ExxonMobil Corporation is a global energy company engaged in the exploration and production of crude oil and natural gas, as well as the manufacture, trade, transport, and sale of petroleum products, petrochemicals, and specialty products . The company is also investing in lower-emission business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, and lithium . ExxonMobil's diverse portfolio allows it to capture value across the energy value chain, contributing significantly to its total revenue of $334.7 billion in 2023 .
- Upstream - Focuses on the exploration and production of oil and gas, significantly contributing to the company's earnings.
- Energy Products - Involves refining and marketing of fuels, closely tied to industry refining margins influenced by global supply and demand dynamics.
- Specialty Products - Includes high-value products like lubricants, contributing to the company's diverse offerings.
- Chemical Products - Involves the production of petrochemicals, adding to the company's comprehensive product portfolio.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Darren W. Woods ExecutiveBoard | Chairman and CEO | Business Roundtable, Business Council, Trustee at Center for Strategic and International Studies | CEO since 2017, with over 30 years at XOM. Previously held roles such as President and Senior VP. Expertise in global operations and strategy. | View Report → |
Craig S. Morford Executive | VP and General Counsel | None | Leads legal and compliance functions. Former Chief Legal and Compliance Officer at Cardinal Health. | |
Darrin L. Talley Executive | VP, Corporate Strategic Planning | None | Oversees corporate strategy. Former President of ExxonMobil Research and Engineering Company. | |
Jack P. Williams Executive | Senior VP | None | Leads Product Solutions, supply chain, and global projects. Delivered $17B in earnings in 2023 and advanced energy transition goals. | |
Karen T. McKee Executive | President, ExxonMobil Product Solutions | None | Leads Product Solutions business. Former President of ExxonMobil Chemical Company. Focused on energy transition and operational excellence. | |
Kathryn A. Mikells Executive | Senior VP and CFO | None | CFO since 2021. Previously CFO at Diageo. Leads financial strategy, balance sheet management, and shareholder engagement. | |
Len M. Fox Executive | VP and Controller (Principal Accounting Officer) | None | Oversees financial reporting and compliance. Previously Assistant Treasurer and VP of Chemical Business Services. | |
Liam M. Mallon Executive | President, ExxonMobil Upstream Company | None | Oversees upstream operations. Key leader in Guyana projects and energy transition strategies. | |
Neil A. Chapman Executive | Senior VP | None | Oversees Upstream business, global trading, and technology. Key leader in the $59.5B Pioneer acquisition and energy transition initiatives. | |
Alexander A. Karsner Board | Director | Director at Applied Materials, Stanford Precourt Institute, MIT Media Lab, Conservation International | Former U.S. Assistant Secretary of Energy. Expertise in energy policy and technology commercialization. | |
Angela F. Braly Board | Director | Director at Brookfield Corporation, Procter & Gamble | Chair of the Compensation Committee. Former CEO of WellPoint. Expertise in governance and public policy. | |
Gregory J. Goff Board | Director | Director at Avient Corporation | Brings expertise in refining, marketing, and renewable fuels. Former CEO of Andeavor and Executive Vice Chairman at Marathon Petroleum. | |
John D. Harris II Board | Director | Director at Flex Ltd., Cisco Systems, Kyndryl Holdings | Former CEO of Raytheon International. Expertise in global operations and business transformation. | |
Joseph L. Hooley Board | Lead Independent Director | Director at Aptiv PLC and Liberty Mutual Insurance | Chair of the Nominating and Governance Committee. Former Chair and CEO of State Street. | |
Michael J. Angelakis Board | Director | CEO of Atairos Group, Director at Bowlero, Clarivate, and TriNet Group | Chair of the Finance Committee. Former Vice Chairman and CFO of Comcast. Extensive financial expertise. | |
Steven A. Kandarian Board | Director | Chair at Jackson Financial, Director at Neuberger Berman, Damon Runyon Cancer Research Foundation | Former CEO of MetLife. Expertise in risk management, capital allocation, and regulatory engagement. |
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Given the variables affecting production in Guyana, such as project timing, depletion rates, and infill drilling schedules, how do you plan to optimize production versus capacity to ensure full utilization and maximize returns on your capital investments?
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With the $15 billion cost savings target by 2027 and approximately three-quarters already achieved, can you elaborate on how much of these savings are attributable to AI and technology initiatives, and what specific plans you have to leverage technology further to drive additional efficiencies beyond the initial target?
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After withdrawing from the farm-down process in Namibia, how are you balancing the pursuit of new exploration opportunities with maintaining a robust upstream portfolio, especially when assessing the commercial viability and scalability of new resources in light of your already full upstream hopper?
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Considering your ambitious plans for Proxxima and the Carbon Materials venture, both aiming to generate multiple billions of dollars in revenue within the next 5 to 10 years, what specific milestones and challenges do you anticipate in scaling up production and achieving market acceptance for these new technologies?
