Exxon Mobil Corp 10-Q

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 81,058 80,411 Income from equity affiliates 1,369 1,842 Other income 703 830 Total revenues and other income 83,130 83,083 Costs and other deductions Crude oil and product purchases 46,788 47,601 Production and manufacturing expenses 10,083 9,091 Selling, general and administrative expenses 2,540 2,495 Depreciation and depletion (includes impairments) 5,702 4,812 Exploration expenses, including dry holes 64 148 Non-service pension and postretirement benefit expense 113 23 Interest expense 205 221 Other taxes and duties 6,035 6,323 Total costs and other deductions 71,530 70,714 Income (loss) before income taxes 11,600 12,369 Income tax expense (benefit) 3,567 3,803 Net income (loss) including noncontrolling interests 8,033 8,566 Net income (loss) attributable to noncontrolling interests 320 346 Net income (loss) attributable to ExxonMobil 7,713 8,220 Earnings (loss) per common share (dollars) 1.76 2.06 Earnings (loss) per common share - assuming dilution (dollars) 1.76 2.06 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. 3 Table of Contents CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (millions of dollars) Three Months Ended March 31, 2025 2024 Net income (loss) including noncontrolling interests 8,033 8,566 Other comprehensive income (net of income taxes) Foreign exchange translation adjustment 302 ( 1,267 ) Postretirement benefits reserves adjustment (excluding amortization) ( 34 ) ( 42 ) Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 23 9 Total other comprehensive income (loss) 291 ( 1,300 ) Comprehensive income (loss) including noncontrolling interests 8,324 7,266 Comprehensive income (loss) attributable to noncontrolling interests 330 226 Comprehensive income (loss) attributable to ExxonMobil 7,994 7,040 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. 4 Table of Contents CONDENSED CONSOLIDATED BALANCE SHEET (millions of dollars, unless noted) March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 17,036 23,029 Cash and cash equivalents – restricted 1,476 158 Notes and accounts receivable – net 46,303 43,681 Inventories Crude oil, products and merchandise 20,502 19,444 Materials and supplies 3,976 4,080 Other current assets 1,940 1,598 Total current assets 91,233 91,990 Investments, advances and long-term receivables 47,853 47,200 Property, plant and equipment – net 292,646 294,318 Other assets, including intangibles – net 20,176 19,967 Total Assets 451,908 453,475 LIABILITIES Current liabilities Notes and loans payable 4,728 4,955 Accounts payable and accrued liabilities 63,987 61,297 Income taxes payable 5,114 4,055 Total current liabilities 73,829 70,307 Long-term debt 32,823 36,755 Postretirement benefits reserves 10,015 9,700 Deferred income tax liabilities 39,091 39,042 Long-term obligations to equity companies 1,381 1,346 Other long-term obligations 24,963 25,719 Total Liabilities 182,102 182,869 Commitments and contingencies ( Note 3 ) EQUITY Common stock without par value ( 9,000 million shares authorized, 8,019 million shares issued) 46,426 46,238 Earnings reinvested 474,290 470,903 Accumulated other comprehensive income ( 14,338 ) ( 14,619 ) Common stock held in treasury ( 3,709 million shares at March 31, 2025 and 3,666 million shares at December 31, 2024) ( 243,658 ) ( 238,817 ) ExxonMobil share of equity 262,720 263,705 Noncontrolling interests 7,086 6,901 Total Equity 269,806 270,606 Total Liabilities and Equity 451,908 453,475 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. 5 Table of Contents 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 8,033 8,566 Depreciation and depletion (includes impairments) 5,702 4,812 Changes in operational working capital, excluding cash and debt ( 878 ) 2,008 All other items – net 96 ( 722 ) Net cash provided by operating activities 12,953 14,664 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment ( 5,898 ) ( 5,074 ) Proceeds from asset sales and returns of investments 1,823 703 Additional investments and advances ( 153 ) ( 421 ) Other investing activities including collection of advances 93 215 Net cash used in investing activities ( 4,135 ) ( 4,577 ) CASH FLOWS FROM FINANCING ACTIVITIES Additions to long-term debt 280 108 Reductions in long-term debt ( 7 ) — Reductions in short-term debt ( 4,541 ) ( 1,106 ) Additions/(reductions) in