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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from __________to__________
 
Commission File Number 1-2256
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey 13-5409005
(State or other jurisdiction of incorporation or organization) 
(I.R.S. Employer Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code)
 
(972) 940-6000
(Registrant's telephone number, including area code)
 _______________________
Securities registered pursuant to Section 12(b) of the Act: 
Title of Each Class Trading Symbol Name of Each Exchange
on Which Registered
Common Stock, without par value XOM New York Stock Exchange
0.142% Notes due 2024XOM24BNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
    
Non-accelerated filerSmaller reporting company
 
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 
Class 
Outstanding as of September 30, 2020
Common stock, without par value 4,228,234,114



EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020
 
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
  
Item 1. Financial Statements 
  
Condensed Consolidated Statement of Income
        Three and nine months ended September 30, 2020 and 2019
  
Condensed Consolidated Statement of Comprehensive Income
        Three and nine months ended September 30, 2020 and 2019
  
Condensed Consolidated Balance Sheet
        As of September 30, 2020 and December 31, 2019
  
Condensed Consolidated Statement of Cash Flows
        Nine months ended September 30, 2020 and 2019
  
Condensed Consolidated Statement of Changes in Equity
        Three months ended September 30, 2020 and 2019
Condensed Consolidated Statement of Changes in Equity
        Nine months ended September 30, 2020 and 2019
  
Notes to Condensed Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations20 
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk30 
  
Item 4. Controls and Procedures30 
  
  
PART II. OTHER INFORMATION
Item 1. Legal Proceedings31 
  
Item 1A. Risk Factors
31 
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
32 
  
Item 6. Exhibits
32 
  
Index to Exhibits33 
  
Signature34 
  
2


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Revenues and other income  
Sales and other operating revenue45,425 63,422 132,836 192,559 
Income from equity affiliates517 1,196 1,395 4,264 
Other income257 431 731 942 
Total revenues and other income46,199 65,049 134,962 197,765 
Costs and other deductions
Crude oil and product purchases23,950 35,290 70,102 109,033 
Production and manufacturing expenses7,103 8,848 22,295 27,340 
Selling, general and administrative expenses2,444 2,753 7,432 8,350 
Depreciation and depletion4,983 4,873 15,718 14,075 
Exploration expenses, including dry holes188 299 690 912 
Non-service pension and postretirement benefit expense272 357 812 1,028 
Interest expense279 232 845 629 
Other taxes and duties7,352 7,676 19,338 22,756 
Total costs and other deductions46,571 60,328 137,232 184,123 
Income (Loss) before income taxes(372)4,721 (2,270)13,642 
Income taxes337 1,474 378 4,598 
Net income (loss) including noncontrolling interests(709)3,247 (2,648)9,044 
Net income (loss) attributable to noncontrolling interests(29)77 (278)394 
Net income (loss) attributable to ExxonMobil(680)3,170 (2,370)8,650 
Earnings (Loss) per common share (dollars)
(0.15)0.75 (0.55)2.03 
Earnings (Loss) per common share - assuming dilution (dollars)
(0.15)0.75 (0.55)2.03 



The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
3


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income (loss) including noncontrolling interests(709)3,247 (2,648)9,044 
Other comprehensive income (loss) (net of income taxes)
Foreign exchange translation adjustment1,469 (1,424)(1,305)(75)
Adjustment for foreign exchange translation (gain)/loss
included in net income
14  14  
Postretirement benefits reserves adjustment (excluding amortization)(140)103 (189)43 
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs206 186 613 512 
Total other comprehensive income (loss)1,549 (1,135)(867)480 
Comprehensive income (loss) including noncontrolling interests840 2,112 (3,515)9,524 
Comprehensive income (loss) attributable to noncontrolling interests92 14 (449)587 
Comprehensive income (loss) attributable to ExxonMobil748 2,098 (3,066)8,937 


