What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-18 compared with 2025-02-19 · 1199 added, 1194 removed, 2567 unchanged (48% of the section changed)

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Based on this evaluation, management concluded that Exxon Mobil Corporation’s internal control over financial reporting was effective as of December 31, 2025.

The Corporation excluded Pioneer from our assessment of internal control over financial reporting as of December 31, 2024, because it was acquired by the Corporation in a business combination during 2024.

Total assets and total revenues of Pioneer, a wholly owned subsidiary, represent nineteen percent and four percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.

PricewaterhouseCoopers LLP, an independent registered public accounting firm, audited the effectiveness of the Corporation’s internal control over financial reporting as of December 31, 2025, as stated in their report included in the Financial Section of this report.

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There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

Financial Table of Contents

OTHER INFORMATION

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• The portion entitled "Delinquent Section 16(a) Reports" of the section entitled "Director and Executive Officer Stock Ownership;"

• The portions entitled “Director Qualifications”, “Director Nomination Process and Board Succession”, and “Code of Ethics and Business Conduct” of the section entitled “Corporate Governance”;

• The portions entitled “Director Qualifications,” “Director Nomination Process and Board Succession,” and “Code of Ethics and Business Conduct” of the section entitled “Corporate Governance;” and

• The “Director Independence” portion, “Board Meetings and Annual Meeting Attendance” portion, the membership table of the portion entitled “Board Committees,” the "Nominating and Governance Committee" portion and the "Audit Committee" portion of the section entitled “Corporate Governance.”

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Incorporated by reference to the sections entitled “Director Compensation,” “Compensation Committee Report,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Pay Ratio,” and "Pay Versus Performance" of the registrant’s 2026 Proxy Statement.

Financial Table of Contents

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

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Liquidity and Capital Resources

Capital and Exploration Expenditures 64

Environmental Matters

Market Risks 67

Critical Accounting Estimates

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Summary of Accounting Policies

Miscellaneous Financial Information 87

Earnings Per Share

Disclosures about Segments and Related Information

Pension and Other Postretirement Benefits

Other Comprehensive Income Information

Cash Flow Information 89

Additional Working Capital Information 89

Financial Instruments and Derivatives

Litigation and Other Contingencies

Equity Company Information

Investments, Advances and Long-Term Receivables 92

Property, Plant , and Equipment and Asset Retirement Obligations

Accounting for Suspended Exploratory Well Costs 94

Earnings Per Share 96

Financial Instruments and Derivatives 97

Additional Working Capital Information

Investments, Advances , and Long-Term Receivables

Long-Term Debt

Incentive Program 100

Litigation and Other Contingencies 101

Pension and Other Postretirement Benefits 102

Disclosures about Segments and Related Information 108

Miscellaneous Financial Information

Income and Other Taxes

Accounting for Suspended Exploratory Well Costs

Cash Flow Information

Incentive Program

Divestment Activities

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Supplemental Information on Oil and Gas Exploration and Production Activities

Financial Table of Contents

BUSINESS PROFILE

Earnings (Loss) After

Income Taxes Average Capital

Average Capital

Employed (Non-GAAP)

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Employed (Non-GAAP)

Exploration Expenditures

Financial 2025 2024 2025 2024 2025 2024 2025 2024

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Corporate total 28,844 33,680 305,775 278,102 9.3 12.7 28,997 25,647

See Frequently Used Terms for a definition and calculation of capital employed and return on average capital employed.

See Frequently Used Terms for a definition and calculation of capital employed, return on average capital employed, and cash capital expenditures.

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

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

Financial Table of Contents

FINANCIAL INFORMATION

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(3) Regular employees are defined as active executive, management, professional, technical, administrative, and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs.

Financial Table of Contents

FREQUENTLY USED TERMS

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Assets are divested when they are no longer meeting these objectives or are worth considerably more to others.

Because of the regular nature of this activity, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

Because of the regular nature of this activity, the Company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries;

property, plant, and equipment;

and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

Cash Flow From Operations and Asset Sales

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304,061 307,489 248,714

Financial Table of Contents

FREQUENTLY USED TERMS

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• Advantaged Assets (Advantaged growth projects) .

Includes Permian (heritage Permian (1) and Pioneer), Guyana and LNG.

Includes Permian, Guyana, and LNG.

• Advantaged Projects.

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Structural Cost Savings.

Represents after-tax earnings effects of Structural Cost Savings as defined on the next page, including cash operating expenses related to divestments that were previously in the volume/mix driver.

Represents after-tax earnings effects of Structural Cost Savings as defined on the next page, including cash operating expenses related to divestments.

Represents all expenses otherwise not included in other earnings drivers.

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Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).

(1) Heritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

Financial Table of Contents

FREQUENTLY USED TERMS

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Structural Cost Savings describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures that are expected to be sustainable compared to 2019 levels.

Relative to 2019, estimated cumulative structural cost savings totaled $12.1 billion.

The total change between periods in expenses below will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects.

Relative to 2019, estimated cumulative structural cost savings totaled $15.1 billion, which included an additional $3.0 billion in 2025.

The total change between periods in expenses below will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture developments, and early-stage projects.

Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings.

Estimates of cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels.

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Energy and production taxes (Non-GAAP)

Market Activity /

Other Structural

Market Activity/ Other Structural Cost Savings

Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP)

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

Financial Table of Contents

FREQUENTLY USED TERMS

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Earnings (loss) excluding Identified Items are earnings (loss) excluding individually significant non-operational events with, typically, an absolute Corporate total earnings impact of at least $250 million in a given quarter.

The earnings (loss) impact of an Identified Item for an individual segment in a given quarter may be less than $250 million when the item impacts several segments or several periods.

The earnings (loss) impact of an identified item for an individual segment in a given quarter may be less than $250 million when the item impacts several periods or several segments.

Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items.

Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results.

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Tax-related items 192 — 192 — 238 238 184 (126) 58

Other — — — — — — — 1,380 1,380

Identified Items (471) (422) (893) (360) 575 215 (1,489) (812) (2,301)

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Impairments (153) (113) (266) (34) (59) (93) — — —

Gain/(loss) on sale of assets — 720 720 — — — — — —

Tax-related items 34 (6) 28 — 172 172 192 (48) 144

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1,188 1,669 2,857 1,580 1,485 3,065 1,524 1,283 2,807

Financial Table of Contents

FREQUENTLY USED TERMS

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Tax-related items (11) — 76

Restructuring charges (419) — —

Identified Items (585) 30 76

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Tax-related items 288 409 348

Restructuring charges (419) — —

Other — — (175)

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

Cash Capital Expenditures (Non-GAAP)

Cash capital expenditures (Cash Capex) are the sum of additions to property, plant, and equipment;

additional investments and advances;

and other investing activities including collection of advances;

reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows.

The Company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with industry practice.

(millions of dollars) 2025 2024

Additions to property, plant, and equipment 28,358 24,306

Additional investments and advances 4,133 3,299

Other investing activities including collection of advances (3,406) (1,926)

Inflows from noncontrolling interests for major projects

Total Cash Capex (Non-GAAP)

28,997 25,647

Financial Table of Contents

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

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statements of future ambitions and plans;

future earnings power;

potential addressable markets;

and other statements of future events or conditions are forward-looking statements.

Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, lower-emission fuels, hydrogen, ammonia, direct air capture, Proxxima TM systems, carbon materials, lithium and other future plans to reduce emissions and emission intensity of ExxonMobil, its affiliates, and third parties are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements.

Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, hydrogen and ammonia, lower-emission fuels, direct air capture, Proxxima TM resin systems, carbon materials, low-carbon data centers, lithium, and other future plans to reduce emissions and emissions intensity of ExxonMobil, its affiliates, and third parties are dependent on future market factors, such as continued technological progress, stable policy support, and timely rule-making and permitting, and represent forward-looking statements.

Actual future results, including financial and operating performance;

earnings power;

potential earnings, cash flow, dividends or shareholder returns, including the timing and amounts of share repurchases;

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realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure;

plans to reduce future emissions and emissions intensity, including ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Permian Basin (1) unconventional operated assets by 2030, and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, and to reach near-zero methane emissions from operated assets and other methane initiatives to meet ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture, transport and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce Proxxima TM systems, produce carbon materials, produce lithium, and use plastic waste as feedstock for advanced recycling;

timely granting of governmental permits and certifications;

plans to reduce future emissions and emissions intensity, including ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in integrated Upstream Permian Basin unconventional operated assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, and to meet ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture, transport and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce Proxxima TM resin systems, produce carbon materials, produce lithium, and use plastic waste as feedstock for advanced recycling;

future debt levels and credit ratings;

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resource recoveries and production rates;

and planned Denbury Inc.

(Denbury) and Pioneer integrated benefits, could differ materially due to a number of factors.

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

economic conditions and seasonal fluctuations that impact prices and differentials for our products;

developments or changes in local, national, or international laws, regulations, taxes, trade sanctions, trade tariffs, or policies affecting our business, such as government policies supporting lower carbon and new market investment opportunities, the punitive European taxes on the oil and gas sector and unequal support for different technological methods of emissions reduction or evolving, ambiguous and unharmonized standards imposed by various jurisdictions related to sustainability and GHG reporting;

and planned Denbury and Pioneer integrated benefits, could differ materially due to a number of factors.

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

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

developments or changes in local, national, or international laws, regulations, taxes, trade sanctions, trade tariffs, or policies affecting our business, such as government policies supporting lower-carbon and new market investment opportunities, the punitive European taxes on the oil and gas sector and unequal support for different technological methods of emissions reduction or evolving, ambiguous, and unharmonized voluntary and mandatory standards or extraterritorial laws and regulations imposed by various jurisdictions related to sustainability and greenhouse gas reporting;

timely granting of governmental permits, licenses, and certifications;

uncertain impacts of deregulation on the legal and regulatory environment;

changes in interest and exchange rates;

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

actions of co-venturers, competitors and commercial counterparties;

actions of co-venturers or partners, competitors, and commercial counterparties, including suppliers and customers;

government actions in pursuit of national energy and security policies and priorities affecting our business;

the outcome of commercial negotiations, including final agreed terms and conditions;

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adoption of regulatory incentives consistent with law;

reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologie s;

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

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

timely completion of construction projects;

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

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

the actions of government or other actors against our core business activities and acquisitions, divestitures or financing opportunities;

war, civil unrest, attacks against the Company or industry, and other geopolitical or security disturbances, including disruption of land or sea transportation routes;

decoupling of economies, and disruptions in trade alliances and military alliances;

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

the actions of governments, non-governmental organizations, or other actors against our core business activities and acquisitions, divestitures or financing opportunities;

war, civil unrest, armed hostilities, attacks against the Company or industry, and other geopolitical or security disturbances, including disruption of land or sea transportation routes or distribution or shipping channels;

decoupling of economies, disruption, realignment, or breaking of current or historical trade or military alliances or global trade or supply chain networks;

escalating geopolitical volatility, including regime changes;

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

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

the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning;

unforeseen technical or operating difficulties and unplanned maintenance;

unforeseen technical or operating disruptions or difficulties and unplanned maintenance;

the development and competitiveness of alternative energy and emission reduction technologies;

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In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making.

Financial Table of Contents

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

Energy demand models are forward-looking by nature and aim to replicate system dynamics of the global energy system, requiring simplifications.

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As such, the outcome of any given scenario using an energy demand model comes with a high degree of uncertainty.

Third-party scenarios discussed in this report reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their

(1) H eritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

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

use by ExxonMobil is not an endorsement by ExxonMobil of their underlying assumptions, likelihood or probability.

Third-party scenarios discussed in this report reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use by ExxonMobil is not an endorsement by ExxonMobil of their underlying assumptions, likelihood, or probability.

Investment decisions are made on the basis of ExxonMobil’s separate planning process.

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Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually.

The reference case for planning beyond 2030 is based on the Company’s Global Outlook (Outlook) research and publication.

The reference case for planning beyond 2030 is based on ExxonMobil’s Global Outlook (Outlook) research and publication.

The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050.

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References to projects or opportunities may not reflect investment decisions made by ExxonMobil or its affiliates.

Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the Company planning process, and alignment with our partners and other stakeholders.

Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the Corporate planning process, and alignment with our partners and other stakeholders.

Capital investment guidance in lower-emission investments is based on our Corporate Plan;

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manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products;

and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima TM systems, carbon materials, and lithium.

and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, carbon materials, low-carbon data centers, and lithium.

ExxonMobil's reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products.

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Low Carbon Solutions is included in Corporate and Financing as the business continues to mature through commercialization and deployment of technology.

The businesses are supported by centralized service-delivery groups, including Global Projects, Technology and Engineering, Global Operations and Sustainability, Global Trading, Supply Chain, and Global Business Solutions.

The businesses are supported by centralized service-delivery groups, including Global Projects, Technology and Engineering, Global Operations, Sustainability, Global Trading, Supply Chain, and Global Business Solutions.

ExxonMobil, with its resource base, financial strength, disciplined investment approach, and technology portfolio, is well-positioned to participate in substantial investments to develop new supplies of reliable and affordable lower-emission energy and other critical products.

The Company’s integrated business model, with significant investments in Upstream, Energy Products, Chemical Products, and Specialty Products segments and Low Carbon Solutions businesses, generally reduces the Corporation’s risk from changes in commodity prices.

The Company’s integrated business model, with significant investments in the Upstream, Energy Products, Chemical Products, and Specialty Products segments and Low Carbon Solutions businesses, generally reduces the Corporation’s risk from changes in commodity prices.

While commodity prices depend on supply and demand and may be volatile on a short-term basis, ExxonMobil’s investment decisions are grounded on fundamentals reflected in our long-term business outlook, and use a disciplined approach in selecting and pursuing the most attractive investment opportunities which target a low cost of supply to ensure long-term competitiveness.

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Lessons learned are incorporated in future projects.

Financial Table of Contents

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

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Included in the range of these scenarios are the Intergovernmental Panel on Climate Change (IPCC) Likely Below 2°C scenarios and three scenarios from the International Energy Agency (IEA):

IEA Stated Policies Scenario (STEPS), which reflects a sector-by-sector assessment of current policy in place or announced by governments;

IEA Announced Pledges Scenario (APS), which reflects aspirational government targets met on time and in full;

and IEA Net Zero Emissions by 2050 Scenario (NZE), which the IEA describes as extremely challenging, acknowledging that society is not currently on the IEA NZE pathway.

IEA Stated Policies Scenario (STEPS;

2025 World Energy Outlook (WEO)), which reflects a sector-by-sector assessment of current policy in place and those announced by governments;

IEA Announced Pledges Scenario (APS;

2024 WEO), which reflects aspirational government targets met on time and in full;

and IEA Net Zero Emissions by 2050 Scenario (NZE;

2025 WEO), which the IEA describes as highly ambitious and challenging, acknowledging that society is not currently on the IEA NZE pathway.

No single transition pathway can be reasonably predicted, given the wide range of uncertainties.

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As economies and populations grow, and as living standards improve for billions of people, the need for energy is expected to continue to rise.

Even with significant efficiency gains, global energy demand is projected to rise by almost 15 percent from 2023 to 2050.

Even with significant efficiency gains, global energy demand is projected to rise by over 10 percent from 2024 to 2050.

This increase in energy demand is expected to be driven by developing countries (i.e., those that are not member nations of the Organization for Economic Co-operation and Development (OECD)).

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From 2024 to 2050, the amount of electricity supplied using natural gas, nuclear power, and renewables is expected to more than double, accounting for the entire growth in electricity supplies and offsetting the reduction of coal.

Electricity from wind and solar is expected to increase more than 450 percent, helping total renewables (including other sources, e.g., hydropower) to account for approximately 90 percent of the increase in electricity supplies through 2050.

Electricity from wind and solar is expected to increase nearly 400 percent, helping total renewables (including other sources, e.g., hydropower) to account for approximately 90 percent of the increase in electricity supplies through 2050.

Total renewables are expected to reach over 50 percent of global electricity supplies by 2050.

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Supplies of electricity by energy type will reflect significant differences across regions reflecting a wide range of factors, including the cost and availability of various energy supplies and policy developments.

Financial Table of Contents

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

Energy for transportation - including cars, trucks, ships, trains, and airplanes - is expected to increase by about 25 percent from 2023 to 2050.

Transportation energy demand is expected to account for about 60 percent of the growth in liquid fuels demand worldwide over this period.

Light-duty vehicle demand for liquid fuels is projected to peak by around 2025, and then decline to levels seen in the early-2000s by 2050, as the impact of better fuel economy and significant growth in electric cars, led by China, Europe, and the United States, work to offset growth in the worldwide car fleet of approximately 65 percent.

Energy for transportation - including cars, trucks, ships, trains, and airplanes - is expected to increase by nearly 25 percent from 2024 to 2050.

Transportation energy demand is expected to account for over 50 percent of the growth in liquid fuels demand worldwide over this period.

Light-duty vehicle demand for liquid fuels is projected to have peaked this decade, and then decline to levels seen in the early-2010s by 2050, as the impact of better fuel economy and significant growth in electric cars, led by China, Europe, and the United States, work to offset growth in the worldwide car fleet of about 60 percent.

By 2050, light-duty vehicles are expected to account for around 20 percent of global liquid fuels demand.

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Demand for oil will continue to grow as a feedstock for industry.

As populations grow and prosperity rises, more energy will be needed to power homes, offices, schools, shopping centers, hospitals, etc.

Combined residential and commercial energy demand is projected to rise by around 15 percent through 2050.

As populations grow and prosperity rises, more energy will be needed to power homes, offices, schools, shopping centers, hospitals, et cetera Combined residential and commercial energy demand is projected to rise by around 15 percent through 2050.

Led by the growing economies of developing nations, average worldwide household electricity use is expected to rise more than 60 percent between 2024 and 2050.

Liquid fuels provide the largest share of global energy supplies today reflecting broad-based availability, affordability, ease of transportation, and fitness as a practical solution to meet a wide variety of needs.

By 2050, global demand for liquid fuels is projected to grow to approximately 110 million oil-equivalent barrels per day, an increase of about 10 percent from 2023.

