1Q 2026 Earnings Release EXHIBIT 99.1
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 Guyana 1
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
Results Summary Dollars in millions Change Change (except per 1Q26 4Q25 vs 1Q25 vs share 4Q25 1Q25 data) Earnings 4,183 6,501 -2,318 7,713 -3,530 (U.S. GAAP) Earnings Excluding Identified 4,889 7,256 -2,367 7,713 -2,824 Items (non-GAAP) Earnings Excluding Identified Items and 8,772 6,920 +1,852 7,584 +1,188 Estimated Timing Effects (non-GAAP) Earnings Per Common 1.00 1.53 -0.53 1.76 -0.76 Share ² Earnings Excluding Identified Items Per 1.16 1.71 -0.55 1.76 -0.60 Common Share (non-GAAP) ² Earnings Excluding Identified Items and Estimated Timing 2.09 1.63 +0.46 1.73 +0.36 Effects Per Common Share (non-GAAP) ²
– 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.
3 Estimated t i ming 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. 1
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. 2
EARNINGS AND VOLUME SUMMARY BY SEGMENT Upstream Dollars in millions (unless otherwise 1Q26 4Q25 1Q25 noted) 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 6,265 4,429 6,598 Effects (non-GAAP) 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. 3
Energy Products Dollars in millions (unless otherwise 1Q26 4Q25 1Q25 noted) 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 2,799 2,552 856 Effects (non-GAAP) 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 1Q26 4Q25 1Q25 noted) 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. 4
Specialty Products Dollars in millions (unless otherwise 1Q26 4Q25 1Q25 noted) 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 products 1 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.
Corporate and Financing Dollars in millions (unless otherwise 1Q26 4Q25 1Q25 noted) Earnings/(Loss) (U.S. GAAP) -1,053 -807 -798 Earnings/(Loss) Excluding Identified -1,053 -732 -798 Items (non-GAAP)
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 1Q26 4Q25 1Q25 noted) Net income/(loss) including 4,472 6,609 8,033 noncontrolling interests Depreciation and depletion (includes 6,771 7,715 5,702 impairments) Changes in operational working capital, -1,758 -2,728 -878 excluding cash and debt Other -780 1,083 96 Cash Flow from Operating Activities 8,705 12,679 12,953 (U.S. GAAP) Less: Changes in operational 1,758 2,728 878 working capital, excluding cash and debt Cash Flow from Operations excluding 10,463 15,407 13,831 Working Capital (non-GAAP)
FREE CASH FLOW Dollars in millions (unless otherwise 1Q26 4Q25 1Q25 noted) Cash Flow from Operating Activities 8,705 12,679 12,953 (U.S. GAAP) Additions to property, plant, and -6,470 -7,450 -5,898 equipment Additional investments and -387 -3,160 -153 advances Other investing activities including 632 2,457 93 collection of advances Proceeds from asset sales and returns of 219 1,020 1,823 investments Inflows from noncontrolling interest for — 20 22 major projects Free Cash Flow (non-GAAP) 2,699 5,566 8,840
CASH CAPITAL EXPENDITURES Dollars in millions (unless otherwise 1Q26 4Q25 1Q25 noted) Additions to property, plant, and 6,470 7,450 5,898 equipment Additional investments and 387 3,160 153 advances Other investing activities including -632 -2,457 -93 collection of advances Inflows from noncontrolling interests — -20 -22 for major projects Less: Advances and collections not related to capital -38 -232 — expenditures or equity investments Total Cash Capital Expenditures 6,187 7,901 5,936 (non-GAAP) Dollars in millions (unless otherwise 1Q26 4Q25 1Q25 noted) 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
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. 8 ExxonMobil will discuss financial and operating results and other matters during a webcast
tral Time on May 1, 2026. To listen to the event or access an archived replay, please visit
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.
Represents and includes all volume/mix drivers not included in advantaged volume growth driver defined above.
Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments.
Represents and includes all expenses otherwise not included in other earnings drivers.
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).
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, Proxxima TM 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 CO 2 , produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, produce Proxxima TM 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 oth er 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 9 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.
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. 10 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 include d 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.
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.
