What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-03 compared with 2026-05-04 · 207 added, 123 removed, 362 unchanged (48% of the section changed)

25 unchanged sentences

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;

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

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future debt levels and credit ratings;

business and project plans, timing, costs,

capacities and profitability;

maintenance and turnaround activity;

drilling and improvement programs;

product sales levels and mix;

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.

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

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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;

applicable to unconventional resources, the success of new unconventional and AI-enhanced technologies, and the ability of

new technologies to improve drilling performance and 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

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;

war, civil unrest, armed hostilities, attacks against the

company or industry, and other geopolitical or security disturbances, including disruption of land or sea transportation routes or

distribution or shipping channels;

decoupling of economies;

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;

disruption, realignment, or breaking of current or historical trade or

military alliances or global trade and supply chain networks;

escalating 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 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.

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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.

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.

Market conditions continued to be heavily influenced by supply disruptions in the Middle East and global refining capacity

reductions d uring the second quarter of 2026 .

A verage crude oil prices remained within the 10-year historical range

(2010-2019) with reduced refining capacity and inventory releases.

Natural gas prices remained elevated above the 10-year

average with ongoing supply disruptions.

Global industry refining margins were sharply above the 10-year historical range due

to unprecedented global refining capacity reductions.

Chemical margins improved but remained below the bottom of the 10-

year range with regional supply constraints impacting product availability, particularly in Asia.

Selected Earnings Driver Definitions

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projects, and high-value products.

Occasionally, additional granularity is provided to aid investors.

For example, Middle East

volumes are presented separately in this filing.

• Advantaged Assets (Advantaged growth projects).

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

Occasionally,

additional granularity is provided to aid investors.

For example, Middle East volumes are presented separately in this filing.

Structural Cost Savings.

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Three Months Ended

Six Months Ended

Additions to property, plant and equipment

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Inflows from noncontrolling interests for major projects

Advances and collections not related to capital expenditures or equity investments

Advances and collections not related to capital expenditures or

equity investments

Total Cash Capex (Non-GAAP)

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Relative to 2019, estimated cumulative Structural Cost Savings totaled $16.3 billion ,

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

which included an additional $1.2 billion in the first six months of 2026 .

The total change between periods in expenses below

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Ended December 31,

Three Months Ended

Six Months Ended

Components of Operating Costs

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Structural Cost Savings

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 .

REVIEW OF SECOND QUARTER 2026 RESULTS

ExxonMobil’s second quarter 2026 earnings were $14.5 billion , compared to $7.1 billion a year earlier.

supportive, but our performance reflected the strength of the portfolio and operating model.

The increase in earnings was driven

by higher prices and margins, advantaged investments across Upstream and Energy Products , and structural cost savings.

increase was partly offset by h igher expenses related to depreciation, lower volumes from scheduled maintenance and Middle

East disruptions, and identified items, primarily impairments and financial reserves .

Cash c apital expenditure s were $6.8

billion , up $0.2 billion from second quarter 2025 .

Earnings for the first six months of 2026 were $18.7 billion , compared to $14.8 billion a year earlier .

Cash capital expenditures

were $13.0 billion , up $0.4 billion from the first six months of 2025 .

The Corporation distributed $8.6 billion in dividends to

shareholders and repurchased $10.0 billion of common stock.

Upstream Financial Results

Three Months Ended

Six Months Ended

(millions of dollars)

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United States

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.

Upstream Second Quarter Earnings Driver Analysis (millions of dollars)

Price – Increased earnings by $4,650 million , on higher crude realizations, partly offset by lower gas realizations.

Advantaged Volume Growth – Increased earnings by $1,140 million , mainly driven by Guyana and Permian growth .

Base Volume – Decreased earnings by $130 million .

Middle East Volume - Decreased earnings by $1,060 million due to Middle East disruption impacts.

Structural Cost Savings – Increased earnings by $170 million .

Expenses – Decreased earnings by $690 million due to higher depreciation.

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

Other – Decreased earnings by $170 million mainly due to one-time tax impacts and absence of divestments.

Estimated Timing Effects – Decreased earnings by $180 million , mainly from unfavorable derivatives mark-to-market impacts.

to be reversed over time.

Identified Items – 2Q26 $(1,199) million loss from financial reserves .

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

Price – Increased earnings by $4,200 million , on higher crude realizations, partly offset by lower gas realizations .

Advantaged Volume Growth – Increased earnings by $1,940 million , mainly driven by Guyana and Permian growth.

