ExxonMobil Announces Second-Quarter 2025 Results
-
Delivered industry-leading results, earnings of
$7.1 billion and cash flow from operations of$11.5 billion 1
-
Returned industry-leading
$9.2 billion to shareholders, on pace to purchase$20 billion in shares this year2
-
Repurchased approximately 40% of shares issued to acquire
Pioneer Natural Resources sinceMay 2024
- Commenced start-up of Singapore Resid Upgrade, Fawley Hydrofiner and Strathcona Renewable Diesel projects
Results Summary |
|
|||||
2Q25 |
1Q25 |
Change
|
Dollars in millions (except per share data) |
YTD 2025 |
YTD 2024 |
Change
|
7,082 |
7,713 |
-631 |
Earnings ( |
14,795 |
17,460 |
-2,665 |
7,082 |
7,713 |
-631 |
Earnings Excluding Identified Items (non-GAAP) |
14,795 |
17,460 |
-2,665 |
|
|
|
|
|
|
|
1.64 |
1.76 |
-0.12 |
Earnings Per Common Share ³ |
3.40 |
4.20 |
-0.80 |
1.64 |
1.76 |
-0.12 |
Earnings Excluding Identified Items Per Common Share (non-GAAP) ³ |
3.40 |
4.20 |
-0.80 |
“The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments,” said
“We achieved our highest second-quarter Upstream production since the merger of
1 Earnings and cash flow from operations, adjusted for consistency on items reported under |
2 Shareholder distributions for the IOCs are actuals for companies that reported results on or before |
3 Assuming dilution. |
4
|
5 Earnings contributions are adjusted to 2024 |
Financial Highlights
-
Year-to-date earnings were
$14.8 billion versus$17.5 billion in the first half of 2024. Advantaged volume growth in the Permian andGuyana , additional structural cost savings and favorable timing effects partially offset lower earnings due to weaker crude prices, a decline in industry refining margins, higher depreciation costs and lower base volumes from strategic divestments.
-
The company achieved year-to-date Structural Cost Savings of
$1.4 billion . Since 2019, the company has delivered$13.5 billion of cumulative Structural Cost Savings, more than all cost savings reported by other IOCs combined. The company expects to deliver$18 billion of cumulative savings through the end of 2030 versus 2019, also exceeding the total targets disclosed by other IOCs.
-
Generated strong cash flow from operations of
$24.5 billion and free cash flow of$14.2 billion in the first half of the year. Industry-leading year-to-date shareholder distributions of$18.4 billion included$8.6 billion of dividends and$9.8 billion of share repurchases, consistent with the company's plan to deliver$20 billion of share repurchases this year. The company has repurchased approximately 40% of shares issued to acquirePioneer Natural Resources since May of 2024.
-
The Corporation declared a third-quarter dividend of
$0.99 per share, payable onSeptember 10, 2025 , to shareholders of record of Common Stock at the close of business onAugust 15, 2025 .
-
The company's industry-leading debt-to-capital and net-debt-to-capital ratio was 13% and 8%, respectively, reflecting debt repayment of
$4.7 billion year-to-date. The period-end cash balance was$15.7 billion .1
-
Cash capital expenditures were
$6.3 billion in the second quarter, bringing year-to-date spending to$12.3 billion . This includes$12.2 billion of additions to property, plant and equipment during the first half of 2025. The company expects full-year cash capital expenditures of$27 billion to$29 billion , consistent with previous guidance.
1 Net debt is total debt of |
EARNINGS AND VOLUME SUMMARY BY SEGMENT |
Upstream |
||||
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
|
Earnings/(Loss) ( |
|
|
1,212 |
1,870 |
|
3,082 |
3,484 |
4,190 |
4,886 |
Non- |
9,076 |
9,250 |
5,402 |
6,756 |
Worldwide |
12,158 |
12,734 |
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
1,212 |
1,870 |
|
3,082 |
3,484 |
4,190 |
4,886 |
Non- |
9,076 |
9,250 |
5,402 |
6,756 |
Worldwide |
12,158 |
12,734 |
4,630 |
4,551 |
Production (koebd) |
4,591 |
4,071 |
-
Upstream year-to-date earnings were
$12.2 billion , a decrease of$576 million compared to the first half of 2024. Advantaged assets volume growth in the Permian andGuyana , structural cost savings, favorable foreign exchange, tax impacts and timing effects contributed to earnings. These gains were more than offset by weaker crude realizations and higher depreciation. Year-to-date net production increased 13%, or 520,000 oil-equivalent barrels per day, to 4.6 million oil-equivalent barrels per day driven by the acquisition of Pioneer, partly offset by non-core asset divestments.
