Item 2. Properties
ITEM 2. PROPERTIES
Information with regard to oil and gas producing activities follows:
1. Disclosure of Reserves
A. Summary of Oil and Gas Reserves at Year-End 2025
The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidated subsidiaries and equity companies. Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels. The Corporation has reported proved reserves on the basis of the average of the first-day-of-the-month price for each month during the last 12-month period. No major discovery or other favorable or adverse event has occurred since December 31, 2025, that would cause a significant change in the estimated proved reserves as of that date.
Proved Reserves Crude
Oil Natural Gas
Liquids Bitumen Synthetic
Oil Natural
Gas Oil-Equivalent
Total
All Products
(million bbls) (million bbls) (million bbls) (million bbls) (billion cubic ft) (million bbls)
Developed
Consolidated Subsidiaries
United States 1,552 1,075 — — 11,206 4,495
Canada/Other Americas (1)
586 1 2,230 288 356 3,164
Europe 3 — — — 338 60
Africa 185 — — — 111 204
Asia 1,871 44 — — 2,010 2,251
Australia/Oceania 32 6 — — 3,057 548
Total Consolidated 4,229 1,126 2,230 288 17,078 10,722
Equity Companies
United States 5 3 — — 48 16
Europe 2 — — — 207 36
Africa 7 — — — 775 136
Asia 462 134 — — 4,782 1,394
Total Equity Company 476 137 — — 5,812 1,582
Total Developed 4,705 1,263 2,230 288 22,890 12,304
Undeveloped
Consolidated Subsidiaries
United States 1,558 988 — — 5,581 3,476
Canada/Other Americas (1)
609 — 100 — 171 737
Europe — — — — — —
Africa 32 — — — 2 32
Asia 1,089 23 — — 189 1,143
Australia/Oceania 28 2 — — 2,653 472
Total Consolidated 3,316 1,013 100 — 8,596 5,860
Equity Companies
United States — — — — — —
Europe 3 — — — 56 12
Africa — — — — — —
Asia 163 161 — — 4,866 1,135
Total Equity Company 166 161 — — 4,922 1,147
Total Undeveloped 3,482 1,174 100 — 13,518 7,007
Total Proved Reserves 8,187 2,437 2,330 288 36,408 19,311
(1) Other Americas includes proved developed reserves of 486 million barrels of crude oil and 228 billion cubic feet of natural gas, as well as proved undeveloped reserves of 587 million barrels of crude oil and 162 billion cubic feet of natural gas.
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In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately. However, the Corporation operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries.
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 .
The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments, and detailed analysis of reservoir and well performance. Furthermore, the Corporation only records proved reserves for projects which have received significant funding commitments by management toward the development of the reserves. Although the Corporation is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, and significant changes in crude oil and natural gas price levels. In addition, proved reserves could be affected by an extended period of low prices which could reduce the level of the Corporation’s capital spending and also impact our partners’ capacity to fund their share of joint projects.
B. Technologies Used in Establishing Proved Reserves Additions in 2025
Additions to ExxonMobil’s proved reserves in 2025 were based on estimates generated through the integration of available and appropriate geological, engineering and production data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results.
Data used in these integrated assessments included information obtained directly from the subsurface via wellbores, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data utilized also included subsurface information obtained through indirect measurements, including high-quality 3‑D and 4‑D seismic data, calibrated with available well control information. The tools used to interpret the data included seismic processing software, reservoir modeling and simulation software, and data analysis packages.
In some circumstances, where appropriate analog reservoirs were available, reservoir parameters from these analogs were used to increase the quality of, and confidence in, the reserves estimates.
