What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-04 compared with 2025-11-03 · 361 added, 409 removed, 124 unchanged (86% of the section changed)

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

During the third quarter of 2025, the price of crude oil increased slightly relative to second quarter 2025, remaining near the middle of the 10-year historical range (2010-2019) supported by strong demand despite increased OPEC+ supply.

Natural gas prices remained at the top of the 10-year range on robust global demand.

Global industry refining margins moved toward the top of the 10-year historical range in the third quarter, impacted by industry supply outages coupled with strong demand.

Chemical margins remained at bottom of cycle, well below the 10-year range, with continued industry oversupply.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

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

FORWARD-LOOKING STATEMENTS

Statements related to future events;

descriptions of strategic, operating, and financial plans and objectives;

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 future plans related to carbon capture,

transportation and storage, lower-emission fuels, hydrogen and ammonia, direct air capture, Proxxima TM systems, carbon

materials, lithium, low-carbon data centers, 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.

Actual future results, including financial and operating performance;

potential earnings, cash flow, dividends or shareholder

returns, including the timing and amounts of share repurchases;

total capital expenditures and mix, including allocations of

capital to low carbon and other new investments;

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 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;

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 CO 2 , 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;

future debt levels and credit ratings;

business and project plans, timing, costs,

capacities and profitability;

resource recoveries and production rates;

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, margins,

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 or 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;

price impacts and the broader government responses to inflationary pressures;

changes in interest and exchange rates;

impacts of trading activities and derivative positions, including timing effects, on our margins and results each quarter;

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;

the outcome of competitive bidding and project awards;

the ability to access debt

markets on favorable terms or at all;

the occurrence, pace, rate of recovery and effects of public health crises;

regulatory incentives consistent with law;

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 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 governments, non-governmental

organizations, or other actors against our core business activities and acquisitions, divestitures or financing opportunities;

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;

realignment, or breaking of current or historical trade or military alliances or global trade and supply chain networks;

geopolitical volatility, including regime changes;

expropriations, seizure, 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 disruptions or difficulties and unplanned

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

preferences including willingness and ability to pay for reduced emission products;

the results of research programs and the

ability to bring new technologies to commercial scale on a cost-competitive basis;

and other factors discussed under "Item 1A.

Risk Factors" of ExxonMobil’s 2025 Form 10-K.

Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an

indication that these statements are material to investors or require disclosure in our filing with the SEC or any other regulatory

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.

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 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.

Current trends for policy stringency and

development of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050.

As such, the Outlook does not

project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to

meet net zero by 2050.

As future policies and technology advancements emerge, they will be incorporated into the Outlook, and

ExxonMobil’s business plans will be updated accordingly.

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 Corporate planning process, and alignment with our partners and other stakeholders.

Capital investment

guidance in lower-emission investments is based on our Corporate plan;

however, actual investment levels will be subject to the

availability of the opportunity set and public policy support, and focused on returns.

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.

Supply disruptions driven by geopolitical event s in the Middle East impacted market conditions d uring the first quarter of 2026 .

March experienced the largest ever monthly gain in oil prices driven by reduced global oil supply.

Despite a sharp increase in

March, first quarter 2026 average crude oil prices increased slightly relative to fourth quarter 2025, remaining in the middle of

the 10-year historical range (2010-2019).

Significant LNG supply decline in March resulted in higher prices in Europe and

Asia, driving natural gas prices above the 10-year average.

Feedstock shortages resulted in lower refinery runs in the Middle

East and Asia with global industry refining margins remaining above the 10-year historical range.

Chemical margins remained

at bottom of cycle, well below the 10-year range, because of higher feedstock costs, particularly in Asia.

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.

and other countries implemented and adjusted a variety of trade-related measures, including tariffs on

certain imports.

Based on the Corporation’s assessment of these actions and their effects to date, we do not expect them to have

a material impact on the Corporation's consolidated financial position, results of operations, or cash flows.

Selected Earnings Driver Definitions

The earnings drivers provide additional visibility into our business results.

The Corporation evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market.

Listed below are descriptions of the earnings drivers:

The Corporation evaluates these drivers periodically

to determine if any enhancements may provide helpful insights to the market.

Listed below are descriptions of the earnings

Advantaged Volume Growth.

Represents earnings impacts from change in volume/mix from advantaged assets, advantaged projects, and high-value products.

Represents e arnings impacts from change in volume/mix from advantaged assets, advantaged

projects, and high-value products.

• Advantaged Assets (Advantaged growth projects).

1 unchanged sentence

• Advantaged Projects.

Includes capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns.

Includes capital projects and programs of work that contribute to Energy, Chemical, and/or

Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or

deliver higher than average returns.