The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

4


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)
 September 30,
2020
December 31,
2019
Assets  
Current assets  
Cash and cash equivalents8,832 3,089 
Notes and accounts receivable – net19,974 26,966 
Inventories
Crude oil, products and merchandise13,162 14,010 
Materials and supplies4,723 4,518 
Other current assets2,002 1,469 
Total current assets48,693 50,052 
Investments, advances and long-term receivables43,609 43,164 
Property, plant and equipment – net250,496 253,018 
Other assets, including intangibles – net15,245 16,363 
Total assets358,043 362,597 
Liabilities
Current liabilities
Notes and loans payable21,911 20,578 
Accounts payable and accrued liabilities33,340 41,831 
Income taxes payable1,217 1,580 
Total current liabilities56,468 63,989 
Long-term debt46,888 26,342 
Postretirement benefits reserves22,097 22,304 
Deferred income tax liabilities24,467 25,620 
Long-term obligations to equity companies3,486 3,988 
Other long-term obligations20,025 21,416 
Total liabilities173,431 163,659 
Commitments and contingencies (Note 3)
Equity
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
15,997 15,637 
Earnings reinvested407,728 421,341 
Accumulated other comprehensive income(20,189)(19,493)
Common stock held in treasury
(3,791 million shares at September 30, 2020 and
3,785 million shares at December 31, 2019)
(226,136)(225,835)
ExxonMobil share of equity177,400 191,650 
Noncontrolling interests7,212 7,288 
Total equity184,612 198,938 
Total liabilities and equity358,043 362,597 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
5


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)
 Nine Months Ended
September 30,
 20202019
Cash flows from operating activities  
Net income (loss) including noncontrolling interests(2,648)9,044 
Depreciation and depletion15,718 14,075 
Noncash inventory adjustment - lower of cost or market61  
Changes in operational working capital, excluding cash and debt(1,539)2,564 
All other items – net(929)(2,319)
Net cash provided by operating activities10,663 23,364 
Cash flows from investing activities
Additions to property, plant and equipment(13,653)(17,657)
Proceeds associated with sales of subsidiaries, property, plant and
equipment, and sales and returns of investments229 600 
Additional investments and advances(3,443)(2,532)
Other investing activities including collection of advances1,710 769 
Net cash used in investing activities(15,157)(18,820)
Cash flows from financing activities
Additions to long-term debt23,186 7,019 
Reductions in long-term debt(4) 
Reductions in short-term debt(1,651)(3,836)
Additions/(reductions) in commercial paper, and debt with three
months or less maturity (1)
139 6,139 
Contingent consideration payments(21) 
Cash dividends to ExxonMobil shareholders(11,150)(10,936)
Cash dividends to noncontrolling interests(137)(157)
Changes in noncontrolling interests511 30 
Common stock acquired(305)(421)
Net cash used in financing activities10,568 (2,162)
Effects of exchange rate changes on cash(331)(73)
Increase/(decrease) in cash and cash equivalents5,743 2,309 
Cash and cash equivalents at beginning of period3,089 3,042 
Cash and cash equivalents at end of period8,832 5,351 
Supplemental Disclosures
Income taxes paid2,341 5,259 
Cash interest paid
Included in cash flows from operating activities726 515 
Capitalized, included in cash flows from investing activities516 540 
Total cash interest paid1,242 1,055 

(1) Includes a net addition of commercial paper with a maturity of over three months of $6.4 billion in 2020 and $3.1 billion in 2019. The gross amount of commercial paper with a maturity of over three months issued was $28.8 billion in 2020 and $13.4 billion in 2019, while the gross amount repaid was $22.4 billion in 2020 and $10.3 billion in 2019.
 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
6


