Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q1 2026 Earnings Presentation
45 slides from Exxon Mobil's earnings presentation, May 1, 2026
Slide 1: ExxonMobil 1Q 2026 Earnings Call
Payara, Guyana ExxonMobil 1Q 2026 Earnings Call May 1, 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: Executing proven strategy to navigate unprecedented volatility and deliver leading shareholder value
Executing proven strategy to navigate unprecedented volatility and deliver leading shareholder value Scale and Integration Execution excellence Differentiated results Leveraged world-scale supply chain capabilities to optimize largest and most Achieved industry-leading reliability Generated cash flo
Slide 4: Leveraging competitive advantages to grow earnings capacity and long-term shareholder value
Corporate Leveraging competitive advantages to grow earnings capacity and long-term shareholder value Cash capex Net debt-to-capital Shareholder distributions $6.2 B 13 % $9.2B Full-year cash capex plan of $27B-$29B Net debt-to-EBITDA ratio of 0.4x1; Including $4.9B of share buybacks industry-leadin
Slide 5: Market heavily impacted by supply disruptions and higher feedstock costs
Macro Market heavily impacted by supply disruptions and higher feedstock costs Industry prices / margins Crude prices posted 10-year annual range1 largest-ever monthly gain6 Global crude supply decreased by ~10%6 Global LNG supply reduced by ~20%7 Asia Pacific refining runs lower by ~10%6 Crude Natu
Slide 6: Growing advantaged volumes and driving structural cost savings to increase earnings
1Q26 versus 1Q25: Corporate Growing advantaged volumes and driving structural cost savings to increase earnings Corporate year-over-year earnings Advantaged volumes Million USD growth partly offset by 840 430 Middle East volume impacts (560) $8,772 1,700 (940) (290) $7,713 Includes ($430M) (130) Bas
Slide 7: Advantaged portfolio generating strong cash flow from operations
1Q26 versus YE’25: Cash Advantaged portfolio generating strong cash flow from operations Excluding margin postings, Cash flow Billion USD cash flow from operations $8.7 billion CFO; higher than average of $11.2 billion CFO excluding working capital/other last 12 quarters (5.1) 0.2 Cash capex of $6.2
Slide 8: 2Q26 outlook: Upstream, Product Solutions, Corporate
Upstream Product Solutions Corporate Strait of Hormuz closure for the entire Scheduled maintenance expected Corporate and financing expenses quarter would reduce Middle East to be in line with 1Q26 expected to be $700M - $900M production by ~750 Koebd versus 2025 Non-Middle East impacts, including S
Slide 9: Delivering industry-leading shareholder value
PNG LNG Project, Papua New Guinea Delivering industry-leading shareholder value Delivering profitable growth to Applying competitive advantages to Leading cost discipline and support industry-leading total unmatched portfolio execution excellence shareholder returns Continuing to drive additional st
Slide 10: Q&A
Baton Rouge Manufacturing Complex, Louisiana Q&A Annual Shareholder Meeting on May 27 10
Slide 11: First-quarter 2026 Middle East impacts
First-quarter 2026 Middle East impacts Ras Laffan, Qatar Upstream • Middle East assets represent roughly 20% of our global oil-equivalent production; first- quarter production impact of approximately 5% compared with fourth quarter 20251. • In Qatar, attacks in the first quarter impacted two LNG tra
Slide 12: On track to deliver 2030 plan: ~$25B earnings growth and ~$35B cash flow growth
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 13: Growing advantaged volumes and driving structural cost savings (1Q26 vs 4Q25)
1Q26 versus 4Q25: Corporate Growing advantaged volumes and driving Lower volumes from structural cost savings to increase earnings Middle East impacts and Corporate quarter-on-quarter earnings scheduled maintenance Million USD 290 $400M lower volumes from (360) (870) 130 $8,772 two fewer days in qua
Slide 14: Earnings by segment, 1Q26 versus 1Q25
