What changed in this filing

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Item 2. Properties

2026-02-18 compared with 2025-02-19 · 57 added, 179 removed, 447 unchanged (35% of the section changed)

45 unchanged sentences

(1) Other Americas includes proved developed reserves of 486 million barrels of crude oil and 228 billion cubic feet of natural gas, as well as proved undeveloped reserves of 587 million barrels of crude oil and 162 billion cubic feet of natural gas.

Financial Table of Contents

In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately.

1 unchanged sentence

The Corporation anticipates several projects will come online over the next few years providing additional production capacity.

However, actual volumes will vary from year to year due to the timing of individual project start-ups;

operational outages;

reservoir performance;

regulatory changes;

the impact of fiscal and commercial terms;

weather events;

price effects on production sharing contracts;

changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment;

international trade patterns and relations;

and other factors described in Item 1A .

However, actual volumes will vary from year to year due to the timing of individual project start-ups, operational outages, reservoir performance, regulatory changes, the impact of fiscal and commercial terms, asset sales, weather events, price effects on production sharing contracts, changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment, international trade patterns and relations, and other factors described in Item 1A .

The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments, and detailed analysis of reservoir and well performance.

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After all changes are made, reviews are held with senior management for final endorsement.

Financial Table of Contents

Proved Undeveloped Reserves

3 unchanged sentences

During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.4 GOEB from proved undeveloped to proved developed reserves by year-end.

The largest transfers were related to development activities in the United States, Guyana, Kazakhstan, and the United Arab Emirates.

In 2024, purchases of 0.4 GOEB in the United States and extensions and discoveries of 1.9 GOEB, primarily in the United States and Guyana, resulted in the addition of approximately 2.3 GOEB of proved undeveloped reserves.

Also, the Corporation reclassified approximately 0.7 GOEB of proved undeveloped reserves, primarily in the United States, which was offset by upward revision of approximately 0.6 GOEB, primarily in the United Arab Emirates.

This results in a net reclassification of approximately 0.1 GOEB of proved reserves which no longer met the SEC definition of proved reserves.

The largest transfers were related to development activities in the United States, Guyana, Kazakhstan, the United Arab Emirates, Qatar, and Canada.

In 2025, extensions and discoveries, primarily in the United States and Guyana, resulted in the addition of approximately 2.0 GOEB of proved undeveloped reserves.

Also, the Corporation reclassified approximately 1.0 GOEB of proved undeveloped reserves which no longer met the SEC definition of proved reserves, primarily in the United States.

Overall, investments of $19.0 billion were made by the Corporation during 2025 to progress the development of reported proved undeveloped reserves, including $18.8 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities.

These investments represented 75 percent of the $21.8 billion in total reported Upstream capital and exploration expenditures.

One of ExxonMobil’s requirements for reporting proved reserves is that management has made significant funding commitments toward the development of the reserves.

1 unchanged sentence

Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects.

Proved undeveloped reserves in Australia, Kazakhstan, and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects.

Proved undeveloped reserves in Australia and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects.

The Corporation is reasonably certain that these proved reserves will be produced;

2 unchanged sentences

In Australia, proved undeveloped reserves are associated with future compression for the Gorgon Jansz LNG project.

In Kazakhstan, the proved undeveloped reserves are related to the remainder of the Tengizchevroil joint venture development that includes a production license in the Tengiz - Korolev field complex.

The Tengizchevroil joint venture is producing, and proved undeveloped reserves will continue to move to proved developed as approved development phases progress.

In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field.

Financial Table of Contents

Oil and Gas Production, Production Prices and Production Costs

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and natural gas production available for sale for 2025, 2024, and 2023 of 4 million, 76 million, and 67 million cubic feet daily, respectively.

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

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Production Prices and Production Costs

54 unchanged sentences

Average production costs, per barrel - synthetic oil — 44.44 — — — — 44.44

Financial Table of Contents

(dollars per unit) United

27 unchanged sentences

Average production costs, per barrel - synthetic oil — 45.91 — — — — 45.91

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

Average production prices have been calculated by using sales quantities from the Corporation’s own production as the divisor.

3 unchanged sentences

The natural gas available for sale volumes are different from those shown in the reserves table in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report due to volumes consumed or flared.

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

Financial Table of Contents

Drilling and Other Exploratory and Development Activities

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Total dry exploratory wells drilled 3 3 4

Financial Table of Contents

2025 2024 2023

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Total number of net wells drilled 733 590 517

Financial Table of Contents

Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining Technologies

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United States

Net acreage totaled 9.8 million acres at year-end 2024, of which 0.2 million acres were offshore.

ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska.

Development activities continued on the Golden Pass LNG export project.

During the year, a total of 544.1 net exploratory and development wells were completed in the inland lower 48 states.

Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico.

In addition, ExxonMobil completed the acquisition of Pioneer, increasing the Permian Basin acreage and production capacity.

Net acreage in the Gulf totaled 0.1 million acres at year-end 2024.

A total of a 0.5 net development well was completed during the year.

Participation in Alaska production and development continued with a total of 0.9 net development wells completed.

During 2025, ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska.

During the year, development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico, bringing total U.S.

net production to 2.1 million oil-equivalent barrels per day.

Development activities also continued on the Golden Pass LNG export project, including mechanical completion of Train 1 in late 2025.

Oil and gas exploration and production rights are acquired from mineral interest owners through a lease.

Mineral interest owners include the Federal and State governments, as well as private mineral interest owners.

Leases typically have a primary term ranging from one to 10 years, and a production period beyond the primary term that normally remains in effect until production ceases.

Under certain circumstances, a lease may be held beyond its primary term even if production has not commenced.

In some instances a “fee interest” is acquired in private property where the underlying mineral interests and rights are purchased and owned outright.

Financial Table of Contents

Canada / Other Americas

Oil and Gas Operations:

Net acreage totaled 3.9 million acres at year-end 2024, of which 2.0 million acres were offshore.

A total of 1.7 net exploratory and development wells were completed during the year.

In Situ Bitumen Operations:

Net acreage totaled 0.5 million onshore acres at year-end 2024.

During the year, a total of 14 net development wells at Cold Lake were completed.

Net acreage totaled 0.1 million onshore acres at year-end 2024.

During the year, a total of 1.6 net development wells were completed.

In 2024, ExxonMobil relinquished 2.6 million net offshore acres and sold a portion of its interests in onshore production facilities.

The sale of the remaining onshore assets is expected to be completed in early 2025 resulting in a full Upstream operations exit from the country.

Net acreage totaled 1.5 million offshore acres at year-end 2024.

During the year, a total of a 0.4 net exploratory well was completed and ExxonMobil relinquished its interest in 1.0 million net offshore acres spanning 10 blocks outside of the core Bacalhau development.

Development activities continued on the Bacalhau Phase 1 project.

Net acreage totaled 4.6 million offshore acres at year-end 2024.

During the year, a total of 10.1 net exploratory and development wells were completed.

Development activities continued on the Yellowtail and Uaru projects.

The Whiptail project was funded in 2024.

Net acreage totaled 1.2 million onshore acres at year-end 2024.

During the year, a total of 0.5 net development wells were completed.

Net interest in licenses totaled 1.3 million acres at year-end 2024, of which 0.3 million acres were offshore.

Groningen field permanent closure was codified in the Dutch mining law on April 19, 2024.

United Kingdom

Net interest in licenses totaled 0.1 million offshore acres at year-end 2024.

Net acreage totaled 3 million acres at year-end 2024, of which 2.9 million acres were offshore.

During the year, a total of 5.6 net exploratory and development wells were completed.

Net acreage totaled 0.1 million offshore acres at year-end 2024 within Area 4.

ExxonMobil participated in the co-venturer-operated Coral South Floating LNG, a gross 3.4 million metric tons per year LNG facility.

Net acreage totaled 0.4 million offshore acres at year-end 2024.

During the year, a total of a 0.2 net development well was completed.

In December 2024, the Corporation completed a transfer of 100 percent of the shares in its Nigeria affiliate, Mobil Producing Nigeria Unlimited, following the receipt of and compliance with conditions precedent specified in government approvals.

Net acreage totaled 7 thousand offshore acres at year-end 2024.

During the year, a total of 1 net development wells were completed.

Net acreage totaled 0.1 million onshore acres at year-end 2024.

During the year, a total of 0.9 net development wells were completed.

Net acreage totaled 0.3 million acres at year-end 2024, of which 0.2 million acres were offshore.

During the year, a total of 1 net development wells were completed.

Development activities continued on the Tengiz Expansion project.

Net interests in production sharing contracts covered 0.2 million offshore acres at year-end 2024.

During the year, a total of 1.5 net development wells were completed.

Through joint ventures with QatarEnergy, net acreage totaled 76 thousand offshore acres at year-end 2024.

