Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q3 2026 Earnings Presentation
43 slides from Exxon Mobil's earnings presentation, Oct 30, 2026
Slide 1: 3Q 2026 Earnings Call
U.S. Gulf Coast Asset Reconfiguration, Baytown, Texas 3Q 2026 Earnings Call October 30, 2026 1
Slide 2: Cautionary statement
Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, performance, earnings power, earnings growth, potential addressable markets, opportunities, ambitions, or results in this presentation or the subsequent discussion period are forward-lookin
Slide 3: Decade of disciplined investment delivering industry-leading results
Decade of disciplined investment delivering industry- leading results, supplying products society needs 3Q26 YTD Operational highlights • Set record year-to-date global fuels utilization, excluding Middle East impacts1 GAAP earnings $15.4B $34.1B GAAP earnings per share • Maximized diesel with recor
Slide 4: Unprecedented supply disruptions across value chains
Macro Unprecedented supply disruptions across value chains Industry prices / margins Crude prices within 10-year annual range1 historical range due to lower available refining capacity International natural gas prices increased on limited Middle East supply Refining margins reached record levels on
Slide 5: Advantaged investments, structural cost savings, and operational excellence transforming earnings power
Energy Products Advantaged investments, structural cost savings, and operational excellence transforming earnings power Record year-to-date global fuels utilization, excluding Middle East1 Earnings improvement Constant margin2 U.S. Gulf Coast distillate volumes3 Kbd $17B Investments in refining 3x u
Slide 6: Advantaged investments, cost savings, and technology delivering strong earnings and volumes
YTD'26 versus YTD'25: Corporate Advantaged investments, cost savings, Benefitting from and technology delivering strong investments in advantaged capacity and expanded earnings and volumes optimization capabilities Million USD 2,680 Adjusted (1,510) 1,440 earnings $40,957 (Non-GAAP) Advantaged volum
Slide 7: Disciplined investments and operational excellence generating industry-leading cash flow
Year-to-date cash flow Disciplined investments and operational excellence generating industry-leading cash flow Net debt lower by more Billion USD than $9B in third quarter 1.1 Industry-leading net debt (20.0) to capital improved to 7.5%; net debt to EBITDA 0.2x3 57.9 (28.0) Increased dividend per s
Slide 8: Looking ahead to 4Q26
LOOKING AHEAD TO 4Q26 Upstream Product Solutions Corporate Full-year Permian production Scheduled maintenance expected to Corporate and financing expenses of ~1.8 Moebd be higher than 3Q26 expected to be $500M - $700M Fifth Guyana FPSO start up in late 4Q Full-year cash capex within $27B - $29B rang
Slide 9: Appendix
ExconMobil Appendix
Slide 10: Capturing market value through disciplined approach: 3Q26 versus 2Q26
3Q26 versus 2Q26: Corporate Capturing market value through disciplined approach Million USD Adjusted earnings Adjusted 40 10 0 180 $17,505 (Non-GAAP) earnings (Non-GAAP) (640) (350) 3,590 2,092 Adjusting $14,680 items Adjusting items 155 Lower advantaged volumes with accelerated Guyana entitlement i
Slide 11: On track to deliver 2030 plan
Corporate On track to deliver 2030 plan: expect ~$25B earnings growth and ~$35B cash flow growth from 2024-2030 Upstream Product Solutions Company-wide Advantaged assets underpin improved unit profitability Advantaged projects drive high-value product growth Fundamentally transforming company’s cost
Slide 12: YTD'26 versus YTD'25: Upstream
YTD'26 versus YTD'25: Upstream Capturing market value through disciplined approach Million USD 2,010 540 Adjusted earnings Advantaged volume growth (670) (2,140) (2,060) $22,762 (Non-GAAP) in Guyana, Permian, and GAAP 7,960 (390) 2,010 Adjusting items Golden Pass LNG Earnings $17,837 Adjusting items
Slide 13: YTD'26 versus YTD'25: Energy Products
YTD'26 versus YTD'25: Energy Products Capturing market value through disciplined approach Million USD Adjusted Record year-to-date fuels 660 570 earnings (Non-GAAP) utilization, excluding Middle $15,951 (920) — (590) East impacts2 (780) (50) 4,579 Adjusting items Maximizing margin capture from stron
Slide 14: YTD'26 versus YTD'25: Chemical Products