1Q26 versus 1Q25: Corporate Growing advantaged volumes and driving structural cost savings to increase earnings ENERGY CHEMICAL SPECIALTY UPSTREAM CORP & FIN TOTAL PROD PROD PROD 1Q25 GAAP Earnings / (Loss) $6.8 $0.8 $0.3 $0.7 ($0.8) $7.7 1Q25 Earnings / (Loss) excluding identified items (non-GAAP)
Slide 15: Earnings by segment, 1Q26 versus 4Q25
1Q26 versus 4Q25: Corporate Growing advantaged volumes and driving structural cost savings to increase earnings ENERGY CHEMICAL SPECIALTY UPSTREAM CORP & FIN TOTAL PROD PROD PROD 4Q25 GAAP Earnings / (Loss) $3.5 $3.4 ($0.3) $0.7 ($0.8) $6.5 Impairments (1.1) (0.3) (0.3) (0.0) - (1.7) Divestments - 0
Slide 16: Upstream earnings, 1Q26 versus 1Q25
1Q26 versus 1Q25: Upstream Growing advantaged volumes and driving structural savings to increase earnings Upstream year-over-year earnings excluding identified items Million USD Record Guyana production $ 6,756 170 underpinned by 610 (280) (380) (650) 200 $6,265 $ 5,737 industry-leading reliability1
Slide 17: Energy Products earnings, 1Q26 versus 1Q25
1Q26 versus 1Q25: Energy Products Growing advantaged volumes and driving structural savings to increase earnings Energy Products year-over-year earnings excluding identified items Million USD 150 Improved margin includes 160 strong results from trading (260) (250) 30 $2,799 and optimization 2,420 (2
Slide 18: Chemical Products earnings, 1Q26 versus 1Q25
1Q26 versus 1Q25: Chemical Products Growing advantaged volumes and driving structural savings to increase earnings Chemical Products year-over-year earnings excluding identified items Million USD Compressed margins driven by lower realizations and increased feed costs $ 273 Volume increases from Chi
Slide 19: Specialty Products earnings, 1Q26 versus 1Q25
1Q26 versus 1Q25: Specialty Products Growing advantaged volumes and driving structural savings to increase earnings Specialty Products year-over-year earnings excluding identified items Million USD $ 655 30 $ 651 40 10 40 (110) (10) Compressed margins driven by increased feed costs Record sales volu
Slide 20: Upstream earnings, 1Q26 versus 4Q25
1Q26 versus 4Q25: Upstream Growing advantaged volumes and driving structural savings to increase earnings Upstream quarter-on-quarter earnings excluding identified items Million USD Record Guyana production underpinned by (380) 0 20 $6,265 industry-leading reliability1 (290) (530) $ 5,737 2,680 (160
Slide 21: Energy Products earnings, 1Q26 versus 4Q25
1Q26 versus 4Q25: Energy Products Growing advantaged volumes and driving structural savings to increase earnings Energy Products quarter-on-quarter earnings excluding identified items Margin improvement Million USD 0 driven by strong refining (640) 80 80 and trading 1,040 (310) $ 2,907 (360) Include
Slide 22: Chemical Products earnings, 1Q26 versus 4Q25
1Q26 versus 4Q25: Chemical Products Growing advantaged volumes and driving structural savings to increase earnings Chemical Products quarter-on-quarter earnings excluding identified items Million USD Compressed margins driven by increased feed costs (100) $ 110 Additional structural 210 cost savings
Slide 23: Specialty Products earnings, 1Q26 versus 4Q25
1Q26 versus 4Q25: Specialty Products Growing advantaged volumes and driving structural savings to increase earnings Specialty Products quarter-on-quarter earnings excluding identified items Million USD $ 682 Compressed margins 30 $ 651 driven by increased feed costs (280) 160 20 Record sales volume
Slide 24: 2Q26 maintenance outlook
Corporate 2Q26 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD 600 1200 +150 970 430 20 800 120 720 +280 -100 300 290 260 30 240 220 40 40 +140 400 170 150 680 160 170 310 210 230 0 0 2Q25 3Q25 4Q25
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 25
Slide 26: 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 27: Sensitivities and Key Assumptions