The non-OECD share of global liquid fuels demand is expected to increase to nearly 70 percent by 2050, as liquid fuels demand in the OECD is expected to decline by more than 25 percent.

By 2050, global demand for liquid fuels is projected to grow to nearly 115 million oil-equivalent barrels per day, an increase of about 10 percent from 2024.

The non-OECD share of global liquid fuels demand is expected to increase to about 70 percent by 2050, as liquid fuels demand in the OECD is expected to decline by more than 25 percent.

Much of the global liquid fuels demand today is met by crude production from conventional sources;

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Natural gas is a lower-emission, versatile, and practical fuel for a wide variety of applications.

Global natural gas demand is expected to rise more than 20 percent from 2023 to 2050, with approximately 75 percent of that increase coming from the Asia Pacific region.

Global natural gas demand is expected to rise nearly 20 percent from 2024 to 2050, with approximately 70 percent of that increase coming from the Asia Pacific region.

Significant growth in supplies of unconventional gas - the natural gas found in shale and other tight rock formations - will help meet these needs.

In total, about 35 percent of the growth in natural gas supplies is expected to come from unconventional sources.

In total, over 40 percent of the growth in natural gas supplies is expected to come from unconventional sources.

At the same time, conventionally-produced natural gas is likely to remain the cornerstone of global supply, meeting around two-thirds of worldwide demand in 2050.

LNG trade will expand significantly, meeting about 70 percent of the increase in global demand growth, with much of this supply expected to help meet rising demand in Asia Pacific.

LNG trade will expand significantly, meeting about 75 percent of the increase in global demand growth, with much of this supply expected to help meet rising demand in the Asia Pacific region.

Financial Table of Contents

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

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Total renewable energy is expected to exceed 20 percent of global energy by 2050, with other renewables (e.g., biomass, hydropower, geothermal) contributing a combined share of more than 10 percent.

Total energy supplied from wind and solar is expected to increase rapidly, growing over 400 percent from 2023 to 2050, when they are projected to be nearly 12 percent of the world energy mix.

Decarbonization of industrial activities will require a suite of nascent or future lower-carbon technologies and stable supporting policies.

Total energy supplied from wind and solar is expected to increase rapidly, growing nearly 350 percent from 2024 to 2050, when they are projected to be greater than 10 percent of the world energy mix.

Decarbonization of industrial activities will require a suite of lower-carbon technologies supported by stable policies.

Lower-emission fuels, hydrogen-based fuels, and carbon capture and storage are three key lower-carbon solutions needed to support a lower-emission future, in addition to wind and solar.

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Carbon capture and storage on its own, or in combination with hydrogen production, is among the few proven technologies that could enable CO2 emission reductions from high-emitting and hard-to-decarbonize sectors such as power generation and heavy industries, including manufacturing, refining, and petrochemicals.

Financial Table of Contents

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

Significant oil and natural gas investment needed to meet projected global demand

Projected global oil supply and demand

Million barrels per day

Projected global oil supply and demand Projected global natural gas supply and demand

Million barrels per day Billion cubic feet per day

Excludes biofuels;

IEA STEPS, IEA APS, and IEA NZE Source:

IEA STEPS and IEA NZE Source:

IEA WEO 2025;

IEA APS Source:

IEA WEO 2024;

Global Outlook Source:

ExxonMobil 2025 Global Outlook;

IPCC Likely Below 2°C Average and Range Source:

IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3:

311 “Likely below 2°C” scenarios used;

decline rates based on 10-yr Compound Annual Growth Rate (CAGR)

Projected global natural gas supply and demand

Billion cubic feet per day

IEA STEPS, IEA APS, and IEA NZE Source:

IPCC Likely Below 2°C Average Source:

IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3:311 "Likely below 2°C" scenarios used;

decline rates based on 10-yr Compound Annual Grown Rate (CAGR) Excludes flaring;

IEA STEPS and IEA NZE Source:

IEA WEO 2025;

IEA APS Source:

IEA WEO 2024;

Global Outlook Source:

ExxonMobil 2025 Global Outlook;

IPCC Likely Below 2°C Average and Range Source:

IPCC Likely Below 2°C Average Source:

IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3:

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Limiting investment to only existing fields would slow the decline to about 4 percent;

however, this would still be well below the oil demand in the IEA APS and average of IPCC Likely Below 2°C scenarios.

however, this would still be well below the oil demand in the average of IPCC Likely Below 2°C scenarios.

To meet projected demand, the Corporation anticipates that the world’s available oil and gas resource base will grow, not only from new discoveries, but also from increases in previously discovered fields.

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The information provided in the Outlook includes ExxonMobil’s internal estimates and projections based upon internal data and analyses as well as publicly available information from external sources including the International Energy Agency.

Financial Table of Contents

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

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Across our portfolio of opportunities, we retain investment flexibility to maximize shareholder value.

With advancements in technology and clear, consistent, stable, and effective government policies, we aim to achieve net-zero Scope 1 and 2 greenhouse gas emissions in our operated assets by 2050.

In 2022, we announced our ambition to achieve net-zero Scope 1 and 2 greenhouse gas emissions in our operated assets by 2050, with advancements in technology and clear, consistent, stable, and effective government policies.

Society's progress continues to lag in these areas.

Without supportive policies and the innovations they drive, net zero 2050 will remain out of reach — for society and ExxonMobil.

Our net-zero ambition is backed by a comprehensive approach centered on detailed emission-reduction roadmaps for our major operated assets that were completed in 2022.

The roadmaps build on the Company’s 2030 emission-intensity reduction plans and, notably, include reaching net-zero Scope 1 and 2 emissions in our heritage Permian Basin (1) unconventional operated assets by 2030, and by 2035 for Pioneer assets.

We continue to update the roadmaps, including to account for portfolio changes, to reflect technology and policy, and to account for the many potential pathways, and the pace of an energy transition.

The roadmaps build on the Company’s 2030 emission-intensity reduction plans.

We continue to update the roadmaps, including to account for portfolio changes, to reflect technology and policy, and to account for the many potential pathways and pace of an energy transition.

Our plans include reaching net-zero Scope 1 and 2 emissions in our integrated Permian Basin operated assets by 2035, including Pioneer assets acquired in 2024.

By 2030, we plan to reduce emissions in our combined Permian operations by more than the equivalent of achieving net-zero Scope 1 and 2 emissions in our operated heritage ExxonMobil assets.

Compared to 2016 levels, our 2030 plans are expected to drive the following reductions:

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• 60-70 percent reduction in corporate-wide flaring intensity.

Our emission-reduction plans and 2050 net-zero ambition cover Scope 1 and 2 emissions from assets we operate, which now include Pioneer and Denbury.

As of year-end 2025, we are exceeding our 2030 plans across the portfolio, having already achieved our plans for reducing Corporate greenhouse gas and flaring intensity.

We expect to reach the plan for methane intensity reductions later this year.

Our emission-reduction plans and 2050 net-zero ambition cover Scope 1 and 2 emissions from assets we operate.

The Corporation plans to continue to pursue advantaged growth opportunities and lower-emission investments.

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At this early stage, stable and supportive policy remains critical to enable emissions reductions, advance technology, and drive scale to improve costs.

ExxonMobil’s Low Carbon Solutions business is working with the Product Solutions and Upstream businesses to grow a pipeline of emission-reduction opportunities in carbon capture and storage, hydrogen, lower-emission fuels, Proxxima TM systems, and carbon materials, as well as lithium to supply the global battery and electric vehicle markets.

ExxonMobil’s Low Carbon Solutions business is working with the Product Solutions and Upstream businesses to grow a pipeline of emission-reduction opportunities in carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, carbon materials, and low-carbon data centers, as well as lithium to supply the global battery and electric vehicle markets.

Our customers, many governments, and strategic partners recognize our combination of experience, skills, and capabilities that have the potential to help reduce emissions for ourselves and others.

For example, on the U.S.

Gulf Coast, we see an opportunity to create a carbon capture and storage business that will enable industrial customers to reduce their emissions.

The acquisition of Denbury expanded our capabilities in this area, providing ExxonMobil with the largest owned and operated network of CO2 pipelines in the United States, including more than 900 miles of pipelines and multiple CO2 storage sites near the largest industrial complexes on the Gulf Coast.

Combining Denbury’s assets and our experience we have created the largest CO2 network in the world which gives us a unique ability to help customers in the region reduce their emissions at a lower cost and faster pace.

A cost-efficient transportation and storage system has the potential to accelerate carbon capture and storage deployment for both ExxonMobil and our third-party customers.

Gulf Coast, we see an opportunity to grow a carbon capture and storage business that will enable industrial customers to reduce their emissions.

Stable policy support, along with technology advancements and the development of market-driven mechanisms, will continue to be important to the development and deployment of lower-emission solutions.

(1) H eritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

Financial Table of Contents

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

Recent Business Environment

During 2024, the price of crude oil remained near the middle of the pre-COVID 10-year range (2010-2019), as markets remained balanced.

Through the first nine months of the year, natural gas prices declined towards the middle of the 10-year range due to strong supply and lower demand.

In the fourth quarter, natural gas prices increased on rising demand driven by colder weather in the U.S.

Refining margins declined in 2024 from high 2023 levels as increased supply from industry capacity additions outpaced record global demand and remain near the bottom of the 10-year range.

Chemical margins improved slightly in 2024 but remained well below the 10-year range driven by over-supply, primarily in Asia.

The general rate of inflation across major countries peaked in 2022, rising from already elevated levels in 2021, due to additional impacts on energy and other commodities from the Russia-Ukraine conflict.

Inflation has trended down since 2023 as a result of aggressive monetary tightening by major central banks and slowing global economic growth.

However, there has been significant variation on the pace of change across OECD and non-OECD countries.

With inflation gradually approaching the official targets in the U.S.

and Eurozone, the Federal Reserve and the European Central Bank began lowering interest rates in 2024.

Meanwhile, China has been under persistent deflationary pressure since 2023.

During 2025, the price of crude oil remained near the middle of the pre-COVID 10-year range (2010-2019) as global markets remained broadly balanced.

Record crude demand was met by increasing industry supply, resulting in modestly lower prices.

Natural gas prices rose to the top end of the 10-year range due to robust demand.

Industry refining margins improved in 2025, supported by record full-year demand and an increase in supply disruptions driving higher margins.

Despite record demand, global oversupply resulted in Chemical margins remaining at bottom-of-cycle.

During 2025, the U.S.

announced a variety of trade-related actions, including the imposition of tariffs on imports from several countries.

In response, many countries announced their own retaliatory tariffs.

Despite the current uncertainty as to what effects these actions will ultimately have on the Corporation, our suppliers and our customers, as well as on the overall macroeconomic environment, we do not anticipate any material near-term financial impacts.

The Corporation closely monitors market trends and works to mitigate both operating and capital cost impacts in all price environments.

Organizational changes implemented over the past several years enabled the Corporation to capture $12.1 billion of structural cost savings (1) versus 2019, including $2.4 billion of savings during 2024, through increased operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures.

The Company sees additional opportunities in areas such as supply chain efficiency, improved maintenance and turnarounds, modernized data management, centralization of activities, and simplified business processes.

These savings are key drivers to further reduce our structural costs by $6 billion by 2030, thereby improving the earnings power of the Corporation.

Strategic changes implemented over the past several years enabled the Corporation to capture $15.1 billion of structural cost savings (1) versus 2019, including $3 billion of savings during 2025, through increased operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures.

The Company sees additional opportunities in areas such as centralization of activities, system implementations, continued improvement of maintenance and turnarounds, and simplified business processes.

These savings are key drivers to reduce our structural costs by $20 billion between 2019 and 2030, thereby improving the earnings power of the Corporation.

(1) Refer to Frequently Used Terms for definition of structural cost savings.

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For reference, after-tax earnings related to the Corporation’s interests in Kazakhstan in 2025 were approximately $1.1 billion, and its share of combined oil and gas production was approximately 320 thousand oil-equivalent barrels per day.

Financial Table of Contents

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

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ExxonMobil has a strong pipeline of development projects, including continued growth in Guyana and the Permian Basin, as well as LNG expansion opportunities in Qatar, Mozambique, Papua New Guinea, and the United States.

In 2025, Upstream production averaged 4.7 million oil-equivalent barrels per day (Moebd), our highest production in over 40 years.

As future development projects and drilling activities bring new production online, the Corporation expects a shift in the geographic mix and in the type of opportunities from which volumes are produced.

Based on the current investment plans, the proportion of oil-equivalent production from the Americas is generally expected to increase over the next several years.

Currently about two thirds of the Corporation's global production comes from unconventional, deepwater, and LNG resources.

Currently about two thirds of the Corporation's global production comes from Permian, Guyana, and LNG resources.

This proportion is generally expected to grow.

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, 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 .

In 2024, crude and gas prices were within the pre-COVID 10-year historical range (2010-2019).

However, actual volumes typically 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 .

In 2025, crude prices remained within the 10-year historical range (2010-2019), while robust demand helped to move natural gas price above the top of the 10-year range.

ExxonMobil believes prices over the long term will continue to be driven by market supply and demand, with the demand side largely being a function of general economic activities, levels of prosperity, technology advances, consumer preference, and government policies.

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Liza Destiny, Liza Unity and Prosperity floating production, storage and offloading (FPSO) vessels continued to produce above investment basis capacity in 2025.

The combined gross production from the three operating vessels exceeded 615 thousand barrels of oil per day (kbd) in 2024 and exceeded 650 kbd in the fourth quarter of 2024.

Yellowtail, Uaru and Whiptail, the fourth, fifth and sixth developments on the Stabroek Block, respectively, are progressing on schedule and each has an investment basis capacity of approximately 250 kbd.

We announced plans for two additional developments and anticipate eight FPSO vessels will be in operation on the Stabroek Block by year-end 2030.

We are working with the government of Guyana to secure regulatory approvals for the seventh project.

ExxonMobil successfully closed the Pioneer Natural Resources Company (Pioneer) acquisition in May 2024, significantly increasing our Permian footprint.

Total production volumes averaged approximately 1,185 thousand oil-equivalent barrels per day (koebd) in 2024, approximately 570 koebd higher than the previous year.

Yellowtail entered service in August and progressed to ramp up throughout the fourth quarter achieving an average gross production of 240 kbd.

The combined gross production from the four operating vessels exceeded 870 kbd in the fourth quarter of 2025.

With start-up of a fourth vessel, Guyana achieved record annual production in 2025 of 715 kbd.

Uaru, and Whiptail, the fifth and sixth developments on the Stabroek Block, respectively, are progressing on schedule and each has an investment basis capacity of approximately 250 kbd.

In September 2025, ExxonMobil made a final investment decision for the Hammerhead development, after receiving the required regulatory approvals from the government of Guyana;

Hammerhead is anticipated to come online in 2029.

We anticipate eight FPSO vessels will be in operation on the Stabroek Block by year-end 2030.

ExxonMobil delivered strong and efficient growth in Permian production volumes in 2025.

Total production volumes averaged a record 1.6 Moebd in 2025, approximately 0.4 Moebd higher than the previous year.

ExxonMobil operations continue to deliver industry-leading capital efficiency and cost performance by leveraging scale, integration, and technology.

Examples include deploying ExxonMobil cube design and proprietary proppant as well as leading capabilities and technology in drilling and completions.

ExxonMobil remains on track to achieve industry-leading plans of Scope 1 and 2 net zero greenhouse gas emissions in the heritage Permian Basin (1) unconventional operated assets by 2030, and in Pioneer assets by 2035.

ExxonMobil expects to roughly double production in the Permian Basin to approximately 2.3 Moebd by 2030.

Examples include deploying ExxonMobil cube design and proprietary lightweight proppant as well as leading capabilities and technology in drilling and completions.

ExxonMobil expects to increase production in the Permian Basin to approximately 2.5 Moebd by 2030.

ExxonMobil remains on track to achieve Scope 1 and 2 net zero greenhouse gas emissions in the integrated Permian Basin operated assets by 2035.

ExxonMobil continued work on LNG growth projects in 2025.

Production commenced from two new gas wells in Papua New Guinea (PNG), marking completion of the Angore project and additional supply to support LNG export from the PNG LNG joint venture.

In Mozambique, the Rovuma LNG project began the front-end engineering and design stage in 2024, in support of a final investment decision in 2026, to develop the Area 4 offshore gas resources.

Construction continues on the Golden Pass LNG project with Train 1 mechanical completion and first LNG production expected at the end of 2025.

(1) H eritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

In Papua New Guinea (PNG), the Papua LNG project has been optimizing the development plan and enhancing project cost competitiveness.

Force majeure was lifted in Mozambique, as the Rovuma LNG project continues with the front-end engineering and design stage, in support of a final investment decision in 2026 to develop the Area 4 offshore gas resources.

Mechanical completion was achieved for the Golden Pass LNG project, with expected first LNG production in the first quarter of 2026.

Financial Table of Contents

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

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Total 22,247 25,175 23,609

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

2025 Upstream Earnings Driver Analysis (1)

(millions of dollars)

Price – Price impacts decreased earnings by $1,250 million, driven by lower gas realizations.

Advantaged Volume Growth – Higher volumes from advantaged projects increased earnings by $3,760 million, as a result of record production in Permian, driven by the Pioneer acquisition and growth in the heritage Permian (2) , and record production in Guyana driven by the Prosperity FPSO start-up.

Base Volume – Divestments of non-strategic assets and entitlements decreased earnings by $820 million.

Structural Cost Savings – Increased earnings by $830 million.

Expenses – Higher expenses decreased earnings by $1,350 million, primarily from higher depreciation (non-cash).

Other – All other items increased earnings by $120 million, mainly driven by favorable impacts from divestments, partially offset by unfavorable tax and foreign exchange impacts.

Timing Effects – Less unfavorable timing effects from derivatives mark-to-market impacts increased earnings by $280 million.

Identified Items (1) – 2023 $(2,301) million loss primarily due to the impairment of the idled Santa Ynez Unit assets and associated facilities in California;

2024 $215 million gain mainly due to Argentina divestment, partly offset by Nigeria divestment and U.S.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

(2) H eritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

Price – Lower realizations decreased earnings by $6.1 billion, primarily driven by lower crude prices as record demand was more than offset by increased industry supply.