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 a nd 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. 11
ATTACHMENT I-a CONDENSED CONSOLIDATED STATEMENT OF INCOME (Preliminary) Dollars in millions Three Months (unless Ended March otherwise 31, noted) 2026 2025 Revenues and other income Sales and other 83,161 81,058 operating revenue Income from equity 1,369 1,369 affiliates Other income 608 703 Total revenues and 85,138 83,130 other income Costs and other deductions Crude oil and product 51,802 46,788 purchases Production and 10,695 10,083 manufacturing expenses Selling, general and 2,684 2,540 administrati… expenses Depreciation and depletion 6,771 5,702 (includes impairments) Exploration expenses, 126 64 including dry holes Non-service pension and postretireme… 62 113 benefit expense Interest 295 205 expense Other taxes 5,736 6,035 and duties Total costs and other 78,171 71,530 deductions Income/(Loss) before income 6,967 11,600 taxes Income tax 2,495 3,567 expense/(ben… Net income/(loss) including 4,472 8,033 noncontrolli… interests Net income/(loss) attributable 289 320 to noncontrolli… interests Net income/(loss) attributable 4,183 7,713 to ExxonMobil OTHER FINANCIAL DATA Dollars in millions Three Months (unless Ended March otherwise 31, noted) 2026 2025 Earnings per common 1.00 1.76 share(U.S. dollars) Earnings per common share - assuming 1.00 1.76 dilution(U.S. dollars) Dividends on common stock Total 4,334 4,335 Per common share(U.S. 1.03 0.99 dollars) Millions of common shares outstanding Average - assuming 4,202 4,372 dilution Taxes Income taxes 2,495 3,567 Total other taxes and 6,775 7,066 duties Total taxes 9,270 10,633 Sales-based 5,177 5,470 taxes Total taxes including 14,447 16,103 sales-based taxes ExxonMobil share of income taxes of 477 657 equity companies (non-GAAP)
ATTACHMENT I-b CONDENSED CONSOLIDATED BALANCE SHEET (Preliminar… Dollars in millions March 31, December 31, (unless 2026 2025 otherwise noted) ASSETS Current assets Cash and cash 8,435 10,681 equivalents Notes and accounts 61,783 44,562 receivable – net Inventories Crude oil, products and 21,838 22,979 merchandise Materials 3,137 3,323 and supplies Other current 2,594 1,837 assets Total current 97,787 83,382 assets Investments, advances and 46,125 45,317 long-term receivables Property, plant, and 298,781 299,373 equipment – net Other assets, including 21,717 20,908 intangibles – net Total Assets 464,410 448,980 LIABILITIES Current liabilities Notes and loans 14,531 9,296 payable Accounts payable and 77,088 60,911 accrued liabilities Income taxes 2,759 2,123 payable Total current 94,378 72,330 liabilities Long-term 33,130 34,241 debt Postretirem… benefits 8,940 8,847 reserves Deferred income tax 40,018 40,216 liabilities Long-term obligations 562 542 to equity companies Other long-term 26,386 26,178 obligations Total 203,414 182,354 Liabilities EQUITY Common stock without par value (9,000 million shares authorized, 46,426 46,150 8,019 million shares issued) Earnings 482,344 482,494 reinvested Accumulated other -11,098 -10,863 comprehensi… income Common stock held in treasury (3,874 million shares at March 31, 2026, -263,291 -258,395 and 3,840 million shares at December 31, 2025) ExxonMobil share of 254,381 259,386 equity Noncontroll… 6,615 7,240 interests Total Equity 260,996 266,626 Total Liabilities 464,410 448,980 and Equity
ATTACHMENT I-c CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Preliminar… Dollars in millions Three Months (unless Ended March otherwise 31, noted) 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income/(los… including 4,472 8,033 noncontroll… interests Depreciation and depletion 6,771 5,702 (includes impairments) Changes in operational working capital, -1,758 -878 excluding cash and debt All other -780 96 items – net Net cash provided by 8,705 12,953 operating activities CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, -6,470 -5,898 plant, and equipment Proceeds from asset sales and 219 1,823 returns of investments Additional investments -387 -153 and advances Other investing activities 632 93 including collection of advances Net cash used in -6,006 -4,135 investing activities CASH FLOWS FROM FINANCING ACTIVITIES Additions to long-term 894 280 debt Reductions in long-term -158 -7 debt Reductions in -5,402 -4,541 short-term debt Additions/(… in commercial paper, and debt with 9,075 -41 three months or less maturity Cash dividends to -4,334 -4,335 ExxonMobil shareholders Cash dividends to -168 -141 noncontroll… interests Changes in noncontroll… 61 -12 interests Inflows from noncontroll… interests — 22 for major projects Common stock -4,868 -4,804 acquired Net cash provided by (used in) -4,900 -13,579 financing activities Effects of exchange -45 86 rate changes on cash Increase/(D… in cash and cash -2,246 -4,675 equivalents (including restricted) Cash and cash equivalents at beginning 10,681 23,187 of period (including restricted) Cash and cash equivalents at end of 8,435 18,512 period (including restricted)
