Slides
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1 1Q 2025 Earnings Call ExxonMobil May 2, 2025
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Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, future earnings power, potential addressable markets, ambitions, or results in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions of future carbon capture, transportation, and storage, as well as lower-emission fuels, hydrogen, ammonia, lithium, direct air capture, low-carbon data centers, and other low carbon business plans to reduce emissions and emission intensity of ExxonMobil, its affiliates, or third parties are dependent on future market factors, such as continued technological progress, stable policy support, and timely rule-making and permitting, and represent forward- looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, dividends or shareholder returns, including the timing and amount of share repurchases; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressures; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and Pioneer Permian assets by 2035, to eliminate routine flaring in- line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology advances, including in the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; maintenance and turnaround activity; drilling and improvement programs; price and margin recovery; planned Pioneer or Denbury integration benefits; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors. These include global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, seasonal fluctuations, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; new or changing government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of investments such as European taxes on energy and unequal support for different methods of carbon capture; consumer preferences including for emission-reduction products and technology; uncertain impacts of deregulation on the legal and regulatory environment; variable impacts of trading activities; the outcome of competitive bidding and project awards; regulatory actions in any part of the world targeting public companies in the oil and gas industry; the development or changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment, taxes, tariffs, and trade sanctions; adoption of regulatory incentives consistent with law; the ability to realize efficiencies within and across our business lines and to maintain current cost reductions as efficiencies without impairing our competitive positioning; decisions to invest in future reserves; reservoir performance, including variability and timing factors applicable to unconventional projects and the success of new unconventional technologies; the level, outcome, and timing of exploration and development projects and decisions to invest in future resources; timely completion of construction projects; war, civil unrest, attacks against the company or industry, realignment of global trade and supply chain networks, and other political or security disturbances; expropriations, seizures, and capacity, insurance, or shipping limitations by foreign governments or international embargoes; opportunities for and regulatory approval of investments or divestments; the outcome of other energy companies’ research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties, including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our website at www.exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this presentation, and we assume no duty to update these statements as of any future date. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact. Reconciliations and definitions of factors, non-GAAP, and other terms are provided in the text or in the supplemental information accompanying these slides beginning on page 30. 2
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3 We built the business to excel in any market 3 UNIQUE ADVANTAGES LEADING VALUE CREATION+ = UNMATCHED OPPORTUNITIES
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4 April 2025 price environment1 Earnings improvement vs. 2019 We have fundamentally transformed the earnings power of the company 1Q19 (Apr'25 prices) 1Q25 (Apr'25 prices) See supplemental information for footnotes and definitions. Structural cost reductions Volume / mix Inflation / other Structural earnings improvements driving earnings growth, including strategic acquisition of Pioneer Producing more profitable barrels and higher-value products Continuing to drive structural cost efficiencies ~$4 B Structural earnings improvements vs. 2019
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5 1Q25: Our transformation provides resiliency and delivers leading shareholder value 5See supplemental information for footnotes, definitions, and reconciliations. Earnings of $7.7B underpinned by execution excellence, advantaged portfolio, and continued cost discipline >$9B of shareholder distributions; industry- leading balance sheet capacity supports consistent return of capital to shareholders2 Delivering on plans for 10 key project start-ups in 2025: China Chemical Complex and second Advanced Recycling unit have commenced operations Continued progress building new businesses: demonstrated new ProxximaTM resin applications; announced new CCS agreement for permanent storage of 2.0 Mta CO2 1
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6 2024 YTD 2025 YTD Quarterly Avg. 2030 Plan 2024 2025 YTD 2030 Plan Strategy growing value today and long into the future Upstream Product Solutions Company -wide Increasing % advantaged assets vs. total production1 Increasing profit from advantaged projects and driving high-value product sales2 Cumulative structural cost savings ($B) vs. 2019 See supplemental information for footnotes, definitions, and reconciliations. Upstream Energy Products Chemical Products Specialty Products ~$6 B Additional structural cost savings vs. YE’24 ~$18 2024 2025 YTD 2030 Plan >60% >50% ~5.4 4.3 BaseAdvantaged assets $12.1 ~$18 B structural cost savings by 2030 vs. 2019 Increasing Upstream unit earnings ex. identified items Constant price basis3 2019 2025 YTD 2030 Plan $/oeb ~$5 >$11 ~$13 Upstream Production (Moebd) 4.6 >50% ~$1.5B $0.42B 3.40 Mt ~6.25 Mt $0.46B 3.44 Mt $12.7 2024 Actual 2025 YTD Annualized 2030 Plan High-value products 14.0 Mt 13.8 Mt ~25 Mt Earnings contribution from advantaged projects2 $2.1B $1.8B ~$6.0B Earnings contributions from advantaged projects High-value product sales volume
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7 Second Advanced Recycling Unit, Baytown, Texas China Chemical Complex, Guangdong Province See supplemental information for footnotes and definitions. Major project start-ups demonstrate unique competitive advantages 2.5 Mta Polyethylene/ Polypropylene capacity >75 % High-value products1 Supplying rapidly growing domestic demand 80 M lbs/yr Additional plastic waste processing capacity Doubling existing capacity; on track for 500M lbs/yr capacity by YE’26 Industry-leading Global Projects organization2 World-class technology capabilities >$3B in earnings potential in 2026 from 10 key project start-ups in 20253
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8 Consistent execution of our strategy delivering industry-leading financial performance1 Shareholder distributions $9.1 B 3-year total shareholder return 17 % CAGR Net debt-to-capital Structural cost savings vs. 2019 $12.7 B GAAP earnings $7.7 B Cash flow from operations $13.0 B Leading IOCs 7% Debt-to-capital 12%; leading IOCs Leading IOCs and large-cap industrials3Including $4.8B of share buybacks; leading IOCs More than all other IOCs combined2; on track to deliver ~$18B by 2030 Leading IOCs See supplemental information for footnotes, definitions, and reconciliations.
