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What changed in ExxonMobil's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of ExxonMobil's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+135 added−173 removedSource: 10-K (2026-02-18) vs 10-K (2025-02-19)

Top changes in ExxonMobil's 2025 10-K

135 paragraphs added · 173 removed · 118 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeThe acquisition transforms ExxonMobil’s upstream portfolio, creating an industry-leading, high-quality U.S. unconventional inventory position. For additional information, see Note 21 in the Financial Section of this report. The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel, and chemical needs of industrial and individual consumers.
Biggest changeThe energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel, and chemical needs of industrial and individual consumers. Certain industry participants, including ExxonMobil, are expanding the scope of investments in lower-emission energy and emission-reduction services and technologies.
Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: “Management's Discussion and Analysis of Financial Condition and Results of Operations: Business Results ” and Note 18 .
Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: “Management's Discussion and Analysis of Financial Condition and Results of Operations: Business Results ” and Note 3 .
As discussed in Item 1A in this report, compliance with existing and potential future government regulations, including taxes, environmental regulations, and other government regulations and policies that directly or indirectly affect the production and sale of our products, may have material effects on the capital expenditures, earnings, and competitive position of ExxonMobil.
As discussed in Item 1 A in this report, compliance with existing and potential future government regulations, including taxes, environmental regulations, and other government regulations and policies that directly or indirectly affect the production and sale of our products, may have material effects on the capital expenditures, earnings, and competitive position of ExxonMobil.
The number of regular employees was 61 thousand, 62 thousand, and 62 thousand at years ended 2024, 2023, and 2022, respectively. Regular employees are defined as active executive, management, professional, technical, administrative, and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs.
The number of regular employees was 58 thousand, 61 thousand, and 62 thousand at years ended 2025, 2024, and 2023, respectively. Regular employees are defined as active executive, management, professional, technical, administrative, and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs.
Information concerning the source and availability of raw materials used in the Corporation’s business, the extent of seasonality in the business, the possibility of renegotiation of profits or termination of contracts at the election of governments, and risks attendant to foreign operations may be found in Item 1A and Item 2 in this report. ExxonMobil maintains a website at exxonmobil.com.
Information concerning the source and availability of raw materials used in the Corporation’s business, the extent of seasonality in the business, the possibility of renegotiation of profits or termination of contracts at the election of governments, and risks attendant to foreign operations may be found in Item 1A and Item 2 in this report. 1 Table of Contents Financial Table of Contents ExxonMobil maintains a website at exxonmobil.com.
Information on oil and gas reserves is contained in the “ Oil and Gas Reserves ” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report. ExxonMobil has a long-standing commitment to the development of proprietary technology.
Information on oil and gas reserves is contained in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report. ExxonMobil has a long-standing commitment to the development of proprietary technology.
Our principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima TM systems, carbon materials, and lithium.
Our principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, carbon materials, low-carbon data centers, and lithium.
With over 60 percent of our global employees from outside the U.S. and 160 nationalities represented across the Company, we encourage and respect diversity of thought, ideas, and perspective from our workforce.
With over 59 percent of our global employees from outside the U.S. and more than 160 nationalities represented across the Company, we encourage and respect diversity of thought, ideas, and perspective from our workforce.
For additional 1 information on the Corporation's worldwide environmental expenditures, see “Management's Discussion and Analysis of Financial Condition and Results of Operations: Environmental Matters ” in the Financial Section of this report.
For additional information on the Corporation's worldwide environmental expenditures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations: Environmental Matters " in the Financial Section of this report.
Certain industry participants, including ExxonMobil, are expanding investments in lower-emission energy and emission-reduction services and technologies. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.
The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.
We have a wide array of research programs designed to meet the needs identified in each of our businesses. ExxonMobil held over 8 thousand active patents worldwide at the end of 2024. For technology licensed to third parties, revenues totaled approximately $102 million in 2024.
We have a wide array of research programs designed to meet the needs identified in each of our businesses. ExxonMobil held over 8 thousand active patents worldwide at the end of 2025.
Removed
On May 3, 2024, the Corporation acquired Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company. With reference to the acquisition, we issued 545 million shares of ExxonMobil common stock having a fair value of $63 billion on the acquisition date, and assumed debt with a fair value of $5 billion.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeEven in countries with well-developed legal systems where ExxonMobil does business, we remain exposed to changes in law or interpretation of settled law, including changes that result from international treaties and accords or changes by local jurisdictions encroaching on national regulatory frameworks or global issues, and changes in policy that could adversely affect our results, such as: • increases or changes in taxes, duties, or government royalty rates, including retroactive claims, punitive taxes on oil, gas and petrochemical operations, windfall profit taxes, or global minimum taxes; • price controls; • changes in environmental regulations or other laws that penalize us for past or current production of legal and/or permitted products and operations, increase our cost of operation or compliance or reduce or delay available business opportunities, including changes in laws affecting offshore drilling operations, standards to complete decommissioning, water use, production of our products, emissions, hydraulic fracturing, or production or use of new or recycled plastics, as well as laws and regulations affecting trading, carbon capture and storage, hydrogen, lower-emission fuels, Proxxima TM systems, carbon materials, or lithium; • actions by policy-makers, regulators, or other actors to delay or deny necessary licenses and permits, restrict the availability of oil and gas leases or the transportation or export of our products, reduce or retract government incentives for emissions reductions, or otherwise require changes in the Company's business or strategy that could result in reduced returns; 3 • regulatory interpretations that exclude or disfavor our products under government policies or programs intended to support new or developing markets or technologies, or that otherwise are not technology-neutral; • adoption of regulations mandating efficiency standards, emission standards, the use of alternative fuels or uncompetitive fuel components; • use of regulatory or legal standards as a foreign policy tool; • unstable policies impacting new or emerging markets; • adoption of disclosure regulations that could create competitive disadvantages, require us to incur disproportionate costs, or increase legal risk due to a need to rely on uncertain estimates or extrapolations (such as emissions of third parties) and lack of uniform standards across jurisdictions, or by requiring us to disclose competitively sensitive commercial information or to violate the non-disclosure laws of other countries; and • government actions to cancel contracts, redenominate the official currency, renounce or default on obligations, renegotiate terms unilaterally, or expropriate assets.
Biggest changeEven in countries with well-developed legal systems where ExxonMobil does business, we remain exposed to changes in law or interpretation or enforcement of settled law, including changes that result from concerted efforts to increase our legal exposure by groups opposed to the products we provide or international treaties and accords or changes by local jurisdictions encroaching on national regulatory frameworks or global issues or changes resulting from imposition of extraterritorial laws and regulations, and changes in government policy or priorities that could adversely affect our results, such as: • increases or changes in taxes, duties, or government royalty rates, including retroactive claims, punitive taxes on oil, gas and petrochemical operations, windfall profit taxes, or global minimum taxes; • price controls; 3 Table of Contents Financial Table of Contents • changes in environmental, advertising, insurance or other regulations or laws that penalize us for past or current production of legal and/or permitted products and operations, increase our cost of operation or compliance or reduce or delay available business opportunities, including changes in laws or regulations affecting offshore drilling operations, standards to complete decommissioning, standards for water use or availability, production of our products, emissions, hydraulic fracturing, or production or use of new or recycled plastics, as well as laws and regulations affecting trading, carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, carbon materials, low-carbon data centers, or lithium; • actions by governments, policy-makers, regulators, or other actors to delay or deny necessary licenses and permits, restrict the availability of oil and gas leases, investment opportunities, or the transportation or export of our products, pause, reduce, or retract government incentives for emissions reductions, disrupt or impact reliability as a result of policy decisions on types and pricing of energy available, or otherwise require changes in the Company's business or strategy that could result in reduced returns; • regulatory interpretations that exclude or disfavor our products under government policies or programs intended to support new or developing markets or technologies, or that otherwise are not technology-neutral; • adoption of regulations mandating efficiency standards, emission standards, procurement standards, the use of alternative fuels, or uncompetitive fuel components; • use of regulatory or legal standards by any nation or supranational body as a foreign policy tool; • unstable policies or shifting regulations impacting new or emerging markets; • adoption of disclosure regulations that could create competitive disadvantages, require us to incur disproportionate costs, increase legal risk due to a need to rely on uncertain estimates or extrapolations (such as emissions of third parties) and lack of uniform standards across jurisdictions, require us to make statements we disagree with, or require us to disclose competitively sensitive commercial information or to violate the non-disclosure laws of other countries; and • government actions to cancel contracts, redenominate the official currency, renounce or default on obligations, impose unwarranted penalties, renegotiate terms unilaterally, expropriate assets, or compel a change in production plans.
See “Climate Change and the Energy Transition” in this Item 1A. Economic conditions. The demand for energy and petrochemicals is generally linked closely with broad-based economic activities and levels of prosperity. The occurrence of economic downturns, recessions or other periods of low or negative economic growth will typically have a direct adverse impact on our results.
See “Climate Change and Energy Transition” in this Item 1A. Economic conditions. The demand for energy and petrochemicals is generally linked closely with broad-based economic activities and levels of prosperity. The occurrence of economic downturns, recessions or other periods of low or negative economic growth will typically have a direct adverse impact on our results.
CCS technologies, focused initially on capturing and sequestering CO2 emissions from high-carbon intensity industrial activities, can assist in meeting society’s objective to mitigate atmospheric greenhouse gas levels while also helping ensure the availability of the reliable and affordable energy the world requires.
CCS technologies, focused initially on capturing and sequestering CO2 emissions from high-carbon intensity industrial activities, can assist in meeting society’s objective to mitigate atmospheric greenhouse gas levels while also helping to ensure the availability of the reliable and affordable energy the world requires.
Failure or delay of these policies or markets to materialize or be maintained could adversely impact these investments.
Failure or delay of these policies or markets to materialize or be maintained could adversely impact or delay these investments.
ExxonMobil is subject to laws and sanctions imposed by the United States and by other jurisdictions where we do business that may prohibit ExxonMobil or its affiliates from doing business in certain countries or with certain counterparties or restrict the kind of business that may be conducted, including acquiring and divesting certain assets or importing or exporting certain materials or products.
ExxonMobil is subject to laws and sanctions imposed by the United States and by other jurisdictions where we do business that may prohibit ExxonMobil or its affiliates from doing business in certain countries or with certain counterparties or restrict or impede the kind of business that may be conducted, including acquiring and divesting certain assets or importing or exporting certain materials or products.
In addition, as we enter new markets in pursuit of lower-emission and other new business opportunities, we will need to compete effectively with established competitors in these markets, as well as with new market entrants seeking to capitalize on these opportunities, while successfully navigating changing market conditions or technologies. 6 Reputation. Our reputation is an important corporate asset.
In addition, as we enter new markets in pursuit of lower-emission and other new business opportunities, we will need to compete effectively with established competitors in these markets, as well as with new market entrants seeking to capitalize on these opportunities, while successfully navigating changing market conditions or technologies. Reputation. Our reputation is an important corporate asset.
Technology and expertise provided by industry service companies may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources.
Technology and expertise provided by industry service companies or AI may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources.
Our ability to develop and deploy CCS and other new energy technologies at commercial scale, and the growth and future returns of LCS and other emerging businesses in which we invest, will depend in part on the continued development of stable and supportive government policies and markets.
Our ability to develop and deploy CCS and other new energy technologies at commercial scale, and the growth and future returns of LCS and other emerging businesses in which we invest, will depend in part on the development of stable and supportive government policies and markets.
Our results depend on management’s ability to minimize the inherent risks of oil, gas, and petrochemical operations, as well as potential risks related to new energy technologies, to effectively control our business activities, including trading, and to minimize the potential for human error.
Our results depend on management’s ability to minimize the inherent risks of oil, gas, and petrochemical operations, as well as potential risks related to new energy and other technologies, to effectively control our business activities, including trading, and to minimize the potential for human error.
Restrictions on production of oil and gas could increase to the extent governments view such measures as a viable approach for pursuing national and global energy and climate policies.
Restrictions on production of oil and gas could increase to the extent governments view such measures as a viable approach for pursuing national and global energy, security, and climate policies.
Any material decline in oil or natural gas prices could have a material adverse effect on the Company’s operations, financial condition, and proved reserves, especially in the Upstream segment.
Any material decline in oil or natural gas prices could have a material adverse effect on the Company’s operations, results, financial condition, and proved reserves, especially in the Upstream segment.
On the other hand, a material increase in oil or natural gas prices could have a material adverse effect on the Company’s operations, especially in the Energy Products, Chemical Products, and Specialty Products segments.
On the other hand, a material increase in oil or natural gas prices could have a material adverse effect on the Company’s operations and results, especially in the Energy Products, Chemical Products, and Specialty Products segments.
Our consideration of changing weather conditions and inclusion of safety factors in design covers the engineering uncertainties that climate change and other events may potentially introduce. Our ability to mitigate the adverse impacts of these events depends in part upon the effectiveness of our robust facility engineering, our rigorous disaster preparedness and response, and business continuity planning. Insurance limitations.
