Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q2 2025 Earnings Presentation
41 slides from Exxon Mobil's earnings presentation, Aug 1, 2025
Slide 1: ExxonMobil 2Q 2025 Earnings Call
Permian Basin, New Mexico ExxonMobil 2Q 2025 Earnings Call August 1, 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: Our transformed business and competitive advantages increase shareholder value
Baytown Complex, Texas Our transformed business and competitive advantages increase shareholder value Earnings of $7.1B Delivering on plans for Progressing new Sharing success with underpinned by key projects to enhance businesses: on track to shareholders: >$9B of advantaged portfolio, product mix
Slide 4: Strategy grows value today and long into the future
Strategy grows value today and long into the future Upstream Product Solutions Company-wide Increasing % of advantaged assets vs. total production1 Increasing profit from advantaged projects and Cumulative structural cost savings ($B) vs. 2019 driving high-value product sales2 ~5.4 ~12.5 Mt ~$6 B Ad
Slide 5: New project start-ups increase profitability by improving product mix
Product Solutions New project start-ups increase profitability by improving product mix Singapore Resid Upgrade, Fawley Hydrofiner, Strathcona Renewable Diesel, Singapore United Kingdom Canada +20 Kbd Performance +37 Kbd basestocks ~$20/Bbl Ultra-low ~$10/Bbl +20 Kbd ~$30/Bbl +50 Kbd potential uplif
Slide 6: Using technology advantage to grow new businesses and enter profitable, high-growth markets
Using technology advantage to grow new businesses and enter profitable, high-growth markets ProxximaTM • Demonstrated product benefits in multiple markets: automotive, construction, coatings thermoset resins • Working with strategic partners to build out value chain and accelerate customer adoption
Slide 7: Opportunity to grow Permian over the next decade underpinned by technology
Upstream Opportunity to grow Permian over the next decade underpinned by technology Large pipeline of new Permian production potential Moebd technologies with potential to further improve recovery Lightweight proppant field Technology tests now demonstrate ~20% upside increased recovery1; deploying
Slide 8: Execution of strategy delivering industry-leading results
2Q25 Financial results Execution of strategy delivering industry-leading results1 GAAP earnings Cash flow from operations Net debt-to-capital $7.1B Leading IOCs $11.5B Leading IOCs 8% Debt-to-capital 13%; Industry-leading balance sheet capacity Cash capex Shareholder distributions 5-year total share
Slide 9: Integrated business enhances earnings stability across commodity cycles
Macro Integrated business enhances earnings stability across commodity cycles Stable crude prices reflect Industry prices / margins strong demand and 10-year annual range1 higher industry supply Natural gas prices remained above 10-year range driven by strong demand Refining margins improved based o
Slide 10: Transformed business continues to deliver strong results (YTD'25 vs. YTD'24)
YTD’25 vs. YTD’24 Transformed business continues to deliver strong results ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN YTD'24 GAAP Earnings / (Loss) $12.7 $2.3 $1.6 $1.5 ($0.7) $17.5 YTD'24 Earnings / (Loss) ex. Ident. items (non-GAAP) $12.7 $2.3 $1.6 $1.5 ($0.7) $17.5 Price /
Slide 11: Transformed business continues to deliver strong results (2Q25 vs. 1Q25)
2Q25 vs. 1Q25 Transformed business continues to deliver strong results ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 1Q25 GAAP Earnings / (Loss) $6.8 $0.8 $0.3 $0.7 ($0.8) $7.7 1Q25 Earnings / (Loss) ex. Ident. items (non-GAAP) $6.8 $0.8 $0.3 $0.7 ($0.8) $7.7 Price / margin (1.6
Slide 12: Unmatched portfolio generates leading cash flow
2Q25 vs. YE’24: Cash Unmatched portfolio generates leading cash flow Cash flow Strong earnings drove Billion USD second quarter CFO of $11.5B 2.0 (12.3) 2Q working capital 24.5 outflow driven by seasonal tax payments, $ 23.2 (18.4) as expected (3.3) $ 15.7 Share repurchases of $5B in 2Q, on track fo
Slide 13: Upstream, Product Solutions, Corporate 3Q outlook
Upstream Product Solutions Corporate Absence of ~$100M Corporate & financing Lower scheduled net favorable expenses expected to be maintenance divestment impacts $0.7B - $0.9B Progressing ramp up of key projects See page 24 for 3Q25 maintenance outlook. 13
Slide 14: Proven strategy and competitive advantages drive leading performance
Port Allen Lubricants Plant, Louisiana Proven strategy and competitive advantages drive leading performance Leading cost discipline and Leveraging advantages to capitalize Delivering profitable growth and execution excellence on unmatched opportunity set creating leading shareholder value Global Pro
Slide 15: Q&A
Jurong Refinery, Singapore Q&A Upcoming disclosure: 2025 Global Outlook to 2050 to be issued late August 15
Slide 16: Advantaged assets and cost discipline drive profitable growth (YTD)
YTD’25 vs. YTD’24: Upstream Advantaged assets and cost discipline drive profitable growth Upstream year-over-year earnings ex. ident. items Transformed the business: Million USD Permian and Guyana $ 12,734 growth and structural cost 420 $ 12,158 savings drive earnings (2,480) 620 500 improvement 1,0
Slide 17: Improved portfolio and operational excellence underpin earnings strength (YTD)
YTD’25 vs. YTD’24: Energy Products Improved portfolio and operational excellence underpin earnings strength Energy Products year-over-year earnings ex. ident. items Transformed the business: Million USD strategic changes made $ 2,322 $ 2,193 since 2019 contributed 310 >$2B to YTD’25 earnings1 (1,100
