Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Investor Presentation (February 2026)
44 slides from Exxon Mobil's investor presentation, Feb 20, 2026
Slide 1: Company overview and investment case
Company overview and investment case February 20, 2026
Slide 2: Cautionary statement
Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, performance, earnings power, earnings growth at constant prices and margins, potential addressable markets, opportunities, ambitions, or results in this presentation or the subsequent discu
Slide 3: Why invest in ExxonMobil
Why invest in ExxonMobil 1 ExxonMobil is uniquely positioned to solve the “and” equation: helping to alleviate energy poverty by producing affordable and reliable energy and other products the world needs AND reducing emissions; ExxonMobil’s businesses operate in massive traditional and growing new
Slide 4: ExxonMobil at a glance
ExxonMobil at a glance Delivering solutions through three businesses: ExxonMobil is working to solve the “and” equation: Upstream delivering the energy and products society needs and reducing Segment provided >70% of 2025 Earnings1 greenhouse gas emissions, both our own and our customers $ 28.8B 202
Slide 5: Energy landscape evolving as demand continues to grow
Energy landscape evolving as demand continues to grow By 2050 : 25% higher energy use in >50% of energy supply developing countries from oil and natural gas Developing countries projected by 2050 vs. 2024 % of total energy supply to use 25% more energy as 700 Quadrillion Btu ExxonMobil Global Outloo
Slide 6: Developing game-changing solutions to capture massive opportunities
Corporate Developing game-changing solutions to capture massive opportunities Delivering essential products ~$4 trillion ~$8 trillion and solutions to diverse markets across the globe Potential addressable markets Potential addressable markets served by existing and new served by existing and new Ag
Slide 7: Delivering profitable growth and driving shareholder value
Delivering profitable growth and driving shareholder value Capturing share of unmatched opportunity set by leveraging our unique competitive advantages, diversified portfolio, and capital discipline OPPORTUNITIES + ADVANTAGES = VALUE CREATION • Massive opportunity set created • Unique competitive ad
Slide 8: Producing more profitable barrels and more profitable products
Producing more profitable barrels and more profitable products Strategically improving volume/mix and fundamentally transforming the company’s cost base All businesses contribute to ~$25B of Additional earnings growth volume/mix improvement by 2030 vs. 2024 at constant prices and margins by 2030 Bil
Slide 9: Driving a virtuous cycle of profitable growth and cash generation
Driving a virtuous cycle of profitable growth and cash generation Prioritizing investments in advantaged, high-return opportunities, enabling continuous reinvestment to propel sustainable value creation Reinvestment rate declines and Additional cash flow growth Capital allocation cash flow grows due
Slide 10: Cash generation and disciplined capital allocation supports strong shareholder distributions
Cash generation and disciplined capital allocation supports strong shareholder distributions Operational performance and balance sheet strength drive robust cash generation and sustainable and competitive distributions Capital allocation Robust Dividend Long runway of priorities distributions growth
Slide 11: Existing distributions and growth plans drive significant total return upside
Existing distributions and growth plans drive significant total return upside ExxonMobil is focused on a well-balanced program to grow shareholder value 5-yr Total Shareholder Returns1 S&P 500 14.4% ~20% KEY DRIVERS OF TOTAL S&P 500 Energy 23.8% S&P Industrials 13.7% SHAREHOLDER RETURN XOM 29.0% Tra
Slide 12: The leading investment in the energy space
The leading investment in the energy space Cash flow3 CAGR since 2019, % Indexed total shareholder return1 15% Leveraging unique set of competitive advantages to maximize shareholder value creation 10% 5/3/24 5% 11/2/23 Completed acquisition of Pioneer Natural 0% Completed acquisition of Denbury vs
Slide 13: Resilient and exceptional results place us among elite companies
Resilient and exceptional results place us among elite companies ExxonMobil rivals large-cap Industrial companies, underpinned by our immense TAMs, unique competitive advantages, and strong through-cycle returns with meaningful upside potential Higher cash flow growth1 Strength to invest through cyc
