Exxon Mobil Corp 10-Q

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENT OF INCOME (millions of dollars, unless noted) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues and other income Sales and other operating revenue 83,331 87,792 243,866 258,189 Income from equity affiliates 1,267 1,481 4,098 5,067 Other income 696 743 1,966 2,903 Total revenues and other income 85,294 90,016 249,930 266,159 Costs and other deductions Crude oil and product purchases 47,928 51,261 140,043 153,061 Production and manufacturing expenses 10,094 9,881 30,279 28,776 Selling, general and administrative expenses 3,032 2,296 8,100 7,359 Depreciation and depletion (includes impairments) 6,475 6,258 18,278 16,857 Exploration expenses, including dry holes (1) 149 339 464 640 Non-service pension and postretirement benefit expense 119 33 322 90 Interest expense 90 207 440 699 Other taxes and duties 6,475 6,715 18,767 19,617 Total costs and other deductions 74,362 76,990 216,693 227,099 Income (loss) before income taxes 10,932 13,026 33,237 39,060 Income tax expense (benefit) 3,164 4,055 10,082 11,952 Net income (loss) including noncontrolling interests 7,768 8,971 23,155 27,108 Net income (loss) attributable to noncontrolling interests 220 361 812 1,038 Net income (loss) attributable to ExxonMobil 7,548 8,610 22,343 26,070 Earnings (loss) per common share (dollars) 1.76 1.92 5.16 6.12 Earnings (loss) per common share - assuming dilution (dollars) 1.76 1.92 5.16 6.12 (1) Includes $ 40 million related to the write-off of exploratory well costs in second quarter 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) including noncontrolling interests 7,768 8,971 23,155 27,108 Other comprehensive income (net of income taxes) Foreign exchange translation adjustment ( 461 ) 1,315 2,047 ( 67 ) Postretirement benefits reserves adjustment (excluding amortization) ( 1 ) ( 17 ) ( 47 ) ( 30 ) Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 6 16 36 42 Total other comprehensive income (loss) ( 456 ) 1,314 2,036 ( 55 ) Comprehensive income (loss) including noncontrolling interests 7,312 10,285 25,191 27,053 Comprehensive income (loss) attributable to noncontrolling interests 110 447 1,011 953 Comprehensive income (loss) attributable to ExxonMobil 7,202 9,838 24,180 26,100 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) September 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 13,814 23,029 Cash and cash equivalents – restricted 55 158 Notes and accounts receivable – net 45,285 43,681 Inventories Crude oil, products and merchandise 23,174 19,444 Materials and supplies 4,064 4,080 Other current assets 2,113 1,598 Total current assets 88,505 91,990 Investments, advances and long-term receivables 46,138 47,200 Property, plant and equipment – net 298,388 294,318 Other assets, including intangibles – net 21,309 19,967 Total Assets 454,340 453,475 LIABILITIES Current liabilities Notes and loans payable 9,212 4,955 Accounts payable and accrued liabilities 65,382 61,297 Income taxes payable 3,256 4,055 Total current liabilities 77,850 70,307 Long-term debt 32,824 36,755 Postretirement benefits reserves 10,394 9,700 Deferred income tax liabilities 39,942 39,042 Long-term obligations to equity companies 1,145 1,346 Other long-term obligations 23,962 25,719 Total Liabilities 186,117 182,869 Commitments and contingencies ( Note 3 ) EQUITY Common stock without par value ( 9,000 million shares authorized, 8,019 million shares issued) 46,808 46,238 Earnings reinvested 480,367 470,903 Accumulated other comprehensive income ( 12,782 ) ( 14,619 ) Common stock held in treasury ( 3,802 million shares at September 30, 2025 and 3,666 million shares at December 31, 2024) ( 253,832 ) ( 238,817 ) ExxonMobil share of equity 260,561 263,705 Noncontrolling interests 7,662 6,901 Total Equity 268,223 270,606 Total Liabilities and Equity 454,340 453,475 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) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) including noncontrolling interests 23,155 27,108 Depreciation and depletion (includes impairments) 18,278 16,857 Changes in operational working capital, excluding cash and debt ( 5,000 ) ( 274 ) All other items – net 2,858 ( 898 ) Net cash provided by operating activities 39,291 42,793 