ExxonMobil Announces 2025 Results

• Generated industry-leading earnings of $28.8 billion and cash flow from operations of $52.0 billion¹
• Delivered EPS² of $6.70, or $6.99 excluding identified items reflecting industry-leading CAGR of 21% since 2019¹
• Highest annual Upstream production in more than 40 years and record refinery throughput³ supported industry-leading annual shareholder distributions of $37.2 billion¹
• Delivered 10 of 10 key projects⁴; adding $3 billion of earnings on a constant price and margin basis⁵
• Generated $15.1 billion in cumulative Structural Cost Savings since 2019, more than all other IOCs combined¹
• Achieved 2030 plans for Corporate greenhouse gas emissions and flaring intensity reductions⁶

SPRING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM):

Exxon Mobil Corporation today announced fourth-quarter 2025 earnings of $6.5 billion, or $1.53 per share. Earnings excluding identified items were $7.3 billion, or $1.71 per share. Cash flow from operating activities was $12.7 billion and free cash flow was $5.6 billion. Shareholder distributions totaled $9.5 billion, including $4.4 billion of dividends and $5.1 billion of share repurchases. For the full-year 2025, the company reported earnings of $28.8 billion and distributed $37.2 billion to shareholders, including $17.2 billion of dividends and $20.0 billion of share repurchases, consistent with previously announced plans.

“ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that,” said Darren Woods, ExxonMobil chairman and chief executive officer. “Our transformation is delivering a more resilient, lower-cost, technology-led business with structurally stronger earnings power, grounded in advantaged assets, disciplined capital allocation, and execution excellence.”

“We’re capturing more value from every barrel and molecule we produce and building growth platforms at scale – creating a long runway of profitable growth through 2030 and beyond.”

“That growth is underpinned by disciplined capital allocation and an industry-leading balance sheet that gives us unmatched flexibility to invest through the cycle and consistently deliver industry-leading returns.”

Financial Highlights

• Full-year earnings totaled $28.8 billion compared to $33.7 billion in 2024. Earnings excluding identified items from impairments, restructuring charges, asset sales, and tax-related items were $30.1 billion versus $33.5 billion in 2024. Weaker crude prices and chemical margins, higher depreciation, growth-related costs, and lower interest income decreased earnings. These impacts were partially offset by advantaged volume growth, structural cost savings, higher industry refining margins, and favorable timing effects.
• Since 2019, the company has achieved $15.1 billion in cumulative Structural Cost Savings, exceeding all other IOCs combined, including $3.0 billion in 2025. Structural Cost Savings are expected to reach $20 billion by 2030.
• Return on capital employed was 9.3% for the year and has averaged ~11% since 2019, leading the IOCs.¹
• The company generated strong full-year cash flow from operations of $52.0 billion, with a ~10% CAGR since 2019 — both leading IOCs, and free cash flow of $26.1 billion. The company also delivered industry-leading total annualized shareholder returns of ~29% over the past five years.¹
• Shareholder distributions of $37.2 billion included $17.2 billion of dividends, the second highest among S&P 500 companies², and $20.0 billion of share repurchases. ExxonMobil plans to repurchase $20 billion of shares through 2026, assuming reasonable market conditions.
• The Corporation declared a first-quarter dividend of $1.03 per share, payable on March 10, 2026, to shareholders of record of Common Stock at the close of business on February 12, 2026. The company increased its fourth-quarter dividend by 4% and has grown its annual dividend-per-share for 43 consecutive years.
• The company’s industry-leading debt-to-capital and net-debt-to-capital ratio were 14.0% and 11.0%, respectively, with a period-end cash balance of $10.7 billion.³
• Cash capital expenditures totaled $29.0 billion, including $2.6 billion of acquisitions; $28.4 billion was for additions to property, plant, and equipment. The company expects cash capital expenditures of $27-$29 billion in 2026.⁴

• Upstream full-year earnings were $21.4 billion versus $25.4 billion in 2024. Identified items in 2025, primarily impairments, decreased earnings by $1.1 billion versus 2024. Excluding identified items, earnings decreased $2.9 billion from weaker crude realizations, lower base volumes from divestments, and higher depreciation, partially offset by advantaged volume growth in the Permian and Guyana, structural cost savings, and derivative mark-to-market timing effects.
• Fourth-quarter earnings were $3.5 billion, a decrease of $2.2 billion from the third quarter. Weaker crude realizations, identified items mainly from impairments, and seasonally higher expenses were partially offset by advantaged volumes growth in Guyana and the Permian, and structural cost savings.
• Full-year net production reached its highest level in more than 40 years at 4.7 million oil-equivalent barrels per day. Production from the Permian, at 1.6 million oil-equivalent barrels per day, and Guyana, which exceeded 700,000 gross barrels per day, achieved annual records. Advantaged assets in the Permian, Guyana, and LNG represented 59% of production in 2025, an increase of approximately 7 percentage points from 2024.
• Net production in the fourth quarter reached 5.0 million oil-equivalent barrels per day, with advantaged assets setting new quarterly production records, including 1.8 million oil-equivalent barrels per day in the Permian and Guyana approaching 875,000 gross barrels per day.
• The company advanced three major developments this year: Yellowtail, the fourth and largest Guyana development, started up four months ahead of schedule in the third quarter and under budget; Bacalhau, the company’s first offshore Brazil development, started up in the fourth quarter; and Golden Pass LNG, where Train 1 achieved mechanical completion late in the year, with first cargoes expected in the first quarter.