• High-Value Products.

Includes performance products and lower-emission fuels.

Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.

Lower-emission fuels refers to fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.

Performance products (performance

chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications

through enhanced properties versus commodity alternatives and bring significant additional value to customers and

Lower-emission fuels refers to fuels with lower life cycle emissions than conventional transportation fuels

for gasoline, diesel and jet transport.

Represents all volume/mix drivers not included in Advantaged Volume Growth defined above.

Structural Cost Savings.

Represents after-tax earnings effects of Structural Cost Savings as defined on page 23 , including cash operating expenses related to divestments.

Represents a fter-tax earnings effects of Structural Cost Savings as defined on page 19 , including cash

operating expenses related to divestments.

Represents all expenses otherwise not included in other earnings drivers.

Timing Effects.

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).

Earnings (loss) excluding Identified Items (Non-GAAP)

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 may be less than $250 million when the item impacts several segments or several periods.

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.

The Corporation believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management.

Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S.

Three Months Ended

September 30, 2025

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

(millions of dollars) U.S.

Earnings (loss) (U.S.

GAAP) 1,228 4,451 858 982 329 186 354 386 (1,226) 7,548

Estimated Timing Effects.

Represents timing effects that are primarily related to unsettled derivatives which are required to be

marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected in earnings

until the physical transaction is complete.

It also includes estimated recognition differences between the settlement of

derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).

Impacts are expected to

unwind in subsequent periods.

Identified Items.

Impairments — — — — — — — — (155) (155)

Restructuring charges — — — — — — — — (355) (355)

Total Identified Items — — — — — — — — (510) (510)

Earnings (loss) excluding Identified Items (Non-GAAP)

1,228 4,451 858 982 329 186 354 386 (716) 8,058

Represents individually significant non-operational events with, typically, an absolute corporate total earnings

impact of at least $250 million in a given quarter.

The impact of an Identified Item for an individual segment may be less than

$250 million when the item impacts several segments or several periods.

Cash Capital Expenditures (Non-GAAP)

Cash c apital expenditures (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 "I nflows from noncontrolling

interests for major projects", each from the Consolidated Statement of Cash Flows, and excludes advances and collections not

related to capital expenditures or equity investments, for example, supply and marketing related advances and associated

This measure is useful for investors to understand the current period cash impact of investments in the business.

(millions of dollars)

Three Months Ended

September 30, 2024

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

(millions of dollars) U.S.

Earnings (loss) (U.S.

GAAP) 1,686 4,472 517 792 367 526 375 419 (544) 8,610

Identified Items

Total Identified Items — — — — — — — — — —

Earnings (loss) excluding Identified Items (Non-GAAP)

1,686 4,472 517 792 367 526 375 419 (544) 8,610

Nine Months Ended

September 30, 2025

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

(millions of dollars) U.S.

Earnings (loss) (U.S.

GAAP) 4,310 13,527 1,980 2,053 839 242 967 1,208 (2,783) 22,343

Identified Items

Impairments — — — — — — — — (155) (155)

Restructuring charges — — — — — — — — (355) (355)

Total Identified Items — — — — — — — — (510) (510)

Earnings (loss) excluding Identified Items (Non-GAAP)

4,310 13,527 1,980 2,053 839 242 967 1,208 (2,273) 22,853

Nine Months Ended

September 30, 2024

Upstream Energy Products Chemical Products Specialty Products Corporate and Financing Total

(millions of dollars) U.S.

Earnings (loss) (U.S.

GAAP) 5,170 13,722 1,803 1,828 1,397 1,060 1,226 1,080 (1,216) 26,070

Identified Items

Total Identified Items — — — — — — — — — —

Earnings (loss) excluding Identified Items (Non-GAAP)

5,170 13,722 1,803 1,828 1,397 1,060 1,226 1,080 (1,216) 26,070

References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S.

GAAP) from the Condensed Consolidated Statement of Income.

Unless otherwise indicated, references to earnings (loss);

Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing earnings (loss);

and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

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

Additions to property, plant and equipment

Additional investments and advances

Other investing activities including collection of advances

Inflows from noncontrolling interests for major projects

Advances and collections not related to capital expenditures or equity investments

Total Cash Capex (Non-GAAP)

Energy Products

Chemical Products

Specialty Products

Total Cash Capex (Non-GAAP)

Structural Cost Savings (Non-GAAP)

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 $14.3 billion, which included an additional $2.2 billion in the first nine months of 2025.

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.

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 savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels.

Structural Cost Savings are stewarded internally to support management's oversight of spending over time.

This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.

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 $15.6 billion ,

which included an additional $0.6 billion in the first three months of 2026 .

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.

