Exxon Mobil - Inventory Anal - Feb2024

2/12/24, 1:42 PM Exxon Mobil Corp.
(NYSE:XOM) | Inventory
Exxon Mobil Corp. (NYSE:XOM)

Analysis of Inventory
Inventory Disclosure
Adjustment to Inventory: Conversion from LIFO to FIFO
Adjusted Financial Ratios: LIFO vs. FIFO (Summary)
Adjusted Current Ratio
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)
Inventory Disclosure
Exxon Mobil Corp., balance sheet: inventory
US$ in millions
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Crude oil 6,909 4,162 5,354 5,111 4,783
Petroleum products 6,291 5,081 5,138 5,281 5,666
Chemical products 3,806 3,354 3,023 3,240 3,821
Gas/other 3,428 1,922 654 378 533
Crude oil, products and 20,434 14,519 14,169 14,010 14,803

merchandise
Materials and supplies 4,001 4,261 4,681 4,518 4,155
Inventories 24,435 18,780 18,850 18,528 18,958
Based on: 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),
10-K (reporting date: 2018-12-31).
https://www.stock-analysis-on.net/NYSE/Company/Exxon-Mobil-Corp/Analysis/Inventory 1/16
2/12/24, 1:42 PM Exxon Mobil Corp. (NYSE:XOM) | Inventory
Exxon Mobil Corp., inventory
25,000
24,000
23,000
sno ill i m n i $ S U
22,000
Item Description The company
21,000
Inventories Amount after valuation and LIFO reserves of Exxon Mobil Corp. inventories decreased
20,000 inventory expected to be sold, or consumed from 2020 to 2021 but then increased from
within one year or operating cycle, if longer. 2021 to 2022 exceeding 2020 level.
19,000
18,000
Adjustment to Inventory: Conversion

Inventories
from LIFO to FIFO
Adjusting LIFO Inventory to FIFO (Current) Cost
US$ in millions
Adjustment to Inventories
Inventories at LIFO (as 24,435 18,780 18,850 18,528 18,958

reported)
Add: Inventory LIFO 14,900 14,000 5,400 9,700 8,200

reserve
Inventories at FIFO 39,335 32,780 24,250 28,228 27,158

(adjusted)
Adjustment to Current Assets
Current assets (as 97,631 59,154 44,893 50,052 47,973

reported)

reserve
Current assets 112,531 73,154 50,293 59,752 56,173

(adjusted)
Adjustment to Total Assets
Total assets (as reported) 369,067 338,923 332,750 362,597 346,196

reserve
Total assets (adjusted) 383,967 352,923 338,150 372,297 354,396
Adjustment to Total ExxonMobil Share Of Equity
Total ExxonMobil share of 195,049 168,577 157,150 191,650 191,794

equity (as reported)

reserve
Total ExxonMobil share 209,949 182,577 162,550 201,350 199,994

of equity (adjusted)
Adjustment to Net Income (loss) Attributable To ExxonMobil
Net income (loss) 55,740 23,040 (22,440) 14,340 20,840

attributable to ExxonMobil
(as reported)
Add: Increase (decrease) 900 8,600 (4,300) 1,500 (2,600)

in inventory LIFO reserve
Net income (loss) 56,640 31,640 (26,740) 15,840 18,240

attributable to
ExxonMobil (adjusted)
Exxon Mobil Corp. inventory value on Dec 31, 2022 would be $39,335 (in millions) if the FIFO inventory method was used instead of
LIFO. Exxon Mobil Corp. inventories, valued on a LIFO basis, on Dec 31, 2022 were $24,435 . Exxon Mobil Corp. inventories would have
been $14,900 higher than reported on Dec 31, 2022 if the FIFO method had been used instead.
Exxon Mobil Corp., Financial Data: Reported vs. Adjusted
Inventories
40,000
30,000
snoillim ni $SU
20,000
10,000
0
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
2018 2019 2020 2021 2022
Reported Adjusted
Current assets
120,000
100,000
80,000
snoillim ni $SU
60,000
40,000
Total assets
20,000
390,000
0
380,000 Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
2018 2019 2020 2021 2022
370,000 Reported Adjusted

