Exxon Mobil Corp 10-Q

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENT OF INCOME (millions of dollars, unless noted) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues and other income Sales and other operating revenue 79,477 89,986 160,535 170,397 Income from equity affiliates 1,462 1,744 2,831 3,586 Other income 567 1,330 1,270 2,160 Total revenues and other income 81,506 93,060 164,636 176,143 Costs and other deductions Crude oil and product purchases 45,327 54,199 92,115 101,800 Production and manufacturing expenses 10,102 9,804 20,185 18,895 Selling, general and administrative expenses 2,528 2,568 5,068 5,063 Depreciation and depletion (includes impairments) 6,101 5,787 11,803 10,599 Exploration expenses, including dry holes (1) 251 153 315 301 Non-service pension and postretirement benefit expense 90 34 203 57 Interest expense 145 271 350 492 Other taxes and duties 6,257 6,579 12,292 12,902 Total costs and other deductions 70,801 79,395 142,331 150,109 Income (loss) before income taxes 10,705 13,665 22,305 26,034 Income tax expense (benefit) 3,351 4,094 6,918 7,897 Net income (loss) including noncontrolling interests 7,354 9,571 15,387 18,137 Net income (loss) attributable to noncontrolling interests 272 331 592 677 Net income (loss) attributable to ExxonMobil 7,082 9,240 14,795 17,460 Earnings (loss) per common share (dollars) 1.64 2.14 3.40 4.20 Earnings (loss) per common share - assuming dilution (dollars) 1.64 2.14 3.40 4.20 (1) Includes $ 40 million related to the write-off of exploratory well costs in 2025 that were previously capitalized for greater than one year at December 31, 2024. 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) including noncontrolling interests 7,354 9,571 15,387 18,137 Other comprehensive income (net of income taxes) Foreign exchange translation adjustment 2,206 ( 115 ) 2,508 ( 1,382 ) Postretirement benefits reserves adjustment (excluding amortization) ( 12 ) 29 ( 46 ) ( 13 ) Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 7 17 30 26 Total other comprehensive income (loss) 2,201 ( 69 ) 2,492 ( 1,369 ) Comprehensive income (loss) including noncontrolling interests 9,555 9,502 17,879 16,768 Comprehensive income (loss) attributable to noncontrolling interests 571 280 901 506 Comprehensive income (loss) attributable to ExxonMobil 8,984 9,222 16,978 16,262 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) June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 14,352 23,029 Cash and cash equivalents – restricted 1,359 158 Notes and accounts receivable – net 41,792 43,681 Inventories Crude oil, products and merchandise 21,364 19,444 Materials and supplies 4,007 4,080 Other current assets 2,234 1,598 Total current assets 85,108 91,990 Investments, advances and long-term receivables 46,092 47,200 Property, plant and equipment – net 295,356 294,318 Other assets, including intangibles – net 21,041 19,967 Total Assets 447,597 453,475 LIABILITIES Current liabilities Notes and loans payable 5,419 4,955 Accounts payable and accrued liabilities 59,725 61,297 Income taxes payable 3,017 4,055 Total current liabilities 68,161 70,307 Long-term debt 33,570 36,755 Postretirement benefits reserves 10,352 9,700 Deferred income tax liabilities 39,368 39,042 Long-term obligations to equity companies 1,113 1,346 Other long-term obligations 25,071 25,719 Total Liabilities 177,635 182,869 Commitments and contingencies ( Note 3 ) EQUITY Common stock without par value ( 9,000 million shares authorized, 8,019 million shares issued) 46,629 46,238 Earnings reinvested 477,061 470,903 Accumulated other comprehensive income ( 12,436 ) ( 14,619 ) Common stock held in treasury ( 3,756 million shares at June 30, 2025 and 3,666 million shares at December 31, 2024) ( 248,661 ) ( 238,817 ) ExxonMobil share of equity 262,593 263,705 Noncontrolling interests 7,369 6,901 Total Equity 269,962 270,606 Total Liabilities and Equity 447,597 453,475 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) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) including noncontrolling interests 15,387 18,137 Depreciation and depletion (includes impairments) 11,803 10,599 Changes in operational working capital, excluding cash and debt ( 4,848 ) ( 2,608 ) All other items – net 2,161 ( 904 ) Net cash provided by operating activities 24,503 25,224 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment ( 12,181 ) ( 11,309 ) Proceeds from asset sales and returns of investments 1,999 1,629 Additional investments and advances ( 472 ) ( 744 ) Other investing activities including collection of advances 339 224 Cash acquired from mergers and acquisitions — 754 Net cash used in investing activities ( 10,315 ) ( 9,446 ) CASH FLOWS FROM FINANCING ACTIVITIES Additions to long-term debt 883 217 Reductions in long-term debt ( 13 ) ( 1,142 ) Additions to short-term debt 172 — Reductions in short-term debt ( 4,676 ) ( 2,771 ) Additions/(reductions) in debt with three months or less maturity 257 ( 6 ) Contingent consideration payments ( 79 ) ( 27 ) Cash dividends to ExxonMobil shareholders ( 8,623 ) ( 8,093 ) Cash dividends to noncontrolling interests ( 452 ) ( 397 ) Changes in noncontrolling interests ( 10 ) 4 Inflows from noncontrolling interests for major projects 45 12 Common stock acquired ( 9,768 ) ( 8,337 ) Net cash used in financing activities ( 22,264 ) ( 20,540 ) Effects of exchange rate changes on cash 600 ( 318 ) Increase/(decrease) in cash and cash equivalents (including restricted) ( 7,476 ) ( 5,080 ) Cash and cash equivalents at beginning of period (including restricted) 23,187 31,568 Cash and cash equivalents at end of period (including restricted) 15,711 26,488 SUPPLEMENTAL DISCLOSURES Income taxes paid 5,582 6,968 Cash interest paid Included in cash flows from operating activities 169 321 Capitalized, included in cash flows from investing activities 707 590 Total cash interest paid 876 911 Noncash right of use assets recorded in exchange for lease liabilities Operating leases 900 647 Finance leases 6 53 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 March 31, 2024 17,971 458,339 ( 13,169 ) ( 257,891 ) 205,250 7,802 213,052 Amortization of stock-based awards 178 — — — 178 — 178 Other ( 117 ) — — — ( 117 ) 10 ( 107 ) Net income (loss) for the period — 9,240 — — 9,240 331 9,571 Dividends - common shares — ( 4,285 ) — — ( 4,285 ) ( 231 ) ( 4,516 ) Other comprehensive income (loss) — — ( 18 ) — ( 18 ) ( 51 ) ( 69 ) Share repurchases, at cost — — — ( 5,310 ) ( 5,310 ) — ( 5,310 ) Issued for acquisitions 28,749 — — 34,603 63,352 — 63,352 Dispositions — — — 115 115 — 115 Balance as of June 30, 2024 46,781 463,294 ( 13,187 ) ( 228,483 ) 268,405 7,861 276,266 Balance as of March 31, 2025 46,426 474,290 ( 14,338 ) ( 243,658 ) 262,720 7,086 269,806 Amortization of stock-based awards 220 — — — 220 — 220 Other ( 17 ) ( 23 ) — — ( 40 ) 23 ( 17 ) Net income (loss) for the period — 7,082 — — 7,082 272 7,354 Dividends - common shares — ( 4,288 ) — — ( 4,288 ) ( 311 ) ( 4,599 ) Other comprehensive income (loss) — — 1,902 — 1,902 299 2,201 Share repurchases, at cost — — — ( 5,014 ) ( 5,014 ) — ( 5,014 ) Dispositions — — — 11 11 — 11 Balance as of June 30, 2025 46,629 477,061 ( 12,436 ) ( 248,661 ) 262,593 7,369 269,962 Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Common Stock Share Activity (millions of shares) Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding Balance as of March 31 8,019 ( 3,709 ) 4,310 8,019 ( 4,076 ) 3,943 Share repurchases, at cost — ( 47 ) ( 47 ) — ( 45 ) ( 45 ) Issued for acquisitions — — — — 545 545 Dispositions — — — — — — Balance as of June 30 8,019 ( 3,756 ) 4,263 8,019 ( 3,576 ) 4,443 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. 7 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 375 — — — 375 — 375 Other ( 124 ) — — — ( 124 ) 16 ( 108 ) Net income (loss) for the period — 17,460 — — 17,460 677 18,137 Dividends - common shares — ( 8,093 ) — — ( 8,093 ) ( 397 ) ( 8,490 ) Other comprehensive income (loss) — — ( 1,198 ) — ( 1,198 ) ( 171 ) ( 1,369 ) Share repurchases, at cost — — — ( 8,288 ) ( 8,288 ) — ( 8,288 ) Issued for acquisitions 28,749 — — 34,603 63,352 — 63,352 Dispositions — — — 119 119 — 119 Balance as of June 30, 2024 46,781 463,294 ( 13,187 ) ( 228,483 ) 268,405 7,861 276,266 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 414 — — — 414 — 414 Other ( 23 ) ( 14 ) — — ( 37 ) 19 ( 18 ) Net income (loss) for the period — 14,795 — — 14,795 592 15,387 Dividends - common shares — ( 8,623 ) — — ( 8,623 ) ( 452 ) ( 9,075 ) Other comprehensive income (loss) — — 2,183 — 2,183 309 2,492 Share repurchases, at cost — — — ( 9,866 ) ( 9,866 ) — ( 9,866 ) Dispositions — — — 22 22 — 22 Balance as of June 30, 2025 46,629 477,061 ( 12,436 ) ( 248,661 ) 262,593 7,369 269,962 Six Months Ended June 30, 2025 Six Months Ended June 30, 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 — ( 90 ) ( 90 ) — ( 73 ) ( 73 ) Issued for acquisitions — — — — 545 545 Dispositions — — — — — — Balance as of June 30 8,019 ( 3,756 ) 4,263 8,019 ( 3,576 ) 4,443 The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. 8 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 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 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. 9 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. Actual and Pro Forma Impact of Merger The following table presents revenues and earnings included in the Consolidated Statement of Income for Pioneer since the acquisition date (May 3, 2024) through June 30, 2024: (millions of dollars) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Sales and other operating revenues 4,372 4,372 Net income (loss) attributable to ExxonMobil 398 398 The following table presents unaudited pro forma information for the Corporation as if the merger with Pioneer had occurred at the beginning of January 1, 2023: Unaudited (millions of dollars) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Sales and other operating revenues 92,167 178,557 Net income (loss) attributable to ExxonMobil 9,265 18,256 The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the merger and factually supportable. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2023. In addition, the unaudited pro forma consolidated results reflect pro forma adjustments primarily related to conforming Pioneer's accounting policies to ExxonMobil, additional depreciation expense related to the fair value adjustment of the acquired property, plant and equipment, our capital structure, Pioneer's transaction-related costs, and applicable income tax impacts of the pro forma adjustments. Our transaction costs to effect the acquisition were immaterial. 10 Table of Contents 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 June 30, 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. June 30, 2025 (millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total Guarantees Debt-related 991 157 1,148 Other 674 6,359 7,033 Total 1,665 6,516 8,181 (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. 11 Table of Contents 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 (1) ( 1,197 ) ( 21 ) ( 1,218 ) Amounts reclassified from accumulated other comprehensive income — 20 20 Total change in accumulated other comprehensive income ( 1,197 ) ( 1 ) ( 1,198 ) Balance as of June 30, 2024 ( 14,253 ) 1,066 ( 13,187 ) Balance as of December 31, 2024 ( 16,166 ) 1,547 ( 14,619 ) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 2,200 ( 46 ) 2,154 Amounts reclassified from accumulated other comprehensive income — 29 29 Total change in accumulated other comprehensive income 2,200 ( 17 ) 2,183 Balance as of June 30, 2025 ( 13,966 ) 1,530 ( 12,436 ) (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $( 293 ) million and $ 123 million in 2025 and 2024, respectively. Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 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) ( 7 ) ( 22 ) ( 37 ) ( 34 ) Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Foreign exchange translation adjustment 47 69 106 ( 6 ) Postretirement benefits reserves adjustment (excluding amortization) 16 ( 10 ) 38 ( 6 ) Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs — ( 5 ) ( 7 ) ( 8 ) Total 63 54 137 ( 20 ) 12 Table of Contents Note 5. Earnings Per Share Earnings per common share Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) attributable to ExxonMobil (millions of dollars) 7,082 9,240 14,795 17,460 Weighted-average number of common shares outstanding (millions of shares) (1) 4,331 4,317 4,351 4,158 Earnings (loss) per common share (dollars) (2) 1.64 2.14 3.40 4.20 Dividends paid per common share (dollars) 0.99 0.95 1.98 1.90 (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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Components of net benefit cost Pension Benefits - U.S. Service cost 138 117 274 230 Interest cost 171 168 341 336 Expected return on plan assets ( 149 ) ( 181 ) ( 298 ) ( 362 ) Amortization of actuarial loss/(gain) 19 21 37 42 Amortization of prior service cost ( 8 ) ( 8 ) ( 15 ) ( 16 ) Net pension enhancement and curtailment/settlement cost 15 14 51 17 Net benefit cost 186 131 390 247 Pension Benefits - Non-U.S. Service cost 82 86 160 169 Interest cost 205 198 427 425 Expected return on plan assets ( 206 ) ( 230 ) ( 427 ) ( 491 ) Amortization of actuarial loss/(gain) 9 24 18 49 Amortization of prior service cost 15 12 28 25 Net benefit cost 105 90 206 177 Other Postretirement Benefits Service cost 24 19 47 37 Interest cost 66 62 131 125 Expected return on plan assets ( 4 ) ( 5 ) ( 8 ) ( 10 ) Amortization of actuarial loss/(gain) ( 27 ) ( 26 ) ( 51 ) ( 52 ) Amortization of prior service cost ( 16 ) ( 15 ) ( 31 ) ( 31 ) Net benefit cost 43 35 88 69 13 Table of Contents Note 7. Financial Instruments and Derivatives The estimated fair value of financial instruments and derivatives at June 30, 2025 and December 31, 2024, and the related hierarchy level for the fair value measurement was as follows: June 30, 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) 8,022 1,423 — 9,445 ( 8,585 ) ( 62 ) — 798 Advances to/receivables from equity companies (2)(6) — 2,458 4,290 6,748 — — 325 7,073 Other long-term financial assets (3) 1,517 — 1,538 3,055 — — 214 3,269 Liabilities Derivative liabilities (4) 8,271 1,271 — 9,542 ( 8,585 ) ( 311 ) — 646 Long-term debt (5) 25,560 2,517 — 28,077 — — 3,374 31,451 Long-term obligations to equity companies (6) — — 1,156 1,156 — — ( 43 ) 1,113 Other long-term financial liabilities (7) — — 404 404 — — 56 460 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. 14 Table of Contents At June 30, 2025 and December 31, 2024, respectively, the Corporation had $ 849 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 June 30, 2025, the Corporation has designated $ 3.5 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 $ 0.7 billion as of the end of second 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 June 30, 2025 and December 31, 2024, or results of operations for the periods ended June 30, 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 second 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 June 30, 2025 and December 31, 2024, was as follows: (millions) June 30, 2025 December 31, 2024 Crude oil (barrels) — 13 Petroleum products (barrels) ( 26 ) ( 32 ) Natural gas (MMBTUs) ( 647 ) ( 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Sales and other operating revenue 515 ( 103 ) 534 ( 895 ) Crude oil and product purchases 4 ( 5 ) 6 ( 2 ) Total 519 ( 108 ) 540 ( 897 ) 15 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 June 30, 2025 Revenues and other income Sales and other operating revenue 5,939 3,286 25,072 34,917 1,970 3,700 1,438 3,134 79,456 Income from equity affiliates 5 1,300 36 28 38 129 3 ( 10 ) 1,529 Intersegment revenue 6,230 8,824 4,502 6,512 1,668 790 551 113 29,190 Other income 93 23 26 54 — 3 2 31 232 Segment revenues and other income 12,267 13,433 29,636 41,511 3,676 4,622 1,994 3,268 110,407 Costs and other items Crude oil and product purchases 4,533 2,006 25,515 33,551 2,136 3,204 1,073 2,025 74,043 Operating expenses, excl. depreciation and depletion (1) 2,716 2,480 1,940 2,272 1,096 1,194 510 556 12,764 Depreciation and depletion (includes impairments) 3,356 1,733 198 170 148 138 27 43 5,813 Interest expense 22 16 ( 1 ) 1 — — — 2 40 Other taxes and duties 49 531 830 4,744 18 39 1 44 6,256 Total costs and other deductions 10,676 6,766 28,482 40,738 3,398 4,575 1,611 2,670 98,916 Segment income (loss) before income taxes 1,591 6,667 1,154 773 278 47 383 598 11,491 Income tax expense (benefit) 379 2,332 264 159 23 3 91 106 3,357 Segment net income (loss) incl. noncontrolling interests 1,212 4,335 890 614 255 44 292 492 8,134 Net income (loss) attributable to noncontrolling interests — 145 65 73 — 6 1 3 293 Segment income (loss) 1,212 4,190 825 541 255 38 291 489 7,841 Reconciliation of consolidated revenues Segment revenues and other income 110,407 Other revenues (2) 289 Elimination of intersegment revenues ( 29,190 ) Total consolidated revenues and other income 81,506 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 7,841 Corporate and Financing income (loss) ( 759 ) Net income (loss) attributable to ExxonMobil 7,082 (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 June 30, 2025 Additions to property, plant and equipment (3) 3,047 2,022 145 258 161 101 39 50 5,823 As of June 30, 2025 Investments in equity companies 5,107 19,846 462 983 3,008 2,598 — 793 32,797 Total assets 152,661 134,033 32,412 46,120 17,456 18,433 2,674 8,476 412,265 Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total Three Months Ended June 30, 2025 Additions to property, plant and equipment (3) 5,823 532 6,355 As of June 30, 2025 Investments in equity companies 32,797 ( 140 ) 32,657 Total assets 412,265 35,332 447,597 (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 $ 312 million. (3) Includes non-cash additions. Due to rounding, numbers presented may not add up precisely to the totals indicated. 16 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 June 30, 2024 Revenues and other income Sales and other operating revenue 6,729 3,317 26,415 43,014 2,213 3,620 1,538 3,115 89,961 Income from equity affiliates 21 1,564 37 ( 26 ) 32 169 — ( 12 ) 1,785 Intersegment revenue 5,545 11,043 6,537 6,395 1,950 998 634 151 33,253 Other income 736 ( 125 ) 79 46 — — 4 23 763 Segment revenues and other income 13,031 15,799 33,068 49,429 4,195 4,787 2,176 3,277 125,762 Costs and other items Crude oil and product purchases 4,319 2,538 29,354 41,584 2,182 3,195 1,103 2,307 86,582 Operating expenses, excl. depreciation and depletion (1) 2,605 2,710 2,033 2,176 1,194 1,120 467 547 12,852 Depreciation and depletion (includes impairments) 2,792 2,039 197 178 144 110 22 34 5,516 Interest expense 46 18 2 1 — 1 — — 68 Other taxes and duties 104 687 873 4,841 2 20 — 51 6,578 Total costs and other deductions 9,866 7,992 32,459 48,780 3,522 4,446 1,592 2,939 111,596 Segment income (loss) before income taxes 3,165 7,807 609 649 673 341 584 338 14,166 Income tax expense (benefit) 735 2,954 104 92 147 76 136 31 4,275 Segment net income (loss) incl. noncontrolling interests 2,430 4,853 505 557 526 265 448 307 9,891 Net income (loss) attributable to noncontrolling interests — 209 55 61 — 12 1 3 341 Segment income (loss) 2,430 4,644 450 496 526 253 447 304 9,550 Reconciliation of consolidated revenues Segment revenues and other income 125,762 Other revenues (2) 551 Elimination of intersegment revenues ( 33,253 ) Total consolidated revenues and other income 93,060 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 9,550 Corporate and Financing income (loss) ( 310 ) Net income (loss) attributable to ExxonMobil 9,240 (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 June 30, 2024 Additions to property, plant and equipment (3) 86,884 2,474 160 345 104 298 44 64 90,373 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 June 30, 2024 Additions to property, plant and equipment (3) 90,373 431 90,804 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 $ 433 million. (3) Includes non-cash additions. Due to rounding, numbers presented may not add up precisely to the totals indicated. 17 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. Six Months Ended June 30, 2025 Revenues and other income Sales and other operating revenue 13,257 7,246 48,957 70,994 3,992 7,085 2,805 6,159 160,495 Income from equity affiliates 9 2,547 72 29 61 269 3 ( 32 ) 2,958 Intersegment revenue 12,786 18,674 9,126 13,184 3,343 1,529 1,100 227 59,969 Other income ( 42 ) 397 82 78 1 2 2 58 578 Segment revenues and other income 26,010 28,864 58,237 84,285 7,397 8,885 3,910 6,412 224,000 Costs and other items Crude oil and product purchases 9,962 5,267 50,621 68,597 4,290 6,219 2,070 4,104 151,130 Operating expenses, excl. depreciation and depletion (1) 5,479 4,761 4,022 4,431 2,159 2,278 982 1,126 25,238 Depreciation and depletion (includes impairments) 6,394 3,422 393 343 293 260 54 81 11,240 Interest expense 59 22 ( 1 ) 2 — — — 2 84 Other taxes and duties 113 1,070 1,617 9,306 34 61 3 88 12,292 Total costs and other deductions 22,007 14,542 56,652 82,679 6,776 8,818 3,109 5,401 199,984 Segment income (loss) before income taxes 4,003 14,322 1,585 1,606 621 67 801 1,011 24,016 Income tax expense (benefit) 921 4,930 358 346 111 ( 3 ) 187 183 7,033 Segment net income (loss) incl. noncontrolling interests 3,082 9,392 1,227 1,260 510 70 614 828 16,983 Net income (loss) attributable to noncontrolling interests — 316 105 189 — 14 1 6 631 Segment income (loss) 3,082 9,076 1,122 1,071 510 56 613 822 16,352 Reconciliation of consolidated revenues Segment revenues and other income 224,000 Other revenues (2) 605 Elimination of intersegment revenues ( 59,969 ) Total consolidated revenues and other income 164,636 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 16,352 Corporate and Financing income (loss) ( 1,557 ) Net income (loss) attributable to ExxonMobil 14,795 (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. Six Months Ended June 30, 2025 Additions to property, plant and equipment (3) 5,827 4,044 261 486 306 218 88 103 11,333 As of June 30, 2025 Investments in equity companies 5,107 19,846 462 983 3,008 2,598 — 793 32,797 Total assets 152,661 134,033 32,412 46,120 17,456 18,433 2,674 8,476 412,265 Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total Six Months Ended June 30, 2025 Additions to property, plant and equipment (3) 11,333 1,051 12,384 As of June 30, 2025 Investments in equity companies 32,797 ( 140 ) 32,657 Total assets 412,265 35,332 447,597 (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 $ 675 million. (3) Includes non-cash additions. Due to rounding, numbers presented may not add up precisely to the totals indicated. 18 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. Six Months Ended June 30, 2024 Revenues and other income Sales and other operating revenue 8,919 6,843 51,218 82,423 4,407 7,266 3,007 6,265 170,348 Income from equity affiliates ( 84 ) 3,272 70 ( 1 ) 89 374 — ( 21 ) 3,699 Intersegment revenue 11,533 21,023 13,095 13,147 3,815 2,023 1,289 315 66,240 Other income 697 12 122 65 1 5 7 55 964 Segment revenues and other income 21,065 31,150 64,505 95,634 8,312 9,668 4,303 6,614 241,251 Costs and other items Crude oil and product purchases 7,312 5,021 56,630 79,935 4,473 6,546 2,249 4,592 166,758 Operating expenses, excl. depreciation and depletion (1) 4,332 5,340 4,047 4,314 2,185 2,180 895 1,082 24,375 Depreciation and depletion (includes impairments) 4,634 4,074 393 367 303 219 44 73 10,107 Interest expense 74 33 3 3 — 1 — 1 115 Other taxes and duties 202 1,300 1,693 9,544 19 39 2 103 12,902 Total costs and other deductions 16,554 15,768 62,766 94,163 6,980 8,985 3,190 5,851 214,257 Segment income (loss) before income taxes 4,511 15,382 1,739 1,471 1,332 683 1,113 763 26,994 Income tax expense (benefit) 1,027 5,779 340 230 302 126 261 94 8,159 Segment net income (loss) incl. noncontrolling interests 3,484 9,603 1,399 1,241 1,030 557 852 669 18,835 Net income (loss) attributable to noncontrolling interests — 353 113 205 — 23 1 8 703 Segment income (loss) 3,484 9,250 1,286 1,036 1,030 534 851 661 18,132 Reconciliation of consolidated revenue Segment revenues and other income 241,251 Other revenues (2) 1,132 Elimination of intersegment revenues ( 66,240 ) Total consolidated revenues and other income 176,143 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 18,132 Corporate and Financing income (loss) ( 672 ) Net income (loss) attributable to ExxonMobil 17,460 (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. Six Months Ended June 30, 2024 Additions to property, plant and equipment (3) 88,912 4,138 302 666 204 533 58 122 94,935 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 Six Months Ended June 30, 2024 Additions to property, plant and equipment (3) 94,935 943 95,878 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 $ 907 million. (3) Includes non-cash additions. Due to rounding, numbers presented may not add up precisely to the totals indicated. 19 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue from contracts with customers 56,680 64,181 113,611 122,600 Revenue outside the scope of ASC 606 22,797 25,805 46,924 47,797 Total 79,477 89,986 160,535 170,397 Geographic Sales and Other Operating Revenue (millions of dollars) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 United States 34,436 36,895 69,043 67,551 Non-U.S. 45,041 53,091 91,492 102,846 Total 79,477 89,986 160,535 170,397 Significant Non-U.S. revenue sources include: (1) Canada 6,804 8,126 13,794 15,182 (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 June 30, 2025, the Corporation realized proceeds of approximately $ 2.0 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. 20 Table of Contents