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9 Integrated portfolio lowers volatility and enhances resiliency across market cycles Macro 10-year annual range (2010-2019)4Q24 1Q25 Crude prices2 ($/bbl) Natural gas prices3 ($/mbtu) Refining margins4 ($/bbl) Chemical margins5 ($/tonne) 1Q24 10-year annual range1 Industry prices / margins Natural gas prices improved, driven by strong global demand Record 1Q global refined products demand; lower industry margins driven by capacity additions and higher feed costs in Asia Pacific Chemical industry margins remained at bottom of cycle, as growing demand was met by continued capacity additions See supplemental information for footnotes.
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1Q25 vs. 1Q24 10 UPSTREAM ENERGY PROD CHEMICAL PROD SPECIALTY PROD CORP & FIN TOTAL 1Q24 GAAP Earnings / (Loss) $5.7 $1.4 $0.8 $0.8 ($0.4) $8.2 1Q24 Earnings / (Loss) ex. identified items (non-GAAP) $5.7 $1.4 $0.8 $0.8 ($0.4) $8.2 Price / margin (0.5) (1.3) (0.3) 0.0 - (2.0) Advantaged volume growth 0.9 0.0 0.0 (0.0) - 0.9 Base volume (0.2) (0.1) (0.1) (0.0) - (0.3) Structural cost savings 0.3 0.1 0.0 0.0 - 0.5 Expenses (0.2) 0.1 (0.1) (0.1) - (0.3) Other 0.4 0.2 (0.1) (0.0) (0.4) 0.1 Timing effects 0.3 0.4 - - - 0.7 1Q25 Earnings / (Loss) ex. identified items (non-GAAP) $6.8 $0.8 $0.3 $0.7 ($0.8) $7.7 1Q25 GAAP Earnings / (Loss) $6.8 $0.8 $0.3 $0.7 ($0.8) $7.7 Business transformation continues to deliver strong results Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. See supplemental information for definitions.
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1Q25 vs. 4Q24 11 UPSTREAM ENERGY PROD CHEMICAL PROD SPECIALTY PROD CORP & FIN TOTAL 4Q24 GAAP Earnings / (Loss) $6.5 $0.4 $0.1 $0.7 ($0.2) $7.6 Announced divestments 0.4 - - - 0.0 0.4 Impairments (0.4) (0.1) (0.1) (0.0) - (0.6) Tax-related items 0.2 0.2 - (0.0) - 0.4 4Q24 Earnings / (Loss) ex. identified items (non-GAAP) $6.3 $0.3 $0.2 $0.8 ($0.2) $7.4 Price / margin 0.4 0.5 (0.1) (0.1) - 0.6 Advantaged volume growth (0.1) 0.0 (0.1) 0.0 - (0.2) Base volume (0.1) (0.2) 0.2 0.0 - (0.1) Structural cost savings 0.1 0.0 0.0 0.0 - 0.1 Expenses 0.3 0.1 0.1 0.1 - 0.6 Other (0.4) (0.1) (0.0) (0.1) (0.6) (1.2) Timing effects 0.3 0.1 - - - 0.4 1Q25 Earnings / (Loss) ex. identified items (non-GAAP) $6.8 $0.8 $0.3 $0.7 ($0.8) $7.7 1Q25 GAAP Earnings / (Loss) $6.8 $0.8 $0.3 $0.7 ($0.8) $7.7 Business transformation continues to deliver strong results Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. See supplemental information for definitions.
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12 13.0 (5.9) (9.1) (4.4) $ 23.2 $ 18.5 1.8 YE'24 cash CFO Asset sales Cash capex Shareholder distributions Debt repayment / other 1Q25 cash Billion USD Cash flow Best opportunity set drives leading cash flow, balance sheet, and shareholder returns $8.8 billion free cash flow 1 Strong earnings drove CFO of $13B 1Q25 cash capex of ~$6B supporting advantaged growth Repaid >$4B of debt in 1Q25 further strengthening balance sheet capacity 1 Includes PP&E additions of ($5.9) billion, net investments / advances of ($0.1) billion, and inflows from noncontrolling interests for major projects of $0.02 billion. See supplemental information for definitions and reconciliations. 1Q25 vs. YE’24: Cash
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13 Higher scheduled maintenance to decrease volumes by ~100 Koebd Upstream Absence of ~$100M net favorable divestment impacts Corporate Corporate & financing expenses expected to be $0.6B - $0.8B Seasonal cash tax payments of $2.5B - $3.0B Product Solutions Lower scheduled maintenance China Chemical Complex ramping up production throughout 2025
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14 14 Best positioned to deliver leading shareholder value in any market Leading cost discipline and execution excellence Leveraging advantages to capitalize on unmatched opportunity set Delivering profitable growth and creating leading shareholder value See supplemental information for footnotes, definitions, and reconciliations. >$9B of shareholder distributions, including dividend and share buybacks Repaid >$4B in debt in 1Q25 further strengthening balance sheet Full-year cash capex of $27B-$29B supports deep pipeline of advantaged opportunities Commenced operations at China Chemical Complex and 2nd Advanced Recycling unit First-quartile turnaround performance in Product Solutions1 Achieved $12.7B of structural cost savings vs. 2019; $0.6B YTD
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15 15 Q&A Advancing Climate Solutions report, Sustainability report, and new Company Overview presentation available on www.exxonmobil.com
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16 Million USD Upstream year-over-year earnings ex. ident. items Advantaged assets and continued cost discipline driving profitable growth 1Q25 vs. 1Q24: Upstream 920 400 (450) (180) (180)$ 5,660 $ 6,756 310 280 1Q24 ex. ident. items Price Advantaged assets volume Base volume Structural cost savings Expenses Other Timing effects 1Q25 ex. ident. items 1Q24: ($120M) 1Q25: $160M Transformed the business: Permian and Guyana growth driving earnings improvement Lower realizations primarily driven by liquids prices Structural cost savings offset higher depreciation Other reflects net favorable items, primarily related to divestments Volume / mix See page 10 and supplemental information for definitions and reconciliations.
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17 10 430 (1,290) $ 1,376 $ 827 (70) 110 60 200 1Q24 ex. ident. items Margin Advantaged projects volume Base volume Structural cost savings Expenses Other Timing effects 1Q25 ex. ident. items Transformed the business: strategic changes made since 2019 contributed >$1B to 1Q25 earnings1 Margins normalized from historically high levels; outperforming industry due to advantaged North American footprint Portfolio high-grading and maintenance efficiencies driving structural cost savings Other reflects favorable forex and inventory impacts Million USD Energy Products year-over-year earnings ex. ident. items Solid earnings underpinned by improved portfolio and operational excellence 1Q25 vs. 1Q24: Energy Products See page 10 and supplemental information for footnotes, definitions, and reconciliations. 1Q24: ($460M) 1Q25: ($30M)Volume / mix
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18 (290) 10 (70) (130) (60) $ 785 $ 273 30 1Q24 ex. ident. items Margin High-value products volume Base volume Structural cost savings Expenses Other 1Q25 ex. ident. items Million USD Chemical Products year-over-year earnings ex. ident. items Transformed the business: high-value products and structural cost savings driving earnings above peers1 Margins declined on higher feed costs in North America Lower base volume driven by absence of prior year opportunistic sales Expenses reflect higher advantaged project costs and turnaround activity Generating positive earnings at bottom-of-cycle conditions 1Q25 vs. 1Q24: Chemical Products See page 10 and supplemental information for definitions and reconciliations. Volume / mix
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19 (0) 10 (70) (60) $ 761 $ 655(30) 40 1Q24 ex. ident. items Margin High-value products volume Base volume Structural cost savings Expenses Other 1Q25 ex. ident. items Million USD Specialty Products year-over-year earnings ex. ident. items Strong earnings driven by high-margin differentiated products 1Q25 vs. 1Q24: Specialty Products See page 10 and supplemental information for definitions and reconciliations. Transformed the business: mix shift to high-value products driving consistent earnings Structural cost savings offset new market development spend Other reflects unfavorable forex impacts Volume / mix
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20 Million USD Upstream quarter-on-quarter earnings ex. ident. items Execution excellence delivering strong earnings 1Q25 vs. 4Q24: Upstream 1 Absence of favorable tax impacts from prior quarter partially offset by ~$100M net favorable divestment-related impacts. See page 11 and supplemental information for definitions and reconciliations. 410 310 270 (150) (90) (400) $ 6,283 $ 6,756 120 4Q24 ex. ident. items Price Advantaged assets volume Base volume Structural cost savings Expenses Other Timing effects 1Q25 ex. ident. items 4Q24: ($110M) 1Q25: $160MVolume / mix Higher liquids and gas prices Lower volumes driven by fewer days in the quarter; 1Q25 Permian production of ~1.5 Moebd Lower exploration cost and absence of seasonal year-end expenses Other reflects absence of favorable tax impacts from prior quarter1
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21 Million USD Energy Products quarter-on-quarter earnings ex. ident. items Margins improved in North America and Europe due to industry outages Base volumes lower due to seasonal maintenance Absence of seasonal expenses more than offset higher scheduled maintenance Other includes absence of year-end inventory and asset management impacts Business transformation continues to deliver stronger results 1Q25 vs. 4Q24: Energy Products See page 11 and supplemental information for definitions and reconciliations. 0 150 480 $ 323 $ 827 (170) 10 120 (90) 4Q24 ex. ident. items Margin Advantaged projects volume Base volume Structural cost savings Expenses Other Timing effects 1Q25 ex. ident. items 4Q24: ($180M) 1Q25: ($30M)Volume / mix
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22 (60) 100 (140) 170 (10) $ 215 $ 273 0 4Q24 ex. ident. items Margin High-value products volume Base volume Structural cost savings Expenses Other 1Q25 ex. ident. items Million USD Chemical Products quarter-on-quarter earnings ex. ident. items Margins declined on higher feed costs in North America Seasonally lower high- value product sales Base volumes increase driven by higher olefins sales Absence of seasonal expenses Continuing to deliver positive earnings at bottom-of-cycle conditions 1Q25 vs. 4Q24: Chemical Products See page 11 and supplemental information for definitions and reconciliations. Volume / mix
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23 110(130) 0 10 (90) $ 759 $ 655 0 4Q24 ex. ident. items Margin High-value products volume Base volume Structural cost savings Expenses Other 1Q25 ex. ident. items Million USD Specialty Products quarter-on-quarter earnings ex. ident. items Lower margins driven by higher basestocks feed costs Absence of seasonal expenses Other reflects absence of favorable year-end inventory and tax impacts Strong earnings driven by high-margin differentiated products 1Q25 vs. 4Q24: Specialty Products See page 11 and supplemental information for definitions and reconciliations. Volume / mix
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24 ~590 ~280 ~250 ~360 ~170 ~190 ~190 ~180 ~30 ~30 ~30 ~30 0 300 600 900 2Q24 3Q24 4Q24 1Q25 2Q25 est. Energy Products Chemical Products Specialty Products Total Product Solutions Outlook 2Q25 maintenance outlook See supplemental information for footnotes. 0 300 600 900 Upstream scheduled maintenance earnings impact1 Million USD 2Q24 3Q24 ~310 4Q24 ~140 1Q25 ~310 ~470 2Q25 est. ~310 ~400 Product Solutions scheduled maintenance earnings impact2 Million USD +330 +170 ~400 ~550 -20 -170 24
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Earnings sensitivities for Upstream, Energy Products, and Chemical Products Platform containing select historical and forward-looking financial and operating data Guide to modeling ExxonMobil earnings and cash flow growth plans Enhanced disclosures and transparency What is included? Sensitivities and Key Assumptions Interactive Analyst Center ‘How to model XOM’ Overview (located in Investors section of our website) Modeling Toolkit 25
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1Q25 Actuals Annual Actuals and Forward Guidance 2024 2025 2027 2030 Upstream Production (Moebd) 4.6 4.3 ~4.7 ~5.1 ~5.4 Energy Products Throughput (Mbd) 3.8 3.9 - - ~3.9 Chemical Product Sales (Mt) 4.8 19.4 - - ~23.7 Specialty Product Sales (Mt) 1.9 7.7 - - ~9.2 Unit earnings (non-GAAP; earnings ex-ident. items)1 (Full-year 2024 actuals and forward annual guidance for unit earnings @ constant price and margin basis2) Upstream unit earnings ($/oeb) ~$16 ~$10 - - ~$13 Energy Products unit earnings ($/bbl) ~$2 ~$2 - - ~$6 Chemical Products unit earnings ($/T) ~$57 ~215 - - ~$310 Specialty Products unit earnings ($/T) ~$338 ~295 - - ~$385 Share buybacks ($B) $4.8 $19.3 ~$20 (‘25-’26) - - Cash capex ($B; non-GAAP) $5.9 $25.6 ~$27-$29 $28-$33 (’26-’30) Structural Cost Savings ($B; cumulative vs. ’19) $12.7 $12.1 - ~$15 ~$18 Annual Earnings Sensitivities 2Q25 Key Items Other Key Items Marker Annual Sensitivity Upstream Brent ($/bbl) Increase of $1/bbl = +$650M Henry Hub ($/mbtu) Increase of $0.10/mbtu = +$75M TTF ($/mbtu) Increase of $0.10/mbtu= +$20M Upstream earnings sensitivities based on expected 2025 volumes. Brent sensitivity includes oil-linked LNG sales which make up ~10% of sensitivity. TTF primarily represents spot LNG sales. Energy Products Indicative Refining Margin ($/bbl) Increase of $1/bbl = +$800M Indicative refining margin is only applicable to the impact of market pricing on refining performance, excluding trading and marketing contributions. Chemical Products North America Polyethylene Price (NA PE Price; $/T) Increase of $100/T = +$560M USGC Ethane Price ($/T) Decrease of $50/T = +$450M Asia Pacific Polyethylene Price (AP PE Price; $/T) Increase of $100/T = +$300M Asia Pacific LVN Price (AP LVN Price; $/T) Decrease of $50/T = +$250M Chemical Products earnings sensitivities based on Polyethylene business drivers and actual benefit or detriment to segment results could be impacted by actual price movements across other products. All sensitivities updated as of December 11, 2024. All sensitivities developed annually for forward-looking analysis and in relation to full-year results. For any given period, the accuracy of the earnings sensitivity will be dependent on the price movements of individual types of crude oil, natural gas, or products, results of trading activities, project start-up timing, maintenance timing, taxes and other government take impacts, price adjustment lags in long-term gas contracts, and crude and gas production volumes. Accordingly, changes in benchmark prices for crude oil and natural gas only provide broad indicators of changes in the earnings experienced in any particular period. Sensitivities are cumulative and not overlapping. • Upstream volumes: higher scheduled maintenance to decrease volumes by ~100 Koebd • Absence of ~$100M of net favorable divestment-related earnings impacts in the Upstream • China chemical complex ramping up capacity rates; targeting to fully ramp up operations by year -end 2025 • Corporate & financing expenses in 2Q25 expected to be $0.6-$0.8 billion • Seasonal cash tax payments of $2.5-$3.0 billion expected in 2Q25 1 Unit earnings based on earnings ex-identified items. Unit earnings for 1Q25 actuals reflects actual prices/margins. 2 See Corporate Plan constant price and margin assumptions in Sensitivities and Key Assumption in Modeling Toolkit. See reconciliations on page 37 and 38; see supplemental information for definitions. 26 Sensitivities and Key Assumptions
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Project details Upstream 1 LNG projects name plate capacity is based on external basis (MTA annual average). See supplemental information for definitions. Location Projects Gross Investment Basis Capacity1 Next Milestone Guyana Yellowtail Uaru Whiptail Hammerhead Longtail +250 Kbd +250 Kbd +250 Kbd +150 Kbd +240 Kbd Start-up in 2025 Start-up in 2026 Start-up in 2027 FID in 2025 FID in 2027 LNG Golden Pass Papua Rovuma +16 MTA +6 MTA +18 MTA Start-up in 2025 FID in 2025 FID in 2026 Brazil Bacalhau +220 Kbd Start-up in 2025 27
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Project details Product Solutions Product Solutions Segment Projects Aggregate investment basis volume / capacity impact Estimated start-up timing Chemical Products China Chemical Complex +1,650 Kta Polyethylene Capacity +850 Kta Polypropylene Capacity 2025 Energy Products Fawley Hydrofiner +37 Kbd Low-Sulfur Diesel, -16 Kbd Other Products, including High-Sulfur Distillates 2025 Energy Products, Chemical Products, Specialty Products Singapore Resid Upgrade +20 Kbd Group II Basestocks, +50 Kbd Distillate -80 Kbd Fuel Oil 2025 Energy Products Strathcona Renewable Diesel +20 Kbd Renewable Diesel 2025 Chemical Products Advanced Recycling +460 Kta Waste Plastic Recycling Capacity Multiple from 2025-2027 Energy Products U.S. Gulf Coast Asset Reconfiguration +40 Kbd Distillate, -40 Kbd Gasoline 2028-2030 Energy Products Next Renewable Fuels +10 Kbd Renewable Fuels 2028-2030 See supplemental information for definitions. Product Solutions Segment New Businesses Aggregate investment basis volume / capacity impact Estimated start-up timing Specialty Products ProxximaTM Resin Systems +190 Kta ProxximaTM Polyolefin Thermoset Resin Systems Capacity Multiple from 2025-2030 Specialty Products Advanced Coke for Battery Anode Materials (Carbon Materials) +30 Kta Advanced Coke 2028-2030 28
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Project details Low Carbon Solutions Business area Projects / Agreements Investment basis volume / capacity impact Estimated start-up timing U.S. Gulf Coast Carbon Capture and Storage (Industry Served) CF Industries, Donaldsonville, Louisiana (Ammonia Production) 2.0 MTA Carbon Dioxide 2025 Nucor Steel, Convent, Louisiana (Steel Production) 0.8 MTA Carbon Dioxide 2026 Linde, Beaumont, Texas (Industrial Gases) 2.2 MTA Carbon Dioxide 2026 New Generation Gas Gathering (NG3), Gillis, Louisiana (Natural Gas Processing) 1.2 MTA Carbon Dioxide 2026 CF Industries, Yazoo City, Mississippi (Ammonia Production) 0.5 MTA Carbon Dioxide 2028 Calpine, Baytown, Texas (Power Generation) 2.0 MTA Carbon Dioxide 2028-2029 Hydrogen Blue Hydrogen, Baytown, Texas 1.0 BSCF per Day Hydrogen 1.1 MTA Ammonia 7.5 MTA Carbon Dioxide Capture and Storage 2029 Lithium Deep Brine Direct Lithium Extraction, Lafayette County, Arkansas 20 KTA Lithium 2028 See supplemental information for definitions. 29
