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Item 2. Management’s Discussion and Analysis

2025-08-04 compared with 2025-05-05 · 191 added, 69 removed, 344 unchanged (43% of the section changed)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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.

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 the second quarter of 2025, the price of crude oil decreased slightly relative to first quarter 2025, remaining near the middle of the 10-year historical range (2010-2019) supported by strong demand which helped to offset increased OPEC supply.

Natural gas prices remained above the 10-year range on strong global demand.

Global industry refining margins improved in the second quarter, moving back to the middle of the 10-year historical range driven by strong seasonal demand.

Chemical margins remained at bottom of cycle, well below the 10-year range, with continued industry oversupply.

During 2025, the U.S.

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In response, many countries announced their own retaliatory tariffs.

Certain tariffs were paused for a period of time but have not been withdrawn.

Certain tariffs were paused for a period of time but have not been withdrawn, while others have been revised.

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.

or its trading partners resuming tariffs, imposing new or revised reciprocal tariffs, export restrictions, or other forms of trade-related sanctions is highly uncertain.

Despite the current uncertainty 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 do not anticipate any material near-term financial 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.

The Corporation evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market.

Listed below are descriptions of the earnings drivers:

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Three Months Ended

March 31, 2025

June 30, 2025

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

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Earnings (loss) (U.S.

GAAP) 1,870 4,886 297 530 255 18 322 333 (798) 7,713

1,212 4,190 825 541 255 38 291 489 (759) 7,082

Identified Items

Total Identified Items — — — — — — — — — —

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Three Months Ended

March 31, 2024

June 30, 2024

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

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Earnings (loss) (U.S.

2,430 4,644 450 496 526 253 447 304 (310) 9,240

Identified Items

Total Identified Items — — — — — — — — — —

Earnings (loss) excluding Identified Items (Non-GAAP)

2,430 4,644 450 496 526 253 447 304 (310) 9,240

Six Months Ended

June 30, 2025

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

(millions of dollars) U.S.

Earnings (loss) (U.S.

GAAP) 3,082 9,076 1,122 1,071 510 56 613 822 (1,557) 14,795

Identified Items

Total Identified Items — — — — — — — — — —

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3,082 9,076 1,122 1,071 510 56 613 822 (1,557) 14,795

Six Months Ended

June 30, 2024

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

(millions of dollars) U.S.

Earnings (loss) (U.S.

GAAP) 3,484 9,250 1,286 1,036 1,030 534 851 661 (672) 17,460

Identified Items

Total Identified Items — — — — — — — — — —

Earnings (loss) excluding Identified Items (Non-GAAP)

3,484 9,250 1,286 1,036 1,030 534 851 661 (672) 17,460

References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S.

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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.

Relative to 2019, estimated cumulative Structural Cost Savings totaled $13.5 billion, which included an additional $1.4 billion in the first six 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.

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Twelve Months

Ended December 31, Three Months Ended

Ended December 31, Six Months Ended

2019 2024 2024 2025

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Due to rounding, numbers presented may not add up precisely to the totals indicated.

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.

REVIEW OF SECOND QUARTER 2025 RESULTS

ExxonMobil’s second quarter 2025 earnings were $7.1 billion, compared to $9.2 billion a year earlier.

The decrease in earnings was mainly driven by weaker crude prices , lower chemical realizations, and higher expenses from growth initiatives;

partly offset by increased volumes from advantaged Upstream investments in the Permian and Structural Cost Savings.

Cash capital expenditures were $6.3 billion, down $0.2 billion from second quarter 2024.

Earnings for the first six months of 2025 were $14.8 billion, compared to $17.5 billion a year earlier.

Cash capital expenditures were $12.3 billion, up $0.5 billion from the first six months of 2024.

The Corporation distributed $8.6 billion in dividends to shareholders and repurchased $9.8 billion of common stock.

Upstream Financial Results

(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Earnings (loss) (U.S.

United States 1,212 2,430 3,082 3,484

4,190 4,644 9,076 9,250

Total 5,402 7,074 12,158 12,734

Identified Items (1)

United States — — — —

Total — — — —

Earnings (loss) excluding Identified Items (1) (Non-GAAP)

United States 1,212 2,430 3,082 3,484

4,190 4,644 9,076 9,250

Total 5,402 7,074 12,158 12,734

(1) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Upstream First Quarter Earnings Driver Analysis

Upstream Second 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.