-
Second-quarter earnings were
$5.4 billion , a decrease of$1.4 billion from the first quarter. Lower crude and natural gas realizations were partially offset by volume growth from advantaged assets, which included record Permian production of 1.6 million oil-equivalent barrels per day, along with structural cost savings. Second-quarter net production was 4.6 million oil-equivalent barrels per day, the highest second-quarter output since theExxon and Mobil merger more than 25 years ago, and an increase of 79,000 oil-equivalent barrels per day compared to the first quarter.
Energy Products |
||||
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
|
Earnings/(Loss) ( |
|
|
825 |
297 |
|
1,122 |
1,286 |
541 |
530 |
Non- |
1,071 |
1,036 |
1,366 |
827 |
Worldwide |
2,193 |
2,322 |
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
825 |
297 |
|
1,122 |
1,286 |
541 |
530 |
Non- |
1,071 |
1,036 |
1,366 |
827 |
Worldwide |
2,193 |
2,322 |
5,588 |
5,283 |
Energy Products Sales (kbd) |
5,436 |
5,276 |
-
Energy Products year-to-date 2025 earnings were
$2.2 billion , a decrease of$129 million versus the first half of 2024. Weaker industry refining margins were mostly offset by structural cost savings, lower scheduled maintenance, favorable timing effects and the absence of unfavorable inventory impacts.
-
Second-quarter earnings were
$1.4 billion , an increase of$539 million from the first quarter driven by stronger industry refining margins from higher seasonal demand and higher volumes from lower scheduled maintenance, partially offset by unfavorable foreign exchange.
-
The company recently commenced start-up operations at its Fawley Hydrofiner in the
United Kingdom . Once fully operational, the facility will upgrade high-sulfur, lower-value distillates to produce an additional 37,000 barrels per day of ultra-low sulfur diesel, growing the company's portfolio of higher value products.
-
The company's Strathcona Renewable Diesel project,
Canada's largest renewable diesel facility, has commenced operations, contributing to the growth of higher value products by adding 20,000 barrels per day of capacity.1
Chemical Products |
||||
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
|
Earnings/(Loss) ( |
|
|
255 |
255 |
|
510 |
1,030 |
38 |
18 |
Non- |
56 |
534 |
293 |
273 |
Worldwide |
566 |
1,564 |
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
255 |
255 |
|
510 |
1,030 |
38 |
18 |
Non- |
56 |
534 |
293 |
273 |
Worldwide |
566 |
1,564 |
5,264 |
4,776 |
Chemical Products Sales (kt) |
10,040 |
9,927 |
-
Chemical Products year-to-date earnings were
$566 million , a decrease of$998 million versus the first half of 2024. Results were affected by weaker margins and higher project-driven expenses related to theChina Chemical Complex , partially offset by structural cost savings.
-
Second-quarter earnings of
$293 million were comparable to the first quarter. Higher sales volumes driven by theChina Chemical Complex ramp-up offset weaker margins from lowerNorth America feed advantage.
1 Optimizing current production based on product demand, compliance requirements and supplier capabilities for both the renewable feedstock and also the required hydrogen for processing. |
Specialty Products |
||||
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
|
Earnings/(Loss) ( |
|
|
291 |
322 |
|
613 |
851 |
489 |
333 |
Non- |
822 |
661 |
780 |
655 |
Worldwide |
1,435 |
1,512 |
|
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
|
|
291 |
322 |
|
613 |
851 |
489 |
333 |
Non- |
822 |
661 |
780 |
655 |
Worldwide |
1,435 |
1,512 |
2,004 |
1,936 |
Specialty Products Sales (kt) |
3,940 |
3,893 |
-
Specialty Products continued to deliver strong earnings from its portfolio of high-value products. Year-to-date earnings were
$1.4 billion , a decrease of$77 million compared to the first half of the prior year. Higher expenses, including spending on ProxximaTM systems and carbon materials market development, and unfavorable foreign exchange were partially offset by stronger margins and structural cost savings.
-
Earnings increased
$125 million versus the first quarter. Stronger basestock margins and record high-value product sales volumes were partially offset by higher new market development costs.