During the year, a total of 1.4 net development wells were completed.

ExxonMobil participated in 52.3 million metric tons per year gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year-end 2024.

Development activities continued on the North Field East project and North Field Production Sustainment projects.

Net acreage in concessions totaled 16 thousand onshore acres at year-end 2024.

During the year, a total of a 0.1 net development well was completed.

United Arab Emirates

Net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 0.1 million acres at year-end 2024.

During the year, a total of 2.5 net development wells were completed.

Activities continued on the ongoing phased development of the Upper Zakum field.

Production operations for the region are mainly in Canada, Guyana, and Brazil.

Total operations in Canada provided 519 thousand oil-equivalent barrels per day in net production, where oil and gas operations are active onshore in Alberta and offshore in Newfoundland and Labrador.

In Situ Bitumen operations also continue in Alberta.

Canadian onshore licenses or leases are acquired for varying periods of time, with renewals or extensions possible.

These licenses or leases generally define a specified scope of work and are held by production.

Canadian offshore production licenses are valid for 25 years, with rights of extension for continued production.

Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term.

In Guyana, the Yellowtail development commenced operations with the ONE GUYANA floating production, storage and offloading vessel, and development activities continued on the Uaru and Whiptail projects.

The Hammerhead project was funded in 2025.

The Petroleum Activities Act 2023 authorizes the Government of Guyana to license and enter petroleum agreements for petroleum exploration, development, production, and storage operations.

The Act enables petroleum agreements to provide for an exploration period to be established by subsidiary legislation by the Minister (typically up to 10 years) and provide for a production period of 20 years for an oil field and 30 years for a gas field, each with a renewal period of up to 10 years.

Brazil commenced operations in the Bacalhau Phase 1 development with the start-up of the floating production, storage and offloading vessel.

The Pegasus-1 exploratory well was drilled offshore Cyprus and encountered a gas-bearing reservoir.

Evaluations are ongoing to develop potential commercialization options.

ExxonMobil continued to participate in the Coral South Floating LNG in Mozambique, while operations continued in three producing deepwater blocks in Angola and three producing deepwater blocks in Nigeria.

In Angola, a total of 1.6 net acres were relinquished and Block 15 amended its Production Sharing Agreement to extend the production license to 2037.

In 2025, ExxonMobil exited Thailand operations, while production activities continued throughout the region.

Kazakhstan operations take place onshore and offshore through our partnerships in Tengiz and Kashagan.

During the year, the Tengiz Expansion Project was completed and production ramped up to name-plate capacity.

In Qatar, ExxonMobil participated in 45.7 million tonnes per year of gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity.

Development activities continued on the North Field East and North Field Production Sustainment projects.

Ongoing activities in the United Arab Emirates continued on the phased development of the Upper Zakum field.

Australia / Oceania

Net acreage totaled 1.2 million offshore acres and nine thousand onshore acres at year-end 2024.

The co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) development consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million metric tons per year LNG facility, and a 280 million cubic feet per day

domestic gas plant located on Barrow Island, Western Australia.

During the year, operations began on the Gorgon Stage 2 project and development activities continued on the Jansz Io Compression project.

Papua New Guinea

Net acreage totaled 1.6 million onshore acres at year-end 2024.

During the year, a total of 1 net development wells were completed.

The Papua New Guinea (PNG) liquefied natural gas (LNG) integrated development includes gas production and processing facilities in the PNG Highlands, onshore and offshore pipelines, and a 6.9 million metric tons per year LNG facility near Port Moresby.

In Australia, development activities progressed on the Jansz-Io Compression Project and the Gorgon Stage 3 project was fully funded.

Australia and Papua New Guinea account for 22.5 million metric tons of LNG per year.

Worldwide Exploration

1 unchanged sentence

Net acreage totaled 15.8 million acres at year-end 2025.

During the year, a total of a 0.5 net exploratory well was completed.

Delivery Commitments

4 unchanged sentences

Any remaining commitments will be fulfilled with production from our proved undeveloped reserves and purchases on the open market as necessary.

Financial Table of Contents

Oil and Gas Properties, Wells, Operations and Acreage

45 unchanged sentences

Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage.

Financial Table of Contents

Gross and Net Undeveloped Acreage

27 unchanged sentences

The scheduled expiration of leases and concessions for undeveloped acreage over the next three years is not expected to have a material adverse impact on the Corporation.

Summary of Acreage Terms

United States

Oil and gas exploration and production rights are acquired from mineral interest owners through a lease.