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 savings may be revised depending on whether cost reductions realized in prior periods are determined to be

sustainable compared to 2019 levels.

Structural Cost Savings are stewarded internally to support management's oversight of

spending over time.

This measure is useful for investors to understand the Corporation's efforts to optimize spending through

disciplined expense management.

Dollars in billions (unless otherwise noted)

Twelve Months

Ended December 31, Nine Months Ended

September 30,

2019 2024 2024 2025

Ended December 31,

Three Months Ended

Components of Operating Costs

5 unchanged sentences

Non-service pension and postretirement benefit expense

Subtotal 69.7 74.0 53.7 57.4

ExxonMobil’s share of equity company expenses (Non-GAAP)

Total Adjusted Operating Costs (Non-GAAP)

78.8 83.6 60.8 65.3

Total Adjusted Operating Costs (Non-GAAP)

78.8 83.6 60.8 65.3

Depreciation and depletion (includes impairments)

3 unchanged sentences

Total Cash Operating Expenses (Cash Opex) (Non-GAAP)

55.0 56.4 41.3 43.0

Energy and production taxes (Non-GAAP)

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

44.0 42.5 31.0 31.8

Estimated Cumulative vs

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

Market +4.0 +0.5

Total Cash Operating Expenses (Cash Opex) excluding Energy

and Production Taxes (Non-GAAP)

Cumulative vs

Total Cash Operating Expenses (Cash Opex) excluding Energy

and Production Taxes (Non-GAAP)

Activity / Other

Structural Cost Savings

-12.1 -2.2 -14.3

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

REVIEW OF THIRD QUARTER 2025 RESULTS

ExxonMobil’s third quarter 2025 earnings were $7.5 billion, compared to $8.6 billion a year earlier.

The decrease in earnings was mainly driven by weaker crude prices, lower chemical margins, and higher expenses from growth initiatives;

partly offset by stronger refining margins, increased volumes from advantaged Upstream investments in Guyana and the Permian, and Structural Cost Savings from base efficiencies and divestments.

Cash capital expenditures were $8.6 billion, up $2.2 billion from third quarter 2024.

Earnings for the first nine months of 2025 were $22.3 billion, compared to $26.1 billion a year earlier.

Cash capital expenditures were $20.9 billion, up $2.7 billion from the first nine months of 2024.

The Corporation distributed $12.9 billion in dividends to shareholders and repurchased $14.9 billion of common stock.

REVIEW OF FIRST QUARTER 2026 RESULTS

ExxonMobil’s first quarter 2026 earnings were $4.2 billion , compared to $7.7 billion a year earlier.

The decrease in earnings

was mainly driven by unfavorable mark-to-market effects, higher expenses related to depreciation and Middle East volume

partly offset by higher prices and margins, increased volumes from advantaged Upstream investments in Guyana and

the Permian and structural cost savings .

Cash c apital expenditure s were $6.2 billion , up $0.3 billion from first quarter 2025 .

Upstream Financial Results

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(millions of dollars)

Earnings (loss) (U.S.

United States

4,451 4,472 13,527 13,722

Total 5,679 6,158 17,837 18,892

Earnings (loss) excluding Identified Items (1) (Non-GAAP)

United States 1,228 1,686 4,310 5,170

4,451 4,472 13,527 13,722

Total 5,679 6,158 17,837 18,892

(1) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Upstream Third Quarter Earnings Driver Analysis (millions of dollars)

Price – Price impacts decreased earnings by $1,510 million, mainly driven by lower liquids realizations.

Advantaged Volume Growth – Increased earnings by $630 million, mainly driven by Permian and Guyana growth.

Base Volume – Decreased earnings by $380 million as a result of non-strategic asset divestments.

Upstream First Quarter Earnings Driver Analysis (millions of dollars)

Price – Decreased earnings by $280 million , on lower gas realizations, partially offset by higher crude realizations.

Advantaged Volume Growth – Increased earnings by $610 million , mainly driven by record Guyana production, partially offset

by Middle East disruption impacts.

Base Volume – Decreased earnings by $380 million , from divestments and Kazakhstan downtime.

Structural Cost Savings – Increased earnings by $170 million .

Expenses – Decreased earnings by $10 million.

Expenses – Decreased earnings by $650 million due to higher depreciation.

Other – Increased earnings by $200 million , primarily driven by one-time tax items.

Timing Effects – Increased earnings by $120 million, mainly from the absence of unfavorable derivatives mark-to-market impacts.

Upstream Year-to-Date Earnings Driver Analysis (millions of dollars)

Price – Price impacts decreased earnings by $3,980 million, driven by lower liquids realizations on higher industry supply.

Advantaged Volume Growth – Increased earnings by $1,500 million, mainly driven by Permian and Guyana growth.