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment ( 20,908 ) ( 17,469 ) Proceeds from asset sales and returns of investments 2,138 1,756 Additional investments and advances ( 973 ) ( 1,038 ) Other investing activities including collection of advances 949 311 Cash acquired from mergers and acquisitions — 754 Net cash used in investing activities ( 18,794 ) ( 15,686 ) CASH FLOWS FROM FINANCING ACTIVITIES Additions to long-term debt 1,145 426 Reductions in long-term debt ( 13 ) ( 1,142 ) Additions to short-term debt 758 — Reductions in short-term debt ( 4,815 ) ( 3,835 ) Additions/(reductions) in debt with three months or less maturity 1,212 ( 5 ) Contingent consideration payments ( 79 ) ( 27 ) Cash dividends to ExxonMobil shareholders ( 12,865 ) ( 12,333 ) Cash dividends to noncontrolling interests ( 524 ) ( 580 ) Changes in noncontrolling interests ( 340 ) ( 313 ) Inflows from noncontrolling interests for major projects 68 12 Common stock acquired ( 14,894 ) ( 13,849 ) Net cash used in financing activities ( 30,347 ) ( 31,646 ) Effects of exchange rate changes on cash 532 ( 57 ) Increase/(decrease) in cash and cash equivalents (including restricted) ( 9,318 ) ( 4,596 ) Cash and cash equivalents at beginning of period (including restricted) 23,187 31,568 Cash and cash equivalents at end of period (including restricted) 13,869 26,972 SUPPLEMENTAL DISCLOSURES Income taxes paid 7,848 11,194 Cash interest paid Included in cash flows from operating activities 333 666 Capitalized, included in cash flows from investing activities 1,140 929 Total cash interest paid 1,473 1,595 Noncash right of use assets recorded in exchange for lease liabilities Operating leases 1,434 1,556 Finance leases 9 66 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 June 30, 2024 46,781 463,294 ( 13,187 ) ( 228,483 ) 268,405 7,861 276,266 Amortization of stock-based awards 174 — — — 174 — 174 Other ( 19 ) — — — ( 19 ) ( 42 ) ( 61 ) Net income (loss) for the period — 8,610 — — 8,610 361 8,971 Dividends - common shares — ( 4,240 ) — — ( 4,240 ) ( 183 ) ( 4,423 ) Other comprehensive income (loss) — — 1,228 — 1,228 86 1,314 Share repurchases, at cost — — — ( 5,568 ) ( 5,568 ) ( 275 ) ( 5,843 ) Dispositions — — — 2 2 — 2 Balance as of September 30, 2024 46,936 467,664 ( 11,959 ) ( 234,049 ) 268,592 7,808 276,400 Balance as of June 30, 2025 46,629 477,061 ( 12,436 ) ( 248,661 ) 262,593 7,369 269,962 Amortization of stock-based awards 187 — — — 187 — 187 Other ( 8 ) — — — ( 8 ) 664 656 Net income (loss) for the period — 7,548 — — 7,548 220 7,768 Dividends - common shares — ( 4,242 ) — — ( 4,242 ) ( 151 ) ( 4,393 ) Other comprehensive income (loss) — — ( 346 ) — ( 346 ) ( 110 ) ( 456 ) Share repurchases, at cost — — — ( 5,171 ) ( 5,171 ) ( 330 ) ( 5,501 ) Balance as of September 30, 2025 46,808 480,367 ( 12,782 ) ( 253,832 ) 260,561 7,662 268,223 Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Common Stock Share Activity (millions of shares) Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding Balance as of June 30 8,019 ( 3,756 ) 4,263 8,019 ( 3,576 ) 4,443 Share repurchases, at cost — ( 46 ) ( 46 ) — ( 48 ) ( 48 ) Issued for acquisitions — — — — — — Dispositions — — — — — — Balance as of September 30 8,019 ( 3,802 ) 4,217 8,019 ( 3,624 ) 4,395 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 549 — — — 549 — 549 Other ( 143 ) — — — ( 143 ) ( 26 ) ( 169 ) Net income (loss) for the period — 26,070 — — 26,070 1,038 27,108 Dividends - common shares — ( 12,333 ) — — ( 12,333 ) ( 580 ) ( 12,913 ) Other comprehensive income (loss) — — 30 — 30 ( 85 ) ( 55 ) Share repurchases, at cost — — — ( 13,856 ) ( 13,856 ) ( 275 ) ( 14,131 ) Issued for acquisitions 28,749 — — 34,603 63,352 — 63,352 Dispositions — — — 121 121 — 121 Balance as of September 30, 2024 46,936 467,664 ( 11,959 ) ( 234,049 ) 268,592 7,808 276,400 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 601 — — — 601 — 601 Other ( 31 ) ( 14 ) — — ( 45 ) 683 638 Net income (loss) for the period — 22,343 — — 22,343 812 23,155 Dividends - common shares — ( 12,865 ) — — ( 12,865 ) ( 603 ) ( 13,468 ) Other comprehensive income (loss) — — 1,837 — 1,837 199 2,036 Share repurchases, at cost — — — ( 15,037 ) ( 15,037 ) ( 330 ) ( 15,367 ) Dispositions — — — 22 22 — 