Slide 18: Generating positive earnings at bottom-of-cycle conditions (YTD)
YTD’25 vs. YTD’24: Chemical Products Generating positive earnings at bottom-of-cycle conditions Transformed the business: Chemical Products year-over-year earnings ex. ident. items high-value products and Million USD cost discipline driving $ 1,564 earnings above peers1 Margins declined on (820) low
Slide 19: Strong earnings driven by high-margin differentiated products (YTD)
YTD’25 vs. YTD’24: Specialty Products Strong earnings driven by high-margin differentiated products Transformed the business: mix shift to high-value Specialty Products year-over-year earnings ex. ident. items products driving Million USD consistent earnings 60 10 $ 1,512 (140) 90 (10) (90) $ 1,435
Slide 20: Advantaged assets and cost discipline drive profitable growth (2Q vs. 1Q)
2Q25 vs. 1Q25: Upstream Advantaged assets and cost discipline drive profitable growth Lower liquids and gas Upstream quarter-on-quarter earnings ex. ident. items prices reflect higher Million USD industry supply offsetting $ 6,756 stronger demand (1,590) 260 (60) 100 100 (40) $ 5,402 Higher volumes
Slide 21: Improved portfolio and operational excellence underpin earnings strength (2Q vs. 1Q)
2Q25 vs. 1Q25: Energy Products Improved portfolio and operational excellence underpin earnings strength Margins improved Energy Products quarter-on-quarter earnings ex. ident. items driven by higher Million USD seasonal demand 0 $ 1,366 0 140 (10) 20 Higher base volumes (50) due to lower 440 seasona
Slide 22: Generating positive earnings at bottom-of-cycle conditions (2Q vs. 1Q)
2Q25 vs. 1Q25: Chemical Products Generating positive earnings at bottom-of-cycle conditions Chemical Products quarter-on-quarter earnings ex. ident. items Margins declined on Million USD lower North America feed advantage $ 293 $ 273 30 (30) 40 Higher volumes driven (110) 40 by stronger demand and 5
Slide 23: Strong earnings driven by high-margin differentiated products (2Q vs. 1Q)
2Q25 vs. 1Q25: Specialty Products Strong earnings driven by high-margin differentiated products Specialty Products quarter-on-quarter earnings ex. ident. items Million USD Stronger margins 0 0 10 $ 780 driven by lower 60 (30) basestocks feed costs $ 655 80 Record high-value product sales Higher expe
Slide 24: 3Q25 maintenance outlook
3Q25 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD 900 900 600 600 ~30 ~30 ~40 ~30 -130 ~400 ~180 ~190 ~170 ~390 ~310 ~190 -230 300 +20 300 ~290 ~240 ~260 ~140 -60 ~180 ~360 ~280 ~310 ~250 0 0 3Q24
Slide 25: 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 26: 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 27: Sensitivities and Key Assumptions
Sensitivities and Key Assumptions Annual Earnings Sensitivities 3Q25 Key Items • Absence of ~$100M of net favorable divestment-related earnings impacts in the Upstream Marker Annual Sensitivity • Lower scheduled maintenance in Product Solutions Upstream • Progressing ramp up of key projects • Corpor
Slide 28: 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 29: 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 30: 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 31: 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 32: 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) (non-GAAP). Earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impac
Slide 33: 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 34: 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 12.2 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 35: Reconciliation of 2Q25 earnings
Supplemental information RECONCILIATION OF 2Q25 EARNINGS ENERGY CHEMICAL SPECIALTY U/S PROD PROD PROD Earnings (U.S. GAAP) 5.4 1.4 0.3 0.8 Identified items 0.0 0.0 0.0 0.0 Earnings ex. identified items (non-GAAP) 5.4 1.4 0.3 0.8 U/S production - Moebd, Energy Products refinery throughput - Mbd, 4.6
Slide 36: 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 37: Cash capital expenditures
Supplemental information CASH CAPITAL EXPENDITURES 2Q25 YTD25 Additions to property, plant and equipment 6,283 12,181 Net investments and advances 73 133 Less: inflows from noncontrolling interests for major projects (23) (45) Total cash capital expenditures (non-GAAP) $6,333 $12,269 Cash capital ex
Slide 38: Free cash flow
Supplemental information FREE CASH FLOW 2Q25 YTD25 Net cash provided by operating activities (U.S. GAAP) 11,550 24,503 Additions to property, plant and equipment (6,283) (12,181) Proceeds from asset sales and returns of investments 176 1,999 Additional investments and advances (319) (472) Other inve
Slide 39: Calculation of structural cost savings
Supplemental information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2024 YTD 2Q24 YTD 2Q25 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 18.9 20.2 Selling, general and administrative expenses 11.4 10.0 5.
Slide 40: Footnotes
Supplemental information Page 3 Page 5 (cont’d) 1) Subject to additional investment by ExxonMobil and receipt of government permitting for 3) Represents indication of potential uplift from Strathcona Renewable Diesel project’s 20 Kbd carbon capture and storage projects, including rules and regulatio
Slide 41: Footnotes
Supplemental information Page 8 Page 12 1) Earnings and cash flow from operations, adjusted for consistency on items reported under 1) Includes PP&E additions of ($12.2B), net investments / advances of ($0.1B), and inflows U.S. GAAP for the IOCs with actual reported results on or before July 31, 202