UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
or
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number 1-2256
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
(Address of principal executive offices) (Zip Code)
(972 ) 940-6000
(Registrant's telephone number, including area code)
_______________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☑ | Accelerated filer | ☐ | |||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
| Class | Outstanding as of March 31, 2025 | |||||||
| Common stock, without par value | ||||||||
EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025
TABLE OF CONTENTS
| PART I. FINANCIAL INFORMATION | |||||
| Item 1. Financial Statements | |||||
Condensed Consolidated Statement of Income - Three months ended March 31, 2025 and 2024 | |||||
Condensed Consolidated Statement of Comprehensive Income - Three months ended March 31, 2025 and 2024 | |||||
Condensed Consolidated Balance Sheet - As of March 31, 2025 and December 31, 2024 | |||||
Condensed Consolidated Statement of Cash Flows - Three months ended March 31, 2025 and 2024 | |||||
Condensed Consolidated Statement of Changes in Equity - Three months ended March 31, 2025 and 2024 | |||||
| Notes to Condensed Consolidated Financial Statements | |||||
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | |||||
| Item 4. Controls and Procedures | |||||
| PART II. OTHER INFORMATION | |||||
| Item 1. Legal Proceedings | |||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |||||
| Item 5. Other Information | |||||
Item 6. Exhibits | |||||
| Index to Exhibits | |||||
| Signature | |||||
2
PART I. FINANCIAL INFORMATION
| ITEM 1. FINANCIAL STATEMENTS | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF INCOME | |||||
(millions of dollars, unless noted) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Revenues and other income | ||||||||
| Sales and other operating revenue | ||||||||
| Income from equity affiliates | ||||||||
| Other income | ||||||||
| Total revenues and other income | ||||||||
| Costs and other deductions | ||||||||
| Crude oil and product purchases | ||||||||
| Production and manufacturing expenses | ||||||||
| Selling, general and administrative expenses | ||||||||
| Depreciation and depletion (includes impairments) | ||||||||
| Exploration expenses, including dry holes | ||||||||
| Non-service pension and postretirement benefit expense | ||||||||
| Interest expense | ||||||||
| Other taxes and duties | ||||||||
| Total costs and other deductions | ||||||||
| Income (loss) before income taxes | ||||||||
| Income tax expense (benefit) | ||||||||
| Net income (loss) including noncontrolling interests | ||||||||
| Net income (loss) attributable to noncontrolling interests | ||||||||
| Net income (loss) attributable to ExxonMobil | ||||||||
Earnings (loss) per common share (dollars) | ||||||||
Earnings (loss) per common share - assuming dilution (dollars) | ||||||||
| The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. | ||||||||
3
| CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Net income (loss) including noncontrolling interests | ||||||||
| Other comprehensive income (net of income taxes) | ||||||||
| Foreign exchange translation adjustment | ( | |||||||
| Postretirement benefits reserves adjustment (excluding amortization) | ( | ( | ||||||
| Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | ||||||||
| Total other comprehensive income (loss) | ( | |||||||
| Comprehensive income (loss) including noncontrolling interests | ||||||||
| Comprehensive income (loss) attributable to noncontrolling interests | ||||||||
| Comprehensive income (loss) attributable to ExxonMobil | ||||||||
| The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. | ||||||||
4
| CONDENSED CONSOLIDATED BALANCE SHEET | |||||
(millions of dollars, unless noted) | March 31, 2025 | December 31, 2024 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | ||||||||
| Cash and cash equivalents – restricted | ||||||||
| Notes and accounts receivable – net | ||||||||
| Inventories | ||||||||
| Crude oil, products and merchandise | ||||||||
| Materials and supplies | ||||||||
| Other current assets | ||||||||
| Total current assets | ||||||||
| Investments, advances and long-term receivables | ||||||||
| Property, plant and equipment – net | ||||||||
| Other assets, including intangibles – net | ||||||||
| Total Assets | ||||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Notes and loans payable | ||||||||
| Accounts payable and accrued liabilities | ||||||||
| Income taxes payable | ||||||||
| Total current liabilities | ||||||||
| Long-term debt | ||||||||
| Postretirement benefits reserves | ||||||||
| Deferred income tax liabilities | ||||||||
| Long-term obligations to equity companies | ||||||||
| Other long-term obligations | ||||||||
| Total Liabilities | ||||||||
| EQUITY | ||||||||
Common stock without par value ( | ||||||||
| Earnings reinvested | ||||||||
| Accumulated other comprehensive income | ( | ( | ||||||
Common stock held in treasury ( | ( | ( | ||||||
| ExxonMobil share of equity | ||||||||
| Noncontrolling interests | ||||||||
| Total Equity | ||||||||
| Total Liabilities and Equity | ||||||||
| The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. | ||||||||
5
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income (loss) including noncontrolling interests | ||||||||
| Depreciation and depletion (includes impairments) | ||||||||
| Changes in operational working capital, excluding cash and debt | ( | |||||||
| All other items – net | ( | |||||||
| Net cash provided by operating activities | ||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Additions to property, plant and equipment | ( | ( | ||||||
| Proceeds from asset sales and returns of investments | ||||||||
| Additional investments and advances | ( | ( | ||||||
| Other investing activities including collection of advances | ||||||||
| Net cash used in investing activities | ( | ( | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Additions to long-term debt | ||||||||
| Reductions in long-term debt | ( | |||||||
Reductions in short-term debt | ( | ( | ||||||
| Additions/(reductions) in debt with three months or less maturity | ( | ( | ||||||
| Cash dividends to ExxonMobil shareholders | ( | ( | ||||||
| Cash dividends to noncontrolling interests | ( | ( | ||||||
| Changes in noncontrolling interests | ( | ( | ||||||
Inflows from noncontrolling interests for major projects | ||||||||
| Common stock acquired | ( | ( | ||||||
| Net cash used in financing activities | ( | ( | ||||||
| Effects of exchange rate changes on cash | ( | |||||||
| Increase/(decrease) in cash and cash equivalents (including restricted) | ( | |||||||
| Cash and cash equivalents at beginning of period (including restricted) | ||||||||
| Cash and cash equivalents at end of period (including restricted) | ||||||||
| SUPPLEMENTAL DISCLOSURES | ||||||||
| Income taxes paid | ||||||||
| Cash interest paid | ||||||||
