To The Moon

Bullish Points:

1. Net income for the six months ended June 30, 2023: $19,996 million.

2. Total revenues and other income for the six months ended June 30, 2023: $169,478 million.

3. Net cash provided by operating activities for the six months ended June 30, 2023: $25,724 million.

4. Additions to property, plant, and equipment for the six months ended June 30, 2023: $10,771 million.

5. Natural gas prices remained above the 10-year average despite declining in the first half.

6. Denbury Acquisition announced on July 13, 2023, to accelerate Low Carbon Solutions opportunities.

7. Specialty Products: Q2 2023 earnings were $671 million, up from $417 million in Q2 2022.

Bearish Points:

1. Impairment charges related to Sakhalin-1 project: $3.4 billion after-tax, $4.6 billion before-tax (first-quarter 2022).

2. 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022 due to exit from Sakhalin-1 project.

3. Crude oil prices declined in Q1 2023 but remained flat in Q2 2023 due to OPEC+ output reduction.

4. Refining margins declined but remained above the 10-year average.

5. Chemical margins remained well below the 10-year range but improved in Q2 2023.

6. Corporation's first half results included after-tax charges of $0.2 billion related to additional European taxes.

7. Q2 2023 earnings were $7.9 billion, a decrease from $17.9 billion in Q2 2022, due to lower crude and natural gas prices and declining industry refining margins.

8. First six months of 2023 earnings were $19.3 billion, compared to $23.3 billion in the same period in 2022.

9. Capital and exploration expenditures for Q2 2023 were $6.2 billion, up $1.6 billion from Q2 2022.

10. Upstream earnings for Q2 2023 were $4.6 billion, a decrease from $11.4 billion in Q2 2022, mainly due to lower crude and natural gas prices.

11. Energy Products earnings for Q2 2023 were $2.3 billion, a decrease from $5.3 billion in Q2 2022, primarily due to lower industry refining margins.

12. Oil-equivalent production for Q2 2023 was 3.6 million barrels per day, a decrease of 124 thousand barrels per day compared to Q2 2022.

13. Chemical Products: Q2 2023 earnings were $828 million, down from $1,076 million in Q2 2022.

The final result shows that Exxon Mobil (XOM) has experienced both positive and negative impacts on its financial performance during the first half of 2023. While there are some promising developments, such as the Denbury Acquisition and increased earnings in Specialty Products, the company has also faced challenges, including lower crude and natural gas prices, declining refining margins, and impairment charges related to the Sakhalin-1 project. For more information, you can read the original text of Exxon Mobil's financial report: https://www.sec.gov/Archives/edgar/data/34088/000003408823000048/xom-20230630.htm