Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q4 2025 Earnings Presentation
50 slides from Exxon Mobil's earnings presentation, Jan 30, 2026
Slide 1: ExxonMobil 4Q 2025 Earnings Call
Permian Basin, Texas ExxonMobil 4Q 2025 Earnings Call January 30, 2026 1
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: Competitive advantages driving value and extending our lead
Strathcona, Canada Competitive advantages driving value and extending our lead Full-year earnings of $28.8B, Successfully delivered: Industry-leading growth in and $30.1B earnings ex. 10 out of 10 key 2025 cash flow from operations and 1 identified items, driven by projects ; highest Upstream free c
Slide 4: Transformed business delivering value today, with runway of profitable growth
Corporate Transformed business delivering value today, with runway of profitable growth far into the future Delivering strong Investing in unmatched opportunities in traditional Driving leading long-term operational performance and new businesses shareholder returns and advantaged growth Total distr
Slide 5: 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 6: Successfully delivered 2025 key projects
2025 Key projects Successfully delivered 2025 key projects, strengthening advantaged portfolio and de-risking earnings growth China Chemical Complex U.K. Fawley Hydrofiner U.S. Advanced Recycling Units Canada Strathcona Renewable Diesel Singapore Resid Upgrade Brazil Bacalhau Guyana Yellowtail U.S.
Slide 7: Leading performance enabled by competitive advantages
2025 Financial results Leading performance enabled by competitive advantages Earnings Cash flow from operations Structural cost savings $28.8 B $30.1B earnings ex. identified items $52.0 B ~10% CAGR vs. 2019; $15.1B Since 2019; more than all other with a CAGR of >20% vs. 2019; leading IOCs1 IOCs com
Slide 8: Integrated businesses provide stability across commodity cycles
Macro Integrated businesses provide stability across commodity cycles Record crude demand6 offset by increasing Industry prices / margins 10-year annual range1 industry supply, resulted in lower prices Robust demand kept natural gas prices at top end of 10-year range Record full-year demand6 and inc
Slide 9: Business transformation driving leading financial performance (2025 vs. 2024)
2025 vs. 2024 Business transformation driving leading financial performance ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 2024 GAAP Earnings / (Loss) $25.4 $4.0 $2.6 $3.1 ($1.4) $33.7 Divestments 0.4 - - - 0.0 0.4 Impairments (0.4) (0.1) (0.1) (0.0) - (0.6) Tax-related items 0.2
Slide 10: Business transformation driving leading financial performance (4Q25 vs. 3Q25)
4Q25 vs. 3Q25 Business transformation driving leading financial performance ENERGY CHEMICAL SPECIALTY CORP & UPSTREAM TOTAL PROD PROD PROD FIN 3Q25 GAAP Earnings / (Loss) $5.7 $1.8 $0.5 $0.7 ($1.2) $7.5 Impairments - - - - (0.2) (0.2) Restructuring charges - - - - (0.4) (0.4) 3Q25 Earnings / (Loss)
Slide 11: Advantaged portfolio generates leading cash flow
2025 vs. 2024: Cash Advantaged portfolio generates leading cash flow Cash flow Billion USD 3.2 Strong earnings drove 4Q CFO of $12.7B (29.0) 52.0 Cash capex of $8.1B in 4Q; full year $26.4B, excluding cash acquisitions (37.2) $ 23.2 (1.4) 4Q distributions of $9.5B $ 10.7 YE'24 CFO Asset Cash Shareho
Slide 12: Upstream Product Solutions Corporate outlook
Upstream Product Solutions Corporate 100 - 200 Koebd Corporate & financing expenses lower volumes primarily due to Higher seasonal expected to be timing impacts, downtime, and scheduled maintenance $0.8B - $1.0B absence of favorable entitlements First full quarter XXX Anticipate corporate XXX total
Slide 13: Unmatched competitive advantages extend leading performance into 2026
Houston, Texas Unmatched competitive advantages extend leading performance into 2026 Leading cost discipline and Leveraging advantages to capitalize Delivering profitable growth and execution excellence on unmatched opportunity set creating leading shareholder value Profitably growing Upstream $27-2
Slide 14: Q&A
Rotterdam, Netherlands Q&A Individual investors webpage launching February 2nd Company overview presentation refresh coming February 20th 14
Slide 15: Upstream: advantaged assets and continued cost discipline (2025 vs. 2024)
2025 vs. 2024: Upstream Advantaged assets and continued cost Transformed the business: discipline driving long-term profitable growth advantaged growth and structural cost savings drive Upstream year-over-year earnings ex. ident. items Million USD earnings improvement $ 25,175 Record crude demand1 m
Slide 16: Energy Products: earnings strength (2025 vs. 2024)
