Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q3 2025 Earnings Presentation
40 slides from Exxon Mobil's earnings presentation, Oct 31, 2025
Slide 1: ExxonMobil 3Q 2025 Earnings Call
Liza Development, Guyana ExxonMobil 3Q 2025 Earnings Call October 31, 2025 1
Slide 2: Cautionary statement
Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, future earnings power, potential addressable markets, ambitions, or results in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions o
Slide 3: Leading performance underpinned by unmatched competitive advantages
Cold Lake, Canada Leading performance underpinned by unmatched competitive advantages GAAP earnings of $7.5B Delivering on key projects: Strategic investments >$9B of shareholder driven by advantaged 8 of 10 key 2025 projects aimed at maximizing distributions; industry- portfolio, execution successf
Slide 4: On track to 2030 plan: Technology and execution excellence create unique value
On track to 2030 plan: Technology and execution excellence create unique value Upstream Product Solutions Company-wide Advantaged assets underpin improved unit profitability Advantaged projects drive high-value product growth Fundamentally transforming company’s cost base ~5.4 ~18.8 Mt >$6 B Upstrea
Slide 5: Delivering projects at a pace and scale that no one can match
Global Projects Delivering projects at a pace and scale that no one can match Centralized project design and delivery for all value chains ~3 x number of mega-projects vs. other IOCs1 10-20% China Chemicals Complex lower project costs vs. industry average2 >20% Guyana Yellowtail Development Singapor
Slide 6: Strong performance reflects differentiated capabilities and disciplined management
3Q25 Financial results Strong performance reflects differentiated capabilities and disciplined management GAAP earnings Cash flow from operations Structural cost savings vs. 2019 structural $7.5B $8.1B earnings ex. ident. items1 $14.8B Driven by record production in Permian $14.3B On track to delive
Slide 7: Integrated business provides stability across commodity cycles
Macro Integrated business provides stability across commodity cycles Stable crude prices Industry prices / margins reflected record demand 10-year annual range1 and increasing industry supply6 Natural gas prices remained at top of 10-year range driven by robust demand Refining margins improved due t
Slide 8: Transformed business continues to deliver value (YTD'25 vs YTD'24)
YTD’25 vs. YTD’24 Transformed business continues to deliver value ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN YTD'24 GAAP Earnings / (Loss) $18.9 $3.6 $2.5 $2.3 ($1.2) $26.1 YTD'24 Earnings / (Loss) ex. ident. items (non-GAAP) $18.9 $3.6 $2.5 $2.3 ($1.2) $26.1 Price / margin (
Slide 9: Transformed business continues to deliver value (3Q25 vs 2Q25)
3Q25 vs. 2Q25 Transformed business continues to deliver value ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 2Q25 GAAP Earnings / (Loss) $5.4 $1.4 $0.3 $0.8 ($0.8) $7.1 2Q25 Earnings / (Loss) ex. ident. items (non-GAAP) $5.4 $1.4 $0.3 $0.8 ($0.8) $7.1 Price / margin 0.1 0.3 0.2 (
Slide 10: Advantaged portfolio generates leading cash flow
3Q25 vs. YE’24: Cash Advantaged portfolio generates leading cash flow Cash flow Billion USD Strong earnings drove 2.1 3Q CFO of $14.8B (20.9) Cash capex of $8.6B in 39.3 3Q, inclusive of ~$2.4B acquisition costs (27.8) $ 23.2 (2.1) $ 13.9 3Q distributions of $9.4B On pace to complete $20B of share r
Slide 11: Upstream, Product Solutions, Corporate outlook
Upstream Product Solutions Corporate Absence of ~$400M Progressing ramp up Corporate & financing expenses net favorable tax and of key projects expected to be asset management impacts $600M - $800M Full-year Full-year cash capex slightly below Permian production lower end of guidance of $27B - of ~1
Slide 12: Our competitive advantages keep us in a league of our own
Houston, Texas Our competitive advantages keep us in a league of our own Leading cost discipline and Leveraging advantages to capitalize Delivering profitable growth and execution excellence on unmatched opportunity set creating leading shareholder value Investing in high-return opportunities; Achie
Slide 13: Q&A
Baytown Complex, Texas Q&A Upcoming disclosure: Corporate Plan Update webcast to be held on Tuesday, December 9th at 9:00 a.m. CST 13