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Given the current bottom-of-cycle conditions in the Asia chemical markets, how confident are you that the China One project will meet your projections without a return to mid-cycle margins, and what strategies are you implementing to ensure its competitiveness and profitability in a market with excess supply?
Research analysts who have asked questions during EXXON MOBIL earnings calls.
Devin Mcdermott
Morgan Stanley
7 questions for XOM
Ryan Todd
Simmons Energy
7 questions for XOM
Biraj Borkhataria
Royal Bank of Canada
6 questions for XOM
Neil Mehta
Goldman Sachs
6 questions for XOM
Bob Brackett
Bernstein Research
5 questions for XOM
Jason Gabelman
TD Cowen
5 questions for XOM
Paul Cheng
Scotiabank
5 questions for XOM
Stephen Richardson
Evercore ISI
5 questions for XOM
Jean Ann Salisbury
Bank of America
4 questions for XOM
Arun Jayaram
JPMorgan Chase & Co.
3 questions for XOM
Douglas George Blyth Leggate
Wolfe Research
3 questions for XOM
John Royall
JPMorgan Chase & Co.
3 questions for XOM
Roger Read
Wells Fargo & Company
3 questions for XOM
Alastair Syme
Citigroup
2 questions for XOM
Betty Jiang
Barclays
2 questions for XOM
Betty Zhang
Scotiabank
2 questions for XOM
Doug Leggate
Wolfe Research
2 questions for XOM
Doug Leggett
Wolfe Research
2 questions for XOM
Jean Anne Salisbury
Bank of America
2 questions for XOM
Neal Dingmann
Truist Securities
2 questions for XOM
Paul Sankey
Sankey Research
2 questions for XOM
Phillip Jungwirth
BMO Capital Markets
2 questions for XOM
Sam Margolin
Wells Fargo & Company
2 questions for XOM
Wei Jiang
Barclays
2 questions for XOM
Douglas Leggate
Wolfe Research
1 question for XOM
Josh Silverstein
UBS Group
1 question for XOM
Joshua Silverstein
UBS Group AG
1 question for XOM
Lloyd Byrne
Jefferies LLC
1 question for XOM
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Pioneer Natural Resources | 2024 | ExxonMobil’s acquisition of Pioneer was an all-stock transaction valued at approximately $63 billion (with 545 million shares issued and $5 billion of debt assumed), adding more than 850,000 net acres and over 2 billion oil-equivalent barrels of proved reserves to its portfolio, bolstering its upstream operations in the Permian Basin. The deal also featured specific exchange terms (each Pioneer share converted into 2.3234 ExxonMobil shares) and was executed under a merger agreement, with the transaction leading to a recorded $1 billion goodwill in ExxonMobil’s Upstream segment. |
Denbury Inc. | 2023 |
Recent press releases and 8-K filings for XOM.
- ExxonMobil Q3 2025 net income was $7.5 billion, down 12% Y/Y due to lower oil prices (Brent at $68.20/bbl).
- Q3 revenue reached $85.3 billion vs. $86.5 billion consensus; adjusted EPS of $1.90 beat the $1.80 estimate.
- Achieved record production, exceeding 700,000 bbl/d in the Permian Basin and Guyana, and added >80,000 net acres in the Permian.
- Delivered $2.2 billion of cost savings in 2025 (part of $14 billion cumulative since 2019) and brought 8 of 10 key 2025 projects online as scheduled, while maintaining dividends and buybacks.
- OPEC+ plans to boost output by ~180,000 bbl/d from Dec 2025 have driven a 5–7% drop in oil futures, spurring investor interest in hedges like cryptocurrencies.
- In Q3, Guyana production set a record at over 700,000 barrels per day, with Yellowtail brought online four months early and the Hammerhead development sanctioned; Permian production reached nearly 1.7 million boe/day.
- Lightweight proppant deployment penetrates deeper into frac zones, boosting well recoveries by up to 20%, with about 25% of new wells using it this year and 50% by end-2026.
- Product Solutions capacity is tripling via Proxima systems, including a 40% faster rebar installation, a one-coat marine tank solution, 80% utilization at the Singapore resid upgrade, acquisition of Superior Graphite assets for advanced battery anodes, and commissioning of the Discovery six supercomputer.
- Emphasis on financial discipline with over $14 billion in structural cost savings since 2019, mid-year $2.4 billion in acquisitions, updated CapEx guidance below $27–29 billion (ex-M&A), and launch of an opt-in retail shareholder voting program.
- Achieved record Guyana production of over 700,000 b/d; brought Yellowtail FPSO online 4 months early (250,000 b/d capacity); sanctioned Hammerhead for 2029; set a Permian record of 1.7 MM boe/d and acquired 80,000 net acres in Midland Basin.
- Deployed lightweight proppant in ~25% of wells this year (targeting 50% by end-2026), boosting recoveries by up to 20%, per Wood Mackenzie validation.