| Included in cash flows from operating activities | ||||||||
| Capitalized, included in cash flows from investing activities | ||||||||
| Total cash interest paid | ||||||||
| Noncash right of use assets recorded in exchange for lease liabilities | ||||||||
| Operating leases | ||||||||
| Finance leases | ||||||||
| The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. | ||||||||
6
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||
| ExxonMobil Share of Equity | |||||||||||||||||||||||
(millions of dollars, unless noted) | Common Stock | Earnings Reinvested | Accumulated Other Comprehensive Income | Common Stock Held in Treasury | ExxonMobil Share of Equity | Non-controlling Interests | Total Equity | ||||||||||||||||
| Balance as of December 31, 2023 | ( | ( | |||||||||||||||||||||
| Amortization of stock-based awards | — | — | — | — | |||||||||||||||||||
| Other | ( | — | — | — | ( | ( | |||||||||||||||||
| Net income (loss) for the period | — | — | — | ||||||||||||||||||||
| Dividends - common shares | — | ( | — | — | ( | ( | ( | ||||||||||||||||
| Other comprehensive income (loss) | — | — | ( | — | ( | ( | ( | ||||||||||||||||
| Share repurchases, at cost | — | — | — | ( | ( | — | ( | ||||||||||||||||
| Dispositions | — | — | — | — | |||||||||||||||||||
| Balance as of March 31, 2024 | ( | ( | |||||||||||||||||||||
| Balance as of December 31, 2024 | ( | ( | |||||||||||||||||||||
| Amortization of stock-based awards | — | — | — | — | |||||||||||||||||||
| Other | ( | — | — | ( | ( | ||||||||||||||||||
| Net income (loss) for the period | — | — | — | ||||||||||||||||||||
| Dividends - common shares | — | ( | — | — | ( | ( | ( | ||||||||||||||||
| Other comprehensive income (loss) | — | — | — | ||||||||||||||||||||
| Share repurchases, at cost | — | — | — | ( | ( | — | ( | ||||||||||||||||
| Dispositions | — | — | — | — | |||||||||||||||||||
| Balance as of March 31, 2025 | ( | ( | |||||||||||||||||||||
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||||||||||||||
Common Stock Share Activity (millions of shares) | Issued | Held in Treasury | Outstanding | Issued | Held in Treasury | Outstanding | ||||||||||||||
| Balance as of December 31 | ( | ( | ||||||||||||||||||
| Share repurchases, at cost | — | ( | ( | — | ( | ( | ||||||||||||||
| Dispositions | — | — | — | — | — | — | ||||||||||||||
| Balance as of March 31 | ( | ( | ||||||||||||||||||
| The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. | ||||||||||||||||||||
7
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||
Note 1. Basis of Financial Statement Preparation
These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2024 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.
Restricted cash represents sale proceeds required to be set aside by a contractual arrangement for any potential like kind exchange. The restriction will lapse upon the earlier of completion of the exchange or the expiry of the underlying time period, which is less than one year.
The Corporation's exploration and production activities are accounted for under the "successful efforts" method.
Note 2. Pioneer Natural Resources Merger
On May 3, 2024, the Corporation acquired Pioneer Natural Resources Company ("Pioneer"), an independent oil and gas exploration and production company. In connection with the acquisition, we issued 545 million shares of ExxonMobil common stock having a fair value of $63 billion on the acquisition date, and assumed debt with a fair value of $5 billion.
The transaction was accounted for as a business combination in accordance with ASC 805, which requires that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The following table summarizes the provisional fair values of the assets acquired and liabilities assumed.
| (billions of dollars) | Pioneer | ||||
Current assets (1) | |||||
| Other non-current assets | |||||
Property, plant & equipment (2) | |||||
| Total identifiable assets acquired | |||||
Current liabilities (1) | |||||
Long-term debt (3) | |||||
Deferred income tax liabilities (4) | |||||
| Other non-current liabilities | |||||
| Total liabilities assumed | |||||
| Net identifiable assets acquired | |||||
Goodwill (5) | |||||
Net assets (6) | |||||
(1) Current assets and current liabilities consist primarily of accounts receivable and payable, with their respective fair values approximating historical values given their short-term duration, expectation of insignificant bad debt expense, and our credit rating. | |||||
(2) Property, plant and equipment, of which a significant portion relates to crude oil and natural gas properties, was primarily valued using the income approach. Significant inputs and assumptions used in the income approach included estimates for commodity prices, future oil and gas production volumes, drilling and development costs, and risk-adjusted discount rates. Collectively, these inputs are level 3 inputs. | |||||
(3) Long-term debt was valued using market prices as of the acquisition date, which reflects the use of level 1 inputs. | |||||
(4) Deferred income taxes represent the tax effects of differences in the tax basis and acquisition date fair values of assets acquired and liabilities assumed. | |||||
(5) Goodwill was allocated to the Upstream segment. | |||||
(6) Provisional fair value measurements were made for assets acquired and liabilities assumed. Adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as we continue to evaluate the information necessary to complete the analysis. | |||||
8
Debt Assumed in the Merger
The following table presents long-term debt assumed at closing:
(millions of dollars) | Par Value | Fair Value as of May 2, 2024 | ||||||
(1) In June 2024, the Corporation redeemed in full all of the Convertible Senior Notes assumed from Pioneer for an amount consistent with the acquisition date fair value. | ||||||||
Note 3. Litigation and Other Contingencies
Litigation
A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters, which management believes should be disclosed.
State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change.
Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies, including ExxonMobil, requesting compensation for the restoration of coastal marsh erosion in the state. We believe the factual and legal theories set forth in these proceedings are meritless.
While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect on the Corporation’s operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims.
Other Contingencies
The Corporation and certain of its consolidated subsidiaries were contingently liable at March 31, 2025, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence.
9
| March 31, 2025 | |||||||||||
| (millions of dollars) | Equity Company Obligations (1) | Other Third-Party Obligations | Total | ||||||||
| Guarantees | |||||||||||
| Debt-related | |||||||||||
| Other | |||||||||||
| Total | |||||||||||
(1) ExxonMobil share. | |||||||||||
Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition.