Mineral interest owners include the Federal and State governments, as well as private mineral interest owners.

Leases typically have a primary term ranging from one to 10 years, and a production period beyond the primary term that normally remains in effect until production ceases.

Under certain circumstances, a lease may be held beyond its primary term even if production has not commenced.

In some instances a “fee interest” is acquired in private property where the underlying mineral interests and rights are purchased and owned outright.

Canada / Other Americas

Exploration licenses or leases in onshore areas are acquired for varying periods of time with renewals or extensions possible.

These licenses or leases entitle the holder to continue existing licenses or leases upon completing specified work.

In general, these license and lease agreements are held as long as there is proven production capability on the licenses and leases.

Offshore exploration licenses are generally held by work commitments of various amounts and rentals.

Offshore production licenses are valid for 25 years, with rights of extension for continued production.

Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term.

The Federal Hydrocarbon Law was amended in 2014 and in 2024.

Pursuant to the amended law, the production term for an onshore unconventional concession is 35 years and 25 years for a conventional concession.

ExxonMobil is actively taking steps to exit Upstream operations in the country.

The exploration and production of oil and gas are governed by concession contracts and production sharing contracts (PSCs).

Concession contracts provide for an exploration period of up to eight years and a production period of 27 years.

PSCs provide for an exploration period of up to seven years and a production period of up to 28 years.

The Petroleum Activities Act 2023 authorizes the Government of Guyana to license and enter petroleum agreements for petroleum exploration, development, production, and storage operations.

Exploration concessions are granted for an initial maximum period of five years, with an unlimited number of extensions up to three years each.

Extensions are subject to specific minimum work commitments.

Production licenses were historically granted for 20 to 25 years with multiple possible extensions subject to production on the license.

Under the Mining Law, effective January 1, 2003, exploration and production licenses for both onshore and offshore areas are issued for a period as explicitly defined in the license.

The term is based on the period of time necessary to perform the activities for which the license is issued.

License conditions are stipulated in the license and are based on the Mining Law.

Production rights granted prior to January 1, 2003, remain subject to their existing terms and differ slightly for onshore and offshore areas.

Onshore production licenses issued prior to 1988 were indefinite;

from 1988, they were issued for a period as explicitly defined in the license, ranging from 35 to 45 years.

Offshore production licenses issued before 1976 were issued for a fixed period of 40 years;

from 1976, they were again issued for a period as explicitly defined in the license, ranging from 15 to 40 years.

United Kingdom

Acreage terms are fixed by the government and are periodically changed.

For example, many of the early licenses issued under the first four licensing rounds provided an initial term of six years with relinquishment of at least one-half of the original area at the end of the initial term, subject to extension for a further 40 years.

At the end of any such 40-year term, licenses may continue in producing areas until cessation of production;

or licenses may continue in development areas for periods agreed on a case-by-case basis until they become producing areas;

or licenses terminate in all other areas.

The majority of traditional licenses currently issued have an initial exploration term of four years with a second term extension of four years, and a final production term of 18 years, with a mandatory relinquishment of 50 percent of the acreage after the initial term and of all acreage that is not covered by a development plan at the end of the second term.

Exploration and production activities are governed by either production sharing agreements or other concession contracts with initial exploration terms ranging from three to four years with options to extend from one to five years.

The production periods range from 20 to 30 years, with extensions subject to negotiation with the National Concessionaire.

Exploration and production activities are generally governed by concession contracts with the Government of the Republic of Mozambique, represented by the Ministry of Mineral Resources and Energy.

An interest in Area 4 offshore Mozambique was acquired in 2017.

Terms for Area 4 are governed by the Exploration and Production Concession Contract (EPCC) for Area 4 Offshore of the Rovuma Block.

The EPCC expires 30 years after an approved plan of development becomes effective for a given discovery area.

Exploration and production activities are governed by production sharing contracts (PSCs) with the national oil company, the Nigerian National Petroleum Company Limited (NNPCL).

NNPCL typically holds the underlying license or lease.

The terms of the PSCs are generally 30 years (comprised of a 10-year exploration period and a 20-year production period).

The 2021 Petroleum Industry Act will govern any further renewals to the term of the PSCs, licenses, or leases.

The production sharing agreement (PSA) for the development of the Azeri-Chirag-Gunashli field was established for an initial period of 30 years starting from the PSA execution date in 1994.

The PSA was amended in September 2017 to extend the term by 25 years to 2049.