snoillim ni $SU
360,000
350,000
340,000
330,000
2018 2019 2020 2021 2022
Reported Adjusted
Total ExxonMobil share of equity
210,000
200,000
190,000
snoillim ni $SU
180,000
170,000
160,000
150,000
2018 2019 2020 2021 2022
Reported Adjusted
Net income (loss) attributable to ExxonMobil
60,000
40,000
snoillim ni $SU
20,000
-20,000
-40,000
2018 2019 2020 2021 2022
Reported Adjusted
Adjusted Financial Ratios: LIFO vs. FIFO (Summary)
Exxon Mobil Corp., adjusted financial ratios
Current Ratio
Reported current ratio 1.41 1.04 0.80 0.78 0.84

(LIFO)
Adjusted current ratio 1.63 1.29 0.89 0.93 0.98

(FIFO)
Net Profit Margin
Reported net profit margin 13.98% 8.33% -12.57% 5.61% 7.46%

(LIFO)
Adjusted net profit margin 14.21% 11.44% -14.97% 6.20% 6.53%

(FIFO)
Total Asset Turnover
Reported total asset 1.08 0.82 0.54 0.70 0.81

turnover (LIFO)
Adjusted total asset 1.04 0.78 0.53 0.69 0.79

turnover (FIFO)
Financial Leverage
Reported financial 1.89 2.01 2.12 1.89 1.81

leverage (LIFO)
Adjusted financial 1.83 1.93 2.08 1.85 1.77

leverage (FIFO)
Return on Equity (ROE)
Reported ROE (LIFO) 28.58% 13.67% -14.28% 7.48% 10.87%
Adjusted ROE (FIFO) 26.98% 17.33% -16.45% 7.87% 9.12%
Return on Assets (ROA)
Reported ROA (LIFO) 15.10% 6.80% -6.74% 3.95% 6.02%
Adjusted ROA (FIFO) 14.75% 8.97% -7.91% 4.25% 5.15%
Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted Exxon Mobil Corp. adjusted current ratio
current assets divided by current liabilities. improved from 2020 to 2021 and from 2021
to 2022.
Adjusted net profit margin An indicator of profitability, calculated as Exxon Mobil Corp. adjusted net profit margin
adjusted net income divided by revenue. ratio improved from 2020 to 2021 and from
2021 to 2022.
Adjusted total asset turnover An activity ratio calculated as total revenue Exxon Mobil Corp. adjusted total asset
divided by adjusted total assets. turnover ratio improved from 2020 to 2021
and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as Exxon Mobil Corp. adjusted financial
adjusted total assets divided by adjusted leverage ratio decreased from 2020 to 2021
total equity. and from 2021 to 2022.
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.
Adjusted ROE A profitability ratio calculated as adjusted net Exxon Mobil Corp. adjusted ROE improved
income divided by adjusted shareholders’ from 2020 to 2021 and from 2021 to 2022.
equity.
Adjusted ROA A profitability ratio calculated as adjusted net Exxon Mobil Corp. adjusted ROA improved
income divided by adjusted total assets. from 2020 to 2021 and from 2021 to 2022.
Exxon Mobil Corp., Financial Ratios: Reported vs. Adjusted
Current ratio
1.75
1.50
1.25
1.00
0.75
0.50 Net profit margin
15
0.25
10
0.00
2018 2019 2020 2021 2022
5
Reported Adjusted
0
%
-5
-10
-15
2018 2019 2020 2021 2022
Reported Adjusted
Total asset turnover
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2018 2019 2020 2021 2022
Reported Adjusted
Financial leverage
2.2
2.1
2.0
1.9
1.8
1.7
2018 2019 2020 2021 2022
Reported Adjusted
ROE
30
20
10
%
-10
-20
2018 2019 2020 2021 2022
Reported Adjusted
ROA
20
15
Adjusted Current Ratio