Base Volume – Decreased earnings by $450 million as a result of non-strategic asset divestments, partially offset by ramp-up of the Tengiz expansion.

Structural Cost Savings – Increased earnings by $960 million.

Expenses – Decreased earnings by $480 million, primarily from higher depreciation on the Tengiz expansion.

Other – Increased earnings by $850 million, driven by favorable foreign exchange effects and tax items.

Timing Effects – Increased earnings by $540 million from favorable derivatives mark-to-market impacts and the absence of unfavorable prior year impacts.

Estimated Timing Effects – Decreased earnings by $690 million , mainly from unfavorable derivatives mark-to-market impacts

to be reversed over time.

Upstream Operational Results

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net production of crude oil, natural gas liquids, bitumen and synthetic oil

2 unchanged sentences

Canada/Other Americas

Europe 3 4 3 4

Africa 145 199 140 213

Asia 830 734 809 719

Australia/Oceania

Worldwide 3,380 3,187 3,261 2,911

Net natural gas production available for sale

2 unchanged sentences

Canada/Other Americas

Europe 265 350 302 353

Africa 118 140 114 152

Asia 3,157 3,347 3,272 3,369

Australia/Oceania

Worldwide 8,334 8,369 8,341 7,993

Oil-equivalent production (1)

(thousands of oil-equivalent barrels daily)

4,769 4,582 4,651 4,243

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

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

Upstream Additional Information

(thousands of barrels daily) Three Months Ended

September 30, Nine Months Ended

September 30,

(thousands of barrels daily)

Three Months Ended

Volumes reconciliation (Oil-equivalent production) (1)

2 unchanged sentences

Government Mandates

Divestments (115) (135)

Growth / Other

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

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

3Q 2025 production of 4.8 million oil-equivalent barrels per day increased 187 thousand oil-equivalent barrels per day from 3Q 2024, driven by Permian and Guyana growth.

4.7 million oil-equivalent barrels per day in 2025 increased 408 thousand oil-equivalent barrels per day from 2024, driven by Permian production.

Listed below are descriptions of ExxonMobil’s volumes reconciliation drivers which are provided to facilitate understanding of the terms.

Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to volume-determining drivers.

These drivers consist of net interest changes specified in Production Sharing Contracts (PSCs), which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession.

Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices.

Entitlements - Price / Spend / Other are changes to ExxonMobil’s share of production volumes resulting from temporary changes to non-operational volume-determining drivers.

These drivers include changes in oil and gas prices or spending levels from one period to another.

According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil.

For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs.

These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas.

Such drivers can also include other temporary changes in net interest as dictated by specific provisions in production agreements.

Government Mandates are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions imposed by governments.

Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration.

Growth and Other comprise all other operational and non-operational drivers not covered by the above definitions that may affect volumes attributable to ExxonMobil.

Such drivers include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.

1Q 2026 production of 4.6 million oil-equivalent barrels per day increased 43 thousand oil-

equivalent barrels per day from 1Q 2025 , driven by Permian and Guyana growth, partially offset

by Middle East disruptions and Kazakhstan downtime.

Listed below are descriptions of ExxonMobil’s volumes reconciliation drivers which are provided to facilitate understanding of

Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to

volume-determining drivers.

These drivers consist of net interest changes specified in Production Sharing Contracts (PSCs),

which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity

upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as

a result of the termination or expiry of a concession.

Once a net interest change has occurred, it typically will not be reversed by

subsequent events, such as lower crude oil prices.

Entitlements - Price / Spend / Other are changes to ExxonMobil’s share of production volumes resulting from temporary

changes to non-operational volume-determining drivers.

These drivers include changes in oil and gas prices or spending levels

from one period to another.

According to the terms of contractual arrangements or government royalty regimes, price or

spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil.

For example, at

higher prices, fewer barrels are required for ExxonMobil to recover its costs.

These effects generally vary from period to period

with field spending patterns or market prices for oil and natural gas.

Such drivers can also include other temporary changes in

net interest as dictated by specific provisions in production agreements.

Government Mandates are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions

imposed by governments.

Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce

equity in a field or asset in exchange for financial or other economic consideration.

Growth and Other comprise all other operational and non-operational drivers not covered by the above definitions that may

affect volumes attributable to ExxonMobil.

Such drivers include, but are not limited to, production enhancements from project

and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field

decline, and any fiscal or commercial terms that do not affect entitlements.

ENERGY PRODUCTS

Energy Products Financial Results

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(millions of dollars)

Earnings (loss) (U.S.