Slide 14: Integrated business model drives growth with lower relative volatility
Integrated business model drives growth with lower relative volatility ExxonMobil’s strong cash flow, consistent distributions, and global scale help to lower volatility relative to energy and other large-cap peers as well as the broader market Volatility vs. Market 1 Option Implied Volatility 2 Qua
Slide 15: Embedded inflation protection provides additional portfolio resilience
Embedded inflation protection provides additional portfolio resilience Inflation Portfolio protection resilience ExxonMobil TSR vs. Consumer Price Index (CPI) ExxonMobil TSR premium vs. S&P 500 25-year correlation1 During extended periods of high inflation (2000-2025)2 1.2 8 86% 7 1 6 0.8 Consumer P
Slide 16: ExxonMobil provides meaningful diversification benefits in equity portfolios
ExxonMobil provides meaningful diversification benefits in equity portfolios ExxonMobil’s cash flows, return drivers, and inflation sensitivity differ structurally from broader market KEY BENEFITS Global Integrated Decoupled from exposure business model tech-heavy indices 1 Global geographic exposur
Slide 17: ExxonMobil plays an important role in resilient equity portfolios
ExxonMobil plays an important role in resilient equity portfolios Growth Diversification Inflation trajectory benefits protection Long runway of Diverse and integrated portfolio of Demonstrated history of strength profitable growth and businesses delivers resilient cash flows and resilience during e
Slide 18: Appendix
Appendix 18
Slide 19: Upstream: industry-leading, advantaged portfolio
Upstream: industry-leading, advantaged portfolio Capital-efficient, high-return business with demonstrated execution excellence and advantaged, high-value oil and gas production Upstream: Strengthening energy security by expanding low-cost-of-supply oil and gas operations; ExxonMobil is creating lon
Slide 20: Growing Upstream earnings
Our high-return, competitively Growing Upstream earnings advantaged Upstream assets Driven by technology advantages and expansion of production from advantaged assets Advantaged assets underpin improved unit profitability Earnings growth at constant prices 1 CAGR of ~12% Structural cost reductions O
Slide 21: Product Solutions: diversified, high-value businesses
Product Solutions: diversified, high-value businesses Compounding the benefits of integration across value chains, manufacturing and supplying products that meet society’s evolving needs Product Solutions: The world’s largest fuels, chemicals, and lubricants business; ExxonMobil leverages integrated
Slide 22: Growing Product Solutions earnings
Increasing high-value product sales Growing Product Solutions earnings across all segments Driven by volume/mix improvements from increased high-value, high-margin product capacity and sales Energy Chemical Specialty Products Products Products Lower-emissions fuels Performance products Performance l
Slide 23: Low Carbon Solutions: unlocking opportunities
Low Carbon Solutions: unlocking opportunities Solving complex challenges at a global scale to meet the growing demand for energy and products that support modern life, while reducing environmental impacts Low Carbon Solutions: Leadership for a lower-carbon future; leveraging ExxonMobil’s unmatched c
Slide 24: Positioning for a lower-emissions future
Positioning for a lower-emissions future Ambition to achieve net-zero Scope 1 and 2 greenhouse gas emissions in our operated assets by 2050, with advancements in technology and the support of clear and consistent government policies What ExxonMobil has achieved >60% Reduction in operated methane emi
Slide 25: 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 and operating data What is included? Guide to modeling
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 power or earn
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. Unless otherwise specified, cr
Slide 28: Supplemental information
Supplemental information PRICING BASIS FOR TOTAL ADDRESSABLE MARKET INFORMATION PRODUCTS PRICING & MARGIN REFERENCE Gasoline (excluding bio) S&P Global Commodity Insights USGC Price and crack spreads and third party cost estimates Diesel (excluding bio) S&P Global Commodity Insights USGC Price and c
Slide 29: Supplemental information
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: Supplemental information
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Debt capacity. Debt capacity includes available borrowing capacity up the mid-point of a 20-25% debt-to-capital range. Debt to capital (debt-to-capital, debt-to-capital ratio, leverage). Total debt / (Total debt + To