Our consideration of changing weather conditions and inclusion of safety factors in design cover the engineering uncertainties that climate change and other events may potentially introduce. Our ability to mitigate the adverse impacts of these events depends in part upon the effectiveness of our robust facility engineering, our rigorous disaster preparedness and response, and business continuity planning. Insurance limitations.
Specific factors that can affect the performance of major projects include our ability to: negotiate successfully with joint venturers, partners, governments, suppliers, customers, or others; protect and enforce our contractual and legal rights, including with our joint venture partners; model and optimize reservoir performance; develop markets for project outputs, whether through long-term contracts or the development of effective spot markets; qualify for certain incentives available under supportive government policies for emerging markets and technologies; manage changes in operating conditions and costs, including costs of third party equipment or services such as drilling rigs and shipping, supply-chain disruptions, and inflationary cost pressures; prevent, to the extent possible, and respond effectively to unforeseen technical difficulties that could delay project start-up or cause unscheduled project downtime; and influence the performance of project operators where ExxonMobil does not perform that role.
Specific factors that can affect the performance of major projects include our ability to: negotiate successfully with joint venturers, partners, governments, suppliers, customers, or others; protect and enforce our contractual and legal rights, including with our joint venture partners, host governments, and others; model and optimize reservoir performance and production reliability; develop markets for project outputs, whether through long-term contracts or the development of effective spot markets; qualify for certain incentives available under supportive government policies for emerging markets and technologies; manage changes in operating conditions and costs, including costs of third-party equipment or services such as drilling rigs and shipping, supply chain disruptions, and inflationary cost pressures; prevent, to the extent possible, and respond effectively to unforeseen technical difficulties that could delay project start-up, incur or escalate costs, or cause unscheduled project downtime; and influence the performance of project operators where ExxonMobil does not perform that role.
Current and pending greenhouse gas regulations or policies 4 may also increase our compliance costs, such as for monitoring or sequestering emissions and complying with increased or mandatory disclosure or due diligence requirements and government mandated energy transition plans. Technology and lower-emission solutions.
Current, pending, and potential greenhouse gas regulations or policies may also increase our compliance costs, such as for monitoring or sequestering emissions and complying with increased or mandatory disclosure or due diligence requirements and government-mandated energy transition plans. Technology and lower-emission solutions.
To maintain our competitive position, especially in light of the technological nature of our businesses, the dynamic and rapidly evolving technological landscape, and the need for continuous efficiency improvement, ExxonMobil’s technology, research, and development organizations must be successful and able to adapt to a changing market, regulatory, and policy environment, including continuous improvement in the efficiency of hydraulic fracturing technology and developing technologies to help reduce greenhouse gas emissions.
To maintain our competitive position, especially in light of the technological nature of our businesses, the dynamic and rapidly evolving technological landscape, and the need for continuous efficiency improvement, ExxonMobil’s technology, research, and development organizations must be successful and able to adapt to a changing market, regulatory, and policy environment, both nationally and internationally, including continuous improvement in the efficiency of hydraulic fracturing technology and developing technologies to help reduce greenhouse gas emissions.
Sovereign debt downgrades, defaults, extended government shutdowns, inability to access debt markets due to rating, banking, or legal constraints, liquidity crises, the breakup or restructuring of fiscal, monetary, or political systems such as the European Union, de-dollarization in global trade or the growth or use of alternative common currencies, and other events or conditions that impair the functioning of financial markets and institutions also pose risks to ExxonMobil, including risks to the safety of our financial assets and to the ability of our partners and customers to fulfill their commitments to ExxonMobil.
Sovereign debt downgrades, defaults, extended government shutdowns, inability to access debt markets due to rating, banking, or legal constraints, liquidity crises, market bubbles and corrections, the breakup or restructuring of fiscal, monetary, or political systems such as the European Union, de-dollarization in global trade or the growth or use of alternative common currencies, and other events or conditions that impair the functioning of financial markets and institutions also pose risks to ExxonMobil, including risks to the safety of our financial assets and to the ability of our partners, suppliers, and customers to fulfill their commitments to ExxonMobil.
Driven by concern over the risks of climate change, a number of countries have adopted, or are considering the adoption of, regulatory frameworks to report on or reduce greenhouse gas emissions, including emissions from the production and use of oil and gas and their products, as well as increase the use of or support for different emission-reduction technologies.
Driven by concern over the risks of climate change, a number of countries have adopted, or are considering the adoption of, broad-reaching regulatory frameworks seeking to report on or reduce greenhouse gas emissions, including emissions from the production and use of oil and gas and their products, as well as increase the use of, or support for, different emission-reduction technologies.
Operational and Other Factors In addition to external economic and political factors, our future business results also depend on our ability to successfully manage those factors that are, at least in part, within our control, including our capital allocation into existing and new businesses. The extent to which we manage these factors will impact our performance relative to competition.
Operational and Other Factors In addition to external economic and political factors, our future business results also depend on our ability to successfully manage those factors that are, at least in part, within our control, including our investment into existing and new businesses. The extent to which we manage these factors will impact our performance relative to competition.
An important component of ExxonMobil’s competitive performance, especially given the commodity-based nature of many of our businesses, is our ability to operate efficiently, including our ability to manage expenses, improve production 5 yields on an ongoing basis and successfully integrate and achieve the anticipated synergies of acquisitions, including the acquisition of Pioneer.
An important component of ExxonMobil’s competitive performance, especially given the commodity-based nature of many of our businesses, is our ability to operate efficiently, including our ability to manage expenses, improve production yields on an ongoing basis, and successfully integrate and achieve the anticipated synergies of acquisitions.
We apply rigorous management systems and continuous focus on workplace safety and avoiding spills or other adverse environmental events. For example, we work to minimize spills through a combined program of effective operations integrity management, ongoing upgrades, key equipment replacements, and comprehensive inspection and surveillance.
We apply rigorous management systems and continuous focus on workplace safety, spills avoidance, and other adverse environmental events. For example, we work to minimize spills through a combined program of effective operations integrity management, ongoing upgrades, key equipment replacements, and comprehensive inspection and surveillance.
Government actions intended to reduce greenhouse gas emissions include adoption of cap and trade regimes, carbon taxes, carbon accounting, carbon-based import duties or other trade tariffs, minimum renewable usage requirements, restrictive permitting, increased mileage and other efficiency standards, mandates for sales of electric vehicles, restrictions on sales of gasoline-only vehicles, mandates for use of specific fuels or technologies, and other incentives or mandates designed to support certain technologies for transitioning to lower-emission energy sources.
Government actions intended to reduce greenhouse gas emissions include adoption of cap and trade regimes, carbon taxes, carbon accounting, carbon-based import duties or other trade tariffs, minimum renewable usage requirements, restrictive permitting, increased mileage and other efficiency standards, mandates for sales of electric vehicles, restrictions on sales of gasoline-only vehicles, mandates for disclosure of plans to reduce emissions or reduce the use or production of certain products, mandates for use of specific fuels or technologies, and other incentives or mandates designed to support certain technologies for transitioning to lower-emission energy sources.
For example, increased supply from the development of new oil and gas supply sources and technologies to enhance recovery from existing sources tends to reduce commodity prices to the extent such supply increases are not offset by commensurate growth in demand.
For example, increased supply from the development of new or previously inaccessible oil and gas supply sources and technologies to enhance recovery from existing sources tends to reduce commodity prices to the extent such supply increases are not offset by commensurate growth in demand.
In some cases, these state-owned companies may pursue opportunities in furtherance of strategic objectives of their government owners, with less focus on financial returns than companies owned by private shareholders, such as ExxonMobil.
In some cases, these state-owned companies may pursue opportunities in furtherance of strategic, national, or supranational objectives of their government owners, with less focus on financial returns than companies owned by private shareholders, such as ExxonMobil.
Factors that could have a negative impact on our reputation include an operating incident or significant cybersecurity disruption; changes in consumer views concerning our products; changes in consumer media preferences from traditional mainstream media to decentralized and personalized media; a perception by investors or others that the Corporation is making insufficient progress with respect to our ambition to play a leading role in the energy transition, or that pursuit of this ambition may result in allocation of capital to investments with reduced returns; and other adverse events such as those described in this Item 1A.
Factors that could have a negative impact on our reputation include an operating incident or significant cybersecurity disruption; changes in consumer views concerning our products; changes in consumer media preferences from traditional mainstream media to decentralized and personalized media; a perception by investors or others that the Corporation is making insufficient progress with respect to our ambition to play a leading role in the energy transition, or that pursuit of this ambition may result in allocation of capital to investments with reduced returns; divergent and evolving societal views and investor pressures regarding a future energy transition; and other adverse events such as those described in this Item 1A.
Our pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima TM systems, carbon materials, and lithium also depends on the growth and development of markets for those products and services, including implementation of supportive and stable government policies and developments in technology to enable those products and services to be provided on a cost-effective basis at commercial scale.
Our pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, carbon materials, low-carbon data centers, and lithium also depends on the growth and development of markets for those products and services, including implementation of supportive and stable government policies and developments in existing and new technology to enable those products and services to be provided on a cost-effective basis at commercial scale.
Successful operation of particular facilities or projects may be disrupted by civil unrest, acts of sabotage, piracy, or terrorism, cybersecurity attacks, the application of national security laws or policies that result in restricting our ability to do business in a particular jurisdiction, strikes or protests, and other local security concerns.
Successful operation of particular facilities or projects may be disrupted by civil unrest, military conflict, acts of sabotage, piracy, terrorism, cybersecurity attacks, the application of national security laws or policies that result in restricting our ability to do business in a particular jurisdiction or region, strikes or protests, and other local, national, regional, or global security concerns.
Political and other actors and their agents also increasingly seek to collectively advance climate change objectives indirectly, such as by seeking to reduce the availability or increase the cost of financing and investment in the oil and gas sector.
Political actors, non-governmental organizations, and their agents also increasingly seek to collectively advance climate change objectives indirectly, such as by seeking to reduce the availability or increase the cost of financing and investment in the oil and gas sector.
The success of our strategy for the energy transition will also depend on our ability to recognize key signposts of changes in the global energy system on a timely basis, and our corresponding ability to direct investment to the technologies and businesses, at the appropriate stage of development, to best capitalize on our competitive strengths. Greenhouse gas restrictions.
The success of our strategy in a lower-emissions future will also depend on our ability to recognize key signposts of changes in the global energy system on a timely basis, and our corresponding ability to direct investment to the technologies and businesses, at the appropriate stage of development, to best capitalize on our competitive strengths. Greenhouse gas restrictions.
Achieving societal ambitions to reduce greenhouse gas emissions and ultimately achieve net zero will require new technologies and added infrastructure to reduce the cost and increase the scalability of alternative energy sources, as well as technologies such as carbon capture and storage (CCS).
Achieving societal ambitions to reduce greenhouse gas emissions and ultimately achieve net zero will require new technologies and added infrastructure to reduce the cost and increase the scalability of solutions to reduce emissions, as well as technologies such as carbon capture and storage (CCS).
Such concerns may be directed specifically at our company, our industry, or as part of broader movements and may require us to incur greater costs for security or to shut down operations for a period of time. Climate Change and the Energy Transition Net-zero scenarios.
Such concerns may be directed specifically at our Company, our industry, or as part of broader movements and may require us to incur greater costs for security or to shut down operations for a period of time. 4 Table of Contents Financial Table of Contents Climate Change and Energy Transition Net-zero scenarios.
See also “Climate Change and the Energy Transition” below. 2 Other supply-related factors. Commodity prices and margins also vary depending on a number of factors affecting supply.
See also “Climate Change and Energy Transition” below. 2 Table of Contents Financial Table of Contents Other supply-related factors. Commodity prices and margins also vary depending on a number of factors affecting supply.
Other factors that may affect the demand for oil, gas, petrochemicals or our other products, and therefore impact our results, include technological improvements in energy efficiency; seasonal weather patterns; increased competitiveness of, or government policy support for, alternative energy sources or potential substitutes for our products; changes in technology that alter fuel choices, such as technological advances in energy storage or other critical areas that make wind, solar, nuclear or other alternatives more competitive for power generation; changes in consumer preferences for our products, including consumer demand for alternative-fueled or electric transportation or alternatives to plastic products; and broad-based changes in personal income levels.
Other factors that may affect the demand for oil, gas, petrochemicals or our other products, and therefore our results, include technological improvements in energy efficiency; seasonal weather patterns; increased competitiveness of, or government policy support for, alternative energy sources or potential substitutes for our products; changes in technology that alter fuel choices, such as technological advances in energy storage or other critical areas that make wind, solar, nuclear, or other alternatives more competitive for power generation; government actions to increase strategic reserves to enhance energy security; increased demand for artificial intelligence (AI), including the construction and expansion of AI data centers; changes in customer or consumer preferences for our products, including consumer demand for alternative-fueled or electric transportation or alternatives to plastic products; and broad-based changes in personal income levels.