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(millions of dollars)
 ExxonMobil Share of Equity  
 Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of June 30, 201915,639 419,913 (18,205)(225,970)191,377 7,088 198,465 
Amortization of stock-based awards156 — — — 156 — 156 
Other— — — — — 228 228 
Net income (loss) for the period— 3,170 — — 3,170 77 3,247 
Dividends - common shares— (3,716)— — (3,716)(57)(3,773)
Other comprehensive income (loss)— — (1,072)— (1,072)(63)(1,135)
Acquisitions, at cost— — — — — (79)(79)
Dispositions— — — — — — — 
Balance as of September 30, 201915,795 419,367 (19,277)(225,970)189,915 7,194 197,109 
Balance as of June 30, 202015,812 412,124 (21,617)(226,136)180,183 6,970 187,153 
Amortization of stock-based awards187 — — — 187 — 187 
Other(2)— — — (2)194 192 
Net income (loss) for the period— (680)— — (680)(29)(709)
Dividends - common shares— (3,716)— — (3,716)(44)(3,760)
Other comprehensive income (loss)— — 1,428 — 1,428 121 1,549 
Acquisitions, at cost— — — — — — — 
Dispositions— — — — — — — 
Balance as of September 30, 202015,997 407,728 (20,189)(226,136)177,400 7,212 184,612 

 Three Months Ended September 30, 2020 Three Months Ended September 30, 2019
Common Stock Share ActivityIssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
 (millions of shares) (millions of shares)
Balance as of June 308,019 (3,791)4,228 8,019 (3,788)4,231 
Acquisitions— — — — — — 
Dispositions— — — — — — 
Balance as of September 308,019 (3,791)4,228 8,019 (3,788)4,231 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
7


EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(millions of dollars)
 ExxonMobil Share of Equity  
 Common StockEarnings ReinvestedAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryExxonMobil Share of EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 201815,258 421,653 (19,564)(225,553)191,794 6,734 198,528 
Amortization of stock-based awards545 — — — 545 — 545 
Other(8)— — — (8)275 267 
Net income (loss) for the period— 8,650 — — 8,650 394 9,044 
Dividends - common shares— (10,936)— — (10,936)(157)(11,093)
Other comprehensive income (loss)— — 287 — 287 193 480 
Acquisitions, at cost— — — (421)(421)(245)(666)
Dispositions— — — 4 4 — 4 
Balance as of September 30, 201915,795 419,367 (19,277)(225,970)189,915 7,194 197,109 
Balance as of December 31, 201915,637 421,341 (19,493)(225,835)191,650 7,288 198,938 
Amortization of stock-based awards545 — — — 545 — 545 
Other(185)— — — (185)574 389 
Net income (loss) for the period— (2,370)— — (2,370)(278)(2,648)
Dividends - common shares— (11,150)— — (11,150)(137)(11,287)
Cumulative effect of accounting
change
— (93)— — (93)(1)(94)
Other comprehensive income (loss)— — (696)— (696)(171)(867)
Acquisitions, at cost— — — (305)(305)(63)(368)
Dispositions— — — 4 4 — 4 
Balance as of September 30, 202015,997 407,728 (20,189)(226,136)177,400 7,212 184,612 

 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019
Common Stock Share ActivityIssuedHeld in TreasuryOutstanding IssuedHeld in TreasuryOutstanding
 (millions of shares) (millions of shares)
Balance as of December 318,019 (3,785)4,234 8,019 (3,782)4,237 
Acquisitions— (6)(6)— (6)(6)
Dispositions— — — — — — 
Balance as of September 308,019 (3,791)4,228 8,019 (3,788)4,231 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
8


EXXON MOBIL CORPORATION
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
1. Basis of Financial Statement Preparation
These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2019 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.
 
