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EXXON MOBIL CORP

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Business Summary

Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882 and its principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima resin systems, carbon materials, low-carbon data centers, and lithium. 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. Certain industry participants, including ExxonMobil, are expanding the scope of investments in lower-emission energy and emission-reduction services and technologies. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.

The Corporation competes with other private firms and also with state-owned companies that are increasingly competing for opportunities outside of their home countries and as partners with other private firms. In some cases, these state-owned companies may pursue opportunities in furtherance of strategic, national, or supranational objectives of their government owners, with less focus on financial returns than companies owned by private shareholders, such as ExxonMobil. Technology and expertise provided by industry service companies or AI may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources. The Corporation's hydrocarbon-based energy products are also subject to growing and, in many cases, government-supported competition from alternative energy sources.

ExxonMobil generates revenue through its reportable segments: Upstream, Energy Products, Chemical Products, and Specialty Products. The Company is organized along three businesses – Upstream, Product Solutions, and Low Carbon Solutions, aligning along market-focused value chains. Product Solutions consists of Energy Products, Chemical Products, and Specialty Products. Low Carbon Solutions is included in Corporate and Financing as the business continues to mature through commercialization and deployment of technology. The businesses are supported by centralized service-delivery groups, including Global Projects, Technology and Engineering, Global Operations, Sustainability, Global Trading, Supply Chain, and Global Business Solutions. The Company's integrated business model, with significant investments in the Upstream, Energy Products, Chemical Products, and Specialty Products segments and Low Carbon Solutions businesses, generally reduces the Corporation's risk from changes in commodity prices.

The Upstream segment's business involves exploration for, and production of, crude oil and natural gas. In 2025, Upstream production averaged 4.7 million oil-equivalent barrels per day, the highest production in over 40 years. The Energy Products segment includes the fuels, aromatics, and NGL value chains, as well as catalysts and licensing, and is one of the largest, most integrated businesses of its kind among international oil companies, with significant representation across the entire fuels value chain, including refining, logistics, trading, and marketing. The Chemical Products segment includes olefins, polyolefins, and intermediates, and is a leading global manufacturer and marketer of petrochemicals. The Specialty Products segment is a combination of business units that manufacture and market a range of performance products, including high-quality lubricants, basestocks, waxes, synthetics, elastomers, and resins.

In 2025, the Yellowtail development in Guyana commenced operations with the ONE GUYANA floating production, storage and offloading vessel, and development activities continued on the Uaru and Whiptail projects. The Hammerhead project in Guyana was funded in 2025. In the Permian Basin, total production volumes averaged a record 1.6 Moebd in 2025, approximately 0.4 Moebd higher than the previous year. Mechanical completion was achieved for the Golden Pass LNG export project, with expected first LNG production in the first quarter of 2026. The Strathcona Renewable Diesel project started up, and the Fawley Hydrofiner project started up. In November 2025, ExxonMobil completed the divestments of Esso Société Anonyme Française SA and ExxonMobil Chemical France SAS. A petrochemical complex in Huizhou, China started up. The Company added two new advanced recycling units to the Baytown facility, tripling capacity at the site. The Singapore Resid Upgrade project started up in 2025. ExxonMobil acquired key technology and assets from Superior Graphite for its carbon materials venture.

In fiscal year 2025, total sales and other operating revenue were $323.905 billion , compared to $339.247 billion in 2024 and $334.697 billion in 2023. Net income attributable to ExxonMobil was $28.844 billion in 2025, compared to $33.680 billion in 2024 and $36.010 billion in 2023. Earnings per common share assuming dilution were $6.70 in 2025, compared to $7.84 in 2024 and $8.89 in 2023. Cash flow from operations and asset sales was $55.128 billion in 2025, compared to $60.009 billion in 2024. The Corporation completed share repurchases of $20 billion in 2025.

Business Outlook

In its 2025 Corporate Plan Update released December 9, 2025, the Corporation stated that it expects share repurchases of $20 billion in 2026, assuming reasonable market conditions.

The Corporation expects to increase production in the Permian Basin to approximately 2.5 Moebd by 2030. In Guyana, the Uaru and Whiptail developments are progressing on schedule and each has an investment basis capacity of approximately 250 kbd . The Hammerhead development is anticipated to come online in 2029 . The Corporation anticipates eight FPSO vessels will be in operation on the Stabroek Block by year-end 2030 . In LNG, the Rovuma LNG project in Mozambique continues with the front-end engineering and design stage, in support of a final investment decision in 2026 to develop the Area 4 offshore gas resources. The Corporation plans to grow Proxxima resin blending capacity to 200,000 tons per year by 2030 .