Advantaged Volume Growth – Increased earnings by $1.9 billion, mainly driven by record production in Permian and Guyana.

Base Volume – Decreased earnings by $0.7 billion as a result of non-strategic asset divestments.

Structural Cost Savings (1) – Increased earnings by $1.4 billion.

Expenses – Decreased earnings by $0.6 billion, primarily higher depreciation from the Tengiz expansion.

Other – Increased earnings by $0.6 billion, mainly driven by favorable tax and foreign exchange impacts.

Timing Effects – Favorable timing effects from derivatives mark-to-market impacts increased earnings by $0.6 billion.

Identified Items (1) – 2024 $0.2 billion gain mainly due to Argentina divestment, partly offset by Nigeria divestment and U.S.

2025 $(0.9) billion loss mainly due to asset impairments.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

Financial Table of Contents

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

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(millions of dollars)

Price – Lower realizations decreased earnings by $14,290 million, reflecting lower gas prices and crude price moderation resulting from increased inventory levels.

Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $1,270 million, driven by Guyana and Permian production.

Base Volume – Base volumes decreased earnings by $800 million as a results of divestments, the Russia expropriation, and higher government-mandated curtailments.

Structural Cost Savings – Increased earnings by $730 million.

Expenses – Higher expenses decreased earnings by $650 million, primarily on increased activity and depreciation.

Other – All other items increased earnings by $320 million, mainly driven by favorable foreign exchange effects.

Timing Effects – Unfavorable timing effects from derivatives mark-to-market impacts decreased earnings by $2,390 million.

Identified Items (1) – 2022 $(2,939) million loss mainly driven by the Russia expropriation $(2,185) million and impacts from additional European taxes $(1,415) million, partly offset by gains of $886 million on the sale of the Romania, U.S.

Barnett Shale, and XTO Energy Canada assets;

2023 $(2,301) million loss primarily due to the impairment of the idled Santa Ynez Unit assets and associated facilities in California.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

Price – Price impacts decreased earnings by $1.3 billion, driven by lower gas realizations.

Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $3.8 billion, as a result of record production in Permian, driven by the Pioneer acquisition and growth in the heritage Permian (2) , and record production in Guyana driven by the Prosperity FPSO start-up.

Base Volume – Divestments of non-strategic assets and entitlements decreased earnings by $0.8 billion.

Structural Cost Savings (1) – Increased earnings by $0.8 billion.

Expenses – Higher expenses decreased earnings by $1.4 billion, primarily from higher depreciation (non-cash).

Other – All other items increased earnings by $0.1 billion, mainly driven by favorable impacts from divestments, partially offset by unfavorable tax and foreign exchange impacts.

Timing Effects – Less unfavorable timing effects from derivatives mark-to-market impacts increased earnings by $0.3 billion.

Identified Items (1) – 2023 $(2.3) billion loss primarily due to the impairment of the idled Santa Ynez Unit assets and associated facilities in California;

2024 $0.2 billion gain mainly due to Argentina divestment, partly offset by Nigeria divestment and U.S.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

(2) H eritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

Financial Table of Contents

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

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2025 production of 4.7 million oil-equivalent barrels per day increased 403 thousand barrels per day from 2024.

Permian and Guyana production grew by 680 thousand oil-equivalent barrels per day, more than offsetting impacts from divestments and entitlements.

Permian reached 1.6 million net oil-equivalent barrels per day and Guyana production exceeded 700 thousand gross oil-equivalent barrels per day, more than offsetting impacts from divestments and entitlements.

Excluding the impacts from entitlements, divestments, and government-mandated curtailments, net production grew by 525 thousand oil-equivalent barrels per day.

2024 versus 2023

2023 production of 3.7 million oil-equivalent barrels per day is in line with 2022.

Permian and Guyana production grew by more than 120 thousand oil-equivalent barrels per day, more than offsetting impacts from divestments.

Excluding the impacts from entitlements, divestments, and higher government-mandated curtailments, net production grew by 111 thousand oil-equivalent barrels per day.

2024 production of 4.3 million oil-equivalent barrels per day increased 595 thousand barrels per day from 2023.

Permian and Guyana production grew by 680 thousand oil-equivalent barrels per day, more than offsetting impacts from divestments and entitlements.

Excluding the impacts from entitlements, divestments, and government-mandated curtailments, net production grew by 685 thousand oil-equivalent barrels per day.

Financial Table of Contents

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

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ExxonMobil's Energy Products is one of the largest, most integrated businesses of its kind among international oil companies, with significant representation across the entire fuels value chain, including refining, logistics, trading, and marketing.

This segment includes the fuels and aromatics value chains, and catalysts and licensing.

This segment includes the fuels, aromatics, and NGL value chains, as well as catalysts and licensing.

With the largest refining footprint among international oil companies, ExxonMobil’s Energy Products earnings are closely tied to industry refining margins.

Refining margins are largely driven by differences in commodity prices and are a function of the difference between what a refinery pays for its raw materials and the market prices for the products produced.

Crude oil and many products are widely traded with published prices, including those quoted on multiple exchanges around the world (e.g.

New York Mercantile Exchange and Intercontinental Exchange).

Prices for these commodities are determined by the global marketplace and are influenced by many factors, including global and regional supply/demand balances, inventory levels, industry refinery operations, import/export balances, currency fluctuations, seasonal demand, weather, and political considerations.

Crude oil and many products are widely traded with published prices, including those quoted on multiple exchanges around the world (e.g., New York Mercantile Exchange and Intercontinental Exchange).

While industry refining margins significantly impact Energy Products earnings, strong operational performance, product mix optimization, and disciplined cost control are also critical to strong financial performance.

In 2024, refining margins decreased to the middle of the pre-COVID 10-year historical range (2010-2019) despite record demand, due to supply length.

In 2025, refining margins increased from the prior year on record demand, but remained within the 10-year historical range (2010-2019).

Refining margins are expected to remain volatile with changes in global factors, including geopolitical developments;

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Strathcona Renewable Diesel project:

Progressed project with expected start-up in 2025 at Strathcona refinery to use low-carbon hydrogen, locally-sourced and grown feedstocks, and our proprietary catalyst to produce 20 thousand barrels of renewable diesel per day to help reduce greenhouse gas emissions.

Started up the project at the Strathcona refinery, which is designed to use low-carbon hydrogen, locally-sourced and grown feedstocks, and our proprietary catalyst to produce renewable diesel.

Fawley Hydrofiner project :

Progressed project with expected start-up in 2025 at Fawley site to increase production of ultra-low sulfur diesel and reduce production of other products, including high-sulfur distillates.

Fos-sur-Mer Refinery divestment:

In October 2024, ExxonMobil divested the Fos refinery and select midstream assets in France.

MiRO Refinery sale:

In October 2023, ExxonMobil reached an agreement to sell its interest in the MiRO refinery located in Karlsruhe, Germany.

The transaction is expected to close in 2025.

Started up the project at the Fawley site to increase production of ultra-low sulfur diesel and reduce production of other products, including high-sulfur distillates.

France divestment:

In November 2025, ExxonMobil completed the divestments of Esso Société Anonyme Française SA and ExxonMobil Chemical France SAS, including the refinery and related assets.

Financial Table of Contents

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

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United States (118) (34) 192

113 (48) (626)

Total 483 79 144

3 unchanged sentences

Total 6,940 3,954 11,998

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

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

1 unchanged sentence

(millions of dollars)

Margin – Significantly weaker industry refining margins decreased earnings by $6,280 million.

Margins declined from historically high levels as increased supply from industry capacity additions outpaced record global demand.

Advantaged Volume Growth – Higher volumes from advantaged projects increased earnings by $140 million.

Base Volume – Lower base volumes decreased earnings by $1,240 million, driven by scheduled maintenance and divestments.

Structural Cost Savings – Increased earnings by $630 million.

Expenses – Higher expenses related to scheduled turnarounds and maintenance, and advantaged project spend decreased earnings by $970 million.

Other – All other items, mainly unfavorable tax and forex impacts, decreased earnings by $310 million.

Timing Effects – Decreased earnings by $10 million.

Identified Items (1) – 2023 $144 million gain driven by favorable tax effects partially offset by additional European taxes on the energy sector;

2024 $79 million gain.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

Margin – Increased earnings by $1.8 billion, mainly driven by robust demand and supply disruptions.

Advantaged Volume Growth – Higher volumes from advantaged projects growth increased earnings by $0.2 billion.

Base Volume – Higher volumes driven by lower scheduled maintenance increased earnings by $0.4 billion.

Structural Cost Savings (1) – Increased earnings by $0.6 billion.

Expenses – Decreased earnings by $0.5 billion, mainly driven by growth projects.

Other – Increased earnings by $0.2 billion mainly from favorable year-end inventory effects.

Timing Effects – Favorable timing effects from derivatives mark-to-market impacts increased earnings by $0.4 billion.

Identified Items (1) – 2024 $0.1 billion gain;

2025 $0.5 billion gain mainly driven by asset sales.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

Financial Table of Contents

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

1 unchanged sentence

(millions of dollars)

Margin – Margins decreased earnings by $3,510 million, mainly driven by industry refining margins which declined from 2022 highs, partially offset by stronger marketing margins.

Advantaged Volume Growth – Higher volumes from advantaged projects, increased earnings by $480 million, mainly driven by the Beaumont expansion.

Base Volume – Lower base volumes decreased earnings by $560 million driven by higher planned maintenance and divestments, partially offset by improved reliability.

Structural Cost Savings – Increased earnings by $450 million.

Expenses – Higher expenses decreased earnings by $830 million, mainly driven by Beaumont project activities and planned maintenance costs.

Other – All other items decreased earnings by $10 million.

Timing Effects – Absence of unfavorable timing effects associated with derivatives increased earnings by $330 million.

Identified Items (1) – 2022 $(684) million loss was primarily as a result of impairments and unfavorable tax items.

2023 $144 million gain driven by favorable tax effects partially offset by additional European taxes on the energy sector.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

Margin – Significantly weaker industry refining margins decreased earnings by $6.3 billion.

Margins declined from historically high levels as increased supply from industry capacity additions outpaced record global demand.

Advantaged Volume Growth – Higher volumes from advantaged projects, increased earnings by $0.1 billion.

Base Volume – Lower base volumes decreased earnings by $1.2 billion driven by scheduled maintenance and divestments.

Structural Cost Savings (1) – Increased earnings by $0.6 billion.

Expenses – Higher expenses related to scheduled turnarounds and maintenance, and advantaged project spend decreased earnings by $1.0 billion.

Other – All other items, mainly unfavorable tax and forex impacts, decreased earnings by $0.3 billion.

Timing Effects – Decreased earnings by $10 million.

Identified Items (1) – 2023 $0.1 billion gain driven by favorable tax effects partially offset by additional European taxes on the energy sector;

2024 $0.1 billion gain.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

Financial Table of Contents

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

26 unchanged sentences

This segment includes olefins, polyolefins, and intermediates.

Over the long term, worldwide demand for chemicals is expected to grow faster than the economy, driven by global population growth, an expanding middle class, and improving living standards.

Over the long term, worldwide demand for chemicals is expected to grow faster than the overall economy, driven by global population growth, an expanding middle class, and improving living standards.

Chemical Products integration with refineries, performance product mix, and project execution capability improves returns on investments across a range of market environments.

In 2024, chemical industry margins remained bottom-of-cycle, below the pre-COVID 10-year historical range (2010-2019), as capacity additions from 2022-2024 have exceeded demand growth.

In 2025, chemical industry margins remained deeply bottom-of-cycle, below the 10-year historical range (2010-2019), as capacity additions have far exceeded demand growth.

The Company optimized production across our global footprint to profitably meet customer demand.

Our earnings benefited from record reliability, record high-value products sales, and a large North American footprint where low ethane prices provide a feed advantage.

Our earnings benefited from solid reliability, record high-value products sales, and a large North American footprint where low ethane prices continue to provide a feed advantage.

Key Recent Events

China Chemical Complex:

ExxonMobil is investing in a petrochemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, which is a significant step in growing our global manufacturing footprint and will be the first 100 percent foreign-owned petrochemical complex built in China.

The facility will be focused on producing our unique high-performance polyethylene and polypropylene products.

When completed, the complex will have three polyethylene and two polypropylene production lines for a combined capacity of over 2.5 million metric tons per year.

This capacity will more efficiently serve China’s domestic demand, which is currently being met with imports.

Started up a petrochemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, which is a significant step in growing our global manufacturing footprint and is the first 100 percent foreign-owned petrochemical complex built in China.

The facility, which focuses on producing our unique high-performance polyethylene and polypropylene products, is equipped with three polyethylene and two polypropylene production lines for a combined capacity of over 2.5 million metric tons per year.

This capacity will more efficiently serve China’s large and evolving domestic demand, which is currently being met with imports.

Advanced Recycling:

ExxonMobil is combining proprietary technology and advantaged integrated sites to process hard-to-recycle plastic waste.

The Company’s first Baytown facility started up in 2022 and represents one of the largest advanced recycling facilities in North America.

ExxonMobil is expanding advanced recycling capacity with two additional Baytown units starting up during 2025.

The Company plans to build additional units to reach a global recycling capacity of 1 billion pounds per year by 2027.

ExxonMobil is combining proprietary technology and advantaged integrated sites to process hard-to-recycle plastic waste back into raw materials to produce valuable new products.

In 2025, the Company added two new advanced recycling units to the Baytown facility, tripling capacity at the site, and representing one of the largest advanced recycling facilities in North America.

Additional units are being assessed as the Company aims to reach a global recycling capacity of 1 billion pounds per year to help reduce plastic waste.

Financial Table of Contents

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

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United States (80) (43) 32

(190) (52) (420)

Total (270) (95) (388)

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United States 983 1,670 1,594

1,002 431 1,215

Total 1,070 2,672 2,025

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

2025 Chemical Products Earnings Driver Analysis (1)

(millions of dollars)

Margin – Improved company margins on North American ethane feed advantage and improved product realizations increased earnings by $890 million, despite continued bottom-of-cycle market conditions.

Advantaged Volume Growth – Record high-value product sales increased earnings by $410 million.

Base Volume – Portfolio optimization and product sales mix decreased earnings by $270 million.

Structural Cost Savings – Increased earnings by $190 million.

Expenses – Higher advantaged project spend and inflation effects decreased earnings by $490 million.

Other – All other items decreased earnings by $80 million.

Identified Items (1) – 2023 $(388) million loss was primarily driven by impairments;

2024 $(95) million loss driven by impairments.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

Margin – Decreased earnings by $1.8 billion, as oversupply resulted in margins at bottom-of-cycle market conditions.

Advantaged Volume Growth – New projects increased earnings by $0.2 billion driven by high-value product sales.

Base Volume – Increased earnings by $0.1 billion.

Structural Cost Savings (1) – Increased earnings by $0.2 billion.

Expenses – Higher advantaged project spend, including China Chemical Complex ramp-up, decreased earnings by $0.5 billion.

Other – Increased earnings by $0.2 billion.

Identified Items (1) – 2024 $(0.1) billion loss driven by impairments;

2025 $(0.3) billion loss driven by impairments.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

Financial Table of Contents

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

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(millions of dollars)

Margin – Weaker margins decreased earnings by $870 million due to bottom-of-cycle price conditions, as industry supply additions continued to outpace demand growth.

Advantaged Volume Growth – High-value product sales growth increased earnings by $210 million.

Base Volume – Reduced volumes from product sales mix decreased earnings by $360 million.

Structural Cost Savings – Increased earnings by $220 million.

Expenses – Higher project spend and scheduled maintenance costs decreased earnings by $690 million.

Other – All other items decreased earnings by $30 million.

Identified Items (1) – 2023 $(388) million loss was primarily driven by impairments.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

Margin – Improved company margins on North American ethane feed advantage and improved product realizations increased earnings by $0.9 billion, despite continued bottom-of-cycle market conditions.

Advantaged Volume Growth – Record high-value product sales increased earnings by $0.4 billion.

Base Volume – Portfolio optimization and product sales mix decreased earnings by $0.3 billion.

Structural Cost Savings (1) – Increased earnings by $0.2 billion.

Expenses – Higher advantaged projects spend and inflation effects decreased earnings by $0.5 billion.

Other – All other items decreased earnings by $0.1 billion.

Identified Items (1) – 2023 $(0.4) billion loss was primarily driven by impairments;

2024 $(0.1) billion loss driven by impairments.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

Chemical Products Operational Results

(thousands of metric tons) 2025 2024 2023

Chemical product sales (2)

Chemical Products sales (2)

United States 6,977 7,038 6,779

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

Financial Table of Contents

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

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Leveraging ExxonMobil’s proprietary technologies, Specialty Products focuses on providing performance products that help customers improve efficiency in the transportation and industrial sectors.

Specialty Products is well-positioned to help meet growth in lubricants demand through advantaged projects that leverage ExxonMobil's integration, technology, and world-class brands, such as Mobil 1 TM .

Specialty Products is well-positioned to help meet the demand for premium lubricant products through advantaged projects that leverage ExxonMobil's integration, technology, and world-class brands, such as Mobil 1 TM .

In 2025, Specialty Products continued to deliver strong earnings from our portfolio of high-value products and brand market position.

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Singapore Resid Upgrade project:

Progressed project with expected start-up in 2025, which will leverage two proprietary technologies to upgrade fuel oil to Group II lubes and diesel, further strengthening ExxonMobil’s position as the largest basestock producer in the world.

Proxxima TM Systems:

This project started up in 2025, leveraging two proprietary technologies to upgrade fuel oil to Group II lubricant basestock and diesel.

It further strengthens ExxonMobil’s position as the largest basestock producer in the world and introduces a first-of-its-kind basestock, EHC 340 MAX TM , with superior performance attributes, to the market.

Proxxima TM Resin Systems:

ExxonMobil's advanced polyolefin thermoset resin uses components of gasoline and catalyst technology to create a material that is lighter, stronger, and more durable than conventional products, providing alternatives for the construction, coatings, and transportation industries.