The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

2. Miscellaneous Financial Information
During the first quarter of 2020, the balance of supply and demand for petroleum and petrochemical products experienced two significant disruptive effects. On the demand side, the COVID-19 pandemic spread rapidly through most areas of the world resulting in substantial reductions in consumer and business activity and significantly reduced demand for crude oil, natural gas, and petroleum products. This reduction in demand coincided with announcements of increased production in certain key oil-producing countries which led to increases in inventory levels and sharp declines in prices for crude oil and petrochemical products. During the second and third quarters, the effects of COVID-19 continued to have a negative impact on the world’s major economies and demand for our products. Market conditions continue to reflect considerable uncertainty as consumer and business activity has exhibited some degree of recovery, but remains lower when compared to prior periods as a result of the pandemic.
Crude oil, products and merchandise inventories are carried at the lower of current market value or cost, generally determined under the last-in first-out method (LIFO). The Corporation's results for the third quarter of 2020 included a before-tax credit of $153 million, included in "Crude oil and product purchases" on the Statement of Income, as rising commodity prices resulted in the reversal of the charge against the book value of inventories as of the second quarter. This adjustment, together with a market adjustment to inventory for equity companies included in "Income from equity affiliates," resulted in a $113 million after-tax credit to earnings (excluding noncontrolling interests) in the third quarter. At year-end, any required adjustment to write down the book value of inventories to their market value is considered permanent and is incorporated into the LIFO carrying value of the inventory.
Primarily as a result of declines in prices for crude oil and other petrochemical products in 2020 and a significant decline in its market capitalization at the end of the first quarter, the Corporation recognized after-tax impairment charges of $884 million in the nine months ended September 30, 2020. These charges included goodwill impairments of $562 million in Upstream, Downstream, and Chemical reporting units and other impairment charges of $322 million, mainly in the Upstream segment. Fair value of the goodwill reporting units primarily reflected market-based estimates of historical EBITDA multiples at the end of the first quarter. Other impairment charges, mainly related to the Corporation’s investment in an Upstream equity company, reflect a write down to estimated fair value based on third party price outlooks, internal estimates of future volumes and costs, and estimates of discount rates for similar properties. Charges related to goodwill and asset impairments are included in “Depreciation and depletion” on the Statement of Income and charges related to equity method investments are included in “Income from equity affiliates.”
9


3. Litigation and Other Contingencies
Litigation. A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.
Other Contingencies. The Corporation and certain of its consolidated subsidiaries were contingently liable at September 30, 2020, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
  As of September 30, 2020
  
Equity Company
Obligations (1)
Other Third-Party ObligationsTotal
  (millions of dollars)
Guarantees   
 Debt-related968 120 1,088 
 Other690 4,806 5,496 
 Total1,658 4,926 6,584 
(1) ExxonMobil share
Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition.
The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.
In accordance with a Venezuelan nationalization decree issued in February 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed the operatorship of the Cerro Negro Heavy Oil Project. The decree also required conversion of the Cerro Negro Project into a “mixed enterprise” and an increase in PdVSA’s or one of its affiliate’s ownership interest in the Project. ExxonMobil refused to accede to the terms proffered by the government, and on June 27, 2007, the government expropriated ExxonMobil’s 41.67 percent interest in the Cerro Negro Project.
ExxonMobil collected awards of $908 million in an arbitration against PdVSA under the rules of the International Chamber of Commerce in respect of an indemnity related to the Cerro Negro Project and $260 million in an arbitration for compensation due for the La Ceiba Project and for export curtailments at the Cerro Negro Project under rules of International Centre for Settlement of Investment Disputes (ICSID). An ICSID arbitration award relating to the Cerro Negro Project’s expropriation ($1.4 billion) was annulled based on a determination that a prior Tribunal failed to adequately explain why the cap on damages in the indemnity owed by PdVSA did not affect or limit the amount owed for the expropriation of the Cerro Negro Project. ExxonMobil filed a new claim seeking to restore the original award of damages for the Cerro Negro Project with ICSID on September 26, 2018.
The net impact of this matter on the Corporation’s consolidated financial results cannot be reasonably estimated. Regardless, the Corporation does not expect the resolution to have a material effect upon the Corporation’s operations or financial condition.
10


