Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q1 2025 Earnings Presentation
42 slides from Exxon Mobil's earnings presentation, May 2, 2025
Slide 1: ExxonMobil 1Q 2025 Earnings Call
ExxonMobil 1Q 2025 Earnings Call May 2, 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: We built the business to excel in any market
We built the business to excel in any market UNMATCHED UNIQUE LEADING OPPORTUNITIES + ADVANTAGES = VALUE CREATION 3
Slide 4: We have fundamentally transformed the earnings power of the company
We have fundamentally transformed the earnings power of the company Earnings improvement vs. 2019 April 2025 price environment1 Structural earnings Structural improvements driving cost reductions Inflation / other earnings growth, including strategic acquisition Volume / mix of Pioneer Producing mor
Slide 5: 1Q25: Our transformation provides resiliency and delivers leading shareholder value
1Q25: Our transformation provides resiliency and delivers leading shareholder value Earnings of $7.7B Delivering on plans for Continued progress >$9B of shareholder underpinned by 10 key project start-ups building new businesses: distributions; industry- execution excellence, in 2025: China Chemical
Slide 6: Strategy growing value today and long into the future
Strategy growing value today and long into the future Upstream Product Solutions Company-wide Increasing % advantaged assets vs. total production1 Increasing profit from advantaged projects and Cumulative structural cost savings ($B) vs. 2019 driving high-value product sales2 ~5.4 ~6.25 Mt ~$6 B Add
Slide 7: Major project start-ups demonstrate unique competitive advantages
Major project start-ups demonstrate unique competitive advantages China Chemical Complex, Second Advanced Recycling Unit, Guangdong Province Baytown, Texas Industry-leading Global Projects organization2 World-class technology capabilities >$3B in earnings 2.5 Mta >75 % 80 M lbs/yr potential in 2026
Slide 8: Consistent execution of our strategy delivering industry-leading financial performance
Consistent execution of our strategy delivering industry-leading financial performance1 GAAP earnings Cash flow from operations Structural cost savings vs. 2019 $7.7B Leading IOCs $13.0B Leading IOCs $12.7B More than all other IOCs combined2; on track to deliver ~$18B by 2030 Net debt-to-capital Sha
Slide 9: Integrated portfolio lowers volatility and enhances resiliency across market cycles
Macro Integrated portfolio lowers volatility and enhances resiliency across market cycles Natural gas prices Industry prices / margins improved, driven by 10-year annual range1 strong global demand Record 1Q global refined products demand; lower industry margins driven by capacity additions and high
Slide 10: Business transformation continues to deliver strong results (1Q25 vs. 1Q24)
1Q25 vs. 1Q24 Business transformation continues to deliver strong results ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 1Q24 GAAP Earnings / (Loss) $5.7 $1.4 $0.8 $0.8 ($0.4) $8.2 1Q24 Earnings / (Loss) ex. identified items (non-GAAP) $5.7 $1.4 $0.8 $0.8 ($0.4) $8.2 Price / marg
Slide 11: Business transformation continues to deliver strong results (1Q25 vs. 4Q24)
1Q25 vs. 4Q24 Business transformation continues to deliver strong results ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 4Q24 GAAP Earnings / (Loss) $6.5 $0.4 $0.1 $0.7 ($0.2) $7.6 Announced divestments 0.4 - - - 0.0 0.4 Impairments (0.4) (0.1) (0.1) (0.0) - (0.6) Tax-related ite
Slide 12: Best opportunity set drives leading cash flow, balance sheet, and shareholder returns
1Q25 vs. YE’24: Cash Best opportunity set drives leading cash flow, balance sheet, and shareholder returns Cash flow Billion USD Strong earnings drove 1.8 CFO of $13B (5.9) 13.0 1Q25 cash capex of $ 23.2 (9.1) ~$6B supporting (4.4) $ 18.5 advantaged growth Repaid >$4B of debt in 1Q25 further strengt
Slide 13: Upstream Product Solutions Corporate
