Sales and Other Operating Revenue

1% increase (from $80,411 million in Q1 2024 to $81,058 million in Q1 2025)

Slight revenue growth driven by steady performance in core segments such as Energy Products, which helped offset softer areas. This builds on the previous period’s stable commodity revenues even as market conditions remained challenging, ensuring marginal overall growth. " "

Net Income

6% decline (from $8,566 million in Q1 2024 to $8,033 million in Q1 2025)

Net income fell due to lower operational performance and higher cost pressures (e.g., increased depreciation and depletion expenses) that built on issues from past periods. The decline reflects continued headwinds in earnings performance despite some offsetting factors. " "

EPS

14% decline (from $2.06 in Q1 2024 to $1.76 in Q1 2025)

EPS dropped significantly as a result of the lower net income compounded by dilution from an increased weighted-average share count, a dynamic that also affected previous periods. The dilution effect, partly associated with acquisitions, worsened the earnings impact compared to Q1 2024. " "

U.S. Revenue

13% increase (from $30,656 million in Q1 2024 to $34,607 million in Q1 2025)

U.S. revenue surged due to improved domestic market performance and operational efficiencies that have consistently driven U.S. segment strength. This upward trend builds on earlier period improvements, reflecting enhanced market conditions and possibly benefits from strategic acquisitions. " "

Non-U.S. Revenue

6.7% decline (from $49,755 million in Q1 2024 to $46,451 million in Q1 2025)

Non-U.S. revenue declined as international markets experienced softer commodity pricing and other adverse economic factors that contrasted with U.S. performance. This downturn is in line with recent trends where global challenges have led to reduced revenues outside the United States. " "

Energy Products Revenue

Dominant segment in Q1 2025 with $71,338 million

Energy Products continue to be the dominant driver due to strong demand for commodity contracts despite market volatility. This segment’s stability reinforces historical reliance on robust commodity pricing, as seen in previous periods. "

Upstream Revenue

$29,174 million in Q1 2025

Upstream revenue remains solid, reflecting steady production levels and stable market performance carried over from prior years. The consistent contribution from the Upstream segment underscores its importance in balancing overall revenue despite broader market fluctuations. "

Earnings and Cash Flow Growth

Q1 2025

no prior guidance

Targeting $20 billion more in earnings and $30 billion more in cash by 2030 " "

no prior guidance

Structural Cost Savings

Q1 2025

no prior guidance

Achieved $12.7 billion in structural cost savings since 2019, aiming for $18 billion by decade " "

no prior guidance

Breakeven Improvement

Q1 2025

no prior guidance

Plans to improve breakevens to $35 per barrel by 2027 and $30 per barrel by 2030 "

no prior guidance

Capital Expenditure (CapEx)

Q1 2025

no prior guidance

Expected to grow to $28 billion to $33 billion per year through 2030 "

no prior guidance

Production and Profit Growth

Q1 2025

no prior guidance

Over 60% of production from advantaged assets by 2030, with per barrel profit rising from $10 in 2024 to $13 in 2030 "

no prior guidance

Product Solutions Growth

Q1 2025

no prior guidance

High-value products expected to grow by 80% by 2030, contributing over 40% of total product solutions earnings "

no prior guidance

Low Carbon Solutions

Q1 2025

no prior guidance

Anticipates generating $1 billion in earnings by 2030 from businesses insulated from commodity price cycles "

no prior guidance

Shareholder Returns

Q1 2025

no prior guidance

Distributed $9.1 billion in cash during Q1 2025, including $4.8 billion in share buybacks "

no prior guidance

Project Start-ups

Q1 2025

no prior guidance

Plans to start 10 advantaged projects in 2025, expected to generate over $3 billion in earnings by 2026 "

no prior guidance

Golden Pass LNG Project

Q1 2025

no prior guidance

First LNG expected by end of 2025, potentially slipping into early 2026 "

no prior guidance

Capital Expenditures (FY 2025)

FY 2025 and beyond

Expected cash CapEx between $27 billion and $29 billion "

no current guidance

no current guidance

Capital Expenditures (FY 2026-2030)

FY 2025 and beyond

Expected cash CapEx between $28 billion and $33 billion annually "

no current guidance

no current guidance

Structural Cost Reductions

FY 2025 and beyond

Achieved $12 billion in cost reductions since 2019; targeting additional $6 billion by FY 2030 to total $18 billion "

no current guidance

no current guidance

Earnings Contribution from Major Projects

FY 2025 and beyond

Major projects starting in FY 2025 expected to deliver >$3 billion in earnings potential in FY 2026 "

no current guidance

no current guidance

Share Buybacks

FY 2025 and beyond

Committed to $20 billion annually in share buybacks for FY 2025 and FY 2026 "

no current guidance

no current guidance

Permian Basin Production

FY 2025 and beyond

Production expected to grow from 1.5 million barrels per day at end of FY 2024 to 2.3 million barrels per day by FY 2030 "

no current guidance

no current guidance

Guyana Production

FY 2025 and beyond

Continued growth with the Yellowtail project starting in FY 2025 "

no current guidance

no current guidance

Return on Capital Employed (ROCE)

FY 2025 and beyond

Achieved 13% ROCE in FY 2024; FY 2024 ROCE rises to 17% (excluding cash balances and projects under construction) with a 5-year average of 15% "

no current guidance

no current guidance

Low Carbon Solutions (Annual)

FY 2025 and beyond

Continued focus on carbon capture, hydrogen, and lithium ventures with investments contingent on policy support and customer offtake agreements "

no current guidance

no current guidance

Pioneer Acquisition Synergies

In Q3 2024, executives detailed higher-than-expected synergies with specific examples (e.g., leveraging water infrastructure and record lateral drilling). " " In Q2 2024, the early integration success and notable value opportunities were highlighted. "

In Q1 2025, Darren Woods noted that integration was revealing more value opportunities than originally expected, with an upward revision of expected annual synergies from $2 billion to $3 billion—and possibly even higher. "

Increased optimism with upgraded synergy expectations and a clear indication that integration is yielding greater value than initially forecasted.