Slide 14: Advantaged assets and continued cost discipline (YTD Upstream)
YTD’25 vs. YTD’24: Upstream Advantaged assets and continued cost discipline driving long-term profitable growth Upstream year-over-year earnings ex. ident. items Transformed the business: Million USD Permian and Guyana $ 18,892 growth and structural cost 850 540 $ 17,837 savings drive earnings (3,98
Slide 15: Earnings strength underpinned by improved portfolio (YTD Energy Products)
YTD’25 vs. YTD’24: Energy Products Earnings strength underpinned by improved portfolio and operational excellence Energy Products year-over-year earnings ex. ident. items Million USD Transformed the business: 160 strategic changes made 420 (230) $ 4,033 since 2019 contributed (150) $ 3,631 240 >$3B
Slide 16: Differentiated portfolio generating positive earnings (YTD Chemical Products)
YTD’25 vs. YTD’24: Chemical Products Differentiated portfolio generating positive earnings at bottom-of-cycle conditions Transformed the business: Chemical Products year-over-year earnings ex. ident. items advantaged footprint, Million USD high-value products, and $ 2,457 cost discipline consistentl
Slide 17: Consistently strong earnings driven by high-margin differentiated products (YTD)
YTD’25 vs. YTD’24: Specialty Products Consistently strong earnings driven by high- margin differentiated products Transformed the business: Specialty Products year-over-year earnings ex. ident. items portfolio of high-value Million USD products and disciplined 100 cost management driving 30 $ 2,306
Slide 18: Advantaged assets and continued cost discipline (3Q Upstream)
3Q25 vs. 2Q25: Upstream Advantaged assets and continued cost discipline driving long-term profitable growth Upstream quarter-on-quarter earnings ex. ident. items Stable liquids prices Million USD supported by record 200 140 70 $5,679 demand1 100 (10) (70) $5,402 (150) 3Q25 production of 4.8 Moebd; P
Slide 19: Earnings strength underpinned by improved portfolio (3Q Energy Products)
3Q25 vs. 2Q25: Energy Products Earnings strength underpinned by improved portfolio and operational excellence Energy Products quarter-on-quarter earnings ex. ident. items Million USD Margins improved driven 0 30 $ 1,840 by supply disruptions 30 120 (160) 120 330 Higher volumes driven $ 1,366 by reco
Slide 20: Differentiated portfolio generating positive earnings (3Q Chemical Products)
3Q25 vs. 2Q25: Chemical Products Differentiated portfolio generating positive earnings at bottom-of-cycle conditions Chemical Products quarter-on-quarter earnings ex. ident. items Million USD Stronger North America 70 10 $ 515 margins driven by lower (130) feed and energy costs 0 50 220 Unfavorable
Slide 21: Consistently strong earnings driven by high-margin differentiated products (3Q)
3Q25 vs. 2Q25: Specialty Products Consistently strong earnings driven by high-margin differentiated products Specialty Products quarter-on-quarter earnings ex. ident. items Million USD $ 780 Weaker margins 20 20 $ 740 driven by higher (30) (40) (10) 0 basestocks feed costs Seasonally lower volumes O
Slide 22: 4Q25 maintenance outlook
4Q25 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD 900 900 600 600 ~30 ~40 ~30 ~180 ~40 +20 ~410 ~430 +190 ~170 ~310 ~190 300 300 -90 ~320 ~240 ~270 ~160 ~220 ~140 +50 ~360 ~310 ~250 ~210 0 0 4Q24
Slide 23: Learn more about
Learn more about Link to 'Company overview and investment case' presentation For more information, please contact us at investor.relations@exxonmobil.com
Slide 24: Enhanced disclosures and transparency
Enhanced disclosures and transparency Earnings sensitivities for Upstream, Energy Products, and Modeling Toolkit Chemical Products (located in Investors section of our website) Platform containing select historical and forward-looking financial What is included? and operating data Guide to modeling
Slide 25: Sensitivities and Key Assumptions
Sensitivities and Key Assumptions Annual Earnings Sensitivities 4Q25 Key Items • Absence of ~$400M of favorable tax and asset management impacts in Upstream Marker Annual Sensitivity • Full-year Permian production of ~1.6 Moebd Upstream • Progressing ramp up of key projects in Product Solutions • Co
Slide 26: Supplemental information
Supplemental information Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, shareholder distributions, returns, structural cost savings, cash capital expenditures, and volumes, including statements regarding future earnings potential, an
