Stock Analysis on Net
Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

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Analysis of Income Taxes

Microsoft Excel LibreOffice Calc

Income Tax Expense (Benefit)

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

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Federal
Non-U.S.
U.S. tax on non-U.S. operations
State
Current
Federal
Non-U.S.
Deferred, net
Income tax expense (benefit)

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Exxon Mobil Corp.’s current decreased from 2018 to 2019 and from 2019 to 2020.
Deferred, net Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Exxon Mobil Corp.’s deferred, net decreased from 2018 to 2019 and from 2019 to 2020.
Income tax expense (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Exxon Mobil Corp.’s income tax expense (benefit) decreased from 2018 to 2019 and from 2019 to 2020.

Effective Income Tax Rate (EITR)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Theoretical U.S. tax rate
Effective income tax rate, before enactment-date effects of U.S. tax reform
Effective income tax rate

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

Item Description The company
Effective income tax rate, before enactment-date effects of U.S. tax reform Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Exxon Mobil Corp.’s effective income tax rate, before enactment-date effects of U.S. tax reform decreased from 2018 to 2019 and from 2019 to 2020.

Components of Deferred Tax Assets and Liabilities

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

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Pension and other postretirement benefits
Asset retirement obligations
Tax loss carryforwards
Other assets
Deferred tax assets, gross
Asset valuation allowances
Deferred tax assets, net
Property, plant and equipment
Other liabilities
Deferred tax liabilities
Net deferred tax assets (liabilities)

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

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.’s deferred tax assets, gross increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax assets, net Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Exxon Mobil Corp.’s deferred tax assets, net increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.
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.’s net deferred tax assets (liabilities) increased from 2018 to 2019 and from 2019 to 2020.

Deferred Tax Assets and Liabilities, Classification

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

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Deferred income tax assets (included in Other assets, including intangibles, net)
Deferred income tax liabilities

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

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.’s deferred income tax assets (included in Other assets, including intangibles, net) increased from 2018 to 2019 and from 2019 to 2020.
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.’s deferred income tax liabilities decreased from 2018 to 2019 and from 2019 to 2020.

Adjustments to Financial Statements: Removal of Deferred Taxes

Exxon Mobil Corp., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total ExxonMobil Share Of Equity
Total ExxonMobil share of equity (as reported)
Less: Net deferred tax assets (liabilities)
Total ExxonMobil share of equity (adjusted)
Adjustment to Net Income (loss) Attributable To ExxonMobil
Net income (loss) attributable to ExxonMobil (as reported)
Add: Deferred income tax expense (benefit)
Net income (loss) attributable to ExxonMobil (adjusted)

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).


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


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Exxon Mobil Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

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.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
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.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Exxon Mobil Corp.’s adjusted ROE deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.

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


Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil
Sales and other operating revenue
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil
Sales and other operating revenue
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

2020 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × ÷ =

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.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenue
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Sales and other operating revenue
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

2020 Calculations

1 Total asset turnover = Sales and other operating revenue ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Sales and other operating revenue ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total ExxonMobil share of equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted total ExxonMobil share of equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

2020 Calculations

1 Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total ExxonMobil share of equity
= ÷ =

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.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil
Total ExxonMobil share of equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil
Adjusted total ExxonMobil share of equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

2020 Calculations

1 ROE = 100 × Net income (loss) attributable to ExxonMobil ÷ Total ExxonMobil share of equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total ExxonMobil share of equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Exxon Mobil Corp.’s adjusted ROE deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

2020 Calculations

1 ROA = 100 × Net income (loss) attributable to ExxonMobil ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.