Price – Price impacts decreased earnings by $2,020 million, mainly driven by lower liquids realizations.

Advantaged Volume Growth – Volumes from advantaged assets increased earnings by $160 million, mainly driven by Permian growth, including the Pioneer acquisition.

Base Volume – Decreased earnings by $110 million as a result of divestments.

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.

Expenses – Decreased earnings by $250 million from higher depreciation.

Other – Increased earnings by $100 million, driven by favorable foreign exchange and tax items, partially offset by lower divestment gains.

Timing Effects – Increased earnings by $140 million, mainly from favorable derivatives mark-to-market impacts.

Upstream Year-to-Date Earnings Driver Analysis

(millions of dollars)

Price – Price impacts decreased earnings by $2,480 million, driven by lower liquids realizations.

Advantaged Volume Growth – Volumes from advantaged assets increased earnings by $1,080 million, driven by the Permian and Guyana.

Base Volume – Divestments of non-strategic assets decreased earnings by $300 million, partially offset by the Tengiz expansion.

Structural Cost Savings – Increased earnings by $620 million.

Expenses – Decreased earnings by $420 million, primarily from higher depreciation.

Other – Increased earnings by $500 million, driven by favorable foreign exchange and tax items.

Timing Effects – Increased earnings by $420 million from favorable derivatives mark-to-market impacts.

Upstream Operational Results

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net production of crude oil, natural gas liquids, bitumen and synthetic oil

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Canada/Other Americas 797 760 779 767

Europe 3 4 4 4

Africa 139 215 138 220

Asia 801 714 799 712

Australia/Oceania 25 30 25 30

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(thousands of oil-equivalent barrels daily)

4,630 4,358 4,591 4,071

(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

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(thousands of barrels daily) Three Months Ended

June 30, Six Months Ended

Volumes reconciliation (Oil-equivalent production) (1)

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2Q 2025 production of 4.6 million oil-equivalent barrels per day increased 272 thousand oil-equivalent barrels per day from 2Q 2024, driven by the Pioneer acquisition.

4.6 million oil-equivalent barrels per day in 2025 increased 520 thousand oil-equivalent barrels per day from 2024, driven by Permian production.

Listed below are descriptions of ExxonMobil’s volumes reconciliation drivers which are provided to facilitate understanding of the terms.

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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.

Entitlements - Price / Spend / 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.

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(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Earnings (loss) (U.S.

United States 825 450 1,122 1,286

541 496 1,071 1,036

Total 1,366 946 2,193 2,322

Identified Items (1)

United States — — — —

Total — — — —

Earnings (loss) excluding Identified Items (1) (Non-GAAP)

United States 825 450 1,122 1,286

541 496 1,071 1,036

Total 1,366 946 2,193 2,322

(1) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Energy Products First Quarter Earnings Driver Analysis

Energy Products Second 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.

Margin – Industry refining margins increased earnings by $270 million, on higher fuel demand and industry supply outages.

Advantaged Volume Growth – Volumes from advantaged projects increased earnings by $10 million.

Base Volume – Increased earnings by $150 million, driven by lower scheduled maintenance.

Structural Cost Savings – Increased earnings by $40 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.

Expenses – Increased earnings by $60 million.

Other – Increased earnings by $10 million.

Timing Effects – Decreased earnings by $120 million, mainly from the absence of prior year favorable derivatives mark-to-market impacts.

Energy Products Year-to-Date Earnings Driver Analysis

(millions of dollars)

Margins – Industry refining margins decreased earnings by $1,100 million, as the increased supply from industry capacity additions outpaced higher global demand.

Advantaged Volume Growth – Volumes from advantaged projects increased earnings by $20 million.

Base Volume – Higher base volumes increased earnings by $150 million, driven by lower scheduled maintenance.

Structural Cost Savings – Increased earnings by $280 million.

Expenses – Remained flat.

Other – All other items, mainly driven by the absence of unfavorable inventory impacts, increased earnings by $210 million.

Timing Effects – Increased earnings by $310 million, mainly from the absence of prior year unfavorable derivatives mark-to-market impacts.

Energy Products Operational Results

(thousands of barrels daily) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Refinery throughput

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United States 2,906 2,639 2,817 2,607

2,682 2,681 2,619 2,669

Worldwide 5,588 5,320 5,436 5,276

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(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Earnings (loss) (U.S.