Slide 27: Supplemental information
Supplemental information Important information and assumptions regarding certain forward-looking statements. For all price point comparisons, unless otherwise indicated, we assume $65/bbl Brent crude prices, $3/mmbtu Henry Hub gas prices, and $6.5/mmbtu TTF gas prices. Lower emissions returns are ca
Slide 28: Selected earnings driver definitions
Supplemental information 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 supplemental information for definitions of advantaged assets, advantaged projects, a
Slide 29: Definitions and non-GAAP financial measure reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Advantaged assets (advantaged growth projects). When used in reference to our Upstream business, includes Permian, Guyana, and LNG. Advantaged projects. Capital projects and programs of work that contribute to Energy
Slide 30: Definitions and non-GAAP financial measure reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Earnings (loss) excluding identified items (earnings ex. ident. items; adjusted earnings) (non-GAAP). Earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate t
Slide 31: Definitions and non-GAAP financial measure reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Project. The term “project” as used in this presentation can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or pl
Slide 32: Reconciliation of Upstream unit earnings
Supplemental information RECONCILIATION OF UPSTREAM UNIT EARNINGS UPSTREAM EARNINGS EX. IDENT. ITEMS 2019 2024 YTD 2025 Earnings (U.S. GAAP) 14.4 25.4 17.8 Asset management (Announced divestments) 3.7 0.4 0.0 Impairment 0.0 (0.4) 0.0 Tax / Other items (Tax items, additional European taxes on energy
Slide 33: Reconciliation of 3Q25 earnings
Supplemental information RECONCILIATION OF 3Q25 EARNINGS ENERGY CHEMICAL SPECIALTY U/S PROD PROD PROD Earnings (U.S. GAAP) 5.7 1.8 0.5 0.7 Identified items 0.0 0.0 0.0 0.0 Earnings ex. identified items (non-GAAP) 5.8 1.8 0.5 0.7 U/S production - Moebd, Energy Products refinery throughput - Mbd, 4.8
Slide 34: Reconciliation of 2024 earnings
Supplemental information RECONCILIATION OF 2024 EARNINGS ENERGY CHEMICAL SPECIALTY U/S PROD PROD PROD Earnings (U.S. GAAP) 25.4 4.0 2.6 3.1 Identified items 0.2 0.1 (0.1) (0.0) Earnings ex. identified items (non-GAAP) 25.2 4.0 2.7 3.1 Adjustments to 2024 $65/bbl real Brent and 10-year average Energy
Slide 35: Cash flow from operations
Supplemental information CASH FLOW FROM OPERATIONS 3Q25 YTD25 Net income / (loss) including noncontrolling interests 7,768 23,155 Depreciation and depletion (includes impairments) 6,475 18,278 Changes in operational working capital, excluding cash and debt (152) (5,000) All other items – net 697 2,8
Slide 36: Cash capital expenditures
Supplemental information CASH CAPITAL EXPENDITURES 3Q25 YTD25 Additions to property, plant and equipment 8,727 20,908 Additional investments and advances 501 973 Other investing activities including collection of advances (610) (949) Less: Inflows from noncontrolling interests for major projects (23
Slide 37: Free cash flow
Supplemental information FREE CASH FLOW 3Q25 YTD25 Net cash provided by operating activities (U.S. GAAP) 14,788 39,291 Additions to property, plant and equipment (8,727) (20,908) Proceeds from asset sales and returns of investments 139 2,138 Additional investments and advances (501) (973) Other inve
Slide 38: Calculation of structural cost savings
Supplemental information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2024 YTD 3Q24 YTD 3Q25 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 28.8 30.3 Selling, general and administrative expenses 11.4 10.0 7.
Slide 39: Supplemental information: footnotes
Supplemental information Page 3 Page 6 1) ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to- 1) For a reconciliation of ExxonMobil’s earnings excluding identified items to earnings capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for I
Slide 40: Supplemental information: footnotes
Supplemental information Page 10 Page 20 1) Includes PP&E additions of ($20.9B), net investments / advances of ($0.0B), and inflows 1) Based on comparing quarterly high-value product sales since 2019. from noncontrolling interests for major projects of $0.1B. 2) Buyback program assumes continued rea