Exxon Mobil (XOM) investor relations material

Executive summary

• Achieved GAAP earnings of $7.5 billion in 3Q25, driven by record production in the Permian (1.7 million boe/d) and Guyana (over 700,000 barrels/day), strong cost discipline, and execution excellence.

• Eight of ten key 2025 projects have started up, with the remaining two on track; Yellowtail project in Guyana started four months early and Hammerhead project sanctioned for 2029.

• Strategic investments include acquisitions of over 80,000 net acres in the Permian Basin and key assets from Superior Graphite, supporting growth in unconventional and specialty carbon markets.

• Shareholder distributions in Q3 2025 were $9.4 billion, including $4.2 billion in dividends and $5.1 billion in share repurchases; quarterly dividend increased to $1.03 per share.

• Advanced proprietary technologies, including lightweight proppant, Proxima systems, and the Discovery 6 supercomputer, driving improved well recoveries and resource analysis.

Financial highlights

• 3Q25 GAAP earnings: $7.5 billion; earnings ex. identified items: $8.1 billion; cash flow from operations: $14.8 billion in 3Q25.

• Year-to-date 2025 earnings: $22.3 billion, down from $26.1 billion YTD24, mainly due to weaker crude prices and chemical margins.

• Year-to-date cash flow from operations: $39.3 billion; free cash flow: $20.6 billion.

• Cash capital expenditures for 3Q25: $8.6 billion, including $2.4 billion in acquisitions; full-year capex expected slightly below $27–$29 billion guidance, excluding acquisitions.

• Structural cost reductions since 2019 now total $14.3 billion, with $2.2 billion achieved in 2025 and a target of over $18 billion by 2030.

Outlook and guidance

• Full-year Permian production projected at 1.6–1.7 million boe/d, with continued growth expected into the next decade due to technology deployment and quality acreage.

• Ten major projects, including Proxima expansion and Golden Pass LNG, on track to drive over $3 billion in earnings contributions next year at constant prices and margins.

• Full-year cash capex to be slightly below $27–$29 billion guidance, excluding acquisitions.

• Annual dividend-per-share payments have grown for 43 consecutive years.

• Capital spending in new ventures, especially low-carbon solutions, is paced to market and policy developments, reflecting uncertainty in timing and demand.