- The company began start-up of the Singapore Resid Upgrade project during the quarter. Once fully operational, the facility will convert 80,000 barrels per day of lower value fuel oil to higher value products, including 20,000 barrels per day of performance lubricant basestocks for Specialty Products and 50,000 barrels per day of distillates for Energy Products.
Corporate and Financing |
||||
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
(759) |
(798) |
Earnings/(Loss) ( |
(1,557) |
(672) |
(759) |
(798) |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
(1,557) |
(672) |
-
Corporate and Financing year-to-date net charges of
$1.6 billion increased$885 million compared to the first half of 2024 mainly due to lower interest income, unfavorable foreign exchange and increased pension-related expenses.
-
Second-quarter net charges of
$759 million decreased$39 million versus the first quarter.
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL |
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
7,354 |
8,033 |
Net income/(loss) including noncontrolling interests |
15,387 |
18,137 |
6,101 |
5,702 |
Depreciation and depletion (includes impairments) |
11,803 |
10,599 |
(3,970) |
(878) |
Changes in operational working capital, excluding cash and debt |
(4,848) |
(2,608) |
2,065 |
96 |
Other |
2,161 |
(904) |
11,550 |
12,953 |
Cash Flow from Operating Activities ( |
24,503 |
25,224 |
176 |
1,823 |
Proceeds from asset sales and returns of investments |
1,999 |
1,629 |
11,726 |
14,776 |
Cash Flow from Operations and Asset Sales (non-GAAP) |
26,502 |
26,853 |
3,970 |
878 |
Less: Changes in operational working capital, excluding cash and debt |
4,848 |
2,608 |
15,696 |
15,654 |
Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) |
31,350 |
29,461 |
(176) |
(1,823) |
Less: Proceeds from asset sales and returns of investments |
(1,999) |
(1,629) |
15,520 |
13,831 |
Cash Flow from Operations excluding Working Capital (non-GAAP) |
29,351 |
27,832 |
FREE CASH FLOW |
|
|
||
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
11,550 |
12,953 |
Cash Flow from Operating Activities ( |
24,503 |
25,224 |
(6,283) |
(5,898) |
Additions to property, plant and equipment |
(12,181) |
(11,309) |
(319) |
(153) |
Additional investments and advances |
(472) |
(744) |
246 |
93 |
Other investing activities including collection of advances |
339 |
224 |
176 |
1,823 |
Proceeds from asset sales and returns of investments |
1,999 |
1,629 |
23 |
22 |
Inflows from noncontrolling interest for major projects |
45 |
12 |
5,393 |
8,840 |
Free Cash Flow (non-GAAP) |
14,233 |
15,036 |
CASH CAPITAL EXPENDITURES |
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
6,283 |
5,898 |
Additions to property, plant and equipment |
12,181 |
11,309 |
319 |
153 |
Additional investments and advances |
472 |
744 |
(246) |
(93) |
Other investing activities including collection of advances |
(339) |
(224) |
(23) |
(22) |
Inflows from noncontrolling interests for major projects |
(45) |
(12) |
6,333 |
5,936 |
Total Cash Capital Expenditures (non-GAAP) |
12,269 |
11,817 |
|
|
|||
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
|
Upstream |
|
|
3,407 |
2,983 |
|
6,390 |
5,251 |
2,262 |
2,010 |
Non- |
4,272 |
4,205 |
5,669 |
4,993 |
Total |
10,662 |
9,456 |
|
|
Energy Products |
|
|
154 |
127 |
|
281 |
297 |
8 |
251 |
Non- |
259 |
687 |
162 |
378 |
Total |
540 |
984 |
|
|
Chemical Products |
|
|
171 |
154 |
|
325 |
228 |
108 |
137 |
Non- |
245 |
579 |
279 |
291 |
Total |
570 |
807 |
|
|
Specialty Products |
|
|
43 |
52 |
|
95 |
24 |
54 |
58 |
Non- |
112 |
139 |
97 |
110 |
Total |
207 |
163 |
|
|
Other |
|
|
126 |
164 |
Other |
290 |
407 |
6,333 |
5,936 |
Worldwide |
12,269 |