Note 4. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars) | Cumulative Foreign Exchange Translation Adjustment | Postretirement Benefits Reserves Adjustment | Total | ||||||||
| Balance as of December 31, 2023 | ( | ( | |||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (2) | ( | ( | ( | ||||||||
| Amounts reclassified from accumulated other comprehensive income | |||||||||||
| Total change in accumulated other comprehensive income | ( | ( | ( | ||||||||
| Balance as of March 31, 2024 | ( | ( | |||||||||
| Balance as of December 31, 2024 | ( | ( | |||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income (2) | ( | ||||||||||
| Amounts reclassified from accumulated other comprehensive income | |||||||||||
| Total change in accumulated other comprehensive income | ( | ||||||||||
| Balance as of March 31, 2025 | ( | ( | |||||||||
(2) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $( | |||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | ||||||||
| (Statement of Income line: Non-service pension and postretirement benefit expense) | ( | ( | ||||||
Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Foreign exchange translation adjustment | ( | |||||||
| Postretirement benefits reserves adjustment (excluding amortization) | ||||||||
| Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs | ( | ( | ||||||
| Total | ( | |||||||
10
Note 5. Earnings Per Share
| Earnings per common share | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
Net income (loss) attributable to ExxonMobil (millions of dollars) | ||||||||
Weighted-average number of common shares outstanding (millions of shares) (1) | ||||||||
Earnings (loss) per common share (dollars) (2) | ||||||||
Dividends paid per common share (dollars) | ||||||||
(1) Includes restricted shares not vested. | ||||||||
(2) Earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown. | ||||||||
Note 6. Pension and Other Postretirement Benefits
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Components of net benefit cost | ||||||||
| Pension Benefits - U.S. | ||||||||
| Service cost | ||||||||
| Interest cost | ||||||||
| Expected return on plan assets | ( | ( | ||||||
| Amortization of actuarial loss/(gain) | ||||||||
| Amortization of prior service cost | ( | ( | ||||||
| Net pension enhancement and curtailment/settlement cost | ||||||||
| Net benefit cost | ||||||||
| Pension Benefits - Non-U.S. | ||||||||
| Service cost | ||||||||
| Interest cost | ||||||||
| Expected return on plan assets | ( | ( | ||||||
| Amortization of actuarial loss/(gain) | ||||||||
| Amortization of prior service cost | ||||||||
| Net benefit cost | ||||||||
| Other Postretirement Benefits | ||||||||
| Service cost | ||||||||
| Interest cost | ||||||||
| Expected return on plan assets | ( | ( | ||||||
| Amortization of actuarial loss/(gain) | ( | ( | ||||||
| Amortization of prior service cost | ( | ( | ||||||
| Net benefit cost | ||||||||
11
Note 7. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at March 31, 2025 and December 31, 2024, and the related hierarchy level for the fair value measurement was as follows:
| March 31, 2025 | ||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||
| (millions of dollars) | Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | ||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
Derivative assets (1) | — | ( | ( | — | ||||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | — | — | |||||||||||||||||||||||
Other long-term financial assets (3) | — | — | — | |||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
Derivative liabilities (4) | — | ( | ( | — | ||||||||||||||||||||||
Long-term debt (5) | — | — | — | |||||||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | — | — | ( | |||||||||||||||||||||
Other long-term financial liabilities (7) | — | — | — | — | ||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||
| (millions of dollars) | Level 1 | Level 2 | Level 3 | Total Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value | ||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
Derivative assets (1) | — | ( | ( | — | ||||||||||||||||||||||
Advances to/receivables from equity companies (2)(6) | — | — | — | |||||||||||||||||||||||
Other long-term financial assets (3) | — | — | — | |||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
Derivative liabilities (4) | — | ( | ( | — | ||||||||||||||||||||||
Long-term debt (5) | — | — | — | |||||||||||||||||||||||
Long-term obligations to equity companies (6) | — | — | — | — | ( | |||||||||||||||||||||
Other long-term financial liabilities (7) | — | — | — | — | ||||||||||||||||||||||
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables. | ||
(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net. | ||
(5) Excluding finance lease obligations. | ||
(6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company. | ||
(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates. | ||
12
At March 31, 2025 and December 31, 2024, respectively, the Corporation had $538 million and $491 million of collateral under master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related to initial margin requirements.
The Corporation had undrawn short-term committed lines of credit of $0.2 billion and undrawn long-term committed lines of credit of $1.0 billion as of the end of first quarter 2025.
Derivative Instruments
The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue" and in the Consolidated Statement of Cash Flows in “Cash Flows from Operating Activities”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of March 31, 2025 and December 31, 2024, or results of operations for the periods ended March 31, 2025 and 2024.
The Corporation operates a program to hedge certain of its fixed-rate debt instruments against changes in fair value due to changes in the designated benchmark interest rate. This program utilizes fair value hedge accounting. The derivative (hedging) instruments are fixed-for-floating interest rate swaps, with settlement dates that correspond to the interest payments associated with the fixed-rate debt (hedged item). Changes in the fair values of the hedging instruments are perfectly offset by changes in the fair values of the hedged items; the effects of these changes in fair values are recorded in "Interest expense" in the Consolidated Statement of Income. This program was not material to the Consolidated Financial Statements as of the end of first quarter 2025.
Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments at March 31, 2025 and December 31, 2024, was as follows:
| (millions) | March 31, 2025 | December 31, 2024 | ||||||
| Crude oil (barrels) | ||||||||
| Petroleum products (barrels) | ( | ( | ||||||
| Natural gas (MMBTUs) | ( | ( | ||||||
Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis:
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Sales and other operating revenue | ( | |||||||
| Crude oil and product purchases | ||||||||
| Total | ( | |||||||
13
Note 8. Disclosures about Segments and Related Information
| (millions of dollars) | Upstream | Energy Products | Chemical Products | Specialty Products | Segment Total | ||||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| Revenues and other income | |||||||||||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||||||||||
| Income from equity affiliates | ( | ||||||||||||||||||||||||||||
| Intersegment revenue | |||||||||||||||||||||||||||||
| Other income | ( | ( | |||||||||||||||||||||||||||
| Segment revenues and other income | |||||||||||||||||||||||||||||
| Costs and other items | |||||||||||||||||||||||||||||
| Crude oil and product purchases | |||||||||||||||||||||||||||||
Operating expenses, excl. depreciation and depletion (1) | |||||||||||||||||||||||||||||
| Depreciation and depletion (includes impairments) | |||||||||||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||||||||
| Other taxes and duties | |||||||||||||||||||||||||||||
| Total costs and other deductions | |||||||||||||||||||||||||||||
Segment income (loss) before income taxes | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
| Segment net income (loss) incl. noncontrolling interests | |||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | |||||||||||||||||||||||||||||
| Segment income (loss) | |||||||||||||||||||||||||||||
Reconciliation of consolidated revenues | |||||||||||||||||||||||||||||
| Segment revenues and other income | |||||||||||||||||||||||||||||
Other revenues (2) | |||||||||||||||||||||||||||||
| Elimination of intersegment revenues | ( | ||||||||||||||||||||||||||||