2025 vs. 2024: Energy Products Earnings strength underpinned by improved portfolio and operational excellence Transformed the business: portfolio high-grading since Energy Products year-over-year earnings ex. ident. items 2019 contributed >$4B Million USD to 2025 earnings1 $ 6,940 380 570 (520) 170
Slide 17: Chemical Products: navigating bottom-of-cycle conditions (2025 vs. 2024)
2025 vs. 2024: Chemical Products Continuing to navigate bottom-of-cycle conditions while maintaining long-term focus Transformed the business: Chemical Products year-over-year earnings ex. ident. items advantaged footprint, Million USD high-value products, and $ 2,672 cost discipline consistently dr
Slide 18: Specialty Products: high-margin differentiated products (2025 vs. 2024)
2025 vs. 2024: Specialty Products Consistently strong earnings driven by high-margin differentiated products Specialty Products year-over-year earnings ex. ident. items Transformed the business: Million USD portfolio of high-value 130 products and disciplined 70 (250) cost management driving 40 $ 3,
Slide 19: Upstream: advantaged assets and cost discipline (4Q25 vs. 3Q25)
4Q25 vs. 3Q25: Upstream Advantaged assets and continued cost discipline driving long-term profitable growth Lower realizations primarily Upstream quarter-on-quarter earnings ex. ident. items driven by liquids prices Million USD $ 5,679 Record quarterly production of ~5.0 Moebd, including Permian vol
Slide 20: Energy Products: earnings strength (4Q25 vs. 3Q25)
4Q25 vs. 3Q25: Energy Products Earnings strength underpinned by improved portfolio and operational excellence Margins improvement driven by strong diesel Energy Products quarter-on-quarter earnings ex. ident. items and gasoline crack spreads Million USD $ 2,907 130 90 20 250 Higher volumes driven (2
Slide 21: Chemical Products: navigating bottom-of-cycle conditions (4Q25 vs. 3Q25)
4Q25 vs. 3Q25: Chemical Products Continuing to navigate bottom-of-cycle conditions while maintaining long-term focus Chemical Products quarter-on-quarter earnings ex. ident. items Million USD $ 515 Lower North American feed advantage and seasonally weaker (430) industry prices 30 10 Higher seasonal
Slide 22: Specialty Products: high-margin differentiated products (4Q25 vs. 3Q25)
4Q25 vs. 3Q25: Specialty Products Consistently strong earnings driven by high-margin differentiated products Specialty Products quarter-on-quarter earnings ex. ident. items Million USD 10 Increased margins driven (10) 0 by lower feed costs $ 740 100 (120) $ 682 (40) Seasonally higher expenses Other
Slide 23: 1Q26 maintenance outlook
Corporate 1Q26 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD 900 900 ~810 +370 600 600 ~30 ~600 ~30 ~40 +160 ~180 ~40 ~170 300 ~260 -10 300 ~160 ~170 ~240 ~220 ~250 ~140 -90 ~170 ~360 ~310 ~210 ~23
Slide 24: 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 24
Slide 25: 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 26: Sensitivities and Key Assumptions
Sensitivities and Key Assumptions Annual Earnings Sensitivities 1Q26 Key Items Marker Annual Sensitivity • 100 - 200 Koebd lower volumes primarily due to timing impacts, downtime, and absence of favorable entitlements • Higher seasonal schedule maintenance in Product Solutions Upstream • First full
Slide 27: 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 28: 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 29: 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 30: 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 31: Definitions and non-GAAP financial measure reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Consensus Cash Flow from Operations (Consensus CFO). Refers to the average estimate of cash flow from operations for a respective company and year, as collected by FactSet (unless otherwise stated), as of January 28,
Slide 32: Definitions and non-GAAP financial measure reconciliations
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Earnings growth at constant margins (earnings growth at constant nominal margins) (non-GAAP). Represents the earnings growth at constant nominal margins under current plans to 2030 from a 2024 baseline for our EMPS s
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: 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 earnings ex. identified items
Supplemental information RECONCILIATION OF EARNINGS EX. IDENT ITEMS 2019 2020 2021 2022 2023 2024 2025 Earnings (U.S. GAAP) 14.3 (22.4) 23.0 55.7 36.0 33.7 28.8 Identified Items Asset management 3.7 0.0 1.1 0.9 0.3 0.4 0.7 Impairment 0.0 (20.1) (0.8) (4.2) (3.0) (0.6) (1.9) Restructuring charges (0.