YTD'26 versus YTD'25: Chemical Products Capturing market value through disciplined approach Million USD Adjusted earnings $2,049 (Non-GAAP) 110 210 Adjusting (140) (60) items (20) 73 Record reliability and increased North American 870 feed advantage enable strong margin capture1 $1,976 Structural co
Slide 15: YTD'26 versus YTD'25: Specialty Products
YTD'26 versus YTD'25: Specialty Products Capturing market value through disciplined approach Million USD Adjusted earnings (Non-GAAP) 20 120 80 $2,903 Adjusting items (30) 11 750 (140) (70) Increased basestock margins on supply disruptions $2,892 Structural cost savings $2,175 more than offset costs
Slide 16: 3Q26 versus 2Q26: Upstream
3Q26 versus 2Q26: Upstream Capturing market value through disciplined approach Million USD Adjusted earnings $9,189 (Non- GAAP) Adjusted 1,262 (960) earnings Adjusting items — 50 0 80 (Non-GAAP) (730) $7,308 Adjusting (70) (250) items 220 Lower advantaged volume with accelerated Guyana $7,927 entitl
Slide 17: 3Q26 versus 2Q26: Energy Products
3Q26 versus 2Q26: Energy Products Capturing market value through disciplined approach Million USD Adjusted earnings 170 0 160 $9,053 (Non-GAAP) U.S. Gulf Coast crude 0 (30) (80) Adjusting unit utilization at 100% 1,884 items Second-highest U.S. Gulf GAAP earnings $5,465 4,730 Coast diesel volume Adj
Slide 18: 3Q26 versus 2Q26: Chemical Products
3Q26 versus 2Q26: Chemical Products Capturing market value through disciplined approach Million USD Adjusted earnings (Non-GAAP) $1,214 Adjusting items 83 Margins declined on higher regional product availability (640) GAAP earnings and higher feed costs in 0 70 $735 Adjusting Europe and Asia Pacific
Slide 19: 3Q26 versus 2Q26: Specialty Products
3Q26 versus 2Q26: Specialty Products Capturing market value through disciplined approach Million USD GAAP earnings 0 $1,285 (40) Adjusting Adjusted (60) (20) (20) 2 items earnings 460 (10) (Non-GAAP) Adjusting $969 Increased basestock items 13 margins on supply Adjusted disruptions $1,283 earnings (
Slide 20: 4Q26 maintenance outlook
Corporate 4Q26 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD 600 1200 1,030 30 +270 900 20 170 30 120 770 +10 140 300 290 -30 600 260 260 260 40 -110 770 180 150 170 680 300 590 230 0 0 4Q25 1Q26 2
Slide 21: Adjusting cash capex definition starting in 2027
Corporate Adjusting cash capex definition starting in 2027 Transitioning to GAAP definition • Effective 1Q27, Cash Capex will reflect additions to PP&E, in line with the GAAP presentation in the consolidated statement of cash flows — Additional detail on cash inflows and outflows will be available t
Slide 22: Learn more about
Learn more about For more information, please contact us at investor.relations@exxonmobil.com 22
Slide 23: Further enhancing disclosures and increasing transparency
Further enhancing disclosures and increasing transparency Earnings sensitivities for upstream, refining, and chemical businesses Explore our Modeling Toolkit (located in Investors section of our website) Platform containing select historical and forward-looking financial and operating data What is i
Slide 24: Sensitivities and Key Assumptions
Sensitivities and Key Assumptions Annual Earnings Sensitivities 4Q26 Key Items • Full-year Permian production of ~1.8 Moebd Marker Annual Sensitivity • Fifth Guyana FPSO start up in late 4Q Upstream • Assume Middle East production impact of ~350 Koebd, in line with 3Q Brent ($/bbl) Increase of $1/bb
Slide 25: 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 26: 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 27: Supplemental information
Supplemental information SELECTED EARNINGS DRIVER DEFINITIONS Advantaged volume growth • Represents earnings impacts from change in volume/mix from advantaged assets, advantaged projects, and high-value products. Occasionally, additional granularity is provided to aid investors. For example, Middle
Slide 28: Supplemental information
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Adjusted earnings/(loss) (non-GAAP) and adjusted earnings/(loss) per common share (non-GAAP) • Earnings/(loss) excluding individually significant non-operational events and estimated timing effects, both favorable an
Slide 29: Supplemental information
