ExxonMobil Corp. announced fourth-quarter 2022 earnings of $12.8 billion, resulting in full-year earnings of $55.7 billion. This compares to third-quarter 2022 earnings of $19.7 billion, fourth-quarter 2021 earnings of $8.87 billion and full-year 2021 earnings of $23 billion.
Fourth-quarter results included unfavorable identified items of $1.3 billion associated with additional European taxes on the energy sector and asset impairments, partly offset by one-time adjustments related to the Sakhalin-1 project expropriation in Russia (OGJ Online, Mar. 1, 2022; Apr. 29, 2022). Capital and exploration expenditures were $7.5 billion in the fourth quarter, bringing full-year 2022 investments to $22.7 billion.
Upstream fourth-quarter 2022 earnings were $8.2 billion compared to $12.4 billion in the third quarter, a decrease of $4.2 billion. Earnings decreased mainly from lower prices with both crude and gas realizations down, 15% and 13% respectively, on higher global inventories. Positive unsettled derivatives mark-to-market effects of $1.6 billion were driven by the decline in gas prices and more than offset year-end inventory impacts and seasonally higher expenses. Identified items unfavorably impacted earnings by $1.1 billion, mainly from additional European taxes on the energy sector partly offset by net favorable divestments and adjustments related to the Sakhalin-1 expropriation.
Production in the fourth quarter was 3.8 MMboe/d. Growth more than offset divestment impacts, as production increased by more than 100,000 boe/d compared with the prior quarter. The Permian basin delivered record production in the quarter of more than 560,000 boe/d and the company also loaded the first LNG cargo from the Coral South LNG development in Mozambique.
Energy Products fourth-quarter 2022 earnings totaled $4.1 billion, compared with $5.8 billion in the third quarter, a decrease of $1.7 billion. Continued strong industry refining margins partially offset an unfavorable derivatives mark-to-market impact of $1 billion, mainly due to the absence of prior quarter gains. In addition, increased maintenance spends and lower throughput, driven by French industrial actions, were offset by favorable yearend inventory impacts. Identified items associated with additional European taxes on the energy sector as well as asset impairments reduced earnings by around $700 million. Earnings excluding these identified items were $4.8 billion for the quarter, a decrease of $1.1 billion from the third quarter.
Chemical Products fourth-quarter 2022 earnings were $250 million, compared with $812 million in the third quarter on weaker margins as a result of continued supply additions and softening demand in North America and Europe, partially offset by lower North America feed costs.