Sensitivities and Key Assumptions Annual Earnings Sensitivities 2Q26 Key Items • Strait of Hormuz closure for the entire quarter would reduce Middle East production by ~750 Koebd versus 2025 Marker Annual Sensitivity • Non-Middle East impacts, including downtime, expected to increase production by ~
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 power or earn
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; adjusted earnings) (non-GAAP). Earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate t
Slide 33: Definitions and non-GAAP financial measure reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Lower-emission fuels. Fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel, and jet transport. Margin postings. Margin postings refer to cash collateral posted in support
Slide 34: Definitions and non-GAAP financial measure reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Structural earnings improvements (structural improvements, growing earnings power, improved earnings power). Structural earnings improvements consist of efforts to improve earnings on a like-for-like price and margin
Slide 35: Reconciliation of 2024 unit earnings ex. identified items
Supplemental information RECONCILIATION OF 2024 UNIT EARNINGS EX. IDENTIFIED ITEMS, ON CONSTANT PRICE / MARGIN BASIS UPSTREAM ENERGY CHEMICAL SPECIALTY 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 36: Reconciliation of 2025 unit earnings ex. identified items
Supplemental information RECONCILIATION OF 2025 UNIT EARNINGS EX. IDENTIFIED ITEMS, ON CONSTANT PRICE / MARGIN BASIS UPSTREAM ENERGY CHEMICAL SPECIALTY 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 37: Reconciliation of 1Q26 unit earnings
Supplemental information RECONCILIATION OF 1Q26 UNIT EARNINGS UPSTREAM ENERGY CHEMICAL SPECIALTY PROD PROD PROD Earnings (U.S. GAAP) 5.7 (1.3) 0.1 0.7 Identified items - (0.7) - - Earnings ex. identified items (non-GAAP) 5.7 (0.6) 0.1 0.7 U/S production - Moebd, Energy Products refinery throughput -
Slide 38: 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 It
Slide 39: Reconciliation of 2024 cash flow (CFO) 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 40: Cash flow from operations 1Q26
Supplemental information CASH FLOW FROM OPERATIONS 1Q26 Net income / (loss) including noncontrolling interests 4,472 Depreciation and depletion (includes impairments) 6,771 Changes in operational working capital, excluding cash and debt (1,758) All other items – net (780) Cash flow from operations (
Slide 41: Free cash flow 1Q26
Supplemental information FREE CASH FLOW 1Q26 Net cash provided by operating activities (U.S. GAAP) 8,705 Additions to property, plant and equipment (6,470) Proceeds from asset sales and returns of investments 219 Additional investments and advances (387) Other investing activities including collecti
Slide 42: Cash capital expenditures 1Q26
Supplemental information CASH CAPITAL EXPENDITURES 1Q26 Additions to property, plant and equipment 6,470 Additional investments and advances 387 Other investing activities including collection of advances (632) Less: Inflows from noncontrolling interests for major projects - Less: Advances and colle
Slide 43: Calculation of structural cost savings
Supplemental information CALCULATION OF STRUCTURAL COST SAVINGS 2019 2025 YTD 1Q25 YTD 1Q26 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 42.4 10.1 10.7 Selling, general and administrative expenses 11.4 11.1 2.
Slide 44: Footnotes
Supplemental information Page 3 Page 5 1) Comparing 1Q26 production versus 1Q25. 1) 10-year range includes 2010-2019, a representative 10-year business cycle which avoids the 2) Guyana 1Q26 FPSO performance is industry-leading in operational availability against extreme outliers in both directions t
Slide 45: Footnotes
Supplemental information Page 7 Page 16 1) Includes PP&E additions of ($6.5B), net investments / advances of $0.2B, inflows from 1) Guyana 1Q26 FPSO performance is industry-leading in operational availability against noncontrolling interests for major projects of $0.0B, less advances and collections