The Company sees additional opportunities in areas such as centralization of activities, system implementations, continued improvement of maintenance and turnarounds, and simplified business processes. These savings are key drivers to reduce our structural costs by $20 billion between 2019 and 2030, thereby improving the earnings power of the Corporation. Cumulative structural cost savings totaled $15.1 billion relative to 2019, which included an additional $3.0 billion in 2025.

The Corporation's strategy seeks to maximize the advantages of our scale, business integration, leading technology, execution excellence, and our people to build globally competitive businesses that lead industry in earnings and cash flow growth across a range of future scenarios. The Corporation plans to continue to pursue advantaged growth opportunities and lower-emission investments. These investments are targeted at reducing emissions in the Company's operations as well as reducing the emissions of other companies. At this early stage, stable and supportive policy remains critical to enable emissions reductions, advance technology, and drive scale to improve costs.

The Corporation's capital allocation framework includes share repurchases and dividends. The Corporation completed share repurchases of $20 billion in 2025 and expects share repurchases of $20 billion in 2026. On January 29, 2026, the Corporation declared a $1.03 dividend per common share, payable March 10, 2026. Cash capital expenditures were $28.997 billion in 2025, compared to $25.647 billion in 2024. Research and development costs were $1.228 billion in 2025, compared to $987 million in 2024.

The Corporation holds a 25 percent interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and a 16.8 percent working interest in the Kashagan field in Kazakhstan. Oil production from those operations is exported primarily through the Caspian Pipeline Consortium (CPC), in which the Corporation holds a 7.5 percent interest. In the event geopolitical issues escalate in the region, including ongoing military conflict, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration from its operations in Kazakhstan. For reference, after-tax earnings related to the Corporation's interests in Kazakhstan in 2025 were approximately $1.1 billion , and its share of combined oil and gas production was approximately 320 thousand oil-equivalent barrels per day .

During 2025, the U.S. announced a variety of trade-related actions, including the imposition of tariffs on imports from several countries. In response, many countries announced their own retaliatory tariffs. Despite the current uncertainty as to what effects these actions will ultimately have on the Corporation, our suppliers and our customers, as well as on the overall macroeconomic environment, we do not anticipate any material near-term financial impacts. The Corporation closely monitors market trends and works to mitigate both operating and capital cost impacts in all price environments.

Risk Factors

The Corporation's financial and operating results are subject to a variety of risks inherent in the global oil, gas, and petrochemical businesses. A material decline in oil or natural gas prices could have a material adverse effect on the Company's operations, results, financial condition, and proved reserves, especially in the Upstream segment. Conversely, a material increase in oil or natural gas prices could have a material adverse effect on the Company's operations and results, especially in the Energy Products, Chemical Products, and Specialty Products segments. The Corporation's pursuit of lower-emission and other new business opportunities depends on the growth and development of markets for those products and services, including implementation of supportive and stable government policies. The Corporation's results can be adversely affected by political or regulatory developments, including increases or changes in taxes, duties, or government royalty rates, and changes in environmental regulations. The Corporation holds a 25 percent interest in Tengizchevroil, LLP, and a 16.8 percent working interest in the Kashagan field in Kazakhstan, and oil production from those operations is exported primarily through the Caspian Pipeline Consortium. In the event geopolitical issues escalate in the region, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted, and the Corporation could experience a loss of cash flows of uncertain duration. For reference, after-tax earnings related to the Corporation's interests in Kazakhstan in 2025 were approximately $1.1 billion , and its share of combined oil and gas production was approximately 320 thousand oil-equivalent barrels per day .