Upstream Product Solutions Corporate Higher scheduled maintenance Corporate & financing Lower scheduled to decrease volumes expenses expected to be maintenance by ~100 Koebd $0.6B - $0.8B Absence of ~$100M China Chemical Complex Seasonal cash tax payments net favorable ramping up production of $2.5B
Slide 14: Best positioned to deliver leading shareholder value in any market
Best positioned to deliver leading shareholder value in any market Leading cost discipline and Leveraging advantages to capitalize Delivering profitable growth and execution excellence on unmatched opportunity set creating leading shareholder value Full-year cash capex of $27B-$29B First-quartile tu
Slide 15: Q&A
Q&A Advancing Climate Solutions report, Sustainability report, and new Company Overview presentation available on www.exxonmobil.com 15
Slide 16: Advantaged assets and continued cost discipline driving profitable growth
1Q25 vs. 1Q24: Upstream Advantaged assets and continued cost discipline driving profitable growth Transformed the business: Upstream year-over-year earnings ex. ident. items Million USD Permian and Guyana $ 6,756 growth driving earnings 280 improvement 400 310 (180) $ 5,660 920 (180) Lower realizati
Slide 17: Solid earnings underpinned by improved portfolio and operational excellence
1Q25 vs. 1Q24: Energy Products Solid earnings underpinned by improved Transformed the business: portfolio and operational excellence strategic changes made Energy Products year-over-year earnings ex. ident. items since 2019 contributed Million USD >$1B to 1Q25 earnings1 $ 1,376 Margins normalized fr
Slide 18: Generating positive earnings at bottom-of-cycle conditions
1Q25 vs. 1Q24: 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 structural cost savings $ 785 driving earnings above peers1 (290) Margins declined on 1
Slide 19: Strong earnings driven by high-margin differentiated products
1Q25 vs. 1Q24: Specialty Products Strong earnings driven by high-margin differentiated products Specialty Products year-over-year earnings ex. ident. items Million USD Transformed the business: mix shift to high-value $ 761 10 40 products driving (0) (30) (70) $ 655 consistent earnings (60) Structur
Slide 20: Execution excellence delivering strong earnings
1Q25 vs. 4Q24: Upstream Execution excellence delivering strong earnings Higher liquids and gas Upstream quarter-on-quarter earnings ex. ident. items prices Million USD $ 6,756 120 310 (400) 270 Lower volumes driven by $ 6,283 410 (150) fewer days in the quarter; (90) 1Q25 Permian production of ~1.5
Slide 21: Business transformation continues to deliver stronger results
1Q25 vs. 4Q24: Energy Products Business transformation continues to deliver stronger results Margins improved in North America and Energy Products quarter-on-quarter earnings ex. ident. items Europe due to industry Million USD outages $ 827 Base volumes lower due 0 150 to seasonal maintenance (170)
Slide 22: Continuing to deliver positive earnings at bottom-of-cycle conditions
1Q25 vs. 4Q24: Chemical Products Continuing to deliver positive earnings at bottom-of-cycle conditions Chemical Products quarter-on-quarter earnings ex. ident. items Margins declined on Million USD higher feed costs in North America $ 273 $ 215 (10) Seasonally lower high- 100 value product sales 0 (
Slide 23: Strong earnings driven by high-margin differentiated products
1Q25 vs. 4Q24: Specialty Products Strong earnings driven by high-margin differentiated products Specialty Products quarter-on-quarter earnings ex. ident. items Million USD $ 759 Lower margins driven by higher basestocks (90) feed costs (130) 110 $ 655 0 10 0 Absence of seasonal expenses Other reflec
Slide 24: 2Q25 maintenance outlook
2Q25 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD 900 900 ~30 ~170 600 600 ~30 -20 ~30 ~550 ~30 ~470 ~400 ~180 -170 ~400 ~190 ~310 ~310 +330 ~190 300 ~310 300 ~590 +170 ~360 ~140 ~280 ~250 0 0 2Q2
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 What is included? and operating data Guide to modeling