11,817 |
CALCULATION OF STRUCTURAL COST SAVINGS |
|
|
||||
|
|
|
|
|
|
|
Dollars in billions (unless otherwise noted) |
Twelve Months Ended
|
|
Six Months Ended
|
|
||
|
2019 |
2024 |
|
2024 |
2025 |
|
Components of Operating Costs |
|
|
|
|
|
|
From ExxonMobil’s Consolidated Statement of Income
( |
|
|
|
|
|
|
Production and manufacturing expenses |
36.8 |
39.6 |
|
18.9 |
20.2 |
|
Selling, general and administrative expenses |
11.4 |
10.0 |
|
5.1 |
5.1 |
|
Depreciation and depletion (includes impairments) |
19.0 |
23.4 |
|
10.6 |
11.8 |
|
Exploration expenses, including dry holes |
1.3 |
0.8 |
|
0.3 |
0.3 |
|
Non-service pension and postretirement benefit expense |
1.2 |
0.1 |
|
0.1 |
0.2 |
|
Subtotal |
69.7 |
74.0 |
|
34.9 |
37.6 |
|
ExxonMobil’s share of equity company expenses (non-GAAP) |
9.1 |
9.6 |
|
4.7 |
5.2 |
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
83.6 |
|
39.6 |
42.8 |
|
|
|
|
|
|
|
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
83.6 |
|
39.6 |
42.8 |
|
Less: |
|
|
|
|
|
|
Depreciation and depletion (includes impairments) |
19.0 |
23.4 |
|
10.6 |
11.8 |
|
Non-service pension and postretirement benefit expense |
1.2 |
0.1 |
|
0.1 |
0.2 |
|
Other adjustments (includes equity company depreciation and depletion) |
3.6 |
3.7 |
|
1.7 |
2.4 |
|
Total Cash Operating Expenses (Cash Opex) (non-GAAP) |
55.0 |
56.4 |
|
27.2 |
28.4 |
|
|
|
|
|
|
|
|
Energy and production taxes (non-GAAP) |
11.0 |
13.9 |
|
6.8 |
7.6 |
|
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
44.0 |
42.5 |
|
20.4 |
20.8 |
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
Change
|
Estimated
|
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
|
-1.5 |
|
|
+0.4 |
|
|
|
|
|
|
|
|
Market |
|
+4.0 |
|
|
+0.3 |
|
Activity / Other |
|
+6.6 |
|
|
+1.5 |
|
Structural Cost Savings |
|
-12.1 |
|
|
-1.4 |
-13.5 |
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
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.
Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
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, ammonia, lithium, direct air capture, ProxximaTM systems, carbon materials, low-carbon data centers, and other low carbon and new business plans to reduce emissions of
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
Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6.
This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales 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 2024 and 2025 periods is shown on page 6.
This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least
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 2024 and 2025 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. 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
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,
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 includes performance products and lower-emission fuels.
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) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.
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
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 |
Six Months Ended |
||
2025 |
2024 |
2025 |
2024 |
|
Revenues and other income |
|
|
|
|
Sales and other operating revenue |
79,477 |
89,986 |
160,535 |
170,397 |
Income from equity affiliates |
1,462 |
1,744 |
2,831 |
3,586 |
Other income |
567 |
1,330 |
1,270 |
2,160 |
Total revenues and other income |
81,506 |
93,060 |
164,636 |
176,143 |
Costs and other deductions |
|
|
|
|
Crude oil and product purchases |
45,327 |
54,199 |
92,115 |
101,800 |
Production and manufacturing expenses |
10,102 |
9,804 |
20,185 |
18,895 |
Selling, general and administrative expenses |
2,528 |
2,568 |