22 Balance as of September 30, 2025 46,808 480,367 ( 12,782 ) ( 253,832 ) 260,561 7,662 268,223 Nine Months Ended September 30, 2025 Nine Months Ended September 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 — ( 136 ) ( 136 ) — ( 121 ) ( 121 ) Issued for acquisitions — — — — 545 545 Dispositions — — — — — — Balance as of September 30 8,019 ( 3,802 ) 4,217 8,019 ( 3,624 ) 4,395 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. The Corporation's exploration and production activities are accounted for under the "successful efforts" method. Note 2. Mergers and Acquisitions During the third quarter of 2025, the Corporation completed $ 2.4 billion in acquisitions consisting primarily of proved and unproved acreage in the Permian basin. One of the acquisitions was partially funded by restricted cash as it qualified as a like-kind exchange. We accounted for these acquisitions as business combinations and allocated substantially all of their fair values to "Property, plant and equipment" on the Consolidated Balance Sheet. We did not recognize any goodwill associated with the acquisitions. Consideration paid was reflected in the Condensed Consolidated Statement of Cash Flows mainly in the line item “Additions to property, plant, and equipment”. Pioneer Natural Resources Company 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 September 30, 2024: (millions of dollars) Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Sales and other operating revenues 6,291 10,663 Net income (loss) attributable to ExxonMobil 615 1,013 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 September 30, 2024 Nine Months Ended September 30, 2024 Sales and other operating revenues 87,792 266,349 Net income (loss) attributable to ExxonMobil 8,610 26,866 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 September 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. September 30, 2025 (millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total Guarantees Debt-related — 47 47 Other 670 6,157 6,827 Total 670 6,204 6,874 (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) 32 ( 34 ) ( 2 ) Amounts reclassified from accumulated other comprehensive income — 32 32 Total change in accumulated other comprehensive income 32 ( 2 ) 30 Balance as of September 30, 2024 ( 13,024 ) 1,065 ( 11,959 ) Balance as of December 31, 2024 ( 16,166 ) 1,547 ( 14,619 ) Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 1,851 ( 49 ) 1,802 Amounts reclassified from accumulated other comprehensive income — 35 35 Total change in accumulated other comprehensive income 1,851 ( 14 ) 1,837 Balance as of September 30, 2025 ( 14,315 ) 1,533 ( 12,782 ) (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $( 300 ) million and $ 8 million in 2025 and 2024, respectively. Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) Three Months Ended September 30, Nine Months Ended September 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) ( 5 ) ( 21 ) ( 42 ) ( 55 ) Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Foreign exchange translation adjustment 40 90 146 84 Postretirement benefits reserves adjustment (excluding amortization) ( 6 ) 30 32 24 Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 1 ( 5 ) ( 6 ) ( 13 ) Total 35 115 172 95 12 Table of Contents Note 5. Earnings Per Share Earnings per common share Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) attributable to ExxonMobil (millions of dollars) 7,548 8,610 22,343 26,070 Weighted-average number of common shares outstanding (millions of shares) (1) 4,285 4,462 4,328 4,260 Earnings (loss) per common share (dollars) (2) 1.76 1.92 5.16 6.12 Dividends paid per common share (dollars) 0.99 0.95 2.97 2.85 (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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Components of net benefit cost Pension Benefits - U.S. Service cost 121 135 395 365 Interest cost 170 168 511 504 Expected return on plan assets ( 149 ) ( 181 ) ( 447 ) ( 543 ) Amortization of actuarial loss/(gain) 18 20 55 62 Amortization of prior service cost ( 8 ) ( 7 ) ( 23 ) ( 23 ) Net pension enhancement and curtailment/settlement cost 11 13 62 30 Net benefit cost 163 148 553 395 Pension Benefits - Non-U.S. Service cost 83 85 243 254 Interest cost 208 203 635 628 