Exxon Mobil Corp (XOM)

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Glenfarne and ConocoPhillips reach long-term gas supply deal for Alaska LNG project (COP)May 18, 2026 8:38 AM
IH Market News Glenfarne Alaska LNG LLC and ConocoPhillips (NYSE:COP) Alaska have entered into a 30-year gas sales precedent agreement covering natural gas supply from Alaska’s North Slope for the first phase of the Alaska LNG development. Agreement supports Phase One investment plans According to the companies, the agreement secures enough gas volumes to support a final investment decision for Phase One of the project while also providing sufficient supply to help meet Alaska’s long-term energy demand.Glenfarne is advancing the Alaska LNG project through a two-phase development strategy.The first phase includes construction of a 739-mile, 42-inch natural gas pipeline designed to transport gas from the North Slope to consumers across Alaska.The second phase will involve the addition of LNG export infrastructure located in Nikiski. Major North Slope producers now aligned with project With the latest agreement, Alaska LNG now has supply arrangements in place with all three major producers operating on Alaska’s North Slope: ConocoPhillips, Exxon Mobil (NYSE:XOM), and Hilcorp Alaska.The project has also secured participation from Great Bear Pantheon LLC, a subsidiary of Pantheon Resources (LSE:PANR).“All major North Slope producers have now committed enough natural gas to support a Phase One final investment decision,” said Adam Prestidge, president of Glenfarne Alaska LNG.ConocoPhillips Alaska president Erec Isaacson said the company’s involvement in Alaska LNG supports dependable long-term access to North Slope gas resources while complementing the company’s broader investment activity in Alaska. Full project includes export capacity expansion The complete Alaska LNG development is expected to include an 807-mile pipeline system capable of transporting North Slope natural gas for both domestic consumption and LNG exports.The project is designed to produce approximately 20 million tonnes per year of LNG for international markets.Glenfarne currently owns a 75% interest in Alaska LNG, while the remaining 25% stake is held by the State of Alaska through the Alaska Gasline Development Corporation.ConocoPhillips stock priceExxonMobil stock price Original: Glenfarne and ConocoPhillips reach long-term gas supply deal for Alaska LNG project (COP)

Texas Jury Clears Exxon Mobil in Investor Lawsuit Over Oil Sands and Gas Assets (XOM)May 15, 2026 6:02 AM
IH Market News A Texas jury ruled on Wednesday that Exxon Mobil (NYSE:XOM) was not liable in a lawsuit accusing the energy giant of misleading investors through disclosures connected to its Canadian oil sands business and Rocky Mountain natural gas operations. Investors Failed to Prove Fraud Claims The case, originally filed in 2016, alleged that Exxon hid losses tied to its Canadian bitumen assets, failed to properly reflect carbon-cost assumptions in reserve valuations, and postponed impairment charges related to dry gas assets in the Rocky Mountains.According to the jury verdict filed in federal court in Dallas, investors who purchased Exxon common shares between February 24, 2016 and October 28, 2016 did not demonstrate that the company had deceived shareholders. Dispute Focused on Reserve Valuations and Accounting Plaintiffs argued that Exxon shares traded at artificially elevated levels because the company allegedly withheld important information relating to reserve estimates and accounting methods tied to the affected assets.The verdict represents a significant legal win for Exxon, which has consistently denied wrongdoing in connection with the claims surrounding its energy asset disclosures.ExxonMobil stock price Original: Texas Jury Clears Exxon Mobil in Investor Lawsuit Over Oil Sands and Gas Assets (XOM)

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Chevron expands Mediterranean footprint with Malta oil and gas explorationMay 5, 2026 11:10 AM
IH Market News Chevron (NYSE:CVX) said Tuesday it will begin exploring for oil and gas south of Malta, extending its presence in the Mediterranean region and positioning itself near established producers such as Libya, Italy, and Tunisia. Malta itself currently has no active oil or gas production.The company noted that the initial phase will focus on exploration studies using existing geological and seismic data, rather than drilling new wells.Chevron already has a growing footprint across the Mediterranean, including operating stakes in Israel’s Leviathan and Tamar gas fields, as well as the Aphrodite project offshore Cyprus. In addition, the company holds exploration licenses in waters off Greece and Egypt.The move comes as major energy companies continue to target the Mediterranean for new resource opportunities. U.S. peer Exxon Mobil (NYSE:XOM) has also been expanding its exploration and production activities across the region.Chevron stock price Original: Chevron expands Mediterranean footprint with Malta oil and gas exploration

ExxonMobil Announces First-Quarter 2026 ResultsMay 1, 2026 6:30 AM
Business Wire

Delivered first-quarter earnings of $4.2 billion, or $8.8 billion excluding unfavorable estimated timing effects of $3.9 billion and an identified item of $0.7 billion



Generated earnings per share of $1.00, or $1.16 excluding the identified item, and $2.09 excluding the identified item and estimated timing effects



Sustained industry-leading reliability and delivered record production in Guyana1