C. Qualifications of Reserves Technical Oversight Group and Internal Controls over Proved Reserves
ExxonMobil has a dedicated Global Reserves and Resources group that provides technical oversight and is separate from the operating organization. Primary responsibilities of this group include oversight of the reserves estimation process for compliance with Securities and Exchange Commission (SEC) rules and regulations, review of annual changes in reserves estimates, and the reporting of ExxonMobil’s proved reserves. This group also maintains the official company reserves estimates for ExxonMobil’s proved reserves of crude oil, natural gas liquids, bitumen, synthetic oil, and natural gas. In addition, the group provides training to personnel involved in the reserves estimation and reporting process within ExxonMobil and its affiliates. The current Global Reserves and Resources Manager has more than 30 years of experience in reservoir engineering and reserves assessment, has a degree in Engineering, and serves on the Oil and Gas Reserves Committee of the Society of Petroleum Engineers. The group is staffed with individuals that have an average of more than 15 years of technical experience in the petroleum industry, including expertise in the classification and categorization of reserves under SEC guidelines. This group includes individuals who hold degrees in either Engineering or Geology.
The Global Reserves and Resources group maintains a central database containing the official company reserves estimates. Appropriate controls, including limitations on database access and update capabilities, are in place to ensure data integrity within this central database. An annual review of the system’s controls is performed by internal audit. Key components of the reserves estimation process include technical evaluations, commercial and market assessments, analysis of well and field performance, and long-standing approval guidelines. No changes may be made to the reserves estimates in the central database, including additions of any new initial reserves estimates or subsequent revisions, unless these changes have been thoroughly reviewed and evaluated by duly authorized geoscience and engineering professionals within the operating organization. In addition, changes to reserves estimates that exceed certain thresholds require further review and approval by the appropriate level of management within the operating organization before the changes may be made in the central database. Endorsement by the Global Reserves and Resources group for all proved reserves changes is a mandatory component of this review process. After all changes are made, reviews are held with senior management for final endorsement.
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2. Proved Undeveloped Reserves
At year-end 2025, approximately 7.0 billion oil-equivalent barrels (GOEB) of ExxonMobil’s proved reserves were classified as proved undeveloped. This represents 36 percent of the 19.3 GOEB reported in proved reserves. This compares to 7.4 GOEB of proved undeveloped reserves reported at the end of 2024. During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.4 GOEB from proved undeveloped to proved developed reserves by year-end. The largest transfers were related to development activities in the United States, Guyana, Kazakhstan, the United Arab Emirates, Qatar, and Canada. In 2025, extensions and discoveries, primarily in the United States and Guyana, resulted in the addition of approximately 2.0 GOEB of proved undeveloped reserves. Also, the Corporation reclassified approximately 1.0 GOEB of proved undeveloped reserves which no longer met the SEC definition of proved reserves, primarily in the United States.
Overall, investments of $19.0 billion were made by the Corporation during 2025 to progress the development of reported proved undeveloped reserves, including $18.8 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities.
One of ExxonMobil’s requirements for reporting proved reserves is that management has made significant funding commitments toward the development of the reserves. ExxonMobil has a disciplined investment strategy and many major fields require long lead-time in order to be developed. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. Proved undeveloped reserves in Australia and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects. The Corporation is reasonably certain that these proved reserves will be produced; however, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, the pace of co-venturer/government funding, changes in the amount and timing of capital investments, and significant changes in crude oil and natural gas price levels. Of the proved undeveloped reserves that have been reported for five or more years, over 80 percent are contained in the aforementioned countries. In Australia, proved undeveloped reserves are associated with future compression for the Gorgon Jansz LNG project. In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field.
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3. Oil and Gas Production, Production Prices and Production Costs
A. Oil and Gas Production
The table below summarizes production by final product sold and by geographic area for the last three years.