| Total consolidated revenues and other income | |||||||||||||||||||||||||||||
| Reconciliation of income (loss) attributable to ExxonMobil | |||||||||||||||||||||||||||||
| Total segment income (loss) | |||||||||||||||||||||||||||||
| Corporate and Financing income (loss) | ( | ||||||||||||||||||||||||||||
| Net income (loss) attributable to ExxonMobil | |||||||||||||||||||||||||||||
| (millions of dollars) | Upstream | Energy Products | Chemical Products | Specialty Products | Segment Total | ||||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
Additions to property, plant and equipment (3) | |||||||||||||||||||||||||||||
| As of March 31, 2025 | |||||||||||||||||||||||||||||
| Investments in equity companies | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Reconciliation to Corporate Total | Segment Total | Corporate and Financing | Corporate Total | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
Additions to property, plant and equipment (3) | |||||||||||||||||||||||||||||
| As of March 31, 2025 | |||||||||||||||||||||||||||||
| Investments in equity companies | ( | ||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
(1) Operating expenses, excl. depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement: Production and manufacturing expenses; Selling, general and administrative expenses; Exploration expenses, including dry holes; and Non-service pension and postretirement benefit expense. | |||||||||||||||||||||||||||||
(2) Primarily Corporate and Financing Interest revenue of $ | |||||||||||||||||||||||||||||
(3) Includes non-cash additions. | |||||||||||||||||||||||||||||
| Due to rounding, numbers presented may not add up precisely to the totals indicated. | |||||||||||||||||||||||||||||
14
| (millions of dollars) | Upstream | Energy Products | Chemical Products | Specialty Products | Segment Total | ||||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||
| Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
| Revenues and other income | |||||||||||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||||||||||
| Income from equity affiliates | ( | ( | |||||||||||||||||||||||||||
| Intersegment revenue | |||||||||||||||||||||||||||||
| Other income | ( | ||||||||||||||||||||||||||||
| Segment revenues and other income | |||||||||||||||||||||||||||||
| Costs and other items | |||||||||||||||||||||||||||||
| Crude oil and product purchases | |||||||||||||||||||||||||||||
Operating expenses, excl. depreciation and depletion (1) | |||||||||||||||||||||||||||||
| Depreciation and depletion expense | |||||||||||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||||||||
| Other taxes and duties | |||||||||||||||||||||||||||||
| Total costs and other deductions | |||||||||||||||||||||||||||||
| Segment income (loss) before income taxes | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | |||||||||||||||||||||||||||||
| Segment net income (loss) incl. noncontrolling interests | |||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | |||||||||||||||||||||||||||||
| Segment income (loss) | |||||||||||||||||||||||||||||
Reconciliation of consolidated revenues | |||||||||||||||||||||||||||||
| Segment revenues and other income | |||||||||||||||||||||||||||||
Other revenues (2) | |||||||||||||||||||||||||||||
| Elimination of intersegment revenues | ( | ||||||||||||||||||||||||||||
| Total consolidated revenues and other income | |||||||||||||||||||||||||||||
| Reconciliation of income (loss) attributable to ExxonMobil | |||||||||||||||||||||||||||||
| Total segment income (loss) | |||||||||||||||||||||||||||||
| Corporate and Financing income (loss) | ( | ||||||||||||||||||||||||||||
| Net income (loss) attributable to ExxonMobil | |||||||||||||||||||||||||||||
| (millions of dollars) | Upstream | Energy Products | Chemical Products | Specialty Products | Segment Total | ||||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||
| Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Additions to property, plant and equipment (3) | |||||||||||||||||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||||||||
| Investments in equity companies | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Reconciliation to Corporate Total | Segment Total | Corporate and Financing | Corporate Total | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Additions to property, plant and equipment (3) | |||||||||||||||||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||||||||
| Investments in equity companies | ( | ||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
(1) Operating expenses, excl. depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement: Production and manufacturing expenses; Selling, general and administrative expenses; Exploration expenses, including dry holes; and Non-service pension and postretirement benefit expense. | |||||||||||||||||||||||||||||
(2) Primarily Corporate and Financing Interest revenue of $ | |||||||||||||||||||||||||||||
(3) Includes non-cash additions. | |||||||||||||||||||||||||||||
| Due to rounding, numbers presented may not add up precisely to the totals indicated. | |||||||||||||||||||||||||||||
15
Revenue from Contracts with Customers
Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in Notes and accounts receivable – net reported on the Balance Sheet also includes both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Sales and other operating revenue (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Revenue from contracts with customers | ||||||||
| Revenue outside the scope of ASC 606 | ||||||||
| Total | ||||||||
| Geographic Sales and Other Operating Revenue | ||||||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| United States | ||||||||
| Non-U.S. | ||||||||
| Total | ||||||||
Significant Non-U.S. revenue sources include: (1) | ||||||||
| Canada | ||||||||
| United Kingdom | ||||||||
| Singapore | ||||||||
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in non-U.S. operations where attribution to a specific country is not practicable. | ||||||||
Note 9. Divestment Activities
Through March 31, 2025, the Corporation realized proceeds of approximately $1.8 billion and net after-tax earnings of approximately $0.2 billion from its divestment activities. This included the sale of select conventional assets in Texas and New Mexico, Mobil Argentina S.A., as well as other smaller divestments.
In 2024, the Corporation realized proceeds of approximately $5.0 billion and recognized net after-tax earnings of approximately $1.0 billion from its divestment activities. This included the sale of the Santa Ynez Unit and associated facilities in California, Mobil Producing Nigeria Unlimited, ExxonMobil Exploration Argentina, the Fos-sur-Mer Refinery (France), the Adriatic LNG terminal (Italy), and certain conventional and unconventional assets in the United States, as well as other smaller divestments.
16
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
During the first quarter of 2025, the price of crude oil remained roughly flat relative to fourth quarter 2024 and near the middle of the 10-year historical range (2010-2019). Natural gas prices improved during the quarter and moved above the 10-year range on stronger global demand, driven by colder weather in the U.S. and Europe. Global industry refining margins declined and moved below the low end of the 10-year range, driven by weakness in Asia Pacific from capacity additions and higher regional feed costs. The Corporation benefited from its relatively large refining footprint in North America where industry margins improved as a result of turnarounds and industry outages. Chemical margins remained at bottom of cycle conditions, and well below the 10-year range, as growing demand was met by continued capacity additions.
During 2025, the U.S. announced a variety of trade-related actions, including the imposition of tariffs on imports from several countries. In response, many countries announced their own retaliatory tariffs. Certain tariffs were paused for a period of time but have not been withdrawn. The global trade environment continues to be volatile. The likelihood of the U.S. or its trading partners resuming tariffs, imposing new or reciprocal tariffs, export restrictions, or other forms of trade-related sanctions is highly uncertain. Additionally, significant uncertainty exists as to what effects these actions will ultimately have on the Corporation, our suppliers and our customers, as well as on the overall macroeconomic environment. We continually monitor the global trade environment and work to mitigate potential impacts.