Base Volume – Decreased earnings by $590 million from divestments and Kazakhstan downtime.

Middle East Volume - Decreased earnings by $1,280 million due to Middle East disruption impacts.

Structural Cost Savings – Increased earnings by $340 million .

Expenses – Decreased earnings by $1,510 million mainly due to higher depreciation .

Other – Increased earnings by $470 million , mainly from net favorable tax items.

Estimated Timing Effects – Decreased earnings by $870 million , mainly from unfavorable derivatives mark-to-market impacts.

Identified Items – 2026 $(1,199) million loss from financial reserves.

Upstream Operational Results

Three Months Ended

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

Six Months Ended

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

synthetic oil

(thousands of barrels daily)

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Three Months Ended

Six Months Ended

Volumes reconciliation (Oil-equivalent production) (1)

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

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.

2Q 2026 production of 4.5 million oil-equivalent barrels per day decreased 116 thousand oil-

equivalent barrels per day from 2Q 2025 , driven by Middle East disruption impacts, mostly

offset by Permian and Guyana growth.

4.6 million oil-equivalent barrels per day in 2026 decreased 37 thousand oil-equivalent barrels

per day from 2025 , driven by Middle East disruption impacts, mostly offset by Permian and

Guyana growth.

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

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Three Months Ended

Six Months Ended

(millions of dollars)

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United States

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

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

Margin – Increased earnings by $3,180 million from stronger refining margins .

Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased

earnings by $270 million .

Base Volume – Decreased earnings by $280 million , mainly driven scheduled maintenance .

Middle East Volume - Decreased earnings by $310 million due to Middle East supply disruptions impacting global operations.

Structural Cost Savings – Increased earnings by $110 million .

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

Expenses – Decreased earnings by $170 million , driven by growth projects and scheduled maintenance.

Other – Decreased earnings by $80 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.

Estimated Timing Effects – Increased earnings by $2,560 million , on fa vorable derivative mark-to-market impacts.

Identified Items – 2Q26 $(1,180) million loss m ainly from impairments.

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

Margins – Increased earnings by $5,530 million from stronger refining margins and improved trading and optimization.

Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased

earnings by $410 million .

Base Volume – Decreased earnings by $330 million , mainly driven by scheduled maintenance.

Middle East Volume - Decreased earnings by $460 million due to Middle East supply disruptions impacting global operations.

Structural Cost Savings – Increased earnings by $380 million .

Expenses – Decreased earnings by $600 million , primarily driven by higher scheduled maintenance and growth projects .

O ther – Decreased earnings by $260 million , mainly driven by unfavorable foreign exchange rate effects.

Estimated Timing Effects – Decreased earnings by $770 million , primarily from rising crude prices.

Identified Items – 2026 $(1,886) million loss due to impairments and supply disruptions in the Middle East preventing physical

shipments associated with hedges.

Energy Products Operational Results

Three Months Ended

Six Months Ended

(thousands of barrels daily)

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Three Months Ended

Six Months Ended

(millions of dollars)

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United States

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 .

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

Margin – Increased earnings by $980 million from increased North America ethane feed advantage and performance chemical

Advantaged Volume Growth – Decreased earnings by $130 million from weak Asia Pacific market dyna mics.

Base Volume – Increased earnings by $70 million .

Structural Cost Savings – Increased earnings by $20 million .

Expenses – Increased earnings by $40 million .

Other – Decreased earnings by $60 million .

Identified Items – 2Q26 $(83) million loss .

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

Margins – Increased earnings by $570 million , mainly from increased North America ethane feed advantage and performance

chemical margins.

Advantaged Volume Growth – Increased earnings by $10 million .

Base Volume – Increased earnings by $170 million from regional product mix .

Structural Cost Savings – Increased earnings by $150 million .

Expenses – Decreased earnings by $50 million .

Other – Increased earnings by $10 million .

Other – Decreased earnings by $90 million .

Identified Items – 2026 $(83) million loss .

Chemical Products Operational Results

Three Months Ended

Six Months Ended

(thousands of metric tons)

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Three Months Ended

Six Months Ended

(millions of dollars)

1 unchanged sentence

United States

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

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

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

Margin – Increased earnings by $270 million on higher basestock margins .

Advantaged Volume – Increased earnings by $10 million .

Base Volume – Decreased earnings by $30 million .

Middle East Volume - Decreased earnings by $110 million due to supply disruptions.

Structural Cost Savings – Increased earnings by $30 million .

Expenses – Increased earnings by $10 million .

Expenses – Decreased earnings by $20 million .

Other – Increased earnings by $40 million .

Identified Items – 2Q26 $(13) million loss .

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

Margins – Increased earnings by $120 million on higher basestock margins on supply disruptions .

Advantaged Volume Growth – Increased earnings by $10 million .

Base Volume – Decreased earnings by $30 million .

Middle East Volume - Decreased earnings by $50 million .

Structural Cost Savings – Increased earnings by $80 million .

Expenses – Decreased earnings by $10 million .

Other – Increased earnings by $60 million .

Identified Items – 2026 $(13) million loss .

Specialty Products Operational Results

Three Months Ended

Six Months Ended

(thousands of metric tons)

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Three Months Ended

Six Months Ended

(millions of dollars)

Earnings (loss) (U.S.

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.

Corporate and Financing expenses were $954 million for the second quarter of 2026 , $195 million higher than the second

quarter of 2025 , due to lower interest income and unfavorable tax impacts.

Corporate and Financing expenses were $2,007 million for the first six months of 2026 , $450 million higher than 2025 , due to

lower interest income and the absence of favorable tax items.

(1) Net debt is total debt of $42.4 billion less $10.6 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.

Net debt to capital ratio is net debt divided

by net debt plus total equity of $266.1 billion .

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

LIQUIDITY AND CAPITAL RESOURCES

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Three Months Ended

Six Months Ended

Net cash provided by/(used in)

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Net cash provided by operating activities (U.S.

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

of investments

Proceeds associated with sales of subsidiaries, property, plant &

equipment, and sales and returns of investments

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

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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

Cash flow from operations and asset sales in the second quarter of 2026 was $24.0 billion , an increase of $12.3 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

Cash provided by operating activities totaled $32.3 billion for the first six months of 2026 , $7.8 billion higher than 2025 .

income including noncontrolling interests was $19.4 billion , an increase of $4.0 billion from the prior year period.

adjustment for the noncash provision of $15.5 billion for depreciation and depletion was up $3.7 billion from 2025 .

operational working capital were a reduction of $3.9 billion during the period.

All other items net increased cash flows by $1.3

billion in 2026 versus an increase of $2.2 billion in 2025 .

See the Condensed Consolidated Statement of Cash Flows for

additional details.

Investing activities for the first six months of 2026 used net cash of $12.3 billion , an increase of $2.0 billion compared to the

Spending for additions to property, plant and equipment of $13.0 billion was $0.8 billion higher than 2025 .

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decreased $0.2 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.

Net cash used in financing activities was $19.9 billion in the first six months of 2026 , including $10.0 billion for the purchase

of 66.7 million shares of ExxonMobil stock, as part of the previously announced buyback program.

This compares to net cash

used in financing activities of $22.3 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.

Total debt at the end of the second quarter of 2026 was $42.4

billion compared to $43.5 billion at year-end 2025 .

The Corporation's debt to total capital ratio was 13.7 percent at the end of

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

The net debt to capital ratio (1) was 10.7 percent at the

end of the second quarter, a decrease of 0.3 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 $8.6 billion to shareholders in the first six months of 2026 through dividends.

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

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The Corporation had undrawn short-term committed lines of credit of $7.4 billion and undrawn long-term committed lines of

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

credit of $0.3 billion as of the end of second 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 .

Cash capex in the second quarter

of 2026 was $6.8 billion , up $0.2 billion from the second 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.

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

We also opportunistically may use

our cash and available liquidity to repurchase or retire our debt.

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

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Three Months Ended

Six Months Ended

Effective income tax rate

2 unchanged sentences

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 .

Total taxes were $10.7 billion for the second quarter of 2026 , an increase of $0.1 billion from 2025 .

Income tax expense was

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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.

company income taxes and ExxonMobil's share of equity company income taxes, was 24 percent , 10 percent lower than the

prior year period due primarily to a change in mix of results in jurisdictions with varying tax rates.

Total other taxes and duties

decreased by $1.1 billion to $6.1 billion .

Total taxes were $19.9 billion for the first six months of 2026 , a decrease of $1.3 billion from 2025 .

Income tax expense

increased by $0.1 billion to $7.0 billion .

The effective income tax rate of 29 percent was 5 percent down compared to the prior

year period due primarily to portfolio mix effects.

Total other taxes and duties decreased by $1.4 billion to $12.9 billion .

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

Information about market risks for the six months ended June 30, 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