(thousands of barrels daily) 2025 2024 2023
Crude Oil NGL Crude Oil NGL Crude Oil NGL
Crude oil and natural gas liquids production
Consolidated Subsidiaries
United States 1,005 514 862 383 556 238
Canada/Other Americas (1)
381 1 346 2 240 2
Europe 2 — 2 — 2 —
Africa 141 — 206 2 216 4
Asia 445 28 422 26 417 28
Australia/Oceania 18 7 20 10 24 12
Total Consolidated Subsidiaries 1,992 550 1,858 423 1,455 284
Equity Companies
United States 2 1 2 1 8 1
Europe 1 — 1 — 2 —
Africa 1 — 1 — 1 —
Asia 266 61 206 59 216 60
Total Equity Companies 270 62 210 60 227 61
Total crude oil and natural gas liquids production 2,262 612 2,068 483 1,682 345
Bitumen production
Consolidated Subsidiaries
Canada/Other Americas 385 374 355
Synthetic oil production
Consolidated Subsidiaries
Canada/Other Americas 68 62 67
Total liquids production 3,329 2,987 2,449
(millions of cubic feet daily)
Natural gas production available for sale
Consolidated Subsidiaries
United States 3,346 2,869 2,292
Canada/Other Americas (1)
27 101 96
Europe 228 252 266
Africa 2 45 35
Asia 968 907 915
Australia/Oceania 1,283 1,264 1,298
Total Consolidated Subsidiaries 5,854 5,438 4,902
Equity Companies
United States 18 18 19
Europe 71 100 148
Africa 112 107 90
Asia 2,386 2,415 2,575
Total Equity Companies 2,587 2,640 2,832
Total natural gas production available for sale 8,442 8,078 7,734
(thousands of oil-equivalent barrels daily)
Oil-equivalent production 4,736 4,333 3,738
(1) Other Americas includes crude oil production for 2025, 2024, and 2023 of 320 thousand, 285 thousand, and 178 thousand barrels daily, respectively; and natural gas production available for sale for 2025, 2024, and 2023 of 4 million, 76 million, and 67 million cubic feet daily, respectively.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
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B. Production Prices and Production Costs
The table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.
(dollars per unit) United
States Canada/
Other
Americas Europe Africa Asia Australia/
Oceania Total
2025
Consolidated Subsidiaries
Average production prices
Crude oil, per barrel 63.19 67.75 63.24 69.20 68.26 66.21 65.64
NGL, per barrel 20.87 28.98 47.44 — 30.83 47.75 21.71
Natural gas, per thousand cubic feet 1.07 1.21 11.91 1.90 2.27 7.72 3.15
Bitumen, per barrel — 46.13 — — — — 46.13
Synthetic oil, per barrel — 63.61 — — — — 63.61
Average production costs, per oil-equivalent barrel - total 11.07 15.63 30.70 20.38 5.15 5.60 11.29
Average production costs, per barrel - bitumen — 19.95 — — — — 19.95
Average production costs, per barrel - synthetic oil — 40.41 — — — — 40.41
Equity Companies
Average production prices
Crude oil, per barrel 62.71 — 63.64 66.94 61.75 — 61.79
NGL, per barrel 20.77 — — — 40.91 — 40.62
Natural gas, per thousand cubic feet 2.71 — 11.75 5.51 6.79 — 6.84
Average production costs, per oil-equivalent barrel - total 30.49 — 102.43 4.48 2.53 — 4.49
Total
Average production prices
Crude oil, per barrel 63.19 67.75 63.39 69.19 65.84 66.21 65.18
NGL, per barrel 20.87 28.98 47.44 — 37.75 47.75 23.64
Natural gas, per thousand cubic feet 1.08 1.21 11.88 5.46 5.48 7.72 4.28
Bitumen, per barrel — 46.13 — — — — 46.13
Synthetic oil, per barrel — 63.61 — — — — 63.61
Average production costs, per oil-equivalent barrel - total 11.13 15.63 48.26 18.43 3.75 5.60 10.20
Average production costs, per barrel - bitumen — 19.95 — — — — 19.95
Average production costs, per barrel - synthetic oil — 40.41 — — — — 40.41
2024
Consolidated Subsidiaries
Average production prices
Crude oil, per barrel 73.36 79.47 74.07 81.29 78.40 79.83 76.57
NGL, per barrel 23.08 30.43 63.29 50.51 32.34 38.74 24.32
Natural gas, per thousand cubic feet 0.37 1.72 10.56 2.25 2.55 8.47 3.13
Bitumen, per barrel — 54.02 — — — — 54.02
Synthetic oil, per barrel — 74.16 — — — — 74.16
Average production costs, per oil-equivalent barrel - total 10.89 16.20 25.18 21.85 5.31 6.92 11.70
Average production costs, per barrel - bitumen — 21.16 — — — — 21.16
Average production costs, per barrel - synthetic oil — 44.44 — — — — 44.44
Equity Companies
Average production prices
Crude oil, per barrel 73.91 — 76.34 73.99 73.17 — 73.21
NGL, per barrel 19.94 — — — 47.63 — 47.19
Natural gas, per thousand cubic feet 1.59 — 9.19 4.10 7.52 — 7.41
Average production costs, per oil-equivalent barrel - total 26.41 — 63.76 7.27 2.70 — 4.57
Total
Average production prices
Crude oil, per barrel 73.36 79.47 75.06 81.25 76.69 79.83 76.23
NGL, per barrel 23.07 30.43 63.29 50.51 43.01 38.74 27.16
Natural gas, per thousand cubic feet 0.37 1.72 10.17 3.55 6.17 8.47 4.53
Bitumen, per barrel — 54.02 — — — — 54.02
Synthetic oil, per barrel — 74.16 — — — — 74.16
Average production costs, per oil-equivalent barrel - total 10.94 16.20 36.41 20.68 3.93 6.92 10.53
Average production costs, per barrel - bitumen — 21.16 — — — — 21.16
Average production costs, per barrel - synthetic oil — 44.44 — — — — 44.44
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(dollars per unit) United
States Canada/
Other
Americas Europe Africa Asia Australia/
Oceania Total
2023
Consolidated Subsidiaries
Average production prices
Crude oil, per barrel 75.45 80.51 71.99 82.70 79.50 70.26 78.43
NGL, per barrel 23.88 24.44 64.10 44.72 29.81 34.35 25.12
Natural gas, per thousand cubic feet 1.16 2.57 13.64 2.04 2.40 9.31 4.26
Bitumen, per barrel — 49.64 — — — — 49.64
Synthetic oil, per barrel — 77.56 — — — — 77.56
Average production costs, per oil-equivalent barrel - total 9.70 19.94 36.37 20.70 5.26 5.55 12.05
Average production costs, per barrel - bitumen — 23.80 — — — — 23.80
Average production costs, per barrel - synthetic oil — 45.91 — — — — 45.91
Equity Companies
Average production prices
Crude oil, per barrel 75.48 — 77.82 71.92 74.59 — 74.63
NGL, per barrel 19.13 — — — 45.64 — 45.19
Natural gas, per thousand cubic feet 5.25 — 22.22 5.89 8.54 — 9.15
Average production costs, per oil-equivalent barrel - total 53.49 — 43.99 6.74 2.77 — 5.09
Total
Average production prices
Crude oil, per barrel 75.45 80.51 74.13 82.66 77.83 70.26 77.92
NGL, per barrel 23.86 24.44 64.10 44.72 40.59 34.35 28.66
Natural gas, per thousand cubic feet 1.19 2.57 16.71 4.81 6.93 9.31 6.05
Bitumen, per barrel — 49.64 — — — — 49.64
Synthetic oil, per barrel — 77.56 — — — — 77.56
Average production costs, per oil-equivalent barrel - total 10.15 19.94 39.09 19.79 3.91 5.55 10.63
Average production costs, per barrel - bitumen — 23.80 — — — — 23.80
Average production costs, per barrel - synthetic oil — 45.91 — — — — 45.91
Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Average production prices have been calculated by using sales quantities from the Corporation’s own production as the divisor. Average production costs have been computed by using net production quantities for the divisor. The volumes of crude oil and natural gas liquids (NGL) production used for this computation are shown in the oil and gas production table in section 3.A. The volumes of natural gas used in the calculation are the production volumes of natural gas available for sale and are also shown in section 3.A. The natural gas available for sale volumes are different from those shown in the reserves table in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report due to volumes consumed or flared.
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4. Drilling and Other Exploratory and Development Activities
A. Number of Net Productive and Dry Wells Drilled
2025 2024 2023
Net Productive Exploratory Wells Drilled
Consolidated Subsidiaries
United States 2 2 —
Canada/Other Americas 1 3 1
Europe 1 — 1
Africa — — —
Asia — — —
Australia/Oceania — — —
Total Consolidated Subsidiaries 4 5 2
Equity Companies
United States — — —
Europe — — —
Africa — — —
Asia — — —
Total Equity Companies — — —
Total productive exploratory wells drilled 4 5 2
Net Dry Exploratory Wells Drilled
Consolidated Subsidiaries
United States — — 1
Canada/Other Americas 1 3 3
Europe 1 — —
Africa 1 — —
Asia — — —
Australia/Oceania — — —
Total Consolidated Subsidiaries 3 3 4
Equity Companies
United States — — —
Europe — — —
Africa — — —
Asia — — —
Total Equity Companies — — —
Total dry exploratory wells drilled 3 3 4
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2025 2024 2023
Net Productive Development Wells Drilled
Consolidated Subsidiaries
United States 698 533 446
Canada/Other Americas 14 22 47
Europe 1 1 1
Africa 1 4 4
Asia 5 6 5
Australia/Oceania 1 1 —
Total Consolidated Subsidiaries 720 567 503
Equity Companies
United States 1 1 2
Europe 1 — —
Africa — — —
Asia 3 3 6
Total Equity Companies 5 4 8
Total productive development wells drilled 725 571 511
Net Dry Development Wells Drilled
Consolidated Subsidiaries
United States — 10 —
Canada/Other Americas — — —
Europe — — —
Africa — 1 —
Asia 1 — —
Australia/Oceania — — —
Total Consolidated Subsidiaries 1 11 —
Equity Companies
United States — — —
Europe — — —
Africa — — —
Asia — — —
Total Equity Companies — — —
Total dry development wells drilled 1 11 —
Total number of net wells drilled 733 590 517
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B. Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining Technologies
Syncrude Operations. Syncrude is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil. Imperial Oil Limited is the owner of a 25 percent interest in the joint venture. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited. In 2025, the Company’s share of net production of synthetic crude oil was about 68 thousand barrels per day and share of net acreage was about 55 thousand acres in the Athabasca oil sands deposit.
Kearl Operations. Kearl is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen. Imperial Oil Limited holds a 70.96 percent interest in the joint venture and ExxonMobil Canada Properties holds the other 29.04 percent. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited and a 100 percent interest in ExxonMobil Canada Properties. Kearl is comprised of six oil sands leases covering about 49 thousand acres in the Athabasca oil sands deposit.
Kearl is located approximately 40 miles north of Fort McMurray, Alberta, Canada. Bitumen is extracted from oil sands and processed through bitumen extraction and froth treatment trains. The product, a blend of bitumen and diluent, is shipped to our refineries and to other third parties. Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation. During 2025, average net production at Kearl was about 264 thousand barrels per day.
5. Present Activities
A. Wells Drilling
Wells Drilling Year-End 2025
Year-End 2024
Gross Net Gross Net
Consolidated Subsidiaries
United States 638 492 809 648
Canada/Other Americas 33 20 19 9
Europe — — 1 1
Africa 2 — 5 1
Asia 9 2 13 5
Australia/Oceania 1 — 1 —
Total Consolidated Subsidiaries 683 514 848 664
Equity Companies
United States 38 — 15 —
Europe — — — —
Africa — — — —
Asia 23 4 43 4
Total Equity Companies 61 4 58 4
Total gross and net wells drilling 744 518 906 668
B. Review of Principal Ongoing Activities
United States
During 2025, ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska. During the year, development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico, bringing total U.S. net production to 2.1 million oil-equivalent barrels per day. Development activities also continued on the Golden Pass LNG export project, including mechanical completion of Train 1 in late 2025.
Oil and gas exploration and production rights are acquired from mineral interest owners through a lease. Mineral interest owners include the Federal and State governments, as well as private mineral interest owners. Leases typically have a primary term ranging from one to 10 years, and a production period beyond the primary term that normally remains in effect until production ceases. Under certain circumstances, a lease may be held beyond its primary term even if production has not commenced. In some instances a “fee interest” is acquired in private property where the underlying mineral interests and rights are purchased and owned outright.
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Canada / Other Americas
Production operations for the region are mainly in Canada, Guyana, and Brazil. Total operations in Canada provided 519 thousand oil-equivalent barrels per day in net production, where oil and gas operations are active onshore in Alberta and offshore in Newfoundland and Labrador. In Situ Bitumen operations also continue in Alberta. Canadian onshore licenses or leases are acquired for varying periods of time, with renewals or extensions possible. These licenses or leases generally define a specified scope of work and are held by production. Canadian offshore production licenses are valid for 25 years, with rights of extension for continued production. Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term.
In Guyana, the Yellowtail development commenced operations with the ONE GUYANA floating production, storage and offloading vessel, and development activities continued on the Uaru and Whiptail projects. The Hammerhead project was funded in 2025. The Petroleum Activities Act 2023 authorizes the Government of Guyana to license and enter petroleum agreements for petroleum exploration, development, production, and storage operations. The Act enables petroleum agreements to provide for an exploration period to be established by subsidiary legislation by the Minister (typically up to 10 years) and provide for a production period of 20 years for an oil field and 30 years for a gas field, each with a renewal period of up to 10 years.
Brazil commenced operations in the Bacalhau Phase 1 development with the start-up of the floating production, storage and offloading vessel.
Europe
The Pegasus-1 exploratory well was drilled offshore Cyprus and encountered a gas-bearing reservoir. Evaluations are ongoing to develop potential commercialization options.
Africa
ExxonMobil continued to participate in the Coral South Floating LNG in Mozambique, while operations continued in three producing deepwater blocks in Angola and three producing deepwater blocks in Nigeria. In Angola, a total of 1.6 net acres were relinquished and Block 15 amended its Production Sharing Agreement to extend the production license to 2037.
Asia
In 2025, ExxonMobil exited Thailand operations, while production activities continued throughout the region. Kazakhstan operations take place onshore and offshore through our partnerships in Tengiz and Kashagan. During the year, the Tengiz Expansion Project was completed and production ramped up to name-plate capacity. In Qatar, ExxonMobil participated in 45.7 million tonnes per year of gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity. Development activities continued on the North Field East and North Field Production Sustainment projects. Ongoing activities in the United Arab Emirates continued on the phased development of the Upper Zakum field.
Australia / Oceania
In Australia, development activities progressed on the Jansz-Io Compression Project and the Gorgon Stage 3 project was fully funded. Australia and Papua New Guinea account for 22.5 million metric tons of LNG per year.
Worldwide Exploration
Exploration activities were under way in several countries in which ExxonMobil has no established production operations and thus are not included above. Net acreage totaled 15.8 million acres at year-end 2025.
6. Delivery Commitments
ExxonMobil sells crude oil and natural gas from its producing operations under a variety of contractual obligations, some of which may specify the delivery of a fixed and determinable quantity for periods longer than one year. ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and the spot market. Worldwide, we are contractually committed to deliver approximately 73 million barrels of oil and 2.9 trillion cubic feet of natural gas for the period from 2026 through 2028. We expect to fulfill the majority of these delivery commitments with production from our proved developed reserves. Any remaining commitments will be fulfilled with production from our proved undeveloped reserves and purchases on the open market as necessary.
