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Mergers and Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the provisional fair values of the assets acquired and liabilities assumed.
(billions of dollars) | Pioneer
Current assets (1) | 3 |
Other non-current assets | 1 |
Property, plant & equipment (2) | 84 |
Total identifiable assets acquired | 88 |
Current liabilities (1) | 3 |
Long-term debt (3) | 5 |
Deferred income tax liabilities (4) | 16 |
Other non-current liabilities | 2 |
Total liabilities assumed | 26 |
Net identifiable assets acquired | 62 |
Goodwill (5) | 1 |
Net assets (6) | 63 |
(1) Current assets and current liabilities consist primarily of accounts receivable and payable, with their respective fair values approximating historical values given their short-term duration, expectation of insignificant bad debt expense, and our credit rating.
(2) Property, plant and equipment, of which a significant portion relates to crude oil and natural gas properties, was primarily valued using the income approach. Significant inputs and assumptions used in the income approach included estimates for commodity prices, future oil and gas production volumes, drilling and development costs, and risk-adjusted discount rates. Collectively, these inputs are level 3 inputs.
(3) Long-term debt was valued using market prices as of the acquisition date, which reflects the use of level 1 inputs.
(4) Deferred income taxes represent the tax effects of differences in the tax basis and acquisition date fair values of assets acquired and liabilities assumed.
(5) Goodwill was allocated to the Upstream segment.
(6) Provisional fair value measurements were made for assets acquired and liabilities assumed. Adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as we continue to evaluate the information necessary to complete the analysis.
The following table summarizes the fair values of the assets acquired and liabilities assumed:
(billions of dollars) | Denbury
Current assets | 0.4 |
Property, plant & equipment | 6.4 |
Other assets | 0.2 |
Total assets | 7.0 |
Current liabilities | 0.3 |
Long-term liabilities | 1.6 |
Total liabilities | 1.9 |
Net assets acquired | 5.1 |
Schedule of Debt Instruments | Summarized long-term debt at year-end 2024 and 2023 are shown in the table below:
(millions of dollars, except where stated otherwise) | Average Rate (1) |  | December 31, 2024 |  | December 31, 2023
Exxon Mobil Corporation (2)(3) |  |  |  |  |
2.709% notes due 2025 |  |  | — |  |  | 1,750 |
2.992% notes due 2025 |  |  | — |  |  | 2,767 |
3.043% notes due 2026 |  |  | 2,500 |  |  | 2,500 |
2.275% notes due 2026 |  |  | 1,000 |  |  | 1,000 |
3.294% notes due 2027 |  |  | 1,000 |  |  | 1,000 |
2.440% notes due 2029 |  |  | 1,250 |  |  | 1,250 |
3.482% notes due 2030 |  |  | 1,992 |  |  | 2,000 |
2.610% notes due 2030 |  |  | 2,000 |  |  | 2,000 |
2.995% notes due 2039 |  |  | 750 |  |  | 750 |
4.227% notes due 2040 |  |  | 2,076 |  |  | 2,080 |
3.567% notes due 2045 |  |  | 1,000 |  |  | 1,000 |
4.114% notes due 2046 |  |  | 2,500 |  |  | 2,500 |
3.095% notes due 2049 |  |  | 1,500 |  |  | 1,500 |
4.327% notes due 2050 |  |  | 2,750 |  |  | 2,750 |
3.452% notes due 2051 |  |  | 2,750 |  |  | 2,750 |
Exxon Mobil Corporation - Euro-denominated |  |  |  |  |
0.524% notes due 2028 |  |  | 1,039 |  |  | 1,105 |
0.835% notes due 2032 |  |  | 1,039 |  |  | 1,105 |
1.408% notes due 2039 |  |  | 1,039 |  |  | 1,105 |
XTO Energy Inc. (4) |  |  |  |  |
6.100% senior notes due 2036 |  |  | 187 |  |  | 189 |
6.750% senior notes due 2037 |  |  | 284 |  |  | 286 |
6.375% senior notes due 2038 |  |  | 221 |  |  | 223 |
Pioneer Natural Resources Company (5) |  |  |  |  |
1.125% senior notes due 2026 |  |  | 718 |  |  | — |
5.100% senior notes due 2026 |  |  | 1,097 |  |  | — |
7.200% senior notes due 2028 |  |  | 250 |  |  | — |
1.900% senior notes due 2030 |  |  | 931 |  |  | — |
2.150% senior notes due 2031 |  |  | 846 |  |  | — |
Parsley Energy LLC (6) |  |  |  |  |
4.125% senior notes due 2028 |  |  | 131 |  |  | — |
Industrial revenue bonds due 2025-2051 | 3.149% |  | 2,032 |  |  | 2,123 |
Finance leases & other obligations | 4.577% |  | 3,951 |  |  | 3,838 |
Debt issuance costs |  |  | (78) |  |  | (88) |
Total long-term debt |  |  | 36,755 |  |  | 37,483 |
(1) Average effective or imputed interest rates at December 31, 2024.
(2) Includes impacts of hedge accounting of interest rate swaps.
(3) Includes premiums of $76 million in 2024 and $97 million in 2023.
(4) Includes premiums of $66 million in 2024 and $71 million in 2023.
(5) Includes net discounts of $348 million in 2024.
(6) Includes discounts of $7 million in 2024.
Debt Assumed in the Merger The following table presents long-term debt assumed at closing:
(millions of dollars) | Par Value | Fair Value as of May 2, 2024
0.250% Convertible Senior Notes due May 2025 (1) | 450 |  | 1,327 |
1.125% Senior Notes due January 2026 | 750 |  | 699 |
5.100% Senior Notes due March 2026 | 1,100 |  | 1,096 |
7.200% Senior Notes due January 2028 | 241 |  | 252 |
4.125% Senior Notes due February 2028 | 138 |  | 130 |
1.900% Senior Notes due August 2030 | 1,100 |  | 914 |
2.150% Senior Notes due January 2031 | 1,000 |  | 832 |
(1) In June 2024, the Corporation redeemed in full all of the Convertible Senior Notes assumed from Pioneer for an amount consistent with the acquisition date fair value.
Business Acquisition, Pro Forma Information | Actual and Pro Forma Impact of Merger The following table presents revenues and earnings included in the Consolidated Statement of Income for Pioneer since the acquisition date (May 3, 2024) through December 31, 2024:
(millions of dollars) |  | Twelve Months Ended December 31, 2024
Sales and other operating revenues |  | 17,008 |
Net income (loss) attributable to ExxonMobil |  | 1,710 |
The following table presents unaudited pro forma information for the Corporation as if the merger with Pioneer had occurred at the beginning of January 1, 2023:
Unaudited (millions of dollars) |  | Twelve Months Ended December 31,
|  | 2024 | 2023
Sales and other operating revenues |  |  | 347,406 |  | 358,014 |
Net income (loss) attributable to ExxonMobil |  |  | 34,476 |  | 39,211 |

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