An affiliate of ExxonMobil is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award. The Contractors appealed that judgment to the Court of Appeal, Abuja Judicial Division. On July 22, 2016, the Court of Appeal upheld the decision of the lower court setting aside the award. On October 21, 2016, the Contractors appealed the decision to the Supreme Court of Nigeria. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. Following dismissal by this court, the Contractors appealed to the Nigerian Court of Appeal in June 2016. In October 2014, the Contractors filed suit in the United States District Court for the Southern District of New York (SDNY) to enforce, if necessary, the arbitration award against NNPC assets residing within that jurisdiction. NNPC moved to dismiss the lawsuit. On September 4, 2019, the SDNY dismissed the Contractors’ petition to recognize and enforce the Erha arbitration award. The Contractors filed a notice of appeal in the Second Circuit on October 2, 2019. At this time, the net impact of this matter on the Corporation's consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation's operations or financial condition.

11


4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other
Comprehensive Income
Cumulative Foreign Exchange Translation AdjustmentPost-retirement Benefits Reserves AdjustmentTotal
(millions of dollars)
Balance as of December 31, 2018(13,881)(5,683)(19,564)
Current period change excluding amounts reclassified
from accumulated other comprehensive income
(252)48 (204)
Amounts reclassified from accumulated other
comprehensive income
 491 491 
Total change in accumulated other comprehensive income(252)539 287 
Balance as of September 30, 2019(14,133)(5,144)(19,277)
Balance as of December 31, 2019(12,446)(7,047)(19,493)
Current period change excluding amounts reclassified
 from accumulated other comprehensive income (1)
(1,125)(172)(1,297)
Amounts reclassified from accumulated other
comprehensive income
14 587 601 
Total change in accumulated other comprehensive income(1,111)415 (696)
Balance as of September 30, 2020(13,557)(6,632)(20,189)
 (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) of $(159) million, net of taxes.

Amounts Reclassified Out of Accumulated Other
Comprehensive Income - Before-tax Income/(Expense)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
 (millions of dollars)(millions of dollars)
Foreign exchange translation gain/(loss) included in net income
(Statement of Income line: Other income)
(14) (14) 
Amortization and settlement of postretirement benefits reserves
adjustment included in net periodic benefit costs
  
(Statement of Income line: Non-service pension and postretirement benefit expense)(268)(236)(790)(664)

Income Tax (Expense)/Credit For
Components of Other Comprehensive Income
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
 (millions of dollars)(millions of dollars)
Foreign exchange translation adjustment57 1 72 1 
Postretirement benefits reserves adjustment (excluding amortization)74 (56)64 (36)
Amortization and settlement of postretirement benefits reserves
adjustment included in net periodic benefit costs
(62)(50)(177)(152)
Total69 (105)(41)(187)

12


5. Earnings Per Share 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Earnings per common share  
Net income (loss) attributable to ExxonMobil (millions of dollars)
(680)3,170 (2,370)8,650 
Weighted average number of common shares outstanding (millions of shares)
4,271 4,271 4,270 4,270 
Earnings (Loss) per common share (dollars) (1)
(0.15)0.75 (0.55)2.03 
Dividends paid per common share (dollars)
0.87 0.87 2.61 2.56 
(1) The calculation of earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

6. Pension and Other Postretirement Benefits 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (millions of dollars)(millions of dollars)
Components of net benefit cost  
Pension Benefits - U.S.  
Service cost245 208 712 563 
Interest cost177 192 531 574 
Expected return on plan assets(178)(143)(528)(427)
Amortization of actuarial loss/(gain) and prior service cost79 77 237 233 
Net pension enhancement and curtailment/settlement cost52 54 156 161 
Net benefit cost375 388 1,108 1,104 
Pension Benefits - Non-U.S.
Service cost178 136 524 413 
Interest cost165 189 488 573 
Expected return on plan assets(226)(192)(664)(581)
Amortization of actuarial loss/(gain) and prior service cost124 102 358 260 
Net benefit cost241 235 706 665 
Other Postretirement Benefits
Service cost45 38 134 104 
Interest cost70 79 208 237 
Expected return on plan assets(4)(4)(13)(12)
Amortization of actuarial loss/(gain) and prior service cost13 3 39 10 
Net benefit cost124 116 368 339 
 