The Company’s objective to play a leading role in the energy transition, including the Company’s announced ambition ultimately to achieve net zero with respect to Scope 1 and 2 emissions from operations with continued technology development and government policy support where ExxonMobil is the operator, carries risks that the transition, including underlying technologies, government policies, and markets as discussed in more detail below, will not be available or develop at the pace or in the manner expected by current net-zero scenarios.
The Company seeks opportunities to play a leading role in the energy transition, including the Company’s announced ambition ultimately to achieve net zero with respect to Scope 1 and 2 emissions from our operated assets with continued technology development and government policy support, which carries risks that the transition, including underlying technologies, government policies, and markets as discussed in more detail below, will not be available or develop at the pace or in the manner expected by current net-zero scenarios.
We also may be adversely affected by the outcome of litigation or arbitration, especially in countries such as the United States in which very large and unpredictable punitive damage awards may occur; by government enforcement proceedings alleging non-compliance with applicable laws or regulations; or by state and local government actors as well as private plaintiffs acting in parallel that attempt to use the legal system to promote public policy agendas (including seeking to reduce the production and sale of hydrocarbon products through litigation targeting the Company or other industry participants), gain political notoriety, or obtain monetary awards from the Company.
We also may be adversely affected by government investigations or enforcement proceedings alleging non-compliance with applicable laws or regulations, or by state and local government actors as well as private plaintiffs acting in parallel that attempt to use the legal system to promote public policy agendas (including seeking to reduce the production and sale of hydrocarbon products through litigation targeting the Company or other industry participants), gain political notoriety, or obtain monetary awards from the Company.
Our future business results, including cash flows and financing needs, may also be affected by the occurrence, severity, pace and rate of recovery of future public health epidemics or pandemics; the responsive actions taken by governments and others; and the resulting effects on regional and global markets and economies. Other demand-related factors.
Our future business, including earnings, cash flows, and financing needs, may also be affected by the occurrence, severity, pace, and rate of recovery of future public health epidemics or pandemics or other natural or human events beyond our control; the responsive actions taken by governments and others; and the resulting effects on regional and global markets and economies.
ExxonMobil has established a Low Carbon Solutions (LCS) business unit and is continuing efforts in our existing businesses to advance the development and deployment of these technologies and projects, including CCS, hydrogen, lower-emission fuels, and lithium, breakthrough energy efficiency processes, advanced energy-saving materials, and other technologies.
ExxonMobil has established a Low Carbon Solutions (LCS) business unit and is continuing efforts in our existing businesses to advance the development and deployment of these technologies and projects, including CCS, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, advanced energy-saving materials, low-carbon data centers, lithium, and other technologies.
Our future results and ability to grow our business, help others meet their emission-reduction goals, and succeed through the energy transition will depend in part on the success of these research and collaboration efforts and on our ability to adapt and apply the strengths of our current business model to providing the energy products of the future in a cost-competitive manner.
Our future results and ability to grow our business, help others meet their emission-reduction goals, and succeed in a lower-emissions future will depend in part on the success of these research and collaboration efforts and on our ability to adapt and apply the strengths of our current business model to providing the energy products of the future in a cost-competitive manner. 5 Table of Contents Financial Table of Contents Policy and market development.
Other factors that affect general economic conditions in the world or in a major region, such as changes in population growth rates, periods of civil unrest, government regulation or austerity programs, national or regional trade tariffs, trade sanctions or trade controls, international monetary and currency exchange rate fluctuations, decoupling of economies, disruptions in trade alliances or military alliances, or a broader breakdown in global trade, security or public health issues and responses, can also impact the demand for energy and petrochemicals.
Other factors that affect general economic conditions in the world or in a major region, such as changes in population growth rates or living standards, periods of civil unrest or armed hostilities, escalating geopolitical volatility, government regulation or austerity programs, national or regional trade tariffs, trade sanctions or trade controls, international monetary and currency exchange rate fluctuations, decoupling of economies, disruption, realignment, or breaking of current or historical trade or military alliances or global trade or supply chain networks, changes in international trade patterns or shipping routes, or a broader breakdown in global trade, security or public health, can also impact the supply and demand for energy and petrochemicals.
To remain competitive, we must also continuously adapt and capture the benefits of new and emerging technologies, including successfully applying advances in the ability to process very large amounts of data to our businesses. Safety, business controls, and environmental risk management.
To remain competitive, we must also continuously adapt and capture the benefits of new and emerging technologies, such as AI, including successfully applying advances in the ability to process and integrate large amounts of data to our businesses and decision-making processes. 6 Table of Contents Financial Table of Contents Safety, business controls, and risk management.
These actions are being taken both independently by national and regional governments and within the framework of United Nations Conference of the Parties summits under which many countries of the world have endorsed objectives to reduce the atmospheric concentration of carbon dioxide (CO2) over the coming decades, with an ambition ultimately to achieve “net zero”.
These actions are being taken both independently by national and regional governments and within the framework of United Nations Conference of the Parties summits under which many countries of the world have endorsed objectives to reduce the atmospheric concentration of carbon dioxide (CO2) over the coming decades, with an ambition ultimately to achieve “net zero.” Net zero means that emissions of greenhouse gases from human activities would be balanced by actions that remove such gases from the atmosphere.
Net zero means that emissions of greenhouse gases from human activities would be balanced by actions that remove such gases from the atmosphere. Expectations for transition of the world’s energy system to lower-emission sources, and ultimately net-zero, derive from hypothetical scenarios that reflect many assumptions about the future, including supportive policy and technology advancements, and reflect substantial uncertainties.
Expectations for transition of the world’s energy system to lower-emission sources, and ultimately net-zero, derive from hypothetical scenarios that reflect many assumptions about the future, including supportive policy and technology advancements, and reflect substantial uncertainties.
Policy and market development. The scale of the world’s energy system means that, in addition to developments in technology as discussed above, any successful energy transition will require appropriate support from governments and private participants throughout the global economy.
The scale of the world’s energy system means that, in addition to developments in technology as discussed above, meeting society's needs for energy and reducing emissions will require appropriate support from governments and private participants throughout the global economy.
Some countries in which we do business lack well-developed legal systems, lack political or governmental stability, have not yet adopted or may be unable to maintain clear regulatory frameworks, or may have evolving and unharmonized standards that vary or conflict across jurisdictions.
Some countries in which we do, or seek to do, business lack well-developed legal systems, lack political or governmental stability, may be subject to regime changes, have not yet adopted clear legal frameworks, may be unable to maintain clear regulatory frameworks in the face of pressure on their systems from well-funded local or international groups opposing development of their resources, or may have evolving and unharmonized standards that vary or conflict across jurisdictions.
The continued adoption of similar legal practices in the European Union or elsewhere would broaden this risk and has begun to be applied to some of our competitors in the European Union. Security concerns.
The continued adoption of similar legal practices in the European Union or elsewhere would broaden this risk. Security concerns.
Negative impacts on our reputation could in turn make it more difficult for us to compete successfully for new opportunities, obtain necessary regulatory approvals, obtain financing, and attract talent, or they could reduce consumer demand for our branded products. ExxonMobil’s reputation may also be harmed by events which negatively affect the image of our industry as a whole.
Negative impacts on our reputation could in turn make it more difficult for us to compete successfully for new opportunities, obtain necessary regulatory approvals, obtain financing, and attract talent, or they could reduce customer or consumer demand for our branded products.
In addition to direct potential impacts on our costs and revenues, market factors such as rates of inflation may indirectly impact our results to the extent such factors reduce general rates of economic growth and therefore energy demand, as discussed under “Economic conditions”.
In addition to direct potential impacts on our costs and revenues, market factors such as rates of inflation may indirectly impact our results to the extent such factors reduce general rates of economic growth and therefore energy demand, as discussed under “Economic conditions.” Market factors may also result in losses from commodity derivatives and other instruments we use to hedge price exposures or for commodity and treasury trading activities.
Projections, estimates, and descriptions of ExxonMobil’s plans and objectives included or incorporated in Items 1, 1A, 1C, 2, 5, 7, and 7A of this report are forward-looking statements. Actual future results, including project completion dates, production rates, capital expenditures, costs, and business plans could differ materially due to, among other things, the factors discussed above and elsewhere in this report.
Actual future results, including project completion dates, production rates, capital expenditures, costs, and business plans could differ materially due to, among other things, the factors discussed above and elsewhere in this report. ITEM 1B. UNRESOLVED STAFF COMMENTS None.
Technological change can also alter the relative costs for competitors to find, produce and refine oil and gas, and to manufacture petrochemicals. Other market factors.
Dynamic and unpredictable world events may lead to new oil and gas opportunities becoming available or current opportunities becoming less available or unavailable, and such events may adversely affect our business and results. Technological change can also alter the relative costs for competitors to find, produce and refine oil and gas, and to manufacture petrochemicals. Other market factors.
Market factors may also result in losses from commodity derivatives and other instruments we use to hedge price exposures or for trading purposes. Additional information regarding the potential future impact of market factors on our businesses is included or incorporated by reference under Item 7A in this report.
Additional information regarding the potential future impact of market factors on our businesses is included or incorporated by reference under Item 7A in this report. Government and Political Factors ExxonMobil’s results can be adversely affected by political or regulatory developments affecting our businesses or operations. Access limitations.
Government and Political Factors ExxonMobil’s results can be adversely affected by political or regulatory developments affecting our businesses or operations. Access limitations. A number of countries limit access to their oil and gas resources, including by restricting leasing or permitting activities, or may place resources off-limits from development altogether.
A number of countries limit access to their oil and gas resources, including by restricting leasing, licensing, or permitting activities directly or indirectly through the influence on these processes by well-funded local or international groups opposing the development of these resources. They also may place resources off-limits from development altogether.
Removed
Legal remedies available to compensate us for expropriation or other takings may be inadequate.
Added
There also may be new or emerging factors that could increase global oil, gas, and petrochemical supply levels in the short or long term, such as government policies and actions intended to boost or expand development of domestic or foreign oil and gas reserves or accelerate the pace of production reaching markets, including access to previously unavailable, sanctioned, or protected oil and gas resources or the availability or opening of new shipping routes.
Added
Legal remedies available to compensate us for expropriation or other takings may be inadequate. We also may be adversely affected by the outcome of litigation, including class actions or arbitrations, especially in countries such as the United States that permit large and unpredictable punitive and non-economic damage awards.
Added
Other jurisdictions adopting similar models to impose liability schemes on our products or operations may present similar risks.
Added
Without supportive policies and the innovations they drive, net zero will remain out of reach – for society and for ExxonMobil. Society’s progress continues to lag in these areas.
Added
ExxonMobil’s reputation may also be harmed by events which negatively affect the image of our industry as a whole. 7 Table of Contents Financial Table of Contents Projections, estimates, and descriptions of ExxonMobil’s plans and objectives included or incorporated in Items 1, 1A, 1C, 2, 5, 7, and 7A of this report are forward-looking statements.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

2 edited+0 added−0 removed11 unchanged
Biggest changeRisk Factors: Operational and Other Factors -- Cybersecurity” in this report. 7
Biggest changeRisk Factors: Operational and Other Factors -- Cybersecurity” in this report. 8 Table of Contents Financial Table of Contents
While the Corporation believes its cybersecurity program to be appropriate for managing constantly evolving cybersecurity risks, no program can fully protect against all possible adverse events. For additional information on these risks and potential consequences if the measures we are taking prove to be insufficient or if our proprietary data is otherwise not protected, see " Item 1A .
While the Corporation believes its cybersecurity program to be appropriate for managing constantly evolving cybersecurity risks, no program can fully protect against all possible adverse events. For additional information on these risks and potential consequences if the measures we are taking prove to be insufficient or if our proprietary data is otherwise not protected, see “ Item 1A .