Achieved first LNG at Golden Pass Train 1, increasing U.S. LNG exports by 5%



Generated a one-year total shareholder return of 48% and shareholder distributions of $9.2 billion



Leveraged world-scale supply chain capabilities to optimize the industry's largest and most diverse global portfolio, supporting customers in more than 180 countries



Exxon Mobil Corporation (NYSE:XOM):




Results Summary








Dollars in millions (except per share data)






1Q26






4Q25






Change




vs




4Q25






1Q25






Change




vs




1Q25








Earnings (U.S. GAAP)






4,183






6,501






-2,318






7,713






-3,530








Earnings Excluding Identified Items (non-GAAP)






4,889






7,256






-2,367






7,713






-2,824








Earnings Excluding Identified Items and Estimated Timing Effects (non-GAAP)






8,772






6,920






+1,852






7,584






+1,188








Earnings Per Common Share ²






1.00






1.53






-0.53






1.76






-0.76








Earnings Excluding Identified Items Per Common Share (non-GAAP) ²






1.16






1.71






-0.55






1.76






-0.60








Earnings Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP) ²






2.09






1.63






+0.46






1.73






+0.36







Exxon Mobil Corporation today announced first-quarter 2026 earnings of $4.2 billion, or $1.00 per share assuming dilution. Earnings excluding identified items were $4.9 billion, or $1.16 per share. Earnings were $8.8 billion, or $2.09 per share, excluding identified items and unfavorable estimated timing effects that unwind in subsequent periods.3 Cash flow from operating activities was $8.7 billion, or $13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives.4 Shareholder distributions of $9.2 billion included $4.3 billion of dividends and $4.9 billion of share repurchases, consistent with the company's previously announced plans.


"This quarter demonstrated that ExxonMobil is a fundamentally stronger company than it was just a few years ago, built to perform through disruption and across market cycles. Events in the Middle East tested that strength with the safety of our people remaining our top priority. Those events also underscored the importance of reliable, affordable energy products and the value of the capabilities we have built to deliver them," said Darren Woods, chairman and chief executive officer.


"The underlying business delivered strong results, reflecting the benefits of the strategy we have consistently executed since 2018. We have grown advantaged volumes, optimized our operations, reduced structural costs, and strengthened our earnings power. The result is a more resilient, lower-cost business, grounded in advantaged assets, disciplined capital allocation, and execution excellence. That foundation gives us a durable platform to grow earnings, cash flow, and shareholder value through 2030 and beyond."




1






Guyana 1Q26 FPSO performance is industry-leading in operational availability against Solomon Associates’ most current benchmarking report, dated April 2026. Solomon defines industry-leading as the top two performers.








2






Assuming dilution.








3






Estimated timing effects, which unwind in subsequent periods, are primarily related to unsettled derivatives that 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).








4






Margin postings refer to cash collateral posted in support of derivative positions on regulated futures exchanges like ICE and CME.







Financial Highlights



First-quarter earnings were $4.2 billion compared to $7.7 billion in the first quarter of 2025. Earnings excluding identified items and estimated timing effects were $8.8 billion versus $7.6 billion in the same period last year. Identified items of $0.7 billion reflect losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions. Unfavorable estimated timing effects of $3.9 billion reflect the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. These timing effects were primarily driven by unsettled derivatives that are required to be marked to current period-end prices, where the associated physical shipments are not reflected in earnings until completion of the physical transactions. Higher prices and margins, advantaged volume growth, and structural cost savings were partly offset by higher expenses from advantaged investments and Middle East volume impacts.



The company has delivered $15.6 billion in cumulative Structural Cost Savings since 2019, with an additional $0.6 billion achieved during the quarter. Structural Cost Savings are expected to reach $20 billion by 2030.



The company generated cash flow from operations of $8.7 billion, or $13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives, and free cash flow of $2.7 billion. Industry-leading shareholder distributions of $9.2 billion included $4.3 billion of dividends and $4.9 billion of share repurchases, on pace with plans to repurchase $20 billion of shares in 2026, assuming reasonable market conditions. ExxonMobil also delivered industry-leading first quarter total shareholder return (TSR) of 42%.1



The Corporation declared a second-quarter dividend of $1.03 per share, payable on June 10, 2026, to shareholders of record of Common Stock at the close of business on May 15, 2026.



The company's industry-leading debt-to-capital and net-debt-to-capital ratios were 15.4% and 13.1%, respectively, with a period-end cash balance of $8.4 billion.2



Cash capital expenditures totaled $6.2 billion, consistent with the company's full-year guidance range of $27-$29 billion, and includes $6.5 billion of additions to property, plant and equipment.





1






Shareholder distributions compare IOCs' reported results or Bloomberg consensus as of April 30, 2026. TSR compares to each IOC as of March 31, 2026.








2






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 the sum of net debt and total equity of $261.0 billion. Period-end cash balance includes cash and cash equivalents including restricted cash. ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to-capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for IOCs that reported results or estimated using Bloomberg consensus as of April 30, 2026.









EARNINGS AND VOLUME SUMMARY BY SEGMENT








Upstream








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Earnings/(Loss) (U.S. GAAP)






 






 






 








United States






1,574






753






1,870








Non-U.S.






4,163






2,764






4,886








Worldwide






5,737






3,517






6,756








 






 






 






 








Earnings/(Loss) Excluding Identified Items (non-GAAP)






 






 






 








United States






1,574






1,224






1,870








Non-U.S.






4,163






3,186






4,886








Worldwide






5,737






4,410






6,756








 






 






 






 








Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP)






6,265






4,429






6,598








 






 






 






 








Production (koebd)






4,594






4,988






4,551








Upstream first-quarter reported earnings were $5.7 billion versus $6.8 billion in the same period last year. Earnings excluding identified items and estimated timing effects of $6.3 billion decreased $0.3 billion from higher depreciation expense and lower base volumes from divestments and operational disruptions in Kazakhstan, partly offset by advantaged volume growth in Guyana and the Permian, and structural cost savings.



Compared to the fourth quarter, reported earnings increased $2.2 billion. Earnings excluding identified items and estimated timing effects of $6.3 billion increased $1.8 billion versus the prior quarter. Higher crude and gas realizations were partly offset by lower volumes from Middle East impacts, operational disruptions in Kazakhstan and from U.S. winter storm Fern, and higher depreciation expense.



Net production in the first quarter reached 4.6 million oil-equivalent barrels per day, with Guyana setting a new quarterly production record of more than 900 thousand gross barrels of oil per day.



At the end of March, Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, achieved first production of LNG from Train 1 at its Sabine Pass Terminal, marking a major milestone, increasing U.S. exports by 5% relative to 2025.



Golden Pass LNG also announced the safe and successful loading and departure of its first LNG export cargo from the Golden Pass LNG terminal in April. This achievement marks another major milestone toward full commercial operations.





Energy Products








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Earnings/(Loss) (U.S. GAAP)






 






 






 








United States






661






1,012






297








Non-U.S.






(1,923)






2,378






530








Worldwide






(1,262)






3,390






827








 






 






 






 








Earnings/(Loss) Excluding Identified Items (non-GAAP)






 






 






 








United States






661






1,130






297








Non-U.S.






(1,217)






1,777






530








Worldwide






(556)






2,907






827








 






 






 






 








Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP)






2,799






2,552






856








 






 






 






 








Energy Products Sales (kbd)






5,630






5,804






5,283








Energy Products reported lower first-quarter earnings versus the same quarter last year. Earnings excluding identified items and estimated timing effects were $2.8 billion, an increase of $1.9 billion versus the same quarter last year. Identified items reflect losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions. Unfavorable estimated timing effects reflect the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. Improved margins, including strong trading and optimization results, and structural cost savings were partly offset by higher expenses from planned turnaround activity and unfavorable foreign exchange impacts.



Reported first-quarter earnings decreased versus the prior quarter. Earnings excluding identified items and estimated timing effects increased $247 million compared to the fourth quarter. The quarter-over-quarter increase was driven by strong margins from refining and trading, structural cost savings, and lower seasonal expenses. These favorable impacts were partly offset by lower volumes due to scheduled maintenance and Middle East disruptions, and the absence of favorable year-end inventory effects.





Chemical Products








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Earnings/(Loss) (U.S. GAAP)






 






 






 








United States






319






64






255








Non-U.S.






(209)






(345)






18








Worldwide






110






(281)






273








 






 






 






 








Earnings/(Loss) Excluding Identified Items (non-GAAP)






 






 






 








United States






319






144






255








Non-U.S.






(209)






(155)






18








Worldwide






110






(11)






273








 






 






 






 








Chemical Products Sales (kt)






5,358






5,743






4,776








Chemical Products first-quarter earnings were $110 million, a decrease of $163 million versus the same quarter last year. Weaker margins driven by lower realizations and higher feed costs were partly offset by volume increases from the China Chemical Complex start-up and structural cost savings.



First-quarter earnings of $110 million increased $391 million versus the fourth quarter. Improved results were driven by the absence of prior quarter identified items, lower seasonal expenses, and structural cost savings, partly offset by the absence of favorable tax impacts.





Specialty Products








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Earnings/(Loss) (U.S. GAAP)






 






 






 








United States






274






233






322








Non-U.S.






377






449






333








Worldwide






651






682






655








 






 






 






 








Earnings/(Loss) Excluding Identified Items (non-GAAP)






 






 






 








United States






274






221






322








Non-U.S.






377






461






333








Worldwide






651






682






655








 






 






 






 








Specialty Products Sales (kt)






1,976






1,919






1,936








Specialty Products delivered strong first-quarter earnings of $651 million, consistent with the same period last year. Record sales volume of high-value products1 and structural cost savings were offset by lower margins from increased feed costs.



First-quarter earnings of $651 million decreased $31 million from the prior quarter. Higher feed costs that compressed margins were partially offset by lower seasonal expenses and record sales volumes of high-value products.





1 Based on comparing quarterly high-value product sales since 2019.









Corporate and Financing








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Earnings/(Loss) (U.S. GAAP)






(1,053)






(807)






(798)








Earnings/(Loss) Excluding Identified Items (non-GAAP)






(1,053)






(732)






(798)








Corporate and Financing first-quarter net charges were $1.1 billion compared to $0.8 billion in the same quarter last year due to lower interest income and the absence of favorable tax items.



First-quarter net charges of $1.1 billion increased $0.2 billion versus the fourth quarter driven by the absence of favorable tax items.





CASH FLOW FROM OPERATIONS EXCLUDING WORKING CAPITAL








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Net income/(loss) including noncontrolling interests






4,472






6,609






8,033








Depreciation and depletion (includes impairments)






6,771






7,715






5,702








Changes in operational working capital, excluding cash and debt






(1,758)






(2,728)






(878)








Other






(780)






1,083






96








Cash Flow from Operating Activities (U.S. GAAP)






8,705






12,679






12,953








Less: Changes in operational working capital, excluding cash and debt






1,758






2,728






878








Cash Flow from Operations excluding Working Capital (non-GAAP)






10,463






15,407






13,831









FREE CASH FLOW








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Cash Flow from Operating Activities (U.S. GAAP)






8,705






12,679






12,953








Additions to property, plant, and equipment






(6,470)






(7,450)






(5,898)








Additional investments and advances






(387)






(3,160)






(153)








Other investing activities including collection of advances






632






2,457






93








Proceeds from asset sales and returns of investments






219






1,020






1,823








Inflows from noncontrolling interest for major projects






—






20






22








Free Cash Flow (non-GAAP)






2,699






5,566






8,840









CASH CAPITAL EXPENDITURES








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Additions to property, plant, and equipment






6,470






7,450






5,898








Additional investments and advances






387






3,160






153








Other investing activities including collection of advances






(632)






(2,457)






(93)








Inflows from noncontrolling interests for major projects






—






(20)






(22)








Less: Advances and collections not related to capital expenditures or equity investments






(38)






(232)






—








Total Cash Capital Expenditures (non-GAAP)






6,187






7,901






5,936








 








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Upstream






 






 






 








United States






3,449






3,674






2,983








Non-U.S.






1,363






2,709






2,010








Total






4,812






6,383






4,993








 






 






 






 








Energy Products






 






 






 








United States






828






289






127








Non-U.S.






170






204






251








Total






998






493






378








 






 






 






 








Chemical Products






 






 






 








United States






156






338






154








Non-U.S.






26






212






137








Total






182






550






291








 






 






 






 








Specialty Products






 






 






 








United States






35






221






52








Non-U.S.






20






86






58








Total






55






307






110








 






 






 






 








Other






 






 






 








Other






140






168






164








 






 






 






 








Worldwide






6,187






7,901






5,936









CALCULATION OF STRUCTURAL COST SAVINGS








Dollars in billions (unless otherwise noted)






Twelve Months Ended

December 31,






 






Three Months Ended

March 31,






 








 






2019






2025






 






2025






2026






 








Components of Operating Costs






 






 






 






 






 






 








From ExxonMobil’s Consolidated Statement of Income




(U.S. GAAP)






 






 






 






 






 






 








Production and manufacturing expenses






36.8






42.4






 






10.1






10.7






 








Selling, general and administrative expenses






11.4






11.1






 






2.5






2.7






 








Depreciation and depletion (includes impairments)






19.0






26.0






 






5.7






6.8






 








Exploration expenses, including dry holes






1.3






1.0






 






0.1






0.1






 








Non-service pension and postretirement benefit expense






1.2






0.4






 






0.1






0.1






 








Subtotal






69.7






81.0






 






18.5






20.3






 








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






9.1






10.6






 






2.6






2.3






 








Total Adjusted Operating Costs (non-GAAP)






78.8






91.6






 






21.1






22.6






 








 






 






 






 






 






 






 








Total Adjusted Operating Costs (non-GAAP)






78.8






91.6






 






21.1






22.6






 








Less:






 






 






 






 






 






 








Depreciation and depletion (includes impairments)






19.0






26.0






 






5.7






6.8






 








Non-service pension and postretirement benefit expense






1.2






0.4






 






0.1






0.1






 








Other adjustments (includes equity company depreciation




and depletion)






3.6






6.2






 






1.3






1.3






 








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






55.0






59.0






 






14.1






14.5






 








 






 






 






 






 






 






 








Energy and production taxes (non-GAAP)






11.0






14.9






 






3.9






3.7






 








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






44.0






44.1






 






10.2






10.8






 








 






 






 






 






 






 






 








 






 






Change




vs




2019






 






 






Change




vs




2025






Estimated

Cumulative

vs

2019








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






 






+0.1






 






 






+0.6






 








 






 






 






 






 






 






 








Market






 






+4.9






 






 






+0.5






 








Activity/ Other






 






+10.3






 






 






+0.6






 








Structural Cost Savings






 






-15.1






 






 






-0.6






-15.6







This press release references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving 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 above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture 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 Cost 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.


ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on May 1, 2026. To listen to the event or access an archived replay, please visit www.exxonmobil.com.


Selected Earnings Driver Definitions


Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products.


Base volume. Represents and includes all volume/mix drivers not included in advantaged volume growth driver defined above.


Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments.


Expenses. Represents and includes all expenses otherwise not included in other earnings drivers.


Estimated timing effects. Represents estimated timing effects which unwind in subsequent periods, and 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).


Cautionary Statement


Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as lower-emission fuels, hydrogen and ammonia, lithium, direct air capture, ProxximaTM resin systems, carbon materials, low-carbon data centers, and other low carbon and new business plans to reduce emissions 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, or rate of return; total cash 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; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in integrated Upstream Permian Basin unconventional operated assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, and to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture, transport, and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, produce ProxximaTM resin systems, produce carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury 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; changes in any part of the world in laws, taxes, or regulations including extraterritorial environmental and tax regulations, trade sanctions, and timely granting of governmental permits, licenses, and certifications; developments or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities and derivative positions, including timing effects, on our margins and results each quarter; changes in interest and exchange rates; actions of co-venturers or partners, competitors and commercial counterparties, including suppliers and customers; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; 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 the recovery relative to competitors; the level, outcome, and timing of exploration projects and decisions to invest in future reserves and resources; timely completion of development and other 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, or costs of such projects as approved; government regulation of our growth opportunities; government actions in pursuit of national energy and security policies or priorities affecting our business; war, civil unrest, armed hostilities, attacks against the company or industry and other political or security disturbances, including disruption of land or sea transportation routes or distribution or shipping channels; expropriations, seizures, or capacity, insurance, export, import or shipping limitations imposed directly or indirectly by governments or laws; changes in market, national or regional tariffs or 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; 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; 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.


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 deployment 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.


Frequently Used Terms and Non-GAAP Measures


This press release also includes cash flow from operations excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2025 and 2026 periods is shown on page 6.


This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP) and Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP), which 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 periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. The press release also includes Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP) and Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP), which further excludes estimated timing effects, both favorable and unfavorable 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. 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 these views provide investors increased transparency into business results and trends and provide investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items and Earnings excluding Identified Items and Estimated Timing Effects are 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. GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2025 and 2026 periods in Attachments II-a and II-b. Earnings excluding Identified Items per share and Earnings excluding Identified Items and Estimated Timing Effects per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).


This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.


This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2025 and 2026 periods is shown on page 6.


This press release also references total cash capital expenditures (non-GAAP). Cash capital expenditures are the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows, and excludes advances and collections not related to capital expenditures or equity investments, for example, supply and marketing related advances and associated collections. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown on page 7.


References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.


The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.


Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian, Guyana, and LNG.


Advantaged projects refers to 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.


Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments, refers to volumes other than high-value products volumes.


Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year.


Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.


Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.


High-value products include performance products and lower-emission fuels.


IOCs, unless stated otherwise, includes each of BP, Chevron, Shell and TotalEnergies.


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


Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.


Performance products (performance chemicals, performance lubricants) refer 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.


Shareholder distributions are the Corporation's distributions of cash to shareholders in the form of both dividends and share purchases. Shares are acquired to reduce shares outstanding and to offset shares or units settled in shares issued in conjunction with company benefit plans and programs. For the purposes of calculating distributions to shareholders, the Corporation includes only the cost of those shares acquired to reduce shares outstanding.


Total shareholder return (TSR) is defined by FactSet and measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. FactSet assumes dividends are reinvested in stock at market prices on the ex-dividend date. Unless stated otherwise, total shareholder return is quoted on an annualized basis.


This press release also references Structural Cost Savings, for more details see page 8.


Unless otherwise indicated, year-to-date (“YTD”) means as of the last business day of the most recent fiscal quarter.


Reference to Earnings


References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.


Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.


Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.




ATTACHMENT I-a








CONDENSED CONSOLIDATED STATEMENT OF INCOME








(Preliminary)








Dollars in millions (unless otherwise noted)






Three Months Ended March 31,








2026






2025








Revenues and other income






 






 








Sales and other operating revenue






83,161






81,058








Income from equity affiliates






1,369






1,369








Other income






608






703








Total revenues and other income






85,138






83,130








Costs and other deductions






 






 








Crude oil and product purchases






51,802






46,788








Production and manufacturing expenses






10,695






10,083








Selling, general and administrative expenses






2,684






2,540








Depreciation and depletion (includes impairments)






6,771






5,702








Exploration expenses, including dry holes






126






64








Non-service pension and postretirement benefit expense






62






113








Interest expense






295






205








Other taxes and duties






5,736






6,035








Total costs and other deductions






78,171






71,530








Income/(Loss) before income taxes






6,967






11,600








Income tax expense/(benefit)






2,495






3,567








Net income/(loss) including noncontrolling interests






4,472






8,033








Net income/(loss) attributable to noncontrolling interests






289






320








Net income/(loss) attributable to ExxonMobil






4,183






7,713








 






 






 








OTHER FINANCIAL DATA








Dollars in millions (unless otherwise noted)






Three Months Ended March 31,








2026






2025








Earnings per common share (U.S. dollars)






1.00






1.76








Earnings per common share - assuming dilution (U.S. dollars)






1.00






1.76








 






 






 








Dividends on common stock






 






 








Total






4,334






4,335








Per common share (U.S. dollars)






1.03






0.99








 






 






 








Millions of common shares outstanding






 






 








Average - assuming dilution






4,202






4,372








 






 






 








Taxes






 






 








Income taxes






2,495






3,567








Total other taxes and duties






6,775






7,066








Total taxes






9,270






10,633








Sales-based taxes






5,177






5,470








Total taxes including sales-based taxes






14,447






16,103








 






 






 








ExxonMobil share of income taxes of equity companies (non-GAAP)






477






657









ATTACHMENT I-b








CONDENSED CONSOLIDATED BALANCE SHEET








(Preliminary)








Dollars in millions (unless otherwise noted)






March 31,




2026






December 31, 2025








ASSETS






 






 








Current assets






 






 








Cash and cash equivalents






8,435






10,681








Notes and accounts receivable – net






61,783






44,562








Inventories






 






 








Crude oil, products and merchandise






21,838






22,979








Materials and supplies






3,137






3,323








Other current assets






2,594






1,837








Total current assets






97,787






83,382








Investments, advances and long-term receivables






46,125






45,317








Property, plant, and equipment – net






298,781






299,373








Other assets, including intangibles – net






21,717






20,908








Total Assets






464,410






448,980








 






 






 








LIABILITIES






 






 








Current liabilities






 






 








Notes and loans payable






14,531






9,296








Accounts payable and accrued liabilities






77,088






60,911








Income taxes payable






2,759






2,123








Total current liabilities






94,378






72,330








Long-term debt






33,130






34,241








Postretirement benefits reserves






8,940






8,847








Deferred income tax liabilities






40,018






40,216








Long-term obligations to equity companies






562






542








Other long-term obligations






26,386






26,178








Total Liabilities






203,414






182,354








 






 






 








EQUITY






 






 








Common stock without par value






 






 








(9,000 million shares authorized, 8,019 million shares issued)






46,426






46,150








Earnings reinvested






482,344






482,494








Accumulated other comprehensive income






(11,098)






(10,863)








Common stock held in treasury






 






 








(3,874 million shares at March 31, 2026, and 3,840 million shares at December 31, 2025)






(263,291)






(258,395)








ExxonMobil share of equity






254,381






259,386








Noncontrolling interests






6,615






7,240








Total Equity






260,996






266,626








Total Liabilities and Equity






464,410






448,980









ATTACHMENT I-c








CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS








(Preliminary)








Dollars in millions (unless otherwise noted)






Three Months Ended March 31,








2026






2025








CASH FLOWS FROM OPERATING ACTIVITIES






 






 








Net income/(loss) including noncontrolling interests






4,472






8,033








Depreciation and depletion (includes impairments)






6,771






5,702








Changes in operational working capital, excluding cash and debt






(1,758)






(878)








All other items – net






(780)






96








Net cash provided by operating activities






8,705






12,953








 






 






 








CASH FLOWS FROM INVESTING ACTIVITIES






 






 








Additions to property, plant, and equipment






(6,470)






(5,898)








Proceeds from asset sales and returns of investments






219






1,823








Additional investments and advances






(387)






(153)








Other investing activities including collection of advances






632






93








Net cash used in investing activities






(6,006)






(4,135)








 






 






 








CASH FLOWS FROM FINANCING ACTIVITIES






 






 








Additions to long-term debt






894






280








Reductions in long-term debt






(158)






(7)








Reductions in short-term debt






(5,402)






(4,541)








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






9,075






(41)








Cash dividends to ExxonMobil shareholders






(4,334)






(4,335)








Cash dividends to noncontrolling interests






(168)






(141)








Changes in noncontrolling interests






61






(12)








Inflows from noncontrolling interests for major projects






—






22








Common stock acquired






(4,868)






(4,804)








Net cash provided by (used in) financing activities






(4,900)






(13,579)








Effects of exchange rate changes on cash






(45)






86








Increase/(Decrease) in cash and cash equivalents (including restricted)






(2,246)






(4,675)








Cash and cash equivalents at beginning of period (including restricted)






10,681






23,187








Cash and cash equivalents at end of period (including restricted)






8,435






18,512









ATTACHMENT II-a








KEY FIGURES: IDENTIFIED ITEMS AND ESTIMATED TIMING EFFECTS








Dollars in millions (unless otherwise noted)






1Q26






4Q25






1Q25








Earnings/(Loss) (U.S. GAAP)






4,183






6,501






7,713








 






 






 






 








Identified Items






 






 






 








Impairments ¹






—






(1,700)






—








Gain/(Loss) on sale of assets






—






720






—








Tax-related items






—






288






—








Restructuring charges






—






(64)






—








Other






(706)






—






—








Total Identified Items






(706)






(755)






—








 






 






 






 








Earnings/(Loss) Excluding Identified Items (non-GAAP)






4,889






7,256






7,713








 






 






 






 








Estimated Timing Effects






(3,883)






336






129








 






 






 






 








Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP)






8,772






6,920






7,584








¹ Fourth quarter includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.








 






 






 






 








EARNINGS/(LOSS) EXCLUDING IDENTIFIED ITEMS AND ESTIMATED TIMING EFFECTS PER COMMON SHARE








Dollars per common share






1Q26






4Q25






1Q25








Earnings/(Loss) Per Common Share (U.S. GAAP) ¹






1.00






1.53






1.76








 






 






 






 








Identified Items Per Common Share ¹






 






 






 








Impairments ²






—






(0.40)






—








Gain/(Loss) on sale of assets






—






0.17






—








Tax-related items






—






0.07






—








Restructuring charges






—






(0.02)






—








Other






(0.16)






—






—








Total Identified Items Per Common Share ¹






(0.16)






(0.18)






—








 






 






 






 








Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP) ¹






1.16






1.71






1.76








 






 






 






 








Estimated Timing Effects Per Common Share ¹






(0.92)






0.08






0.03








 






 






 






 








Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP) ¹






2.09






1.63






1.73








¹ Assuming dilution.








² Fourth quarter includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.









ATTACHMENT II-b








KEY FIGURES: IDENTIFIED ITEMS AND ESTIMATED TIMING EFFECTS BY SEGMENT








First Quarter 2026






Upstream






Energy Products






Chemical Products






Specialty Products






Corporate & Financing






Total








Dollars in millions (unless otherwise noted)






U.S.






Non-U.S.






U.S.






Non-U.S.






U.S.






Non-U.S.






U.S.






Non-U.S.








Earnings/(Loss) (U.S. GAAP)






1,574






4,163






661






(1,923)






319






(209)






274






377






(1,053)






4,183








 






 






 






 






 






 






 






 






 






 






 








Identified Items






 






 






 






 






 






 






 






 






 






 








Other






—






—






—






(706)






—






—






—






—






—






(706)








Total Identified Items






—






—






—






(706)






—






—






—






—






—






(706)








 






 






 






 






 






 






 






 






 






 






 








Earnings/(Loss) Excl. Identified Items (non-GAAP)






1,574






4,163






661






(1,217)






319






(209)






274






377






(1,053)






4,889








 






 






 






 






 






 






 








Estimated Timing Effects (Worldwide)






(528)






(3,355)






—






—






—






(3,883)








 






 






 






 






 






 






 






 






 






 






 








Earnings/(Loss) Excl. Identified Items and Estimated Timing Effects (non-GAAP)






6,265






2,799






110






651






(1,053)






8,772









Fourth Quarter 2025






Upstream






Energy Products






Chemical Products






Specialty Products






Corporate & Financing






Total








Dollars in millions (unless otherwise noted)






U.S.






Non-U.S.






U.S.






Non-U.S.






U.S.






Non-U.S.






U.S.






Non-U.S.








Earnings/(Loss) (U.S. GAAP)






753






2,764






1,012






2,378






64






(345)






233






449






(807)






6,501








 






 






 






 






 






 






 






 






 






 






 








Identified Items






 






 






 






 






 






 






 






 






 






 








Impairments






(662)






(422)






(153)






(113)






(130)






(190)






(18)






(12)






—






(1,700)








Gain/(Loss) on sale of assets






—






—






—






720






—






—






—






—






—






720








Tax-related items






192






—






34






(6)






50






—






30






—






(11)






288








Restructuring charges






—






—






—






—






—






—






—






—






(64)






(64)








Total Identified Items






(471)






(422)






(118)






601






(80)






(190)






12






(12)






(75)






(755)








 






 






 






 






 






 






 






 






 






 






 








Earnings/(Loss) Excl. Identified Items (non-GAAP)






1,224






3,186






1,130






1,777






144






(155)






221






461






(732)






7,256








 






 






 






 






 






 






 








Estimated Timing Effects (Worldwide)






(19)






355






—






—






—






336








 






 






 






 






 






 






 






 






 






 






 








Earnings/(Loss) Excl. Identified Items and Estimated Timing Effects (non-GAAP)






4,429






2,552






(11)






682






(732)






6,920









First Quarter 2025






Upstream






Energy Products






Chemical Products






Specialty Products






Corporate & Financing






Total








Dollars in millions (unless otherwise noted)






U.S.






Non-U.S.






U.S.






Non-U.S.






U.S.






Non-U.S.






U.S.






Non-U.S.








Earnings/(Loss) (U.S. GAAP)






1,870






4,886






297






530






255






18






322






333






(798)






7,713








 






 






 






 






 






 






 






 






 






 






 








Total Identified Items






—






—






—






—






—






—






—






—






—






—








 






 






 






 






 






 






 






 






 






 






 








Earnings/(Loss) Excl. Identified Items (non-GAAP)






1,870






4,886






297






530






255






18






322






333






(798)






7,713








 






 






 






 






 






 






 








Estimated Timing Effects (Worldwide)






158






(29)






—






—






—






129








 






 






 






 






 






 






 






 






 






 






 








Earnings/(Loss) Excl. Identified Items and Estimated Timing Effects (non-GAAP)






6,598






856






273






655






(798)






7,584









ATTACHMENT III








KEY FIGURES: UPSTREAM VOLUMES








Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)






1Q26






4Q25






1Q25








United States






1,586






1,663






1,418








Canada/Other Americas






936






919






760








Europe






3






3






4








Africa






138






148






137








Asia






611






774






796








Australia/Oceania






23






24






24








Worldwide






3,297






3,531






3,139








 






 






 






 








Net natural gas production available for sale, million cubic feet per day (mcfd)






1Q26






4Q25






1Q25








United States






3,589






3,435






3,266








Canada/Other Americas






28






21






42








Europe






313






289






331








Africa






114






113






118








Asia






2,500






3,598






3,457








Australia/Oceania






1,236






1,286






1,256








Worldwide






7,779






8,743






8,470








 






 






 






 








Oil-equivalent production (koebd) ¹






4,594






4,988






4,551








 






 






 






 








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









ATTACHMENT IV








KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES








Refinery throughput, thousand barrels per day (kbd)






1Q26






4Q25






1Q25








United States






1,795






1,983






1,789








Canada






384






408






397








Europe






733






1,000






986








Asia Pacific






386






480






447








Other






195






189






191








Worldwide






3,494






4,060






3,810








 






 






 






 








Energy Products sales, thousand barrels per day (kbd)






1Q26






4Q25






1Q25








United States






3,214






2,899






2,728








Non-U.S.






2,416






2,905






2,555








Worldwide






5,630






5,804






5,283








 






 






 






 








Gasolines, naphthas






2,214






2,369






2,162








Heating oils, kerosene, diesel






1,672






1,838






1,724








Aviation fuels






399






386






366








Heavy fuels






187






233






158








Other energy products






1,158






978






873








Worldwide






5,630






5,804






5,283








 






 






 






 








Chemical Products sales, thousand metric tons (kt)






1Q26






4Q25






1Q25








United States






1,904






1,805






1,706








Non-U.S.






3,455






3,938






3,070








Worldwide






5,358






5,743






4,776








 






 






 






 








Specialty Products sales, thousand metric tons (kt)






1Q26






4Q25






1Q25








United States






536






443






473








Non-U.S.






1,439






1,476






1,463








Worldwide






1,976






1,919






1,936









ATTACHMENT V








KEY FIGURES: EARNINGS/(LOSS)








Results Summary








Dollars in millions (except per share data)






1Q26






4Q25






Change




vs




4Q25






1Q25






Change




vs




1Q25








Earnings (U.S. GAAP)






4,183






6,501






-2,318






7,713






-3,530








Earnings Excluding Identified Items (non-GAAP)






4,889






7,256






-2,367






7,713






-2,824








Earnings Excluding Identified Items and Estimated Timing Effects (non-GAAP)






8,772






6,920






+1,852






7,584






+1,188








Earnings Per Common Share ¹






1.00






1.53






-0.53






1.76






-0.76








Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹






1.16






1.71






-0.55






1.76






-0.60








Earnings Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP) ¹






2.09






1.63






+0.46






1.73






+0.36








¹ Assuming dilution.









EARNINGS/(LOSS) BY QUARTER








Dollars in millions (unless otherwise noted)






2026






2025






2024






2023






2022








First Quarter






4,183






7,713






8,220






11,430






5,480








Second Quarter






—






7,082






9,240






7,880






17,850








Third Quarter






—






7,548






8,610






9,070






19,660








Fourth Quarter






—






6,501






7,610






7,630






12,750








Full Year






—






28,844






33,680






36,010






55,740








 






 






 






 






 






 








Dollars per common share ²






2026






2025






2024






2023






2022








First Quarter






1.00






1.76






2.06






2.79






1.28








Second Quarter






—






1.64






2.14






1.94






4.21








Third Quarter






—






1.76






1.92






2.25






4.68








Fourth Quarter






—






1.53






1.72






1.91






3.09








Full Year






—






6.70






7.84






8.89






13.26








2 Computed using the average number of shares outstanding during each period; assuming dilution.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430770231/en/
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Original: ExxonMobil Announces First-Quarter 2026 Results