Slide 31: Supplemental information
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS IOCs. Unless stated otherwise, IOCs include each of BP, Chevron, Shell, and TotalEnergies. Lower-emission fuels. Fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel, and
Slide 32: Supplemental information
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Structural cost savings (structural cost reductions, structural cost efficiencies, structural efficiencies, structural cost improvements). Structural cost savings describe decreases in cash opex excluding energy and
Slide 33: Supplemental information
Supplemental information RECONCILIATION OF 2024 EARNINGS GROWTH AT CONSTANT PRICES AND MARGINS PRODUCT SOLUTIONS U/S ENERGY CHEMICAL SPECIALTY CORP & FIN 2024 PROD PROD PROD Earnings (U.S. GAAP) 25.4 4.0 2.6 3.1 (1.4) 33.7 Identified Items1 0.2 0.1 (0.1) (0.0) 0.0 0.2 Earnings ex. Identified Items (
Slide 34: Supplemental information
Supplemental information RECONCILIATION OF 2024 UNIT EARNINGS ENERGY CHEMICAL SPECIALTY UPSTREAM PRODUCTS PRODUCTS PRODUCTS 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 Adjustment to 2024 $65 real Brent and 10-ye
Slide 35: Supplemental information
Supplemental information RECONCILIATION OF 2024 CASH FLOW (CFO) GROWTH AT CONSTANT PRICES AND MARGINS 2024 Earnings (U.S. GAAP) 33.7 Identified Items1 0.2 Earnings ex. identified Items (non-GAAP) 33.5 Adjustment to 2024 $65 real Brent and 10-year average Energy, Chemical, and Specialty Products marg
Slide 36: Supplemental information
Supplemental information RECONCILIATION OF 2025 EARNINGS EX. IDENTIFIED ITEMS PRODUCT SOLUTIONS U/S ENERGY CHEMICAL SPECIALTY CORP & FIN 2025 PROD PROD PROD Earnings (U.S. GAAP) 21.4 7.4 0.8 2.9 (3.6) 28.8 Identified Items1 (0.9) 0.5 (0.3) 0.0 (0.6) (1.3) Earnings ex. Identified Items (non-GAAP) 22.
Slide 37: Supplemental information
Supplemental information RECONCILIATION OF 2025 UNIT EARNINGS ENERGY CHEMICAL SPECIALTY UPSTREAM PRODUCTS PRODUCTS PRODUCTS Earnings (U.S. GAAP) 21.4 7.4 0.8 2.9 Identified items (0.9) 0.5 (0.3) 0.0 Earnings ex. identified items (non-GAAP) 22.2 6.9 1.1 2.9 Adjustment to 2024 $65 real Brent and 10-ye
Slide 38: Supplemental information
Supplemental information RECONCILIATION OF 2025 CASH FLOW FROM OPERATIONS (CFO) 2025 Net income / (loss) including noncontrolling interests 29.8 Depreciation and depletion (includes impairments) 26.0 Changes in operational working capital, excluding cash and debt (7.7) All other items – net 3.9 Cash
Slide 39: Supplemental information
Supplemental information RECONCILIATION OF 2010-2019 EARNINGS AND CASH FLOW FROM OPERATIONS 2010 2011 2012 2013 2014 Earnings (U.S. GAAP) 30.5 41.1 44.9 32.6 32.5 Identified Items1 -- -- -- -- -- Earnings ex. Identified Items 30.5 41.1 44.9 32.6 32.5 Depreciation, ex. identified items1 14.8 15.6 15.
Slide 40: Supplemental information
Supplemental information RECONCILIATION OF CASH CAPEX 2010 2011 2012 2013 2014 2015 2016 2017 Additions to property, plant and equipment 26.9 31.0 34.3 33.7 33.0 26.5 16.2 15.4 Net investments and advances 0.1 2.5 (1.0) 3.3 (1.7) (0.2) 0.5 3.4 Less: inflows from noncontrolling interests for major --
Slide 41: Supplemental information
Supplemental information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2024 2025 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 42.8 Selling, general and administrative expenses 11.4 10.0 11.1 Depreciation an
Slide 42: Supplemental information
Supplemental information Slide 4 Slide 11 1) Based on percentage of 2025 GAAP earnings. See slide 36 for details. 1) 5-year total shareholder returns for period from December 31, 2020 through December 31, 2025. Sourced from FactSet. Slide 6 2) Current yield based on ExxonMobil’s 4Q25 dividend and st
Slide 43: Supplemental information
Supplemental information Slide 13 (continued) Slide 15 3) EV / EBITDA multiples are calculated as enterprise value divided by next twelve months 1) ExxonMobil (XOM) total shareholder return (TSR) sourced from FactSet. Consumer Price consensus EBITDA sourced from FactSet. Each point on the chart repr
Slide 44: Supplemental information
Supplemental information Slide 23 Slide 24 (continued) 1) “End-to-end CCS system” entails integration of CO2 capture, transportation, and storage. 3) Based on Scope 1 and 2 emissions of ExxonMobil operated assets versus 2016. Based on contracts starting in 2025, subject to additional investment by E