Item 2. Properties

Properties — owned and leased real estate

40 edited+9 added−51 removed32 unchanged
Biggest change(dollars per unit) United States Canada/ Other Americas Europe Africa Asia Australia/ Oceania Total 2024 Consolidated Subsidiaries Average production prices Crude oil, per barrel 73.36 79.47 74.07 81.29 78.40 79.83 76.57 NGL, per barrel 23.08 30.43 63.29 50.51 32.34 38.74 24.32 Natural gas, per thousand cubic feet 0.37 1.72 10.56 2.25 2.55 8.47 3.13 Bitumen, per barrel — 54.02 — — — — 54.02 Synthetic oil, per barrel — 74.16 — — — — 74.16 Average production costs, per oil-equivalent barrel - total 10.89 16.20 25.18 21.85 5.31 6.92 11.70 Average production costs, per barrel - bitumen — 21.16 — — — — 21.16 Average production costs, per barrel - synthetic oil — 44.44 — — — — 44.44 Equity Companies Average production prices Crude oil, per barrel 73.91 — 76.34 73.99 73.17 — 73.21 NGL, per barrel 19.94 — — — 47.63 — 47.19 Natural gas, per thousand cubic feet 1.59 — 9.19 4.10 7.52 — 7.41 Average production costs, per oil-equivalent barrel - total 26.41 — 63.76 7.27 2.70 — 4.57 Total Average production prices Crude oil, per barrel 73.36 79.47 75.06 81.25 76.69 79.83 76.23 NGL, per barrel 23.07 30.43 63.29 50.51 43.01 38.74 27.16 Natural gas, per thousand cubic feet 0.37 1.72 10.17 3.55 6.17 8.47 4.53 Bitumen, per barrel — 54.02 — — — — 54.02 Synthetic oil, per barrel — 74.16 — — — — 74.16 Average production costs, per oil-equivalent barrel - total 10.94 16.20 36.41 20.68 3.93 6.92 10.53 Average production costs, per barrel - bitumen — 21.16 — — — — 21.16 Average production costs, per barrel - synthetic oil — 44.44 — — — — 44.44 2023 Consolidated Subsidiaries Average production prices Crude oil, per barrel 75.45 80.51 71.99 82.70 79.50 70.26 78.43 NGL, per barrel 23.88 24.44 64.10 44.72 29.81 34.35 25.12 Natural gas, per thousand cubic feet 1.16 2.57 13.64 2.04 2.40 9.31 4.26 Bitumen, per barrel — 49.64 — — — — 49.64 Synthetic oil, per barrel — 77.56 — — — — 77.56 Average production costs, per oil-equivalent barrel - total 9.70 19.94 36.37 20.70 5.26 5.55 12.05 Average production costs, per barrel - bitumen — 23.80 — — — — 23.80 Average production costs, per barrel - synthetic oil — 45.91 — — — — 45.91 Equity Companies Average production prices Crude oil, per barrel 75.48 — 77.82 71.92 74.59 — 74.63 NGL, per barrel 19.13 — — — 45.64 — 45.19 Natural gas, per thousand cubic feet 5.25 — 22.22 5.89 8.54 — 9.15 Average production costs, per oil-equivalent barrel - total 53.49 — 43.99 6.74 2.77 — 5.09 Total Average production prices Crude oil, per barrel 75.45 80.51 74.13 82.66 77.83 70.26 77.92 NGL, per barrel 23.86 24.44 64.10 44.72 40.59 34.35 28.66 Natural gas, per thousand cubic feet 1.19 2.57 16.71 4.81 6.93 9.31 6.05 Bitumen, per barrel — 49.64 — — — — 49.64 Synthetic oil, per barrel — 77.56 — — — — 77.56 Average production costs, per oil-equivalent barrel - total 10.15 19.94 39.09 19.79 3.91 5.55 10.63 Average production costs, per barrel - bitumen — 23.80 — — — — 23.80 Average production costs, per barrel - synthetic oil — 45.91 — — — — 45.91 12 (dollars per unit) United States Canada/ Other Americas Europe Africa Asia Australia/ Oceania Total 2022 Consolidated Subsidiaries Average production prices Crude oil, per barrel 93.60 97.05 91.32 103.45 94.94 94.43 96.16 NGL, per barrel 38.54 45.22 71.43 57.83 35.77 46.91 39.37 Natural gas, per thousand cubic feet 5.37 4.40 21.17 2.57 2.60 11.47 7.48 Bitumen, per barrel — 64.12 — — — — 64.12 Synthetic oil, per barrel — 96.08 — — — — 96.08 Average production costs, per oil-equivalent barrel - total 9.40 24.63 23.77 21.68 7.31 4.97 13.09 Average production costs, per barrel - bitumen — 29.90 — — — — 29.90 Average production costs, per barrel - synthetic oil — 51.52 — — — — 51.52 Equity Companies Average production prices Crude oil, per barrel 94.58 — 90.91 60.00 94.32 — 94.32 NGL, per barrel 39.53 — — — 59.52 — 59.05 Natural gas, per thousand cubic feet 5.49 — 21.10 2.72 13.08 — 13.97 Average production costs, per oil-equivalent barrel - total 40.42 — 26.86 42.24 1.45 — 5.57 Total Average production prices Crude oil, per barrel 93.67 97.05 91.15 103.42 94.73 94.43 95.88 NGL, per barrel 38.55 45.22 71.43 57.83 52.85 46.91 43.09 Natural gas, per thousand cubic feet 5.37 4.40 21.14 2.59 10.70 11.47 9.85 Bitumen, per barrel — 64.12 — — — — 64.12 Synthetic oil, per barrel — 96.08 — — — — 96.08 Average production costs, per oil-equivalent barrel - total 10.57 24.63 25.43 21.79 4.02 4.97 11.43 Average production costs, per barrel - bitumen — 29.90 — — — — 29.90 Average production costs, per barrel - synthetic oil — 51.52 — — — — 51.52 Average production prices have been calculated by using sales quantities from the Corporation’s own production as the divisor.
Biggest change(dollars per unit) United States Canada/ Other Americas Europe Africa Asia Australia/ Oceania Total 2025 Consolidated Subsidiaries Average production prices Crude oil, per barrel 63.19 67.75 63.24 69.20 68.26 66.21 65.64 NGL, per barrel 20.87 28.98 47.44 — 30.83 47.75 21.71 Natural gas, per thousand cubic feet 1.07 1.21 11.91 1.90 2.27 7.72 3.15 Bitumen, per barrel — 46.13 — — — — 46.13 Synthetic oil, per barrel — 63.61 — — — — 63.61 Average production costs, per oil-equivalent barrel - total 11.07 15.63 30.70 20.38 5.15 5.60 11.29 Average production costs, per barrel - bitumen — 19.95 — — — — 19.95 Average production costs, per barrel - synthetic oil — 40.41 — — — — 40.41 Equity Companies Average production prices Crude oil, per barrel 62.71 — 63.64 66.94 61.75 — 61.79 NGL, per barrel 20.77 — — — 40.91 — 40.62 Natural gas, per thousand cubic feet 2.71 — 11.75 5.51 6.79 — 6.84 Average production costs, per oil-equivalent barrel - total 30.49 — 102.43 4.48 2.53 — 4.49 Total Average production prices Crude oil, per barrel 63.19 67.75 63.39 69.19 65.84 66.21 65.18 NGL, per barrel 20.87 28.98 47.44 — 37.75 47.75 23.64 Natural gas, per thousand cubic feet 1.08 1.21 11.88 5.46 5.48 7.72 4.28 Bitumen, per barrel — 46.13 — — — — 46.13 Synthetic oil, per barrel — 63.61 — — — — 63.61 Average production costs, per oil-equivalent barrel - total 11.13 15.63 48.26 18.43 3.75 5.60 10.20 Average production costs, per barrel - bitumen — 19.95 — — — — 19.95 Average production costs, per barrel - synthetic oil — 40.41 — — — — 40.41 2024 Consolidated Subsidiaries Average production prices Crude oil, per barrel 73.36 79.47 74.07 81.29 78.40 79.83 76.57 NGL, per barrel 23.08 30.43 63.29 50.51 32.34 38.74 24.32 Natural gas, per thousand cubic feet 0.37 1.72 10.56 2.25 2.55 8.47 3.13 Bitumen, per barrel — 54.02 — — — — 54.02 Synthetic oil, per barrel — 74.16 — — — — 74.16 Average production costs, per oil-equivalent barrel - total 10.89 16.20 25.18 21.85 5.31 6.92 11.70 Average production costs, per barrel - bitumen — 21.16 — — — — 21.16 Average production costs, per barrel - synthetic oil — 44.44 — — — — 44.44 Equity Companies Average production prices Crude oil, per barrel 73.91 — 76.34 73.99 73.17 — 73.21 NGL, per barrel 19.94 — — — 47.63 — 47.19 Natural gas, per thousand cubic feet 1.59 — 9.19 4.10 7.52 — 7.41 Average production costs, per oil-equivalent barrel - total 26.41 — 63.76 7.27 2.70 — 4.57 Total Average production prices Crude oil, per barrel 73.36 79.47 75.06 81.25 76.69 79.83 76.23 NGL, per barrel 23.07 30.43 63.29 50.51 43.01 38.74 27.16 Natural gas, per thousand cubic feet 0.37 1.72 10.17 3.55 6.17 8.47 4.53 Bitumen, per barrel — 54.02 — — — — 54.02 Synthetic oil, per barrel — 74.16 — — — — 74.16 Average production costs, per oil-equivalent barrel - total 10.94 16.20 36.41 20.68 3.93 6.92 10.53 Average production costs, per barrel - bitumen — 21.16 — — — — 21.16 Average production costs, per barrel - synthetic oil — 44.44 — — — — 44.44 13 Table of Contents Financial Table of Contents (dollars per unit) United States Canada/ Other Americas Europe Africa Asia Australia/ Oceania Total 2023 Consolidated Subsidiaries Average production prices Crude oil, per barrel 75.45 80.51 71.99 82.70 79.50 70.26 78.43 NGL, per barrel 23.88 24.44 64.10 44.72 29.81 34.35 25.12 Natural gas, per thousand cubic feet 1.16 2.57 13.64 2.04 2.40 9.31 4.26 Bitumen, per barrel — 49.64 — — — — 49.64 Synthetic oil, per barrel — 77.56 — — — — 77.56 Average production costs, per oil-equivalent barrel - total 9.70 19.94 36.37 20.70 5.26 5.55 12.05 Average production costs, per barrel - bitumen — 23.80 — — — — 23.80 Average production costs, per barrel - synthetic oil — 45.91 — — — — 45.91 Equity Companies Average production prices Crude oil, per barrel 75.48 — 77.82 71.92 74.59 — 74.63 NGL, per barrel 19.13 — — — 45.64 — 45.19 Natural gas, per thousand cubic feet 5.25 — 22.22 5.89 8.54 — 9.15 Average production costs, per oil-equivalent barrel - total 53.49 — 43.99 6.74 2.77 — 5.09 Total Average production prices Crude oil, per barrel 75.45 80.51 74.13 82.66 77.83 70.26 77.92 NGL, per barrel 23.86 24.44 64.10 44.72 40.59 34.35 28.66 Natural gas, per thousand cubic feet 1.19 2.57 16.71 4.81 6.93 9.31 6.05 Bitumen, per barrel — 49.64 — — — — 49.64 Synthetic oil, per barrel — 77.56 — — — — 77.56 Average production costs, per oil-equivalent barrel - total 10.15 19.94 39.09 19.79 3.91 5.55 10.63 Average production costs, per barrel - bitumen — 23.80 — — — — 23.80 Average production costs, per barrel - synthetic oil — 45.91 — — — — 45.91 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
Proved undeveloped reserves in Australia, Kazakhstan, and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects.
Proved undeveloped reserves in Australia and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects.
ITEM 2. PROPERTIES Information with regard to oil and gas producing activities follows: 1. Disclosure of Reserves A. Summary of Oil and Gas Reserves at Year-End 2024 The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidated subsidiaries and equity companies.
ITEM 2. PROPERTIES Information with regard to oil and gas producing activities follows: 1. Disclosure of Reserves A. Summary of Oil and Gas Reserves at Year-End 2025 The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidated subsidiaries and equity companies.
Technologies Used in Establishing Proved Reserves Additions in 2024 Additions to ExxonMobil’s proved reserves in 2024 were based on estimates generated through the integration of available and appropriate geological, engineering and production data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results.
Technologies Used in Establishing Proved Reserves Additions in 2025 Additions to ExxonMobil’s proved reserves in 2025 were based on estimates generated through the integration of available and appropriate geological, engineering and production data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results.
No major discovery or other favorable or adverse event has occurred since December 31, 2024 that would cause a significant change in the estimated proved reserves as of that date.
No major discovery or other favorable or adverse event has occurred since December 31, 2025, that would cause a significant change in the estimated proved reserves as of that date.
The natural gas available for sale volumes are different from those shown in the reserves table in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report due to volumes consumed or flared.
The natural gas available for sale volumes are different from those shown in the reserves table in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report due to volumes consumed or flared. 14 Table of Contents Financial Table of Contents 4.
In 2024, the Company’s share of net production of synthetic crude oil was about 62 thousand barrels per day and share of net acreage was about 55 thousand acres in the Athabasca oil sands deposit. Kearl Operations. Kearl is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen.
In 2025, the Company’s share of net production of synthetic crude oil was about 68 thousand barrels per day and share of net acreage was about 55 thousand acres in the Athabasca oil sands deposit. Kearl Operations. Kearl is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen.
The product, a blend of bitumen and diluent, is shipped to our refineries and to other third parties. Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation. During 2024, average net production at Kearl was about 262 thousand barrels per day. 5. Present Activities A.