Exploration and production activities in Indonesia are generally governed by cooperation contracts, usually in the form of a production sharing contract (PSC).

The current PSCs have an exploration period of six years, which can be extended once for a period of four years with a total contract period of 30 years including an exploitation period.

PSC terms can be extended for a maximum of 20 years for each extension with the approval of the government.

Onshore exploration and production activities are governed by the production license, which includes exploration activities and joint venture agreements negotiated with the Republic of Kazakhstan.

Existing production operations have a 40-year production period that commenced in 1993.

Offshore exploration and production activities are governed by a production sharing agreement negotiated with the Republic of Kazakhstan.

The exploration period is six years followed by separate appraisal periods for each discovery.

The production period for each discovery, which includes development, is 20 years from the date of declaration of commerciality with the possibility of two 10-year extensions.

Production activities are governed by production sharing contracts (PSCs) negotiated with the national oil company.

The PSCs have production terms of 25 years.

Extensions are generally subject to the national oil company’s prior written approval.

The State of Qatar grants gas production development project rights to develop and supply gas from the offshore North Field to permit the economic development and production of gas reserves sufficient to satisfy the gas and LNG sales obligations of these projects.

The initial terms for these rights generally extend for 25 years.

Extensions and terms are subject to State of Qatar approval.

The Petroleum Act of 1971 allows production under ExxonMobil’s concessions for 30 years with a 10-year extension at terms generally prevalent at the time.

United Arab Emirates

An interest in the development and production activities of the offshore Upper Zakum field was acquired in 2006.

In 2017, the governing agreements were extended to 2051.

Australia / Oceania

Exploration and production activities conducted offshore in Commonwealth waters are governed by Federal legislation.

Exploration permits are granted for an initial term of six years with two possible five-year renewal periods.

Retention leases may be granted for resources that are not commercially viable at the time of application but are likely to become commercially viable within 15 years.

These are granted for periods of five years, and renewals may be requested.

Prior to July 1998, production licenses were granted initially for 21 years, with a further renewal of 21 years and thereafter indefinitely, i.e., for the life of the field.

Effective from July 1998, new production licenses are granted indefinitely.

In each case, a production license may be terminated if no production operations have been carried on for five years.

Papua New Guinea

Exploration and production activities are governed by the Oil and Gas Act.

Petroleum prospecting licenses are granted for an initial term of six years with a five-year extension possible (an additional extension of three years is possible in certain circumstances).

Generally, a 50-percent relinquishment of the license area is required at the end of the initial six-year term, if extended.

Petroleum development licenses are granted for an initial 25-year period.

An extension for further consecutive period(s) of up to 20 years may be granted at the Petroleum Minister’s discretion.

Petroleum retention licenses may be granted for gas resources that are not commercially viable at the time of application but may become commercially viable within the maximum possible retention time of 15 years.

Petroleum retention licenses are granted for an initial five-year period, and may only be extended, at the Minister’s discretion, twice for the maximum retention time of 15 years.

Financial Table of Contents

Information with regard to refining and chemical capacity:

19 unchanged sentences

Meerhout Belgium ● 100 — — 0.5 —

Gravenchon France ■ ▲ ● 82.9/100 (3)

Karlsruhe (4)

Germany ■ 25 78 — — —

Karlsruhe Germany ■ 25 78 — — —

Rotterdam Netherlands ■ ▲ ● 100 192 — — —

Fawley United Kingdom ■ ▲ ● 100 265 — — —

Fife United Kingdom ● 50 — 0.4 — —

United Kingdom ● 50 — 0.4 — —

Total Europe 853 0.4 0.9 —

Fujian China ■ ● 25 67 0.3 0.2 0.2

Huizhou China ● 100 — 1.6 1.7 0.9

Singapore Singapore ■ ▲ ● 100 592 1.9 1.9 1.0

9 unchanged sentences

The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment.

(3) ExxonMobil ownership in Gravenchon is split 82.9 percent and 100 percent between the refining and chemical operations, respectively.

In 2024, the Company shut down a portion of its Gravenchon chemical operations including the steamcracker and related derivatives units.

(4) The Corporation announced a sales agreement relating to ExxonMobil's ownership interest in this asset and expects the transaction to close in 2025.

(3) The Corporation announced the planned closure of the Fife Ethylene Plant, with shutdown activities expected to be completed in 2026.

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

Financial Table of Contents

Information with regard to retail fuel sites:

10 unchanged sentences

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

What changed 10-K

Item 2. Properties