Selected Earnings Driver Definitions
The earnings drivers provide additional visibility into our business results. The Company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. Listed below are descriptions of the earnings drivers:
Advantaged Volume Growth. Represents earnings impacts from change in volume/mix from advantaged assets, advantaged projects, and high-value products.
•Advantaged Assets (Advantaged growth projects). Includes Permian, Guyana, and LNG.
•Advantaged Projects. Includes capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns.
•High-Value Products. Includes performance products and lower-emission fuels. Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. Lower-emission fuels refers to fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Base Volume. Represents all volume/mix drivers not included in Advantaged Volume Growth defined above.
Structural Cost Savings. Represents after-tax earnings effects of Structural Cost Savings as defined on page 19, including cash operating expenses related to divestments.
Expenses. Represents all expenses otherwise not included in other earnings drivers.
Timing Effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
17
Earnings (loss) excluding Identified Items (Non-GAAP)
Earnings (loss) excluding Identified Items are earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an Identified Item for an individual segment may be less than $250 million when the item impacts several segments or several periods. Earnings (loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for Identified Items. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.
Three Months Ended March 31, 2025 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | ||||||||||||||||||||||||||
| (millions of dollars) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
| Earnings (loss) (U.S. GAAP) | 1,870 | 4,886 | 297 | 530 | 255 | 18 | 322 | 333 | (798) | 7,713 | ||||||||||||||||||||||
| Total Identified Items | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 1,870 | 4,886 | 297 | 530 | 255 | 18 | 322 | 333 | (798) | 7,713 | ||||||||||||||||||||||
Three Months Ended March 31, 2024 | Upstream | Energy Products | Chemical Products | Specialty Products | Corporate and Financing | Total | ||||||||||||||||||||||||||
| (millions of dollars) | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||
| Earnings (loss) (U.S. GAAP) | 1,054 | 4,606 | 836 | 540 | 504 | 281 | 404 | 357 | (362) | 8,220 | ||||||||||||||||||||||
| Total Identified Items | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Earnings (loss) excluding Identified Items (Non-GAAP) | 1,054 | 4,606 | 836 | 540 | 504 | 281 | 404 | 357 | (362) | 8,220 | ||||||||||||||||||||||
References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S. GAAP) from the Condensed Consolidated Statement of Income. Unless otherwise indicated, references to earnings (loss); Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing earnings (loss); and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
18
Structural Cost Savings (Non-GAAP)
Structural Cost Savings describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $12.7 billion, which included an additional $0.6 billion in the first three months of 2025. The total change between periods in expenses below will reflect both Structural Cost Savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
Dollars in billions (unless otherwise noted) | Twelve Months Ended December 31, | Three Months Ended March 31, | |||||||||||||||
| 2019 | 2024 | 2024 | 2025 | ||||||||||||||
| 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 | 2.5 | |||||||||||||
| Depreciation and depletion (includes impairments) | 19.0 | 23.4 | 4.8 | 5.7 | |||||||||||||
| Exploration expenses, including dry holes | 1.3 | 0.8 | 0.1 | 0.1 | |||||||||||||
| Non-service pension and postretirement benefit expense | 1.2 | 0.1 | — | 0.1 | |||||||||||||
| Subtotal | 69.7 | 74.0 | 16.5 | 18.5 | |||||||||||||
| ExxonMobil’s share of equity company expenses (Non-GAAP) | 9.1 | 9.6 | 2.4 | 2.6 | |||||||||||||
Total Adjusted Operating Costs (Non-GAAP) | 78.8 | 83.6 | 18.9 | 21.1 | |||||||||||||
Total Adjusted Operating Costs (Non-GAAP) | 78.8 | 83.6 | 18.9 | 21.1 | |||||||||||||
| Less: | |||||||||||||||||
| Depreciation and depletion (includes impairments) | 19.0 | 23.4 | 4.8 | 5.7 | |||||||||||||
| Non-service pension and postretirement benefit expense | 1.2 | 0.1 | — | 0.1 | |||||||||||||
| Other adjustments (includes equity company depreciation and depletion) | 3.6 | 3.7 | 0.9 | 1.3 | |||||||||||||
Total Cash Operating Expenses (Cash Opex) (Non-GAAP) | 55.0 | 56.4 | 13.2 | 14.1 | |||||||||||||
| Energy and production taxes (Non-GAAP) | 11.0 | 13.9 | 3.4 | 3.9 | |||||||||||||
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP) | 44.0 | 42.5 | 9.8 | 10.2 | |||||||||||||
Change vs 2019 | Change vs 2024 | Estimated Cumulative vs 2019 | |||||||||||||||
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP) | -1.5 | +0.4 | |||||||||||||||
| Market | +4.0 | +0.0 | |||||||||||||||
| Activity / Other | +6.6 | +1.0 | |||||||||||||||
Structural Cost Savings | -12.1 | -0.6 | -12.7 | ||||||||||||||
Due to rounding, numbers presented may not add up precisely to the totals indicated. | |||||||||||||||||
19
REVIEW OF FIRST QUARTER 2025 RESULTS
ExxonMobil’s first quarter 2025 earnings were $7.7 billion, compared to $8.2 billion a year earlier. The decrease in earnings was mainly driven by a significant decline in industry refining margins, weaker crude prices, lower base volumes from divestments, and higher expenses driven by growth initiatives, partly offset by increased volumes from advantaged Upstream investments in the Permian and Guyana, favorable timing effects from derivatives mark-to-market impacts and Structural Cost Savings. Cash capital expenditures were $5.9 billion, up $0.7 billion from first quarter 2024.
UPSTREAM
| Upstream Financial Results | ||||||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Earnings (loss) (U.S. GAAP) | ||||||||
| United States | 1,870 | 1,054 | ||||||
| Non-U.S. | 4,886 | 4,606 | ||||||
| Total | 6,756 | 5,660 | ||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | ||||||||
| United States | 1,870 | 1,054 | ||||||
| Non-U.S. | 4,886 | 4,606 | ||||||
| Total | 6,756 | 5,660 | ||||||
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items. | ||||||||
Upstream First Quarter Earnings Driver Analysis | ||||||||||||||
| (millions of dollars) | ||||||||||||||
Price – Price impacts decreased earnings by $450 million, driven by a decrease in liquids realizations, partly offset by an increase in natural gas realizations.
Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $920 million, driven by growing production in Permian, including the Pioneer acquisition, and Guyana.
Base Volume – Base volumes from divestments decreased earnings by $180 million.
Structural Cost Savings – Increased earnings by $310 million.
Expenses – Higher expenses decreased earnings by $180 million from higher depreciation.