10
5
%
As Reported
-5
Selected
-10 Financial Data (US$ in millions)
2018 2019 2020 2021 2022
Current assets 97,631 59,154 44,893 50,052 47,973
Reported Adjusted
Current liabilities 69,045 56,643 56,363 63,989 57,138
Liquidity Ratio
Current ratio1 1.41 1.04 0.80 0.78 0.84
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted current 112,531 73,154 50,293 59,752 56,173

assets
Current liabilities 69,045 56,643 56,363 63,989 57,138
Liquidity Ratio
Adjusted current 1.63 1.29 0.89 0.93 0.98

ratio2
2022 Calculations
1
Current ratio = Current assets ÷ Current liabilities
= 97,631 ÷ 69,045 = 1.41
2
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 112,531 ÷ 69,045 = 1.63
Exxon Mobil Corp., adjusted current ratio calculation
1.8 120,000
100,000
1.6
80,000
1.4
60,000
1.2
Liquidity ratio Description The company
40,000
Adjusted current ratio A liquidity ratio calculated as adjusted Exxon Mobil Corp. adjusted current ratio
1.0
current assets divided by current liabilities. improved from 2020 to 2021 and from 2021
20,000
to 2022.
0.8 0
Adjusted current ratio Adjusted current assets Current liabilities
Adjusted Net Profit Margin
As Reported
Net income (loss) 55,740 23,040 (22,440) 14,340 20,840

attributable to
ExxonMobil
Sales and other 398,675 276,692 178,574 255,583 279,332

operating revenue
Profitability Ratio
Net profit margin1 13.98% 8.33% -12.57% 5.61% 7.46%
Adjusted net income 56,640 31,640 (26,740) 15,840 18,240

(loss) attributable to
ExxonMobil
Sales and other 398,675 276,692 178,574 255,583 279,332

operating revenue
Profitability Ratio
Adjusted net profit 14.21% 11.44% -14.97% 6.20% 6.53%

margin2
2022 Calculations
1
Net profit margin = 100 × Net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × 55,740 ÷ 398,675 = 13.98%
2
Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × 56,640 ÷ 398,675 = 14.21%
Exxon Mobil Corp., adjusted net profit margin calculation
15 400,000
10
300,000
200,000
0
%
100,000
-5
0
-10
-15 -100,000
Adjusted net profit margin Adjusted net income (lo… Sales and other operatin…
Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as Exxon Mobil Corp. adjusted net profit margin
adjusted net income divided by revenue. ratio improved from 2020 to 2021 and from
2021 to 2022.
Adjusted Total Asset Turnover
As Reported
Sales and other 398,675 276,692 178,574 255,583 279,332

operating revenue
Total assets 369,067 338,923 332,750 362,597 346,196
Activity Ratio
Total asset turnover1 1.08 0.82 0.54 0.70 0.81
Sales and other 398,675 276,692 178,574 255,583 279,332

operating revenue
Adjusted total assets 383,967 352,923 338,150 372,297 354,396
Activity Ratio
Adjusted total asset 1.04 0.78 0.53 0.69 0.79

turnover2
2022 Calculations
1
Total asset turnover = Sales and other operating revenue ÷ Total assets
= 398,675 ÷ 369,067 = 1.08
2
Adjusted total asset turnover = Sales and other operating revenue ÷ Adjusted total assets
= 398,675 ÷ 383,967 = 1.04
Exxon Mobil Corp., adjusted total asset turnover calculation
1.1 400,000
1.0
300,000
0.9
0.8 200,000
0.7
100,000
0.6
0.5 0
Adjusted total asset turnover Sales and other operating r… Adjusted total assets
Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue Exxon Mobil Corp. adjusted total asset
divided by adjusted total assets. turnover ratio improved from 2020 to 2021
and from 2021 to 2022.
Adjusted Financial Leverage
As Reported
Total assets 369,067 338,923 332,750 362,597 346,196

of equity
Solvency Ratio
Financial leverage1 1.89 2.01 2.12 1.89 1.81
Adjusted total 209,949 182,577 162,550 201,350 199,994