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Cash flow (CFO) growth at constant prices and margins (non-GAAP) • Represents the cash flow growth at constant prices and nominal margins under current plans to 2030 from a 2024 baseline. For clarity, this cash flow
Slide 30: Supplemental information
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Earnings growth at constant prices and margins (earnings contribution at constant prices and margins) (non-GAAP) • Represents the earnings growth at constant prices and nominal margins under current plans to 2030 fro
Slide 31: Supplemental information
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Structural cost savings (structural cost reductions, structural savings, structural cost improvements, cost discipline) • Structural Cost Savings, which describes decreases in cash opex excluding energy and productio
Slide 32: Adjusting items by segment
Supplemental information ADJUSTING ITEMS BY SEGMENT Third Quarter 2026 Upstream Energy Products Chemical Specialty Chemical Specialty Products Products YTD 2026 Upstream Energy Products Corporate & Products Products Corporate & Total Total Non- Non- Non- Non- Financing Non- Non- Non- Non- Financing
Slide 33: Reconciliation of 2024 unit earnings
Supplemental information RECONCILIATION OF 2024 UNIT EARNINGS EX. IDENTIFIED ITEMS, ON CONSTANT PRICE / MARGIN BASIS ENERGY CHEMICAL SPECIALTY UPSTREAM 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
Slide 34: Reconciliation of 2025 unit earnings
Supplemental information RECONCILIATION OF 2025 UNIT EARNINGS EX. IDENTIFIED ITEMS, ON CONSTANT PRICE / MARGIN BASIS ENERGY CHEMICAL SPECIALTY UPSTREAM PROD PROD PROD 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
Slide 35: Reconciliation of 3Q26 unit earnings
Supplemental information RECONCILIATION OF 3Q26 UNIT EARNINGS ENERGY CHEMICAL SPECIALTY UPSTREAM PROD PROD PROD Earnings (U.S. GAAP) 7.1 7.2 0.7 1.3 Adjusting items (0.2) (1.9) 0.0 0.0 Adjusted earnings (non-GAAP) 7.3 9.1 0.7 1.3 U/S production - Moebd, Energy Products refinery throughput - Mbd, 4.5
Slide 36: Reconciliation of 2024 earnings growth at constant prices and margins
Supplemental information RECONCILIATION OF 2024 EARNINGS GROWTH AT CONSTANT PRICES AND MARGINS PRODUCT SOLUTIONS UPSTREAM 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 Item
Slide 37: Reconciliation of 2024 cash flow growth at constant prices and margins
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 38: Cash flow from operations
Supplemental information CASH FLOW FROM OPERATIONS 3Q26 YTD'26 Net income / (loss) including noncontrolling interests 16,022 35,375 Depreciation and depletion (includes impairments) 6,803 22,263 Changes in operational working capital, excluding cash and debt 2,216 (1,641) All other items – net 609 1
Slide 39: Free cash flow
Supplemental information FREE CASH FLOW 3Q26 YTD'26 Net cash provided by operating activities (U.S. GAAP) 25,650 57,910 Additions to property, plant, and equipment (7,178) (20,175) Proceeds from asset sales and returns of investments 808 1,457 Additional investments and advances (868) (1,579) Other
Slide 40: Cash capital expenditures
Supplemental information CASH CAPITAL EXPENDITURES 3Q26 YTD'26 Additions to property, plant, and equipment 7,178 20,175 Additional investments and advances 868 1,579 Other investing activities including collection of advances (697) (1,431) Inflows from noncontrolling interests for major projects — —
Slide 41: Calculation of structural cost savings
Supplemental information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2025 YTD 2025 YTD 2026 Components of operating costs From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP) Production and manufacturing expenses 36.8 42.4 30.3 34.2 Selling, general and administrative expenses 11.4 11.1 8.
Slide 42: Footnotes
Supplemental information Page 3 Page 5 1) Based on an as-reported asset basis, leveraging internal data available from 2014. 1) Based on an as-reported asset basis, leveraging internal data available from 2014. 2) Based on current asset basis, leveraging internal data available from 2014. 2) Energy
Slide 43: Footnotes
Supplemental information Page 11 Page 16 1) Production adjusted to $65/bbl real Brent. Differences versus actual production include 1) Middle East impacts include curtailed production, deferred sales, and associated tax impacts. entitlements and other price-linked volume impacts. 2) Advantaged proje