Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Q2 2026 Earnings Presentation
43 slides from Exxon Mobil's earnings presentation, Jul 31, 2026
Slide 1: 2Q 2026 Earnings Call
2Q 2026 Earnings Call July 31, 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 deliver growth in shareholder value
Executing proven strategy to deliver growth in shareholder value 2Q26 YTD Operational highlights • Highest Upstream production in more than two decades, excluding the Middle East disruptions1 GAAP earnings $14.5B $18.7B • Record Permian production; 9% CAGR through 2030 exceeds GAAP earnings per shar
Slide 4: Unprecedented supply disruptions across all sectors
Macro Unprecedented supply disruptions across all sectors Industry prices / margins Reduced refining capacity 10-year annual range1 and crude inventory releases maintain crude prices within historical range Natural gas prices remain elevated with ongoing supply disruptions Unprecedented refining cap
Slide 5: Capturing market value through disciplined approach
YTD'26 versus YTD'25: Corporate Capturing market value through disciplined approach Corporate year-over-year earnings Consistent focus on growing Million USD advantaged capacity and 940 Adjusted optimizing businesses 2,380 (770) (1,790) (2,170) earnings $23,452 (Non-GAAP) paying off in tight markets
Slide 6: Advantaged portfolio generating industry-leading cash flow from operations
2Q26 versus YE’25: Cash Advantaged portfolio generating industry-leading cash flow from operations Cash flow Billion USD 0.6 Cash capex year-to-date (13.0) in line with full-year plan 32.3 Net debt lower by more than $7B in second quarter (18.6) Industry-leading net debt $10.7 $10.6 to capital impro
Slide 7: Guyana
Guyana Partner of choice: Industry-leading execution and technology capabilities Industry-leading pace and cost Unprecedented production ramp up ~100 Kbd 100+ projects in comparison set (2017-2025) Moebd Above investment basis 1.5 Guyana on first four FPSOs1 Faster 1.3 Norway ExxonMobil Guyana 1.0 B
Slide 8: Guyana
Guyana Leading project Guyana execution and optimized placeholder operations enabled accelerated recovery Production sharing1 Moebd Net cash flow1 Billion USD 2x Free cash flow 2030 versus 20252 ~2 year Co-venturers Acceleration of investment recovery, excluding price Country of Guyana impacts3 2020
Slide 9: Looking ahead to 3Q26
LOOKING AHEAD TO 3Q26 Upstream Product Solutions Corporate Guyana net entitlement Scheduled maintenance expected Corporate and financing expenses to decrease by ~100 Kbd to be lower than 2Q26 expected to be $0.8B - $1.0B Strait of Hormuz closure for the entire quarter would reduce Middle East XXX XX
Slide 10: Appendix
ExconMobil Appendix
Slide 11: Capturing market value through disciplined approach: 2Q26 versus 1Q26 Corporate
2Q26 versus 1Q26: Corporate Capturing market value through disciplined approach Corporate quarter-on-quarter earnings Million USD Adjusted 10 earnings (330) 0 100 $14,680 (Non-GAAP) Excellent operational (1,050) (100) 155 Adjusting items performance in the U.S. - Adjusted 7,270 record Permian and Gu
Slide 12: 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 13: YTD'26 versus YTD'25: Upstream
YTD'26 versus YTD'25: Upstream Capturing market value through disciplined approach Upstream year-over-year earnings Million USD Adjusted Highest production in more 1,940 (590) 340 earnings $15,454 (Non-GAAP) than two decades, excluding Adjusted earnings (1,280) (1,510) 470 1,790 Adjusting the Middle
Slide 14: YTD'26 versus YTD'25: Energy Products
YTD'26 versus YTD'25: Energy Products Capturing market value through disciplined approach Energy Products year-over-year earnings Million USD Consistent focus on growing 410 (330) 380 (600) Adjusted earnings advantaged capacity and — (460) (260) $6,898 (Non-GAAP) optimizing businesses paying off in
Slide 15: YTD'26 versus YTD'25: Chemical Products
YTD'26 versus YTD'25: Chemical Products Capturing market value through disciplined approach Chemical Products year-over-year earnings Million USD Adjusted earnings Increased North American 150 (50) (90) $1,324 (Non-GAAP) Adjusting feed advantage and 10 170 83 items performance chemical margins 570 B
Slide 16: YTD'26 versus YTD'25: Specialty Products
YTD'26 versus YTD'25: Specialty Products Capturing market value through disciplined approach Specialty Products year-over-year earnings Adjusted earnings Million USD $1,620 (Non-GAAP) 10 60 13 Adjusting Increased basestock $1,435 120 (30) 80 (10) items margins on supply (50) disruptions High-value p
Slide 17: 2Q26 versus 1Q26: Upstream