Structural Cost Savings and Efficiency Gains

Q3 2024 discussions emphasized overall structural cost savings (e.g., $5 billion reductions and centralized maintenance, technology and automation to drive further efficiencies). " " " In Q2 2024, progress was shown with sequential savings and year‐to‐date cost reductions (up to $1 billion). "

In Q1 2025, ExxonMobil reported having achieved $12.7 billion in cost savings since 2019, with a future target of $18 billion, driven by centralized organizations, technology adoption, and data utilization. " "

Upward revision and stronger performance – the focus remains on efficiency but with significantly higher savings achievements and aggressive future targets.

Production Growth in Guyana and Permian Basin

Q3 2024 highlighted production records in the Permian Basin along with detailed examples of longer laterals and overall production improvements; Guyana was noted for returning to full production along with significant earnings contributions. " " Q2 2024 reported Guyana's production rates being well above expectations and a surge to 1.2 million barrels per day in the Permian Basin. " "

In Q1 2025, ExxonMobil announced new FPSOs in Guyana and updated its Permian outlook by noting additional value opportunities, including deploying low-weight proppant technology to increase recoveries. " " "

Consistently positive – production growth remains robust with incremental technological and operational improvements enhancing asset performance.

Aggressive Capital Allocation and Share Buybacks

There were no specific mentions of aggressive share buybacks or a detailed capital allocation stance in Q3 2024 and Q2 2024 (aside from dividend updates in Q3). " "

Q1 2025 introduced a focused discussion on capital allocation priorities, emphasizing continued investments in profitable growth and a sustained $20 billion share buyback pace aimed at reducing dividend burden and enhancing shareholder value. " "

New focus – this topic emerges in Q1 2025, underscoring a more assertive capital allocation strategy not previously highlighted in earlier periods.

Tariff and Supply Chain Risks

Neither Q3 2024 nor Q2 2024 documents mention tariff and supply chain risks explicitly.

In Q1 2025, detailed commentary was provided on tariff exposure – noting that current contracts shield ongoing projects while new projects might see exposure – along with active management of supply chain risks. "

Newly highlighted – a topic absent in prior periods now gains focus, with proactive risk management measures outlined for potential future impacts.

Regulatory, Policy, and Litigation Uncertainty for Low-Carbon Projects

Q2 2024 discussions centered on regulatory clarity for blue hydrogen and building the carbon capture market. " " In Q3 2024, attention was given to awaiting technology-agnostic regulations for low-carbon projects, especially impacting the Baytown blue hydrogen facility. " "

Q1 2025 offered a more comprehensive view – emphasizing the need for robust policy frameworks, clarifying market mechanisms for low-carbon investments, and even detailing litigation aspects (e.g., against the EU over a windfall tax). " " "

Evolving complexity – while the focus remains on achieving regulatory clarity, additional layers (including litigation) are now part of the discussion, reflecting broader policy risks.

Innovative Technology Ventures

In Q2 2024, Proxxima and the Carbon Materials Venture were discussed in terms of their market potential and the need to overcome commercialization challenges, with emphasis on milestone-based growth. " Q3 2024 reinforced the need for product qualification and customer engagement for these ventures. " "

In Q1 2025, commercialization challenges for these ventures were again noted, highlighting inherent uncertainties when introducing new products into new markets and reaffirming the milestone-based approach to gauge success. "

Persistent cautious optimism – the commercialization challenges remain a consistent theme, with ongoing emphasis on milestone achievements to manage market uncertainties.

Withdrawal from Exploration Opportunities

Q3 2024 featured a discussion on the firm's disciplined approach to exploration opportunities, exemplified by the decision to withdraw from a Namibia farm-down process if the full value chain doesn’t justify the investment. "

There is no mention of withdrawal from exploration opportunities, such as the Namibia farm-down process, in Q1 2025.

No longer mentioned – this topic was raised in Q3 2024 but has dropped out of the Q1 2025 discussion, suggesting a deprioritization or resolution of this subject.

Challenges in the Asia Chemicals Market and Pressure on Chemical Margins

Q2 2024 highlighted oversupply issues in the chemicals market, with margins pressured by excessive capacity additions. " Q3 2024 provided insight into macro challenges in China and highlighted strategic positioning to mitigate margin pressures. "

In Q1 2025, challenges in the Asia chemicals market were again discussed with specific reference to a large-scale Chinese chemical project developed strategically to maintain competitiveness amid ongoing oversupply and margin pressure. " "

Consistent challenge – while efforts to mitigate these pressures continue, the underlying issues of oversupply and margin compression remain a persistent concern.

Project Delays (Golden Pass LNG)

Q2 2024 noted a 6‑month delay with first LNG expected at the back end of 2025, while Q3 2024 reiterated a similar delay along with expectations for subsequent trains coming online at 6‑month intervals. " "

In Q1 2025, despite some slight timing adjustments (with the possibility of first LNG slipping into early 2026), the update remained consistent with previous delay narratives, projecting first LNG by the end of 2025. "

Consistently communicated – the narrative of a roughly 6‑month delay remains unchanged across periods, with minor adjustments reflective of project updates.