United States 255 526 510 1,030

38 253 56 534

Total 293 779 566 1,564

Identified Items (2)

United States — — — —

Total — — — —

Earnings (loss) excluding Identified Items (2) (Non-GAAP)

United States 255 526 510 1,030

38 253 56 534

Total 293 779 566 1,564

(2) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Chemical Products First Quarter Earnings Driver Analysis

Chemical Products Second Quarter Earnings Driver Analysis

(millions of dollars)

Margin – Weaker margins decreased earnings by $290 million, driven by higher feed costs in North America.

Margin – Weaker margins decreased earnings by $560 million on lower North America ethane feed advantage.

Advantaged Volume Growth – High-value product sales growth increased earnings by $30 million.

Base Volume – Lower base volumes decreased earnings by $70 million, driven by absence of prior year opportunistic sales.

Base Volume – Increased earnings by $30 million.

Structural Cost Savings – Increased earnings by $10 million.

Expenses – Higher spend on advantaged projects and turnaround activity decreased earnings by $130 million.

Other – All other items decreased earnings by $60 million.

Expenses – Decreased earnings by $50 million.

Other – Increased earnings by $50 million.

Chemical Products Year-to-Date Earnings Driver Analysis

(millions of dollars)

Margins – Weaker margins decreased earnings by $820 million on lower North America ethane feed advantage.

Advantaged Volume Growth – High-value product sales growth increased earnings by $40 million.

Base Volume – Absence of prior year opportunistic sales decreased earnings by $80 million.

Structural Cost Savings – Increased earnings by $110 million.

Expenses – Higher expenses, including China Chemical Complex costs, decreased earnings by $250 million.

Chemical Products Operational Results

(thousands of metric tons) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Chemical Products sales (1)

United States 1,771 1,802 3,477 3,649

3,493 3,071 6,563 6,278

Worldwide 5,264 4,873 10,040 9,927

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(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Earnings (loss) (U.S.

United States 291 447 613 851

489 304 822 661

Total 780 751 1,435 1,512

Identified Items (2)

United States — — — —

Total — — — —

Earnings (loss) excluding Identified Items (2) (Non-GAAP)

United States 291 447 613 851

489 304 822 661

Total 780 751 1,435 1,512

(2) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Specialty Products First Quarter Earnings Driver Analysis

Specialty Products Second 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.

Margin – Stronger finished lubes margins increased earnings by $90 million.

Advantaged Volume – High-value products sales growth increased earnings by $20 million.

Base Volume – Increased earnings by $10 million.

Structural Cost Savings – Increased earnings by $10 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.

Expenses – Decreased earnings by $40 million.

Other – Decreased earnings by $60 million.

Specialty Products Year-to-Date Earnings Driver Analysis

(millions of dollars)

Margins – Stronger margins driven by lower basestocks feed costs increased earnings by $90 million.

Advantaged Volume Growth – High-value products sales growth increased earnings by $10 million.

Base Volume – Decreased earnings by $10 million.

Structural Cost Savings – Increased earnings by $60 million.

Expenses – Higher expenses including spending on Proxxima TM systems and carbon materials market development decreased earnings by $140 million.

Other – Decreased earnings by $90 million.

Specialty Products Operational Results

(thousands of metric tons) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Specialty Products sales (1)

United States 504 506 977 1,001

1,500 1,428 2,963 2,892

Worldwide 2,004 1,933 3,940 3,893

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(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Earnings (loss) (U.S.

GAAP) (759) (310) (1,557) (672)

Identified Items (2)

Earnings (loss) excluding Identified Items (2) (Non-GAAP)

(759) (310) (1,557) (672)

(2) Refer to page 22 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.

Corporate and Financing expenses were $759 million for the second quarter of 2025, $449 million higher than the second quarter of 2024, due to lower interest income, unfavorable foreign exchange and increased pension-related expenses.

Corporate and Financing expenses were $1,557 million for the first six months of 2025, $885 million higher than 2024, due to lower interest income, unfavorable foreign exchange and increased pension-related expenses.

LIQUIDITY AND CAPITAL RESOURCES

(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net cash provided by/(used in)

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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.

Cash flow from operations and asset sales in the second quarter of 2025 was $11.7 billion, an increase of $0.2 billion from the comparable 2024 period.

Cash provided by operating activities totaled $24.5 billion for the first six months of 2025, $0.7 billion lower than 2024.