These systems are designed to drive product substitutions in existing markets and enable expansion into new applications like structural composites and steel substitutes.

ExxonMobil plans to grow the manufacturing capacity of Proxxima TM products up to 200,000 tons per year by 2030.

In 2025, ExxonMobil more than tripled Proxxima TM resin blending capacity with plans to grow production to 200,000 tons per year by 2030.

Carbon Materials venture:

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The Company has developed an advanced coke product by converting low-value, bottom-of-the-barrel molecules that can deliver a higher performance differentiated graphite.

These carbon materials enable batteries that can provide up to 30 percent higher capacity, 30 percent faster charging time, and extended battery life.

These carbon materials enable batteries that can provide up to 30 percent higher available capacity, 30 percent faster charging time, and extended battery life.

In 2025, ExxonMobil acquired key technology and assets from Superior Graphite.

This acquisition, which complements ExxonMobil's process technology and expertise, enables a faster scale-up and a swifter entry into the battery anode market with our differentiated graphite product.

Specialty Products Financial Results

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

Financial Table of Contents

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

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(millions of dollars)

Margin – Stronger basestocks and finished lubes margins increased earnings by $590 million.

Advantaged Volume Growth – High-value products volume growth increased earnings by $70 million.

Margin – Increased earnings by $40 million.

Advantaged Volume Growth – Increased earnings by $0.1 billion.

Base Volume – Decreased earnings by $20 million.

Structural Cost Savings – Increased earnings by $130 million.

Expenses – Higher expenses including new product development costs, decreased earnings by $300 million.

Other – All other items decreased earnings by $220 million, mainly unfavorable foreign exchange effects and absence of prior year favorable year-end inventory effects.

Identified Items (1) – 2023 $(93) million loss mainly from impairments;

2024 $(13) million loss.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

Structural Cost Savings (1) – Increased earnings by $0.1 billion.

Expenses – Higher expenses to develop markets for carbon materials and Proxxima TM resins decreased earnings by $0.2 billion.

Other – Decreased earnings by $0.2 billion, mainly from unfavorable foreign exchange effects.

Identified Items (1) – 2024 $(13) million loss.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

Financial Table of Contents

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

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(millions of dollars)

Margin – Stronger margins increased earnings by $450 million, driven by high-value products and lower feed costs.

Advantaged Volume Growth – High-value products volume growth decreased earnings by $20 million.

Base Volume – Base Volumes decreased earnings by $100 million on weaker global demand.

Structural Cost Savings – Increased earnings by $120 million.

Expenses – Higher expenses decreased earnings by $100 million.

Margin – Stronger basestocks and finished lubes margins increased earnings by $0.6 billion.

Advantaged Volume Growth – High-value product volume growth increased earnings by $0.1 billion.

Base Volume – Decreased earnings by $10 million.

Structural Cost Savings (1) – Increased earnings by $0.1 billion.

Expenses – Higher expenses including new product development costs, decreased earnings by $0.3 billion.

Other – All other items decreased earnings by $0.2 billion, mainly unfavorable foreign exchange effects and absence of prior year favorable year-end inventory effects.

Identified Items (1) – 2023 $(93) million loss from impairments;

2023 $(93) million loss mainly from impairments.

(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

2024 $(13) million loss.

(1) Refer to Frequently Used Terms for definition of Structural Cost Savings, Identified Items, and Earnings (loss) excluding Identified Items.

Specialty Products Operational Results

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

Financial Table of Contents

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

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(1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

Corporate and Financing expenses were $1,372 million in 2024 compared to $1,791 million in 2023, with the decrease mainly due to lower financing costs.

Corporate and Financing expenses were $1,791 million in 2023 compared to $1,663 million in 2022, with the increase mainly due to the absence of prior year favorable tax-related items, partly offset by lower financing costs.

Corporate and Financing expenses were $3.6 billion in 2025 compared to $1.4 billion in 2024, with the increase mainly due to higher financing costs.

Corporate and Financing expenses were $1.4 billion in 2024 compared to $1.8 billion in 2023, with the decrease mainly due to lower financing costs.

Financial Table of Contents

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

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Total cash and cash equivalents were $10.7 billion at the end of 2025, down $12.5 billion from the prior year.

The major sources of funds in 2024 were net income including noncontrolling interests of $35.1 billion, the adjustment for the noncash provision of $23.4 billion for depreciation and depletion, proceeds from asset sales of $5.0 billion, other investing activities of $1.9 billion, and cash acquired from mergers and acquisitions of $0.8 billion.

The major sources of funds in 2025 were net income including noncontrolling interests of $29.8 billion, the adjustment for the noncash provision of $26.0 billion for depreciation and depletion, proceeds from asset sales of $3.2 billion, and other investing activities of $3.4 billion.

The major uses of funds included spending for additions to property, plant, and equipment of $28.4 billion;

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the purchase of ExxonMobil stock of $20.3 billion ;

debt repayment of $5.9 billion;

additional investments and advances of $4.1 billion;

and an increase in working capital of $1.8 billion.

Total cash and cash equivalents were $31.6 billion at the end of 2023, up $1.9 billion from the prior year.

The major sources of funds in 2023 were net income including noncontrolling interests of $37.4 billion, the adjustment for the noncash provision of $20.6 billion for depreciation and depletion, proceeds from asset sales of $4.1 billion, and other investing activities of $1.6 billion.

and a change in working capital of $7.7 billion.

Total cash and cash equivalents were $23.2 billion at the end of 2024, down $8.4 billion from the prior year.

The major sources of funds in 2024 were net income including noncontrolling interests of $35.1 billion, the adjustment for the noncash provision of $23.4 billion for depreciation and depletion, proceeds from asset sales of $5.0 billion, and other investing activities of $1.9 billion, and cash acquired from mergers and acquisitions of $0.8 billion.

The major uses of funds included spending for additions to property, plant, and equipment of $24.3 billion;

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the purchase of ExxonMobil stock of $19.6 billion;

debt repayment of $5.9 billion;

additional investments and advances of $3.3 billion;

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Internally generated funds are expected to cover the majority of financial requirements, supplemented by long-term and short-term debt.

Commercial paper is used to balance short-term liquidity requirements and is reflected in "Notes and loans payable" on the Consolidated Balance Sheet, with changes in outstanding commercial paper between periods included in the Consolidated Statement of Cash Flows.

On December 31, 2025, the Corporation had undrawn short-term committed lines of credit of $7.3 billion and undrawn long-term lines of credit of $1.0 billion.

In the fourth quarter of 2025, the Corporation established a 364-day revolving credit facility of $7.0 billion to provide short-term borrowing capacity for general corporate purposes.

To support cash flows in future periods, the Corporation will need to continually find or acquire and develop new fields, and continue to develop and apply new technologies and recovery processes to existing fields, in order to maintain or increase production.

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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 investments that may vary depending on the oil and gas price environment;

and international trade patterns and relations.

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 investments that may vary depending on the oil and gas price environment, and international trade patterns and relations.

The Corporation’s cash flows are also highly dependent on crude oil and natural gas prices.

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The Corporation’s financial strength enables it to make large, long-term capital expenditures.

Cash Capex in 2024 was $25.6 billion, reflecting the Corporation’s continued active investment program, and includes plans to invest in the range of $27 billion to $29 billion in 2025 (see the Cash Capital Expenditures section for more details).

Cash Capex in 2025 was $29.0 billion, including $2.6 billion of acquisitions, reflecting the Corporation’s continued active investment program.

Upstream spending of $24.7 billion in 2025 was up $4.4 billion from 2024, reflecting higher spend in the U.S.

Permian Basin which included the full-year impact from the Pioneer acquisition.

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.

The percentage of proved developed reserves was 64 percent of total proved reserves at year-end 2025 and has been over 60 percent for the last ten years.

Financial Table of Contents

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

Capital investments in the three Product Solutions businesses totaled $3.7 billion in 2025, a decrease of $0.8 billion from 2024, reflecting lower global project spending.

Other spend of $0.6 billion primarily reflects investments in the Low Carbon Solutions business.

The Corporation plans to invest in the range of $27 billion to $29 billion in 2026.

The investment range for 2026 excludes advances and collections not related to capital expenditures or equity investments, for example, supply and marketing related advances and associated collections.

Included in the 2026 capital spend range is $8.5 billion of firm capital commitments.

An additional $8.0 billion of firm capital commitments have been made for years 2027 and beyond.

Actual spending could vary depending on the progress of individual projects and property acquisitions.

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Further, due to its financial strength and diverse portfolio of opportunities, the risk associated with failure or delay of any single project would not have a significant impact on the Corporation’s liquidity or ability to generate sufficient cash flows for operations and its fixed commitments.

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

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

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The noncash provision for depreciation and depletion was $26.0 billion, up $2.6 billion from the prior year.

The adjustment for the net gain on asset sales was $1.2 billion, an increase of $0.7 billion.

The adjustment for the net gain on asset sales was $1.1 billion, a decrease of $0.1 billion.

The adjustment for dividends received less than equity in current earnings of equity companies was an increase of $3.0 billion, compared to an increase of $0.2 billion in 2024.

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The major source of funds was net income including noncontrolling interests of $35.1 billion, a decrease of $2.3 billion.

The noncash provision for depreciation and depletion was $20.6 billion, down $3.4 billion from the prior year.

The adjustment for the net gain on asset sales was $0.5 billion, a decrease of $0.5 billion.

The adjustment for dividends received less than equity in current earnings of equity companies was an increase of $0.5 billion, compared to a reduction of $2.4 billion in 2022.

The noncash provision for depreciation and depletion was $23.4 billion, up $2.8 billion from the prior year.

The adjustment for the net gain on asset sales was $1.2 billion, an increase of $0.7 billion.

The adjustment for dividends received less than equity in current earnings of equity companies was an increase of $0.2 billion, compared to an increase of $0.5 billion in 2023.

Changes in operational working capital, excluding cash and debt, decreased cash in 2024 by $1.8 billion.

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Proceeds from asset sales and returns of investments of $5.0 billion compared to $4.1 billion in 2023.

Additional investments and advances were $0.1 billion lower in 2023, while proceeds from other investing activities including collection of advances increased by $0.1 billion.

Additional investments and advances were $0.3 billion higher in 2024, while proceeds from other investing activities including collection of advances increased by $0.4 billion.

Financial Table of Contents

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

Cash Flow from Financing Activities

Cash used in financing activities was $42.8 billion in 2024, $8.5 billion higher than 2023.

Cash used in financing activities was $39.1 billion in 2025, $3.7 billion lower than 2024.

Dividend payments on common shares increased to $4.00 per share from $3.84 per share and totaled $17.2 billion.

During 2024, the Corporation utilized cash to repay debt of $5.9 billion.

During 2025, the Corporation continued its share repurchase program, including the purchase of 180.1 million shares at a book value of $20 billion in 2025.

In its 2025 Corporate Plan Update released December 9, 2025, the Corporation stated that it is expected to continue its share repurchase program with a $20 billion repurchase pace per year through 2026, assuming reasonable market conditions.

The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be discontinued or resumed at any time.

The stock repurchase program does not obligate the Company to acquire any p articular amount of common stock, and it may be discontinued or resumed at any time.

The timing and amount of shares actually purchased in the future will depend on market, business, and other factors.

Cash used in financing activities was $34.3 billion in 2023, $4.8 billion lower than 2022.

Cash used in financing activities was $42.8 billion in 2024, $8.5 billion higher than 2023.

Dividend payments on common shares increased to $3.84 per share from $3.68 per share and totaled $16.7 billion.

During 2023, the Corporation continued its share repurchase program for up to $50 billion in shares through 2024, including the purchase of 162 million shares at a book value of $17.5 billion in 2023.

During 2024, the Corporation utilized cash to repay debt of $5.9 billion.

During 2024, the Corporation continued its share repurchase program, including the purchase of 167 million shares at a book value of $19.1 billion in 2024.

Contractual Obligations

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These contractual obligations are primarily for leases, debt, asset retirement obligations, pension and other postretirement benefits, take-or-pay and unconditional purchase obligations, and firm capital commitments.

See Notes 9 , 11 , 14 and 17 for information related to asset retirement obligations, leases, long-term debt and pensions, respectively.

In addition, the Corporation also enters into commodity purchase obligations (volumetric commitments but no fixed or minimum price) which are resold shortly after purchase, either in an active, highly liquid market or under long-term, unconditional sales contracts with similar pricing terms.

See Notes 4 , 9 , 12 , and 13 for information related to pensions, asset retirement obligations, long-term debt, and leases, respectively.

In addition, the Corporation also enters into commodity purchase obligations (volumetric commitments with no fixed or minimum price) which are resold shortly after purchase, either in an active, highly liquid market, or under long-term, unconditional sales contracts with similar pricing terms.

Examples include long-term, noncancelable LNG and natural gas purchase commitments and commitments to purchase refinery products at market prices.

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Guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Financial Table of Contents

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

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Refer to Note 7 for additional information on legal proceedings and other contingencies.

CAPITAL AND EXPLORATION EXPENDITURES

Capital and exploration expenditures (Capex) represents the combined total of additions at cost to property, plant and equipment, and exploration expenses on a before-tax basis from the Consolidated Statement of Income.

ExxonMobil’s Capex includes its share of similar costs for equity companies.

Capex excludes assets acquired in nonmonetary exchanges, the value of ExxonMobil shares used to acquire assets, and depreciation on the cost of exploration support equipment and facilities recorded to property, plant and equipment when acquired.

While ExxonMobil’s management is responsible for all investments and elements of net income, particular focus is placed on managing the controllable aspects of this group of expenditures.

(millions of dollars) 2025 2024 2023

Upstream (including exploration expenses) 11,252 10,596 21,848 8,813 10,948 19,761

Energy Products 756 1,610 2,366 1,195 1,580 2,775

Chemical Products 739 1,332 2,071 751 1,962 2,713

Specialty Products 145 270 415 63 391 454

Other 851 — 851 622 — 622

Total Capex 13,743 13,808 27,551 11,444 14,881 26,325

Capex in 2024 was $27.6 billion, as the Corporation continued to pursue opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy.

Upstream spending of $21.8 billion in 2024 was up $2.1 billion from 2023, reflecting higher spend in the U.S.

Permian Basin following the Pioneer acquisition.

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.

The percentage of proved developed reserves was 63 percent of total proved reserves at year-end 2024, and has been over 60 percent for the last ten years.

Capital investments in the three Product Solutions businesses totaled $4.9 billion in 2024, a decrease of $1.1 billion from 2023, reflecting lower global project spending.

Key investments in 2024 included the China petrochemical complex and Singapore Resid Upgrade project.

Other spend of $0.9 billion primarily reflects investments in the Low Carbon Solutions business to advance carbon capture and storage, lithium, and virtually carbon-free hydrogen (with approximately 98% of the carbon captured and stored) projects and technologies.

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

CASH CAPITAL EXPENDITURES (Non-GAAP)

The Corporation has transitioned to providing forward investment guidance on a cash capital expenditures (Cash Capex) basis instead of the historical capital and exploration expense (Capex) basis.

This approach is a useful measure for investors to understand the cash impact of investments in the business and is more aligned with standard industry practice.

Cash Capex is the sum of Additions to property, plant and equipment;

Additional investments and advances;

and Other investing activities including collection of advances;

reduced by Inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows.

The components of Cash Capex and a reconciliation to the previous Capex metric are presented in the following table:

(millions of dollars) 2024 2023

Capital and Exploration Expenditures (Capex) 27,551 26,325

ExxonMobil’s share of Capex for equity companies (2,546) (2,741)

Exploration expenses excluding prior year dry holes (755) (567)

Other activities including finance leases 56 (1,098)

Additions to property, plant and equipment 24,306 21,919

Additional investments and advances 3,299 2,995

Other investing activities including collection of advances (1,926) (1,562)

Inflows from noncontrolling interests for major projects (32) (124)

Total Cash Capex (Non-GAAP)

25,647 23,228

(millions of dollars) 2024 2023

Upstream 11,276 8,985 20,261 8,783 8,122 16,905

Energy Products 705 1,513 2,218 1,284 1,547 2,831

Chemical Products 671 1,212 1,883 718 1,702 2,420

Specialty Products 145 263 408 63 391 454

Other 877 — 877 618 — 618

Total Cash Capex (Non-GAAP)

13,674 11,973 25,647 11,466 11,762 23,228

Cash Capex in 2024 was $25.6 billion.

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

Included in the 2025 capital spend range is $8.1 billion of firm capital commitments.

An additional $10.0 billion of firm capital commitments have been made for years 2026 and beyond.

Actual spending could vary depending on the progress of individual projects and property acquisitions.

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

(millions of dollars) 2024 2023 2022

Income taxes 11,504 13,810 15,429

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The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil’s share of equity company income taxes, was 31 percent.

This was flat compared to 2023.

Total other taxes and duties of $29.9 billion in 2024 decreased $2.3 billion from 2023.

This is down two percentage points compared to 2024 due primarily to favorable one-time items.

Total other taxes and duties of $28.9 billion in 2025 decreased $1.0 billion.

Total taxes on the Corporation’s income statement were $43.7 billion in 2024, a decrease of $3.9 billion from 2023.

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The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil’s share of equity company income taxes, was 33 percent.

This was flat compared to 2022, with higher effective rates from various jurisdictions offset by a lower impact from additional European taxes on the energy sector.

Total other taxes and duties of $32.2 billion in 2023 increased $0.7 billion from 2022.

This is flat compared to 2023.

Total other taxes and duties of $29.9 billion in 2024 decreased $2.3 billion from 2023.

Financial Table of Contents

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

ENVIRONMENTAL MATTERS

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and expenditures for asset retirement obligations.

Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil’s 2024 worldwide environmental expenditures for all such preventative and remediation steps, including ExxonMobil’s share of equity company expenditures, were $9.0 billion, of which $5.3 billion were included in expenses with the remainder in capital expenditures.

As the Corporation progresses its emission-reduction plans, worldwide environmental expenditures are expected to increase to approximately $12 billion annually in 2025 and 2026, with capital expenditures expected to account for approximately 55 percent of the total in each year.

Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil’s 2025 worldwide environmental expenditures for all such preventative and remediation steps were $7.6 billion, of which $4.6 billion were included in expenses with the remainder in capital expenditures.

As the Corporation progresses its emission-reduction plans, worldwide environmental expenditures are expected to increase to approximately $9 billion annually in 2026 and 2027, with capital expenditures expected to account for approximately 44 percent of the total expenditures.

Environmental Liabilities

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At present, no individual site is expected to have losses material to ExxonMobil’s operations or financial condition.

Consolidated company provisions made in 2024 for environmental liabilities were $277 million ($208 million in 2023), and the balance sheet reflects liabilities of $734 million as of December 31, 2024, and $701 million as of December 31, 2023.

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

Consolidated company provisions made in 2025 for environmental liabilities were $0.4 billion ($0.3 billion in 2024), and the balance sheet reflects liabilities of $0.9 billion as of December 31, 2025, and $0.7 billion as of December 31, 2024.

Worldwide Average Realizations (1)

2025 2024 2023

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TTF ($ per metric million British thermal unit) 12.39 10.77 15.15

(1) Markers reflect the average prices from the year.

(1) Consolidated subsidiaries.

Crude oil, natural gas, petroleum product, and chemical prices have fluctuated in response to changing market forces.

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These prices in turn depend on global and regional supply/demand balances, inventory levels, refinery operations, import/export balances and weather.

Financial Table of Contents

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

The global energy markets can give rise to extended periods in which market conditions are adverse to one or more of the Corporation’s businesses.

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The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.

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

The Corporation is exposed to changes in interest rates, primarily on its short-term debt and the portion of long-term debt that carries floating interest rates.

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manufacture, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products;

and pursuit of lower-emission and other new business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima TM systems, carbon materials, and lithium.

and pursuit of lower-emission and other new business opportunities including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, carbon materials, low-carbon data centers, and lithium.

The preparation of financial statements in conformity with U.S.

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The Corporation’s accounting policies are summarized in Note 1 .

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

Oil and Natural Gas Reserves

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Revisions can also result from significant changes in development strategy or production equipment and facility capacity.

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

Unit-of-Production Depreciation

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To effect 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.

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

In respect of the Pioneer acquisition, the most significant amount of judgment involved the estimated fair values of property, plant, and equipment related to crude oil and natural gas properties, for which we used discounted cash flow models.

Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, commodity prices consistent with the average of third-party industry experts, drilling and development costs, and risk-adjusted discount rates.

The assumptions and inputs incorporated within the fair value estimates are subject to considerable management judgement and are based on industry, market, and economic conditions prevalent at the time of the acquisition.

The assumptions and inputs incorporated within the fair value estimates are subject to considerable management judgment and are based on industry, market, and economic conditions prevalent at the time of the acquisition.

Actual results may differ from the projected results used to determine fair value.

See N ote 21 for further information regarding the Pioneer acquisition during 2024.

See Note 20 for further information regarding the Pioneer acquisition during 2024.

The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

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Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses.

In assessing whether events or changes in circumstances indicate the carrying value of

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

an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins.

In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins.

Global Outlook and Cash Flow Assessment.

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These evaluations make use of the Corporation’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates.

Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its 2030 greenhouse gas emission-reduction plans, including its goal of net-zero Scope 1 and 2 greenhouse gas emissions from unconventional operated assets in the Permian Basin, and in Pioneer assets by 2035.

Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its greenhouse gas emission-reduction plans, including its goal of net-zero Scope 1 and 2 greenhouse gas emissions from its Permian Basin operated assets by 2035.

Volumes are based on projected field and facility production profiles, throughput, or sales.

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As part of the Corporate Plan, the Company considers estimated greenhouse gas emission costs, even for jurisdictions without a current greenhouse gas pricing policy.

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

Fair Value of Impaired Assets.

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Recent Impairments.

Impairments in 2025 totaled $2.0 billion after-tax, including a write-down to fair value of Upstream oil and gas assets held for sale and charges associated with the optimization of materials and supply inventory.

Impairments in 2024 were immaterial.

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Other impairments in the year included a $0.6 billion charge related to an Upstream equity investment.

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

In early 2022, in response to Russia’s military action in Ukraine, the Corporation announced that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture.

The Corporation’s first quarter 2022 results included after-tax charges of $3.0 billion representing the impairment of its Upstream operations related to Sakhalin.

(Refer to Note 2 for further information on Russia.) During 2022, other after-tax impairment charges of $1.6 billion and $0.3 billion were recognized in Upstream and Energy Products, respectively.

Factors which could put further assets at risk of impairment in the future include reductions in the Corporation’s price or margin outlooks, changes in the allocation of capital or development plans, reduced long-term demand for the Corporation's products, and operating cost increases which exceed the pace of efficiencies or the pace of oil and natural gas price or margin increases.

However, due to the inherent difficulty in predicting future commodity prices or margins, and the relationship between industry prices and costs, it is not practicable to reasonably estimate the existence or range of any potential future impairment charges related to the Corporation’s long-lived assets.

For further information regarding impairments in equity method investments, property, plant, and equipment, and suspended wells, refer to Notes 7 , 9 , and 10 , respectively.

For further information regarding impairments in property, plant, and equipment and suspended wells, refer to Notes 9 and 16 , respectively.

Asset Retirement Obligations

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See Note 9 for further information regarding asset retirement obligations.

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

Pension Benefits

The Corporation and its affiliates sponsor about 70 defined benefit (pension) plans in 40 countries.

The Corporation and its affiliates sponsor about 70 defined benefit (pension) plans in nearly 40 countries.

Note 4 provides details on pension obligations, fund assets, and pension expense.

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The 10-year and 20-year actual returns on U.S.

pension plan assets were 4 percent and 5 percent, respectively.

pension plan assets were 5 percent over both periods.

The Corporation establishes the long-term expected rate of return by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation.

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Such differences are deferred, along with other actuarial gains and losses, and are amortized into pension expense over the expected remaining service life of employees.

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

Litigation and Tax Contingencies

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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 status of significant claims is summarized in Note 16 .

Management judgment is required related to contingent liabilities and the outcome of litigation because both are difficult to predict.

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The Corporation’s unrecognized tax benefits and a description of open tax years are summarized in Note 15 .

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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

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Based on this evaluation, management concluded that Exxon Mobil Corporation’s internal control over financial reporting was effective as of December 31, 2025.

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(Principal Accounting Officer)

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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We believe that our audits provide a reasonable basis for our opinions.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded Pioneer Natural Resources Company ("Pioneer") from its assessment of internal control over financial reporting as of December 31, 2024 because it was acquired by the Corporation in a business combination during 2024.

We have also excluded Pioneer from our audit of internal control over financial reporting.

Pioneer is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent nineteen percent and four percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.

Definition and Limitations of Internal Control over Financial Reporting

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Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

The Impact of Proved Developed Oil and Natural Gas Reserves on Upstream Property, Plant, and Equipment, Net

As described in Notes 1, 9 and 18 to the consolidated financial statements, the Corporation's consolidated upstream property, plant and equipment (PP&E), net balance was $226.0 billion as of December 31, 2024, and the related depreciation and depletion expense for the year ended December 31, 2024 was $19.5 billion.

As described in Notes 1 , 3 , and 9 to the consolidated financial statements, the Corporation's consolidated upstream property, plant, and equipment (PP&E), net balance was $228.2 billion as of December 31, 2025, and the related depreciation and depletion expense was $21.4 billion for the year ended December 31, 2025.

Management uses the successful efforts method to account for its exploration and production activities.

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As further disclosed by management, reserve changes are made within a well-established, disciplined process driven by senior level geoscience and engineering professionals, assisted by the Global Reserves and Resources Group (together "management's specialists").

The principal considerations for our determination that performing procedures relating to the impact of proved developed oil and natural gas reserves on upstream PP&E, net is a critical audit matter are (i) the significant judgment by management, including the use of management's specialists, when developing the estimates of proved developed oil and natural gas reserves and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the data, methods, and assumptions used by management and its specialists in developing the estimates of proved developed oil and natural gas reserves.

The principal considerations for our determination that performing procedures relating to the impact of proved developed oil and natural gas reserves on upstream PP&E, net is a critical audit matter are (i) the significant judgment by management, including the use of management's specialists, when developing the estimates of proved developed oil and natural gas reserves, which are derived using historical production volumes, and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the data, specifically historical production volumes, methods, and assumptions used by management and its specialists in developing the estimates of proved developed oil and natural gas reserves.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

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and (iii) evaluating the specialists' findings related to future production volumes by comparing the future production volumes to relevant historical and current period production volumes, as applicable.

Merger with Pioneer - Valuation of Crude Oil and Natural Gas Properties

As described in Note 21 to the consolidated financial statements, the Corporation acquired Pioneer in a transaction accounted for as a business combination, requiring that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date, which included approximately $84 billion related to the fair values of acquired PP&E of which a significant portion relates to crude oil and natural gas properties.

Crude oil and natural gas properties were valued using discounted cash flow models.

Inputs and assumptions used in the discounted cash flow models included estimates for commodity prices, future production volumes, drilling and development costs, and risk-adjusted discount rates.

The principal considerations for our determination that performing procedures relating to the valuation of crude oil and natural gas properties acquired in the Pioneer merger is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists, when developing the fair value estimate of crude oil and natural gas properties acquired;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to commodity prices, future production volumes, drilling and development costs, and risk-adjusted discount rates;

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of acquired crude oil and natural gas properties.

These procedures also included, among others (i) reading the merger agreement;

(ii) testing management’s process for developing the fair value estimate of crude oil and natural gas properties acquired;

(iii) evaluating the appropriateness of the discounted cash flow models;

(iv) testing the completeness and accuracy of underlying data used in the discounted cash flow models related to historical production volumes and third-party commodity prices;

and (v) evaluating the reasonableness of significant assumptions used by management related to commodity prices, future production volumes, drilling and development costs, and risk-adjusted discount rates.

Evaluating the

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

commodity prices assumptions involved comparing the prices to observable market data.

Evaluating management’s assumptions relating to future production volumes and drilling and development costs involved evaluating whether the assumptions used by management were reasonable as compared to historical results of Pioneer.

Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the discounted cash flow models and the reasonableness of the risk-adjusted discount rates assumptions.

The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the future production volumes used in the discounted cash flow models.

As a basis for using this work, the specialists’ qualifications were understood and the Corporation’s relationship with the specialists was assessed.

The procedures performed also included (i) evaluating the methods and assumptions used by the specialists;

(ii) testing the completeness and accuracy of the data used by the specialists related to historical production volumes;

and (iii) evaluating the specialists’ findings related to future production volumes by comparing the future production volumes to relevant historical and current period production volumes, as applicable.

/s/ PricewaterhouseCoopers LLP

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We have served as the Corporation’s auditor since 1934.

Financial Table of Contents

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

CONSOLIDATED STATEMENT OF INCOME

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6.70 7.84 8.89

Financial Table of Contents

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

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Comprehensive income (loss) attributable to ExxonMobil 32,600 31,050 37,291

Financial Table of Contents

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

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Total Liabilities and Equity 448,980 453,475

Financial Table of Contents

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

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Additions to long-term debt (1)

2,311 899 939

Reductions in long-term debt ( 1,108 ) ( 1,150 ) ( 15 )

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Reductions in short-term debt (3)

Additions/(reductions) in debt with three months or less maturity ( 18 ) ( 284 ) 25

( 5,404 ) ( 4,743 ) ( 879 )

Additions/(reductions) in commercial paper, and debt with three months or less maturity 1,895 ( 18 ) ( 284 )

Contingent consideration payments ( 79 ) ( 27 ) ( 68 )

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Effects of exchange rate changes on cash 532 ( 676 ) 105

Increase/(decrease) in cash and cash equivalents ( 8,381 ) 1,903 22,863

Cash and cash equivalents at beginning of year 31,568 29,665 6,802

Cash and cash equivalents at end of year 23,187 31,568 29,665

Increase/(decrease) in cash and cash equivalents (including restricted) ( 12,506 ) ( 8,381 ) 1,903

Cash and cash equivalents at beginning of year (including restricted) 23,187 31,568 29,665

Cash and cash equivalents at end of year (including restricted) 10,681 23,187 31,568

(1) Includes $ 568 million issued to facilitate the sale of an entity where the buyer assumed the debt upon closing;

no longer on the Consolidated Balance Sheet at the end of 2023.

(2) Includes $ 659 million of proceeds related to a financing arrangement to facilitate the sale of an entity where the buyer assumed the obligation at closing;

no longer on the Consolidated Balance Sheet at the end of 2025.

(3) Includes commercial paper with a maturity greater than three months.

Non-Cash Transaction:

The Corporation acquired Pioneer in an all-stock transaction on May 3, 2024, having 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 Corporation acquired Pioneer Natural Resources Company in an all-stock transaction on May 3, 2024, having issued 545 million shares of ExxonMobil common stock having a fair value of $ 63 billion and assumed debt with a fair value of $ 5 billion.

See Note 20 for additional information.

Financial Table of Contents

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

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Share repurchases, at cost — — — ( 17,993 ) ( 17,993 ) ( 851 ) ( 18,844 )

Issued for acquisitions 1,978 — — 2,866 4,844 — 4,844

Dispositions — — — 503 503 — 503

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Share repurchases, at cost — — — ( 20,467 ) ( 20,467 ) ( 709 ) ( 21,176 )

Issued for acquisitions 28,749 — — 34,603 63,352 — 63,352

Dispositions — — — 889 889 — 889

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Share repurchases, at cost — ( 165 ) ( 165 )

Issued for acquisitions — 46 46

Dispositions — 8 8

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Balance as of December 31, 2025 8,019 ( 3,840 ) 4,179

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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manufacture, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products;

and pursuit of lower-emission and other new business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima TM systems, carbon materials, and lithium.

The preparation of financial statements in conformity with U.S.

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They also include the Corporation’s share of the undivided interest in certain upstream assets, liabilities, revenues, and expenses.

Under the equity method of accounting, the Corporation recognizes its share of the net income of these companies in “Income from equity affiliates”.

Amounts representing the Corporation’s interest in entities that it does not control, but over which it exercises significant influence, are included in “Investments, advances, and long-term receivables.” Under the equity method of accounting, the Corporation recognizes its share of the net income of these companies in “Income from equity affiliates.”

Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated.

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Contract liabilities are mainly customer prepayments and accruals of expected volume discounts and are not significant.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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Capitalized interest costs are included in property, plant, and equipment and are depreciated over the service life of the related assets.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Depreciation, Depletion, and Amortization.

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Under the unit-of-production method, oil and natural gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used.

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Other events or changes in circumstances can be indicators of potential impairment as well.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In general, the Corporation does not view temporarily low prices or margins as an indication of impairment.

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The Corporation believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves, and therefore, does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Global Outlook and Cash Flow Assessment.

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These evaluations make use of the Corporation’s assumptions of future capital allocations, crude oil and natural gas commodity prices, including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates.

Volumes are based on projected field and facility production profiles, throughput, or sales.

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Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices (which are consistent with the average of third-party industry experts and government agencies), refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Impairments Related to Property, Plant, and Equipment.

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For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income.

In response to Russia’s military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project (“Sakhalin”) and develop steps to exit the venture.

In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable.

As a result, the Corporation’s first-quarter 2022 earnings included after-tax charges of $ 3.4 billion largely representing the full impairment of its operations related to Sakhalin.

On a before-tax basis, the charges amounted to $ 4.6 billion, substantially all of which is reflected in the line captioned “Depreciation and depletion (including impairments)” on the Consolidated Statement of Income.

Effective October 14, 2022, the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator.

The Corporation’s fourth-quarter 2022 results include an after-tax benefit of $ 1.1 billion largely reflecting the impact of the expropriation on the Company’s various obligations related to Sakhalin.

The Corporation's exit from the project resulted in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Miscellaneous Financial Information

Research and development expenses totaled $ 987 million in 2024, $ 879 million in 2023, and $ 824 million in 2022.

Net income included before-tax aggregate foreign exchange transaction losses of $ 507 million, $ 51 million, and $ 218 million in 2024, 2023, and 2022, respectively.

LIFO Inventory.

In 2024, 2023, and 2022, net income included gains of $ 176 million, $ 366 million, and $ 367 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns.

The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by approximately $ 10 billion and $ 14 billion at December 31, 2024 and 2023, respectively.

Crude oil, products, and merchandise as of year-end 2024 and 2023 consist of the following:

(millions of dollars) December 31, 2024 December 31, 2023

Crude oil 6,483 6,944

Petroleum products 6,017 6,248

Chemical products (1)

Gas/other 2,802 3,406

Total 19,444 20,528

(1) Chemical products includes basic chemicals (olefins and aromatics), polymers (such as polyolefins, adhesions, specialty elastomers, & butyl), intermediates (e.g.

hydrocarbon fluids, plasticizers) and synthetics.

Government Assistance.

ASC 832 "Government Assistance" requires disclosure of certain types of government assistance not otherwise covered by authoritative accounting guidance.

During 2022 to 2024, certain governments outside the United States provided payments which, individually and in aggregate, were immaterial to the Corporation's financial results.

Among these are programs where governments endeavor to stabilize or cap fuel and energy costs for local consumers.

To compensate producers who sell at the government-mandated prices, these governments provide reimbursements to the producers.

In 2024 and 2023, such reimbursements were negligible as were any corresponding receivables associated with these programs.

In 2022, these reimbursements totaled approximately $ 1.5 billion before tax, which were reflected as reductions to the line captioned " Crude oil and product purchases " on the Consolidated Statement of Income.

The terms and conditions of these programs, including their duration, vary by country.

In the event that any of these programs are discontinued, the Corporation does not expect a significant impact to its financial results.

Additionally, in connection with cap and trade programs in certain countries outside the United States, companies receive allowances from governments covering a specified level of emissions from facilities they operate.

The terms of these programs vary by country.