- Expanded Product Solutions: tripling Proxima capacity; demonstrated 40% faster rebar installation and one-coat marine coating; developing battery graphite anodes with 30% faster charging, 30% longer range, and 4× lifecycle; acquired Superior Graphite assets to scale energy-efficient graphitization.
- Captured $14 billion in structural cost savings since 2019 (~$2.5 billion/year); delivered 8 of 10 key 2025 project startups (including Golden Pass LNG); commissioned Discovery 6 supercomputer to cut seismic processing from months to weeks, unlocking >$1 billion in Guyana value.
- Sustained shareholder returns with 43 consecutive years of annual dividend growth.
- Delivered $7.5 B GAAP earnings and $8.1 B earnings ex. identified items in Q3 2025
- Generated $14.8 B cash flow from operations, funding $8.6 B cash capex and $9.4 B shareholder distributions (incl. $5.1 B share buybacks)
- Strengthened balance sheet with net debt-to-capital of 9.5%
- Upstream performance driven by record Permian and Guyana output, achieving 4.8 Moebd production in Q3 2025
- Record production in Guyana at >700,000 bpd and Permian at 1.7 million boe/d, with Yellowtail FPSO online four months early.
- CapEx projected below $27–29 billion (ex-M&A), excluding $2.4 billion of Q3 acquisitions.
- 80,000 net acres added in Midland Basin and expansion of lightweight proppant into 25% of new wells, boosting unconventional recoveries.
- Acquired Superior Graphite assets for graphitized carbon battery anodes (TAM $40 billion) and advancing carbon-abated power solutions for data centers.
- Generated third-quarter earnings of $7.5 billion ($1.76 per share), cash flow from operations of $14.8 billion, and free cash flow of $6.3 billion.
- Returned $9.4 billion to shareholders, including $4.2 billion in dividends and $5.1 billion in share repurchases; fourth-quarter dividend raised to $1.03 per share.
- Upstream delivered $5.7 billion in earnings and set production records, surpassing 700,000 bpd in Guyana and nearly 1.7 million boepd in the Permian.
- Advanced growth strategy with eight of ten key 2025 project start-ups, Permian acreage acquisitions, and investments in carbon materials and supercomputing capacity.
- Maintained a strong balance sheet with a debt-to-capital ratio of 13.5%, net-debt-to-capital of 9.5%, and period-end cash of $13.9 billion.
- Exxon Mobil has signed preliminary agreements with Basra Oil Company and Iraq’s SOMO to explore the Majnoon field, one of the world’s richest with an estimated 38 billion barrels of oil.
- The deal scope includes discussions on export infrastructure projects in southern Iraq and securing storage capacity in Singapore.
- Before production can start, Exxon must conduct commercial and technical studies and negotiate a production-sharing contract, a process expected to take years.
- The move follows Exxon’s exit from the West Qurna-1 investment in early 2024 due to challenging contractual terms and political instability.
- As of 2024, Exxon produced 3.0 million barrels of liquids and 8.1 billion cubic feet of natural gas per day, holding reserves of 19.9 billion barrels of oil equivalent.
- Upstream earnings in Q3 2025 may swing by –$200 million to +$200 million for gas and –$100 million to +$300 million for liquids due to oil and gas price fluctuations.
- A rebound in refining margins is expected to add $300 million to $700 million to earnings, reflecting a $500 million profit increase in the fuel-making division.
- Restructuring costs and scheduled maintenance could subtract $400 million to $600 million, while changes in chemicals margins may contribute about $200 million.
- Analysts project adjusted EPS of $1.79, maintain a Buy rating and a $124 price target for Q3 2025.
- Exxon Mobil outlined key factors expected to impact 3Q 2025 results versus 2Q 2025, focusing on market dynamics and planned activities rather than full operating performance.
- 2Q 2025 U.S. GAAP earnings were $7.1 billion (excluding identified items).
- Estimated market impacts for 3Q include $(0.1) – $0.3 billion from liquids price changes, $(0.2) – $0.2 billion from gas price changes, and $0.3 – $0.7 billion from energy product margin shifts.
- Planned and seasonal factors include maintenance effects of $(0.1) – $0.1 billion upstream and $0.0 – $0.2 billion in energy products, plus corporate restructuring costs of $(0.6) – $(0.4) billion.
- The company will release 3Q 2025 results on October 31, 2025 at approximately 5:30 a.m. CT via its website and an 8-K filing.
- Exxon Mobil is cutting approximately 2,000 jobs (3%–4% of its workforce) globally to streamline operations after its $60 billion acquisition of Pioneer Natural Resources.
- The reductions will primarily impact support and administrative roles as the company consolidates smaller offices into larger regional hubs.
- This follows earlier plans to cut nearly 400 Texas-based positions in November 2024 and mirrors workforce reductions at peers like Chevron, BP, and ConocoPhillips.
- Despite ongoing layoffs, the oil & gas sector continues to benefit from "drill, baby, drill" policies under the Trump administration.