United States

982 792 2,053 1,828

Total 1,840 1,309 4,033 3,631

Earnings (loss) excluding Identified Items (1) (Non-GAAP)

United States 858 517 1,980 1,803

982 792 2,053 1,828

Total 1,840 1,309 4,033 3,631

(1) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Energy Products Third Quarter Earnings Driver Analysis (millions of dollars)

Margin – Increased earnings by $1,010 million from stronger industry refining margins driven by supply disruptions.

Advantaged Volume Growth – Increased earnings by $40 million.

Base Volume – Increased earnings by $40 million.

Structural Cost Savings – Increased earnings by $130 million.

Expenses – Decreased earnings by $220 million driven by growth projects.

Other – Decreased earnings by $20 million.

Timing Effects – Decreased earnings by $450 million, mainly from the absence of prior year favorable derivatives mark-to-market impacts.

Energy Products Year-to-Date Earnings Driver Analysis (millions of dollars)

Margins – Decreased earnings by $90 million.

Energy Products First Quarter Earnings Driver Analysis (millions of dollars)

Margin – Increased earnings by $2,420 million , including strong results from trading and optimization.

Advantaged Volume Growth – Increased earnings by $150 million .

Base Volume – Increased earnings by $240 million, mainly driven by lower scheduled maintenance and stronger reliability.

Base Volume – Decreased earnings by $260 million , mainly driven by Middle East supply disruptions .

Structural Cost Savings – Increased earnings by $160 million .

Expenses – Decreased earnings by $230 million, primarily driven by growth projects, partially offset by lower scheduled maintenance.

Other – All other items, mainly driven by the absence of unfavorable inventory impacts, increased earnings by $160 million.

Timing Effects – Decreased earnings by $150 million, primarily from the absence of prior year favorable derivatives mark-to-market impacts.

Expenses – Decreased earnings by $250 million , driven by scheduled maintenance and growth projects.

Other – Decreased earnings by $270 million , driven by unfavorable foreign exchange rate effects.

Estimated Timing Effects – Decreased earnings by $3,330 million , on unfa vorable derivative mark-to-market impacts.

Identified Items – 1Q26 $(706) million loss due to supply disruptions in the Middle East preventing physical shipments

associated with hedges.

Energy Products Operational Results

(thousands of barrels daily) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(thousands of barrels daily)

Refinery throughput

United States

Canada 425 389 400 395

Europe 1,055 1,135 1,003 1,026

Asia Pacific 471 449 453 432

Other 191 157 187 169

Worldwide 4,106 3,985 3,952 3,856

Energy Products sales (1)

United States

2,817 2,758 2,685 2,699

Worldwide 5,692 5,580 5,522 5,378

Gasoline, naphthas

1 unchanged sentence

Aviation fuels

Heavy fuels 241 199 215 198

Other energy products

Worldwide 5,692 5,580 5,522 5,378

(1) Data reported net of purchases/sales contracts with the same counterparty.

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

CHEMICAL PRODUCTS

Chemical Products Financial Results

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(millions of dollars)

Earnings (loss) (U.S.

United States

186 526 242 1,060

Total 515 893 1,081 2,457

Earnings (loss) excluding Identified Items (2) (Non-GAAP)

United States 329 367 839 1,397

186 526 242 1,060

Total 515 893 1,081 2,457

(2) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Chemical Products Third Quarter Earnings Driver Analysis (millions of dollars)

Margin – Weaker margins decreased earnings by $510 million on lower North America ethane feed advantage.

Chemical Products First Quarter Earnings Driver Analysis (millions of dollars)

Margin – Compressed margins decreased earnings by $340 million on lower realizations and increased feed costs.

Advantaged Volume Growth – Increased earnings by $50 million .

1 unchanged sentence

Structural Cost Savings – Increased earnings by $70 million .

Expenses – Decreased earnings by $80 million, driven by China Chemical Complex costs.

Other – Increased earnings by $40 million.

Chemical Products Year-to-Date Earnings Driver Analysis (millions of dollars)

Margins – Weaker margins decreased earnings by $1,280 million, mainly on lower North America ethane feed advantage.

Advantaged Volume Growth – Record high-value product sales increased earnings by $100 million.

Base Volume – Decreased earnings by $60 million.

Structural Cost Savings – Increased earnings by $180 million.

Expenses – Higher expenses, including China Chemical Complex ramp-up, decreased earnings by $340 million.

Expenses – Decreased earnings by $40 million .

Other – Increased earnings by $10 million .

Chemical Products Operational Results

(thousands of metric tons) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(thousands of metric tons)

Chemical Products sales (1)

United States

3,825 3,123 10,388 9,401

Worldwide 5,520 4,830 15,560 14,757

(1) Data reported net of purchases/sales contracts with the same counterparty.

1 unchanged sentence

Specialty Products Financial Results

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(millions of dollars)

Earnings (loss) (U.S.

United States

386 419 1,208 1,080

Total 740 794 2,175 2,306

Earnings (loss) excluding Identified Items (2) (Non-GAAP)

United States 354 375 967 1,226

386 419 1,208 1,080

Total 740 794 2,175 2,306

(2) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Specialty Products Third Quarter Earnings Driver Analysis (millions of dollars)

Margin – Weaker basestock margins, partially offset by stronger finished lubes margins, decreased earnings by $70 million.

Specialty Products First Quarter Earnings Driver Analysis (millions of dollars)

Margin – Compressed margins decreased earnings by $110 million on increased feed costs.

Advantaged Volume – Increased earnings by $40 million .

1 unchanged sentence

Structural Cost Savings – Increased earnings by $40 million .

Expenses – Decreased earnings by $60 million.

Expenses – Increased earnings by $10 million .

Other – Increased earnings by $30 million .

Specialty Products Year-to-Date Earnings Driver Analysis (millions of dollars)

Margins – Stronger finished lubes margins on lower feed costs increased earnings by $30 million.

Advantaged Volume Growth – Increased earnings by $30 million.

Base Volume – Decreased earnings by $30 million.

Structural Cost Savings – Increased earnings by $100 million.

Expenses – Higher expenses, including spending on carbon materials market development and Proxxima TM systems, decreased earnings by $190 million.

Other – Decreased earnings by $70 million on unfavorable foreign exchange impacts.

Specialty Products Operational Results

(thousands of metric tons) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(thousands of metric tons)

Specialty Products sales (1)

United States

1,458 1,471 4,421 4,363

Worldwide 1,932 1,959 5,872 5,852

(1) Data reported net of purchases/sales contracts with the same counterparty.

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

CORPORATE AND FINANCING

Corporate and Financing Financial Results

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(millions of dollars)

Earnings (loss) (U.S.

GAAP) (1,226) (544) (2,783) (1,216)

Identified Items (2)

(510) — (510) —

Earnings (loss) excluding Identified Items (2) (Non-GAAP)

(716) (544) (2,273) (1,216)

(2) Refer to page 22 for definition of Identified Items and earnings (loss) excluding Identified Items.

Corporate and Financing expenses were $1,226 million for the third quarter of 2025, $682 million higher than the third quarter of 2024, due to lower interest income and increased pension-related expenses, partially offset by favorable tax impacts.

Corporate and Financing expenses were $2,783 million for the first nine months of 2025, $1,567 million higher than 2024, due to lower interest income, unfavorable foreign exchange, and increased pension-related expenses, partially offset by favorable tax impacts.

Corporate and Financing expenses were $1,053 million for the first quarter of 2026 , $255 million higher than the first quarter of

2025 , due to lower interest income and the absence of favorable tax items.

(1) Net debt is total debt of $47.7 billion less $8.4 billion of cash and cash equivalents excluding restricted cash .

Net debt to capital ratio is net debt divided by

net debt plus total equity of $261.0 billion .

Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.

LIQUIDITY AND CAPITAL RESOURCES

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(millions of dollars)

Three Months Ended

Net cash provided by/(used in)

7 unchanged sentences

Net cash provided by operating activities (U.S.

GAAP) 14,788 17,569 39,291 42,793

Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments 139 127 2,138 1,756

Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns

of investments

Cash flow from operations and asset sales (Non-GAAP)

14,927 17,696 41,429 44,549

Because of the ongoing nature of our asset management and divestment program, 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.

Cash flow from operations and asset sales in the third quarter of 2025 was $14.9 billion, a decrease of $2.8 billion from the comparable 2024 period.

Cash provided by operating activities totaled $39.3 billion for the first nine months of 2025, $3.5 billion lower than 2024.

Net income including noncontrolling interests was $23.2 billion, a decrease of $4.0 billion from the prior year period.

The adjustment for the noncash provision of $18.3 billion for depreciation and depletion was up $1.4 billion from 2024.

Changes in operational working capital were a reduction of $5.0 billion during the period.

All other items net increased cash flows by $2.9 billion in 2025 versus a decrease of $0.9 billion in 2024.

See the Condensed Consolidated Statement of Cash Flows for additional details.

Investing activities for the first nine months of 2025 used net cash of $18.8 billion, an increase of $3.1 billion compared to the prior year.

Because of the ongoing nature of our asset management and divestment program, 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.

Cash flow from operations and asset sales in the first quarter of 2026 was $8.9 billion , a decrease of $5.9 billion from the

comparable 2025 period.

Cash provided by operating activities totaled $8.7 billion for the first three months of 2026 , $4.2 billion lower than 2025 .

income including noncontrolling interests was $4.5 billion , a decrease of $3.6 billion from the prior year period.

The adjustment

for the noncash provision of $6.8 billion for depreciation and depletion was up $1.1 billion from 2025 .

Changes in operational

working capital were a reduction of $1.8 billion during the period.

All other items net decreased cash flows by $0.8 billion in

2026 versus an increase of $0.1 billion in 2025 .

See the Condensed Consolidated Statement of Cash Flows for additional

Investing activities for the first three months of 2026 used net cash of $6.0 billion , an increase of $1.9 billion compared to the

Spending for additions to property, plant and equipment of $6.5 billion was $0.6 billion higher than 2025 .

Proceeds from asset sales were $2.1 billion, an increase of $0.4 billion compared to the prior year.

Net investments and advances decreased $0.7 billion from $0.7 billion in 2024.

Net cash used in financing activities was $30.3 billion in the first nine months of 2025, including $14.9 billion for the purchase of 136 million shares of ExxonMobil stock, as part of the previously announced buyback program.

This compares to net cash used in financing activities of $31.6 billion in the prior year.

Total debt at the end of the third quarter of 2025 was $42.0 billion compared to $41.7 billion at year-end 2024.

The Corporation's debt to total capital ratio was 13.5 percent at the end of the third quarter of 2025 compared to 13.4 percent at year-end 2024.

The net debt to capital ratio (1) was 9.5 percent at the end of the third quarter, an increase of 3.0 percentage points from year-end 2024.

The Corporation's capital allocation priorities are investing in competitively advantaged, high-return projects, maintaining a strong balance sheet, and sharing our success with our shareholders through more consistent share repurchases and a growing dividend.

The Corporation distributed a total of $12.9 billion to shareholders in the first nine months of 2025 through dividends.

from asset sales were $0.2 billion , a decrease of $1.6 billion compared to the prior year.

Net investments and advances

decreased $0.3 billion from $0.1 billion in 2025 .

Net cash used in financing activities was $4.9 billion in the first three months of 2026 , including $4.9 billion for the purchase of

33.6 million shares of ExxonMobil stock, as part of the previously announced buyback program.

This compares to net cash

used in financing activities of $13.6 billion in the prior year.

Total debt at the end of the first quarter of 2026 was $47.7 billion

compared to $43.5 billion at year-end 2025 .

The Corporation's debt to total capital ratio was 15.4 percent at the end of the first

quarter of 2026 compared to 14.0 percent at year-end 2025 .

The net debt to capital ratio (1) was 13.1 percent at the end of the

first quarter, an increase of 2.1 percentage points from year-end 2025 .

The Corporation's capital allocation priorities are

investing in competitively advantaged, high-return projects, maintaining a strong balance sheet, and sharing our success with

our shareholders through more consistent share repurchases and a growing dividend.

The Corporation distributed a total of $4.3

billion to shareholders in the first three months of 2026 through dividends.

The Corporation has access to significant capacity of long-term and short-term liquidity.

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.

The Corporation had undrawn short-term committed lines of credit of $0.2 billion and undrawn long-term committed lines of credit of $0.4 billion as of the end of third quarter 2025.

On October 2, 2025, the Corporation established a 364-day revolving credit facility of $7.0 billion to provide short-term borrowing capacity for general corporate purposes.

(1) Net debt is total debt of $42.0 billion less $13.8 billion of cash and cash equivalents excluding restricted cash .

Net debt to capital ratio is net debt divided by net debt plus total equity of $268.2 billion.

Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.

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.

The Corporation had undrawn short-term committed lines of credit of $7.3 billion and undrawn long-term committed lines of

credit of $0.3 billion as of the end of first quarter 2026 .

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

Cash capex in the first quarter of

2026 was $6.2 billion , up $0.3 billion from the first quarter of 2025 .

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

to $29 billion in 2026 .

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

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

Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses.

Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time.

Key criteria for evaluating acquisitions include strategic fit, cost synergies, potential for future growth, low cost of supply, and attractive valuations.

Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in

either gains or losses.

Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio

through acquisitions of assets or companies, and enters into such transactions from time to time.

Key criteria for evaluating

acquisitions include strategic fit, cost synergies, potential for future growth, low cost of supply, and attractive valuations.

Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.

Litigation and other contingencies are discussed in Note 7 to the unaudited Condensed Consolidated Financial Statements.

Contractual Obligations

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.

Through the third quarter of 2025, the Corporation entered into a long-term purchase agreement with an estimated total obligation of approximately $2.3 billion.

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Income taxes 3,164 4,055 10,082 11,952

(millions of dollars)

Three Months Ended

Effective income tax rate

Total other taxes and duties (1)

7,319 7,609 21,589 22,300

Total 10,483 11,664 31,671 34,252

(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selli ng, general and administrative expenses”, each from the Consolidated Statement of Income.

Total taxes were $10.5 billion for the third quarter of 2025, a decrease of $1.2 billion from 2024.

Income tax expense was $3.2 billion compared to $4.1 billion in the prior year.

The effective income tax rate, which is calculated based on consolidated company income taxes and ExxonMobil's share of equity company income taxes, was 32 percent, lower than the prior year period due primarily to favorable one-time items.

Total other taxes and duties decreased by $0.3 billion to $7.3 billion.

Total taxes were $31.7 billion for the first nine months of 2025, a decrease of $2.6 billion from 2024.

Income tax expense decreased by $1.9 billion to $10.1 billion reflecting lower commodity prices.

The effective income tax rate of 34 percent was down compared to the prior year period due primarily to favorable one-time items.

Total other taxes and duties decreased by $0.7 billion to $21.6 billion.

CASH CAPITAL EXPENDITURES (Non-GAAP)

Cash capital expenditures (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.

This measure is useful for investors to understand the current period cash impact of investments in the business.

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Additions to property, plant and equipment 8,727 6,160 20,908 17,469

Additional investments and advances 501 294 973 1,038

Other investing activities including collection of advances (610) (87) (949) (311)

Inflows from noncontrolling interests for major projects

(23) — (68) (12)

Total Cash Capex (Non-GAAP)

8,595 6,367 20,864 18,184

Cash capex in the third quarter of 2025 was $8.6 billion, up $2.2 billion from the third quarter of 2024.

(millions of dollars) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Upstream 7,614 4,950 18,276 14,406

Energy Products 442 616 982 1,600

Chemical Products 275 493 845 1,301

Specialty Products 109 95 316 257

Other 155 213 445 620

Total Cash Capex (Non-GAAP)

8,595 6,367 20,864 18,184

The Corporation plans to invest slightly below the lower end of the $27 billion to $29 billion range in 2025, excluding acquisitions.

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

FORWARD-LOOKING STATEMENTS

Statements related to future events;

descriptions of strategic, operating, and financial plans and objectives;

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 future plans related to carbon capture, transportation and storage, lower-emission fuels, hydrogen, ammonia, direct air capture, Proxxima TM systems, carbon materials, lithium, low-carbon data centers, 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.

Actual future results, including financial and operating performance;

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

total capital expenditures and mix, including allocations of capital to low carbon and other new investments;

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 unconventional operated assets by 2030 and in Pioneer Permian 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 CO 2 , 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;

future debt levels and credit ratings;

business and project plans, timing, costs, capacities and profitability;

resource recoveries and production rates;

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 standards or extraterritorial laws and regulations imposed by various jurisdictions related to sustainability and greenhouse gas reporting;

timely granting of governmental permits 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;

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

the outcome of competitive bidding and project awards;

the ability to access debt markets on favorable terms or at all;

the occurrence, pace, rate of recovery and effects of public health crises;

adoption of regulatory incentives consistent with law;

reservoir performance, 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 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 governments 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, realignment of global trade and supply chain networks, and disruptions in military alliances;

expropriations, seizure, 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;

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

consumer preferences including willingness and ability to pay for reduced emission products;

the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis;

and other factors discussed under "Item 1A.

Risk Factors" of ExxonMobil’s 2024 Form 10-K.

Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an indication that these statements are material to investors or require disclosure in our filing with the SEC or any other regulatory authority.

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.

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 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.

Current trends for policy stringency and development of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050.

As such, the Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050.

As future policies and technology advancements emerge, they will be incorporated into the Outlook, and ExxonMobil’s business plans will be updated accordingly.

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 Corporate planning process, and alignment with our partners and other stakeholders.

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

however, actual investment levels will be subject to the availability of the opportunity set and public policy support, and focused on returns.

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.

(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selli ng, general and

administrative expenses”, each from the Consolidated Statement of Income.

Total taxes were $9.3 billion for the first quarter of 2026 , a decrease of $1.4 billion from 2025 .

Income tax expense was $2.5

billion compared to $3.6 billion in the prior year.

The effective income tax rate, which is calculated based on consolidated

company income taxes and ExxonMobil's share of equity company income taxes, was 40 percent , 6 percent higher than the

prior year period driven by portfolio mix effects impacted by derivative mark-to-market losses.

Total other taxes and duties

decreased by $0.3 billion to $6.8 billion .

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information about market risks for the nine months ended September 30, 2025, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for 2024.

Information about market risks for the three months ended March 31, 2026 , does not differ materially from that discussed under

Item 7A of the registrant's Annual Report on Form 10-K for 2025 .

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis