ExxonMobil Holdings Corporation press release

ExxonMobil Announces First-Quarter 2026 Results

2026-05-01

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Bitumen · Sulfur · Hydrogen · Lithium · United States · Corporate Finance

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

Exxon Mobil Corporation (NYSE:XOM):

| Results Summary | | | | | | | Dollars in millions (except per share data) | 1Q26 | 4Q25 | Change

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4Q25 | 1Q25 | Change

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1Q25 | | Earnings (U.S. GAAP) | 4,183 | 6,501 | -2,318 | 7,713 | -3,530 | | Earnings Excluding Identified Items (non-GAAP) | 4,889 | 7,256 | -2,367 | 7,713 | -2,824 | | Earnings Excluding Identified Items and Estimated Timing Effects (non-GAAP) | 8,772 | 6,920 | +1,852 | 7,584 | +1,188 | | Earnings Per Common Share ² | 1.00 | 1.53 | -0.53 | 1.76 | -0.76 | | Earnings Excluding Identified Items Per Common Share (non-GAAP) ² | 1.16 | 1.71 | -0.55 | 1.76 | -0.60 | | Earnings Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP) ² | 2.09 | 1.63 | +0.46 | 1.73 | +0.36 |

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

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

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

| 1 | Guyana 1Q26 FPSO performance is industry-leading in operational availability against Solomon Associates’ most current benchmarking report, dated April 2026. Solomon defines industry-leading as the top two performers. | | 2 | Assuming dilution. | | 3 | Estimated timing effects, which unwind in subsequent periods, are primarily related to unsettled derivatives that are required to be marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected in earnings until the physical transaction is complete. It also includes estimated recognition differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). | | 4 | Margin postings refer to cash collateral posted in support of derivative positions on regulated futures exchanges like ICE and CME. |

Financial Highlights

First-quarter earnings were $4.2 billion compared to $7.7 billion in the first quarter of 2025. Earnings excluding identified items and estimated timing effects were $8.8 billion versus $7.6 billion in the same period last year. Identified items of $0.7 billion reflect losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions. Unfavorable estimated timing effects of $3.9 billion reflect the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. These timing effects were primarily driven by unsettled derivatives that are required to be marked to current period-end prices, where the associated physical shipments are not reflected in earnings until completion of the physical transactions. Higher prices and margins, advantaged volume growth, and structural cost savings were partly offset by higher expenses from advantaged investments and Middle East volume impacts. The company has delivered $15.6 billion in cumulative Structural Cost Savings since 2019, with an additional $0.6 billion achieved during the quarter. Structural Cost Savings are expected to reach $20 billion by 2030. The company generated cash flow from operations of $8.7 billion, or $13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives, and free cash flow of $2.7 billion. Industry-leading shareholder distributions of $9.2 billion included $4.3 billion of dividends and $4.9 billion of share repurchases, on pace with plans to repurchase $20 billion of shares in 2026, assuming reasonable market conditions. ExxonMobil also delivered industry-leading first quarter total shareholder return (TSR) of 42%. 1 The Corporation declared a second-quarter dividend of $1.03 per share, payable on June 10, 2026, to shareholders of record of Common Stock at the close of business on May 15, 2026. The company's industry-leading debt-to-capital and net-debt-to-capital ratios were 15.4% and 13.1%, respectively, with a period-end cash balance of $8.4 billion. 2 Cash capital expenditures totaled $6.2 billion, consistent with the company's full-year guidance range of $27-$29 billion, and includes $6.5 billion of additions to property, plant and equipment.

| 1 | Shareholder distributions compare IOCs' reported results or Bloomberg consensus as of April 30, 2026. TSR compares to each IOC as of March 31, 2026. | | 2 | Net debt is total debt of $47.7 billion less $8.4 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $261.0 billion. Period-end cash balance includes cash and cash equivalents including restricted cash. ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to-capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for IOCs that reported results or estimated using Bloomberg consensus as of April 30, 2026. |

| EARNINGS AND VOLUME SUMMARY BY SEGMENT | | | | | Upstream | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Earnings/(Loss) (U.S. GAAP) | | | | | United States | 1,574 | 753 | 1,870 | | Non-U.S. | 4,163 | 2,764 | 4,886 | | Worldwide | 5,737 | 3,517 | 6,756 | | | | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | | United States | 1,574 | 1,224 | 1,870 | | Non-U.S. | 4,163 | 3,186 | 4,886 | | Worldwide | 5,737 | 4,410 | 6,756 | | | | | | | Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP) | 6,265 | 4,429 | 6,598 | | | | | | | Production (koebd) | 4,594 | 4,988 | 4,551 |

Upstream first-quarter reported earnings were $5.7 billion versus $6.8 billion in the same period last year. Earnings excluding identified items and estimated timing effects of $6.3 billion decreased $0.3 billion from higher depreciation expense and lower base volumes from divestments and operational disruptions in Kazakhstan, partly offset by advantaged volume growth in Guyana and the Permian, and structural cost savings. Compared to the fourth quarter, reported earnings increased $2.2 billion. Earnings excluding identified items and estimated timing effects of $6.3 billion increased $1.8 billion versus the prior quarter. Higher crude and gas realizations were partly offset by lower volumes from Middle East impacts, operational disruptions in Kazakhstan and from U.S. winter storm Fern, and higher depreciation expense. Net production in the first quarter reached 4.6 million oil-equivalent barrels per day, with Guyana setting a new quarterly production record of more than 900 thousand gross barrels of oil per day. At the end of March, Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, achieved first production of LNG from Train 1 at its Sabine Pass Terminal, marking a major milestone, increasing U.S. exports by 5% relative to 2025. Golden Pass LNG also announced the safe and successful loading and departure of its first LNG export cargo from the Golden Pass LNG terminal in April. This achievement marks another major milestone toward full commercial operations.

| Energy Products | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Earnings/(Loss) (U.S. GAAP) | | | | | United States | 661 | 1,012 | 297 | | Non-U.S. | (1,923) | 2,378 | 530 | | Worldwide | (1,262) | 3,390 | 827 | | | | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | | United States | 661 | 1,130 | 297 | | Non-U.S. | (1,217) | 1,777 | 530 | | Worldwide | (556) | 2,907 | 827 | | | | | | | Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP) | 2,799 | 2,552 | 856 | | | | | | | Energy Products Sales (kbd) | 5,630 | 5,804 | 5,283 |

Energy Products reported lower first-quarter earnings versus the same quarter last year. Earnings excluding identified items and estimated timing effects were $2.8 billion, an increase of $1.9 billion versus the same quarter last year. Identified items reflect losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions. Unfavorable estimated timing effects reflect the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. Improved margins, including strong trading and optimization results, and structural cost savings were partly offset by higher expenses from planned turnaround activity and unfavorable foreign exchange impacts. Reported first-quarter earnings decreased versus the prior quarter. Earnings excluding identified items and estimated timing effects increased $247 million compared to the fourth quarter. The quarter-over-quarter increase was driven by strong margins from refining and trading, structural cost savings, and lower seasonal expenses. These favorable impacts were partly offset by lower volumes due to scheduled maintenance and Middle East disruptions, and the absence of favorable year-end inventory effects.

| Chemical Products | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Earnings/(Loss) (U.S. GAAP) | | | | | United States | 319 | 64 | 255 | | Non-U.S. | (209) | (345) | 18 | | Worldwide | 110 | (281) | 273 | | | | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | | United States | 319 | 144 | 255 | | Non-U.S. | (209) | (155) | 18 | | Worldwide | 110 | (11) | 273 | | | | | | | Chemical Products Sales (kt) | 5,358 | 5,743 | 4,776 |

Chemical Products first-quarter earnings were $110 million, a decrease of $163 million versus the same quarter last year. Weaker margins driven by lower realizations and higher feed costs were partly offset by volume increases from the China Chemical Complex start-up and structural cost savings. First-quarter earnings of $110 million increased $391 million versus the fourth quarter. Improved results were driven by the absence of prior quarter identified items, lower seasonal expenses, and structural cost savings, partly offset by the absence of favorable tax impacts.

| Specialty Products | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Earnings/(Loss) (U.S. GAAP) | | | | | United States | 274 | 233 | 322 | | Non-U.S. | 377 | 449 | 333 | | Worldwide | 651 | 682 | 655 | | | | | | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | | | | | United States | 274 | 221 | 322 | | Non-U.S. | 377 | 461 | 333 | | Worldwide | 651 | 682 | 655 | | | | | | | Specialty Products Sales (kt) | 1,976 | 1,919 | 1,936 |

Specialty Products delivered strong first-quarter earnings of $651 million, consistent with the same period last year. Record sales volume of high-value 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.

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

| Corporate and Financing | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Earnings/(Loss) (U.S. GAAP) | (1,053) | (807) | (798) | | Earnings/(Loss) Excluding Identified Items (non-GAAP) | (1,053) | (732) | (798) |

Corporate and Financing first-quarter net charges were $1.1 billion compared to $0.8 billion in the same quarter last year due to lower interest income and the absence of favorable tax items. First-quarter net charges of $1.1 billion increased $0.2 billion versus the fourth quarter driven by the absence of favorable tax items.

| CASH FLOW FROM OPERATIONS EXCLUDING WORKING CAPITAL | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Net income/(loss) including noncontrolling interests | 4,472 | 6,609 | 8,033 | | Depreciation and depletion (includes impairments) | 6,771 | 7,715 | 5,702 | | Changes in operational working capital, excluding cash and debt | (1,758) | (2,728) | (878) | | Other | (780) | 1,083 | 96 | | Cash Flow from Operating Activities (U.S. GAAP) | 8,705 | 12,679 | 12,953 | | Less: Changes in operational working capital, excluding cash and debt | 1,758 | 2,728 | 878 | | Cash Flow from Operations excluding Working Capital (non-GAAP) | 10,463 | 15,407 | 13,831 |

| FREE CASH FLOW | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Cash Flow from Operating Activities (U.S. GAAP) | 8,705 | 12,679 | 12,953 | | Additions to property, plant, and equipment | (6,470) | (7,450) | (5,898) | | Additional investments and advances | (387) | (3,160) | (153) | | Other investing activities including collection of advances | 632 | 2,457 | 93 | | Proceeds from asset sales and returns of investments | 219 | 1,020 | 1,823 | | Inflows from noncontrolling interest for major projects | — | 20 | 22 | | Free Cash Flow (non-GAAP) | 2,699 | 5,566 | 8,840 |

| CASH CAPITAL EXPENDITURES | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Additions to property, plant, and equipment | 6,470 | 7,450 | 5,898 | | Additional investments and advances | 387 | 3,160 | 153 | | Other investing activities including collection of advances | (632) | (2,457) | (93) | | Inflows from noncontrolling interests for major projects | — | (20) | (22) | | Less: Advances and collections not related to capital expenditures or equity investments | (38) | (232) | — | | Total Cash Capital Expenditures (non-GAAP) | 6,187 | 7,901 | 5,936 | | | | | | | Dollars in millions (unless otherwise noted) | 1Q26 | 4Q25 | 1Q25 | | Upstream | | | | | United States | 3,449 | 3,674 | 2,983 | | Non-U.S. | 1,363 | 2,709 | 2,010 | | Total | 4,812 | 6,383 | 4,993 | | | | | | | Energy Products | | | | | United States | 828 | 289 | 127 | | Non-U.S. | 170 | 204 | 251 | | Total | 998 | 493 | 378 | | | | | | | Chemical Products | | | | | United States | 156 | 338 | 154 | | Non-U.S. | 26 | 212 | 137 | | Total | 182 | 550 | 291 | | | | | | | Specialty Products | | | | | United States | 35 | 221 | 52 | | Non-U.S. | 20 | 86 | 58 | | Total | 55 | 307 | 110 | | | | | | | Other | | | | | Other | 140 | 168 | 164 | | | | | | | Worldwide | 6,187 | 7,901 | 5,936 |

| CALCULATION OF STRUCTURAL COST SAVINGS | | | | | | | | Dollars in billions (unless otherwise noted) | Twelve Months Ended December 31, | | Three Months Ended March 31, | | | | | | 2019 | 2025 | | 2025 | 2026 | | | Components of Operating Costs | | | | | | | | From ExxonMobil’s Consolidated Statement of Income

(U.S. GAAP) | | | | | | | | Production and manufacturing expenses | 36.8 | 42.4 | | 10.1 | 10.7 | | | Selling, general and administrative expenses | 11.4 | 11.1 | | 2.5 | 2.7 | | | Depreciation and depletion (includes impairments) | 19.0 | 26.0 | | 5.7 | 6.8 | | | Exploration expenses, including dry holes | 1.3 | 1.0 | | 0.1 | 0.1 | | | Non-service pension and postretirement benefit expense | 1.2 | 0.4 | | 0.1 | 0.1 | | | Subtotal | 69.7 | 81.0 | | 18.5 | 20.3 | | | ExxonMobil’s share of equity company expenses (non-GAAP) | 9.1 | 10.6 | | 2.6 | 2.3 | | | Total Adjusted Operating Costs (non-GAAP) | 78.8 | 91.6 | | 21.1 | 22.6 | | | | | | | | | | | Total Adjusted Operating Costs (non-GAAP) | 78.8 | 91.6 | | 21.1 | 22.6 | | | Less: | | | | | | | | Depreciation and depletion (includes impairments) | 19.0 | 26.0 | | 5.7 | 6.8 | | | Non-service pension and postretirement benefit expense | 1.2 | 0.4 | | 0.1 | 0.1 | | | Other adjustments (includes equity company depreciation

and depletion) | 3.6 | 6.2 | | 1.3 | 1.3 | | | Total Cash Operating Expenses (Cash Opex) (non-GAAP) | 55.0 | 59.0 | | 14.1 | 14.5 | | | | | | | | | | | Energy and production taxes (non-GAAP) | 11.0 | 14.9 | | 3.9 | 3.7 | | | Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) | 44.0 | 44.1 | | 10.2 | 10.8 | | | | | | | | | | | | | Change

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2019 | | | Change

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2025 | Estimated Cumulative vs 2019 | | Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) | | +0.1 | | | +0.6 | | | | | | | | | | | Market | | +4.9 | | | +0.5 | | | Activity/ Other | | +10.3 | | | +0.6 | | | Structural Cost Savings | | -15.1 | | | -0.6 | -15.6 |

This press release references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $15.6 billion, which included an additional $0.6 billion in the first three months of 2026. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.

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