Other – All other items increased earnings by $400 million, mainly driven by divestments.
Timing Effects – Favorable timing effects, mainly from derivatives mark-to-market impacts, increased earnings by $280 million.
20
| Upstream Operational Results | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily) | ||||||||
| United States | 1,418 | 816 | ||||||
| Canada/Other Americas | 760 | 772 | ||||||
| Europe | 4 | 4 | ||||||
| Africa | 137 | 224 | ||||||
| Asia | 796 | 711 | ||||||
| Australia/Oceania | 24 | 30 | ||||||
| Worldwide | 3,139 | 2,557 | ||||||
Net natural gas production available for sale (millions of cubic feet daily) | ||||||||
| United States | 3,266 | 2,241 | ||||||
| Canada/Other Americas | 42 | 94 | ||||||
| Europe | 331 | 377 | ||||||
| Africa | 118 | 150 | ||||||
| Asia | 3,457 | 3,274 | ||||||
| Australia/Oceania | 1,256 | 1,226 | ||||||
| Worldwide | 8,470 | 7,362 | ||||||
Oil-equivalent production (1) (thousands of oil-equivalent barrels daily) | 4,551 | 3,784 | ||||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | ||||||||
21
| Upstream Additional Information | |||||
| (thousands of barrels daily) | Three Months Ended March 31, | ||||
Volumes reconciliation (Oil-equivalent production) (1) | |||||
2024 | 3,784 | ||||
| Entitlements - Net Interest | — | ||||
| Entitlements - Price / Spend / Other | 4 | ||||
| Government Mandates | (4) | ||||
| Divestments | (122) | ||||
| Growth / Other | 889 | ||||
2025 | 4,551 | ||||
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. | |||||
| Due to rounding, numbers presented may not add up precisely to the totals indicated. | |||||
1Q 2025 versus 1Q 2024 | 1Q 2025 production of 4.6 million oil-equivalent barrels per day increased 767 thousand oil-equivalent barrels per day from 1Q 2024, driven by the Pioneer acquisition. | |||||||||||||
Listed below are descriptions of ExxonMobil’s volumes reconciliation drivers which are provided to facilitate understanding of the terms.
Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining drivers. These drivers consist of net interest changes specified in Production Sharing Contracts (PSCs), which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices.
Entitlements - Price, Spend and Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining drivers. These drivers include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such drivers can also include other temporary changes in net interest as dictated by specific provisions in production agreements.
Government Mandates are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions imposed by governments.
Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration.
Growth and Other comprise all other operational and non-operational drivers not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such drivers include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.
22
ENERGY PRODUCTS
| Energy Products Financial Results | ||||||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Earnings (loss) (U.S. GAAP) | ||||||||
| United States | 297 | 836 | ||||||
| Non-U.S. | 530 | 540 | ||||||
| Total | 827 | 1,376 | ||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | ||||||||
| United States | 297 | 836 | ||||||
| Non-U.S. | 530 | 540 | ||||||
| Total | 827 | 1,376 | ||||||
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items. | ||||||||
Energy Products First Quarter Earnings Driver Analysis | ||||||||||||||
| (millions of dollars) | ||||||||||||||
Margin – Industry refining margins decreased earnings by $1,290 million, normalizing from historically high levels.
Advantaged Volume Growth – Higher volumes from advantaged projects increased earnings by $10 million.
Base Volume – Lower base volumes decreased earnings by $70 million.
Structural Cost Savings – Increased earnings by $110 million.
Expenses – Lower expenses increased earnings by $60 million.
Other – All other items increased earnings by $200 million, reflecting favorable forex and inventory impacts.
Timing Effects – Favorable timing effects, mainly from the absence of prior year unfavorable derivatives mark-to-market impacts, increased earnings by $430 million.
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| Energy Products Operational Results | ||||||||
| (thousands of barrels daily) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Refinery throughput | ||||||||
| United States | 1,789 | 1,900 | ||||||
| Canada | 397 | 407 | ||||||
| Europe | 986 | 954 | ||||||
| Asia Pacific | 447 | 402 | ||||||
| Other | 191 | 180 | ||||||
| Worldwide | 3,810 | 3,843 | ||||||
Energy Products sales (1) | ||||||||
| United States | 2,728 | 2,576 | ||||||
| Non-U.S. | 2,555 | 2,656 | ||||||
| Worldwide | 5,283 | 5,232 | ||||||
| Gasoline, naphthas | 2,162 | 2,178 | ||||||
| Heating oils, kerosene, diesel | 1,724 | 1,742 | ||||||
| Aviation fuels | 366 | 339 | ||||||
| Heavy fuels | 158 | 214 | ||||||
| Other energy products | 873 | 759 | ||||||
| Worldwide | 5,283 | 5,232 | ||||||
(1) Data reported net of purchases/sales contracts with the same counterparty. | ||||||||
| Due to rounding, numbers presented may not add up precisely to the totals indicated. | ||||||||
CHEMICAL PRODUCTS
| Chemical Products Financial Results | ||||||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Earnings (loss) (U.S. GAAP) | ||||||||
| United States | 255 | 504 | ||||||
| Non-U.S. | 18 | 281 | ||||||
| Total | 273 | 785 | ||||||
Earnings (loss) excluding Identified Items (2) (Non-GAAP) | ||||||||
| United States | 255 | 504 | ||||||
| Non-U.S. | 18 | 281 | ||||||
| Total | 273 | 785 | ||||||
(2) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items. | ||||||||
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Chemical Products First Quarter Earnings Driver Analysis | ||||||||||||||
| (millions of dollars) | ||||||||||||||
Margin – Weaker margins decreased earnings by $290 million, driven by higher feed costs in North America.
Advantaged Volume Growth – High-value product sales growth increased earnings by $10 million.
Base Volume – Lower base volumes decreased earnings by $70 million, driven by absence of prior year opportunistic sales.
Structural Cost Savings – Increased earnings by $30 million.
Expenses – Higher spend on advantaged projects and turnaround activity decreased earnings by $130 million.
Other – All other items decreased earnings by $60 million.
| Chemical Products Operational Results | ||||||||
| (thousands of metric tons) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
Chemical Products sales (1) | ||||||||
| United States | 1,706 | 1,847 | ||||||
| Non-U.S. | 3,070 | 3,207 | ||||||
| Worldwide | 4,776 | 5,054 | ||||||
(1) Data reported net of purchases/sales contracts with the same counterparty. | ||||||||
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SPECIALTY PRODUCTS
| Specialty Products Financial Results | ||||||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Earnings (loss) (U.S. GAAP) | ||||||||
| United States | 322 | 404 | ||||||
| Non-U.S. | 333 | 357 | ||||||
| Total | 655 | 761 | ||||||
Earnings (loss) excluding Identified Items (1) (Non-GAAP) | ||||||||
| United States | 322 | 404 | ||||||
| Non-U.S. | 333 | 357 | ||||||
| Total | 655 | 761 | ||||||
(1) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items. | ||||||||
Specialty Products First Quarter Earnings Driver Analysis | ||||||||||||||
| (millions of dollars) | ||||||||||||||
Margin – Stronger margins increased earnings by $10 million.
Advantaged Volume – Earnings remained flat.
Base Volume – Lower base volumes decreased earnings by $30 million.
Structural Cost Savings – Increased earnings by $40 million.
Expenses – Higher expenses mainly related to new product development costs, decreased earnings by $70 million.
Other – All other items decreased earnings by $60 million, mainly driven by unfavorable forex effects.
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| Specialty Products Operational Results | ||||||||
| (thousands of metric tons) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
Specialty Products sales (1) | ||||||||
| United States | 473 | 495 | ||||||
| Non-U.S. | 1,463 | 1,464 | ||||||
| Worldwide | 1,936 | 1,959 | ||||||
(1) Data reported net of purchases/sales contracts with the same counterparty. | ||||||||
| Due to rounding, numbers presented may not add up precisely to the totals indicated. | ||||||||
CORPORATE AND FINANCING
| Corporate and Financing Financial Results | ||||||||
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Earnings (loss) (U.S. GAAP) | (798) | (362) | ||||||
Earnings (loss) excluding Identified Items (2) (Non-GAAP) | (798) | (362) | ||||||
(2) Refer to page 18 for definition of Identified Items and earnings (loss) excluding Identified Items. | ||||||||
Corporate and Financing expenses were $798 million for the first quarter of 2025, $436 million higher than the first quarter of 2024, due to lower interest income, unfavorable foreign exchange effects and increased pension-related expenses.
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LIQUIDITY AND CAPITAL RESOURCES
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Net cash provided by/(used in) | ||||||||
| Operating activities | 12,953 | |||||||
| Investing activities | (4,135) | ( | ||||||
| Financing activities | (13,579) | ( | ||||||
| Effect of exchange rate changes | ( | |||||||
| Increase/(decrease) in cash and cash equivalents | (4,675) | |||||||
| Cash and cash equivalents (at end of period) | 18,512 | |||||||
| Cash flow from operations and asset sales | ||||||||
| Net cash provided by operating activities (U.S. GAAP) | 12,953 | 14,664 | ||||||
| Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments | 1,823 | 703 | ||||||
Cash flow from operations and asset sales (Non-GAAP) | 14,776 | 15,367 | ||||||
| Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions. | ||||||||
Cash flow from operations and asset sales in the first quarter of 2025 was $14.8 billion, a decrease of $0.6 billion from the comparable 2024 period primarily due to unfavorable working capital.
Cash provided by operating activities totaled $13.0 billion for the first three months of 2025, $1.7 billion lower than 2024. Net income including noncontrolling interests was $8.0 billion, a decrease of $0.5 billion from the prior year period. The adjustment for the noncash provision of $5.7 billion for depreciation and depletion was up $0.9 billion from 2024. Changes in operational working capital were a reduction of $0.9 billion during the period. All other items net increased cash flows by $96 million in 2025 versus a decrease of $0.7 billion in 2024. See the Condensed Consolidated Statement of Cash Flows for additional details.
Investing activities for the first three months of 2025 used net cash of $4.1 billion, a decrease of $0.4 billion compared to the prior year. Spending for additions to property, plant and equipment of $5.9 billion was $0.8 billion higher than 2024. Proceeds from asset sales were $1.8 billion, an increase of $1.1 billion compared to the prior year. Net investments and advances decreased $0.1 billion from $0.2 billion in 2024.
Net cash used in financing activities was $13.6 billion in the first three months of 2025, including $4.8 billion for the purchase of 43.4 million shares of ExxonMobil stock, as part of the previously announced buyback program. This compares to net cash used in financing activities of $8.0 billion in the prior year. Total debt at the end of the first quarter of 2025 was $37.6 billion compared to $41.7 billion at year-end 2024. The Corporation's debt to total capital ratio was 12.2 percent at the end of the first quarter of 2025 compared to 13.4 percent at year-end 2024. The net debt to capital ratio (1) was 7.1 percent at the end of the first quarter, an increase of 0.6 percentage points from year-end 2024. The Corporation's capital allocation priorities are investing in competitively advantaged, high-return projects; maintaining a strong balance sheet; and sharing our success with our shareholders through more consistent share repurchases and a growing dividend. The Corporation distributed a total of $4.3 billion to shareholders in the first three months of 2025 through dividends.
The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are expected to cover the majority of financial requirements, supplemented by long-term and short-term debt. The Corporation had undrawn short-term committed lines of credit of $0.2 billion and undrawn long-term committed lines of credit of $1.0 billion as of the end of first quarter 2025.
The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include strategic fit, cost synergies, potential for future growth, low cost of supply, and attractive valuations. Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.
Litigation and other contingencies are discussed in Note 3 to the unaudited condensed consolidated financial statements.
(1) Net debt is total debt of $37.6 billion less $17.0 billion of cash and cash equivalents excluding restricted cash . Net debt to capital ratio is net debt divided by net debt plus total equity of $269.8 billion. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.
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TAXES
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Income taxes | 3,567 | 3,803 | ||||||
| Effective income tax rate | 34 | % | 36 | % | ||||
Total other taxes and duties (1) | 7,066 | 7,160 | ||||||
| Total | 10,633 | 10,963 | ||||||
(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selling, general and administrative expenses”, each from the Consolidated Statement of Income. | ||||||||
Total taxes were $10.6 billion for the first quarter of 2025, a decrease of $0.3 billion from 2024. Income tax expense was $3.6 billion compared to $3.8 billion in the prior year. The effective income tax rate, which is calculated based on consolidated company income taxes and ExxonMobil's share of equity company income taxes, was 34 percent. This decreased from the 36 percent rate in the prior year period due primarily to a change in mix of results in jurisdictions with varying tax rates. Total other taxes and duties decreased by $0.1 billion to $7.1 billion.
CASH CAPITAL EXPENDITURES (Non-GAAP)
Cash capital expenditures (Cash Capex) is the sum of Additions to property, plant and equipment; Additional investments and advances; and Other investing activities including collection of advances; reduced by Inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. This measure is useful for investors to understand the current period cash impact of investments in the business.
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Additions to property, plant and equipment | 5,898 | 5,074 | ||||||
| Additional investments and advances | 153 | 421 | ||||||
| Other investing activities including collection of advances | (93) | (215) | ||||||
Inflows from noncontrolling interests for major projects | (22) | (12) | ||||||
Total Cash Capex (Non-GAAP) | 5,936 | 5,268 | ||||||
Cash capex in the first quarter of 2025 was $5.9 billion, up $0.7 billion from the first quarter of 2024.
| (millions of dollars) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Upstream | 4,993 | 4,105 | ||||||
| Energy Products | 378 | 517 | ||||||
| Chemical Products | 291 | 340 | ||||||
| Specialty Products | 110 | 80 | ||||||
| Other | 164 | 226 | ||||||
Total Cash Capex (Non-GAAP) | 5,936 | 5,268 | ||||||
The Corporation plans to invest in the range of $27 billion to $29 billion in 2025. Actual spending could vary depending on the progress of individual projects and property acquisitions.
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FORWARD-LOOKING STATEMENTS
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; future earnings power; potential addressable markets; and other statements of future events or conditions are forward-looking statements. Similarly, discussion of future plans related to carbon capture, transportation and storage, lower-emission fuels, hydrogen, ammonia, direct air capture, ProxximaTM systems, carbon materials, lithium, low-carbon data centers, and other future plans to reduce emissions and emission intensity of ExxonMobil, its affiliates, and third parties are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements.
Actual future results, including financial and operating performance; potential earnings, cash flow, dividends or shareholder returns, including the timing and amounts of share repurchases; total capital expenditures and mix, including allocations of capital to low carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity, including ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives; and to meet ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture, transport and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce ProxximaTM systems, produce carbon materials, produce lithium, and use plastic waste as feedstock for advanced recycling; future debt levels and credit ratings; business and project plans, timing, costs, capacities and profitability; resource recoveries and production rates; and planned Denbury and Pioneer integrated benefits, could differ materially due to a number of factors.
These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors; economic conditions and seasonal fluctuations that impact prices and differentials for our products; developments or changes in local, national, or international laws, regulations, taxes, trade sanctions, trade tariffs, or policies affecting our business, such as government policies supporting lower carbon and new market investment opportunities, the punitive European taxes on the oil and gas sector and unequal support for different technological methods of emissions reduction or evolving, ambiguous and unharmonized standards imposed by various jurisdictions related to sustainability and greenhouse gas reporting; timely granting of governmental permits and certifications; uncertain impacts of deregulation on the legal and regulatory environment; variable impacts of trading activities on our margins and results each quarter; actions of co-venturers, competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the outcome of competitive bidding and project awards; the ability to access debt markets on favorable terms or at all; the occurrence, pace, rate of recovery and effects of public health crises; adoption of regulatory incentives consistent with law; reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level, outcome, and timing of exploration and development projects and decisions to invest in future reserves and resources; timely completion of construction projects; final management approval of future projects and any changes in the scope, terms, costs or assumptions of such projects as approved; the actions of government or other actors against our core business activities and acquisitions, divestitures or financing opportunities; war, civil unrest, attacks against the Company or industry, and other geopolitical or security disturbances, including disruption of land or sea transportation routes; decoupling of economies, realignment of global trade and supply chain networks, and disruptions in military alliances; expropriations, seizure, or capacity, insurance, shipping, import or export limitations imposed by governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; consumer preferences including willingness and ability to pay for reduced emission products; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under "Item 1A. Risk Factors" of ExxonMobil’s 2024 Form 10-K.
Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or require disclosure in our filing with the SEC or any other regulatory authority. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making.
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Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Global Outlook (Outlook) research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and development of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and ExxonMobil’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the Company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our Corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.
The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information about market risks for the three months ended March 31, 2025, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for 2024.
ITEM 4. CONTROLS AND PROCEDURES
As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of March 31, 2025. Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.
As reported in the Corporation’s Form 10-K for the year ended December 31, 2024, in December 2024, XTO signed a consent decree with the Department of Justice to resolve alleged violations of the General Duty Clause of the Clean Air Act as it related to the Schnegg well in Powhatan Point, Ohio upon payment of an $8.0 million penalty. On March 11, 2025, the United States District Court for the Southern District of Ohio entered the consent decree, and XTO paid the civil penalty of $8.0 million.
As reported in the Corporation’s Form 10-K for the year ended December 31, 2024, on December 11, 2024, the Fifth Circuit affirmed the judgment of the United States District Court for the Southern District of Texas assessing a $14.25 million penalty against ExxonMobil related to alleged Clean Air Act and other violations at the Baytown complex. On March 11, 2025, ExxonMobil filed a petition for review with the U.S. Supreme Court.
Refer to the relevant portions of Note 3 of this Quarterly Report on Form 10-Q for further information on legal proceedings.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities for Quarter Ended March 31, 2025 | ||||||||||||||
Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars) (4) | |||||||||||
| January 2025 | 14,679,994 | $109.21 | 14,647,922 | $38.4 | ||||||||||
| February 2025 | 13,848,302 | $109.82 | 13,843,816 | $36.9 | ||||||||||
| March 2025 | 14,929,749 | $112.55 | 14,929,749 | $35.2 | ||||||||||
| Total | 43,458,045 | $110.55 | 43,421,487 | |||||||||||
(1) Includes shares withheld from participants in the Company's incentive program for personal income taxes. | ||||||||||||||
(2) Excludes 1% U.S. excise tax on stock repurchases. | ||||||||||||||
(3) Purchases were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1. | ||||||||||||||
(4) The Corporation continued its share repurchase program, originally initiated in 2022. In its 2024 Corporate Plan Update released December 11, 2024, the Corporation stated that it expects to continue its share repurchase program with a $20 billion repurchase pace per year through 2026, assuming reasonable market conditions. | ||||||||||||||
During the first quarter, the Corporation did not issue or sell any unregistered equity securities.
ITEM 5. OTHER INFORMATION
During the three months ended March 31, 2025, none of the Company’s directors or officers adopted or terminated
ITEM 6. EXHIBITS
See Index to Exhibits of this report.
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INDEX TO EXHIBITS
| Exhibit | Description | |||||||
| Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer. | ||||||||
| Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer. | ||||||||
| Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer. | ||||||||
| Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer. | ||||||||
| Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer. | ||||||||
| Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer. | ||||||||
| 101 | Interactive Data Files (formatted as Inline XBRL). | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EXXON MOBIL CORPORATION | ||||||||
Date: May 5, 2025 | By: | /s/ LEN M. FOX | ||||||
| Len M. Fox | ||||||||
| Vice President, Controller and Tax (Principal Accounting Officer) | ||||||||
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