Slide 26: Sensitivities and Key Assumptions
Sensitivities and Key Assumptions Annual Earnings Sensitivities 2Q25 Key Items • Upstream volumes: higher scheduled maintenance to decrease volumes by ~100 Koebd Marker Annual Sensitivity • Absence of ~$100M of net favorable divestment-related earnings impacts in the Upstream Upstream • China chemic
Slide 27: Project details: Upstream
Upstream Project details Location Projects Gross Investment Basis Capacity1 Next Milestone Yellowtail +250 Kbd Start-up in 2025 Uaru +250 Kbd Start-up in 2026 Guyana Whiptail +250 Kbd Start-up in 2027 Hammerhead +150 Kbd FID in 2025 Longtail +240 Kbd FID in 2027 Golden Pass +16 MTA Start-up in 2025
Slide 28: Project details: Product Solutions
Product Solutions Project details Aggregate investment basis Estimated Product Solutions Segment Projects volume / capacity impact start-up timing +1,650 Kta Polyethylene Capacity Chemical Products China Chemical Complex 2025 +850 Kta Polypropylene Capacity +37 Kbd Low-Sulfur Diesel, Energy Products
Slide 29: Project details: Low Carbon Solutions
Low Carbon Solutions Project details Investment basis Estimated Business area Projects / Agreements volume / capacity impact start-up timing CF Industries, Donaldsonville, Louisiana 2.0 MTA Carbon Dioxide 2025 (Ammonia Production) Nucor Steel, Convent, Louisiana 0.8 MTA Carbon Dioxide 2026 (Steel Pr
Slide 30: 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 31: 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 32: Supplemental information: 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 33: Supplemental information: definitions and 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 34: Supplemental information: definitions and reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS High-value products. Includes performance products and lower-emissions fuels. Industry-leading results (industry-leading returns, industry-leading financial performance). Includes our leadership in metrics such as ea
Slide 35: Supplemental information: definitions and reconciliations
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 36: 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 6.8 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 s
Slide 37: Reconciliation of 1Q25 earnings
Supplemental information RECONCILIATION OF 1Q25 EARNINGS ENERGY CHEMICAL SPECIALTY U/S PROD PROD PROD Earnings (U.S. GAAP) 6.8 0.8 0.3 0.7 Identified items 0.0 0.0 0.0 0.0 Earnings ex. identified items (non-GAAP) 6.8 0.8 0.3 0.7 U/S production - Moebd, Energy Products refinery throughput - Mbd, 4.6
Slide 38: 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 39: Cash capital expenditures and free cash flow
Supplemental information CASH CAPITAL EXPENDITURES 1Q25 Additions to property, plant and equipment 5,898 Net investments and advances 60 Less: inflows from noncontrolling interests for major projects (22) Total cash capital expenditures (non-GAAP) $5,936 Cash capital expenditures (Cash Capex) (non-G
Slide 40: Calculation of structural cost savings
Supplemental information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2024 YTD 1Q24 YTD 1Q25 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 9.1 10.1 Selling, general and administrative expenses 11.4 10.0 2.5
Slide 41: Supplemental information: footnotes
Supplemental information Slide 4 Slide 7 (continued) 1) Earnings exclude identified items and are adjusted to $65/bbl Brent, $3/mmbtu Henry 3) Earnings exclude identified items and are adjusted to 2024 $65/bbl real Brent (assumes Hub, $12/mmbtu TTF, and average Energy, Chemical, and Specialty Produc
Slide 42: Supplemental information: footnotes
Supplemental information Slide 14 1) First-quartile turnaround performance based on ExxonMobil estimates using historical benchmarking results from Solomon Associates. Slide 17 1) Includes earnings contributions from advantaged projects, divestments, trading and commercial activities, structural cos