ATTACHMENT II-a KEY FIGURES:IDENTIFIED ITEMS AND ESTIMATED TIMING EFFECTS Dollars in millions (unless 1Q26 4Q25 1Q25 otherwise noted) Earnings/(Loss) 4,183 6,501 7,713 (U.S. GAAP) Identified Items Impairments ¹ — -1,700 — Gain/(Loss) on — 720 — sale of assets Tax-related items — 288 — Restructuring — -64 — charges Other -706 — — Total Identified -706 -755 — Items Earnings/(Loss) Excluding 4,889 7,256 7,713 Identified Items (non-GAAP) Estimated Timing -3,883 336 129 Effects Earnings/(Loss) Excluding Identified Items and 8,772 6,920 7,584 Estimated Timing Effects (non-GAAP) 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 1Q26 4Q25 1Q25 share Earnings/(Loss) Per Common Share 1.00 1.53 1.76 (U.S. GAAP) ¹ Identified Items Per Common Share ¹ Impairments ² — -0.40 — Gain/(Loss) on — 0.17 — sale of assets Tax-related items — 0.07 — Restructuring — -0.02 — charges Other -0.16 — — Total Identified Items Per Common -0.16 -0.18 — Share ¹ Earnings/(Loss) Excluding Identified 1.16 1.71 1.76 Items Per Common Share (non-GAAP) ¹ Estimated Timing Effects Per Common -0.92 0.08 0.03 Share ¹ Earnings/(Loss) Excluding Identified Items and 2.09 1.63 1.73 Estimated Timing Effects Per Common Share (non-GAAP) ¹ ¹ Assuming dilution. 2Fourth 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 III KEY FIGURES:UPSTREAM VOLUMES Net production of crude oil, natural gas liquids, bitumen and 1Q26 4Q25 1Q25 synthetic oil, thousand barrels per day (kbd) 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 1Q26 4Q25 1Q25 sale, million cubic feet per day (mcfd) 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 4,594 4,988 4,551 production (koebd) ¹ 1Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Full text with the tables
1Q 2026 Earnings Release EXHIBIT 99.1
FOR IMMEDIATE RELEASE May 1, 2026
──────────────────────────────────────────
ExxonMobil Announces First-Quarter 2026 Results
•
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 Guyana
1
•
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
Results
Summary
Dollars in
millions Change Change
(except per 1Q26 4Q25 vs 1Q25 vs
share 4Q25 1Q25
data)
Earnings 4,183 6,501 -2,318 7,713 -3,530
(U.S. GAAP)
Earnings
Excluding
Identified 4,889 7,256 -2,367 7,713 -2,824
Items
(non-GAAP)
Earnings
Excluding
Identified
Items and 8,772 6,920 +1,852 7,584 +1,188
Estimated
Timing
Effects
(non-GAAP)
Earnings
Per Common 1.00 1.53 -0.53 1.76 -0.76
Share ²
Earnings
Excluding
Identified
Items Per 1.16 1.71 -0.55 1.76 -0.60
Common
Share
(non-GAAP)
²
Earnings
Excluding
Identified
Items and
Estimated
Timing 2.09 1.63 +0.46 1.73 +0.36
Effects Per
Common
Share
(non-GAAP)
²
SPRING, Texas – May 1, 2026
– 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 t i ming 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.
1
1Q25 to 1Q26 Earnings Driver Analysis
YE25 Cash (U.S. GAAP) to 1Q26 Cash
Financial Hi
ghlights
•
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.
2
EARNINGS AND VOLUME SUMMARY BY
SEGMENT
Upstream
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
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 6,265 4,429 6,598
Effects
(non-GAAP)
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.
3
Energy Products
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
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 2,799 2,552 856
Effects
(non-GAAP)
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 1Q26 4Q25 1Q25
noted)
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.
4
Specialty Products
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
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
products 1 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.
Corporate and Financing
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
Earnings/(Loss) (U.S. GAAP) -1,053 -807 -798
Earnings/(Loss) Excluding
Identified -1,053 -732 -798
Items (non-GAAP)
•
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.
