Exxon Mobil spent $824 million on research and development in 2022 compared to $843 million in 2021. However, the company experienced significant growth in its annual revenue and net income in 2022 compared to the prior year.
Its total operating revenue for 2022 reached $413.7 billion compared to $285.6 billion in 2021. The company generated net income worth $55.7 billion in 2022 compared to $23 billion in 2021.
Research and Development Costs of Exxon Mobil 1998-2022
Amounts are in $millions.
| Year | R&D Expenses ($mn) |
|---|---|
| 2022 | $824 |
| 2021 | $843 |
| 2020 | $1,016 |
| 2019 | $1,214 |
| 2018 | $Â 1,116Â |
| 2017 | $ 1,063 |
| 2016 | $ 1,058 |
| 2015 | $ 1,008 |
| 2014 | $ 971 |
| 2013 | $ 1,044 |
| 2012 | $ 1,042 |
| 2011 | $ 1,044 |
| 2010 | $ 1,012 |
| 2009 | $ 1,050 |
| 2008 | $ 847 |
| 2007 | $ 814 |
| 2006 | $ 733 |
| 2005 | $ 712 |
| 2004 | $ 649 |
| 2003 | $ 618 |
| 2002 | $ 631 |
| 2001 | $ 603 |
| 2000 | $ 564 |
| 1999 | $ 630 |
| 1998 | $ 753 |
In 2021, the research and development expenses of Exxon Mobil were $843 million compared to $1,016 million in 2020.
Exxon Mobil spent $1,016 million on research and development in 2020 compared to $1,214 million in 2019.
The research and development expenses of Exxon Mobil grew to $1,116 million in 2018 from $1,063 million in 2017.
ExxonMobil is the world’s largest publicly traded international oil and gas company which has been an industry leader in this area for more than 135 years. The company has remained among the world’s largest for past several years based upon its revenue. It is also committed to innovation for faster growth and better production. ExxonMobil employs more than 19000 scientists and engineers and invests more than a billion dollars in research and development. Its innovations in seismic imaging and advanced reservoir modeling enable it to see and capture high-quality opportunities before its competitors can.
From 2009 to 2017, it has invested more than a billion dollars each year in research and development except in 2014. In 2017 ExxonMobil spent 1063 Million dollars on research and development which was only 5 millions higher than its R&D spending previous year.