Expected return on plan assets ( 207 ) ( 235 ) ( 634 ) ( 726 ) Amortization of actuarial loss/(gain) 10 25 28 74 Amortization of prior service cost 15 12 43 37 Net pension enhancement and curtailment/settlement cost 31 — 31 — Net benefit cost 140 90 346 267 Other Postretirement Benefits Service cost 14 22 61 59 Interest cost 65 62 196 187 Expected return on plan assets ( 4 ) ( 5 ) ( 12 ) ( 15 ) Amortization of actuarial loss/(gain) ( 26 ) ( 26 ) ( 77 ) ( 78 ) Amortization of prior service cost ( 15 ) ( 16 ) ( 46 ) ( 47 ) Net benefit cost 34 37 122 106 13 Table of Contents Note 7. Financial Instruments and Derivatives The estimated fair value of financial instruments and derivatives at September 30, 2025 and December 31, 2024, and the related hierarchy level for the fair value measurement was as follows: September 30, 2025 (millions of dollars) Fair Value 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) 6,312 1,602 — 7,914 ( 7,037 ) ( 141 ) — 736 Advances to/receivables from equity companies (2)(6) — 1,931 4,847 6,778 — — 258 7,036 Other long-term financial assets (3) 1,508 — 1,559 3,067 — — 250 3,317 Liabilities Derivative liabilities (4) 6,381 1,388 — 7,769 ( 7,037 ) ( 213 ) — 519 Long-term debt (5) 25,221 2,811 — 28,032 — — 2,726 30,758 Long-term obligations to equity companies (6) — — 1,181 1,181 — — ( 36 ) 1,145 Other long-term financial liabilities (7) — — 406 406 — — 13 419 December 31, 2024 (millions of dollars) Fair Value 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 September 30, 2025 and December 31, 2024, respectively, the Corporation had $ 836 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 September 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 $ 0.4 billion as of the end of third quarter 2025. On October 2, 2025, the Corporation established a 364-day revolving credit facility of $ 7.0 billion to provide short-term borrowing capacity for general corporate purposes. 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 September 30, 2025 and December 31, 2024, or results of operations for the periods ended September 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 third 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 September 30, 2025 and December 31, 2024, was as follows: (millions) September 30, 2025 December 31, 2024 Crude oil (barrels) ( 24 ) 13 Petroleum products (barrels) ( 28 ) ( 32 ) Natural gas (MMBTUs) ( 709 ) ( 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Sales and other operating revenue ( 31 ) 690 503 ( 205 ) Crude oil and product purchases ( 17 ) ( 4 ) ( 11 ) ( 6 ) Total ( 48 ) 686 492 ( 211 ) 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 September 30, 2025 Revenues and other income Sales and other operating revenue 7,185 3,252 25,635 37,073 1,868 3,837 1,398 3,063 83,311 Income from equity affiliates 4 1,048 31 45 45 172 2 ( 10 ) 1,337 Intersegment revenue 6,601 9,372 4,946 7,185 1,744 896 562 121 31,427 Other income 231 97 37 38 1 9 7 32 452 Segment revenues and other income 14,021 13,769 30,649 44,341 3,658 4,914 1,969 3,206 116,527 Costs and other items Crude oil and product purchases 6,212 2,189 26,542 35,597 1,989 3,409 982 2,077 78,997 Operating expenses, excl. depreciation and depletion (1) 2,780 2,341 1,903 2,181 1,085 1,079 504 546 12,419 Depreciation and depletion (includes impairments) 3,265 1,813 216 185 151 179 26 45 5,880 Interest expense 34 15 4 11 — 1 — 1 66 Other taxes and duties 33 561 825 4,924 23 57 3 49 6,475 Total costs and other deductions 12,324 6,919 29,490 42,898 3,248 4,725 1,515 2,718 103,837 Segment income (loss) before income taxes 1,697 6,850 1,159 1,443 410 189 454 488 12,690 Income tax expense (benefit) 469 2,219 239 350 81 ( 5 ) 100 92 3,545 Segment net income (loss) incl. noncontrolling interests 1,228 4,631 920 1,093 329 194 354 396 9,145 Net income (loss) attributable to noncontrolling interests — 180 62 111 — 8 — 10 371 Segment income (loss) 1,228 4,451 858 982 329 186 354 386 8,774 Reconciliation of consolidated revenues Segment revenues and other income 116,527 Other revenues (2) 194 Elimination of intersegment revenues ( 31,427 ) Total consolidated revenues and other income 85,294 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 8,774 Corporate and Financing income (loss) ( 1,226 ) Net income (loss) attributable to ExxonMobil 7,548 (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 September 30, 2025 Additions to property, plant and equipment (3) 6,654 3,215 181 245 167 98 62 39 10,661 As of September 30, 2025 Investments in equity companies 5,302 19,592 460 977 2,991 2,707 — 788 32,817 Total assets 153,531 134,975 34,909 47,259 17,417 18,570 2,655 8,543 417,859 Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total Three Months Ended September 30, 2025 Additions to property, plant and equipment (3) 10,661 612 11,273 As of September 30, 2025 Investments in equity companies 32,817 ( 142 ) 32,675 Total assets 417,859 36,481 454,340 (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 $ 281 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 September 30, 2024 Revenues and other income Sales and other operating revenue 7,111 3,575 25,536 40,983 2,200 3,709 1,455 3,198 87,767 Income from equity affiliates 23 1,311 36 ( 42 ) 37 157 — ( 11 ) 1,511 Intersegment revenue 6,672 10,543 5,500 6,556 1,864 1,104 545 145 32,929 Other income 96 51 50 85 1 — 13 29 325 Segment revenues and other income 13,902 15,480 31,122 47,582 4,102 4,970 2,013 3,361 122,532 Costs and other items Crude oil and product purchases 5,755 2,592 27,435 39,215 2,090 3,185 1,002 2,202 83,476 Operating expenses, excl. depreciation and depletion (1) 2,727 2,603 1,841 2,156 1,337 1,008 480 548 12,700 Depreciation and depletion (includes impairments) 3,200 2,032 198 186 151 118 22 39 5,946 Interest expense 24 11 2 5 1 — — 1 44 Other taxes and duties 60 691 882 4,990 31 20 3 39 6,716 Total costs and other deductions 11,766 7,929 30,358 46,552 3,610 4,331 1,507 2,829 108,882 Segment income (loss) before income taxes 2,136 7,551 764 1,030 492 639 506 532 13,650 Income tax expense (benefit) 450 2,825 201 183 125 101 131 107 4,123 Segment net income (loss) incl. noncontrolling interests 1,686 4,726 563 847 367 538 375 425 9,527 Net income (loss) attributable to noncontrolling interests — 254 46 55 — 12 — 6 373 Segment income (loss) 1,686 4,472 517 792 367 526 375 419 9,154 Reconciliation of consolidated revenues Segment revenues and other income 122,532 Other revenues (2) 413 Elimination of intersegment revenues ( 32,929 ) Total consolidated revenues and other income 90,016 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 9,154 Corporate and Financing income (loss) ( 544 ) Net income (loss) attributable to ExxonMobil 8,610 (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 September 30, 2024 Additions to property, plant and equipment (3) 2,697 1,949 143 335 114 279 45 57 5,619 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 September 30, 2024 Additions to property, plant and equipment (3) 5,619 564 6,183 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 $ 383 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. Nine Months Ended September 30, 2025 Revenues and other income Sales and other operating revenue 20,442 10,498 74,592 108,067 5,860 10,922 4,203 9,222 243,806 Income from equity affiliates 13 3,595 103 74 106 441 5 ( 42 ) 4,295 Intersegment revenue 19,387 28,046 14,072 20,369 5,087 2,425 1,662 348 91,396 Other income 189 494 119 116 2 11 9 90 1,030 Segment revenues and other income 40,031 42,633 88,886 128,626 11,055 13,799 5,879 9,618 340,527 Costs and other items Crude oil and product purchases 16,174 7,456 77,163 104,194 6,279 9,628 3,052 6,181 230,127 Operating expenses, excl. depreciation and depletion (1) 8,259 7,102 5,925 6,612 3,244 3,357 1,486 1,672 37,657 Depreciation and depletion (includes impairments) 9,659 5,235 609 528 444 439 80 126 17,120 Interest expense 93 37 3 13 — 1 — 3 150 Other taxes and duties 146 1,631 2,442 14,230 57 118 6 137 18,767 Total costs and other deductions 34,331 21,461 86,142 125,577 10,024 13,543 4,624 8,119 303,821 Segment income (loss) before income taxes 5,700 21,172 2,744 3,049 1,031 256 1,255 1,499 36,706 Income tax expense (benefit) 1,390 7,149 597 696 192 ( 8 ) 287 275 10,578 Segment net income (loss) incl. noncontrolling interests 4,310 14,023 2,147 2,353 839 264 968 1,224 26,128 Net income (loss) attributable to noncontrolling interests — 496 167 300 — 22 1 16 1,002 Segment income (loss) 4,310 13,527 1,980 2,053 839 242 