Net income including noncontrolling interests was $15.4 billion, a decrease of $2.8 billion from the prior year period.

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Changes in operational working capital were a reduction of $4.8 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.

All other items net increased cash flows by $2.2 billion in 2025 versus a decrease of $0.9 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.

Investing activities for the first six months of 2025 used net cash of $10.3 billion, an increase of $0.9 billion compared to the prior year.

Spending for additions to property, plant and equipment of $12.2 billion was $0.9 billion higher than 2024.

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Net investments and advances decreased $0.4 billion from $0.5 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.

Net cash used in financing activities was $22.3 billion in the first six months of 2025, including $9.8 billion for the purchase of 89.9 million shares of ExxonMobil stock, as part of the previously announced buyback program.

This compares to net cash used in financing activities of $20.5 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.

Total debt at the end of the second quarter of 2025 was $39.0 billion compared to $41.7 billion at year-end 2024.

The Corporation's debt to total capital ratio was 12.6 percent at the end of the second quarter of 2025 compared to 13.4 percent at year-end 2024.

The net debt to capital ratio (1) was 8.4 percent at the end of the second quarter, an increase of 1.9 percentage points from year-end 2024.

The Corporation's capital allocation priorities are investing in competitively advantaged, high-return projects;

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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 distributed a total of $8.6 billion to shareholders in the first six 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 had undrawn short-term committed lines of credit of $0.2 billion and undrawn long-term committed lines of credit of $0.7 billion as of the end of second quarter 2025.

The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade.

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(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Income taxes 3,351 4,094 6,918 7,897

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Total other taxes and duties (1)

7,204 7,531 14,270 14,691

Total 10,555 11,625 21,188 22,588

(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selli ng, 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.

Total taxes were $10.6 billion for the second quarter of 2025, a decrease of $1.1 billion from 2024.

Income tax expense was $3.4 billion compared to $4.1 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.

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, comparable with the prior year period.

Total other taxes and duties decreased by $0.3 billion to $7.2 billion.

Total taxes were $21.2 billion for the first six months of 2025, a decrease of $1.4 billion from 2024.

Income tax expense decreased by $1.0 billion to $6.9 billion reflecting lower commodity prices.

The effective income tax rate of 34 percent was down compared to the prior year period due primarily to favorable one-time items.

Total other taxes and duties decreased by $0.4 billion to $14.3 billion.

CASH CAPITAL EXPENDITURES (Non-GAAP)

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(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Additions to property, plant and equipment 6,283 6,235 12,181 11,309

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Inflows from noncontrolling interests for major projects

(23) — (45) (12)

Total Cash Capex (Non-GAAP)

Cash capex in the first quarter of 2025 was $5.9 billion, up $0.7 billion from the first quarter of 2024.

6,333 6,549 12,269 11,817

Cash capex in the second quarter of 2025 was $6.3 billion, down $0.2 billion from the second quarter of 2024.

(millions of dollars) Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Upstream 5,669 5,351 10,662 9,456

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Total Cash Capex (Non-GAAP)

6,333 6,549 12,269 11,817

The Corporation plans to invest in the range of $27 billion to $29 billion in 2025.

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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;

These include global or regional changes or imbalances in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors;

economic conditions and seasonal fluctuations that impact prices, differentials, and volume/mix 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;

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uncertain impacts of deregulation on the legal and regulatory environment;

changes in interest and exchange rates;

variable impacts of trading activities on our margins and results each quarter;

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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;

reservoir performance, including variability and timing factors applicable to unconventional resources, the success of new unconventional technologies, and the ability of new technologies to improve recovery relative to competitors;

the level, outcome, and timing of exploration and development projects and decisions to invest in future reserves and resources;

timely completion of construction projects;

timely completion of construction projects and commencement of start-up operations, including reliance on third-party suppliers and service providers;

final management approval of future projects and any changes in the scope, terms, costs or assumptions of such projects as approved;

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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;

expropriations, seizure, or capacity, insurance, shipping, import or export limitations imposed directly or indirectly by governments or laws;

opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals;

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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 reference case for planning beyond 2030 is based on ExxonMobil’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.

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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.

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 Corporate 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.

however, actual investment levels will be subject to the availability of the opportunity set and 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.

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.

Information about market risks for the six months ended June 30, 2025, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for 2024.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis