Exxon Mobil Corp., balance sheet: debt

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Notes and loans payable	4,955)	4,090)	634)	4,276)	20,458)
Long-term debt, excluding due within one year	36,755)	37,483)	40,559)	43,428)	47,182)
Total debt (carrying amount)	41,710)	41,573)	41,193)	47,704)	67,640)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Exxon Mobil Corp. total debt increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024
Selected Financial Data (US$ in millions)
Notes and loans payable	4,955)
Long-term debt, excluding finance lease obligations	30,697)
Long-term finance lease liability	2,123)
Total debt (fair value)	37,775)
Financial Ratio
Debt, fair value to carrying amount ratio	0.91

Weighted-average effective interest rate on debt: 3.35%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.04%	2,500)	76)
2.28%	1,000)	23)
3.29%	1,000)	33)
2.44%	1,250)	31)
3.48%	1,992)	69)
2.61%	2,000)	52)
3.00%	750)	22)
4.23%	2,076)	88)
3.57%	1,000)	36)
4.11%	2,500)	103)
3.10%	1,500)	46)
4.33%	2,750)	119)
3.45%	2,750)	95)
0.52%	1,039)	5)
0.84%	1,039)	9)
1.41%	1,039)	15)
6.10%	187)	11)
6.75%	284)	19)
6.38%	221)	14)
1.13%	718)	8)
5.10%	1,097)	56)
7.20%	250)	18)
1.90%	931)	18)
2.15%	846)	18)
4.13%	131)	5)
3.15%	2,032)	64)
4.58%	3,951)	181)
Total	36,833)	1,234)
3.35%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,234 ÷ 36,833 = 3.35%

Exxon Mobil Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest expense	996)	849)	798)	947)	1,158)
Interest capitalized	1,276)	1,152)	838)	655)	665)
Interest costs incurred	2,272)	2,001)	1,636)	1,602)	1,823)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Exxon Mobil Corp. interest expense increased from 2022 to 2023 and from 2023 to 2024.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Exxon Mobil Corp. interest capitalized increased from 2022 to 2023 and from 2023 to 2024.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Exxon Mobil Corp. interest costs incurred increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	33,680)	36,010)	55,740)	23,040)	(22,440)
Add: Net income attributable to noncontrolling interest	1,383)	1,344)	1,837)	558)	(811)
Add: Income tax expense	13,810)	15,429)	20,176)	7,636)	(5,632)
Add: Interest expense	996)	849)	798)	947)	1,158)
Earnings before interest and tax (EBIT)	49,869)	53,632)	78,551)	32,181)	(27,725)

Interest costs incurred	2,272)	2,001)	1,636)	1,602)	1,823)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	50.07	63.17	98.43	33.98	-23.94
Adjusted interest coverage ratio (with capitalized interest)²	21.95	26.80	48.01	20.09	-15.21

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 49,869 ÷ 996 = 50.07

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 49,869 ÷ 2,272 = 21.95

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Exxon Mobil Corp. adjusted interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp. (NYSE:XOM)

Analysis of Debt