• Energy Products full-year 2025 earnings were $7.4 billion, an increase of $3.4 billion compared to last year. Higher earnings were driven by stronger industry refining margins, structural cost savings, net favorable identified items mainly from asset sales, and record refinery throughput.¹ The record throughput was supported by lower scheduled maintenance and growth from advantaged projects. Higher expenses related to growth projects partially offset the increase in earnings.
• Fourth-quarter earnings totaled $3.4 billion, an increase of more than 80%, or $1.6 billion, compared with the third quarter. The earnings improvement was driven by higher industry refining margins from stronger diesel and gasoline crack spreads, identified items mainly from asset sales, favorable year-end inventory effects, record North America refinery throughput¹ and volume growth from advantaged projects, and favorable timing effects. Improvements to earnings were partially offset by higher seasonal expenses, identified items related to impairments, and growth-related project costs.
• Advantaged projects progressed during the year, delivering volume and mix uplift, including the start-up of the Strathcona renewable diesel facility, Singapore Resid Upgrade, which converts lower-value fuel oil to higher-value distillates, and Fawley Hydrofiner, which converts lower-value distillates to higher-value diesel for the UK market.

• Chemical Products full-year earnings were $800 million, a decrease of $1.8 billion versus 2024. Results reflected weaker industry margins, impairment-related identified items, and higher spend, including the China Chemical Complex ramp-up, partially offset by additional structural cost savings, and record high-value product sales.²
• Fourth-quarter earnings decreased $796 million versus the third quarter to a loss of $281 million or $11 million excluding identified items. Lower margins, impairment-related identified items, and higher seasonal spend were partially offset by net favorable tax impacts.
• The company expanded higher-value capacity throughout the year, bringing online additional performance chemicals at the wholly-owned, world-scale China Chemical Complex, and starting up two advanced recycling facilities, increasing plastic waste processing capacity to more than 250 million pounds per year.

• Specialty Products delivered strong earnings from its portfolio of high-value products. Full-year earnings were $2.9 billion, a decrease of $195 million compared to last year. Higher expenses, including spending to develop markets for carbon materials and Proxxima^TM resins, and unfavorable foreign exchange were partially offset by record high-value product sales volumes¹ and structural cost savings.
• Fourth-quarter earnings of $682 million were down $58 million from the prior quarter. Higher seasonal expenses were partially offset by higher margins from lower feed costs.
• The company expanded advantaged capacity in 2025, highlighted by start-up of the Singapore Resid Upgrade which employs new-to-the-world technology to convert low-value molecules into high-value lubricant products. The company also more than tripled production capacity of its Proxxima^TM resins, with applications expanding across rebar, coatings, automotive, and oil and gas.

• Corporate and Financing full-year net charges were $3.6 billion compared to $1.4 billion in the prior year. Excluding identified items related to restructuring charges, year-to-date net charges of $3.0 billion increased $1.6 billion compared to last year due to lower interest income, unfavorable foreign exchange, and increased pension-related expenses.
• Fourth-quarter net charges of $807 million decreased $419 million versus the third quarter. Excluding identified items related to restructuring charges, net charges were $732 million, which were comparable to the third quarter.

This press release references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $15.1 billion which included an additional $3.0 billion in 2025. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand the Corporation’s efforts to optimize spending through disciplined expense management.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on January 30, 2026. To listen to the event or access an archived replay, please visit www.exxonmobil.com. On February 2, 2026, ExxonMobil plans to publish a new Individual Investors webpage. This will be available at www.investor.exxonmobil.com. On February 20, 2026, ExxonMobil plans to publish an update to its Company Overview and Investment Case presentation. Updated materials will be available at www.investor.exxonmobil.com/news-events/investor-presentation.

Selected Earnings Driver Definitions

Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 12 for definitions of advantaged assets, advantaged projects, and high-value products.

Base volume. Represents and includes all volume/mix drivers not included in advantaged volume growth driver defined above.

Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 9, including cash operating expenses related to divestments.

Expenses. Represents and includes all expenses otherwise not included in other earnings drivers.

Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).

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