The Corporation records these allowances at a nominal amount, generally in "Inventories - Crude oil, products and merchandise" on the Consolidated Balance Sheet.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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, 2021 ( 11,499 ) ( 2,265 ) ( 13,764 )

Current period change excluding amounts reclassified from accumulated other comprehensive income ( 3,092 ) 3,205 113

Amounts reclassified from accumulated other comprehensive income — 381 381

Total change in accumulated other comprehensive income ( 3,092 ) 3,586 494

Balance as of December 31, 2022 ( 14,591 ) 1,321 ( 13,270 )

Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

1,108 ( 305 ) 803

Amounts reclassified from accumulated other comprehensive income 427 51 478

Total change in accumulated other comprehensive income 1,535 ( 254 ) 1,281

Balance as of December 31, 2023 ( 13,056 ) 1,067 ( 11,989 )

Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

( 3,110 ) 449 ( 2,661 )

Amounts reclassified from accumulated other comprehensive income — 31 31

Total change in accumulated other comprehensive income ( 3,110 ) 480 ( 2,630 )

Balance as of December 31, 2024 ( 16,166 ) 1,547 ( 14,619 )

(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $ 196 million and $( 135 ) million in 2024 and 2023, respectively.

Amounts Reclassified Out of Accumulated Other

Comprehensive Income - Before-tax Income/(Expense)

(millions of dollars)

2024 2023 2022

Foreign exchange translation gain/(loss) included in net income

(Statement of Income line:

Other income)

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) ( 70 ) ( 81 ) ( 519 )

Income Tax (Expense)/Credit For

Components of Other Comprehensive Income

(millions of dollars)

2024 2023 2022

Foreign exchange translation adjustment 14 341 54

Postretirement benefits reserves adjustment (excluding amortization) ( 181 ) 200 ( 1,120 )

Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs ( 27 ) ( 20 ) ( 116 )

Total ( 194 ) 521 ( 1,182 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Cash Flow Information

The Consolidated Statement of Cash Flows provides information about changes in cash and cash equivalents.

Highly liquid investments with maturities of three months or less when acquired are classified as cash equivalents.

In 2024, the Corporation completed the acquisition of Pioneer Natural Resources Company (Pioneer) through the issuance of 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.

Additional information is provided in Note 21 .

In 2023, the Corporation completed the acquisition of Denbury Inc.

(Denbury) through the issuance of 46 million shares of ExxonMobil common stock having a fair value of $ 4.8 billion on the acquisition date.

Additional information is provided in Note 21 .

In 2023, the Corporation completed the sale of Esso Thailand.

The sale included cash proceeds as well as cash from debt that was issued to facilitate the sale, which was assumed by the buyer upon closing.

For 2024, the “Net (gain)/loss on asset sales” on the Consolidated Statement of Cash Flows includes before-tax amounts mainly from the sale of upstream assets in the United States, Argentina, and Nigeria .

For 2023, the number includes before-tax amounts from the sale of upstream assets in the United States.

For 2022, the number includes before-tax amounts from the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments.

These net (gain)/loss amounts are reported in "Other income" on the Consolidated Statement of Income.

(millions of dollars) 2024 2023 2022

Income taxes paid 13,293 15,473 15,364

Cash interest paid

Included in cash flows from operating activities 624 584 666

Capitalized, included in cash flows from investing activities 1,276 1,152 838

Total cash interest paid 1,900 1,736 1,504

Additional Working Capital Information

(millions of dollars) December 31, 2024 December 31, 2023

Notes and accounts receivable

Trade, less reserves of $ 162 million and $ 170 million

35,282 30,296

Other, less reserves of $ 314 million and $ 101 million

Total 43,681 38,015

Notes and loans payable

Bank loans 63 6

Commercial paper — 75

Long-term debt due within one year 4,892 4,009

Total 4,955 4,090

Accounts payable and accrued liabilities

Trade payables 36,145 31,249

Payables to equity companies 10,378 11,885

Accrued taxes other than income taxes 3,577 3,817

Other 11,197 11,086

Total 61,297 58,037

Trade notes and accounts receivables include both receivables within the scope of ASC 606 and outside the scope of ASC 606.

Receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives.

Credit quality and type of customer are generally similar between receivables within the scope of ASC 606 and those outside it.

The Corporation has short-term committed lines of credit of $ 0.2 billion which were unused as of December 31, 2024.

These lines of credit are available for general corporate purposes.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Equity Company Information

The summarized financial information below includes amounts related to certain less-than-majority-owned companies and majority-owned subsidiaries where minority shareholders possess the right to participate in significant management decisions (see Note 1 ).

These companies are primarily engaged in oil and gas exploration and production, natural gas marketing, transportation of crude oil, and petrochemical manufacturing in North America;

natural gas production and distribution in Europe;

LNG operations in Africa;

and exploration, production, LNG operations, and the manufacture and sale of petroleum and petrochemical products in Asia and the Middle East.

Also included are several refining and marketing ventures.

The share of total equity company revenues from sales to ExxonMobil consolidated companies was 9 percent, 9 percent, and 11 percent in the years 2024, 2023, and 2022, respectively.

The Corporation’s ownership in these ventures is in the form of shares in corporate joint ventures as well as interests in partnerships.

Differences between the Company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned, to the extent practicable, to specific assets and liabilities based on the Company’s analysis of the factors giving rise to the difference.

The amortization of this difference, as appropriate, is included in “Income from equity affiliates” on the Consolidated Statement of Income.

Equity Company

Financial Summary

(millions of dollars)

2024 2023 2022

Total ExxonMobil

Share Total ExxonMobil Share Total ExxonMobil

Total revenues 117,036 35,532 132,783 40,682 183,812 57,528

Income before income taxes 33,357 9,304 35,999 10,078 61,550 19,279

Income taxes 11,434 3,209 11,404 3,085 23,149 7,603

Income from equity affiliates 21,923 6,095 24,595 6,993 38,401 11,676

Current assets 50,779 18,286 53,081 18,713 77,457 24,994

Long-term assets 145,671 39,092 150,198 40,986 153,186 42,921

Total assets 196,450 57,378 203,279 59,699 230,643 67,915

Current liabilities 26,786 8,699 30,721 9,652 53,640 15,555

Long-term liabilities 55,218 16,484 57,237 17,059 62,009 18,929

Net assets 114,446 32,195 115,321 32,988 114,994 33,431

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A list of significant equity companies as of December 31, 2024, together with the Corporation’s percentage ownership interest, is detailed below:

Percentage Ownership Interest

Barzan Gas Company Limited 7

BEB Erdgas und Erdoel GmbH & Co.

Caspian Pipeline Consortium 8

Coral FLNG S.A.

Cross Timbers Energy LLC 50

GasTerra B.V.

Golden Pass LNG Terminal LLC 30

Golden Pass Pipeline LLC 30

Marine Well Containment Company LLC 11

Mozambique Rovuma Venture S.p.A.

Nederlandse Aardolie Maatschappij B.V.

Papua New Guinea Liquefied Natural Gas Global Company LDC 33

Permian Highway Pipeline LLC 17

QatarEnergy LNG N (2) 24

QatarEnergy LNG NFE (3) 25

QatarEnergy LNG S (1) 25

QatarEnergy LNG S (2) 31

QatarEnergy LNG S (3) 30

South Hook LNG Terminal Company Limited 24

Tengizchevroil LLP 25

Energy Products, Chemical Products, and/or Specialty Products

Al-Jubail Petrochemical Company 50

Alberta Products Pipe Line Ltd.

Fujian Refining & Petrochemical Co.

Gulf Coast Growth Ventures LLC 50

Infineum USA L.P.

Permian Express Partners LLC 12

Saudi Aramco Mobil Refinery Company Ltd.

Saudi Yanbu Petrochemical Co.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Investments, Advances and Long-Term Receivables

(millions of dollars) December 31, 2024 December 31, 2023

Equity method company investments and advances

Investments 34,010 34,080

Advances, net of allowances of $ 40 million and $ 33 million

Total equity method company investments and advances 41,094 41,607

Equity securities carried at fair value and other investments at adjusted cost basis 343 177

Long-term receivables and miscellaneous, net of reserves of $ 2,433 million and $ 1,966 million

Total 47,200 47,630

Property, Plant and Equipment and Asset Retirement Obligations

Property, Plant and Equipment

(millions of dollars)

December 31, 2024 December 31, 2023

Cost Net Cost Net

Upstream 423,038 226,021 359,031 148,245

Energy Products 58,259 28,349 57,400 27,284

Chemical Products 39,224 19,973 38,801 20,329

Specialty Products 9,559 4,229 9,385 4,378

Other 23,823 15,746 22,768 14,704

Total 553,903 294,318 487,385 214,940

In 2024, the Corporation identified situations where events or changes in circumstances indicated that the carrying value of certain long-lived assets may not be recoverable and conducted impairment assessments.

Before-tax impairment charges recognized during 2024 are immaterial.

In 2023, the Corporation recognized before-tax impairment charges of $ 3.3 billion, in large part due to impairing the idled Upstream Santa Ynez Unit assets and associated facilities in California, reflecting the continuing challenges in the state regulatory environment that impeded progress in restoring operations.

Other before-tax impairment charges recognized during 2023 included $ 0.3 billion in Upstream, $ 0.3 billion in Chemical Products, and $ 0.1 billion in Specialty Products.

In 2022, the Corporation recognized before-tax impairment charges of $ 4.5 billion as a result of the Corporation's plans to discontinue operations on the Sakhalin-1 project and develop steps to exit the venture in response to Russia's military action in Ukraine (Refer to Note 2 for additional information).

Other before-tax impairment charges recognized during 2022 included $ 1.5 billion in Upstream and $ 0.4 billion in Energy Products.

Impairment charges are primarily recognized in the lines “ Depreciation and depletion” and “Exploration expenses, including dry holes ” on the Consolidated Statement of Income.

Accumulated depreciation and depletion totaled $ 259,585 million at the end of 2024 and $ 272,445 million at the end of 2023.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Asset Retirement Obligations

The Corporation incurs retirement obligations for certain assets.

The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed.

In the estimation of fair value, the Corporation uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates, and inflation rates.

Asset retirement obligations incurred in the current period were level 3 fair value measurements.

The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced.

Over time, the liabilities are accreted for the change in their present value.

Asset retirement obligations for facilities in the Product Solutions business generally become firm at the time a decision is made to permanently shut down and dismantle the facilities.

These obligations may include the costs of asset disposal and additional soil remediation.

However, these sites generally have indeterminate lives based on plans for continued operations and as such, the fair value of the conditional legal obligations cannot be measured, since it is impossible to estimate the future settlement dates of such obligations.

The following table summarizes the activity in the liability for asset retirement obligations:

(millions of dollars) 2024 2023 2022

Balance at January 1 12,989 10,491 10,630

Accretion expense and other provisions 709 734 744

Reduction due to property sales ( 1,445 ) ( 288 ) ( 328 )

Payments made ( 1,191 ) ( 693 ) ( 518 )

Liabilities incurred 533 831 119

Foreign currency translation ( 447 ) 124 ( 330 )

Revisions 884 1,790 174

Balance at December 31 12,032 12,989 10,491

The long-term Asset Retirement Obligations were $ 10,886 million and $ 11,942 million at December 31, 2024 and 2023, respectively, and are included in “Other long-term obligations” on the Consolidated Balance Sheet.

Estimated cash payments in 2025 and 2026 are $ 1,146 million and $ 968 million, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Accounting for Suspended Exploratory Well Costs

The Corporation continues capitalization of exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project.

The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

The following two tables provide details of the changes in the balance of suspended exploratory well costs, including an aging summary of those costs.

Change in capitalized suspended exploratory well costs

(millions of dollars)

2024 2023 2022

Balance beginning at January 1 3,559 3,512 4,120

Additions pending the determination of proved reserves 453 200 378

Charged to expense ( 69 ) ( 95 ) ( 259 )

Reclassifications to wells, facilities and equipment based on the determination of proved reserves ( 292 ) ( 142 ) ( 142 )

Divestments/Other ( 51 ) 84 ( 585 )

Ending balance at December 31 3,600 3,559 3,512

Ending balance attributed to equity companies included above 225 306 306

Period-end capitalized suspended exploratory well costs

(millions of dollars)

2024 2023 2022

Capitalized for a period of one year or less 453 200 378

Capitalized for a period of between one and five years 583 1,030 969

Capitalized for a period of between five and ten years 1,544 1,411 1,410

Capitalized for a period of greater than ten years 1,020 918 755

Capitalized for a period greater than one year - subtotal 3,147 3,359 3,134

Total 3,600 3,559 3,512

Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project.

The table below provides a breakdown of the number of projects with only exploratory well costs capitalized for a period of one year or less and those that have had exploratory well costs capitalized for a period greater than one year.

2024 2023 2022

Number of projects that only have exploratory well costs capitalized for a period of one year or less 5 — 10

Number of projects that have exploratory well costs capitalized for a period greater than one year 24 31 26

Total 29 31 36

Of the 24 projects that have exploratory well costs capitalized for a period greater than one year as of December 31, 2024, 11 projects have drilling in the preceding year or exploratory activity planned in the next two years, while the remaining 13 projects are those with completed exploratory activity.

These projects are currently being progressed toward development, including evaluation to tie into existing infrastructure, awaiting capacity and aligning with the respective governments for development plans.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Corporation and its consolidated affiliates generally purchase the property, plant and equipment used in operations, but there are situations where assets are leased, primarily for drilling equipment, tankers, office buildings, railcars, and other moveable equipment.

Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options.

The portion of the fixed payment related to service costs for drilling equipment, tankers, and finance leases is excluded from the calculation of right of use assets and lease liabilities.

Generally, assets are leased only for a portion of their useful lives and are accounted for as operating leases.

In limited situations, assets are leased for nearly all of their useful lives and are accounted for as finance leases.

Variable payments under these lease agreements are not significant.

Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant.

In general, leases are capitalized using the incremental borrowing rate of the leasing affiliate.

The Corporation’s activities as a lessor are not significant.

(millions of dollars)

Operating Leases Finance Leases

2024 2023 2022 2024 2023 2022

Operating lease cost 2,296 1,976 1,776

Short-term and other (net of sublease rental income) 2,047 1,563 1,389

Amortization of right of use assets 140 107 243

Interest on lease liabilities 149 140 210

4,343 3,539 3,165 289 247 453

(1) Includes $ 1,195 million, $ 999 million, and $ 908 million for drilling rigs and related equipment operating leases in 2024, 2023, and 2022, respectively.

Balance Sheet

(millions of dollars)

Operating Leases Finance Leases

December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023

Right of use assets

Included in Other assets, including intangibles - net 7,123 6,849

Included in Property, plant and equipment - net 2,888 2,712

Total right of use assets 7,123 6,849 2,888 2,712

Lease liability due within one year

Included in Accounts payable and accrued liabilities 1,852 1,617 6 5

Included in Notes and loans payable 117 95

Long-term lease liability

Included in Other long-term obligations 4,626 4,393

Included in Long-term debt 2,123 1,821

Included in Long-term obligations to equity companies 115 121

Total lease liability (2)

6,478 6,010 2,361 2,042

Weighted-average remaining lease term (years) 7 8 18 26

Weighted-average discount rate (percent) 4.9 % 3.9 % 6.4 % 7.2 %

(2) Includes $ 2,198 million and $ 2,032 million for drilling rigs and related equipment operating leases in 2024 and 2023, respectively.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Maturity Analysis of Lease Liabilities

(millions of dollars)

Operating Leases Finance Leases

December 31, 2024

2025 2,119 275

2026 1,569 274

2027 1,134 265

2030 and beyond 1,712 2,450

Total lease payments 7,554 3,783

Discount to present value ( 1,076 ) ( 1,422 )

Total lease liability 6,478 2,361

In addition to the lease liabilities in the table immediately above, at December 31, 2024, undiscounted commitments for leases not yet commenced totaled $ 3,938 million for operating leases and $ 1,957 million for finance leases.

Estimated cash payments for operating and finance leases not yet commenced are $ 248 million and $ 341 million for 2025 and 2026, respectively.

Operating leases not yet commenced primarily relate to LNG transportation vessels.

Finance leases not yet commenced primarily relate to a long-term processing agreement to upgrade residue to hydrogen.

The underlying assets are primarily designed by, and are being constructed by, the lessors.

Other Information

(millions of dollars)

Operating Leases Finance Leases

2024 2023 2022 2024 2023 2022

Cash paid for amounts included in the measurement of lease liabilities

Cash flows from operating activities 1,301 1,135 1,119 20 20 20

Cash flows from investing activities 837 758 500

Cash flows from financing activities 121 86 149

Noncash right of use assets recorded for lease liabilities

In exchange for lease liabilities during the period 2,074 2,161 1,997 109 529 73

Earnings Per Share

10 unchanged sentences

(2) The earnings (loss) per common share and earnings (loss) per common share - assuming dilution are the same in each period shown.

Disclosures about Segments and Related Information

Our four reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products.

The factors used to identify these reportable segments are based on the nature of the operations that are undertaken by each segment and reflect the nature of internal reviews by our Management Committee (MC).

The MC is considered collectively, and not in their individual capacity, to be our Chief Operating Decision Maker (CODM), and includes our CEO, CFO, and two Senior Vice Presidents serving as contact executives overseeing the Upstream and Product Solutions businesses.

The Upstream segment is organized to explore for and produce crude oil and natural gas.

Product Solutions consists of the Energy Products, Chemical Products, and Specialty Products segments, which are organized to manufacture and sell petroleum products and petrochemicals.

• Energy Products:

Fuels, aromatics, and catalysts and licensing

• Chemical Products:

Olefins, polyolefins, and intermediates

• Specialty Products:

Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins

The CODM generally allocates resources through an annual planning process.

They also allocate capital based on detailed project economics and long-term strategic objectives across reportable segments.

The CODM primarily uses changes in Net income (loss) attributable to ExxonMobil to assess segment financial performance.

Net income (loss) attributable to ExxonMobil includes transfers at estimated market prices.

In Corporate and Financing, interest revenue relates to interest earned on cash deposits and marketable securities.