967 1,208 25,126 Reconciliation of consolidated revenues Segment revenues and other income 340,527 Other revenues (2) 799 Elimination of intersegment revenues ( 91,396 ) Total consolidated revenues and other income 249,930 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 25,126 Corporate and Financing income (loss) ( 2,783 ) Net income (loss) attributable to ExxonMobil 22,343 (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. Nine Months Ended September 30, 2025 Additions to property, plant and equipment (3) 12,481 7,259 442 731 473 316 150 142 21,994 As of September 30, 2025 Investments in equity companies 5,302 19,592 460 977 2,991 2,707 — 788 32,817 Total assets 153,531 134,975 34,909 47,259 17,417 18,570 2,655 8,543 417,859 Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total Nine Months Ended September 30, 2025 Additions to property, plant and equipment (3) 21,994 1,663 23,657 As of September 30, 2025 Investments in equity companies 32,817 ( 142 ) 32,675 Total assets 417,859 36,481 454,340 (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 $ 956 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. Nine Months Ended September 30, 2024 Revenues and other income Sales and other operating revenue 16,030 10,418 76,754 123,406 6,607 10,975 4,462 9,463 258,115 Income from equity affiliates ( 61 ) 4,583 106 ( 43 ) 126 531 — ( 32 ) 5,210 Intersegment revenue 18,205 31,566 18,595 19,703 5,679 3,127 1,834 460 99,169 Other income 793 63 172 150 2 5 20 84 1,289 Segment revenues and other income 34,967 46,630 95,627 143,216 12,414 14,638 6,316 9,975 363,783 Costs and other items Crude oil and product purchases 13,067 7,613 84,065 119,150 6,563 9,731 3,251 6,794 250,234 Operating expenses, excl. depreciation and depletion (1) 7,059 7,943 5,888 6,470 3,522 3,188 1,375 1,630 37,075 Depreciation and depletion (includes impairments) 7,834 6,106 591 553 454 337 66 112 16,053 Interest expense 98 44 5 8 1 1 — 2 159 Other taxes and duties 262 1,991 2,575 14,534 50 59 5 142 19,618 Total costs and other deductions 28,320 23,697 93,124 140,715 10,590 13,316 4,697 8,680 323,139 Segment income (loss) before income taxes 6,647 22,933 2,503 2,501 1,824 1,322 1,619 1,295 40,644 Income tax expense (benefit) 1,477 8,604 541 413 427 227 392 201 12,282 Segment net income (loss) incl. noncontrolling interests 5,170 14,329 1,962 2,088 1,397 1,095 1,227 1,094 28,362 Net income (loss) attributable to noncontrolling interests — 607 159 260 — 35 1 14 1,076 Segment income (loss) 5,170 13,722 1,803 1,828 1,397 1,060 1,226 1,080 27,286 Reconciliation of consolidated revenue Segment revenues and other income 363,783 Other revenues (2) 1,545 Elimination of intersegment revenues ( 99,169 ) Total consolidated revenues and other income 266,159 Reconciliation of income (loss) attributable to ExxonMobil Total segment income (loss) 27,286 Corporate and Financing income (loss) ( 1,216 ) Net income (loss) attributable to ExxonMobil 26,070 (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. Nine Months Ended September 30, 2024 Additions to property, plant and equipment (3) 91,609 6,087 445 1,001 318 812 103 179 100,554 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 Nine Months Ended September 30, 2024 Additions to property, plant and equipment (3) 100,554 1,507 102,061 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 $ 1,290 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue from contracts with customers 58,992 63,594 172,603 186,194 Revenue outside the scope of ASC 606 24,339 24,198 71,263 71,995 Total 83,331 87,792 243,866 258,189 Geographic Sales and Other Operating Revenue (millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 United States 36,105 36,302 105,148 103,853 Non-U.S. 47,226 51,490 138,718 154,336 Total 83,331 87,792 243,866 258,189 Significant Non-U.S. revenue sources include: (1) Canada 6,989 7,777 20,783 22,958 (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 September 30, 2025, the Corporation realized proceeds of approximately $ 2.1 billion and net after-tax earnings of approximately $ 0.4 billion from its divestment activities. This included the sale of certain conventional and unconventional assets in the United States , 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