debt with three months or less maturity ( 41 ) ( 5 ) Cash dividends to ExxonMobil shareholders ( 4,335 ) ( 3,808 ) Cash dividends to noncontrolling interests ( 141 ) ( 166 ) Changes in noncontrolling interests ( 12 ) ( 6 ) Inflows from noncontrolling interests for major projects 22 12 Common stock acquired ( 4,804 ) ( 3,011 ) Net cash used in financing activities ( 13,579 ) ( 7,982 ) Effects of exchange rate changes on cash 86 ( 324 ) Increase/(decrease) in cash and cash equivalents (including restricted) ( 4,675 ) 1,781 Cash and cash equivalents at beginning of period (including restricted) 23,187 31,568 Cash and cash equivalents at end of period (including restricted) 18,512 33,349 SUPPLEMENTAL DISCLOSURES Income taxes paid 2,596 2,718 Cash interest paid Included in cash flows from operating activities 211 301 Capitalized, included in cash flows from investing activities 326 297 Total cash interest paid 537 598 Noncash right of use assets recorded in exchange for lease liabilities Operating leases 243 351 Finance leases 6 — The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. 6 Table of Contents 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 17,781 453,927 ( 11,989 ) ( 254,917 ) 204,802 7,736 212,538 Amortization of stock-based awards 197 — — — 197 — 197 Other ( 7 ) — — — ( 7 ) 6 ( 1 ) Net income (loss) for the period — 8,220 — — 8,220 346 8,566 Dividends - common shares — ( 3,808 ) — — ( 3,808 ) ( 166 ) ( 3,974 ) Other comprehensive income (loss) — — ( 1,180 ) — ( 1,180 ) ( 120 ) ( 1,300 ) Share repurchases, at cost — — — ( 2,978 ) ( 2,978 ) — ( 2,978 ) Dispositions — — — 4 4 — 4 Balance as of March 31, 2024 17,971 458,339 ( 13,169 ) ( 257,891 ) 205,250 7,802 213,052 Balance as of December 31, 2024 46,238 470,903 ( 14,619 ) ( 238,817 ) 263,705 6,901 270,606 Amortization of stock-based awards 194 — — — 194 — 194 Other ( 6 ) 9 — — 3 ( 4 ) ( 1 ) Net income (loss) for the period — 7,713 — — 7,713 320 8,033 Dividends - common shares — ( 4,335 ) — — ( 4,335 ) ( 141 ) ( 4,476 ) Other comprehensive income (loss) — — 281 — 281 10 291 Share repurchases, at cost — — — ( 4,852 ) ( 4,852 ) — ( 4,852 ) Dispositions — — — 11 11 — 11 Balance as of March 31, 2025 46,426 474,290 ( 14,338 ) ( 243,658 ) 262,720 7,086 269,806 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 8,019 ( 3,666 ) 4,353 8,019 ( 4,048 ) 3,971 Share repurchases, at cost — ( 43 ) ( 43 ) — ( 28 ) ( 28 ) Dispositions — — — — — — Balance as of March 31 8,019 ( 3,709 ) 4,310 8,019 ( 4,076 ) 3,943 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. 7 Table of Contents 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) 3 Other non-current assets 1 Property, plant & equipment (2) 84 Total identifiable assets acquired 88 Current liabilities (1) 3 Long-term debt (3) 5 Deferred income tax liabilities (4) 16 Other non-current liabilities 2 Total liabilities assumed 26 Net identifiable assets acquired 62 Goodwill (5) 1 Net assets (6) 63 (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 Table of Contents 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 0.250 % Convertible Senior Notes due May 2025 (1) 450 1,327 1.125 % Senior Notes due January 2026 750 699 5.100 % Senior Notes due March 2026 1,100 1,096 7.200 % Senior Notes due January 2028 241 252 4.125 % Senior Notes due February 2028 138 130 1.900 % Senior Notes due August 2030 1,100 914 2.150 % Senior Notes due January 2031 1,000 832 (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 Table of Contents March 31, 2025 (millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total Guarantees Debt-related 1,051 165 1,216 Other 675 6,075 6,750 Total 1,726 6,240 7,966 (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 ( 13,056 ) 1,067 ( 11,989 ) Current period change excluding amounts reclassified from accumulated other comprehensive income (2) ( 1,138 ) ( 48 ) ( 1,186 ) Amounts reclassified from accumulated other comprehensive income — 6 6 Total change in accumulated other comprehensive income ( 1,138 ) ( 42 ) ( 1,180 ) Balance as of March 31, 2024 ( 14,194 ) 1,025 ( 13,169 ) Balance as of December 31, 2024 ( 16,166 ) 1,547 ( 14,619 ) Current period change excluding amounts reclassified from accumulated other comprehensive income (2) 295 ( 36 ) 259 Amounts reclassified from accumulated other comprehensive income — 22 22 Total change in accumulated other comprehensive income 295 ( 14 ) 281 Balance as of March 31, 2025 ( 15,871 ) 1,533 ( 14,338 ) (2) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $( 99 ) million and $ 84 million in 2025 and 2024, respectively. 