Interest expense includes non-debt-related interest expense of $ 0.3 billion in 2025, $ 0.4 billion in 2024, and $ 0.2 billion in 2023.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Financial Instruments and Derivatives

The estimated fair value of financial instruments and derivatives at December 31, 2024, and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows:

December 31, 2024

(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

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

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

December 31, 2023

Derivative assets (1)

4,544 1,731 — 6,275 ( 5,177 ) ( 528 ) — 570

Advances to/receivables from equity

companies (2)(6)

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

Year ended December 31, 2025

Revenues and other income

Sales and other operating revenue 25,396 13,993 99,073 145,378 7,594 14,615 5,502 12,269 323,820

Income from equity affiliates 19 4,340 139 198 135 544 7 ( 52 ) 5,330

Intersegment revenue 25,637 36,769 19,172 26,694 6,777 3,324 2,133 499 121,005

Other income 437 560 113 849 3 ( 10 ) 13 89 2,054

Segment revenues and other income 51,489 55,662 118,497 173,119 14,509 18,473 7,655 12,805 452,209

Costs and other items

Crude oil and product purchases 19,765 10,035 102,027 138,024 8,237 13,069 3,931 8,108 303,196

Operating expenses, excl.

depreciation and depletion (1)

11,344 10,515 8,387 9,162 4,620 4,693 2,079 2,297 53,097

Other long-term financial assets (3)

Depreciation and depletion (includes impairments) 13,906 7,451 828 749 595 760 107 163 24,559

Interest expense 128 40 5 37 — ( 2 ) — 13 221

Other taxes and duties 179 2,097 3,240 19,205 79 174 9 184 25,167

Total costs and other deductions 45,322 30,138 114,487 167,177 13,531 18,694 6,126 10,765 406,240

Segment income (loss) before income taxes 6,167 25,524 4,010 5,942 978 ( 221 ) 1,529 2,040 45,969

Income tax expense (benefit) 1,104 8,753 792 1,097 75 ( 144 ) 327 362 12,366

Segment net income (loss) incl.

noncontrolling interests 5,063 16,771 3,218 4,845 903 ( 77 ) 1,202 1,678 33,603

Net income (loss) attributable to noncontrolling interests — 480 226 414 — 26 2 21 1,169

Segment income (loss) 5,063 16,291 2,992 4,431 903 ( 103 ) 1,200 1,657 32,434

Reconciliation of consolidated revenues

Segment revenues and other income 452,209

Other revenues (2)

Elimination of intersegment revenues ( 121,005 )

Total consolidated revenues and other income 332,238

Reconciliation of income (loss) attributable to ExxonMobil

Total segment income (loss) 32,434

Corporate and Financing income (loss) ( 3,590 )

Net income (loss) attributable to ExxonMobil 28,844

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2025

Additions to property, plant, and equipment (3)

15,872 9,490 703 1,251 800 522 368 227 29,233

Derivative liabilities (4)

Investments in equity companies 5,491 19,429 460 1,048 2,946 2,616 — 775 32,765

Total assets 153,042 134,529 32,652 47,265 17,365 17,991 2,961 8,020 413,825

Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total

Additions to property, plant, and equipment (3)

29,233 2,243 31,476

Long-term debt (5)

Investments in equity companies 32,765 ( 112 ) 32,653

Total assets 413,825 35,155 448,980

(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 $ 1,212 million.

(3) Includes non-cash additions.

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

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

Year ended December 31, 2024

Revenues and other income

Sales and other operating revenue 22,929 14,202 101,325 159,531 8,558 14,338 5,790 12,463 339,136

Income from equity affiliates ( 36 ) 5,649 140 ( 109 ) 166 615 — ( 26 ) 6,399

Intersegment revenue 24,633 41,809 23,626 26,034 7,329 3,893 2,462 573 130,359

Other income 890 670 295 192 5 7 22 116 2,197

Segment revenues and other income 48,416 62,330 125,386 185,648 16,058 18,853 8,274 13,126 478,091

Costs and other items

Crude oil and product purchases 18,325 10,388 110,205 153,811 8,510 12,621 4,160 8,753 326,773

Operating expenses, excl.

depreciation and depletion (1)

9,822 10,695 8,034 8,924 4,781 4,419 1,931 2,316 50,922

Long-term obligations to equity companies (6)

Depreciation and depletion (includes impairments) 11,510 8,014 799 734 611 485 104 133 22,390

Interest expense 185 82 9 10 1 1 — 3 291

Other taxes and duties 334 2,750 3,421 19,699 68 78 7 185 26,542

Total costs and other deductions 40,176 31,929 122,468 183,178 13,971 17,604 6,202 11,390 426,918

Segment income (loss) before income taxes 8,240 30,401 2,918 2,470 2,087 1,249 2,072 1,736 51,173

Income tax expense (benefit) 1,814 10,622 631 164 460 262 494 243 14,690

Segment net income (loss) incl.

noncontrolling interests 6,426 19,779 2,287 2,306 1,627 987 1,578 1,493 36,483

Net income (loss) attributable to noncontrolling interests — 815 188 372 — 37 2 17 1,431

Segment income (loss) 6,426 18,964 2,099 1,934 1,627 950 1,576 1,476 35,052

Reconciliation of consolidated revenues

Segment revenues and other income 478,091

Other revenues (2)

Elimination of intersegment revenues ( 130,359 )

Total consolidated revenues and other income 349,585

Reconciliation of income (loss) attributable to ExxonMobil

Total segment income (loss) 35,052

Corporate and Financing income (loss) ( 1,372 )

Net income (loss) attributable to ExxonMobil 33,680

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2024

Additions to property, plant, and equipment (3)

94,649 8,371 589 1,450 474 1,161 230 227 107,151

Other long-term financial liabilities (7)

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

Additions to property, plant, and equipment (3)

107,151 2,181 109,332

(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.

At December 31, 2024, and December 31, 2023, respectively, the Corporation had $ 491 million and $ 800 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.

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 $ 1,600 million.

(3) Includes non-cash additions.

See Note 20 for additions resulting from the Pioneer acquisition in 2024.

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

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

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 December 31, 2024 and 2023, or results of operations for 2024, 2023, and 2022.

During the fourth quarter of 2024, the Corporation initiated 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.

The Corporation intends to expand the use of this program in future periods.

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 December 31, 2024, and December 31, 2023, was as follows:

(millions) December 31, December 31,

Crude oil (barrels) 13 ( 7 )

Petroleum products (barrels) ( 32 ) ( 43 )

Natural gas (MMBTUs) ( 675 ) ( 560 )

Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income are included in the following lines on a before-tax basis:

(millions of dollars) 2024 2023 2022

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

Year ended December 31, 2023

Revenues and other income

Sales and other operating revenue 9,500 16,074 103,868 164,515 7,951 14,314 6,044 12,363 334,629

Income from equity affiliates 63 5,550 140 131 126 761 — ( 25 ) 6,746

Intersegment revenue 20,971 38,982 23,481 28,258 7,991 3,643 2,570 555 126,451

Other income 631 466 183 87 6 12 19 139 1,543

Segment revenues and other income 31,165 61,072 127,672 192,991 16,074 18,730 8,633 13,032 469,369

Costs and other items

Crude oil and product purchases 9,945 11,279 107,796 152,487 8,824 13,096 4,718 8,955 317,100

Total ( 658 ) 1,065 ( 1,449 )

Long-Term Debt

At December 31, 2024, long-term debt consisted of $ 31,340 million due in U.S.

dollars and $ 5,415 million representing the U.S.

dollar equivalent at year-end exchange rates of amounts payable in foreign currencies.

These amounts exclude that portion of long-term debt, totaling $ 4,892 million, which matures within one year and is included in current liabilities.

The amounts of long-term debt, excluding finance lease obligations, maturing in each of the four years after December 31, 2025, in millions of dollars, are:

Operating expenses, excl.

depreciation and depletion (1)

6,696 10,960 7,851 9,434 4,560 4,643 1,822 2,238 48,204

Depreciation and depletion (includes impairments) 8,863 7,737 765 797 605 706 93 222 19,788

Interest expense 82 74 4 7 2 2 — 2 173

Other taxes and duties 361 2,684 3,421 22,226 61 78 6 174 29,011

Total costs and other deductions 25,947 32,734 119,837 184,951 14,052 18,525 6,639 11,591 414,276

Segment income (loss) before income taxes 5,218 28,338 7,835 8,040 2,022 205 1,994 1,441 55,093

Income tax expense (benefit) 1,016 10,593 1,543 1,492 396 158 458 235 15,891

Segment net income (loss) incl.

noncontrolling interests 4,202 17,745 6,292 6,548 1,626 47 1,536 1,206 39,202

Net income (loss) attributable to noncontrolling interests — 639 169 529 — 36 — 28 1,401

Segment income (loss) 4,202 17,106 6,123 6,019 1,626 11 1,536 1,178 37,801

Reconciliation of consolidated revenues

Segment revenues and other income 469,369

Other revenues (2)

Elimination of intersegment revenues ( 126,451 )

Total consolidated revenues and other income 344,582

Reconciliation of income (loss) attributable to ExxonMobil

Total segment income (loss) 37,801

Corporate and Financing income (loss) ( 1,791 )

Net income (loss) attributable to ExxonMobil 36,010

(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 $ 1,628 million.

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

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

Revenue outside the scope of ASC 606 primarily relates to physically settled commodity contracts accounted for as derivatives.

Contractual terms, credit quality, and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.

Sales and other operating revenue

(millions of dollars)

2025 2024 2023

Revenue from contracts with customers 226,909 245,143 256,455

Revenue outside the scope of ASC 606 96,996 94,104 78,242

Total 323,905 339,247 334,697

Sales and other operating revenue

(millions of dollars)

2025 2024 2023

and 2029 – $ 1,604 .

At December 31, 2024, the Corporation's unused long-term lines of credit were $ 1.3 billion.

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 December 31, 2024, the Corporation has designated its $ 3.1 billion of 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Summarized long-term debt at year-end 2024 and 2023 are shown in the table below:

(millions of dollars, except where stated otherwise) Average

December 31, 2024 December 31, 2023

Exxon Mobil Corporation (2)(3)

2.709 % notes due 2025

2.992 % notes due 2025

3.043 % notes due 2026

2.275 % notes due 2026

3.294 % notes due 2027

2.440 % notes due 2029

3.482 % notes due 2030

2.610 % notes due 2030

2.995 % notes due 2039

4.227 % notes due 2040

3.567 % notes due 2045

4.114 % notes due 2046

3.095 % notes due 2049

4.327 % notes due 2050

3.452 % notes due 2051

Exxon Mobil Corporation - Euro-denominated

0.524 % notes due 2028

0.835 % notes due 2032

1.408 % notes due 2039

XTO Energy Inc.

6.100 % senior notes due 2036

6.750 % senior notes due 2037

6.375 % senior notes due 2038

Pioneer Natural Resources Company (5)

1.125 % senior notes due 2026

5.100 % senior notes due 2026

7.200 % senior notes due 2028

1.900 % senior notes due 2030

2.150 % senior notes due 2031

Parsley Energy LLC (6)

4.125 % senior notes due 2028

Industrial revenue bonds due 2025-2051 3.149 % 2,032 2,123

Finance leases & other obligations 4.577 % 3,951 3,838

Debt issuance costs ( 78 ) ( 88 )

Total long-term debt 36,755 37,483

(1) Average effective or imputed interest rates at December 31, 2024.

(2) Includes impacts of hedge accounting of interest rate swaps.

(3) Includes premiums of $ 76 million in 2024 and $ 97 million in 2023.

(4) Includes premiums of $ 66 million in 2024 and $ 71 million in 2023.

(5) Includes net discounts of $ 348 million in 2024.

(6) Includes discounts of $ 7 million in 2024.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Incentive Program

The 2003 Incentive Program provides for grants of stock options, stock appreciation rights (SARs), restricted stock, and other forms of awards.

Awards may be granted to eligible employees of the Company and those affiliates at least 50 percent owned by the Corporation.

Outstanding awards are subject to certain forfeiture provisions contained in the program or award instrument.

Options and SARs may be granted at prices not less than 100 percent of market value on the date of grant and have a maximum life of 10 years.

The maximum number of shares of stock that may be issued under the 2003 Incentive Program is 220 million.

Awards that are forfeited, expire, or are settled in cash do not count against this maximum limit.

The 2003 Incentive Program does not have a specified term.

New awards may be made until the available shares are depleted, unless the ExxonMobil Board of Directors terminates the plan early.

At the end of 2024, remaining shares available for award under the 2003 Incentive Program were 47 million.

Restricted Stock and Restricted Stock Units.

Awards of restricted (nonvested) common stock units granted under the 2003 Incentive Program totaled 10,393 thousand, 9,701 thousand, and 9,392 thousand in 2024, 2023, and 2022, respectively.

Compensation expense for these awards is based on the price of the stock at the date of grant and is recognized in income over the requisite service period.

Shares for these awards are issued to employees from treasury stock.

The units that are settled in cash are recorded as liabilities, and their changes in fair value are recognized over the vesting period.

During the applicable restricted periods, the shares and units may not be sold or transferred and are subject to forfeiture.

The majority of the awards have graded vesting periods, with 50 percent of the shares and units in each award vesting after three years , and the remaining 50 percent vesting after seven years .

Some management, professional, and technical participants will receive awards that vest in full after three years .

Awards granted to a small number of senior executives have vesting periods of five years for 50 percent of the award and of 10 years for the remaining 50 percent of the award, except that for awards granted prior to 2020 the vesting of the 10 -year portion of the award is delayed until retirement if later than 10 years.

In accordance with the terms of the merger agreement for the Pioneer acquisition, which closed on May 3, 2024, awards of Pioneer restricted stock units granted under the Pioneer Amended and Restated 2006 Long Term Incentive Plan (Pioneer LTIP) that did not vest as of immediately prior to the closing were cancelled and converted into awards of ExxonMobil restricted stock units based on the merger exchange ratio.

The grant date for the converted Pioneer awards is considered to be the effective date of the acquisition for the purpose of calculating fair value.

Compensation costs for the converted Pioneer awards is recognized in income over a period commensurate with the vesting schedule.

Pioneer awards vest in three installments over a period of three years with approximately one third of the awards vesting each year.

Shares for these awards are issued to employees from treasury stock.

The units that are settled in cash are recorded as liabilities and their changes in fair value are recognized over the vesting period.

The maximum term of the Pioneer awards is three years .

As of the Pioneer acquisition closing on May 3, 2024, the maximum number of shares of stock that can be issued under the Pioneer LTIP was 9,458 thousand.

At the end of 2024, remaining shares available for awards under the Pioneer LTIP were 9,362 thousand.

The following tables summarize information about restricted stock and restricted stock units for the year ended December 31, 2024.

Restricted stock and units outstanding 2024

Weighted-Average

Fair Value per Share

Issued and outstanding at January 1 37,812 77.94

Awards issued in 2024 10,496 104.21

Vested ( 8,185 ) 74.55

Forfeited ( 528 ) 101.66

Issued and outstanding at December 31 39,595 85.29

Impacts of Pioneer awards incorporated in the totals above include 760 thousand awards issued in 2024, ( 67 ) thousand vested and ( 209 ) thousand forfeited.

Value of restricted stock units 2024 2023 2022

Grant price (dollars)

United States 137,639 138,657 127,374

186,266 200,590 207,323

Value at date of grant:

Total 323,905 339,247 334,697

Significant non-U.S.

revenue sources include:

Canada 27,363 29,746 28,994

(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.

Long-lived assets

(millions of dollars)

Units settled in stock 1,193 900 931

Units settled in cash 129 101 106

Total value 1,322 1,001 1,037

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2024, there was $ 2,588 million of unrecognized compensation cost related to the nonvested restricted awards.

This cost is expected to be recognized over a weighted-average period of 4.6 years.

The compensation cost charged against income for the restricted stock and restricted stock units was $ 835 million, $ 611 million, and $ 648 million for 2024, 2023, and 2022, respectively.

The income tax benefit recognized in income related to this compensation expense was $ 73 million, $ 50 million, and $ 52 million for the same periods, respectively.

The fair value of shares and units vested in 2024, 2023, and 2022 was $ 980 million, $ 892 million, and $ 1,027 million, respectively.

Cash payments of $ 87 million, $ 79 million, and $ 89 million for vested restricted stock units settled in cash were made in 2024, 2023, and 2022, respectively.

Litigation and Other Contingencies

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 December 31, 2024, 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.

December 31, 2024

(millions of dollars) Equity Company Obligations (1)

Other Third-Party Obligations Total

Debt-related 1,073 167 1,240

Other 678 5,965 6,643

2025 2024 2023

United States 183,619 178,633 95,792

115,754 115,685 119,148

Total 299,373 294,318 214,940

(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.

Significant non-U.S.

long-lived assets include:

Canada 29,973 28,761 31,682

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19 unchanged sentences

Amendments, divestments and other (5)(6)

( 795 ) 1 ( 990 ) ( 118 ) 138 101

Benefit obligation at December 31 12,512 12,999 18,518 19,198 4,892 4,791

Accumulated benefit obligation at December 31 10,838 11,227 17,210 17,818 — —

(1) Actuarial loss/(gain) primarily reflects higher discount rates.

(2) Benefit payments for funded and unfunded plans.

(3) For 2024 and 2023, other postretirement benefits paid are net of $ 10 million and $ 19 million of Medicare subsidy receipts, respectively.

For selection of the discount rate for U.S.

plans, several sources of information are considered, including interest rate market indicators and the effective discount rate determined by use of a yield curve based on high-quality, noncallable bonds applied to the estimated cash outflows for benefit payments.

plans, several sources of information are considered, including interest rate market indicators and the effective discount rate determined by use of a yield curve based on high-quality bonds applied to the estimated cash outflows for benefit payments.

For major non-U.S.

11 unchanged sentences

( 878 ) ( 709 ) ( 940 ) ( 931 ) ( 49 ) ( 51 )

Other — — ( 221 ) ( 39 ) — —

( 767 ) — ( 641 ) ( 221 ) — —

Fair value at December 31 11,038 11,244 18,148 17,378 384 364

(1) Actuarial loss/(gain) primarily reflects a lower discount rate in the U.S.

and generally higher discount rates outside of the U.S.

(2) Benefit payments for funded and unfunded plans.