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Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, shareholder distributions, returns, structural cost savings, cash capital expenditures, and volumes, including statements regarding future earnings potential, and returns in the Upstream and Product Solutions segments and in our lower-carbon investments, are not forecasts of actual future results. These figures are provided to help quantify, for illustrative purposes, management’s view of the potential future markets and results and goals of currently-contemplated management plans and objectives over the time periods shown, calculated on a basis consistent with our internal modeling assumptions. Management plans discussed in this presentation include objectives to invest in new projects and markets, plans to replace natural decline in Upstream production, plans to increase sales in our Energy, Chemical, and Specialty Products segments, the development of a Low Carbon Solutions business, continued high grading of ExxonMobil’s portfolio through our ongoing asset management program, both announced and continuous initiatives to improve efficiencies and reduce costs, capital expenditures, operating costs, and cash management, and other efforts within management’s control to impact future results as discussed in this presentation. We have assumed future demand growth in line with our internal planning basis, and that other factors including factors management does not control such as applicable laws and regulations (including tax, tax incentives, and environmental laws), technology advancements, interest rates, and exchange rates remain consistent with current conditions for the relevant periods. These assumptions are not forecasts of actual future market conditions. Capital investment guidance in lower-emissions investments is based on plan, however actual investment levels will be subject to the availability of the opportunity set and focused on returns. Non-GAAP and other measures. With respect to historical periods, reconciliation information is provided on pages 10 to 11 and 36 to 40 and in the Frequently Used Terms available under the “Modeling Toolkit” tab on the Investor Relations page of our website at www.exxonmobil.com for certain terms used in this presentation including cash capex; cash opex excluding energy and production taxes; earnings ex. identified items; earnings and cash flow from operations ex. identified items and working capital/other adjusted to 2024 $65/bbl real Brent and 10-year average Energy, Chemical, and Specialty Products margins; operating costs; shareholder distributions; structural cost savings; unit earnings; and free cash flow. For future periods, we are unable to provide a reconciliation of forward-looking non- GAAP or other measures to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions noted above. Supplemental information 30
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Important information and assumptions regarding certain forward-looking statements. For all price point comparisons, unless otherwise indicated, we assume $65/bbl Brent crude prices, $3/mmbtu Henry Hub gas prices, and $6.5/mmbtu TTF gas prices. Lower emissions returns are calculated based on current and potential fu ture government policies based on ExxonMobil projections as of the date of this presentation. Unless otherwise specified, crude prices are Brent prices. These are used for clear comparison purposes an d are not necessarily representative of management’s internal price assumptions. Crude and natural gas prices for future years are adjusted for inflation (assumption of 2.5%) from 2024. Operating costs and capex are also inflated consistent with plans done on a country-by-country basis. Energy, Chemical, and Specialty Product margins reflect annual historical averages for the 10 -year period from 2010—2019 unless otherwise stated. These prices are not intended to reflect management’s forecasts for future prices or the prices we use for internal planning purposes. Unless otherwise indicated, asset sales and proceeds and Corporate and Financing expenses are aligned with our internal planning. Corporate and Financing expenses reflect estimated potential debt levels. Our capital allocation plans do not extend beyond 2030. Statements about our businesses that reference periods beyond 2030 ar e made on a basis consistent with ExxonMobil’s Global Outlook, which is publicly available on our website. Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission -reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for emission-reduction planning beyond 2030 is based on the Company’s Global Outlook research and p ublication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. However, the Global Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technolo gy advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technologica l advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns. ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and si mplicity, words such as venture, joint venture, partnership, co -venturer, operated by others, and partner are used to indicate business and other relationships involving common activities and interes ts, and those words may not indicate precise legal relationships. Competitor data and ExxonMobil data used for comparisons to competitor data are sourced from publicly available information, Bloomberg, and FactSet and are done so consistently for each company in the comparison. Future competitor data and future ExxonMobil data used for comparison to future competitor data, unless otherwi se noted, are sourced from Bloomberg and have not been independently verified by ExxonMobil or any third party. We note that certain competitors report financial information under accounting sta ndards other than U.S. GAAP (i.e., IFRS). Based on Scope 1 and 2 emissions of ExxonMobil operated assets through 2024 (versus 2016). ExxonMobil's reported emissions, r eductions, and avoidance performance data are based on a combination of measured and estimated emissions data using reasonable efforts and collection methods. Calculations are based on industry sta ndards and best practices. There is uncertainty associated with the emissions, reductions, and avoidance performance data due to variation in the processes and operations, the availability of sufficient d ata, quality of those data, and methodology used for measurement and estimation. Performance data may include rounding. Changes to the performance data may be reported as part of the company's annual public ations as new or updated data and/or emission methodologies become available. We are working to continuously improve our performance and methods to estimate, detect, measure and address greenh ouse gas emissions. ExxonMobil works with industry, to improve emission factors and methodologies, including measurements, and estimates. Scope 1 and 2 emissions and intensity totals are calculated using market-based method for Scope 2. All references to production rates, project capacity, resource size, and acreage are on a net basis, unless otherwise noted. All references to tons refer to metric tons, unless otherwise noted. See the Cautionary Statement at the front of this presentation for additional information regarding forward -looking statements. Supplemental information 31
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32 SELECTED EARNINGS DRIVER DEFINITIONS Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See supplemental information for definitions of advantaged assets, advantaged projects, and high-value products. Base volume. Represents and includes all volume/mix drivers not included in advantaged volume growth driver defined above. Structural cost savings. Represents after-tax earnings effect of structural cost savings, including cash operating expenses related to divestments. See supplemental information for the definition and reconciliation of structural cost savings. Expenses. Represents and includes all expenses otherwise not included in other earnings drivers. Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Supplemental information
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33 DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Advantaged assets (Advantaged growth projects). When used in reference to our Upstream business, includes Permian, Guyana, and LNG. Advantaged projects. Capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher-than-average returns. Base portfolio (Base). In our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments refers to volumes other than high-value products volumes. Cash operating expenses (cash opex) excluding energy and production taxes (non-GAAP). Subset of total operating costs that are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand our efforts to optimize cash through disciplined expense management for items within management’s control. Compound annual growth rate (CAGR). Represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year. Debt to capital (debt-to-capital, debt-to-capital ratio, leverage). Total debt / (Total debt + Total equity). Total debt is the sum of (1) Notes and loans payable and (2) Long-term debt, as reported in ExxonMobil’s Form 10-Qs and 10-Ks. Distributions to shareholders (shareholder distributions). The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are acquired to reduce shares outstanding and to offset shares or units settled in shares issued in conjunction with company benefit plans and programs. For the purposes of calculating distributions to shareholders, the Corporation includes only the cost of those shares acquired to reduce shares outstanding. Divestments. Refers to asset sales; results include associated cash proceeds and production impacts, as applicable, and are consistent with our internal planning. Earnings (loss) excluding identified items (earnings ex. ident. items) (non-GAAP). Earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings (loss) excluding identified items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding identified items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for the periods on slides 10 and 11. Supplemental information
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34 DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS High-value products. Includes performance products and lower-emissions fuels. Industry-leading results (industry-leading returns, industry-leading financial performance). Includes our leadership in metrics such as earnings, cash flow, shareholder distributions, debt-to- capital, net debt-to-capital, and total shareholder return versus the IOCs. Similar terms, such as industry-leading performance or industry-leading shareholder value, refer to our leadership versus the IOCs in total shareholder return as applicable in the context presented. IOCs. Unless stated otherwise, IOCs include each of BP, Chevron, Shell, and TotalEnergies. Large-cap S&P industrials. Companies in S&P Industrials sector with market capitalization >$75 billion as of December 31, 2024. Lower-emission fuels. Fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel, and jet transport. Net debt to capital (net debt-to-capital, net-debt-to-capital ratio). Net debt / (net debt + Total equity), where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of (1) Notes and loans payable and (2) Long-term debt, as reported in ExxonMobil’s Form 10-Qs and 10-Ks. Operating costs (Opex) (non-GAAP). Operating costs are the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale – including energy, staffing, and maintenance costs. They exclude the cost of raw materials, taxes, and interest expense and are on a before-tax basis. The terms “adjusted operating costs” or “adjusted opex” are used to indicate the sum of operating costs from consolidated affiliates and ExxonMobil’s share of equity company operating costs. While ExxonMobil’s management is responsible for all revenue and expense elements of net income, operating costs, as defined above, represent the expenses most directly under management’s control, and therefore are useful for investors and ExxonMobil management in evaluating management’s performance. For information concerning the calculation and reconciliation of operating costs see the table on slide 40. Performance products (performance chemicals, performance lubricants). Refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. Project. The term “project” as used in this presentation can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by ExxonMobil or its affiliates. Individual opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the Company planning process, and alignment with our partners and other stakeholders. We may refer to these opportunities as projects in external disclosures at various stages throughout their progression. Returns, rate of return, investment returns, project returns, IRR. Unless referring specifically to ROCE or external data, references to returns, rate of return, IRR, and similar terms mean future discounted cash flow returns on future capital investments based on current company estimates. Investment returns exclude prior exploration and acquisition costs. Supplemental information
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35 DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Structural cost savings (structural cost reductions, structural cost efficiencies, structural efficiencies, structural cost improvements). Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled $12.7 billion, which included an additional $0.6 billion in the first three months of 2025. The total change between periods in expenses will reflect both structural cost savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural cost savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative structural cost savings. Estimates of cumulative annual structural cost savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand our efforts to optimize spending through disciplined expense management. For information concerning the calculation and reconciliation of operating costs see the table on slide 40. Structural earnings improvements (structural improvements, growing earnings power, improved earnings power). Structural earnings improvements consist of efforts to improve earnings on a like-for-like price and margin basis and incorporate improvement efforts by the corporation such as growing advantaged assets, improving mix, and reducing structural costs. Total shareholder return (TSR). For the purposes of this disclosure, total shareholder return is as defined by FactSet and measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. For this purpose, FactSet assumes dividends are reinvested in stock at market prices on the ex-dividend date. Unless stated otherwise, total shareholder return is quoted on an annualized basis. Unit earnings excluding identified items. In our Upstream segment, refers to earnings excluding identified items divided by oil-equivalent production. In our Energy Products segment, refers to earnings excluding identified items divided by refinery throughput. In our Chemical Products and Specialty Products segments refers to earnings excluding identified items divided by sales volumes. Supplemental information
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36 1 Production adjusted to $65/bbl real Brent. Differences versus actual production include entitlements and other price-linked volume impacts. 2 The unit earnings calculation for Upstream ($/oeb) uses total production, which is equal to Production (Koebd) multiplied by the number of days in the period multiplied by 1,000. Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. RECONCILIATION OF UPSTREAM UNIT EARNINGS UPSTREAM EARNINGS EX. IDENT. ITEMS 2019 2024 YTD 2025 Earnings (U.S. GAAP) 14.4 25.4 6.8 Asset management (Announced divestments) 3.7 0.4 0.0 Impairment 0.0 (0.4) 0.0 Tax / Other items (Tax items, Additional European taxes on energy sector) 0.8 0.2 0.0 Earnings ex. identified items 10.0 25.2 6.8 Adjustment to 2024 $65/bbl real Brent (2.5) (9.4) (2.1) Earnings ex. identified items, and adjusted to 2024 $65/bbl real Brent 7.5 15.8 4.7 Production (Koebd, $65/bbl real Brent)1 3,985 4,349 4,563 Unit earnings, ex. identified items ($/oeb, adjusted to 2024 $65/bbl real Brent)2 ~$5 ~$10 >$11 Supplemental information
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Supplemental information RECONCILIATION OF 1Q25 EARNINGS U/S ENERGY PROD CHEMICAL PROD SPECIALTY PROD Earnings (U.S. GAAP) 6.8 0.8 0.3 0.7 Identified items 0.0 0.0 0.0 0.0 Earnings ex. identified items (non-GAAP) 6.8 0.8 0.3 0.7 U/S production - Moebd, Energy Products refinery throughput - Mbd, Chemical Products sales - Mt, Specialty Products sales – Mt 4.6 3.8 4.8 1.9 Unit earnings, ex. Identified items - $/oeb, $/bbl, $/ton, $/ton (non-GAAP)1,2,3 ~$16 ~$2 ~$57 ~$338 1 The unit earnings calculation for Upstream ($/oeb) uses total production, which is equal to Production (Moebd) multiplied by the number of days in the period multiplied by 1,000,000. 2 The unit earnings calculation for Energy Products ($/bbl) uses total refinery throughput, which is equal to refinery throughput (Mbd) multiplied by the number of days in the period multiplied by 1,000,000. 3 The unit earnings calculations for Chemical and Specialty Products ($/ton) uses total sales volume, which is equal to Sales Volume (Mt) multiplied by 1,000,000. Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. 37
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RECONCILIATION OF 2024 EARNINGS U/S ENERGY PROD CHEMICAL PROD SPECIALTY PROD Earnings (U.S. GAAP) 25.4 4.0 2.6 3.1 Identified items 0.2 0.1 (0.1) (0.0) Earnings ex. identified items (non-GAAP) 25.2 4.0 2.7 3.1 Adjustments to 2024 $65/bbl real Brent and 10-year average Energy, Chemical, and Specialty Product margins (9.4) (0.8) 1.5 (0.8) Earnings ex. identified items (non-GAAP), adjusted to constant price and margin basis 15.8 3.2 4.1 2.3 U/S production - Moebd, Energy Products refinery throughput - Mbd, Chemical Products sales - Mt, Specialty Products sales – Mt 4.3 3.9 19.4 7.7 Unit earnings, ex. Identified items - $/oeb, $/bbl, $/ton, $/ton (non-GAAP)1,2,3,4 ~$10 ~$2 ~$215 ~$295 Supplemental information 1 The unit earnings calculation for Upstream ($/oeb) uses total production, which is equal to Production (Moebd) multiplied by the number of days in the period multiplied by 1,000,000. 2 The unit earnings calculation for Energy Products ($/bbl) uses total refinery throughput, which is equal to refinery throughput (Mbd) multiplied by the number of days in the period multiplied by 1,000,000. 3 The unit earnings calculations for Chemical and Specialty Products ($/ton) uses total sales volume, which is equal to Sales Volume (Mt) multiplied by 1,000,000. 4 The unit earnings calculation is rounded to nearest dollar (Upstream, Energy Products) or five dollars (Chemical Products, Specialty Products). Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. 38
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39 Millions of dollars unless specified otherwise. Due to rounding, numbers may not add. Cash capital expenditures (Cash Capex) (non-GAAP). Sum of Additions to property, plant and equipment; Additional investments and advances; and Other investing activities including collection of advances; reduced by Inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. This measure is useful for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. CASH CAPITAL EXPENDITURES 1Q25 Additions to property, plant and equipment 5,898 Net investments and advances 60 Less: inflows from noncontrolling interests for major projects (22) Total cash capital expenditures (non-GAAP) $5,936 Supplemental information FREE CASH FLOW 1Q25 Net cash provided by operating activities (U.S. GAAP) 12,953 Additions to property, plant and equipment (5,898) Proceeds from asset sales and returns of investments 1,823 Additional investments and advances (153) Other investing activities including collection of advances 93 Inflows from noncontrolling interests for major projects 22 Free cash flow (non-GAAP) $8,840 Free cash flow (non-GAAP) is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities.