ExxonMobil share of
equity
Solvency Ratio
Adjusted financial 1.83 1.93 2.08 1.85 1.77

leverage2
2022 Calculations
1
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 369,067 ÷ 195,049 = 1.89
2
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total ExxonMobil share of equity
= 383,967 ÷ 209,949 = 1.83
Exxon Mobil Corp., adjusted financial leverage calculation
2.10 400,000
Solvency ratio Description The company
2.05
Adjusted financial leverage A measure of financial leverage calculated as Exxon Mobil Corp. adjusted financial
300,000
2.00 adjusted total assets divided by adjusted leverage ratio decreased from 2020 to 2021
total equity. and from 2021 to 2022.
1.95 Financial leverage is the extent to which a
company can effect, through the use of debt, 200,000
1.90
a proportional change in the return on
common equity that is greater than a given
1.85
proportional change in operating income. 100,000
1.80
1.75 0
Adjusted Return on
Adjusted Equity
financial leverage (ROE)
Adjusted total assets Adjusted total ExxonMobil sh…
As Reported
Net income (loss) 55,740 23,040 (22,440) 14,340 20,840

attributable to
ExxonMobil

of equity
Profitability Ratio
ROE1 28.58% 13.67% -14.28% 7.48% 10.87%

ExxonMobil
Adjusted total 209,949 182,577 162,550 201,350 199,994

ExxonMobil share of
equity
Profitability Ratio
Adjusted ROE2 26.98% 17.33% -16.45% 7.87% 9.12%
2022 Calculations
1
ROE = 100 × Net income (loss) attributable to ExxonMobil ÷ Total ExxonMobil share of equity
= 100 × 55,740 ÷ 195,049 = 28.58%
2
Adjusted ROE = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total ExxonMobil share of equity
= 100 × 56,640 ÷ 209,949 = 26.98%
Exxon Mobil Corp., adjusted ROE calculation
30 250,000
200,000
20
150,000
10
100,000
%
0
50,000
-10
0
-20 -50,000
Adjusted ROE Adjusted net income (loss) attr… Adjusted total ExxonMobil sha…
Adjusted ROE A profitability ratio calculated as adjusted net Exxon Mobil Corp. adjusted ROE improved
income divided by adjusted shareholders’ from 2020 to 2021 and from 2021 to 2022.
equity.
Adjusted Return on Assets (ROA)
As Reported
Net income (loss) 55,740 23,040 (22,440) 14,340 20,840

attributable to
ExxonMobil
Total assets 369,067 338,923 332,750 362,597 346,196
Profitability Ratio
ROA1 15.10% 6.80% -6.74% 3.95% 6.02%

ExxonMobil
Profitability Ratio
Adjusted ROA2 14.75% 8.97% -7.91% 4.25% 5.15%
2022 Calculations
1
ROA = 100 × Net income (loss) attributable to ExxonMobil ÷ Total assets
= 100 × 55,740 ÷ 369,067 = 15.10%
2
Adjusted ROA = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total assets
= 100 × 56,640 ÷ 383,967 = 14.75%
Exxon Mobil Corp., adjusted ROA calculation
15 400,000
10 300,000
5 200,000
%
0 100,000
-5 0
-10 -100,000
Adjusted ROA Adjusted net income (loss) attributable to… Adjusted total assets
Adjusted ROA A profitability ratio calculated as adjusted net Exxon Mobil Corp. adjusted ROA improved
income divided by adjusted total assets. from 2020 to 2021 and from 2021 to 2022.
© 2024 Stock Analysis on Net

Exxon Mobil - Inventory Anal - Feb2024

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2/12/24, 1:42 PM Exxon Mobil Corp.