(3) For 2024, other postretirement benefits paid are net of $ 10 million of Medicare subsidy receipts.

(4) Benefit payments for funded plans.

ExxonMobil Pension Plan purchased a group annuity contract from an insurer in 2025 for $ 767 million to transfer obligations to pay future benefits.

The transaction did not change the amount of pension benefits payable to transferred participants and did not require additional funding from the plan.

includes benefit obligation and plan asset reductions in 2025 of $ 1,059 million and $ 642 million, respectively, resulting from the divestment of Product Solutions affiliates in France.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

29 unchanged sentences

(1) Fair value of assets less benefit obligation shown on the preceding page.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

27 unchanged sentences

Total recorded in net periodic benefit cost and other comprehensive income, before tax 193 443 542 ( 616 ) ( 419 ) 1,363 345 231 180

Costs for defined contribution plans were $ 415 million, $ 383 million, and $ 365 million in 2024, 2023, and 2022, respectively.

Costs for defined contribution plans were $ 0.4 billion, $ 0.4 billion, and $ 0.4 billion in 2025, 2024, and 2023, respectively.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

26 unchanged sentences

The terms do not represent the relative risk or credit quality of an investment.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

42 unchanged sentences

(6) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18 unchanged sentences

Cash — — — 113 113 78 6 (4) — 69 153

Other — 14 — — 14 — — — — —

Total at fair value — 1,577 — 9,665 11,242 198 208 — 16,957 17,363

21 unchanged sentences

(6) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

25 unchanged sentences

5,701 5,759 1,775 3

Disclosures about Segments and Related Information

Our reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products.

The Upstream segment is organized to explore for and produce crude oil and natural gas.

Product Solutions consists of the Energy Products, Chemical Products, and Specialty Products segments, which are organized to manufacture and sell petroleum products and petrochemicals.

• Energy Products:

Fuels, aromatics, and catalysts and licensing

• Chemical Products:

Olefins, polyolefins, and intermediates

• Specialty Products:

Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins

The CODM generally allocates resources through an annual planning process.

They also allocate capital based on detailed project economics and long-term strategic objectives across reportable segments.

The CODM primarily uses changes in Net income (loss) attributable to ExxonMobil to assess segment financial performance.

Net income (loss) attributable to ExxonMobil includes transfers at estimated market prices.

In Corporate and Financing, interest revenue relates to interest earned on cash deposits and marketable securities.

Interest expense includes non-debt-related interest expense of $ 437 million in 2024, $ 234 million in 2023, and $ 117 million in 2022.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2024

Revenues and other income

Sales and other operating revenue 22,929 14,202 101,325 159,531 8,558 14,338 5,790 12,463 339,136

Income from equity affiliates ( 36 ) 5,649 140 ( 109 ) 166 615 — ( 26 ) 6,399

Intersegment revenue 24,633 41,809 23,626 26,034 7,329 3,893 2,462 573 130,359

Other income 890 670 295 192 5 7 22 116 2,197

Segment revenues and other income 48,416 62,330 125,386 185,648 16,058 18,853 8,274 13,126 478,091

Costs and other items

Crude oil and product purchases 18,325 10,388 110,205 153,811 8,510 12,621 4,160 8,753 326,773

Operating expenses, excl.

depreciation and depletion (1)

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, 2022 ( 14,591 ) 1,321 ( 13,270 )

Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

1,108 ( 305 ) 803

Depreciation and depletion (includes impairments) 11,510 8,014 799 734 611 485 104 133 22,390

Interest expense 185 82 9 10 1 1 — 3 291

Other taxes and duties 334 2,750 3,421 19,699 68 78 7 185 26,542

Total costs and other deductions 40,176 31,929 122,468 183,178 13,971 17,604 6,202 11,390 426,918

Segment income (loss) before income taxes 8,240 30,401 2,918 2,470 2,087 1,249 2,072 1,736 51,173

Income tax expense (benefit) 1,814 10,622 631 164 460 262 494 243 14,690

Segment net income (loss) incl.

noncontrolling interests 6,426 19,779 2,287 2,306 1,627 987 1,578 1,493 36,483

Net income (loss) attributable to noncontrolling interests — 815 188 372 — 37 2 17 1,431

Segment net income (loss) 6,426 18,964 2,099 1,934 1,627 950 1,576 1,476 35,052

Reconciliation of consolidated revenues

Segment revenues and other income 478,091

Other revenues (2)

Elimination of intersegment revenues ( 130,359 )

Total consolidated revenues and other income 349,585

Reconciliation of income (loss) attributable to ExxonMobil

Total segment net income (loss) 35,052

Corporate and Financing income (loss) ( 1,372 )

Net income (loss) attributable to ExxonMobil 33,680

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2024

Additions to property, plant and equipment (3)

Amounts reclassified from accumulated other comprehensive income 427 51 478

Total change in accumulated other comprehensive income 1,535 ( 254 ) 1,281

Balance as of December 31, 2023 ( 13,056 ) 1,067 ( 11,989 )

Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

( 3,110 ) 449 ( 2,661 )

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

Additions to property, plant and equipment (3)

Amounts reclassified from accumulated other comprehensive income — 31 31

Total change in accumulated other comprehensive income ( 3,110 ) 480 ( 2,630 )

Balance as of December 31, 2024 ( 16,166 ) 1,547 ( 14,619 )

Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

2,360 952 3,312

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 $ 1,600 million.

(3) Includes non-cash additions.

See Note 21 for additions resulting from the Pioneer acquisition in 2024.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2023

Revenues and other income

Sales and other operating revenue 9,500 16,074 103,868 164,515 7,951 14,314 6,044 12,363 334,629

Income from equity affiliates 63 5,550 140 131 126 761 — ( 25 ) 6,746

Intersegment revenue 20,971 38,982 23,481 28,258 7,991 3,643 2,570 555 126,451

Other income 631 466 183 87 6 12 19 139 1,543

Segment revenues and other income 31,165 61,072 127,672 192,991 16,074 18,730 8,633 13,032 469,369

Costs and other items

Crude oil and product purchases 9,945 11,279 107,796 152,487 8,824 13,096 4,718 8,955 317,100

Operating expenses, excl.

depreciation and depletion (1)

Amounts reclassified from accumulated other comprehensive income 408 36 444

Total change in accumulated other comprehensive income 2,768 988 3,756

Balance as of December 31, 2025 ( 13,398 ) 2,535 ( 10,863 )

(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $( 294 ) million, $ 196 million, and $( 135 ) million in 2025, 2024, and 2023, respectively.

Amounts Reclassified Out of Accumulated Other

Comprehensive Income - Before-tax Income/(Expense)

(millions of dollars)

2025 2024 2023

Depreciation and depletion (includes impairments) 8,863 7,737 765 797 605 706 93 222 19,788

Interest expense 82 74 4 7 2 2 — 2 173

Other taxes and duties 361 2,684 3,421 22,226 61 78 6 174 29,011

Total costs and other deductions 25,947 32,734 119,837 184,951 14,052 18,525 6,639 11,591 414,276

Segment income (loss) before income taxes 5,218 28,338 7,835 8,040 2,022 205 1,994 1,441 55,093

Income tax expense (benefit) 1,016 10,593 1,543 1,492 396 158 458 235 15,891

Segment net income (loss) incl.

noncontrolling interests 4,202 17,745 6,292 6,548 1,626 47 1,536 1,206 39,202

Net income (loss) attributable to noncontrolling interests — 639 169 529 — 36 — 28 1,401

Segment net income (loss) 4,202 17,106 6,123 6,019 1,626 11 1,536 1,178 37,801

Reconciliation of consolidated revenues

Segment revenues and other income 469,369

Other revenues (2)

Elimination of intersegment revenues ( 126,451 )

Total consolidated revenues and other income 344,582

Reconciliation of income (loss) attributable to ExxonMobil

Total segment net income (loss) 37,801

Corporate and Financing income (loss) ( 1,791 )

Net income (loss) attributable to ExxonMobil 36,010

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2023

Additions to property, plant and equipment (3)

Foreign exchange translation gain/(loss) included in net income

(Statement of Income line:

Other income)

( 391 ) — ( 609 )

Investments in equity companies 4,436 21,485 406 1,135 3,086 2,700 — 952 34,200

Total assets 67,452 138,914 32,123 42,337 17,599 17,076 2,620 8,379 326,500

Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total

Additions to property, plant and equipment (3)

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) ( 46 ) ( 70 ) ( 81 )

Income Tax (Expense)/Credit For

Components of Other Comprehensive Income

(millions of dollars)

2025 2024 2023

Investments in equity companies 34,200 ( 120 ) 34,080

Total assets 326,500 49,817 376,317

(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 $ 1,628 million.

(3) Includes non-cash additions.

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

Foreign exchange translation adjustment 145 14 341

Postretirement benefits reserves adjustment (excluding amortization) ( 368 ) ( 181 ) 200

Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs ( 8 ) ( 27 ) ( 20 )

Total ( 231 ) ( 194 ) 521

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2022

Revenues and other income

Sales and other operating revenue 14,579 30,585 117,824 188,153 10,670 16,949 6,152 13,727 398,639

Income from equity affiliates 411 10,133 126 322 91 771 — ( 23 ) 11,831

Intersegment revenue 25,658 46,076 29,001 36,894 9,081 5,201 2,587 825 155,323

Other income 449 1,504 184 208 39 30 25 112 2,551

Segment revenues and other income 41,097 88,298 147,135 225,577 19,881 22,951 8,764 14,641 568,344

Costs and other items

Crude oil and product purchases 12,786 20,770 123,675 182,293 11,551 15,847 5,112 10,384 382,418

Operating expenses, excl.

depreciation and depletion (1)

Financial Instruments and Derivatives

The estimated fair value of financial instruments and derivatives at December 31, 2025, and December 31, 2024, and the related hierarchy level for the fair value measurement was as follows:

December 31, 2025

Derivative assets (1)

5,197 2,259 — 7,456 ( 6,261 ) ( 341 ) — 854

Depreciation and depletion (includes impairments) 5,791 14,013 741 1,246 542 446 95 193 23,067

Interest expense 51 38 1 7 — 1 — 1 99

Other taxes and duties 718 3,559 3,306 20,040 40 79 5 172 27,919

Total costs and other deductions 26,039 51,103 136,096 215,678 17,033 21,395 7,240 13,138 487,722

Segment income (loss) before income taxes 15,058 37,195 11,039 9,899 2,848 1,556 1,524 1,503 80,622

Income tax expense (benefit) 3,330 11,575 2,615 2,420 520 292 334 252 21,338

Segment net income (loss) incl.

noncontrolling interests 11,728 25,620 8,424 7,479 2,328 1,264 1,190 1,251 59,284

Net income (loss) attributable to noncontrolling interests — 869 84 853 — 49 — 26 1,881

Segment net income (loss) 11,728 24,751 8,340 6,626 2,328 1,215 1,190 1,225 57,403

Reconciliation of consolidated revenues

Segment revenues and other income 568,344

Other revenues (2)

Elimination of intersegment revenues ( 155,323 )

Total consolidated revenues and other income 413,680

Reconciliation of income (loss) attributable to ExxonMobil

Total segment net income (loss) 57,403

Corporate and Financing income (loss) ( 1,663 )

Net income (loss) attributable to ExxonMobil 55,740

(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total

As of December 31, 2022

Additions to property, plant and equipment (3)

Advances to/receivables from equity

companies (2)(6)

— 1,935 3,938 5,873 — — 256 6,129

Investments in equity companies 4,893 21,502 368 1,154 3,124 2,417 — 1,177 34,635

Total assets 66,695 139,764 31,729 41,836 17,342 15,875 2,839 8,316 324,396

Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total

Additions to property, plant and equipment (3)

Other long-term financial assets (3)

1,536 — 1,800 3,336 — — 216 3,552

Investments in equity companies 34,635 ( 113 ) 34,522

Derivative liabilities (4)

4,994 2,043 — 7,037 ( 6,261 ) ( 141 ) — 635

Long-term debt (5)

24,678 3,909 — 28,587 — — 3,248 31,835

Long-term obligations to equity companies (6)

— — 542 542 — — — 542

Other long-term financial liabilities (7)

— — 348 348 — — 16 364

December 31, 2024

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

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.

At December 31, 2025, and December 31, 2024, respectively, the Corporation had $ 0.5 billion and $ 0.5 billion of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Derivative Instruments.

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 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” and included before-tax realized and unrealized gains of $ 1.1 billion, losses of $ 0.7 billion, and gains of $ 1.0 billion in 2025, 2024, and 2023, respectively.

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 December 31, 2025 and 2024, or results of operations for 2025, 2024, and 2023.

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.

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 December 31, 2025, and December 31, 2024, was as follows:

(millions) December 31, December 31,

Crude oil (barrels) 6 13

Petroleum products (barrels) ( 27 ) ( 32 )

Natural gas (MMBTUs) ( 449 ) ( 675 )

Litigation and Other Contingencies

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.

For purposes of our contingency disclosures, “significant” includes material matters, as well as other matters, which management believes should be disclosed.

These lawsuits assert a variety of novel, untested claims under statutory and common law.

Additional such lawsuits may be filed.

We believe the factual and legal theories set forth in these proceedings are meritless.

We will continue to defend vigorously against these claims.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Contingencies.

The Corporation and certain of its consolidated subsidiaries were contingently liable at December 31, 2025, for guarantees relating to notes, loans and performance under contracts.

Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure.

December 31, 2025

(millions of dollars) Equity Company Obligations (1)

Other Third-Party Obligations Total

Non-debt-related 667 6,185 6,852

Total 667 6,185 6,852

(1) ExxonMobil share.

Equity Company Information

These companies are primarily engaged in oil and gas exploration and production, natural gas marketing, transportation of crude oil, and petrochemical manufacturing in North America;

natural gas production and distribution in Europe;

LNG operations in Africa;

and exploration, production, LNG operations, and the manufacture and sale of petroleum and petrochemical products in Asia and the Middle East.

Also included are several refining and marketing ventures.

The share of total equity company revenues from sales to ExxonMobil consolidated companies was 10 percent, 9 percent, and 9 percent in 2025, 2024, and 2023, respectively.

The Corporation’s ownership in these ventures is in the form of shares in corporate joint ventures as well as interests in partnerships.

The amortization of this difference, as appropriate, is included in “Income from equity affiliates” on the Consolidated Statement of Income.

Equity Company

Financial Summary

(millions of dollars)

2025 2024 2023

Total ExxonMobil

Share Total ExxonMobil Share Total ExxonMobil

Total revenues 111,193 34,309 117,036 35,532 132,783 40,682

Income before income taxes 26,493 7,106 33,357 9,304 35,999 10,078

Income taxes 8,174 2,054 11,434 3,209 11,404 3,085

Income from equity affiliates 18,319 5,052 21,923 6,095 24,595 6,993

Current assets 46,577 16,738 50,779 18,286 53,081 18,713

Long-term assets 138,809 37,398 145,671 39,092 150,198 40,986

Total assets 185,386 54,136 196,450 57,378 203,279 59,699

(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 $ 446 million.

(3) Includes non-cash additions.

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

Current liabilities 28,135 8,947 26,786 8,699 30,721 9,652

Long-term liabilities 47,301 14,361 55,218 16,484 57,237 17,059

Net assets 109,950 30,828 114,446 32,195 115,321 32,988

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

Revenue outside the scope of ASC 606 primarily relates to physically settled commodity contracts accounted for as derivatives.

Contractual terms, credit quality, and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.

Sales and other operating revenue

A list of significant equity companies as of December 31, 2025, together with the Corporation’s percentage ownership interest, is detailed below:

Percentage Ownership Interest

Barzan Gas Company Limited 7

BEB Erdgas und Erdoel GmbH & Co.

Caspian Pipeline Consortium 8

Coral FLNG S.A.

Cross Timbers Energy LLC 50

GasTerra B.V.

Golden Pass LNG Terminal LLC 30

Golden Pass Pipeline LLC 30

Marine Well Containment Company LLC 13

Mozambique Rovuma Venture S.p.A.

Nederlandse Aardolie Maatschappij B.V.

Papua New Guinea Liquefied Natural Gas Global Company LDC 33

Permian Highway Pipeline LLC 17

QatarEnergy LNG N (2) 24

QatarEnergy LNG NFE (3) 25

QatarEnergy LNG S (2) 31

QatarEnergy LNG S (3) 30

South Hook LNG Terminal Company Limited 24

Tengizchevroil LLP 25

Energy Products, Chemical Products, and/or Specialty Products

Al-Jubail Petrochemical Company 50

Alberta Products Pipe Line Ltd.

Fujian Refining & Petrochemical Co.

Gulf Coast Growth Ventures LLC 50

Infineum USA L.P.

Permian Express Partners LLC 12

Saudi Aramco Mobil Refinery Company Ltd.

Saudi Yanbu Petrochemical Co.

Financial Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Property, Plant, and Equipment and Asset Retirement Obligations

Property, Plant, and Equipment

(millions of dollars)

December 31, 2025 December 31, 2024

Cost Net Cost Net

Upstream 436,018 228,235 423,038 226,021

Energy Products 60,261 29,547 58,259 28,349

Chemical Products 39,594 20,053 39,224 19,973

Specialty Products 8,820 4,333 9,559 4,229

Other 25,366 17,205 23,823 15,746

Total 570,059 299,373 553,903 294,318

In 2025, the Corporation identified situations where events or changes in circumstances indicated that the carrying value of certain long-lived assets may not be recoverable and conducted impairment assessments.

The Corporation recognized before-tax impairment charges of $ 1.6 billion in Upstream, $ 0.1 billion in Chemical Products, and $ 0.3 billion in Other.

In 2024, before-tax impairment charges recognized are immaterial.

Other before-tax impairment charges recognized during 2023 included $ 0.3 billion in Upstream, $ 0.3 billion in Chemical Products, and $ 0.1 billion in Specialty Products.

Impairment charges are primarily recognized in the lines “ Depreciation and depletion” and “Exploration expenses, including dry holes ” on the Consolidated Statement of Income.

Accumulated depreciation and depletion totaled $ 270,686 million at the end of 2025 and $ 259,585 million at the end of 2024.