5,068 |
5,063 |
Depreciation and depletion (includes impairments) |
6,101 |
5,787 |
11,803 |
10,599 |
Exploration expenses, including dry holes |
251 |
153 |
315 |
301 |
Non-service pension and postretirement benefit expense |
90 |
34 |
203 |
57 |
Interest expense |
145 |
271 |
350 |
492 |
Other taxes and duties |
6,257 |
6,579 |
12,292 |
12,902 |
Total costs and other deductions |
70,801 |
79,395 |
142,331 |
150,109 |
Income/(Loss) before income taxes |
10,705 |
13,665 |
22,305 |
26,034 |
Income tax expense/(benefit) |
3,351 |
4,094 |
6,918 |
7,897 |
Net income/(loss) including noncontrolling interests |
7,354 |
9,571 |
15,387 |
18,137 |
Net income/(loss) attributable to noncontrolling interests |
272 |
331 |
592 |
677 |
Net income/(loss) attributable to |
7,082 |
9,240 |
14,795 |
17,460 |
|
|
|
|
|
OTHER FINANCIAL DATA |
|
|
|
|
Dollars in millions (unless otherwise noted) |
Three Months Ended |
Six Months Ended |
||
2025 |
2024 |
2025 |
2024 |
|
Earnings per common share ( |
1.64 |
2.14 |
3.40 |
4.20 |
Earnings per common share - assuming dilution ( |
1.64 |
2.14 |
3.40 |
4.20 |
|
|
|
|
|
Dividends on common stock |
|
|
|
|
Total |
4,288 |
4,285 |
8,623 |
8,093 |
Per common share ( |
0.99 |
0.95 |
1.98 |
1.90 |
|
|
|
|
|
Millions of common shares outstanding |
|
|
|
|
Average - assuming dilution |
4,331 |
4,317 |
4,351 |
4,158 |
|
|
|
|
|
Taxes |
|
|
|
|
Income taxes |
3,351 |
4,094 |
6,918 |
7,897 |
Total other taxes and duties |
7,204 |
7,531 |
14,270 |
14,691 |
Total taxes |
10,555 |
11,625 |
21,188 |
22,588 |
Sales-based taxes |
5,289 |
6,339 |
10,759 |
11,888 |
Total taxes including sales-based taxes |
15,844 |
17,964 |
31,947 |
34,476 |
|
|
|
|
|
|
486 |
907 |
1,143 |
1,905 |
ATTACHMENT I-b |
CONDENSED CONSOLIDATED BALANCE SHEET |
(Preliminary) |
Dollars in millions (unless otherwise noted) |
|
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
14,352 |
23,029 |
Cash and cash equivalents – restricted |
1,359 |
158 |
Notes and accounts receivable – net |
41,792 |
43,681 |
Inventories |
|
|
Crude oil, products and merchandise |
21,364 |
19,444 |
Materials and supplies |
4,007 |
4,080 |
Other current assets |
2,234 |
1,598 |
Total current assets |
85,108 |
91,990 |
Investments, advances and long-term receivables |
46,092 |
47,200 |
Property, plant and equipment – net |
295,356 |
294,318 |
Other assets, including intangibles – net |
21,041 |
19,967 |
Total Assets |
447,597 |
453,475 |
|
|
|
LIABILITIES |
|
|
Current liabilities |
|
|
Notes and loans payable |
5,419 |
4,955 |
Accounts payable and accrued liabilities |
59,725 |
61,297 |
Income taxes payable |
3,017 |
4,055 |
Total current liabilities |
68,161 |
70,307 |
Long-term debt |
33,570 |
36,755 |
Postretirement benefits reserves |
10,352 |
9,700 |
Deferred income tax liabilities |
39,368 |
39,042 |
Long-term obligations to equity companies |
1,113 |
1,346 |
Other long-term obligations |
25,071 |
25,719 |
Total Liabilities |
177,635 |
182,869 |
|
|
|
EQUITY |
|
|
Common stock without par value |
|
|
(9,000 million shares authorized, 8,019 million shares issued) |
46,629 |
46,238 |
Earnings reinvested |
477,061 |
470,903 |
Accumulated other comprehensive income |
(12,436) |
(14,619) |
Common stock held in treasury |
|
|
(3,756 million shares at |
(248,661) |
(238,817) |
|
262,593 |
263,705 |
Noncontrolling interests |
7,369 |
6,901 |
Total Equity |
269,962 |
270,606 |
Total Liabilities and Equity |
447,597 |
453,475 |
ATTACHMENT I-c |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
(Preliminary) |
Dollars in millions (unless otherwise noted) |
Six Months Ended |
|
2025 |
2024 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income/(loss) including noncontrolling interests |