2Q26 versus 1Q26: Upstream Capturing market value through disciplined approach Upstream quarter-on-quarter earnings Million USD Adjusted 160 220 earnings (780) 0 $9,189 (Non-GAAP) (40) (210) Adjusting Record Permian production Adjusted earnings 3,580 1,262 items of more than 1.8 Moebd (Non-GAAP) $6,
Slide 18: 2Q26 versus 1Q26: Energy Products
2Q26 versus 1Q26: Energy Products Capturing market value through disciplined approach Energy Products quarter-on-quarter earnings Million USD GAAP $5,465 earnings 0 1,366 Adjusting Adjusted (510) 0 70 items Strong U.S. Gulf Coast earnings (Non-GAAP) 1,900 (160) (0) utilization and record $2,799 dies
Slide 19: 2Q26 versus 1Q26: Chemical Products
2Q26 versus 1Q26: Chemical Products Capturing market value through disciplined approach Chemical Products quarter-on-quarter earnings Million USD Adjusted earnings (180) (Non-GAAP) 0 0 $1,214 (30) (30) 83 Adjusting items Increased North American feed advantage and reliability enabled robust 1,340 ma
Slide 20: 2Q26 versus 1Q26: Specialty Products
2Q26 versus 1Q26: Specialty Products Capturing market value through disciplined approach Specialty Products quarter-on-quarter earnings Million USD 30 Adjusted (0) earnings (120) 0 (Non-GAAP) 20 $969 (60) 13 Adjusting Increased basestock 450 items margins on supply disruptions and strong Middle East
Slide 21: 3Q26 maintenance outlook
Corporate 3Q26 maintenance outlook Upstream scheduled maintenance earnings impact1 Product Solutions scheduled maintenance earnings impact2 Million USD Million USD 600 1200 30 900 -280 20 170 120 690 +40 -460 300 300 600 260 260 220 40 510 40 -60 200 770 150 170 680 300 160 210 230 0 0 3Q25 4Q25 1Q2
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 3Q26 Key Items • Guyana net entitlement to decrease by ~100 Kbd Marker Annual Sensitivity • Strait of Hormuz closure for the entire quarter would reduce Middle East production by ~750 Koebd Upstream versus 2025 • Product Solutions sched
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: Selected earnings driver definitions
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: Definitions and non-GAAP financial measure reconciliations
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: Definitions and non-GAAP financial measure reconciliations
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: Definitions and non-GAAP financial measure reconciliations
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: Definitions and non-GAAP financial measure reconciliations
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 Second 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 ex. identified items
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 ex. identified items
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 2Q26 unit earnings
Supplemental information RECONCILIATION OF 2Q26 UNIT EARNINGS ENERGY CHEMICAL SPECIALTY UPSTREAM PROD PROD PROD Earnings (U.S. GAAP) 7.9 5.5 1.1 1.0 Adjusting items (1.3) 1.4 (0.1) 0.0 Adjusted earnings (non-GAAP) 9.2 4.1 1.2 1.0 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 (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 38: Cash flow from operations
Supplemental information CASH FLOW FROM OPERATIONS 2Q26 YTD'26 Net income / (loss) including noncontrolling interests 14,881 19,353 Depreciation and depletion (includes impairments) 8,689 15,460 Changes in operational working capital, excluding cash and debt (2,099) (3,857) All other items – net 2,0
Slide 39: Free cash flow
Supplemental information FREE CASH FLOW 2Q26 YTD'26 Net cash provided by operating activities (U.S. GAAP) 23,555 32,260 Additions to property, plant, and equipment (6,527) (12,997) Proceeds from asset sales and returns of investments 430 649 Additional investments and advances (324) (711) Other inve
Slide 40: Cash capital expenditures
Supplemental information CASH CAPITAL EXPENDITURES 2Q26 YTD'26 Additions to property, plant, and equipment 6,527 12,997 Additional investments and advances 324 711 Other investing activities including collection of advances (102) (734) Inflows from noncontrolling interests for major projects — — Les
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 20.2 22.9 Selling, general and administrative expenses 11.4 11.1 5.
Slide 42: Supplemental information
Supplemental information Page 3 Page 5 1) Middle East disruptions analysis based on exclusion of Middle East country volumes across all 1) Middle East impacts include curtailed production, deferred sales, and associated tax impacts. periods. 2) Source: Rystad Energy, Permian production outlook betwe
Slide 43: Supplemental information
Supplemental information Page 12 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