Management Priorities

Management's message emphasizes the Corporation's long-term orientation and disciplined investment approach, grounded in a deep understanding of long-term market fundamentals. The Corporation's strategy seeks to maximize the advantages of scale, business integration, leading technology, execution excellence, and people to build globally competitive businesses that lead industry in earnings and cash flow growth across a range of future scenarios. Key strategic priorities emphasized for the period ahead include continuing to pursue advantaged growth opportunities in the Permian Basin and Guyana, advancing LNG expansion projects, and reducing structural costs by $20 billion between 2019 and 2030. Management also highlighted the ambition to achieve net-zero Scope 1 and 2 greenhouse gas emissions in operated assets by 2050, with advancements in technology and clear, consistent, stable, and effective government policies, and noted that the Corporation expects share repurchases of $20 billion in 2026.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 8, Financial Section — Financial Information
  2. [2] Item 8, Financial Section — Financial Information
  3. [3] Item 8, Financial Section — Financial Information
  4. [4] Item 8, Financial Section — Financial Information
  5. [5] Item 8, Financial Section — Financial Information
  6. [6] Item 8, Financial Section — Financial Information
  7. [7] Item 8, Financial Section — Financial Information
  8. [8] Item 8, Financial Section — Financial Information
  9. [9] Item 8, Financial Section — Financial Information
  10. [10] Item 7, MD&A — Frequently Used Terms, Cash Flow from Operations and Asset Sales
  11. [11] Item 7, MD&A — Frequently Used Terms, Cash Flow from Operations and Asset Sales
  12. [12] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  13. [13] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  14. [14] Item 7, MD&A — Business Results, Upstream, Key Recent Events
  15. [15] Item 7, MD&A — Business Results, Upstream, Key Recent Events
  16. [16] Item 7, MD&A — Business Results, Upstream, Key Recent Events
  17. [17] Item 7, MD&A — Business Results, Upstream, Key Recent Events
  18. [18] Item 7, MD&A — Business Results, Upstream, Key Recent Events
  19. [19] Item 7, MD&A — Business Results, Specialty Products, Key Recent Events
  20. [20] Item 7, MD&A — Overview
  21. [21] Item 7, MD&A — Frequently Used Terms, Structural Cost Savings
  22. [22] Item 7, MD&A — Frequently Used Terms, Structural Cost Savings
  23. [23] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  24. [24] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  25. [25] Item 5, Market for Registrant's Common Equity — Related Stockholder Matters
  26. [26] Item 7, MD&A — Frequently Used Terms, Cash Capital Expenditures
  27. [27] Item 7, MD&A — Frequently Used Terms, Cash Capital Expenditures
  28. [28] Item 8, Financial Section — Financial Information
  29. [29] Item 8, Financial Section — Financial Information
  30. [30] Item 7, MD&A — Business Environment, Transportation of Kazakhstan Production
  31. [31] Item 7, MD&A — Business Environment, Transportation of Kazakhstan Production
  32. [32] Item 7, MD&A — Business Environment, Transportation of Kazakhstan Production
  33. [33] Item 7, MD&A — Business Environment, Transportation of Kazakhstan Production
  34. [34] Item 7, MD&A — Overview
  35. [35] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  36. [36] Item 8, Financial Section — Financial Information
  37. [37] Item 8, Financial Section — Financial Information
  38. [38] Item 8, Financial Section — Financial Information
  39. [39] Item 8, Financial Section — Financial Information
  40. [40] Item 8, Financial Section — Financial Information
  41. [41] Item 8, Financial Section — Financial Information
  42. [42] Item 8, Financial Section — Financial Information
  43. [43] Item 8, Financial Section — Financial Information
  44. [44] Item 8, Financial Section — Financial Information
  45. [45] Item 8, Financial Section — Financial Information
  46. [46] Item 7, MD&A — Frequently Used Terms, Cash Flow from Operations and Asset Sales
  47. [47] Item 7, MD&A — Frequently Used Terms, Cash Flow from Operations and Asset Sales
  48. [48] Item 7, MD&A — Frequently Used Terms, Return on Average Capital Employed
  49. [49] Item 7, MD&A — Frequently Used Terms, Return on Average Capital Employed
  50. [50] Item 7, MD&A — Frequently Used Terms, Earnings (loss) excluding Identified Items
  51. [51] Item 7, MD&A — Frequently Used Terms, Earnings (loss) excluding Identified Items
  52. [52] Item 7, MD&A — Frequently Used Terms, Earnings (loss) excluding Identified Items
  53. [53] Item 7, MD&A — Frequently Used Terms, Earnings (loss) excluding Identified Items
  54. [54] Item 7, MD&A — Frequently Used Terms, Earnings (loss) excluding Identified Items
  55. [55] Item 7, MD&A — Business Results, Upstream Financial Results
  56. [56] Item 7, MD&A — Business Results, Upstream Financial Results
  57. [57] Item 7, MD&A — Business Results, Energy Products Financial Results
  58. [58] Item 7, MD&A — Business Results, Energy Products Financial Results
  59. [59] Item 7, MD&A — Business Results, Chemical Products Financial Results
  60. [60] Item 7, MD&A — Business Results, Chemical Products Financial Results
  61. [61] Item 7, MD&A — Business Results, Specialty Products Financial Results
  62. [62] Item 7, MD&A — Business Results, Specialty Products Financial Results

Analysis on 6/8/2026