Exxon Mobil Corp. Files Definitive Proxy Statement (DEF 14A)

Ticker: XOM · Form: DEF 14A · Filed: Apr 11, 2024 · CIK: 34088

Exxon Mobil Corp DEF 14A Filing Summary
FieldDetail
CompanyExxon Mobil Corp (XOM)
Form TypeDEF 14A
Filed DateApr 11, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$20 billion, $1, $36 billion, $32 billion, $55 billion
Sentimentneutral

Sentiment: neutral

Topics: Exxon Mobil, DEF 14A, Proxy Statement, Executive Compensation, Shareholder Meeting

TL;DR

<b>Exxon Mobil Corp. has filed its Definitive Proxy Statement (DEF 14A) for the period ending December 31, 2023, detailing executive compensation and financial data.</b>

AI Summary

EXXON MOBIL CORP (XOM) filed a Proxy Statement (DEF 14A) with the SEC on April 11, 2024. Filing is a Definitive Proxy Statement (DEF 14A) for Exxon Mobil Corp. The filing covers the period ending December 31, 2023. Includes data for fiscal years 2020, 2021, 2022, and 2023. Contains executive compensation details, including PEO and Non-PEO members. Details changes in pension values and fair value of unvested awards for executives.

Why It Matters

For investors and stakeholders tracking EXXON MOBIL CORP, this filing contains several important signals. This filing provides crucial information for shareholders regarding executive compensation, which can influence investment decisions and corporate governance. The detailed financial data and compensation breakdowns allow investors to assess the company's performance and management's alignment with shareholder interests.

Risk Assessment

Risk Level: — EXXON MOBIL CORP shows moderate risk based on this filing. The filing is a routine proxy statement and does not contain new material financial information or significant operational changes that would alter the company's risk profile.

Analyst Insight

Shareholders should review the executive compensation details and voting matters outlined in this DEF 14A to make informed decisions at the upcoming annual meeting.

Key Numbers

  • 2023-01-01 — Fiscal Year Start (2023-01-01 to 2023-12-31)
  • 2023-12-31 — Fiscal Year End (2023-01-01 to 2023-12-31)
  • 2022-01-01 — Previous Fiscal Year Start (2022-01-01 to 2022-12-31)
  • 2022-12-31 — Previous Fiscal Year End (2022-01-01 to 2022-12-31)
  • 2020-01-01 — Earlier Fiscal Year Start (2020-01-01 to 2020-12-31)
  • 2021-01-01 — Earlier Fiscal Year Start (2021-01-01 to 2021-12-31)

Key Players & Entities

  • EXXON MOBIL CORP (company) — Filer name
  • 2024-04-11 (date) — Filing date
  • 20240529 (date) — Period of report
  • 2023-12-31 (date) — Fiscal year end
  • 0000034088 (company) — Central Index Key
  • 2911 (industry) — Standard Industrial Classification
  • NJ (location) — State of incorporation
  • 22777 SPRINGWOODS VILLAGE PARKWAY (address) — Business address

FAQ

When did EXXON MOBIL CORP file this DEF 14A?

EXXON MOBIL CORP filed this Proxy Statement (DEF 14A) with the SEC on April 11, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by EXXON MOBIL CORP (XOM).

Where can I read the original DEF 14A filing from EXXON MOBIL CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by EXXON MOBIL CORP.

What are the key takeaways from EXXON MOBIL CORP's DEF 14A?

EXXON MOBIL CORP filed this DEF 14A on April 11, 2024. Key takeaways: Filing is a Definitive Proxy Statement (DEF 14A) for Exxon Mobil Corp.. The filing covers the period ending December 31, 2023.. Includes data for fiscal years 2020, 2021, 2022, and 2023..

Is EXXON MOBIL CORP a risky investment based on this filing?

Based on this DEF 14A, EXXON MOBIL CORP presents a moderate-risk profile. The filing is a routine proxy statement and does not contain new material financial information or significant operational changes that would alter the company's risk profile.

What should investors do after reading EXXON MOBIL CORP's DEF 14A?

Shareholders should review the executive compensation details and voting matters outlined in this DEF 14A to make informed decisions at the upcoming annual meeting. The overall sentiment from this filing is neutral.

Key Dates

  • 2024-04-11: Filing Date — Definitive Proxy Statement (DEF 14A) filed.
  • 2024-05-29: Period of Report End Date — Indicates the reporting period covered by the filing.
  • 1992-07-03: Name Change Date — Date Exxon Mobil Corp. was formerly known as Exxon Corp.
  • 1972-11-23: Name Change Date — Date Exxon Mobil Corp. was formerly known as Standard Oil Co. of New Jersey.