The product, a blend of bitumen and diluent, is shipped to our refineries and to other third parties. Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation. During 2025, average net production at Kearl was about 264 thousand barrels per day. 5. Present Activities A.
We expect to fulfill the majority of these delivery commitments with production from our proved developed reserves. Any remaining commitments will be fulfilled with production from our proved undeveloped reserves and purchases on the open market as necessary. 7. Oil and Gas Properties, Wells, Operations and Acreage A.
We expect to fulfill the majority of these delivery commitments with production from our proved developed reserves. Any remaining commitments will be fulfilled with production from our proved undeveloped reserves and purchases on the open market as necessary. 18 Table of Contents Financial Table of Contents 7. Oil and Gas Properties, Wells, Operations and Acreage A.
Due to rounding, numbers presented above may not add up precisely to the totals indicated. 24 Information with regard to retail fuel sites: Within the Energy Products segment, retail fuels sites sell products and services throughout the world through our Exxon , Esso, and Mobil brands.
Due to rounding, numbers presented above may not add up precisely to the totals indicated. 21 Table of Contents Financial Table of Contents Information with regard to retail fuel sites: Within the Energy Products segment, retail fuels sites sell products and services throughout the world through our Exxon , Esso, and Mobil brands.
ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and the spot market. Worldwide, we are contractually committed to deliver approximately 123 million barrels of oil and 2.8 trillion cubic feet of natural gas for the period from 2025 through 2027.
ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and the spot market. Worldwide, we are contractually committed to deliver approximately 73 million barrels of oil and 2.9 trillion cubic feet of natural gas for the period from 2026 through 2028.
Overall, investments of $16.4 billion were made by the Corporation during 2024 to progress the development of reported proved undeveloped reserves, including $16.0 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities.
Overall, investments of $19.0 billion were made by the Corporation during 2025 to progress the development of reported proved undeveloped reserves, including $18.8 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities.
Capacity At Year-End 2024 (1) ExxonMobil Interest % ExxonMobil’s Share of Refining Capacity (2) Ethylene Polyethylene Polypropylene (thousands of barrels daily) (millions of metric tons per year) United States Joliet Illinois ■ 100 264 — — — Baton Rouge Louisiana ■ ▲ ● 100 523 1.1 1.3 1.0 Baytown Texas ■ ▲ ● 100 565 4.0 — 0.8 Beaumont Texas ■ ▲ ● 100 612 0.9 1.7 — Corpus Christi Texas ● 50 — 0.9 0.7 — Mont Belvieu Texas ● 100 — — 2.3 — Total United States 1,964 6.9 6.0 1.8 Canada Strathcona Alberta ■ 69.6 197 — — — Nanticoke Ontario ■ 69.6 113 — — — Sarnia Ontario ■ ● 69.6 124 0.3 0.5 — Total Canada 434 0.3 0.5 — Europe Antwerp Belgium ■ ● 100 309 — 0.4 — Meerhout Belgium ● 100 — — 0.5 — Gravenchon France ■ ▲ ● 82.9/100 (3) 244 — — — Karlsruhe (4) Germany ■ 25 78 — — — Rotterdam Netherlands ■ ▲ ● 100 192 — — — Fawley United Kingdom ■ ▲ ● 100 262 — — — Fife United Kingdom ● 50 — 0.4 — — Total Europe 1,085 0.4 0.9 — Asia Pacific Fujian China ■ ● 25 67 0.3 0.2 0.2 Singapore Singapore ■ ▲ ● 100 592 1.9 1.9 1.0 Total Asia Pacific 659 2.2 2.1 1.2 Middle East Al Jubail Saudi Arabia ▲ ● 50 — 0.7 0.7 — Yanbu Saudi Arabia ■ ● 50 200 1.0 0.7 0.2 Total Middle East 200 1.7 1.4 0.2 Total Worldwide 4,342 11.5 10.8 3.2 ■ Energy Products ▲ Specialty Products ● Chemical Products (1) ExxonMobil share reflects 100 percent for operations of ExxonMobil and majority-owned subsidiaries.
Capacity At Year-End 2025 (1) ExxonMobil Interest % ExxonMobil’s Share of Refining Capacity (2) Ethylene Polyethylene Polypropylene (thousands of barrels daily) (millions of metric tons per year) United States Joliet Illinois ■ 100 267 — — — Baton Rouge Louisiana ■ ▲ ● 100 523 1.1 1.3 1.0 Baytown Texas ■ ▲ ● 100 565 4.0 — 0.8 Beaumont Texas ■ ▲ ● 100 612 0.9 1.7 — Corpus Christi Texas ● 50 — 0.9 0.7 — Mont Belvieu Texas ● 100 — — 2.3 — Total United States 1,967 6.9 6.0 1.8 Canada Strathcona Alberta ■ 69.6 197 — — — Nanticoke Ontario ■ 69.6 113 — — — Sarnia Ontario ■ ● 69.6 124 0.3 0.5 — Total Canada 434 0.3 0.5 — Europe Antwerp Belgium ■ ● 100 318 — 0.4 — Meerhout Belgium ● 100 — — 0.5 — Karlsruhe Germany ■ 25 78 — — — Rotterdam Netherlands ■ ▲ ● 100 192 — — — Fawley United Kingdom ■ ▲ ● 100 265 — — — Fife (3) United Kingdom ● 50 — 0.4 — — Total Europe 853 0.4 0.9 — Asia Pacific Fujian China ■ ● 25 67 0.3 0.2 0.2 Huizhou China ● 100 — 1.6 1.7 0.9 Singapore Singapore ■ ▲ ● 100 592 1.9 1.9 1.0 Total Asia Pacific 659 3.8 3.8 2.1 Middle East Al Jubail Saudi Arabia ▲ ● 50 — 0.7 0.7 — Yanbu Saudi Arabia ■ ● 50 200 1.0 0.7 0.2 Total Middle East 200 1.7 1.4 0.2 Total Worldwide 4,113 13.1 12.5 4.1 ■ Energy Products ▲ Specialty Products ● Chemical Products (1) ExxonMobil share reflects 100 percent for operations of ExxonMobil and majority-owned subsidiaries.
Average production costs have been computed by using net production quantities for the divisor. The volumes of crude oil and natural gas liquids (NGL) production used for this computation are shown in the oil and gas production table in section 3.A.
Average production prices have been calculated by using sales quantities from the Corporation’s own production as the divisor. Average production costs have been computed by using net production quantities for the divisor. The volumes of crude oil and natural gas liquids (NGL) production used for this computation are shown in the oil and gas production table in section 3.A.
Mineral interest owners include the Federal and State governments, as well as private mineral interest owners. Leases typically have a primary term ranging from one to 10 years, and a production period beyond the primary term that normally remains in effect until production ceases.
Oil and gas exploration and production rights are acquired from mineral interest owners through a lease. Mineral interest owners include the Federal and State governments, as well as private mineral interest owners. Leases typically have a primary term ranging from one to 10 years, and a production period beyond the primary term that normally remains in effect until production ceases.
Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage. C.
Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage. 19 Table of Contents Financial Table of Contents C.
After all changes are made, reviews are held with senior management for final endorsement. 9 2. Proved Undeveloped Reserves At year-end 2024, approximately 7.4 billion oil-equivalent barrels (GOEB) of ExxonMobil’s proved reserves were classified as proved undeveloped. This represents 37 percent of the 19.9 GOEB reported in proved reserves.
After all changes are made, reviews are held with senior management for final endorsement. 10 Table of Contents Financial Table of Contents 2. Proved Undeveloped Reserves At year-end 2025, approximately 7.0 billion oil-equivalent barrels (GOEB) of ExxonMobil’s proved reserves were classified as proved undeveloped. This represents 36 percent of the 19.3 GOEB reported in proved reserves.
Number of Net Productive and Dry Wells Drilled 2024 2023 2022 Net Productive Exploratory Wells Drilled Consolidated Subsidiaries United States 2 — 1 Canada/Other Americas 3 1 3 Europe — 1 — Africa — — — Asia — — — Australia/Oceania — — — Total Consolidated Subsidiaries 5 2 4 Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total productive exploratory wells drilled 5 2 4 Net Dry Exploratory Wells Drilled Consolidated Subsidiaries United States — 1 — Canada/Other Americas 3 3 4 Europe — — — Africa — — — Asia — — — Australia/Oceania — — — Total Consolidated Subsidiaries 3 4 4 Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total dry exploratory wells drilled 3 4 4 14 2024 2023 2022 Net Productive Development Wells Drilled Consolidated Subsidiaries United States 533 446 473 Canada/Other Americas 22 47 33 Europe 1 1 — Africa 4 4 3 Asia 6 5 5 Australia/Oceania 1 — — Total Consolidated Subsidiaries 567 503 514 Equity Companies United States 1 2 49 Europe — — — Africa — — — Asia 3 6 10 Total Equity Companies 4 8 59 Total productive development wells drilled 571 511 573 Net Dry Development Wells Drilled Consolidated Subsidiaries United States 10 — — Canada/Other Americas — — — Europe — — — Africa 1 — — Asia — — — Australia/Oceania — — — Total Consolidated Subsidiaries 11 — — Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total dry development wells drilled 11 — — Total number of net wells drilled 590 517 581 15 B.
Number of Net Productive and Dry Wells Drilled 2025 2024 2023 Net Productive Exploratory Wells Drilled Consolidated Subsidiaries United States 2 2 — Canada/Other Americas 1 3 1 Europe 1 — 1 Africa — — — Asia — — — Australia/Oceania — — — Total Consolidated Subsidiaries 4 5 2 Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total productive exploratory wells drilled 4 5 2 Net Dry Exploratory Wells Drilled Consolidated Subsidiaries United States — — 1 Canada/Other Americas 1 3 3 Europe 1 — — Africa 1 — — Asia — — — Australia/Oceania — — — Total Consolidated Subsidiaries 3 3 4 Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total dry exploratory wells drilled 3 3 4 15 Table of Contents Financial Table of Contents 2025 2024 2023 Net Productive Development Wells Drilled Consolidated Subsidiaries United States 698 533 446 Canada/Other Americas 14 22 47 Europe 1 1 1 Africa 1 4 4 Asia 5 6 5 Australia/Oceania 1 1 — Total Consolidated Subsidiaries 720 567 503 Equity Companies United States 1 1 2 Europe 1 — — Africa — — — Asia 3 3 6 Total Equity Companies 5 4 8 Total productive development wells drilled 725 571 511 Net Dry Development Wells Drilled Consolidated Subsidiaries United States — 10 — Canada/Other Americas — — — Europe — — — Africa — 1 — Asia 1 — — Australia/Oceania — — — Total Consolidated Subsidiaries 1 11 — Equity Companies United States — — — Europe — — — Africa — — — Asia — — — Total Equity Companies — — — Total dry development wells drilled 1 11 — Total number of net wells drilled 733 590 517 16 Table of Contents Financial Table of Contents B.
The number of wells with multiple completions was 434 gross in 2024 and 467 gross in 2023. 19 B.
The number of wells with multiple completions was 418 gross in 2025 and 434 gross in 2024. B.
These investments represented 75 percent of the $21.8 billion in total reported Upstream capital and exploration expenditures. One of ExxonMobil’s requirements for reporting proved reserves is that management has made significant funding commitments toward the development of the reserves. ExxonMobil has a disciplined investment strategy and many major fields require long lead-time in order to be developed.
One of ExxonMobil’s requirements for reporting proved reserves is that management has made significant funding commitments toward the development of the reserves. ExxonMobil has a disciplined investment strategy and many major fields require long lead-time in order to be developed.
Worldwide Exploration Exploration activities were under way in several countries in which ExxonMobil has no established production operations and thus are not included above. Net acreage totaled 15.7 million acres at year-end 2024. During the year, a total of a 0.5 net exploratory well was completed. 6.
Worldwide Exploration Exploration activities were under way in several countries in which ExxonMobil has no established production operations and thus are not included above. Net acreage totaled 15.8 million acres at year-end 2025. 6.
(thousands of barrels daily) 2024 2023 2022 Crude Oil NGL Crude Oil NGL Crude Oil NGL Crude oil and natural gas liquids production Consolidated Subsidiaries United States 862 383 556 238 523 211 Canada/Other Americas (1) 346 2 240 2 196 2 Europe 2 — 2 — 2 — Africa 206 2 216 4 233 5 Asia 422 26 417 28 407 23 Australia/Oceania 20 10 24 12 27 16 Total Consolidated Subsidiaries 1,858 423 1,455 284 1,388 257 Equity Companies United States 2 1 8 1 41 1 Europe 1 — 2 — 2 — Africa 1 — 1 — — — Asia 206 59 216 60 216 59 Total Equity Companies 210 60 227 61 259 60 Total crude oil and natural gas liquids production 2,068 483 1,682 345 1,647 317 Bitumen production Consolidated Subsidiaries Canada/Other Americas 374 355 327 Synthetic oil production Consolidated Subsidiaries Canada/Other Americas 62 67 63 Total liquids production 2,987 2,449 2,354 (millions of cubic feet daily) Natural gas production available for sale Consolidated Subsidiaries United States 2,869 2,292 2,531 Canada/Other Americas (1) 101 96 148 Europe 252 266 306 Africa 45 35 64 Asia 907 915 779 Australia/Oceania 1,264 1,298 1,440 Total Consolidated Subsidiaries 5,438 4,902 5,268 Equity Companies United States 18 19 20 Europe 100 148 361 Africa 107 90 7 Asia 2,415 2,575 2,639 Total Equity Companies 2,640 2,832 3,027 Total natural gas production available for sale 8,078 7,734 8,295 (thousands of oil-equivalent barrels daily) Oil-equivalent production 4,333 3,738 3,737 (1) Other Americas includes crude oil production for 2024, 2023, and 2022 of 285 thousand, 178 thousand, and 120 thousand barrels daily, respectively; and natural gas production available for sale for 2024, 2023, and 2022 of 76 million, 67 million, and 45 million cubic feet daily, respectively. 11 B.
(thousands of barrels daily) 2025 2024 2023 Crude Oil NGL Crude Oil NGL Crude Oil NGL Crude oil and natural gas liquids production Consolidated Subsidiaries United States 1,005 514 862 383 556 238 Canada/Other Americas (1) 381 1 346 2 240 2 Europe 2 — 2 — 2 — Africa 141 — 206 2 216 4 Asia 445 28 422 26 417 28 Australia/Oceania 18 7 20 10 24 12 Total Consolidated Subsidiaries 1,992 550 1,858 423 1,455 284 Equity Companies United States 2 1 2 1 8 1 Europe 1 — 1 — 2 — Africa 1 — 1 — 1 — Asia 266 61 206 59 216 60 Total Equity Companies 270 62 210 60 227 61 Total crude oil and natural gas liquids production 2,262 612 2,068 483 1,682 345 Bitumen production Consolidated Subsidiaries Canada/Other Americas 385 374 355 Synthetic oil production Consolidated Subsidiaries Canada/Other Americas 68 62 67 Total liquids production 3,329 2,987 2,449 (millions of cubic feet daily) Natural gas production available for sale Consolidated Subsidiaries United States 3,346 2,869 2,292 Canada/Other Americas (1) 27 101 96 Europe 228 252 266 Africa 2 45 35 Asia 968 907 915 Australia/Oceania 1,283 1,264 1,298 Total Consolidated Subsidiaries 5,854 5,438 4,902 Equity Companies United States 18 18 19 Europe 71 100 148 Africa 112 107 90 Asia 2,386 2,415 2,575 Total Equity Companies 2,587 2,640 2,832 Total natural gas production available for sale 8,442 8,078 7,734 (thousands of oil-equivalent barrels daily) Oil-equivalent production 4,736 4,333 3,738 (1) Other Americas includes crude oil production for 2025, 2024, and 2023 of 320 thousand, 285 thousand, and 178 thousand barrels daily, respectively; and natural gas production available for sale for 2025, 2024, and 2023 of 4 million, 76 million, and 67 million cubic feet daily, respectively.
In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field. 10 3. Oil and Gas Production, Production Prices and Production Costs A. Oil and Gas Production The table below summarizes production by final product sold and by geographic area for the last three years.
In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field. 11 Table of Contents Financial Table of Contents 3. Oil and Gas Production, Production Prices and Production Costs A.
Production Prices and Production Costs The table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.
Oil and Gas Production The table below summarizes production by final product sold and by geographic area for the last three years.
Wells Drilling Wells Drilling Year-End 2024 Year-End 2023 Gross Net Gross Net Consolidated Subsidiaries United States 809 648 582 409 Canada/Other Americas 19 9 42 29 Europe 1 1 3 1 Africa 5 1 4 1 Asia 13 5 25 5 Australia/Oceania 1 — 3 1 Total Consolidated Subsidiaries 848 664 659 446 Equity Companies United States 15 — 9 — Europe — — — — Africa — — — — Asia 43 4 61 4 Total Equity Companies 58 4 70 4 Total gross and net wells drilling 906 668 729 450 16 B.
Wells Drilling Wells Drilling Year-End 2025 Year-End 2024 Gross Net Gross Net Consolidated Subsidiaries United States 638 492 809 648 Canada/Other Americas 33 20 19 9 Europe — — 1 1 Africa 2 — 5 1 Asia 9 2 13 5 Australia/Oceania 1 — 1 — Total Consolidated Subsidiaries 683 514 848 664 Equity Companies United States 38 — 15 — Europe — — — — Africa — — — — Asia 23 4 43 4 Total Equity Companies 61 4 58 4 Total gross and net wells drilling 744 518 906 668 B.
This compares to 6.3 GOEB of proved undeveloped reserves reported at the end of 2023. During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.1 GOEB from proved undeveloped to proved developed reserves by year-end. The largest transfers were related to development activities in the United States, Guyana, Kazakhstan, and the United Arab Emirates.
This compares to 7.4 GOEB of proved undeveloped reserves reported at the end of 2024. During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.4 GOEB from proved undeveloped to proved developed reserves by year-end.
Also, the Corporation reclassified approximately 0.7 GOEB of proved undeveloped reserves, primarily in the United States, which was offset by upward revision of approximately 0.6 GOEB, primarily in the United Arab Emirates. This results in a net reclassification of approximately 0.1 GOEB of proved reserves which no longer met the SEC definition of proved reserves.
Also, the Corporation reclassified approximately 1.0 GOEB of proved undeveloped reserves which no longer met the SEC definition of proved reserves, primarily in the United States.
Gross and Net Undeveloped Acreage Gross and Net Undeveloped Acreage (thousands of acres) Year-End 2024 Year-End 2023 Gross Net Gross Net Consolidated Subsidiaries United States 6,707 2,632 6,738 2,602 Canada/Other Americas (2) 21,457 9,842 30,773 15,012 Europe 11,988 7,770 12,489 8,173 Africa 17,476 11,301 18,309 12,696 Asia 766 227 766 227 Australia/Oceania 3,554 1,805 4,811 2,309 Total Consolidated Subsidiaries 61,948 33,577 73,886 41,019 Equity Companies United States — — — — Europe 381 110 381 110 Africa 418 104 418 104 Asia 298 19 298 19 Total Equity Companies 1,097 233 1,097 233 Total gross and net undeveloped acreage 63,045 33,810 74,983 41,252 (2) Includes undeveloped acreage in Other Americas of 14,914 gross and 6,381 net thousands of acres for 2024 and 24,221 gross and 11,548 net thousands of acres for 2023.
Gross and Net Undeveloped Acreage Gross and Net Undeveloped Acreage (thousands of acres) Year-End 2025 Year-End 2024 Gross Net Gross Net Consolidated Subsidiaries United States 5,189 2,086 6,707 2,632 Canada/Other Americas (1) 21,599 10,760 21,457 9,842 Europe 11,908 7,752 11,988 7,770 Africa 12,712 8,060 17,476 11,301 Asia 745 215 766 227 Australia/Oceania 3,346 1,661 3,554 1,805 Total Consolidated Subsidiaries 55,499 30,534 61,948 33,577 Equity Companies United States — — — — Europe — — 381 110 Africa 418 104 418 104 Asia 298 19 298 19 Total Equity Companies 716 123 1,097 233 Total gross and net undeveloped acreage 56,215 30,657 63,045 33,810 (1) Includes undeveloped acreage in Other Americas of 15,407 gross and 7,527 net thousands of acres for 2025 and 14,914 gross and 6,381 net thousands of acres for 2024.
Gross and Net Developed Acreage Gross and Net Developed Acreage (thousands of acres) Year-End 2024 Year-End 2023 Gross Net Gross Net Consolidated Subsidiaries United States 10,668 7,021 10,354 6,566 Canada/Other Americas (1) 1,903 1,342 2,145 1,526 Europe 954 555 983 560 Africa 1,455 428 2,109 704 Asia 1,473 427 1,582 451 Australia/Oceania 3,142 1,043 3,174 1,033 Total Consolidated Subsidiaries 19,595 10,816 20,347 10,840 Equity Companies United States 581 113 583 113 Europe 3,590 1,109 3,590 1,109 Africa 178 44 178 44 Asia 665 152 665 157 Total Equity Companies 5,014 1,418 5,016 1,423 Total gross and net developed acreage 24,609 12,234 25,363 12,263 (1) Includes developed acreage in Other Americas of 379 gross and 190 net thousands of acres for 2024 and 559 gross and 342 net thousands of acres for 2023.
Gross and Net Developed Acreage Gross and Net Developed Acreage (thousands of acres) Year-End 2025 Year-End 2024 Gross Net Gross Net Consolidated Subsidiaries United States 7,715 5,083 10,668 7,021 Canada/Other Americas (1) 1,849 1,300 1,903 1,342 Europe 918 546 954 555 Africa 1,455 428 1,455 428 Asia 1,424 422 1,473 427 Australia/Oceania 3,142 1,043 3,142 1,043 Total Consolidated Subsidiaries 16,503 8,822 19,595 10,816 Equity Companies United States 581 113 581 113 Europe 2,612 921 3,590 1,109 Africa 178 44 178 44 Asia 630 148 665 152 Total Equity Companies 4,001 1,226 5,014 1,418 Total gross and net developed acreage 20,504 10,048 24,609 12,234 (1) Includes developed acreage in Other Americas of 348 gross and 151 net thousands of acres for 2025 and 379 gross and 190 net thousands of acres for 2024.
Gross and Net Productive Wells Gross and Net Productive Wells Year-End 2024 Year-End 2023 Oil Gas Oil Gas Gross Net Gross Net Gross Net Gross Net Consolidated Subsidiaries United States 30,333 17,078 7,579 4,340 21,193 9,503 8,210 4,801 Canada/Other Americas 4,092 4,025 2,865 1,017 4,193 4,131 2,901 1,034 Europe 371 113 359 192 476 125 396 198 Africa 359 94 — — 605 204 21 8 Asia 789 243 151 87 995 293 148 85 Australia/Oceania 326 48 104 40 449 84 98 40 Total Consolidated Subsidiaries 36,270 21,601 11,058 5,676 27,911 14,340 11,774 6,166 Equity Companies United States 2,573 329 3,303 326 2,634 340 3,322 329 Europe 57 20 332 102 57 20 454 139 Africa — — 6 2 — — 6 2 Asia 233 58 150 31 234 58 145 33 Total Equity Companies 2,863 407 3,791 461 2,925 418 3,927 503 Total gross and net productive wells 39,133 22,008 14,849 6,137 30,836 14,758 15,701 6,669 There were 25,610 gross and 22,837 net operated wells at year-end 2024 and 18,518 gross and 16,171 net operated wells at year-end 2023.
Gross and Net Productive Wells Gross and Net Productive Wells Year-End 2025 Year-End 2024 Oil Gas Oil Gas Gross Net Gross Net Gross Net Gross Net Consolidated Subsidiaries United States 25,816 15,760 3,270 1,833 30,333 17,078 7,579 4,340 Canada/Other Americas 4,143 4,067 2,815 983 4,092 4,025 2,865 1,017 Europe 363 106 352 192 371 113 359 192 Africa 352 94 — — 359 94 — — Asia 797 244 140 83 789 243 151 87 Australia/Oceania 46 8 103 38 326 48 104 40 Total Consolidated Subsidiaries 31,517 20,279 6,680 3,129 36,270 21,601 11,058 5,676 Equity Companies United States 2,551 322 3,291 323 2,573 329 3,303 326 Europe 57 20 174 64 57 20 332 102 Africa — — 6 2 — — 6 2 Asia 239 60 142 36 233 58 150 31 Total Equity Companies 2,847 402 3,613 425 2,863 407 3,791 461 Total gross and net productive wells 34,364 20,681 10,293 3,554 39,133 22,008 14,849 6,137 There were 22,778 gross and 20,151 net operated wells at year-end 2025 and 25,610 gross and 22,837 net operated wells at year-end 2024.
ExxonMobil participated in 52.3 million metric tons per year gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year-end 2024. Development activities continued on the North Field East project and North Field Production Sustainment projects. Thailand Net acreage in concessions totaled 16 thousand onshore acres at year-end 2024.
In Qatar, ExxonMobil participated in 45.7 million tonnes per year of gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity. Development activities continued on the North Field East and North Field Production Sustainment projects. Ongoing activities in the United Arab Emirates continued on the phased development of the Upper Zakum field.
In 2024, purchases of 0.4 GOEB in the United States and extensions and discoveries of 1.9 GOEB, primarily in the United States and Guyana, resulted in the addition of approximately 2.3 GOEB of proved undeveloped reserves.
The largest transfers were related to development activities in the United States, Guyana, Kazakhstan, the United Arab Emirates, Qatar, and Canada. In 2025, extensions and discoveries, primarily in the United States and Guyana, resulted in the addition of approximately 2.0 GOEB of proved undeveloped reserves.