13


7. Financial Instruments and Derivatives
 
Financial Instruments. The estimated fair value of financial instruments at September 30, 2020, and December 31, 2019, and the related hierarchy level for the fair value measurement is as follows:
 
 At September 30, 2020
 (millions of dollars)
 Fair Value    
 Level 1Level 2Level 3Total Gross Assets
& Liabilities
Effect of
Counterparty Netting
Effect of
Collateral
Netting
Difference
in Carrying
Value and
Fair Value
Net
Carrying
Value
Assets        
Derivative assets (1)
637 121 — 758 (571)(80)— 107 
Advances to/receivables
from equity companies (2)(7)
— 3,152 6,081 9,233 — — (193)9,040 
Other long-term
financial assets (3)
1,197 — 915 2,112 — 130 2,242 
Liabilities
Derivative liabilities (4)
817 91 — 908 (571)(259)— 78 
Long-term debt (5)
49,153 149 4 49,306 — — (4,031)45,275 
Long-term obligations
to equity companies (7)
— — 3,685 3,685 — — (199)3,486 
Other long-term
financial liabilities (6)
— — 1,073 1,073 — — 11 1,084 
 
  At December 31, 2019
  (millions of dollars)
  Fair Value    
  Level 1Level 2Level 3Total Gross
Assets
& Liabilities
Effect of
Counterparty
Netting
Effect of
Collateral
Netting
Difference
in Carrying
Value and
Fair Value
Net
Carrying
Value
Assets        
 
Derivative assets (1)
533 102 — 635 (463)(70)— 102 
 Advances to/receivables
 
from equity companies (2)(7)
— 1,941 6,729 8,670 — — (128)8,542 
 Other long-term
 
financial assets (3)
1,145 — 974 2,119 — — 44 2,163 
Liabilities
 
Derivative liabilities (4)
568 70 — 638 (463)(105)— 70 
 
Long-term debt (5)
25,652 134 3 25,789 — — (1,117)24,672 
 Long-term obligations
 
to equity companies (7)
— — 4,245 4,245 — — (257)3,988 
 Other long-term
 
financial liabilities (6)
— — 1,042 1,042 — — 16 1,058 
(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles, net
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables
(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles, net
(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations
(5) Excluding finance lease obligations
(6) Included in the Balance Sheet line: Other long-term obligations
(7) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.

At September 30, 2020, the Corporation had $462 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.
14


Long-term debt. The increase in the estimated fair value and book value of long-term debt reflects the Corporation's issuance of new debt securities during 2020. The carrying value of these debt securities as of September 30, 2020, is below:

Issuance DateDescription of NotesCarrying Value
(millions of dollars)
March 2020
2.992% Notes due 2025
1,500 
3.294% Notes due 2027
1,000 
3.482% Notes due 2030
2,000 
4.227% Notes due 2040
1,250 
4.327% Notes due 2050
2,750 
April 2020
1.571% Notes due 2023
2,750 
2.992% Notes due 2025 (1)
1,310 
2.610% Notes due 2030
2,000 
4.227% Notes due 2040 (1)
842 
3.452% Notes due 2051
2,750 
June 2020 (2)
0.142% Notes due 2024
1,756 
0.524% Notes due 2028
1,171 
0.835% Notes due 2032
1,171 
1.408% Notes due 2039
1,171 
Total23,421 

(1) Includes premiums of $152 million.
(2) Euro-denominated.

The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of September 30, 2020, the Corporation has designated $5.3 billion of its Euro-denominated long-term debt and re