Exxon Mobil Corp. (NYSE:XOM)

Exxon Mobil Corp., balance sheet: inventory

Crude oil 6,909 4,162 5,354 5,111 4,783

Petroleum products 6,291 5,081 5,138 5,281 5,666

Chemical products 3,806 3,354 3,023 3,240 3,821

Gas/other 3,428 1,922 654 378 533

Crude oil, products and 20,434 14,519 14,169 14,010 14,803

Materials and supplies 4,001 4,261 4,681 4,518 4,155

Inventories 24,435 18,780 18,850 18,528 18,958

Exxon Mobil Corp., inventory

Adjustment to Inventory: Conversion

Adjusting LIFO Inventory to FIFO (Current) Cost

Inventories at LIFO (as 24,435 18,780 18,850 18,528 18,958

Add: Inventory LIFO 14,900 14,000 5,400 9,700 8,200

Inventories at FIFO 39,335 32,780 24,250 28,228 27,158

Adjustment to Current Assets

Current assets (as 97,631 59,154 44,893 50,052 47,973

Add: Inventory LIFO 14,900 14,000 5,400 9,700 8,200

Current assets 112,531 73,154 50,293 59,752 56,173

Adjustment to Total Assets

Total assets (as reported) 369,067 338,923 332,750 362,597 346,196

Add: Inventory LIFO 14,900 14,000 5,400 9,700 8,200

Total assets (adjusted) 383,967 352,923 338,150 372,297 354,396

Adjustment to Total ExxonMobil Share Of Equity

Total ExxonMobil share of 195,049 168,577 157,150 191,650 191,794

Add: Inventory LIFO 14,900 14,000 5,400 9,700 8,200

Total ExxonMobil share 209,949 182,577 162,550 201,350 199,994

Adjustment to Net Income (loss) Attributable To ExxonMobil

Net income (loss) 55,740 23,040 (22,440) 14,340 20,840

Add: Increase (decrease) 900 8,600 (4,300) 1,500 (2,600)

Net income (loss) 56,640 31,640 (26,740) 15,840 18,240

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

370,000 Reported Adjusted

Total ExxonMobil share of equity

Net income (loss) attributable to ExxonMobil

Adjusted Financial Ratios: LIFO vs. FIFO (Summary)

Exxon Mobil Corp., adjusted financial ratios

Reported current ratio 1.41 1.04 0.80 0.78 0.84

Adjusted current ratio 1.63 1.29 0.89 0.93 0.98

Net Profit Margin

Reported net profit margin 13.98% 8.33% -12.57% 5.61% 7.46%

Adjusted net profit margin 14.21% 11.44% -14.97% 6.20% 6.53%

Total Asset Turnover

Reported total asset 1.08 0.82 0.54 0.70 0.81

Adjusted total asset 1.04 0.78 0.53 0.69 0.79

Reported financial 1.89 2.01 2.12 1.89 1.81

Adjusted financial 1.83 1.93 2.08 1.85 1.77

Return on Equity (ROE)

Reported ROE (LIFO) 28.58% 13.67% -14.28% 7.48% 10.87%

Adjusted ROE (FIFO) 26.98% 17.33% -16.45% 7.87% 9.12%

Return on Assets (ROA)

Reported ROA (LIFO) 15.10% 6.80% -6.74% 3.95% 6.02%

Adjusted ROA (FIFO) 14.75% 8.97% -7.91% 4.25% 5.15%

Financial ratio Description The company

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

0.50 Net profit margin

Total asset turnover

Adjusted Current Ratio

Current ratio1 1.41 1.04 0.80 0.78 0.84

Adjusted: After Conversion from LIFO to FIFO

Selected Financial Data (US$ in millions)

Adjusted current 112,531 73,154 50,293 59,752 56,173