Number of Retail Fuel Sites At Year-End 2024 Owned/leased Distributors/resellers Total United States — 10,573 10,573 Canada — 2,598 2,598 Europe 169 3,958 4,127 Asia Pacific 264 864 1,128 Latin America — 555 555 Middle East/Africa 169 294 463 Worldwide 602 18,842 19,444
Number of Retail Fuel Sites At Year-End 2025 Owned/leased Distributors/resellers Total United States — 10,206 10,206 Canada — 2,561 2,561 Europe 169 3,430 3,599 Asia Pacific 188 932 1,120 Latin America — 579 579 Middle East/Africa 168 300 468 Worldwide 525 18,008 18,533
Under certain circumstances, a lease may be held beyond its primary term even if production has not commenced. In some instances a “fee interest” is acquired in private property where the underlying mineral interests and rights are purchased and owned outright.
Under certain circumstances, a lease may be held beyond its primary term even if production has not commenced.
The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment. (3) ExxonMobil ownership in Gravenchon is split 82.9 percent and 100 percent between the refining and chemical operations, respectively.
The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment. (3) The Corporation announced the planned closure of the Fife Ethylene Plant, with shutdown activities expected to be completed in 2026.
The scheduled expiration of leases and concessions for undeveloped acreage over the next three years is not expected to have a material adverse impact on the Corporation. 20 D. Summary of Acreage Terms United States Oil and gas exploration and production rights are acquired from mineral interest owners through a lease.
The scheduled expiration of leases and concessions for undeveloped acreage over the next three years is not expected to have a material adverse impact on the Corporation. 20 Table of Contents Financial Table of Contents Information with regard to refining and chemical capacity: ExxonMobil manufactures, trades, and sells petroleum and petrochemical products.
Review of Principal Ongoing Activities United States Net acreage totaled 9.8 million acres at year-end 2024, of which 0.2 million acres were offshore. ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska. Development activities continued on the Golden Pass LNG export project.
Review of Principal Ongoing Activities United States During 2025, ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska.
PSCs provide for an exploration period of up to seven years and a production period of up to 28 years. Guyana The Petroleum Activities Act 2023 authorizes the Government of Guyana to license and enter petroleum agreements for petroleum exploration, development, production, and storage operations.
In Guyana, the Yellowtail development commenced operations with the ONE GUYANA floating production, storage and offloading vessel, and development activities continued on the Uaru and Whiptail projects. The Hammerhead project was funded in 2025. The Petroleum Activities Act 2023 authorizes the Government of Guyana to license and enter petroleum agreements for petroleum exploration, development, production, and storage operations.
During the year, a total of 544.1 net exploratory and development wells were completed in the inland lower 48 states. Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico. In addition, ExxonMobil completed the acquisition of Pioneer, increasing the Permian Basin acreage and production capacity.
During the year, development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico, bringing total U.S. net production to 2.1 million oil-equivalent barrels per day. Development activities also continued on the Golden Pass LNG export project, including mechanical completion of Train 1 in late 2025.
In general, these license and lease agreements are held as long as there is proven production capability on the licenses and leases. Offshore exploration licenses are generally held by work commitments of various amounts and rentals. Offshore production licenses are valid for 25 years, with rights of extension for continued production.
These licenses or leases generally define a specified scope of work and are held by production. Canadian offshore production licenses are valid for 25 years, with rights of extension for continued production. Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term.
Removed
Proved Reserves Crude Oil Natural Gas Liquids Bitumen Synthetic Oil Natural Gas Oil-Equivalent Total All Products (million bbls) (million bbls) (million bbls) (million bbls) (billion cubic ft) (million bbls) Developed Consolidated Subsidiaries United States 1,874 1,179 — — 11,671 4,998 Canada/Other Americas (1) 472 1 2,308 190 296 3,020 Europe 3 — — — 406 71 Africa 153 — — — 93 169 Asia 1,923 46 — — 1,900 2,286 Australia/Oceania 33 7 — — 3,204 574 Total Consolidated 4,458 1,233 2,308 190 17,570 11,118 Equity Companies United States 6 3 — — 47 17 Europe 2 — — — 262 45 Africa 7 — — — 816 143 Asia 452 117 — — 4,242 1,276 Total Equity Company 467 120 — — 5,367 1,481 Total Developed 4,925 1,353 2,308 190 22,937 12,599 Undeveloped Consolidated Subsidiaries United States 1,399 909 — — 5,172 3,170 Canada/Other Americas (1) 646 — 121 106 245 914 Europe — — — — — — Africa 38 — — — 2 38 Asia 1,186 22 — — 640 1,315 Australia/Oceania 22 — — — 2,275 401 Total Consolidated 3,291 931 121 106 8,334 5,838 Equity Companies United States — — — — — — Europe — — — — 54 9 Africa — — — — — — Asia 272 194 — — 6,224 1,503 Total Equity Company 272 194 — — 6,278 1,512 Total Undeveloped 3,563 1,125 121 106 14,612 7,350 Total Proved Reserves 8,488 2,478 2,429 296 37,549 19,949 (1) Other Americas includes proved developed reserves of 375 million barrels of crude oil and 176 billion cubic feet of natural gas, as well as proved undeveloped reserves of 633 million barrels of crude oil and 231 billion cubic feet of natural gas. 8 In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately.
Added
Proved Reserves Crude Oil Natural Gas Liquids Bitumen Synthetic Oil Natural Gas Oil-Equivalent Total All Products (million bbls) (million bbls) (million bbls) (million bbls) (billion cubic ft) (million bbls) Developed Consolidated Subsidiaries United States 1,552 1,075 — — 11,206 4,495 Canada/Other Americas (1) 586 1 2,230 288 356 3,164 Europe 3 — — — 338 60 Africa 185 — — — 111 204 Asia 1,871 44 — — 2,010 2,251 Australia/Oceania 32 6 — — 3,057 548 Total Consolidated 4,229 1,126 2,230 288 17,078 10,722 Equity Companies United States 5 3 — — 48 16 Europe 2 — — — 207 36 Africa 7 — — — 775 136 Asia 462 134 — — 4,782 1,394 Total Equity Company 476 137 — — 5,812 1,582 Total Developed 4,705 1,263 2,230 288 22,890 12,304 Undeveloped Consolidated Subsidiaries United States 1,558 988 — — 5,581 3,476 Canada/Other Americas (1) 609 — 100 — 171 737 Europe — — — — — — Africa 32 — — — 2 32 Asia 1,089 23 — — 189 1,143 Australia/Oceania 28 2 — — 2,653 472 Total Consolidated 3,316 1,013 100 — 8,596 5,860 Equity Companies United States — — — — — — Europe 3 — — — 56 12 Africa — — — — — — Asia 163 161 — — 4,866 1,135 Total Equity Company 166 161 — — 4,922 1,147 Total Undeveloped 3,482 1,174 100 — 13,518 7,007 Total Proved Reserves 8,187 2,437 2,330 288 36,408 19,311 (1) Other Americas includes proved developed reserves of 486 million barrels of crude oil and 228 billion cubic feet of natural gas, as well as proved undeveloped reserves of 587 million barrels of crude oil and 162 billion cubic feet of natural gas. 9 Table of Contents Financial Table of Contents In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately.
Removed
In Kazakhstan, the proved undeveloped reserves are related to the remainder of the Tengizchevroil joint venture development that includes a production license in the Tengiz - Korolev field complex. The Tengizchevroil joint venture is producing, and proved undeveloped reserves will continue to move to proved developed as approved development phases progress.
Added
Due to rounding, numbers presented may not add up precisely to the totals indicated. 12 Table of Contents Financial Table of Contents B. Production Prices and Production Costs The table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.
Removed
Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. 13 4. Drilling and Other Exploratory and Development Activities A.
Added
Drilling and Other Exploratory and Development Activities A.
Removed
Net acreage in the Gulf totaled 0.1 million acres at year-end 2024. A total of a 0.5 net development well was completed during the year. Participation in Alaska production and development continued with a total of 0.9 net development wells completed.
Added
In some instances a “fee interest” is acquired in private property where the underlying mineral interests and rights are purchased and owned outright. 17 Table of Contents Financial Table of Contents Canada / Other Americas Production operations for the region are mainly in Canada, Guyana, and Brazil.
Removed
Canada / Other Americas Canada Oil and Gas Operations: Net acreage totaled 3.9 million acres at year-end 2024, of which 2.0 million acres were offshore. A total of 1.7 net exploratory and development wells were completed during the year. In Situ Bitumen Operations: Net acreage totaled 0.5 million onshore acres at year-end 2024.
Added
Total operations in Canada provided 519 thousand oil-equivalent barrels per day in net production, where oil and gas operations are active onshore in Alberta and offshore in Newfoundland and Labrador. In Situ Bitumen operations also continue in Alberta. Canadian onshore licenses or leases are acquired for varying periods of time, with renewals or extensions possible.
Removed
During the year, a total of 14 net development wells at Cold Lake were completed. Argentina Net acreage totaled 0.1 million onshore acres at year-end 2024. During the year, a total of 1.6 net development wells were completed. In 2024, ExxonMobil relinquished 2.6 million net offshore acres and sold a portion of its interests in onshore production facilities.
Added
Brazil commenced operations in the Bacalhau Phase 1 development with the start-up of the floating production, storage and offloading vessel. Europe The Pegasus-1 exploratory well was drilled offshore Cyprus and encountered a gas-bearing reservoir. Evaluations are ongoing to develop potential commercialization options.
Removed
The sale of the remaining onshore assets is expected to be completed in early 2025 resulting in a full Upstream operations exit from the country. Brazil Net acreage totaled 1.5 million offshore acres at year-end 2024.
Added
Africa ExxonMobil continued to participate in the Coral South Floating LNG in Mozambique, while operations continued in three producing deepwater blocks in Angola and three producing deepwater blocks in Nigeria. In Angola, a total of 1.6 net acres were relinquished and Block 15 amended its Production Sharing Agreement to extend the production license to 2037.
Removed
During the year, a total of a 0.4 net exploratory well was completed and ExxonMobil relinquished its interest in 1.0 million net offshore acres spanning 10 blocks outside of the core Bacalhau development. Development activities continued on the Bacalhau Phase 1 project. Guyana Net acreage totaled 4.6 million offshore acres at year-end 2024.
Added
Asia In 2025, ExxonMobil exited Thailand operations, while production activities continued throughout the region. Kazakhstan operations take place onshore and offshore through our partnerships in Tengiz and Kashagan. During the year, the Tengiz Expansion Project was completed and production ramped up to name-plate capacity.
Removed
During the year, a total of 10.1 net exploratory and development wells were completed. Development activities continued on the Yellowtail and Uaru projects. The Whiptail project was funded in 2024. Europe Germany Net acreage totaled 1.2 million onshore acres at year-end 2024. During the year, a total of 0.5 net development wells were completed.
Added
Australia / Oceania In Australia, development activities progressed on the Jansz-Io Compression Project and the Gorgon Stage 3 project was fully funded. Australia and Papua New Guinea account for 22.5 million metric tons of LNG per year.
Removed
Netherlands Net interest in licenses totaled 1.3 million acres at year-end 2024, of which 0.3 million acres were offshore. Groningen field permanent closure was codified in the Dutch mining law on April 19, 2024.
Removed
United Kingdom Net interest in licenses totaled 0.1 million offshore acres at year-end 2024. 17 Africa Angola Net acreage totaled 3 million acres at year-end 2024, of which 2.9 million acres were offshore. During the year, a total of 5.6 net exploratory and development wells were completed.
Removed
Mozambique Net acreage totaled 0.1 million offshore acres at year-end 2024 within Area 4. ExxonMobil participated in the co-venturer-operated Coral South Floating LNG, a gross 3.4 million metric tons per year LNG facility. Nigeria Net acreage totaled 0.4 million offshore acres at year-end 2024. During the year, a total of a 0.2 net development well was completed.
Removed
In December 2024, the Corporation completed a transfer of 100 percent of the shares in its Nigeria affiliate, Mobil Producing Nigeria Unlimited, following the receipt of and compliance with conditions precedent specified in government approvals. Asia Azerbaijan Net acreage totaled 7 thousand offshore acres at year-end 2024. During the year, a total of 1 net development wells were completed.
Removed
Indonesia Net acreage totaled 0.1 million onshore acres at year-end 2024. During the year, a total of 0.9 net development wells were completed. Kazakhstan Net acreage totaled 0.3 million acres at year-end 2024, of which 0.2 million acres were offshore. During the year, a total of 1 net development wells were completed. Development activities continued on the Tengiz Expansion project.
Removed
Malaysia Net interests in production sharing contracts covered 0.2 million offshore acres at year-end 2024. During the year, a total of 1.5 net development wells were completed. Qatar Through joint ventures with QatarEnergy, net acreage totaled 76 thousand offshore acres at year-end 2024. During the year, a total of 1.4 net development wells were completed.