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7. Oil and Gas Properties, Wells, Operations and Acreage
A. Gross and Net Productive Wells
Gross and Net Productive Wells Year-End 2025
Year-End 2024
Oil Gas Oil Gas
Gross Net Gross Net Gross Net Gross Net
Consolidated Subsidiaries
United States 25,816 15,760 3,270 1,833 30,333 17,078 7,579 4,340
Canada/Other Americas 4,143 4,067 2,815 983 4,092 4,025 2,865 1,017
Europe 363 106 352 192 371 113 359 192
Africa 352 94 — — 359 94 — —
Asia 797 244 140 83 789 243 151 87
Australia/Oceania 46 8 103 38 326 48 104 40
Total Consolidated Subsidiaries 31,517 20,279 6,680 3,129 36,270 21,601 11,058 5,676
Equity Companies
United States 2,551 322 3,291 323 2,573 329 3,303 326
Europe 57 20 174 64 57 20 332 102
Africa — — 6 2 — — 6 2
Asia 239 60 142 36 233 58 150 31
Total Equity Companies 2,847 402 3,613 425 2,863 407 3,791 461
Total gross and net productive wells 34,364 20,681 10,293 3,554 39,133 22,008 14,849 6,137
There were 22,778 gross and 20,151 net operated wells at year-end 2025 and 25,610 gross and 22,837 net operated wells at year-end 2024. The number of wells with multiple completions was 418 gross in 2025 and 434 gross in 2024.
B. Gross and Net Developed Acreage
Gross and Net Developed Acreage
(thousands of acres)
Year-End 2025
Year-End 2024
Gross Net Gross Net
Consolidated Subsidiaries
United States 7,715 5,083 10,668 7,021
Canada/Other Americas (1)
1,849 1,300 1,903 1,342
Europe 918 546 954 555
Africa 1,455 428 1,455 428
Asia 1,424 422 1,473 427
Australia/Oceania 3,142 1,043 3,142 1,043
Total Consolidated Subsidiaries 16,503 8,822 19,595 10,816
Equity Companies
United States 581 113 581 113
Europe 2,612 921 3,590 1,109
Africa 178 44 178 44
Asia 630 148 665 152
Total Equity Companies 4,001 1,226 5,014 1,418
Total gross and net developed acreage 20,504 10,048 24,609 12,234
(1) Includes developed acreage in Other Americas of 348 gross and 151 net thousands of acres for 2025 and 379 gross and 190 net thousands of acres for 2024.
Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage.
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C. Gross and Net Undeveloped Acreage
Gross and Net Undeveloped Acreage
(thousands of acres)
Year-End 2025
Year-End 2024
Gross Net Gross Net
Consolidated Subsidiaries
United States 5,189 2,086 6,707 2,632
Canada/Other Americas (1)
21,599 10,760 21,457 9,842
Europe 11,908 7,752 11,988 7,770
Africa 12,712 8,060 17,476 11,301
Asia 745 215 766 227
Australia/Oceania 3,346 1,661 3,554 1,805
Total Consolidated Subsidiaries 55,499 30,534 61,948 33,577
Equity Companies
United States — — — —
Europe — — 381 110
Africa 418 104 418 104
Asia 298 19 298 19
Total Equity Companies 716 123 1,097 233
Total gross and net undeveloped acreage 56,215 30,657 63,045 33,810
(1) Includes undeveloped acreage in Other Americas of 15,407 gross and 7,527 net thousands of acres for 2025 and 14,914 gross and 6,381 net thousands of acres for 2024.