15,387 |
18,137 |
Depreciation and depletion (includes impairments) |
11,803 |
10,599 |
Changes in operational working capital, excluding cash and debt |
(4,848) |
(2,608) |
All other items – net |
2,161 |
(904) |
Net cash provided by operating activities |
24,503 |
25,224 |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Additions to property, plant and equipment |
(12,181) |
(11,309) |
Proceeds from asset sales and returns of investments |
1,999 |
1,629 |
Additional investments and advances |
(472) |
(744) |
Other investing activities including collection of advances |
339 |
224 |
Cash acquired from mergers and acquisitions |
— |
754 |
Net cash used in investing activities |
(10,315) |
(9,446) |
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Additions to long-term debt |
883 |
217 |
Reductions in long-term debt |
(13) |
(1,142) |
Additions to short-term debt |
172 |
— |
Reductions in short-term debt |
(4,676) |
(2,771) |
Additions/(Reductions) in debt with three months or less maturity |
257 |
(6) |
Contingent consideration payments |
(79) |
(27) |
Cash dividends to |
(8,623) |
(8,093) |
Cash dividends to noncontrolling interests |
(452) |
(397) |
Changes in noncontrolling interests |
(10) |
4 |
Inflows from noncontrolling interests for major projects |
45 |
12 |
Common stock acquired |
(9,768) |
(8,337) |
Net cash provided by (used in) financing activities |
(22,264) |
(20,540) |
Effects of exchange rate changes on cash |
600 |
(318) |
Increase/(Decrease) in cash and cash equivalents (including restricted) |
(7,476) |
(5,080) |
Cash and cash equivalents at beginning of period (including restricted) |
23,187 |
31,568 |
Cash and cash equivalents at end of period (including restricted) |
15,711 |
26,488 |
ATTACHMENT II-a |
|
2Q25 |
1Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
7,082 |
7,713 |
Earnings/(Loss) ( |
14,795 |
17,460 |
|
|
|
|
|
— |
— |
Total Identified Items |
— |
— |
|
|
|
|
|
7,082 |
7,713 |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
14,795 |
17,460 |
|
|
|
|
|
|
|
|
|
|
2Q25 |
1Q25 |
Dollars per common share |
YTD 2025 |
YTD 2024 |
1.64 |
1.76 |
Earnings/(Loss) Per Common Share ( |
3.40 |
4.20 |
|
|
|
|
|
— |
— |
Total Identified Items Per Common Share ¹ |
— |
— |
|
|
|
|
|
1.64 |
1.76 |
Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP) ¹ |
3.40 |
4.20 |
|
|
|
|
|
¹ Assuming dilution. |
ATTACHMENT II-b |
|
Second Quarter 2025 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate & Financing |
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
1,212 |
4,190 |
825 |
541 |
255 |
38 |
291 |
489 |
(759) |
7,082 |
|
|
|
|
|
|
|
|
|
|
|
Total Identified Items |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
1,212 |
4,190 |
825 |
541 |
255 |
38 |
291 |
489 |
(759) |
7,082 |
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2025 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate & Financing |
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
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 |
YTD 2025 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate & Financing |
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
3,082 |
9,076 |
1,122 |
1,071 |
510 |
56 |
613 |
822 |
(1,557) |
14,795 |
|
|
|
|
|
|
|
|
|
|
|
Total Identified Items |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
3,082 |
9,076 |
1,122 |
1,071 |
510 |
56 |
613 |
822 |
(1,557) |
14,795 |
|
|
|
|
|
|
|
|
|
|
|
YTD 2024 |
Upstream |
Energy Products |
Chemical Products |
Specialty Products |
Corporate & Financing |
Total |
||||
Dollars in millions (unless otherwise noted) |
|
Non- |
|
Non- |
|
Non- |
|
Non- |
||
Earnings/(Loss) ( |
3,484 |
9,250 |
1,286 |
1,036 |
1,030 |
534 |
851 |
661 |
(672) |