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40Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. CALCULATION OF STRUCTURAL COST SAVINGS 2019 2024 YTD 1Q24 YTD 1Q25 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 9.1 10.1 Selling, general and administrative expenses 11.4 10.0 2.5 2.5 Depreciation and depletion (includes impairments) 19.0 23.4 4.8 5.7 Exploration expenses, including dry holes 1.3 0.8 0.1 0.1 Non-service pension and postretirement benefit expense 1.2 0.1 0.0 0.1 Subtotal 69.7 74.0 16.5 18.5 ExxonMobil’s share of equity company expenses (non-GAAP) 9.1 9.6 2.4 2.6 Total adjusted operating costs (non-GAAP) 78.8 83.6 18.9 21.1 Less: Depreciation and depletion (includes impairments) 19.0 23.4 4.8 5.7 Non-service pension and postretirement benefit expense 1.2 0.1 0.0 0.1 Other adjustments (includes equity company depreciation and depletion) 3.6 3.7 0.9 1.3 Total cash operating expenses (cash opex) (non-GAAP) 55.0 56.4 13.2 14.1 Energy and production taxes (non-GAAP) 11.0 13.9 3.4 3.9 Total cash operating expenses (cash opex) excluding energy and production taxes (non-GAAP) 44.0 42.5 9.8 10.2 vs. 2019 vs. 2024 Cumulative Change: -1.5 +0.4 Market +4.0 0.0 Activity/Other +6.6 +1.0 Structural cost savings -12.1 -0.6 -12.7 Supplemental information
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41 Slide 7 (continued) 3) Earnings exclude identified items and are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. Slide 8 1) IOC earnings, cash flow, and shareholder distributions sourced from FactSet. Net debt-to- capital and debt-to-capital sourced from Bloomberg. 1Q25 figures are actuals for IOCs that reported results on or before April 30, 2025, or estimated using FactSet and Bloomberg consensus as of May 1, 2025. 2) IOC structural cost savings reflect reported cost savings as of April 30, 2025. Sourced from company disclosures. 3) Leading each IOC and the average of large-cap S&P industrials as defined on slide 34. Slide 9 1) 10-year range includes 2010-2019, a representative 10-year business cycle which avoids the extreme outliers in both directions that the market experienced in recent years. 2) Source: S&P Global Platts. 3) Source: Intercontinental Exchange (ICE). 70%/30% weighting of Henry Hub and TTF price based on the proportion of the reported ICE trade volumes. 4) Source: S&P Global Platts and ExxonMobil analysis. Net margin calculated by industry capacity weighting of North America (U.S. Gulf Coast Maya – Coking, WTI - Cracking), Northwest Europe (Brent – Catalytic Cracking), and Singapore (Dubai – Catalytic Cracking) netted for industry average Opex, energy, and renewable identification numbers (RINS). 5) Source: IHS Markit, Platts, and company estimates. Overall, chemical margin based on industry capacity weighting of polyethylene, polypropylene, and paraxylene. Polyethylene margin based on industry capacity weighting by region, grouped by feedstock (North America + Middle East, Europe, Asia Pacific). Polypropylene margin based on industry capacity weighting by region, grouped by feedstock (North America, Europe, Asia Pacific + Middle East). Slide 4 1) Earnings exclude identified items and are adjusted to $65/bbl Brent, $3/mmbtu Henry Hub, $12/mmbtu TTF, and average Energy, Chemical, and Specialty Products margins for April 2025, which approximate prices and margins in April 2025. Slide 5 1) Subject to additional investment by ExxonMobil and receipt of government permitting for carbon capture and storage projects. ExxonMobil has “End-to-end CCS system” capability, which entails integration of CO2 capture, transportation, and storage. 2) ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to- capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for IOCs that reported results on or before April 30, 2025, or estimated using Bloomberg consensus as of May 1, 2025. Slide 6 1) Production adjusted to $65/bbl real Brent. Differences versus actual production include entitlements and other price-linked volume impacts. 2) Advantaged project earnings contribution exclude identified items and are adjusted to 10- year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. 3) Unit earnings exclude identified items and are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%). Slide 7 1) The China Chemical Complex has 1,650 KTA polyethylene capacity and 850 KTA polypropylene capacity. Over 75% of the combined polyethylene and polypropylene capacity is high-value products capacity. 2) Based on ExxonMobil analysis of projects funded since formation of Global Projects using historical benchmarking results from Independent Project Analysis (IPA). Supplemental information
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42 Slide 14 1) First-quartile turnaround performance based on ExxonMobil estimates using historical benchmarking results from Solomon Associates. Slide 17 1) Includes earnings contributions from advantaged projects, divestments, trading and commercial activities, structural cost reductions, and reliability improvements since 2019 on a 1Q25 margin basis. Excludes timing impacts. Slide 18 1) Chemical peer earnings are sourced using Bloomberg as of April 30, 2025. Chemical peers defined as Dow, LyondellBasell, Sinopec, and Chevron Phillips (inferred via Phillips 66 Chemicals segment). Excludes Shell and Total Energies due to lack of standalone Chemicals segment reporting and consensus. Slide 24 1) 2Q25 estimate for Upstream based on April prices. 2) 2Q25 estimate for Product Solutions based on March refining margins and operating expenses related to turnaround and planned maintenance activities. Supplemental information