Slide 36: Reconciliation of 2019 unit earnings ex. identified items
Supplemental information RECONCILIATION OF 2019 UNIT EARNINGS EX. IDENTIFIED ITEMS, ON CONSTANT PRICE / MARGIN BASIS UPSTREAM ENERGY CHEMICAL SPECIALTY PROD PROD PROD Earnings (U.S. GAAP) 14.4 1.4 0.8 0.7 Identified items 4.4 (0.0) 0.0 - Earnings ex. identified items (non-GAAP) 10.0 1.5 0.8 0.7 Adju
Slide 37: 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 38: 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 39: Reconciliation of 4Q25 unit earnings
Supplemental information RECONCILIATION OF 4Q25 UNIT EARNINGS UPSTREAM ENERGY CHEMICAL SPECIALTY PROD PROD PROD Earnings (U.S. GAAP) 3.5 3.4 (0.3) 0.7 Identified items (0.9) 0.5 (0.3) 0.0 Earnings ex. identified items (non-GAAP) 4.4 2.9 (0.0) 0.7 U/S production - Moebd, Energy Products refinery thro
Slide 40: 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 41: 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 42: Cash flow from operations
Supplemental information CASH FLOW FROM OPERATIONS 2019 4Q25 2025 Net income / (loss) including noncontrolling interests 14,774 6,609 29,764 Depreciation and depletion (includes impairments) 18,998 7,715 25,993 Changes in operational working capital, excluding cash and debt 923 (2,728) (7,728) All o
Slide 43: Cash capital expenditures
Supplemental information CASH CAPITAL EXPENDITURES 4Q25 2025 Additions to property, plant and equipment 7,450 28,358 Additional investments and advances 3,160 4,133 Other investing activities including collection of advances (2,457) (3,406) Less: Inflows from noncontrolling interests for major proje
Slide 44: Return on average capital employed
Supplemental information RETURN ON AVERAGE CAPITAL EMPLOYED 2020 2021 2022 2023 2024 2025 Net income (loss) attributable to ExxonMobil (U.S. GAAP) (22.4) 23.0 55.7 36.0 33.7 28.8 Financing costs (after-tax) Gross third-party debt (1.3) (1.2) (1.2) (1.2) (1.1) (1.4) ExxonMobil share of equity compani
Slide 45: Average capital employed
Supplemental information AVERAGE CAPITAL EMPLOYED 2019 2020 2021 2022 2023 2024 2025 Business uses: asset and liability perspective Total Assets 362.6 332.8 338.9 369.1 376.3 453.5 449.0 Less liabilities and noncontrolling interests share of assets and liabilities Total current liabilities excluding
Slide 46: Free cash flow
Supplemental information FREE CASH FLOW 2019 4Q25 2025 Net cash provided by operating activities (U.S. GAAP) 29,716 12,679 51,970 Additions to property, plant and equipment (24,361) (7,450) (28,358) Proceeds from asset sales and returns of investments 3,692 1,020 3,158 Additional investments and adv
Slide 47: Calculation of structural cost savings
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 42.4 Selling, general and administrative expenses 11.4 10.0 11.1 Depreciation an
Slide 48: Supplemental information: footnotes
Supplemental information Page 3 Page 4 (cont’d) 1) 10 key 2025 projects include China Chemical Complex, U.K. Fawley Hydrofiner, U.S. 2) 2030 emissions-reduction plans for Corporate and Upstream greenhouse gas emissions Advanced Recycling Units, Canada Strathcona Renewable Diesel, Singapore Resid Upg
Slide 49: Supplemental information: footnotes
Supplemental information Page 4 (cont’d) Page 7 6) Earnings and cash flow growth plans refers to Earnings growth at constant prices and 1) ExxonMobil had a leading earnings ex. identified items CAGR versus each of the other margins and Cash flow growth at constant prices and margins, defined on page
Slide 50: Supplemental information: footnotes
Supplemental information Page 8 Page 16 1) 10-year range includes 2010-2019, a representative 10-year business cycle which avoids 1) Includes earnings contributions from advantaged projects, divestments, trading and the extreme outliers in both directions that the market experienced in recent years.