,199)	21,330)
Property, plant and equipment	(26,627)	(25,607)	(27,888)	(28,778)	(36,029)
Other liabilities	(7,534)	(7,401)	(6,353)	(6,427)	(7,653)
Deferred tax liabilities	(34,161)	(33,008)	(34,241)	(35,205)	(43,682)
Net deferred tax assets (liabilities)	(20,815)	(19,049)	(15,715)	(14,006)	(22,352)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Deferred tax assets, gross	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Exxon Mobil Corp. deferred tax assets, gross decreased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets, net	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Exxon Mobil Corp. deferred tax assets, net decreased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Exxon Mobil Corp. net deferred tax assets (liabilities) decreased from 2021 to 2022 and from 2022 to 2023.

Exxon Mobil Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred income tax assets (included in Other assets, including intangibles, net)	3,637)	3,825)	4,450)	4,159)	3,268)
	Deferred income tax liabilities	24,452)	22,874)	20,165)	18,165)	25,620)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Deferred income tax assets (included in Other assets, including intangibles, net)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Exxon Mobil Corp. deferred income tax assets (included in Other assets, including intangibles, net) decreased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Exxon Mobil Corp. deferred income tax liabilities increased from 2021 to 2022 and from 2022 to 2023.

Exxon Mobil Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	376,317)	369,067)	338,923)	332,750)	362,597)
Less: Noncurrent deferred tax assets, net	3,637)	3,825)	4,450)	4,159)	3,268)
Total assets (adjusted)	372,680)	365,242)	334,473)	328,591)	359,329)
Adjustment to Total Liabilities
Total liabilities (as reported)	163,779)	166,594)	163,240)	168,620)	163,659)
Less: Noncurrent deferred tax liabilities, net	24,452)	22,874)	20,165)	18,165)	25,620)
Total liabilities (adjusted)	139,327)	143,720)	143,075)	150,455)	138,039)
Adjustment to Total ExxonMobil Share Of Equity
Total ExxonMobil share of equity (as reported)	204,802)	195,049)	168,577)	157,150)	191,650)
Less: Net deferred tax assets (liabilities)	(20,815)	(19,049)	(15,715)	(14,006)	(22,352)
Total ExxonMobil share of equity (adjusted)	225,617)	214,098)	184,292)	171,156)	214,002)
Adjustment to Net Income (loss) Attributable To ExxonMobil
Net income (loss) attributable to ExxonMobil (as reported)	36,010)	55,740)	23,040)	(22,440)	14,340)
Add: Deferred income tax expense (benefit)	944)	3,583)	(44)	(8,052)	(675)
Net income (loss) attributable to ExxonMobil (adjusted)	36,954)	59,323)	22,996)	(30,492)	13,665)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Exxon Mobil Corp., Financial Data: Reported vs. Adjusted

Download chart

Exxon Mobil Corp., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	10.76%	13.98%	8.33%	-12.57%	5.61%
Adjusted net profit margin	11.04%	14.88%	8.31%	-17.08%	5.35%
Total Asset Turnover
Reported total asset turnover	0.89	1.08	0.82	0.54	0.70
Adjusted total asset turnover	0.90	1.09	0.83	0.54	0.71
Financial Leverage
Reported financial leverage	1.84	1.89	2.01	2.12	1.89
Adjusted financial leverage	1.65	1.71	1.81	1.92	1.68
Return on Equity (ROE)
Reported ROE	17.58%	28.58%	13.67%	-14.28%	7.48%
Adjusted ROE	16.38%	27.71%	12.48%	-17.82%	6.39%
Return on Assets (ROA)
Reported ROA	9.57%	15.10%	6.80%	-6.74%	3.95%
Adjusted ROA	9.92%	16.24%	6.88%	-9.28%	3.80%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Exxon Mobil Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Exxon Mobil Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Exxon Mobil Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Exxon Mobil Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Exxon Mobil Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Exxon Mobil Corp., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	36,010)	55,740)	23,040)	(22,440)	14,340)
Sales and other operating revenue	334,697)	398,675)	276,692)	178,574)	255,583)
Profitability Ratio
Net profit margin¹	10.76%	13.98%	8.33%	-12.57%	5.61%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil	36,954)	59,323)	22,996)	(30,492)	13,665)
Sales and other operating revenue	334,697)	398,675)	276,692)	178,574)	255,583)
Profitability Ratio
Adjusted net profit margin²	11.04%	14.88%	8.31%	-17.08%	5.35%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × 36,010 ÷ 334,697 = 10.76%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × 36,954 ÷ 334,697 = 11.04%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Exxon Mobil Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenue	334,697)	398,675)	276,692)	178,574)	255,583)
Total assets	376,317)	369,067)	338,923)	332,750)	362,597)
Activity Ratio
Total asset turnover¹	0.89	1.08	0.82	0.54	0.70
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Sales and other operating revenue	334,697)	398,675)	276,692)	178,574)	255,583)
Adjusted total assets	372,680)	365,242)	334,473)	328,591)	359,329)
Activity Ratio
Adjusted total asset turnover²	0.90	1.09	0.83	0.54	0.71

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Sales and other operating revenue ÷ Total assets
= 334,697 ÷ 376,317 = 0.89

² Adjusted total asset turnover = Sales and other operating revenue ÷ Adjusted total assets
= 334,697 ÷ 372,680 = 0.90

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Exxon Mobil Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	376,317)	369,067)	338,923)	332,750)	362,597)
Total ExxonMobil share of equity	204,802)	195,049)	168,577)	157,150)	191,650)
Solvency Ratio
Financial leverage¹	1.84	1.89	2.01	2.12	1.89
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	372,680)	365,242)	334,473)	328,591)	359,329)
Adjusted total ExxonMobil share of equity	225,617)	214,098)	184,292)	171,156)	214,002)
Solvency Ratio
Adjusted financial leverage²	1.65	1.71	1.81	1.92	1.68

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 376,317 ÷ 204,802 = 1.84

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total ExxonMobil share of equity
= 372,680 ÷ 225,617 = 1.65

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Exxon Mobil Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	36,010)	55,740)	23,040)	(22,440)	14,340)
Total ExxonMobil share of equity	204,802)	195,049)	168,577)	157,150)	191,650)
Profitability Ratio
ROE¹	17.58%	28.58%	13.67%	-14.28%	7.48%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil	36,954)	59,323)	22,996)	(30,492)	13,665)
Adjusted total ExxonMobil share of equity	225,617)	214,098)	184,292)	171,156)	214,002)
Profitability Ratio
Adjusted ROE²	16.38%	27.71%	12.48%	-17.82%	6.39%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to ExxonMobil ÷ Total ExxonMobil share of equity
= 100 × 36,010 ÷ 204,802 = 17.58%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total ExxonMobil share of equity
= 100 × 36,954 ÷ 225,617 = 16.38%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Exxon Mobil Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	36,010)	55,740)	23,040)	(22,440)	14,340)
Total assets	376,317)	369,067)	338,923)	332,750)	362,597)
Profitability Ratio
ROA¹	9.57%	15.10%	6.80%	-6.74%	3.95%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil	36,954)	59,323)	22,996)	(30,492)	13,665)
Adjusted total assets	372,680)	365,242)	334,473)	328,591)	359,329)
Profitability Ratio
Adjusted ROA²	9.92%	16.24%	6.88%	-9.28%	3.80%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to ExxonMobil ÷ Total assets
= 100 × 36,010 ÷ 376,317 = 9.57%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total assets
= 100 × 36,954 ÷ 372,680 = 9.92%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Exxon Mobil Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Exxon Mobil Corp. (NYSE:XOM)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Exxon Mobil Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Exxon Mobil Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)