1 Based on comparing quarterly high-value product sales since 2019.
5
CASH FLOW FROM OPERATIONS
EXCLUDING
WORKING CAPITAL
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
Net income/(loss) including 4,472 6,609 8,033
noncontrolling interests
Depreciation and depletion
(includes 6,771 7,715 5,702
impairments)
Changes in operational
working capital, -1,758 -2,728 -878
excluding cash and debt
Other -780 1,083 96
Cash Flow from Operating
Activities 8,705 12,679 12,953
(U.S. GAAP)
Less:
Changes in operational 1,758 2,728 878
working capital,
excluding cash and debt
Cash Flow from Operations
excluding 10,463 15,407 13,831
Working Capital (non-GAAP)
FREE CASH FLOW
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
Cash Flow from Operating
Activities 8,705 12,679 12,953
(U.S. GAAP)
Additions to property,
plant, and -6,470 -7,450 -5,898
equipment
Additional investments and -387 -3,160 -153
advances
Other investing activities
including 632 2,457 93
collection of advances
Proceeds from asset sales
and returns of 219 1,020 1,823
investments
Inflows from noncontrolling
interest for — 20 22
major projects
Free Cash Flow (non-GAAP) 2,699 5,566 8,840
6
CASH CAPITAL EXPENDITURES
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
Additions to property, plant,
and 6,470 7,450 5,898
equipment
Additional investments and 387 3,160 153
advances
Other investing activities
including -632 -2,457 -93
collection of advances
Inflows from noncontrolling
interests — -20 -22
for major projects
Less: Advances and
collections not
related to capital -38 -232 —
expenditures or
equity investments
Total Cash Capital
Expenditures 6,187 7,901 5,936
(non-GAAP)
Dollars in millions (unless
otherwise 1Q26 4Q25 1Q25
noted)
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
7
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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.
8
ExxonMobil will discuss financial and operating results and other matters during
a webcast
at 8:30 a.m. Cen
tral 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, Proxxima TM 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 CO 2 ,
produce hydrogen and ammonia, produce lower-emission fuels, produce lithium,
produce Proxxima TM 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 oth er 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
9
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.
10
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
include d 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 a nd 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.
11
ATTACHMENT
I-a
CONDENSED
CONSOLIDATED
STATEMENT OF
INCOME
(Preliminary)
Dollars in
millions Three Months
(unless Ended March
otherwise 31,
noted)
2026 2025
Revenues and
other income
Sales and
other 83,161 81,058
operating
revenue
Income from
equity 1,369 1,369
affiliates
Other income 608 703
Total
revenues and 85,138 83,130
other income
Costs and
other
deductions
Crude oil and
product 51,802 46,788
purchases
Production
and 10,695 10,083
manufacturing
expenses
Selling,
general and 2,684 2,540
administrati…
expenses
Depreciation
and depletion 6,771 5,702
(includes
impairments)
Exploration
expenses, 126 64
including dry
holes
Non-service
pension and
postretireme… 62 113
benefit
expense
Interest 295 205
expense
Other taxes 5,736 6,035
and duties
Total costs
and other 78,171 71,530
deductions
Income/(Loss)
before income 6,967 11,600
taxes
Income tax 2,495 3,567
expense/(ben…
Net
income/(loss)
including 4,472 8,033
noncontrolli…
interests
Net
income/(loss)
attributable 289 320
to
noncontrolli…
interests
Net
income/(loss)
attributable 4,183 7,713
to
ExxonMobil
OTHER
FINANCIAL
DATA
Dollars in
millions Three Months
(unless Ended March
otherwise 31,
noted)
2026 2025
Earnings per
common 1.00 1.76
share(U.S.
dollars)
Earnings per
common share
- assuming 1.00 1.76
dilution(U.S.
dollars)
Dividends on
common stock
Total 4,334 4,335
Per common
share(U.S. 1.03 0.99
dollars)
Millions of
common shares
outstanding
Average -
assuming 4,202 4,372
dilution
Taxes
Income taxes 2,495 3,567
Total other
taxes and 6,775 7,066
duties
Total taxes 9,270 10,633
Sales-based 5,177 5,470
taxes
Total taxes
including 14,447 16,103
sales-based
taxes
ExxonMobil
share of
income taxes
of 477 657
equity
companies
(non-GAAP)
12
ATTACHMENT
I-b
CONDENSED
CONSOLIDATED
BALANCE
SHEET
(Preliminar…
Dollars in
millions March 31, December 31,
(unless 2026 2025
otherwise
noted)
ASSETS
Current
assets
Cash and
cash 8,435 10,681
equivalents
Notes and
accounts 61,783 44,562
receivable –
net
Inventories
Crude oil,
products and 21,838 22,979
merchandise
Materials 3,137 3,323
and supplies
Other
current 2,594 1,837
assets
Total
current 97,787 83,382
assets
Investments,
advances and 46,125 45,317
long-term
receivables
Property,
plant, and 298,781 299,373
equipment –
net
Other
assets,
including 21,717 20,908
intangibles
–
net
Total Assets 464,410 448,980
LIABILITIES
Current
liabilities
Notes and
loans 14,531 9,296
payable
Accounts
payable and 77,088 60,911
accrued
liabilities
Income taxes 2,759 2,123
payable
Total
current 94,378 72,330
liabilities
Long-term 33,130 34,241
debt
Postretirem…
benefits 8,940 8,847
reserves
Deferred
income tax 40,018 40,216
liabilities
Long-term
obligations 562 542
to equity
companies
Other
long-term 26,386 26,178
obligations
Total 203,414 182,354
Liabilities
EQUITY
Common stock
without par
value
(9,000
million
shares
authorized, 46,426 46,150
8,019
million
shares
issued)
Earnings 482,344 482,494
reinvested
Accumulated
other -11,098 -10,863
comprehensi…
income
Common stock
held in
treasury
(3,874
million
shares at
March 31,
2026, -263,291 -258,395
and 3,840
million
shares at
December 31,
2025)
ExxonMobil
share of 254,381 259,386
equity
Noncontroll… 6,615 7,240
interests
Total Equity 260,996 266,626
Total
Liabilities 464,410 448,980
and Equity
13
ATTACHMENT
I-c
CONDENSED
CONSOLIDATED
STATEMENT OF
CASH
FLOWS
(Preliminar…
Dollars in
millions Three Months
(unless Ended March
otherwise 31,
noted)
2026 2025
CASH FLOWS
FROM
OPERATING
ACTIVITIES
Net
income/(los…
including 4,472 8,033
noncontroll…
interests
Depreciation
and
depletion 6,771 5,702
(includes
impairments)
Changes in
operational
working
capital, -1,758 -878
excluding
cash and
debt
All other -780 96
items – net
Net cash
provided by 8,705 12,953
operating
activities
CASH FLOWS
FROM
INVESTING
ACTIVITIES
Additions to
property, -6,470 -5,898
plant, and
equipment
Proceeds
from asset
sales and 219 1,823
returns of
investments
Additional
investments -387 -153
and advances
Other
investing
activities 632 93
including
collection
of advances
Net cash
used in -6,006 -4,135
investing
activities
CASH FLOWS
FROM
FINANCING
ACTIVITIES
Additions to
long-term 894 280
debt
Reductions
in long-term -158 -7
debt
Reductions
in -5,402 -4,541
short-term
debt
Additions/(…
in
commercial
paper, and
debt with 9,075 -41
three months
or
less
maturity
Cash
dividends to -4,334 -4,335
ExxonMobil
shareholders
Cash
dividends to -168 -141
noncontroll…
interests
Changes in
noncontroll… 61 -12
interests
Inflows from
noncontroll…
interests — 22
for major
projects
Common stock -4,868 -4,804
acquired
Net cash
provided by
(used in) -4,900 -13,579
financing
activities
Effects of
exchange -45 86
rate changes
on cash
Increase/(D…
in cash and
cash -2,246 -4,675
equivalents
(including
restricted)
Cash and
cash
equivalents
at beginning 10,681 23,187
of period
(including
restricted)
Cash and
cash
equivalents
at end of 8,435 18,512
period
(including
restricted)
14
ATTACHMENT II-a
KEY
FIGURES:IDENTIFIED
ITEMS AND
ESTIMATED TIMING
EFFECTS
Dollars in
millions (unless 1Q26 4Q25 1Q25
otherwise
noted)
Earnings/(Loss) 4,183 6,501 7,713
(U.S. GAAP)
Identified Items
Impairments ¹ — -1,700 —
Gain/(Loss) on — 720 —
sale of assets
Tax-related items — 288 —
Restructuring — -64 —
charges
Other -706 — —
Total Identified -706 -755 —
Items
Earnings/(Loss)
Excluding 4,889 7,256 7,713
Identified
Items (non-GAAP)
Estimated Timing -3,883 336 129
Effects
Earnings/(Loss)
Excluding
Identified
Items and 8,772 6,920 7,584
Estimated Timing
Effects
(non-GAAP)
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 1Q26 4Q25 1Q25
share
Earnings/(Loss)
Per Common Share 1.00 1.53 1.76
(U.S.
