The company successfully implemented several projects that increased production capacity. This includes the completion of the Beaumont Refinery expansion and the Strathcona Renewable Diesel project.

The company's capital program prioritized low-cost-of-supply opportunities, including continued growth in Guyana and the Permian Basin, as well as LNG expansion opportunities in Qatar, Mozambique, Papua New Guinea, and the United States.

The company entered into a merger agreement with Pioneer Natural Resources, an independent oil and gas exploration and production company, in exchange for ExxonMobil common stock. This transaction is expected to close in the second quarter of 2024.

The company implemented organizational changes that resulted in $9.7 billion of structural cost savings versus 2019, including $2.3 billion in 2023. These savings were achieved through increased operational efficiencies and reduced staffing costs.

The company is making progress on its emission-reduction plans, which include reaching net-zero Scope 1 and 2 emissions in its operated assets by 2050.

The company has a long-standing commitment to talent development, which begins with recruiting exceptional candidates and continues with individually planned experiences and training.

The company's operations and earnings are significantly affected by changes in oil, gas, and petrochemical prices. Any material decline in oil or natural gas prices could have a material adverse effect on the company's operations, financial condition, and proved reserves.

The company faces risks related to compliance with existing and potential future government regulations, including taxes, environmental regulations, and other government regulations and policies that directly or indirectly affect the production and sale of its products.

The company's operations are subject to geopolitical risks and uncertainties, including the possibility of wars or hostile actions, disruptions in transportation routes, natural disasters, and civil unrest.

The company's Energy Products business is one of the largest, most integrated businesses of its kind among international oil companies, with significant representation across the entire fuels value chain.

The company's competitive advantages include its industry-leading scale, integration, and proprietary technology. These advantages are fundamental to producing affordable products that are more sustainable, use less material, save energy, and reduce waste.

The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel, and chemical needs of industrial and individual consumers.

The company implemented organizational changes that resulted in $9.7 billion of structural cost savings versus 2019, including $2.3 billion in 2023. These savings were achieved through increased operational efficiencies and reduced staffing costs.

The company is focused on improving productivity and efficiency across its operations. This includes continuous improvement in the efficiency of hydraulic fracturing technology and developing technologies to help reduce greenhouse gas emissions.

The company employs a robust enterprise risk management system to identify and manage risks across its businesses.

The company invests significantly in research and development to meet the needs identified in each of its businesses. This includes investments in proprietary technology, lower-emission energy solutions, and other technologies.

The company has a long-standing commitment to developing and deploying lower-emission technologies. This includes investments in carbon capture and storage (CCS), hydrogen, lower-emission fuels, and other technologies.

The company successfully started up new performance polymers and linear alpha olefins units in Baytown, Texas. These units will produce high-performance products that are essential to its businesses.

The company's capital expenditures totaled $26.3 billion in 2023, up from $17 billion in 2022. This reflects the company's commitment to investing in its businesses and growth opportunities.

The company executed a share repurchase program for up to $50 billion through 2024. This demonstrates the company's confidence in its future cash flow generation.

The company is investing significantly in lower-emission technologies, including carbon capture and storage, hydrogen, and biofuels. This reflects the company's commitment to reducing its environmental impact and supporting the energy transition.

The company has ambitious emission-reduction plans, including reaching net-zero Scope 1 and 2 emissions in its operated assets by 2050.

The company is investing in renewable energy projects to reduce its carbon footprint.

The company is committed to increasing diversity and inclusion across its workforce.

Energy markets began to normalize in 2023, down from their 2022 highs. This was due to higher inventory levels and lower demand in the first half of the year. In the second half, crude oil prices increased modestly from strong demand and ongoing actions by OPEC+ oil producers to limit supply.

Global energy demand is projected to rise by almost 15 percent from 2021 to 2050, driven by developing countries.

Government actions intended to reduce greenhouse gas emissions include adoption of cap and trade regimes, carbon taxes, carbon-based import duties or other trade tariffs, minimum renewable usage requirements, restrictive permitting, increased mileage and other efficiency standards, mandates for sales of electric vehicles, mandates for use of specific fuels or technologies, and other incentives or mandates designed to support certain technologies for transitioning to lower-emission energy sources.