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    SEC Form 11-K filed by Exxon Mobil Corporation

    6/12/25 4:18:14 PM ET
    $XOM
    Integrated oil Companies
    Energy
    Get the next $XOM alert in real time by email
    11-K 1 xom-20241231x11k.htm FORM 11-K Document

    UNITED STATES  
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C.  20549
     
     
    FORM 11‑K
     
     
    [x]   ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the fiscal year ended December 31, 2024
     
     
    OR
     
    [ ]   TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
     
    For the transition period from __________ to ___________
     
     
    Commission file number 1-2256
     
     
    A.     Full title of the plan and the address of the plan, if different from that of the issuer named below:
     
    EXXONMOBIL SAVINGS PLAN
     
     
    B.     Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
     
    EXXON MOBIL CORPORATION
     
    22777 Springwoods Village Parkway
     
    Spring, Texas 77389-1425





    EXXONMOBIL SAVINGS PLAN
     
     
     
    TABLE OF CONTENTS
     
     
     
     
     Page
       
    Financial Statements
     
       
    Statements of Net Assets Available for Benefits         
    3
       
    Statement of Changes in Net Assets Available for Benefits        
    4
       
    Notes to Financial Statements
    5-9
       
    Supplemental Schedule
     
       
    Schedule H, Line 4i - Schedule of Assets (Held At End Of Year)        
    10-11
    Report of Independent Registered Public Accounting Firm
    12 
       
    Signature
    13 
       
    Exhibit Index
    14 
    2



    EXXONMOBIL SAVINGS PLAN
    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
    (millions of dollars)
     December 31,
     20242023
    Assets  
    Investments, at fair value (Note 5):  
    Exxon Mobil Corporation common stock7,165 7,330 
    Other investments16,256 14,428 
    Other investments on loan2 30 
    Total investments23,423 21,788 
    Receivables:
    Notes receivable from participants118 126 
    Other receivables - including Denbury 401(k) Plan merger (Note 6)169 3 
    Total receivables287 129 
    Total assets23,710 21,917 
    Liabilities
    Payables and accrued liabilities71 71 
    Payables for cash collateral on securities on loan2 9 
    Total liabilities73 80 
    Net assets available for benefits23,637 21,837 














    The accompanying notes are an integral part of these financial statements.
    3



    EXXONMOBIL SAVINGS PLAN
    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
    FOR THE YEAR ENDED 2024
    (millions of dollars)
    Contributions: 
      
    Employer276 
    Participant439 
    Transfers-in at fair value33 
     
    Total contributions748 
     
     
    Investment income/(loss):
     
    Interest150 
    Dividends266 
    Net appreciation/(depreciation) in fair value of investments2,594 
     
    Net investment income/(loss)3,010 
     
    Interest income on notes receivable from participants8 
    Transfer in from Denbury 401(k) Plan (Note 6) 163 
     
    Benefit payments(2,129)
     
    Net increase/(decrease)1,800 
     
    Net assets available for benefits:
     
    Beginning of year21,837 
     
     
    End of year23,637 













    The accompanying notes are an integral part of these financial statements.
    4

    EXXONMOBIL SAVINGS PLAN

     
    NOTES TO FINANCIAL STATEMENTS





    Note 1:  Description of the Plan
     
    General
     
    Active participants in the ExxonMobil Savings Plan ("Plan") are eligible employees of Exxon Mobil Corporation ("ExxonMobil" or the “Company") and certain affiliated employers.  The terms and conditions of the Plan are contained in the ExxonMobil Benefit Plans Common Provisions document, the ExxonMobil Savings Plan document, and the ExxonMobil Savings Trust document (collectively, the "Plan Document").  The Plan is an "employee pension benefit plan" described in Section 3(2) of the Employee Retirement Income Security Act of 1974 ("ERISA"), a "defined contribution plan" described in Section 3(34) of ERISA, and a non-leveraged Employee Stock Ownership Plan. The notes to the financial statements give a general description of the Plan. Participants should refer to the Plan Document for a more complete discussion of the Plan's provisions.
     
    Contributions
     
    The Plan permits participant contributions that range from 6 percent to 20 percent of each participant’s eligible pay. The Company matches only the minimum 6 percent contribution in an amount equal to 7 percent of a participant’s eligible pay.
     
    Employees who are at least age 50 during the plan year and who maximize the combination of their regular pretax and Roth contributions may elect to make additional contributions.
     
    Vesting
     
    Participants are immediately vested in their contributions and all earnings.  Company contributions vest at 100 percent upon the earliest of completion of 3 years of vesting service, reaching age 65 while employed, or death while an employee.
     
    Forfeitures
     
    During 2024, employer contributions totaling $2.4 million were forfeited by terminating employees and used to offset employer contributions.
     