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) ( 30 ) ( 12 ) Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) Three Months Ended March 31, 2025 2024 Foreign exchange translation adjustment 59 ( 75 ) Postretirement benefits reserves adjustment (excluding amortization) 22 4 Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs ( 7 ) ( 3 ) Total 74 ( 74 ) 10 Table of Contents 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) 7,713 8,220 Weighted-average number of common shares outstanding (millions of shares) (1) 4,372 3,998 Earnings (loss) per common share (dollars) (2) 1.76 2.06 Dividends paid per common share (dollars) 0.99 0.95 (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 136 113 Interest cost 170 168 Expected return on plan assets ( 149 ) ( 181 ) Amortization of actuarial loss/(gain) 18 21 Amortization of prior service cost ( 7 ) ( 8 ) Net pension enhancement and curtailment/settlement cost 36 3 Net benefit cost 204 116 Pension Benefits - Non-U.S. Service cost 78 83 Interest cost 222 227 Expected return on plan assets ( 221 ) ( 261 ) Amortization of actuarial loss/(gain) 9 25 Amortization of prior service cost 13 13 Net benefit cost 101 87 Other Postretirement Benefits Service cost 23 18 Interest cost 65 63 Expected return on plan assets ( 4 ) ( 5 ) Amortization of actuarial loss/(gain) ( 24 ) ( 26 ) Amortization of prior service cost ( 15 ) ( 16 ) Net benefit cost 45 34 11 Table of Contents 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) 5,240 887 — 6,127 ( 5,516 ) ( 70 ) — 541 Advances to/receivables from equity companies (2)(6) — 2,435 4,688 7,123 — — 374 7,497 Other long-term financial assets (3) 1,497 — 1,509 3,006 — — 234 3,240 Liabilities Derivative liabilities (4) 5,438 859 — 6,297 ( 5,516 ) ( 268 ) — 513 Long-term debt (5) 25,109 2,096 — 27,205 — — 3,560 30,765 Long-term obligations to equity companies (6) — — 1,427 1,427 — — ( 46 ) 1,381 Other long-term financial liabilities (7) — — 557 557 — — 55 612 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) 3,223 1,206 — 4,429 ( 3,913 ) ( 3 ) — 513 Advances to/receivables from equity companies (2)(6) — 2,466 4,167 6,633 — — 451 7,084 Other long-term financial assets (3) 1,468 — 1,504 2,972 — — 247 3,219 Liabilities Derivative liabilities (4) 3,561 1,416 — 4,977 ( 3,913 ) ( 341 ) — 723 Long-term debt (5) 28,884 1,813 — 30,697 — — 3,935 34,632 Long-term obligations to equity companies (6) — — 1,393 1,393 — — ( 47 ) 1,346 Other long-term financial liabilities (7) — — 583 583 — — 57 640 (1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net. (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. (4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations. (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 Table of Contents 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 may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of March 31, 2025, the Corporation has designated $ 3.2 billion of its Euro-denominated debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective. 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) 35 13 Petroleum products (barrels) ( 28 ) ( 32 ) Natural gas (MMBTUs) ( 702 ) ( 675 ) 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 19 ( 792 ) Crude oil and product purchases 2 3 Total 21 ( 789 ) 13 Table of Contents 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 7,318 3,960 23,885 36,077 2,022 3,385 1,367 3,025 81,039 Income from equity affiliates 4 1,247 36 1 23 140 — ( 22 ) 1,429 Intersegment revenue 6,556 9,850 4,624 6,672 1,675 739 549 114 30,779 Other income ( 135 ) 374 56 24 1 ( 1 ) — 27 346 Segment revenues and other income 13,743 15,431 28,601 42,774 3,721 4,263 1,916 3,144 113,593 Costs and other items Crude oil and product purchases 5,429 3,261 25,106 35,046 2,154 3,015 997 2,079 77,087 Operating expenses, excl. depreciation and depletion (1) 2,763 2,281 2,082 2,159 1,063 1,084 472 570 12,474 Depreciation and depletion (includes impairments) 3,038 1,689 195 173 145 122 27 38 5,427 Interest expense 37 6 — 1 — — — — 44 Other taxes and duties 64 539 787 4,562 16 22 2 44 6,036 Total costs and other deductions 11,331 7,776 28,170 41,941 3,378 4,243 1,498 2,731 101,068 Segment income (loss) before income taxes 2,412 7,655 431 833 343 20 418 413 12,525 Income tax expense (benefit) 542 2,598 94 187 88 ( 6 ) 96 77 3,676 Segment net income (loss) incl. noncontrolling interests 1,870 5,057 337 646 255 26 322 336 8,849 Net income (loss) attributable to noncontrolling interests — 171 40 116 — 8 — 3 338 Segment income (loss) 1,870 4,886 297 530 255 18 322 333 8,511 Reconciliation of consolidated revenues Segment revenues and other income 113,593 Other revenues (2) 316 Elimination of intersegment revenues ( 30,779 ) Total consolidated revenues and other income 83,130 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 8,511 Corporate and Financing income (loss) ( 798 ) Net income (loss) attributable to ExxonMobil 7,713 (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) 2,780 2,022 116 228 145 117 49 53 5,510 As of March 31, 2025 Investments in equity companies 4,933 21,359 454 923 2,998 2,663 — 805 34,135 Total assets 153,432 136,606 33,105 46,181 17,400 18,023 2,837 8,334 415,918 Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total Three Months Ended March 31, 2025 Additions to property, plant and equipment (3) 5,510 519 6,029 As of March 31, 2025 Investments in equity companies 34,135 ( 132 ) 34,003 Total assets 415,918 35,990 451,908 (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 $ 363 million. (3) Includes non-cash additions. Due to rounding, numbers presented may not add up precisely to the totals indicated. 14 Table of Contents (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 2,190 3,526 24,803 39,409 2,194 3,646 1,469 3,150 80,387 Income from equity affiliates ( 105 ) 1,708 33 25 57 205 — ( 9 ) 1,914 Intersegment revenue 5,988 9,980 6,558 6,752 1,865 1,025 655 164 32,987 Other income ( 39 ) 137 43 19 1 5 3 32 201 Segment revenues and other income 8,034 15,351 31,437 46,205 4,117 4,881 2,127 3,337 115,489 Costs and other items Crude oil and product purchases 2,993 2,483 27,276 38,351 2,291 3,351 1,146 2,285 80,176 Operating expenses, excl. depreciation and depletion (1) 1,727 2,630 2,014 2,138 991 1,060 428 535 11,523 Depreciation and depletion expense 1,842 2,035 196 189 159 109 22 39 4,591 Interest expense 28 15 1 2 — — — 1 47 Other taxes and duties 98 613 820 4,703 17 19 2 52 6,324 Total costs and other deductions 6,688 7,776 30,307 45,383 3,458 4,539 1,598 2,912 102,661 Segment income (loss) before income taxes 1,346 7,575 1,130 822 659 342 529 425 12,828 Income tax expense (benefit) 292 2,825 236 138 155 50 125 63 3,884 Segment net income (loss) incl. noncontrolling interests 1,054 4,750 894 684 504 292 404 362 8,944 Net income (loss) attributable to noncontrolling interests — 144 58 144 — 11 — 5 362 Segment income (loss) 1,054 4,606 836 540 504 281 404 357 8,582 Reconciliation of consolidated revenues Segment revenues and other income 115,489 Other revenues (2) 581 Elimination of intersegment revenues ( 32,987 ) Total consolidated revenues and other income 83,083 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 8,582 Corporate and Financing income (loss) ( 362 ) Net income (loss) attributable to ExxonMobil 8,220 (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) 2,028 1,664 142 321 100 235 14 58 4,562 As of December 31, 2024 Investments in equity companies 4,884 21,396 444 915 3,016 2,649 — 814 34,118 Total assets 154,914 134,609 32,143 43,399 17,445 17,692 2,882 8,040 411,124 Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total Three Months Ended March 31, 2024 Additions to property, plant and equipment (3) 4,562 512 5,074 As of December 31, 2024 Investments in equity companies 34,118 ( 108 ) 34,010 Total assets 411,124 42,351 453,475 (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 $ 474 million. (3) Includes non-cash additions. Due to rounding, numbers presented may not add up precisely to the totals indicated. 15 Table of Contents 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 56,931 58,419 Revenue outside the scope of ASC 606 24,127 21,992 Total 81,058 80,411 Geographic Sales and Other Operating Revenue (millions of dollars) Three Months Ended March 31, 2025 2024 United States 34,607 30,656 Non-U.S. 46,451 49,755 Total 81,058 80,411 Significant Non-U.S. revenue sources include: (1) Canada 6,990 7,055 United Kingdom 5,840 5,160 Singapore 3,833 4,018 (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 Table of Contents