Removed
During the year, a total of a 0.1 net development well was completed. United Arab Emirates Net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 0.1 million acres at year-end 2024. During the year, a total of 2.5 net development wells were completed. Activities continued on the ongoing phased development of the Upper Zakum field.
Removed
Australia / Oceania Australia Net acreage totaled 1.2 million offshore acres and nine thousand onshore acres at year-end 2024.
Removed
The co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) development consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million metric tons per year LNG facility, and a 280 million cubic feet per day 18 domestic gas plant located on Barrow Island, Western Australia.
Removed
During the year, operations began on the Gorgon Stage 2 project and development activities continued on the Jansz Io Compression project. Papua New Guinea Net acreage totaled 1.6 million onshore acres at year-end 2024. During the year, a total of 1 net development wells were completed.
Removed
The Papua New Guinea (PNG) liquefied natural gas (LNG) integrated development includes gas production and processing facilities in the PNG Highlands, onshore and offshore pipelines, and a 6.9 million metric tons per year LNG facility near Port Moresby.
Removed
Canada / Other Americas Canada Exploration licenses or leases in onshore areas are acquired for varying periods of time with renewals or extensions possible. These licenses or leases entitle the holder to continue existing licenses or leases upon completing specified work.
Removed
Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term. Argentina The Federal Hydrocarbon Law was amended in 2014 and in 2024. Pursuant to the amended law, the production term for an onshore unconventional concession is 35 years and 25 years for a conventional concession.
Removed
ExxonMobil is actively taking steps to exit Upstream operations in the country. Brazil The exploration and production of oil and gas are governed by concession contracts and production sharing contracts (PSCs). Concession contracts provide for an exploration period of up to eight years and a production period of 27 years.
Removed
Europe Germany Exploration concessions are granted for an initial maximum period of five years, with an unlimited number of extensions up to three years each. Extensions are subject to specific minimum work commitments. Production licenses were historically granted for 20 to 25 years with multiple possible extensions subject to production on the license.
Removed
Netherlands Under the Mining Law, effective January 1, 2003, exploration and production licenses for both onshore and offshore areas are issued for a period as explicitly defined in the license. The term is based on the period of time necessary to perform the activities for which the license is issued.
Removed
License conditions are stipulated in the license and are based on the Mining Law. Production rights granted prior to January 1, 2003, remain subject to their existing terms and differ slightly for onshore and offshore areas.
Removed
Onshore production licenses issued prior to 1988 were indefinite; from 1988, they were issued for a period as explicitly defined in the license, ranging from 35 to 45 years.
Removed
Offshore production licenses issued before 1976 were issued for a fixed period of 40 years; from 1976, they were again issued for a period as explicitly defined in the license, ranging from 15 to 40 years. 21 United Kingdom Acreage terms are fixed by the government and are periodically changed.
Removed
For example, many of the early licenses issued under the first four licensing rounds provided an initial term of six years with relinquishment of at least one-half of the original area at the end of the initial term, subject to extension for a further 40 years.
Removed
At the end of any such 40-year term, licenses may continue in producing areas until cessation of production; or licenses may continue in development areas for periods agreed on a case-by-case basis until they become producing areas; or licenses terminate in all other areas.
Removed
The majority of traditional licenses currently issued have an initial exploration term of four years with a second term extension of four years, and a final production term of 18 years, with a mandatory relinquishment of 50 percent of the acreage after the initial term and of all acreage that is not covered by a development plan at the end of the second term.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeGibbs 53 President, ExxonMobil Global Projects Company (since April 1, 2021) Senior Vice President, Global Project Delivery, ExxonMobil Global Projects Company (July 1, 2020 - March 31, 2021) President, ExxonMobil Global Services Company (April 1, 2019 - June 30, 2020) Karen T.
Biggest changeGibbs 54 Senior President, ExxonMobil Global Operations (since January 1, 2026) President, ExxonMobil Global Projects Company (April 1, 2021 - December 31, 2025) Senior Vice President, Global Project Delivery, ExxonMobil Global Projects Company (July 1, 2020 - March 31, 2021) Staale Gjervik 52 President, ExxonMobil Global Projects Company (since January 1, 2026) President, ExxonMobil Supply Chain (May 1, 2023 - December 31, 2025) President, ExxonMobil Global Services Company (July 1, 2020 - April 30, 2023) Darrin L.
Taylor 60 Vice President, General Counsel and Corporate Secretary (since July 1, 2024) Deputy General Counsel (May 9, 2024 - June 30, 2024) Executive Vice President and General Counsel, Fox Corporation (March 1, 2021 - May 8, 2024) Executive Vice President and Chief Litigation Counsel, Fox Corporation (March 1, 2019 - February 28, 2021) Officers are generally elected by the Board of Directors at its meeting on the day of each annual election of directors, with each such officer serving until a successor has been elected and qualified.
Taylor 61 Vice President, General Counsel and Corporate Secretary (since July 1, 2024) Deputy General Counsel (May 9, 2024 - June 30, 2024) Executive Vice President and General Counsel, Fox Corporation (March 1, 2021 - May 8, 2024) Executive Vice President and Chief Litigation Counsel, Fox Corporation (March 1, 2019 - February 28, 2021) Officers are generally elected by the Board of Directors at its meeting on the day of each annual election of directors, with each such officer serving until a successor has been elected and qualified.
Chapman 55 Vice President, Treasurer and Investor Relations (since May 1, 2024) Vice President, Tax and Treasurer (November 28, 2022 - April 30, 2024) Dominion Energy, Inc. (prior to November 28, 2022): Executive Vice President, Chief Financial Officer and Treasurer (January 2019 - November 2022) Len M.
Chapman 56 Vice President, Treasurer and Investor Relations (since May 1, 2024) Vice President, Tax and Treasurer (November 28, 2022 - April 30, 2024) Dominion Energy, Inc. (prior to November 28, 2022): Executive Vice President, Chief Financial Officer and Treasurer (January 2019 - November 2022) Matt R.
The above-named officers are required to file reports under Section 16 of the Securities Exchange Act of 1934. 26 PART II
The above-named officers are required to file reports under Section 16 of the Securities Exchange Act of 1934. 23 Table of Contents Financial Table of Contents PART II
Talley 60 Vice President, Corporate Strategic Planning (since April 1, 2022) President, ExxonMobil Research and Engineering Company (April 1, 2020 - March 31, 2022) Manager, Corporate Strategy, Corporate Strategic Planning (March 15, 2017 - March 31, 2020) Jeffrey A.
Talley 61 Vice President, Corporate Strategic Planning (since April 1, 2022) President, ExxonMobil Research and Engineering Company (April 1, 2020 - March 31, 2022) Jeffrey A.
Ammann 52 Vice President (since May 1, 2022) President, ExxonMobil Upstream Company (since February 1, 2025) President, Low Carbon Solutions (May 1, 2022 - December 31, 2024) Chief Executive Officer, Cruise LLC (January 2019 - December 2021) James R.
Williams, Jr. 62 Senior Vice President (since June 1, 2014) Daniel L. Ammann 53 Vice President (since May 1, 2022) President, ExxonMobil Upstream Company (since February 1, 2025) President, Low Carbon Solutions (May 1, 2022 - December 31, 2024) Chief Executive Officer, Cruise LLC (January 2019 - December 2021) James R.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 25 Information about our Executive Officers (positions and ages as of February 19, 2025) Name Age Current and Prior Positions (up to five years) Darren W. Woods 60 Chairman of the Board and Chief Executive Officer (since January 1, 2017) Director and President (since January 1, 2016) Neil A.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 22 Table of Contents Financial Table of Contents Information about our Executive Officers (positions and ages as of February 18, 2026) Name Age Current and Prior Positions (up to five years) Darren W.
Fox 61 Vice President, Controller and Tax (since May 1, 2024) Vice President and Controller (March 1, 2021 - April 30, 2024) Assistant Treasurer, Exxon Mobil Corporation (February 1, 2020 - December 31, 2020) Vice President, Chemical Business Services and Treasurer (June 1, 2015 - January 31, 2020) Jon M.
Fox 62 Vice President, Controller and Tax (since May 1, 2024) Vice President and Controller (March 1, 2021 - April 30, 2024) Jon M.
Removed
Chapman 62 Senior Vice President (since January 1, 2018) Kathryn A. Mikells 59 Senior Vice President and Chief Financial Officer (since August 9, 2021) Chief Financial Officer and a member of the board of directors for Diageo plc (November 2015 - June 2021) Jack P. Williams, Jr. 61 Senior Vice President (since June 1, 2014) Daniel L.
Added
Woods 61 Chairman of the Board and Chief Executive Officer (since January 1, 2017) Director and President (since January 1, 2016) Neil A. Chapman 63 Senior Vice President (since January 1, 2018) Neil A.
Removed
McKee 58 Vice President (since April 1, 2019) President, ExxonMobil Product Solutions Company (since April 1, 2022) President, ExxonMobil Chemical Company (April 1, 2019 - March 31, 2022) Darrin L.
Added
Hansen 51 Senior Vice President and Chief Financial Officer (since February 1, 2026) President, Global Business Solutions (May 1, 2025 - January 31, 2026) Senior Vice President, Energy Products, ExxonMobil Product Solutions Company (April 1, 2022 - April 30, 2025) Vice President, Europe, Africa & Middle East Fuels, ExxonMobil Fuels & Lubricants Company (March 15, 2020 - March 31, 2022) Jack P.
Added
Crocker 52 Vice President (since May 1, 2025) President, Global Business Solutions (November 1, 2023 - April 30, 2025) Senior Vice President, Strategy, Product and New Assets, Low Carbon Solutions (May 1, 2022 - October 31, 2023) Senior Vice President, Fuels and Lubricants, ExxonMobil Fuels & Lubricants Company (September 1, 2020 - April 30, 2022) Len M.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(2) Excludes 1% U.S. excise tax on stock repurchases. (3) Purchases were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1. (4) The Corporation continued its share repurchase program, originally initiated in 2022. This includes $15 billion of repurchases in 2022, $17.5 billion in 2023, and $19.1 billion in 2024.
Biggest change(2) Excludes 1% U.S. excise tax on stock repurchases. (3) Purchases were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1. (4) The Corporation completed share repurchases of $20 billion in 2025.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The principal market where ExxonMobil common stock (XOM) is traded is the New York Stock Exchange, although the stock is traded on other exchanges in and outside the United States. There were 287,749 registered shareholders of ExxonMobil common stock at December 31, 2024.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The principal exchange where ExxonMobil common stock (XOM) is traded is the New York Stock Exchange, although the stock is traded on other exchanges in and outside the United States. There were 276,536 registered shareholders of ExxonMobil common stock at December 31, 2025.
At January 31, 2025, the registered shareholders of ExxonMobil common stock numbered 286,233. On January 31, 2025, the Corporation declared a $0.99 dividend per common share, payable March 10, 2025. Reference is made to Item 12 in Part III of this report.
At January 31, 2026, the registered shareholders of ExxonMobil common stock numbered 273,961. On January 29, 2026, the Corporation declared a $1.03 dividend per common share, payable March 10, 2026. Reference is made to Item 12 in Part III of this report.
In its 2024 Corporate Plan Update released December 11, 2024, the Corporation stated that it expects to continue its share repurchase program with a $20 billion repurchase pace per year through 2026, assuming reasonable market conditions. During the fourth quarter, the Corporation did not issue or sell any unregistered equity securities.
In its 2025 Corporate Plan Update released December 9, 2025, the Corporation stated that it expects share repurchases of $20 billion in 2026, assuming reasonable market conditions. During the fourth quarter, the Corporation did not issue or sell any unregistered equity securities.
Issuer Purchases of Equity Securities for Quarter Ended December 31, 2024 Total Number of Shares Purchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars) (4) October 2024 16,386,165 $120.90 16,385,148 $23.5 November 2024 15,628,883 $119.95 14,378,425 $21.8 December 2024 17,398,455 $110.56 16,425,659 $40.0 Total 49,413,503 $116.96 47,189,232 (1) Includes shares withheld from participants in the Company's incentive program for personal income taxes.
Issuer Purchases of Equity Securities for Quarter Ended December 31, 2025 Total Number of Shares Purchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars) (4) October 2025 16,203,130 $113.58 16,203,068 $23.3 November 2025 13,456,104 $116.69 13,025,924 $21.8 December 2025 16,753,598 $117.81 14,908,290 $20.0 Total 46,412,832 $116.01 44,137,282 (1) Includes shares withheld from participants in the Company's incentive program for personal income taxes.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe actual impact of future market changes could differ materially due to, among other things, factors discussed in this report. 27
Biggest changeThe actual impact of future market changes could differ materially due to, among other things, factors discussed in this report. 24 Table of Contents Financial Table of Contents