    Other Plan Provisions
     
    Other Plan provisions including eligibility, enrollment, participation, forfeiture, loans, benefit payments (including withdrawals and distributions), and investment options are described in the Plan Document.
     
    Plan Termination
     
    The Company may terminate or amend the Plan at any time.  In the event of termination, the net assets of the Plan will be distributed in accordance with ERISA.
     
     
    5

    EXXONMOBIL SAVINGS PLAN

     
    NOTES TO FINANCIAL STATEMENTS




    Note 2:  Summary of Significant Accounting Policies
     
    Basis of Accounting

    The financial statements of the Plan are presented on the accrual basis.  Benefit payments are reported when paid.

    Investment Valuation and Income Recognition
     
    Investments are stated at fair value as described in Note 5.
     
    Under the terms of its trust agreement, the Plan engaged in an authorized form of security lending activities during the year ended December 31, 2024. In accordance with the Savings Plan Securities Lending Agreement with The Northern Trust Company, the market value of the collateral held at the time of trade execution is required to be at least 102 percent of the market value of securities on loan or at least 105 percent if the collateral held and securities on loan are denominated in different currencies. The fair value of U.S. Government securities on loan was $2 million and $30 million, at December 31, 2024 and 2023, respectively. The securities on loan are reflected in the Statements of Net Assets Available for Benefits at December 31, 2024 and 2023 and the Schedule of Assets (Held At End Of Year). The value of cash collateral obtained and reinvested in short term investments is reflected as a liability on the Plan’s financial statements.

    Purchases and sales of securities are recorded on a trade-date basis. "Dividends" only includes dividends on ExxonMobil stock, and any dividends related to the NT CCT equity funds are reflected as part of the "Net appreciation/(depreciation) in fair value of investments". "Interest" includes only interest from fixed income securities held in the Common Assets Portfolio and from short term cash investments. Interest related to the NT Bond Fund CCT is reflected as part of the "Net appreciation/(depreciation) in fair value of investments".

    Net appreciation / depreciation in the current value of investments includes realized gains and losses on investments sold or disposed of during the year and unrealized gains and losses on investments held at year end.

    Transfers-in at fair value include participant-initiated rollovers of certain distributions from other tax-qualified plans into the Plan.

    Use of Estimates

    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets available for benefits, liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of changes in net assets available for benefits during the reporting period.  Actual results could differ from those estimates.

    Risks and Uncertainties

    The Plan participants invest in various investment options offered by the Plan.  Investments in these Plan-offered options are subject to various risks, such as interest rate, market value, and credit risks. Market risks include global events which could impact the value of investments securities, such as pandemics or international conflicts.  Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits.

    Expenses

    Investment income from all sources is stated net of brokerage fees on purchases and sales of ExxonMobil common stock, administrative expenses and investment management fees.  Fees for delivery of checks that are expedited
    6

    EXXONMOBIL SAVINGS PLAN

     
    NOTES TO FINANCIAL STATEMENTS



    upon request by participants and participant loan origination fees are charged to the participant’s account.  All other administrative fees are paid by the Company.  Administrative expenses are recorded when incurred.


    Note 3:  Related Party and Party in Interest Transactions

    During 2024, certain Plan investments were units of various funds managed by The Northern Trust Company, and therefore, purchases and sales of these investments qualified as party in interest transactions. The Northern Trust Company also provided custodial services to the Plan and acted as securities lending agent during the Plan year.

    The Plan holds ExxonMobil common stock.  ExxonMobil is the employer of Plan participants and is the Plan sponsor, and any transactions in ExxonMobil common stock qualify as party in interest transactions.

    Notes receivable from participants (participant loans) also qualify as party in interest transactions.

    Note 4:  Tax Status

    The Internal Revenue Service has determined and informed the Plan administrators by a letter dated August 7, 2017, that the Plan and related trust are designed in accordance with the applicable sections of the Internal Revenue Code (“IRC”).  The Plan has been amended since receiving the determination letter.  The Plan administrators and legal counsel believe the Plan is currently designed and is being operated in compliance with the applicable requirements of the IRC.  The Plan is subject to audit by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

    Note 5:  Fair Value Measurements

    The authoritative guidance for fair value measurements provides a framework for measuring fair value. The framework establishes a three-level fair value hierarchy based on the nature of the information used to measure fair value.  The terms “Level 1” and “Level 2” are accounting terms that refer to different methods of valuing assets.  The terms do not represent the relative risk or credit quality of an investment.  The fair value hierarchies for the Plan assets are not a measure of the ability of the Plan to meet Plan benefit obligations.

    The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value:
    7

    EXXONMOBIL SAVINGS PLAN

     
    NOTES TO FINANCIAL STATEMENTS




    Note 5: Fair Value Measurements (continued)

    Fair Value Measurements at
    December 31, 2024 Using*
    (millions of dollars)  
     
     
    Description of investmentsValue Quoted Prices In
    Active Markets for
    Identical Assets
    (Level 1)
     
    Significant Other
    Observable Inputs
    (Level 2)
     
    ExxonMobil common stock7,165  7,165 (1)  
    U.S. Government Securities2,893   2,893 (2)
    Corporate Debt Securities34 34 (2)
    Total10,092  7,165  2,927  
    Common/Collective trusts (at net asset value)**:    
    S&P 500 Fund6,991 (3)    
    Small & Mid Cap Fund3,074 (3)    
    World Ex-US Equity Fund1,798 (3)    
    Aggregate Bond Fund1,172 (4)    
    Short term investments296 (5)    
    Total23,423      


    (1)     For ExxonMobil common stock, fair value is based on observable quoted prices on an active exchange.
    (2)     For U.S. government securities and corporate debt securities, fair value is based on observable inputs of comparable market transactions.
    (3)     Investments in common and preferred stocks held in the form of units in common/collective trusts are redeemable daily at the unit value, including the measurement date. The fair value of the underlying securities owned by the common/collective trusts is based on observable quoted prices on an active exchange.
    (4)     Investments in debt securities and fixed income assets held in the form of units in common/collective trusts are redeemable daily at the unit value, including the measurement date.
    (5)     Short term investments held in the form of units in common/collective trusts are redeemable daily at the unit value, including the measurement date.
     
    * There are no “Level 3” investments.
    ** Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts in the Statements of Net Assets.












    8

    EXXONMOBIL SAVINGS PLAN

     
    NOTES TO FINANCIAL STATEMENTS




    Note 5: Fair Value Measurements (continued) 
    Fair Value Measurements at
    December 31, 2023 Using*
    (millions of dollars)  
     
    Description of investmentsValue Quoted Prices In
    Active Markets for
    Identical Assets
    (Level 1)
     Significant Other
    Observable Inputs
    (Level 2)
     
    ExxonMobil common stock7,330 7,330 (1) 
    U.S. Government Securities2,704 2,704 (2)
    Corporate Debt Securities422 422 (2)
    Total10,456 7,330 3,126  
    Common/Collective trusts (at net asset value)**: 
    S&P 500 Fund5,652 (3) 
    Small & Mid Cap Fund2,718 (3) 
    World Ex-US Equity Fund1,720 (3) 
    Aggregate Bond Fund1,076 (4) 
    Short term investments166 (5) 
    Total21,788  


    (1)     For ExxonMobil common stock, fair value is based on observable quoted prices on an active exchange.
    (2)     For U.S. government securities and corporate debt securities, fair value is based on observable inputs of comparable market transactions.
    (3)     Investments in common and preferred stocks held in the form of units in common/collective trusts are redeemable daily at the unit value, including the measurement date. The fair value of the underlying securities owned by the common/collective trusts is based on observable quoted prices on an active exchange.
    (4)     Investments in debt securities and fixed income assets held in the form of units in common/collective trusts are redeemable daily at the unit value, including the measurement date.
    (5)     Short term investments held in the form of units in common/collective trusts are redeemable daily at the unit value, including the measurement date.
     
    * There are no “Level 3” investments.
    ** Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts in the Statements of Net Assets.



    Note 6:  Denbury 401(k) Plan Merger

    On November 2, 2023, Denbury merged with and into Exxon Mobil Corporation, and on December 31, 2024, the Denbury Inc. 401(k) Profit Sharing Plan (the "Denbury 401(k) Plan") merged into the ExxonMobil Savings Plan. At that time, the Denbury 401(k) Plan assets were valued at $163 million.

    9





    SCHEDULE H
    EXXONMOBIL SAVINGS PLAN
    SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    DECEMBER 31, 2024

    (a)(b)(c)(d)(e)
     IDENTITY OF ISSUEDESCRIPTION OF INVESTMENTCOSTCURRENT
    *    **VALUE
      couponmaturitypar/units  
        (000's) ($000's)

    U.S. GOVERNMENT SECURITIES    
    FEDERAL FARM CREDIT5.000 %01/08/2712,826 12,827 
    FANNIE MAE4.920 %10/22/2750,000 49,900 
    FANNIE MAE4.950 %10/08/2750,000 49,863 
    FEDERAL HOME LN BKS5.280 %07/30/271,400 1,399 
    FEDERAL HOME LN BKS4.900 %11/04/2650,000 50,002 
    FEDERAL HOME LN BKS5.550 %04/15/2711,820 11,825 
    FEDERAL HOME LOAN MORTGAGE4.900 %12/27/2750,000 49,972 
    FEDERAL HOME LOAN MORTGAGE5.000 %08/10/2719,197 19,155 
    FNMA 4.660 %10/07/2717,207 17,161 
    FREDDIE MAC 4.800 %12/17/2750,000 49,889 
    FREDDIE MAC 4.850 %10/30/2625,000 24,966 
    FREDDIE MAC 4.875 %10/15/2760,000 59,881 
    FREDDIE MAC 5.000 %10/21/2750,000 50,002 
    U.S SAVINGS BOND SERIES I4.990 %10/01/32219,030 219,030 
    U.S SAVINGS BOND SERIES EE3.000 %03/01/38143,925 143,925 
    U.S SAVINGS BOND SERIES I6.000 %10/01/31544,904 544,904 
    U.S SAVINGS BOND SERIES I2.000 %05/01/44239,642 239,642 
    U.S SAVINGS BOND SERIES I4.580 %01/01/33388,158 388,158 
    U.S SAVINGS BOND SERIES I2.960 %01/01/4330,667 30,667 
    U.S SAVINGS BOND SERIES I3.260 %01/01/40262,250 262,250 
    U.S SAVINGS BOND SERIES I3.670 %02/01/39285,887 285,887 
    U.S SAVINGS BOND SERIES I4.180 %02/01/38331,699 331,699 
       TOTAL U.S. GOVERNMENT SECURITIES2,893,004 
    10





    (a)(b)(c)(d)(e)
     IDENTITY OF ISSUEDESCRIPTION OF INVESTMENTCOSTCURRENT
    *    **VALUE
      couponmaturitypar/units  
        (000's) ($000's)
     CORPORATE DEBT SECURITIES
    INTL BUSINESS3.450 %02/19/262,500 2,467 
    KENVUE INC SR NT5.500 %03/22/252,056 2,060 
    PFIZER INVESTMENT ENTER4.650 %05/19/255,000 5,002 
    PVTPL JACKSON NATL LIFE5.500 %01/09/261,286 1,292 
    WESTPAC BKG CORP5.512 %11/17/253,000 3,025 
    CDN IMPERIAL BK2.250 % 01/28/253,000 2,994 
    MAGNA INTL INC4.150 %10/01/25880 876 
    PRICELINE GROUP3.650 %03/15/25456 455 
    UBS AG STAMFORD CT7.950 %01/09/253,000 3,001 
    ASCENSION HEALTH ALLIANCE0.000 % 01/28/2513,038 12,989 
      TOTAL CORPORATE DEBT SECURITIES34,161 
    *PARTICIPANT LOANS3.75% to 10.25% Maturity from 1 to 120 months118,166 
    COMMON/COLLECTIVE TRUSTS
    *NT S&P 500 INDEX FUND308 6,991,585 
    *NT EXTENDED EQUITY MARKET INDEX FUND2,359 3,073,614 
    *NT WORLD EX-US INVESTABLE MARKET INDEX FUND7,729 1,797,728 
    *NT AGGREGATE BOND INDEX FUND2,034 1,171,789 
    *NT GOVERNMENT STIF FUND294,353 294,353 
    *NT CORE SL STIF FUND1,545 1,545 
    TOTAL COMMON/COLLECTIVE TRUSTS13,330,614 
    COMMON STOCK
    *EXXON MOBIL CORPORATION66,609 7,165,092 
    TOTAL ASSETS HELD23,541,037 
    *    Party in interest as defined by ERISA
    **    Cost information is not required for participant-directed investments and, therefore, is not included
    11







    Report of Independent Registered Public Accounting Firm

    To the Administrator and Plan Participants of ExxonMobil Savings Plan

    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of ExxonMobil Savings Plan (the “Plan”) as of December 31, 2024 and 2023 and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental Information

    The supplemental Schedule H, Line 4i- Schedule of Assets (Held At End Of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

     
     

    /s/ PricewaterhouseCoopers LLP
    Dallas, Texas
    June 12, 2025
     
    We have served as the Plan’s auditor since at least 1994. We have not been able to determine the specific year we began serving as auditor of the Plan.

    12





    SIGNATURE
     
     
     
    The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this Annual Report to be signed by the undersigned hereunto duly authorized.
     
     
     
     ExxonMobil Savings Plan
      
      
     /s/ Joe Bob Allaire     
     Joe Bob Allaire
     Administrator-Accounting
      
    Dated: June 12, 2025 

    13





    EXHIBIT INDEX
     
     
     
    EXHIBIT
     
    23Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm Dated June 12, 2025













































    14
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