ExxonMobil Holdings Corporation press release
ExxonMobil Announces Second-Quarter 2025 Results
NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Bitumen · Sulfur · Hydrogen · Lithium · United States
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 year 2
Repurchased approximately 40% of shares issued to acquire Pioneer Natural Resources since May 2024
Commenced start-up of Singapore Resid Upgrade, Fawley Hydrofiner and Strathcona Renewable Diesel projects
Exxon Mobil Corporation (NYSE:XOM):
| Results Summary | | | | | | | | 2Q25 | 1Q25 | Change vs 1Q25 | Dollars in millions (except per share data) | YTD 2025 | YTD 2024 | Change vs YTD 2024 | | 7,082 | 7,713 | -631 | Earnings (U.S. GAAP) | 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 |
Exxon Mobil Corporation today announced second-quarter 2025 earnings of $7.1 billion, or $1.64 per share assuming dilution. Cash flow from operating activities was $11.5 billion and free cash flow was 5.4 billion. Shareholder distributions totaled $9.2 billion, including $4.3 billion of dividends and $5.0 billion of share repurchases, consistent with the company's announced plans.
“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 Darren Woods, ExxonMobil chairman and chief executive officer.
“We achieved our highest second-quarter Upstream production since the merger of Exxon and Mobil more than 25 years ago. It was also our best quarter yet for high-value product sales volumes in Product Solutions. Since 2019, we've delivered $13.5 billion in structural cost savings, more than all other IOCs combined. 4 And our 2030 structural cost savings plan exceeds their cumulative cost savings targets. 4 We began start-up operations for the first six of ten key projects this year and remain on track to start up the remaining four. Collectively, these projects are expected to improve our earnings power by more than $3 billion in 2026 at constant prices and margins. 5 These results demonstrate how our competitive advantages are delivering industry-leading value today and providing a long runway of profitable growth far into the future.”
| 1 Earnings and cash flow from operations, adjusted for consistency on items reported under U.S. GAAP for the IOCs with actual reported results on or before July 31, 2025, or using reported FactSet consensus as of July 31, 2025. IOCs includes each of BP, Chevron, Shell and TotalEnergies. | | 2 Shareholder distributions for the IOCs are actuals for companies that reported results on or before July 31, 2025, or estimated using FactSet consensus as of July 31, 2025. IOCs includes each of BP, Chevron, Shell and TotalEnergies. | | 3 Assuming dilution. | | 4 IOC structural cost savings reflect reported cost savings as of July 31, 2025. Sourced from IOC disclosures. | | 5 Earnings contributions are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. |
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 and Guyana, 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 acquire Pioneer Natural Resources since May of 2024.
The Corporation declared a third-quarter dividend of $0.99 per share, payable on September 10, 2025, to shareholders of record of Common Stock at the close of business on August 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 $39.0 billion less $14.4 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 $270.0 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 on or before July 31, 2025, or estimated using Bloomberg consensus as of July 31, 2025. |
| EARNINGS AND VOLUME SUMMARY BY SEGMENT |
| Upstream | | | | | | 2Q25 | 1Q25 | Dollars in millions (unless otherwise noted) | YTD 2025 | YTD 2024 | | | | Earnings/(Loss) (U.S. GAAP) | | | | 1,212 | 1,870 | United States | 3,082 | 3,484 | | 4,190 | 4,886 | Non-U.S. | 9,076 | 9,250 | | 5,402 | 6,756 | Worldwide | 12,158 | 12,734 | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | 1,212 | 1,870 | United States | 3,082 | 3,484 | | 4,190 | 4,886 | Non-U.S. | 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 and Guyana, 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 the Exxon 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) (U.S. GAAP) | | | | 825 | 297 | United States | 1,122 | 1,286 | | 541 | 530 | Non-U.S. | 1,071 | 1,036 | | 1,366 | 827 | Worldwide | 2,193 | 2,322 | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | 825 | 297 | United States | 1,122 | 1,286 | | 541 | 530 | Non-U.S. | 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) (U.S. GAAP) | | | | 255 | 255 | United States | 510 | 1,030 | | 38 | 18 | Non-U.S. | 56 | 534 | | 293 | 273 | Worldwide | 566 | 1,564 | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | 255 | 255 | United States | 510 | 1,030 | | 38 | 18 | Non-U.S. | 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 the China 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 the China Chemical Complex ramp-up offset weaker margins from lower North 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) (U.S. GAAP) | | | | 291 | 322 | United States | 613 | 851 | | 489 | 333 | Non-U.S. | 822 | 661 | | 780 | 655 | Worldwide | 1,435 | 1,512 | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | 291 | 322 | United States | 613 | 851 | | 489 | 333 | Non-U.S. | 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 Proxxima TM 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) (U.S. GAAP) | (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 (U.S. GAAP) | 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 (U.S. GAAP) | 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 | United States | 6,390 | 5,251 | | 2,262 | 2,010 | Non-U.S. | 4,272 | 4,205 | | 5,669 | 4,993 | Total | 10,662 | 9,456 | | | | Energy Products | | | | 154 | 127 | United States | 281 | 297 | | 8 | 251 | Non-U.S. | 259 | 687 | | 162 | 378 | Total | 540 | 984 | | | | Chemical Products | | | | 171 | 154 | United States | 325 | 228 | | 108 | 137 | Non-U.S. | 245 | 579 | | 279 | 291 | Total | 570 | 807 | | | | Specialty Products | | | | 43 | 52 | United States | 95 | 24 | | 54 | 58 | Non-U.S. | 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 December 31, | | Six Months Ended June 30, | | | | | | 2019 | 2024 | | 2024 | 2025 | | | Components of Operating Costs | | | | | | | | From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP) | | | | | | | | 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 vs 2019 | | | Change vs 2024 | Estimated Cumulative vs 2019 | | 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 $13.5 billion, which included an additional $1.4 billion in the first six months of 2025. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on August 1, 2025. 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. _