ExxonMobil’s investment in developed and undeveloped acreage is comprised of numerous concessions, blocks, and leases. The terms and conditions under which the Corporation maintains exploration and/or production rights to the acreage are property-specific, contractually defined, and vary significantly from property to property. Work programs are designed to ensure that the exploration potential of any property is fully evaluated before expiration. In some instances, the Corporation may elect to relinquish acreage in advance of the contractual expiration date if the evaluation process is complete and there is not a business basis for extension. In cases where additional time may be required to fully evaluate acreage, the Corporation has generally been successful in obtaining extensions. The scheduled expiration of leases and concessions for undeveloped acreage over the next three years is not expected to have a material adverse impact on the Corporation.
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Information with regard to refining and chemical capacity:
ExxonMobil manufactures, trades, and sells petroleum and petrochemical products. Our refining and chemical operations are highly integrated and encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a range of fuels, specialty products, feedstocks, olefins, polyolefins, and a wide variety of other products to our customers around the world.
Capacity At Year-End 2025 (1)
ExxonMobil
Interest % ExxonMobil’s Share of Refining Capacity (2)
Ethylene Polyethylene Polypropylene
(thousands of barrels daily) (millions of metric tons per year)
United States
Joliet Illinois ■ 100 267 — — —
Baton Rouge Louisiana ■ ▲ ● 100 523 1.1 1.3 1.0
Baytown Texas ■ ▲ ● 100 565 4.0 — 0.8
Beaumont Texas ■ ▲ ● 100 612 0.9 1.7 —
Corpus Christi Texas ● 50 — 0.9 0.7 —
Mont Belvieu Texas ● 100 — — 2.3 —
Total United States 1,967 6.9 6.0 1.8
Canada
Strathcona Alberta ■ 69.6 197 — — —
Nanticoke Ontario ■ 69.6 113 — — —
Sarnia Ontario ■ ● 69.6 124 0.3 0.5 —
Total Canada 434 0.3 0.5 —
Europe
Antwerp Belgium ■ ● 100 318 — 0.4 —
Meerhout Belgium ● 100 — — 0.5 —
Karlsruhe Germany ■ 25 78 — — —
Rotterdam Netherlands ■ ▲ ● 100 192 — — —
Fawley United Kingdom ■ ▲ ● 100 265 — — —
Fife (3)
United Kingdom ● 50 — 0.4 — —
Total Europe 853 0.4 0.9 —
Asia Pacific
Fujian China ■ ● 25 67 0.3 0.2 0.2
Huizhou China ● 100 — 1.6 1.7 0.9
Singapore Singapore ■ ▲ ● 100 592 1.9 1.9 1.0
Total Asia Pacific 659 3.8 3.8 2.1
Middle East
Al Jubail Saudi Arabia ▲ ● 50 — 0.7 0.7 —
Yanbu Saudi Arabia ■ ● 50 200 1.0 0.7 0.2
Total Middle East 200 1.7 1.4 0.2
Total Worldwide 4,113 13.1 12.5 4.1
■ Energy Products ▲ Specialty Products ● Chemical Products
(1) ExxonMobil share reflects 100 percent for operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil’s interest or that portion of distillation capacity normally available to ExxonMobil.
(2) Refining capacity data is based on 100 percent of rated refinery process unit stream-day capacities to process inputs to atmospheric distillation units under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time. The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment.
(3) The Corporation announced the planned closure of the Fife Ethylene Plant, with shutdown activities expected to be completed in 2026.
Due to rounding, numbers presented above may not add up precisely to the totals indicated.
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Information with regard to retail fuel sites:
Within the Energy Products segment, retail fuels sites sell products and services throughout the world through our Exxon , Esso, and Mobil brands.
Number of Retail Fuel Sites At Year-End 2025
Owned/leased Distributors/resellers Total
United States — 10,206 10,206
Canada — 2,561 2,561
Europe 169 3,430 3,599
Asia Pacific 188 932 1,120
Latin America — 579 579
Middle East/Africa 168 300 468
Worldwide 525 18,008 18,533