GAAP) ¹
Identified Items
Per Common Share ¹
Impairments ² — -0.40 —
Gain/(Loss) on — 0.17 —
sale of assets
Tax-related items — 0.07 —
Restructuring — -0.02 —
charges
Other -0.16 — —
Total Identified
Items Per Common -0.16 -0.18 —
Share
¹
Earnings/(Loss)
Excluding
Identified 1.16 1.71 1.76
Items Per Common
Share (non-GAAP) ¹
Estimated Timing
Effects Per Common -0.92 0.08 0.03
Share ¹
Earnings/(Loss)
Excluding
Identified
Items and 2.09 1.63 1.73
Estimated Timing
Effects Per
Common Share
(non-GAAP) ¹
¹ Assuming
dilution.
2Fourth 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.
15
… …
…
… … … …
… … … … … … … … … …
— — — … — — — — — …
— — — … — — — — — …
… … … … … … … … … …
… … — …
… … … …
… … … …
… … … … & …
…
… … … … … … … …
… … … … … …
… … … … … …
— — — … — —
… — … … … —
— — — — — —
… … … … … …
… … … … … …
… … — —
… … … …
… … …
… …
… … … … … …
… … … … … … … … … …
— — — — — —
… … … … … … … … … …
… … — — …
… … … … …
16
ATTACHMENT III
KEY FIGURES:UPSTREAM
VOLUMES
Net production of
crude oil, natural
gas
liquids, bitumen and 1Q26 4Q25 1Q25
synthetic oil,
thousand barrels per
day (kbd)
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 1Q26 4Q25 1Q25
sale, million cubic
feet per day (mcfd)
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 4,594 4,988 4,551
production (koebd) ¹
1Natural gas is
converted to an
oil-equivalent basis
at six million
cubic feet per one
thousand barrels.
17
ATTACHMENT IV
KEY
FIGURES:MANUFACTURING
THROUGHPUT AND
SALES
Refinery throughput,
thousand barrels 1Q26 4Q25 1Q25
per day (kbd)
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 1Q26 4Q25 1Q25
per day (kbd)
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, 1,672 1,838 1,724
kerosene, diesel
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 1Q26 4Q25 1Q25
tons (kt)
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 1Q26 4Q25 1Q25
metric tons (kt)
United States 536 443 473
Non-U.S. 1,439 1,476 1,463
Worldwide 1,976 1,919 1,936
18
ATTA…
V
KEY
FIG…
EAR…
Res…
Sum…
Dol…
in
mil… Chan… Chan…
(ex… 1Q26 4Q25 vs 1Q25 vs
per 4Q25 1Q25
sha…
dat…
Ear…
(U.… 4,183 6,501 -2,3… 7,713 -3,5…
GAA…
Ear…
Exc…
Ide… 4,889 7,256 -2,3… 7,713 -2,8…
Ite…
(no…
Ear…
Exc…
Ide…
Ite…
and 8,772 6,920 +1,8… 7,584 +1,1…
Est…
Tim…
Eff…
(no…
Ear…
Per
Com… 1.00 1.53 -0.53 1.76 -0.76
Sha…
¹
Ear…
Exc…
Ide…
Ite…
Per 1.16 1.71 -0.55 1.76 -0.60
Com…
Sha…
(no…
¹
Ear…
Exc…
Ide…
Ite…
and
Est…
Tim… 2.09 1.63 +0.46 1.73 +0.36
Eff…
Per
Com…
Sha…
(no…
¹
¹
Ass…
dil…
4Q25 to 1Q26 Earnings Driver Analysis
EAR…
BY
QUA…
Dol…
in
mil… 2026 2025 2024 2023 2022
(un…
oth…
not…
Fir… 4,1… 7,713 8,2… 11,4… 5,4…
Qua…
Sec… — 7,082 9,2… 7,880 17,…
Qua…
Thi… — 7,548 8,6… 9,070 19,…
Qua…
Fou… — 6,501 7,6… 7,630 12,…
Qua…
Full — 28,8… 33,… 36,0… 55,…
Year
Dol…
per 2026 2025 2024 2023 2022
com…
sha…
Fir… 1.00 1.76 2.06 2.79 1.28
Qua…
Sec… — 1.64 2.14 1.94 4.21
Qua…
Thi… — 1.76 1.92 2.25 4.68
Qua…
Fou… — 1.53 1.72 1.91 3.09
Qua…
Full — 6.70 7.84 8.89 13.…
Year
2Co…
usi…
the
ave…
num…
of
sha…
out…
dur…
each
per…
ass…
dil…
19