Filing Stats: 4,481 words · 18 min read · ~15 pages · Grade level 14.1 · Accepted 2024-04-11 08:47:40

Key Financial Figures

  • $20 billion — 15 years. Our plans include more than $20 billion in lower-emission investments through 2
  • $1 — participation, ExxonMobil will make a $1 charitable donation to Khan Academy for
  • $36 billion — try-leading results in 2023 Earnings $36 billion Shareholder distributions >$32 bill
  • $32 billion — billion Shareholder distributions >$32 billion Cash flow from operations $55 billi
  • $55 billion — 2 billion Cash flow from operations $55 billion Upstream production >18% growth fr
  • $23 billion — the "and" equation, with investments of $23 billion to $25 billion expected in 2024 to grow
  • $25 billion — ion, with investments of $23 billion to $25 billion expected in 2024 to grow its portfolio
  • $5 billion — ons. In addition to the approximately $5 billion all-stock Denbury acquisition, ExxonMob

Filing Documents

– Election of Directors

Item 1 – Election of Directors 9 CORPORATE GOVERNANCE 22 DIRECTOR COMPENSATION 39 CERTAIN BENEFICIAL OWNERS 41 DIRECTOR AND EXECUTIVE OFFICER STOCK OWNERSHIP 41 AUDIT COMMITTEE REPORT 43

– Ratification of Independent Auditors

Item 2 – Ratification of Independent Auditors 45 COMPENSATION COMMITTEE REPORT 46

– Advisory Vote to Approve Executive Compensation

Item 3 – Advisory Vote to Approve Executive Compensation 46

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 47 Compensation Discussion and Analysis 47

Executive Compensation Tables

Executive Compensation Tables 70 SHAREHOLDER PROPOSALS 79

– Revisit Executive Pay Incentives for GHG Emission Reductions

Item 4 – Revisit Executive Pay Incentives for GHG Emission Reductions 82

– Additional Pay Report on Gender and Racial Basis

Item 5 – Additional Pay Report on Gender and Racial Basis 84

– Report on Plastic Production Under SCS Scenario

Item 6 – Report on Plastic Production Under SCS Scenario 87

– Additional Social Impact Report

Item 7 – Additional Social Impact Report 91 PAY VERSUS PERFORMANCE 94 PAY RATIO 96 ADDITIONAL INFORMATION 97 EXHIBIT A 99 Table of Contents PROXY SUMMARY

– Election of Directors

ITEM 1 – Election of Directors The Board recommends you vote FOR each of the nominees described in the following pages. The Board of Directors has nominated the director candidates in this proxy statement, all of whom currently serve as ExxonMobil directors. All director nominees have stated they are willing to serve, if elected. Personal information about each nominee and their extensive qualifications begins on Page 10. ExxonMobil Board of Directors Nominees Today, society has two essential asks of our industry: reliably provide affordable energy and products critical to modern life and reduce greenhouse gas emissions. ExxonMobil continues to deliver on both as it helps society solve the "and" equation. The Company is positioned to play a leading role in the energy transition, with a strategy built on its unique combination of global scale, technology, integrated businesses, functional excellence, and world-class people. This strategy has built globally competitive businesses that lead the industry in absolute earnings and cash flow, while retaining investment flexibility across an advantaged portfolio of evolving opportunities to grow long-term shareholder value. The Board of Directors oversees ExxonMobil's strategy and planning process. Each director brings a distinctive mix of skills, expertise, and experience that strengthens Board deliberations and decision making. Important Board competencies include experience in capital-intensive and cyclical industries, the energy transition, climate science, public policy, and technological research and development. The Board refreshment process is led by the Nominating and Governance Committee, which incorporates the perspectives of investors and external experts in its search for highly qualified candidates with diverse, relevant backgrounds. The Board has endorsed the Company's plans through 2027. In the Upstream business, the Company will continue to actively manage its production portfolio with a focus o

– Ratification of Independent Auditors

ITEM 2 – Ratification of Independent Auditors The Board recommends you vote FOR this proposal. The ExxonMobil Audit Committee has appointed PricewaterhouseCoopers LLP (PwC) to audit ExxonMobil's financial statements for 2024. Page 43 Additional information about the Audit Committee's appointment of PwC and PwC's fees for 2022 and 2023 You are asked to ratify that appointment.

– Advisory Vote to Approve Executive Compensation

ITEM 3 – Advisory Vote to Approve Executive Compensation The Board recommends you vote FOR this proposal. ExxonMobil asks you to vote on a non-binding resolution to approve the compensation of the Named Executive Officers. Page 46 Additional information about ExxonMobil's compensation program ITEMS 4 through 7 – Shareholder Proposals The Board recommends you vote AGAINST each of these proposals. You will have the opportunity to vote on shareholder proposals submitted to ExxonMobil. Page 79 The text of these proposals, the proponents' statements in support, and ExxonMobil's responses 1 Highest annual global refinery throughput (2000-2023) since Exxon and Mobil Merger in 1999, based on current refinery circuit. 2024 Proxy Statement 3 Table of Contents GENERAL INFORMATION Who May Vote Shareholders of ExxonMobil, as recorded in our stock register on April 3, 2024, may vote at the meeting according to the instructions below. How to Vote Your vote is important. We recommend you vote by proxy even if you plan to participate in the virtual meeting. You may vote at the annual meeting according to the instructions below or by proxy. In Appreciation for Your Vote ExxonMobil will make a $1 charitable donation to Khan Academy in appreciation of every retail shareholder account that votes prior to or at the meeting. Khan Academy is a nonprofit organization working to provide a free, world-class education for anyone, anywhere. Khan Academy, Inc. offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners of all ages to study at their own pace in and outside of the classroom. Their offerings help students succeed in math, science, computing, economics, and more, including test preparation (SAT, LSAT, and more). All Khan Academy content is available for free at www.khanacademy.org. Khan Academy also empowers teachers by providing classroom insights and detailed student profiles that help identif

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