17,460 |
|
|
|
|
|
|
|
|
|
|
|
Total Identified Items |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Excl. Identified Items (non-GAAP) |
3,484 |
9,250 |
1,286 |
1,036 |
1,030 |
534 |
851 |
661 |
(672) |
17,460 |
ATTACHMENT III |
|
2Q25 |
1Q25 |
Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) |
YTD 2025 |
YTD 2024 |
1,494 |
1,418 |
|
1,456 |
1,038 |
797 |
760 |
|
779 |
767 |
3 |
4 |
|
4 |
4 |
139 |
137 |
|
138 |
220 |
801 |
796 |
|
799 |
712 |
25 |
24 |
|
25 |
30 |
3,259 |
3,139 |
Worldwide |
3,201 |
2,771 |
|
|
|
|
|
2Q25 |
1Q25 |
Net natural gas production available for sale, million cubic feet per day (mcfd) |
YTD 2025 |
YTD 2024 |
3,313 |
3,266 |
|
3,290 |
2,570 |
24 |
42 |
|
33 |
104 |
312 |
331 |
|
321 |
354 |
106 |
118 |
|
112 |
158 |
3,206 |
3,457 |
|
3,331 |
3,380 |
1,258 |
1,256 |
|
1,257 |
1,236 |
8,219 |
8,470 |
Worldwide |
8,344 |
7,802 |
|
|
|
|
|
4,630 |
4,551 |
Oil-equivalent production (koebd) ¹ |
4,591 |
4,071 |
|
|
|
|
|
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. |
|
ATTACHMENT IV |
|
2Q25 |
1Q25 |
Refinery throughput, thousand barrels per day (kbd) |
YTD 2025 |
YTD 2024 |
1,969 |
1,789 |
|
1,880 |
1,823 |
376 |
397 |
|
387 |
397 |
969 |
986 |
|
977 |
970 |
442 |
447 |
|
444 |
424 |
180 |
191 |
Other |
185 |
177 |
3,936 |
3,810 |
Worldwide |
3,873 |
3,791 |
|
|
|
|
|
2Q25 |
1Q25 |
Energy Products sales, thousand barrels per day (kbd) |
YTD 2025 |
YTD 2024 |
2,906 |
2,728 |
|
2,817 |
2,607 |
2,682 |
2,555 |
Non- |
2,619 |
2,669 |
5,588 |
5,283 |
Worldwide |
5,436 |
5,276 |
|
|
|
|
|
2,294 |
2,162 |
Gasolines, naphthas |
2,229 |
2,210 |
1,808 |
1,724 |
Heating oils, kerosene, diesel |
1,766 |
1,730 |
387 |
366 |
Aviation fuels |
376 |
342 |
247 |
158 |
Heavy fuels |
203 |
197 |
852 |
873 |
Other energy products |
862 |
797 |
5,588 |
5,283 |
Worldwide |
5,436 |
5,276 |
|
|
|
|
|
2Q25 |
1Q25 |
Chemical Products sales, thousand metric tons (kt) |
YTD 2025 |
YTD 2024 |
1,771 |
1,706 |
|
3,477 |
3,649 |
3,493 |
3,070 |
Non- |
6,563 |
6,278 |
5,264 |
4,776 |
Worldwide |
10,040 |
9,927 |
|
|
|
|
|
2Q25 |
1Q25 |
Specialty Products sales, thousand metric tons (kt) |
YTD 2025 |
YTD 2024 |
504 |
473 |
|
977 |
1,001 |
1,500 |
1,463 |
Non- |
2,963 |
2,892 |
2,004 |
1,936 |
Worldwide |
3,940 |
3,893 |
ATTACHMENT V |
|
Results Summary |
|
|||||
2Q25 |
1Q25 |
Change
|
Dollars in millions (except per share data) |
YTD 2025 |
YTD 2024 |
Change
|
7,082 |
7,713 |
-631 |
Earnings ( |
14,795 |
17,460 |
-2,665 |
7,082 |
7,713 |
-631 |
Earnings Excluding Identified Items (non-GAAP) |
14,795 |
17,460 |
-2,665 |
|
|
|
|
|
|
|
1.64 |
1.76 |
-0.12 |
Earnings Per Common Share ¹ |
3.40 |
4.20 |
-0.80 |
1.64 |
1.76 |
-0.12 |
Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹ |
3.40 |
4.20 |
-0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¹ Assuming dilution. |
|
|
ATTACHMENT VI |
||||
|
|||||
Dollars in millions (unless otherwise noted) |
2025 |
2024 |
2023 |
2022 |
2021 |
First Quarter |
7,713 |
8,220 |
11,430 |
5,480 |
2,730 |
Second Quarter |
7,082 |
9,240 |
7,880 |
17,850 |
4,690 |
Third Quarter |
— |
8,610 |
9,070 |
19,660 |
6,750 |
Fourth Quarter |
— |
7,610 |
7,630 |
12,750 |
8,870 |
Full Year |
— |
33,680 |
36,010 |
55,740 |
23,040 |
|
|
|
|
|
|
Dollars per common share¹ |
2025 |
2024 |
2023 |
2022 |
2021 |
First Quarter |
1.76 |
2.06 |
2.79 |
1.28 |
0.64 |
Second Quarter |
1.64 |
2.14 |
1.94 |
4.21 |
1.10 |
Third Quarter |
— |
1.92 |
2.25 |
4.68 |
1.57 |
Fourth Quarter |
— |
1.72 |
1.91 |
3.09 |
2.08 |
Full Year |
— |
7.84 |
8.89 |
13.26 |
5.39 |
|
|
|
|
|
|
1 Computed using the average number of shares outstanding during each period; assuming dilution. |
|
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